Best Forex Brokers for Azerbaijan in 2021

Best Forex Brokers for Azerbaijan in 2021

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Best Forex Brokers for Azerbaijan

Azerbaijan is a small country located at the boundary of Eastern Europe and Western Asia markets. Due to its location, this provides Azerbaijan forex traders with a choice between some of the best European and Asian forex brokers in the industry, including:

  1. OctaFX
  2. Dukascopy Bank
  3. ForexTB
  4. IC Markets
  5. NordFX
  6. BDSwiss
  7. Trading 212
  8. Axi (Prev. AxiTrader)

VPE Bank (Closed)

Alfa-Forex (Closed)

1. OctaFX

OctaFX is a forex trading broker and trading platform established in 2011 in Saint Vincent and the Grenadines. The CEO for OctaFX is Georgios D. Pantzis, who has been in the position for the past three years. OctaFX is regulated by CySEC and FSA SVG.

In terms of forex traders, OctaFX has over 6.6 million registered forex traders from more than 100 worldwide countries, according to the official OctaFX website. According to reliable sources, between 250 and 500 employees are working for OctaFX.

OctaFX charges a minimum deposit of 100 USD. In terms of forex trading fees and commissions, forex traders can expect a 0.0 pip spread with commissions charged from 0.02 USD.

Regarding trading speeds, OctaFX executes 97.5% within just a few milliseconds, according to trusted sources. Where security is concerned, OctaFX is a trusted broker that utilizes strict, strong security protocols to secure its website, trading platform, and the data transferred between them.

In terms of financial markets, OctaFX offers a range of tradable financial instruments from these asset classes:

  • Forex
  • Metals
  • Energies
  • Indices
  • Crypto

About trading software, OctaFX offers the following:

  1. OctaFX trading application
  2. MetaTrader 4
  3. MetaTrader 5
  4. cTrader

With research and training, OctaFX has a newsletter and blog for forex traders. Forex traders are offered with the following:

  1. AutoChartist
  2. Market Information
  3. Economic Calendar
  4. Market Insights, and more.

In terms of customer support, OctaFX can be contacted through these communication channels:

  • Twitter
  • Instagram
  • Telegram
  • LinkedIn
  • Email
  • Telephone
  • Live chat
  • Facebook

In terms of the service area, OctaFX serves traders from all regions except those from the United States. In terms of currency types, OctaFX accepts the use of EUR and USD.

When compared to other forex brokers, OctaFX is known for its reliable, award-winning trading solutions.

In terms of unique sides and/or features, OctaFX stands out by offering:

  • A range of promotions and bonuses
  • Trusted trading services
  • Dedicated multilingual support
  • A plethora of trading opportunities in several markets

OctaFX is a very active forex broker in Azerbaijan, with thousands of registered forex traders who trade on its platform daily. When compared to other brokers, OctaFX has a large market share in Azerbaijan. Azerbaijan forex traders are not given any specific privileges other than access to a range of markets and innovative trading technology.

OctaFX is a popular choice for Azerbaijan citizens because of its unique, flexible trading solutions.

To get more information, you can read the OctaFX review.

2. Dukascopy Bank

Dukascopy Bank is a forex trading broker and trading platform established in 2004 in Switzerland by Andre and Veronica Duka, who both hold the position of CEO of the forex broker and bank. Dukascopy Bank is regulated by the Swiss Financial Market Supervisory Authority (FINMA) and the Japanese Financial Services Agency (JFSA).

Dukascopy Bank’s market capitalization is not known, but the forex broker has a regulated capital of 40 million CHF.

In terms of forex traders, Dukascopy Bank has an undisclosed number of registered forex traders. According to the official Dukascopy Bank website, more than 300 employees are working for Dukascopy Bank.

Dukascopy Bank charges a minimum deposit of 100 USD. In terms of forex trading fees and commissions, forex traders can expect a spread from 0.1 pips with commissions charged according to the monthly volume traded, net deposit, and bottom-line equity.

Regarding trading speeds, Dukascopy Bank executes trades in less than a few seconds, according to trusted sources. Where security is concerned, Dukascopy Bank is a member of the International Swaps and Derivatives Association (ISDA), which promotes high standards and integrity.

In addition, Dukascopy Bank’s financial records are edited by KPMG, a reputable international auditing firm, further supporting the advanced security measures employed by Dukascopy Bank.

In terms of financial markets, Dukascopy Bank offers a range of tradable financial instruments from these asset classes:

  • Forex
  • Commodities
  • Crypto
  • Stocks
  • Shares
  • Indices
  • Metals
  • Energies
  • Options
  • Bonds
  • ETFs
  • CFDs
  • Binary Options

About trading software, Dukascopy Bank offers the following:

  1. JForex
  2. MetaTrader 4

With research and training, Dukascopy Bank has a newsletter and blog for forex traders. Forex traders are offered with the following:

  1. LP PAMM Accounts
  2. JForex API
  3. Technical Analysis
  4. Fundamental Analysis
  5. Trading Ideas
  6. SWFX Sentiment Index
  7. Dukascopy TV
  8. Forex Calculators
  9. Economic Calendar
  10. FX Market Signals

In terms of customer support, Dukascopy Bank can be contacted through these communication channels:

  • Live chat
  • Online contact form
  • Call-back request
  • Telephone
  • Email
  • Twitter
  • Facebook

In terms of the service area, Dukascopy Bank serves traders from around the world except those from:

  • Belgium
  • United States
  • Israel
  • Canada

In terms of currency types, Dukascopy Bank accepts the following currencies:

  • USD
  • CHF
  • EUR
  • GBP
  • HKD, and more.

When compared to other forex brokers, Dukascopy Bank offers advanced forex trading, banking, and binary options trading to traders, investors, and clients from around the world. 

In terms of unique sides and/or features, Dukascopy Bank has the following:

  • A cryptocurrency called Dukascoin
  • Binary options trading
  • A strong, helpful online community
  • Dukascopy TV
  • White Label Program with several trusted partners

Dukascopy Bank is a very active forex broker in Azerbaijan with thousands of registered investors and traders alike that use its unique, comprehensive services. Dukascopy Bank has a good market share in Azerbaijan as a result of its versatile and dynamic offerings. There are no privileges offered to Azerbaijan citizens specifically, but traders can expect a choice in ways to trade or invest with Dukascopy Bank.

Dukascopy Bank is a popular choice for Azerbaijan citizens because of the many ways to enter financial markets, invest, save, or bank.

To get more information, you can read the Dukascopy Bank review.

3. ForexTB

ForexTB is a forex trading broker and trading platform established in Cyprus in 2015. ForexTB is regulated by the Cyprus Securities and Exchange Commission (CySEC).

In terms of forex traders, ForexTB has an undisclosed number of registered forex traders, according to the official ForexTB website. According to reliable sources, between 10 and 50 employees are working for ForexTB.

ForexTB charges a minimum deposit of 250 USD. In terms of forex trading fees and commissions, forex traders can expect a spread from 1.4 pips and commission-free trading.

Regarding trading speeds, ForexTB claims that it guarantees fast trade execution with minimal slippage and no re-quotes. Where security is concerned, ForexTB is well-regulated and ensures client fund security by keeping funds in segregated accounts with top-tier banks.

In terms of financial markets, ForexTB offers a range of tradable financial instruments from these asset classes:

  • Forex
  • Stocks
  • Commodities
  • CFDs on Crypto

About trading software, ForexTB offers the use of the popular, reliable, and user-friendly MetaTrader 4. With research and training, ForexTB does not offer a newsletter or a blog for traders. Forex traders are offered with the following:

  1. Trading Central
  2. Economic Calendar
  3. Technical Analysis
  4. Fundamental Analysis

In terms of customer support, ForexTB can be contacted through these communication channels:

  • Telephone
  • Email

In terms of the service area, ForexTB serves traders from around the world except those from:

  • Belgium
  • United States
  • Canada
  • Japan

In terms of currency types, ForexTB accepts the following currencies:

  • EUR
  • USD
  • GBP

When compared to other forex brokers, ForexTB does not have a comprehensive offer, unique solutions, or a range of markets.

ForexTB is not an active forex broker in Azerbaijan, even though it offers its services to traders from this region. ForexTB does not have a large market share in Azerbaijan as a result of its limited services. There are no privileges offered to Azerbaijan other than the tradable financial instruments, with trades executed through MetaTrader 4.

To get more information, you can read the ForexTB review.

4. IC Markets

IC Markets is a forex trading broker and trading platform established in 2007 in Australia by Andrew Budzinski, who has also been the CEO for IC Markets since it was established. IC Markets is regulated by ASIC, CySEC, and SCB.

IC Markets’ market capitalization is not given by known sources, but the average daily trading volume that IC Markets experiences are 18.9 billion USD.

In terms of forex traders, IC Markets has an undisclosed number of registered forex traders. According to reliable sources, 260 employees are working for IC Markets.

IC Markets charges a minimum deposit of 200 USD. In terms of forex trading fees and commissions, forex traders can expect a 0.0 pip spread with commissions of 3 USD charged on trades.

Regarding trading speeds, IC Markets guarantees a low-latency connection, superior liquidity, and some of the best trade execution speeds in the industry, according to trusted sources. Where security is concerned, IC Markets is a trusted and well-regulated broker that uses the latest technological software and protocols.

In terms of financial markets, IC Markets offers a range of tradable financial instruments from these asset classes:

  • Forex
  • Commodities
  • Cryptocurrency
  • Stocks
  • Shares
  • Indices
  • Metals
  • Energies
  • Bonds, and
  • CFDs

About trading software, IC Markets offers the following:

  1. cTrader
  2. MetaTrader 4
  3. MetaTrader 5

With research and training, IC Markets does not have a newsletter but offers a blog for forex traders. Forex traders are offered with the following:

  1. Forex Glossary
  2. Trading Knowledge
  3. IC Markets Market Analysis
  4. Forex Calculators
  5. Economic Calendar
  6. WebTV
  7. Webinar
  8. Trading Lessons (10 Lessons)
  9. Video Tutorials

In terms of customer support, IC Markets can be contacted through these communication channels:

  • Email
  • Telephone
  • Live chat
  • Facebook
  • Twitter
  • Instagram

In terms of the service area, IC Markets serves traders from around the world except those from:

  • United States
  • Iran
  • Yemen
  • Canada, and other OFAC countries.

In terms of currency types, IC Markets accepts the following currencies:

  • USD
  • JPY
  • EUR
  • GBP
  • CAD, and several more.

When compared to other forex brokers, IC Markets offers trusted solutions in a safe, controlled trading environment that are optimized for both beginner and professional traders.

In terms of unique sides and/or features, IC Markets stands out by offering:

  • Reliable trading speeds
  • Strong corporate governance
  • Compliance with all regulations

IC Markets is a very active forex broker in Azerbaijan with thousands of registered forex traders. IC Markets has decent markets share as a result of its competitive trading conditions. While Azerbaijan citizens are not granted any special privileges, forex traders can still expect some of the best trading conditions in the industry.

IC Markets is a popular choice for Azerbaijan citizens because of its innovative trading solutions, tailor-made conditions, and expertise.

To get more information, you can read the IC Markets review.

5. NordFX

NordFX is a forex trading broker and trading platform established in 2008 in Cyprus. NordFX is regulated by CySEC and VFSC, and in terms of forex traders, NordFX has more than 1.2 million registered forex traders spread across the world, according to the official NordFX website. 

According to reliable sources, between 10 and 50 employees are working for NordFX. NordFX charges a minimum deposit of 10 USD. In terms of forex trading fees and commissions, forex traders can expect a 0-pip spread with low commissions from 0.0035% per side, per trade.

Regarding trading speeds, NordFX executes trades in 0.5 milliseconds, according to trusted sources. Where security is concerned, NordFX ensures client fund security and uses strict protocols to secure its website and trading platform.

In terms of financial markets, NordFX offers a range of tradable financial instruments from these asset classes:

  • Forex
  • Cryptocurrencies
  • Indices
  • Metals

About trading software, NordFX offers the following:

  1. MetaTrader 4
  2. MetaTrader 5
  3. MetaTrader 4 Multi-terminal

With research and training, NordFX does not offer either a blog or a free newsletter to forex traders. Forex traders are offered with the following:

  1. VPS
  2. NordFX Learning Centre
  3. Glossary
  4. FAQ
  5. Analysis
  6. Economic Calendar
  7. Trading Signals

In terms of customer support, NordFX can be contacted through these communication channels:

  • Web Contact Form
  • Email
  • Live chat

In terms of the service area, NordFX serves traders from around the world except those from:

  • Canada
  • Japan
  • United States
  • Belgium, and several other regions.

In terms of currency types, NordFX accepts the following currencies:

  • USD
  • BTC
  • ETH

When compared to other forex brokers, NordFX offers Azerbaijan tight spreads, automated withdrawals, and a dynamic trading environment.

In terms of unique sides and/or features, NordFX stands out by offering:

  • Negative balance protection
  • Variety of trading accounts

NordFX is an active forex broker in Azerbaijan with a few hundred traders who actively use its platform. NordFX has a very small market share compared with other more prominent, large forex brokers. There are no privileges offered to Azerbaijan citizens other than a safe trading environment, competitive spreads, and trusted trading platforms.

NordFX is not a popular choice for Azerbaijan citizens as it is a small brokerage offering only some trading advantages.

To get more information, you can read the NordFX review.

6. BDSwiss

BDSwiss is a forex trading broker and trading platform established in Cyprus in 2012 by Martynas Bieliauskas. The CEO for BDSwiss is Stefanos Mitsi, who has been in the position for several. BDSwiss is regulated by CySEC, FSC, and NFA, BaFIN, and FSA.

BDSwiss’ market capitalization is not known, but the forex broker has a typical monthly trading volume of more than $84 billion.

In terms of forex traders, BDSwiss has more than 1.5 million registered forex traders, according to the official BDSwiss website. According to reliable sources, between 11 and 50 employees are working for BDSwiss.

BDSwiss charges a minimum deposit of $100. In terms of forex trading fees and commissions, forex traders can expect a spread from 0.0 pips and commissions from $5. Regarding trading speeds, BDSwiss executes 97.5% of all trades within 0.02 seconds or 11 milliseconds, according to the official BDSwiss website.  

Where security is concerned, BDSwiss uses strict protocols on top of keeping client funds in segregated accounts. There is also some of the best and most innovative encryption technology used to ensure information and data safety between the website and trading platform.

In terms of financial markets, BDSwiss offers a range of tradable financial instruments from these asset classes:

  • Commodities
  • Shares
  • Forex
  • Indices
  • Cryptocurrencies

About trading software, BDSwiss offers the following:

  1. MetaTrader 4
  2. MetaTrader 5
  3. BDSwiss WebTrader
  4. BDSwiss Mobile App

With research and training, BDSwiss has a newsletter and blog for forex traders. Forex traders are offered with the following:

  1. Trading alerts
  2. Currency heatmap
  3. Trading calculators
  4. Special reports
  5. Market insight
  6. Weekly outlook and several other useful tools and resources.

In terms of customer support, BDSwiss can be contacted through these communication channels:

  • Email
  • Facebook
  • Twitter
  • LinkedIn
  • Instagram
  • Live chat
  • Contact request form
  • Telephone

In terms of the service area, BDSwiss serves traders from around the world except those from:

  • Belgium
  • The United States and several OFAC sanctioned countries

In terms of currency types, BDSwiss accepts the following currencies:

  • USD
  • EUR
  • GBP

When compared to other forex brokers, BDSwiss offers unique features, which consist of advanced trading solutions, a range of powerful trading software, and reassurance in the safety of client funds.

BDSwiss is not a very active forex broker in Azerbaijan, but there are a few registered forex traders from this region. BDSwiss does not have a large market share as a result of its sophisticated trading solutions. There are no privileges offered to Azerbaijan citizens other than a range of markets and a plethora of ways to trade.

BDSwiss may not be a popular broker for the Azerbaijan region, but it is amongst some of the trusted, most reputable forex brokers.

To get more information, you can read the BDSwiss review.

7. Trading 212

Trading 212 is a forex trading broker and trading platform established in Bulgaria in 2004 by Ivan Ashminov and Borislav Nedialkov. The CEO for Trading 212 is Nick Saunders, who has been in the position for several years. Trading 212 is regulated by the Financial Conduct Authority (FCA).

Trading 212’s market capitalization is not known, but the app for Trading 212 has been downloaded 14 million times, according to Appstore and Google Play statistics.

In terms of forex traders, Trading 212 has a significant number of registered forex traders, according to the official Trading 212 website. According to reliable sources, between 100 and 250 employees are working for Trading 212.

Trading 212 charges a minimum deposit of $1. In terms of forex trading fees and commissions, forex traders can expect a spread from 1.2 pips and the benefit of zero-commission trading.

Regarding trading speeds, Trading 212 executes trades in a few milliseconds with minimal slippage, according to trusted sources. Where security is concerned, Trading 212 is a trusted forex broker and trading platform that uses the best security protocols and technologies.

In terms of financial markets, Trading 212 offers a range of tradable financial instruments from these asset classes:

  • Stocks
  • ETFs
  • Forex
  • Commodities
  • Cryptocurrencies
  • Indices

About trading software, Trading 212 offers the use of its proprietary software through which trades can be executed amidst several other functions and features. With research and training, Trading 212 has a newsletter and blog for forex traders. Forex traders are offered with the following:

  1. Economic Calendar
  2. Market Analysis
  3. Educational Videos on the official YouTube channel

In terms of customer support, Trading 212 can be contacted through these communication channels:

  • Telephone
  • Live Chat
  • Email

In terms of the service area, Trading 212 serves traders from around the world except those who reside in the United States. In terms of currency types, Trading 212 accepts the following currencies:

  • USD
  • GBP
  • EUR

In terms of unique sides and/or features, Trading 212 stands out from other brokers by offering advanced trading solutions through its proprietary software.

Trading 212 is an active broker with Azerbaijan traders who use its platform. Trading 212 has a decent market share in Azerbaijan, especially with mobile trading solutions. There are no privileges offered to Azerbaijan specifically.

Trading 212 is a popular choice for Azerbaijan citizens because of its flexible trading solutions.

To get more information, you can read the Trading 212 review.

8. Axi (Prev. AxiTrader)

Axi is a forex trading broker and trading platform established in the United Kingdom and Australia in 2007 by Quinn Perrott and Goran Drapac. The CEO for Axi is Rajesh Yohannan, who has been in the position for the past five years. Axi is regulated by ASIC, FCA, and SVG FSA and offers its services to Azerbaijan citizens. 

The market cap for Axi is not known, but according to official sources, Axi has a yearly trading volume of more than 2.5 trillion USD.

In terms of Axi users, there are more than 60 000 registered forex traders from over 100 countries around the world, according to the official Axi website. According to official sources, Axi has between 250 and 500 employees.

Axi does not charge a specific minimum deposit, and in terms of forex trading fees and commissions, forex traders can expect a 0-pip spread on EUR/USD, with commissions from $7.

Regarding trading speeds, Axi guarantees fast, reliable trade execution with minimal slippage, according to official sources. Where security is concerned, Axi is a trusted, popular forex broker that provides a safe, encrypted, fair environment in which trades can be executed.

In terms of financial markets, Axi offers a range of tradable financial instruments from these asset classes:

  • Forex
  • Commodities
  • Cryptocurrency
  • Stocks
  • Shares
  • Indices
  • Metals
  • Energies
  • Bonds
  • CFDs
  • ETFs

About trading software, Axi offers the following:

  1. Metatrader 4
  2. MetaTrader 4 NextGen

With research and training, Axi has a newsletter and blog for forex traders. Forex traders are offered with the following:

  1. Beginner’s Guides
  2. Trading Basics
  3. Seminars and Webinars
  4. Markets Blog
  5. Axi Academy

In terms of customer support, Axi can be contacted through these communication channels:

  • Email
  • Telephone
  • Live chat
  • WhatsApp
  • Facebook
  • LinkedIn
  • Twitter

In terms of the service area, Axi serves traders from around the world except those who reside in Iran, Canada, or the United States. In terms of currency types, Axi accepts the following currencies:

  • USD
  • EUR
  • GBP
  • CHF
  • AUD, and several more.

When compared to other forex brokers, Axi is one of the most popular forex brokers with a multi-award-winning history in offering forex trading.

In terms of unique sides and/or features, Axi stands out by offering:

  • Funding for talented traders
  • Some of the best pricing
  • Fast execution
  • Supportive Axi community

Axi is a very active forex broker in Azerbaijan with hundreds of registered forex traders that use its services and solutions. Axi has a decent market share despite the competitive field surrounding forex trading. Although Azerbaijan citizens do not get any specific privileges, they can expect fair and transparent fee schedules, ideal trading solutions, and a plethora of trading opportunities.

Axi is a popular choice for Azerbaijan citizens as it provides easy access to the forex market with a range of opportunities to earn profits.

To get more information, you can read the Axi review.

Forex Trading in Azerbaijan

The Azerbaijan Democratic Republic claimed its independence from the Transcaucasia Democratic Federative Republic in 1918, and it was the first secular democratic Muslim-majority state. The population of Azerbaijan is 10 million, and it has a GDP of $45 billion.

The official currency for Azerbaijan is Manat (AZN), which is worth $0.59 at the time of writing. A vast majority of Azerbaijan’s population is Muslim, meaning that many forex traders from this reason will use the Islamic/Swap-free account options which are offered by forex brokers.

What should be known for Forex Trading in Azerbaijan?

To start trading forex in Azerbaijan, forex traders can select any of the reputable brokers provided on this list to start trading. Beginner traders can make use of the extensive education provided by these brokers, while professionals can use innovative, useful trading tools.

Azerbaijan forex traders have a choice in some of the best trading conditions along with Islamic Account options to ensure that traders comply with the Sharia law and Halal trading conditions.

Who are the Forex Regulators in Azerbaijan?

Azerbaijan falls between European and Asian regulatory coverage, which means that the following entities oversee the forex market in Azerbaijan:

  • Markets in Financial Instruments Directive (MiFID)
  • Financial Services Authority (FSA)
  • Financial Conduct Authority (FCA)
  • Cyprus Securities and Exchange Commission (CySEC), and several others.

Is Forex Trading legal in Azerbaijan?

Yes, forex trading is legal in Azerbaijan. Forex traders residing in this region are urged to only use the service of regulated forex brokers.

How Many Forex Traders are there in Azerbaijan?

There is no official count given on Azerbaijan forex traders. However, there are millions of traders in both Europe and Asia who partake in forex trading.

What do Azerbaijan’s Citizens think about Forex Trading?

Forex trading is an emerging activity in small regions such as Azerbaijan and citizens are eager to partake in the forex market to earn profits.

Best Forex Brokers for Beginners in Azerbaijan

The best forex brokers for beginners in Azerbaijan are:

  1. OctaFX
  2. IC Markets
  3. Trading 212
  4. Axi
  5. NordFX

These forex brokers are considered the best for beginners due to the education material, tools, and resources offered, along with the provision of a demo account for practice trading.

Best Forex Brokers for Experts in Azerbaijan

Azerbaijan expert traders can choose from these forex brokers:

  1. Dukascopy Bank
  2. ForexTB
  3. NordFX
  4. BDSwiss
  5. IC Markets

Best Forex Brokers for Other Countries

The best forex brokers for Turkey are:

  1. Saxo Bank
  2. FP Markets
  3. Interactive Brokers
  4. XM
  5. FXTM

The best forex brokers for Armenia are:

  1. FBS
  2. ForexMart
  3. RoboForex
  4. eToro
  5. FP Markets

The best forex brokers for Russia are:

  1. IC Markets
  2. XM
  3. FxPro
  4. XTB
  5. Exness