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Best forex brokers in Myanmar (Burma) in 2021

To help you find the best forex brokers in Myanmar (Burma) in 2021, we went ahead and did the research for you. First, we selected 82 quality online brokers, then we checked and compared fees, currency pairs, charting tools, platforms, practically everything. We dug deep, so you won't have to. And now, without further ado...

Our top 5 picks for the best forex brokers in Myanmar (Burma) in 2021:

  1. XTB is the winner, the best forex broker in Myanmar (Burma) in 2021. Low forex fees. Free and fast deposit and withdrawal. Easy and fast account opening.
  2. Vantage FX takes the second place. Low fees. Super fast account opening. Seamless deposit and withdrawal.
  3. ActivTrades rounds out the top three. Low trading fees. Free deposit and withdrawal. Good customer support and education services.
  4. AvaTrade, is ranked fourth. Easy and fast account opening. Free deposit and withdrawal options. Great research tools.
  5. TMGM. Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Just made it to the list moving to the number five spot.
Best forex brokers in 2021 for Burmese citizens
Broker Info Forex fee score
#1 XTB Global CFD and forex broker 4.1 stars
#2 Vantage FX Global CFD and forex broker 4.8 stars
#3 ActivTrades Global CFD and forex broker 4.2 stars
#4 AvaTrade Global CFD and forex broker 3.2 stars
#5 TMGM Global forex broker 4.4 stars

What makes a good forex broker? First of all, fair forex fees and low withdrawal fees. They should also offer a lot of currency pairs and a great platform with advanced charting. Easy to list, but hard to figure out. We test brokers based on more than 300 criteria with real accounts and real money. We know what we are talking about.

If you are a beginner, be careful with forex trading. Forex products are complex and very risky, thus not suitable for everyone. You can easily lose all your invested money. If you don't have a clue how forex trading works, start with forex trading 101.

Not sure which broker to choose? For a tailored recommendation, check out our broker finder tool. Just enter the name of your country and it will show you only the relevant brokers. Want more details? Compare brokers with this detailed comparison table.

And now, let's see the top forex brokers in 2021 for Burmese citizens one by one, starting with the winner, XTB.

XTB Logo

#1 Best forex broker
XTB

4.7

XTB is a global CFD and forex broker with headquarters in London and Warsaw, founded in 2002. The company is regulated by several financial authorities worldwide, including the top-tier UK Financial Conduct Authority (FCA). In addition, XTB is listed on the Warsaw Stock Exchange, and as such is required to disclose its financials.

XTB is considered safe because it has a long track record, is listed on a stock exchange, and publishes its financial statements transparently.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders looking for low fees and great deposit/withdrawal service

Open account
79% of retail CFD accounts lose money

#1 XTB
Fees

XTB has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

XTB trading fees
XTB Vantage FX ActivTrades AvaTrade TMGM
EURUSD benchmark fee $8.5 $6.2 $7.9 $10.3 $6.8
GBPUSD benchmark fee $6.1 $3.9 $5.7 $9.2 $5.5
AUDUSD benchmark fee $6.7 $4.2 $7.2 $10.0 $7.3
EURCHF benchmark fee $9.0 $2.6 $4.8 $10.2 $4.2
EURGBP benchmark fee $8.3 $7.6 $9.2 $12.1 $7.8

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

XTB non-trading fees
XTB Vantage FX ActivTrades AvaTrade TMGM
Account fee No No No No No
Inactivity fee Yes No Yes Yes No
Withdrawal fee $0 $0 $0 $0 $0

Open account More
79% of retail CFD accounts lose money

#1 XTB
Deposit and withdrawal
4.5

XTB deposits and withdrawals are fast, mostly free, and can be done via several channels.
Pros Cons
Credit/Debit card available Few minor account currencies accepted
Free withdrawal
No deposit fee
XTB base currencies
XTB Vantage FX ActivTrades AvaTrade TMGM
Number of base currencies 5 9 4 5 5

Why do base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

XTB withdrawal fee and options
XTB Vantage FX ActivTrades AvaTrade TMGM
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No Yes Yes Yes Yes
Electronic wallets No Yes Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $0

Open account More
79% of retail CFD accounts lose money

#1 XTB
Markets and products

XTB gives access to 49 currency pairs.
XTB currency pairs
XTB Vantage FX ActivTrades AvaTrade TMGM
Currency pairs (#) 49 46 48 55 62
XTB products, besides forex
XTB Vantage FX ActivTrades AvaTrade TMGM
Stock Yes No No No No
ETF Yes No No No No
Fund No No No No No
Bond No No No No No
Options No No No No No
Futures No No No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes No Yes Yes

Open account More
79% of retail CFD accounts lose money

#1 XTB
Desktop trading platform
4.4

XTB's xStation 5 platform has a desktop version as well. In both functionality and design, it's exactly the same as the web trading platform.
Pros Cons
User-friendly No two-step (safer) login
Clear fee report
Good customizability (for charts, workspace)
Best forex brokers - XTB trading platform
XTB trading platforms
XTB Vantage FX ActivTrades AvaTrade TMGM
Desktop platform score 4.4 stars 3.4 stars 3.4 stars 3.4 stars 3.4 stars
Mobile platform score 4.4 stars 3.8 stars 4.3 stars 4.7 stars 3.8 stars
Web platform score 4.4 stars 2.8 stars 3.8 stars 3.8 stars 2.8 stars
Best forex brokers - XTB charting

Open account More
79% of retail CFD accounts lose money

#1 XTB
Account opening
5.0

XTB's account opening process is hassle-free, straightforward and fully digital. Your account will be ready for trading on the same day.
Pros Cons
Fast None
Fully digital
No minimum deposit
XTB minimum deposit and time to open an account
XTB Vantage FX ActivTrades AvaTrade TMGM
Minimum deposit $0 $200 $1,000 $100 $100
Time to open account 1 day 1 day 1 day 1 day 1 day

Open account More
79% of retail CFD accounts lose money

#1 XTB
Verdict

XTB is a great CFD and forex broker. It is regulated by several financial authorities globally, including the UK's FCA. The company is listed on the Warsaw Stock Exchange.

On the plus side, its forex fees are low, and the deposit and withdrawal process is fast and mostly free. We also liked the seamless and hassle-free account opening process.

XTB has some drawbacks, though. Stock CFD fees are high. The product range is mainly limited to FX and CFDs, although real stock and ETF trading are available in some European countries. Fundamental data offered by XTB covers only a few basics such as P/E.

We recommend XTB for clients who prefer forex or CFD trading, and also want to enjoy great deposit and withdrawal options along with fast account opening. Feel free to test it using a demo account.

Open account More
79% of retail CFD accounts lose money

Vantage FX Logo

#2 Best forex broker
Vantage FX

4.4

Australia-based Vantage FX is a global forex and CFD broker. It was founded in 2009 and it is regulated by the Cayman Islands Monetary Authority (CIMA) and the Australian Securities and Investments Commission (ASIC). 

Vantage FX is considered safe because it is regulated by the top-tier ASIC.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

 

Recommended for forex and cfd traders familiar with the metatrader trading platforms

Open account
74-89% of retail CFD accounts lose money

#2 Vantage FX
Fees

Vantage FX has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Vantage FX trading fees
XTB Vantage FX ActivTrades AvaTrade TMGM
EURUSD benchmark fee $8.5 $6.2 $7.9 $10.3 $6.8
GBPUSD benchmark fee $6.1 $3.9 $5.7 $9.2 $5.5
AUDUSD benchmark fee $6.7 $4.2 $7.2 $10.0 $7.3
EURCHF benchmark fee $9.0 $2.6 $4.8 $10.2 $4.2
EURGBP benchmark fee $8.3 $7.6 $9.2 $12.1 $7.8

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

Vantage FX non-trading fees
XTB Vantage FX ActivTrades AvaTrade TMGM
Account fee No No No No No
Inactivity fee Yes No Yes Yes No
Withdrawal fee $0 $0 $0 $0 $0

Open account More
74-89% of retail CFD accounts lose money

#2 Vantage FX
Deposit and withdrawal
4.5

Vantage FX offers a great variety of deposit and withdrawal options, moving funds in and out is fast and easy. In most cases, there is no fee charged for money transfer. Nevertheless, if you use international bank withdrawal more than once in a month, a high withdrawal fee ($20, €20, etc.) is charged.
Pros Cons
Credit/Debit card available International bank withdrawals (after the first one in each month) have a high fee
No deposit fee
Quick deposit and withdrawal
Vantage FX base currencies
XTB Vantage FX ActivTrades AvaTrade TMGM
Number of base currencies 5 9 4 5 5

Why do base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

Vantage FX withdrawal fee and options
XTB Vantage FX ActivTrades AvaTrade TMGM
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No Yes Yes Yes Yes
Electronic wallets No Yes Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $0

Open account More
74-89% of retail CFD accounts lose money

#2 Vantage FX
Markets and products

Vantage FX gives access to 46 currency pairs.
Vantage FX currency pairs
XTB Vantage FX ActivTrades AvaTrade TMGM
Currency pairs (#) 49 46 48 55 62
Vantage FX products, besides forex
XTB Vantage FX ActivTrades AvaTrade TMGM
Stock Yes No No No No
ETF Yes No No No No
Fund No No No No No
Bond No No No No No
Options No No No No No
Futures No No No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes No Yes Yes

Open account More
74-89% of retail CFD accounts lose money

#2 Vantage FX
Desktop trading platform
3.4

In design and functionality, Vantage FX's MetaTrader4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts on the desktop trading platform.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace)
Price alerts
Best forex brokers - Vantage FX trading platform
Vantage FX trading platforms
XTB Vantage FX ActivTrades AvaTrade TMGM
Desktop platform score 4.4 stars 3.4 stars 3.4 stars 3.4 stars 3.4 stars
Mobile platform score 4.4 stars 3.8 stars 4.3 stars 4.7 stars 3.8 stars
Web platform score 4.4 stars 2.8 stars 3.8 stars 3.8 stars 2.8 stars
Best forex brokers - Vantage FX charting

Open account More
74-89% of retail CFD accounts lose money

#2 Vantage FX
Account opening
5.0

The account opening at Vantage FX is super fast and fully digital. The brokerage delivers on its promise, you can open an account in less than 5 minutes.
Pros Cons
Fast None
Fully digital
Low minimum deposit
Vantage FX minimum deposit and time to open an account
XTB Vantage FX ActivTrades AvaTrade TMGM
Minimum deposit $0 $200 $1,000 $100 $100
Time to open account 1 day 1 day 1 day 1 day 1 day

Open account More
74-89% of retail CFD accounts lose money

#2 Vantage FX
Verdict

Vantage FX is a forex and CFD broker, regulated by the top-tier ASIC.

It offers low forex and non-trading fees. The account opening and the deposit/withdrawal processes are seamless and most of them are free of charge.

On the other hand, the product offering at Vantage FX is limited to forex, CFDs, and cryptos. Their customer service could use some improvement. Lastly, there is no investor protection for Vantage FX clients.

Feel free to give Vantage FX a try, as you will have an account within a day and there is no inactivity fee.

Open account More
74-89% of retail CFD accounts lose money

ActivTrades Logo

#3 Best forex broker
ActivTrades

4.5

ActivTrades is a global forex broker founded in 2001. It is regulated by the UK's Financial Conduct Authority (FCA) and the Securities Commission of the Bahamas (SCB). 

ActivTrades is considered safe because it has a long track record and it is regulated by a top-tier financial authority, the FCA.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders looking for low fees and great deposit/withdrawal conditions

Open account
77% of retail CFD accounts lose money

#3 ActivTrades
Fees

ActivTrades has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

ActivTrades trading fees
XTB Vantage FX ActivTrades AvaTrade TMGM
EURUSD benchmark fee $8.5 $6.2 $7.9 $10.3 $6.8
GBPUSD benchmark fee $6.1 $3.9 $5.7 $9.2 $5.5
AUDUSD benchmark fee $6.7 $4.2 $7.2 $10.0 $7.3
EURCHF benchmark fee $9.0 $2.6 $4.8 $10.2 $4.2
EURGBP benchmark fee $8.3 $7.6 $9.2 $12.1 $7.8

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

ActivTrades non-trading fees
XTB Vantage FX ActivTrades AvaTrade TMGM
Account fee No No No No No
Inactivity fee Yes No Yes Yes No
Withdrawal fee $0 $0 $0 $0 $0

Open account More
77% of retail CFD accounts lose money

#3 ActivTrades
Deposit and withdrawal
4.5

ActivTrades offers free deposit and withdrawal options, including traditional methods such as bank transfer and credit card, as well as various e-wallets. On the other hand, minor currencies are not accepted.
Pros Cons
Credit/Debit card available Minor account currencies not available
Free withdrawal
No deposit fee
ActivTrades base currencies
XTB Vantage FX ActivTrades AvaTrade TMGM
Number of base currencies 5 9 4 5 5

Why do base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

ActivTrades withdrawal fee and options
XTB Vantage FX ActivTrades AvaTrade TMGM
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No Yes Yes Yes Yes
Electronic wallets No Yes Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $0

Open account More
77% of retail CFD accounts lose money

#3 ActivTrades
Markets and products

ActivTrades gives access to 48 currency pairs.
ActivTrades currency pairs
XTB Vantage FX ActivTrades AvaTrade TMGM
Currency pairs (#) 49 46 48 55 62
ActivTrades products, besides forex
XTB Vantage FX ActivTrades AvaTrade TMGM
Stock Yes No No No No
ETF Yes No No No No
Fund No No No No No
Bond No No No No No
Options No No No No No
Futures No No No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes No Yes Yes

Open account More
77% of retail CFD accounts lose money

#3 ActivTrades
Desktop trading platform
3.4

ActivTrade's desktop trading platform is provided by MetaTrader. It is highly customizable, has a clear fee report and you can set price alerts. On the other hand, it lacks a two-step login and the design is outdated.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) Poor design
Price alerts
Best forex brokers - ActivTrades trading platform
ActivTrades trading platforms
XTB Vantage FX ActivTrades AvaTrade TMGM
Desktop platform score 4.4 stars 3.4 stars 3.4 stars 3.4 stars 3.4 stars
Mobile platform score 4.4 stars 3.8 stars 4.3 stars 4.7 stars 3.8 stars
Web platform score 4.4 stars 2.8 stars 3.8 stars 3.8 stars 2.8 stars
Best forex brokers - ActivTrades charting

Open account More
77% of retail CFD accounts lose money

#3 ActivTrades
Account opening
3.8

Account opening at ActivTrades is seamless and fully digital. The whole process took less, than five minutes. Our account was verified within one business day. On the downside, the minimum deposit is high.
Pros Cons
Fast Minimum deposit is $1,000
Fully digital
User-friendly
ActivTrades minimum deposit and time to open an account
XTB Vantage FX ActivTrades AvaTrade TMGM
Minimum deposit $0 $200 $1,000 $100 $100
Time to open account 1 day 1 day 1 day 1 day 1 day

Open account More
77% of retail CFD accounts lose money

#3 ActivTrades
Verdict

All in all, ActivTrades is a good CFD/forex broker.

ActivTrades has low trading fees, while deposits and withdrawals are free. Customer support is great and it has excellent education tools, including webinars and market analysis.  

On the downside, its product portfolio is limited to just a few products, as it offers mainly CFDs and forex instruments. The research tools are basic, and there are no trading ideas or fundamental data. The minimum deposit is high, at $/€/£/CHF 1,000, depending on the currency of your account.

As the trading fees are low and your account will be ready quickly, feel free to try ActivTrades.

Open account More
77% of retail CFD accounts lose money

AvaTrade Logo

#4 Best forex broker
AvaTrade

4.5

AvaTrade is a global CFD and forex broker founded in 2006. It is regulated by several financial authorities, such as the Central Bank of Ireland.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders looking for an option to use metatrader platforms

Open account
72% of retail CFD accounts lose money

#4 AvaTrade
Fees

AvaTrade has average fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

AvaTrade trading fees
XTB Vantage FX ActivTrades AvaTrade TMGM
EURUSD benchmark fee $8.5 $6.2 $7.9 $10.3 $6.8
GBPUSD benchmark fee $6.1 $3.9 $5.7 $9.2 $5.5
AUDUSD benchmark fee $6.7 $4.2 $7.2 $10.0 $7.3
EURCHF benchmark fee $9.0 $2.6 $4.8 $10.2 $4.2
EURGBP benchmark fee $8.3 $7.6 $9.2 $12.1 $7.8

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

AvaTrade non-trading fees
XTB Vantage FX ActivTrades AvaTrade TMGM
Account fee No No No No No
Inactivity fee Yes No Yes Yes No
Withdrawal fee $0 $0 $0 $0 $0

Open account More
72% of retail CFD accounts lose money

#4 AvaTrade
Deposit and withdrawal
4.5

AvaTrade offers several free options for deposit and withdrawal. On the negative side, withdrawal took us 3 business days, and debit card deposits can also be slow.
Pros Cons
Free withdrawal Slow withdrawal - over 3 days
No deposit fee
Credit/Debit cards, electronic wallets
AvaTrade base currencies
XTB Vantage FX ActivTrades AvaTrade TMGM
Number of base currencies 5 9 4 5 5

Why do base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

AvaTrade withdrawal fee and options
XTB Vantage FX ActivTrades AvaTrade TMGM
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No Yes Yes Yes Yes
Electronic wallets No Yes Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $0

Open account More
72% of retail CFD accounts lose money

#4 AvaTrade
Markets and products

AvaTrade gives access to 55 currency pairs.
AvaTrade currency pairs
XTB Vantage FX ActivTrades AvaTrade TMGM
Currency pairs (#) 49 46 48 55 62
AvaTrade products, besides forex
XTB Vantage FX ActivTrades AvaTrade TMGM
Stock Yes No No No No
ETF Yes No No No No
Fund No No No No No
Bond No No No No No
Options No No No No No
Futures No No No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes No Yes Yes

Open account More
72% of retail CFD accounts lose money

#4 AvaTrade
Desktop trading platform
3.4

In design and function, AvaTrade's MetaTrader 4 desktop platform is almost the same as the MT4 web platform. A big difference is that you can set price alerts on the desktop platform.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) Poor design
Price alerts
Best forex brokers - AvaTrade trading platform
AvaTrade trading platforms
XTB Vantage FX ActivTrades AvaTrade TMGM
Desktop platform score 4.4 stars 3.4 stars 3.4 stars 3.4 stars 3.4 stars
Mobile platform score 4.4 stars 3.8 stars 4.3 stars 4.7 stars 3.8 stars
Web platform score 4.4 stars 2.8 stars 3.8 stars 3.8 stars 2.8 stars
Best forex brokers - AvaTrade charting

Open account More
72% of retail CFD accounts lose money

#4 AvaTrade
Account opening
5.0

Account opening at AvaTrade is seamless and fully digital. You can start trading literally in minutes.
Pros Cons
Fast None
Fully digital
Low minimum deposit
AvaTrade minimum deposit and time to open an account
XTB Vantage FX ActivTrades AvaTrade TMGM
Minimum deposit $0 $200 $1,000 $100 $100
Time to open account 1 day 1 day 1 day 1 day 1 day

Open account More
72% of retail CFD accounts lose money

#4 AvaTrade
Verdict

AvaTrade is regulated by several authorities globally, including the top-tier Central Bank of Ireland and the Australian Securities and Investments Commission (ASIC), therefore it is considered safe.

We liked the seamless and hassle-free account opening. You can use a lot of deposit and withdrawal options, all free of charge. We also liked that you can use many user-friendly tools for research.

AvaTrade has some drawbacks though. The product range is limited to forex, CFDs, and cryptos, and there is a high fee charged for inactivity. Lastly, there are better alternatives if forex trading fees are your main concern.

As there is only a small minimum deposit, and your account will be ready for trading quickly, feel free to try AvaTrade.

Open account More
72% of retail CFD accounts lose money

TMGM Logo

#5 Best forex broker
TMGM

4.3

TMGM, or Trademax Global Markets, is an Australia-based global forex broker founded in 2013. The company has several branches and is regulated by the Australian Securities and Investment Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).

TMGM is considered safe because it is regulated by the top-tier ASIC.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders who prefer the metatrader platform

Open account
74-89% of retail CFD accounts lose money

#5 TMGM
Fees

TMGM has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

TMGM trading fees
XTB Vantage FX ActivTrades AvaTrade TMGM
EURUSD benchmark fee $8.5 $6.2 $7.9 $10.3 $6.8
GBPUSD benchmark fee $6.1 $3.9 $5.7 $9.2 $5.5
AUDUSD benchmark fee $6.7 $4.2 $7.2 $10.0 $7.3
EURCHF benchmark fee $9.0 $2.6 $4.8 $10.2 $4.2
EURGBP benchmark fee $8.3 $7.6 $9.2 $12.1 $7.8

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

TMGM non-trading fees
XTB Vantage FX ActivTrades AvaTrade TMGM
Account fee No No No No No
Inactivity fee Yes No Yes Yes No
Withdrawal fee $0 $0 $0 $0 $0

Open account More
74-89% of retail CFD accounts lose money

#5 TMGM
Deposit and withdrawal
4.3

TMGM's depositing and withdrawal services are great. Many options are available for moving your money in and out, and they are free of charge.
Pros Cons
Credit/Debit card available Minor currencies not accepted
Free withdrawal
No deposit fee
TMGM base currencies
XTB Vantage FX ActivTrades AvaTrade TMGM
Number of base currencies 5 9 4 5 5

Why do base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

TMGM withdrawal fee and options
XTB Vantage FX ActivTrades AvaTrade TMGM
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No Yes Yes Yes Yes
Electronic wallets No Yes Yes Yes Yes
Withdrawal fee $0 $0 $0 $0 $0

Open account More
74-89% of retail CFD accounts lose money

#5 TMGM
Markets and products

TMGM gives access to 62 currency pairs.
TMGM currency pairs
XTB Vantage FX ActivTrades AvaTrade TMGM
Currency pairs (#) 49 46 48 55 62
TMGM products, besides forex
XTB Vantage FX ActivTrades AvaTrade TMGM
Stock Yes No No No No
ETF Yes No No No No
Fund No No No No No
Bond No No No No No
Options No No No No No
Futures No No No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes No Yes Yes

Open account More
74-89% of retail CFD accounts lose money

#5 TMGM
Desktop trading platform
3.4

In design and functionality, TMGM's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) Poor design
Price alerts
Best forex brokers - TMGM trading platform
TMGM trading platforms
XTB Vantage FX ActivTrades AvaTrade TMGM
Desktop platform score 4.4 stars 3.4 stars 3.4 stars 3.4 stars 3.4 stars
Mobile platform score 4.4 stars 3.8 stars 4.3 stars 4.7 stars 3.8 stars
Web platform score 4.4 stars 2.8 stars 3.8 stars 3.8 stars 2.8 stars
Best forex brokers - TMGM charting

Open account More
74-89% of retail CFD accounts lose money

#5 TMGM
Account opening
5.0

The account opening process at TMGM is user-friendly and fully digital. It was also very quick, as our account was approved within a day.
Pros Cons
Fast None
Fully digital
Low minimum deposit
TMGM minimum deposit and time to open an account
XTB Vantage FX ActivTrades AvaTrade TMGM
Minimum deposit $0 $200 $1,000 $100 $100
Time to open account 1 day 1 day 1 day 1 day 1 day

Open account More
74-89% of retail CFD accounts lose money

#5 TMGM
Verdict

TMGM's forex fees are low and account opening is fast and easy. Deposits and withdrawals are free of charge and the process is user-friendly.

On the other hand, the product portfolio covers only forex and CFDs. In addition, clients are not covered by any investor protection.

Feel free to try TMGM, as you will have an account within a day and there is no inactivity fee.

Open account More
74-89% of retail CFD accounts lose money

Best forex brokers
What makes a top forex broker?

Trading with forex became really popular over the last decade. Looking at important criteria like fees will help you find the best forex broker for you.

At BrokerChooser, we test online brokers based on more than 300 criteria, with a real account and real money.

The most important factors to consider in selecting the top forex brokers are the fees of forex trading. besides trading fees, you should also look at withdrawal fees and the number of available currency pairs. Check if the broker provides great desktop and mobile platforms, and advanced charting tools.

Best forex brokers
Forex broker fees

Fees, fees, fees. We bet this is always on your mind when you're looking for the best forex broker. It can be complicated. Let's see how we did it.

It is not easy to compare forex broker fees, but we are here to help. Forex brokers can charge commissions, spreads and financing fees.

For commissions, there are two versions forex brokers use:

  1. All trading fees are included in the spread except the financing rate. Basically, think of it as the broker giving you a wider spread than it gets from the market.
  2. You get the market spread, but you pay a commission based on the traded amount. This model is usually used by ECN brokers.

The second version is more transparent, but this doesn't mean that the first method cannot be cheaper.

When you trade forex on leverage and hold your position overnight, a fee will be charged. This fee is called financing cost. The financing costs change daily and can be an important cost if you hold your positions for longer.

To make your life easier, we calculated what your overall fee would be if you took a $20,000 position, held it for a week then closed it. We used a 30:1 leverage, the maximum available leverage for major currency pairs at many brokers.

Best forex brokers
Forex trading 101

Forex trading looks simple, but it carries serious risks. Before trading, understand the basics and ask yourself: is this for me?

Understanding the forex market

Forex, FX, foreign exchange or currency market: you have probably already heard one of these expressions. They all mean the same: a market where you can exchange currencies or bet on the price movement of currency pairs.

The forex market has several outlets, from currency exchange booths on the street to the currency trading desks of big banks.

For a non-professional trader, as you probably are, the easiest and safest way to trade forex is by opening an account at a reliable online broker.

The vast majority of currency transactions are conducted on OTC (over-the-counter) markets. An OTC market is a non-regulated market, where you have to assess for yourself how safe your counterparty is. When you travel abroad to an exotic country and you need to exchange some money, you would probably go to a bank branch instead of changing money on the street, right?. This is how you minimize your counterparty risk. You have to do the same when you select your online broker for trading forex. You should always choose a reliable broker.

Forex trading is tempting for the following reasons:

  • everybody has an opinion on where currencies are going

  • at first sight, the forex market is relatively easy to understand compared to other markets, like the stock market

  • by using leverage, traders can easily trade with 100 times more money than they have on their trading account and thus magnify profits (or losses!)

  • the market is open 24 hours a day, 5 days a week

  • it is the most liquid market in the world, meaning there are lots of transactions every second and you don't have to worry about how to find a partner to trade with

Although it looks easy, trading with forex can be risky if you don't know what you're doing. By using high leverage carelessly, you can easily lose all your money within a couple of seconds. So you better start off slow, learn and open a demo account first. If you want to learn more, check out our blog post about the best trading apps for learning.

Forex market trading hours

The forex market is open from 11:00 PM on Sunday until 11:00 PM on Friday, London time.

Trading activity is usually at its highest when London and New York are open.

Top forex brokers - market trading hours

It is good to know that there is a difference between currency conversion and forex trading.

The end result of a conversion is basically changing one currency into another. Imagine that you receive your salary in euros (EUR), but you spend it in British pounds (GBP). In this case, you exchange euros to pounds.

When you trade with currency pairs there is no physical conversion. Imagine that you have an online broker account in US dollars and you want to bet on the price movements in EURUSD. In this case, you never convert your dollars to euros. If your bet was correct, the profit from your trade will be booked to your account in US dollars. If you were wrong, the loss will be deducted from your account in dollars as well.

Breaking down the forex trading jargon

When you trade forex, you bet on the price change of a currency pair, for example, the EURUSD.

EURUSD bid price EURUSD ask price
1.1700 1.1705

First of all, you need to understand what the bid and the ask prices are. Let's take the EURUSD again as an example. The 'bid' is the price at which you can sell the EURUSD, or in other words to go short in it. If the price goes lower, you will generate a profit. The 'ask' price is the opposite. If you want to bet on the price moving up, you can open a trade at the 'ask' price. The mid-price is usually halfway between the two, but this is just a theoretical price that is not used for trading.

The actual bid and ask prices together are called the quote.

A long position is when you bet on the price moving up, while a short position is when you profit from the price going down.

The spread is the difference between the ask and bid prices. In the example above, the spread is 0.0005, which is calculated as 1.1705-1.1700.

The pip is the smallest amount of a currency pair. One pip is equal to 0.0001 for most of the currency pairs. In case of our example, the spread is 5 pips, or 5 times 0.0001, equalling 0.0005. For some currency pairs like the USDJPY, one pip is 0.01.

Leverage allows you to take bigger positions than the amount of money on your account. Imagine this as a multiplier of your profit or your loss. This can be as high as 300. Imagine you have $1000 on your account and your applied leverage is 100. If you open a long position by using all your $1000, this means you open a trade for $1,000*100, or $100,000. If the price drops 1%, you will lose $1000 (1%*$100,000), that is, all the money on your account. And the price of a currency pair can very easily drop by 1%. In case of EURUSD, this would mean a price decrease from 1.1705 to 1.1588.

A lot is the standard number of units of a forex contract. It is usually 100,000 units of the base currency. The base currency is the first currency in a currency pair. For EURUSD, the base currency is the EUR and one lot is €100,000. A mini lot is 10,000, a micro is 1,000 and a nano is 100 units of the base currency.

In forex trading, you can encounter different types of contracts: spot, CFD, forward and futures. Spot and CFD contracts are traded by most people.

A spot contract is by definition settled two days after the trade. Settlement means that the counterparties are converting their currencies between each other at the price of the trade made two days earlier. Imagine the settlement as a currency conversion made at a money exchange booth on the street. The only difference is that this happens two days after the price was agreed on. However, in most cases, the settlement doesn't actually happen, because spot contracts are rolled over before the settlement. The rollover is done because when you are betting on the direction of a currency pair, you do not actually want to convert money into the other currency, you just want to bet on the price movement. The rollover ensures that the conversion will not happen.

To learn what forex CFD is and how you can trade it, read our CFD 101 and CFD trading tips.

When your position is rolled over, your online broker closes your current spot position and opens a new one. This is not visible for you, but it has a fee, called the rollover or financing fee. The rollover fee is calculated from the interest rate difference between the two currencies you are trading. In some cases, you may also receive a fee from the broker, if the interest rates you trade are in your favor.

A forward forex contract is a contract made on the OTC market. The specifics of the contract, like the term, the price and the settlement are defined by the counterparties case by case. Let's take as an example a company that needs $100,000 in 30 days to pay its employees, but its revenues are in euros. Since it wants to lock the exact exchange rate it gets in 30 days, it will seal a forward contract with a big bank at a fixed price, let's say at 1.1710. After 30 days, they will exchange the currencies and the company will receive €85,397 ($100,000/1.1710). In this case, there is an actual settlement.

A futures forex contract is traded on a regulated market, for example, on a commodity exchange, like the Chicago Mercantile Exchange (CME). When you trade futures, your counterparty is the exchange and the specifics of the contract are predefined by the exchange. When your counterparty is a regulated exchange, you don't need to check your counterparty risk, as this is one of the safest ways of trading. However, the exchange requires a large amount of initial money for trading, so this is not suitable for you if you have little money to invest. If you want to trade one EURUSD futures contract on the CME, for example, you need to have more than $2000 on your account.

What drives forex market prices?

As we said before, everybody has an opinion about the forex market, because it seems simple. However, currency markets are among the most unpredictable ones in the world.

Everything from monetary policies and government spending to politics and wars can influence the prices of currency pairs. Thus, it is difficult to predict which way they are going move.

Nevertheless, economic calendars can help, so at least you know about the scheduled events that could have an effect on the forex market.

Best forex brokers
Bottom line

You saw the details, now let's zoom out. Here are the top forex brokers in 2021 for citizens in Myanmar (Burma):

Top forex brokers in 2021 for Burmese citizens
XTB Vantage FX ActivTrades AvaTrade TMGM
Fees score 3.9 stars 4.3 stars 4.4 stars 3.4 stars 4.6 stars
Deposit and withdrawal score 4.5 stars 4.5 stars 4.5 stars 4.5 stars 4.3 stars
Markets and products score 2.8 stars 1.6 stars 1.4 stars 2.0 stars 1.9 stars
Desktop platform score 4.4 stars 3.4 stars 3.4 stars 3.4 stars 3.4 stars
Account opening score 5.0 stars 5.0 stars 3.8 stars 5.0 stars 5.0 stars
Open account
79% of retail CFD accounts lose money
Open account
74-89% of retail CFD accounts lose money
Open account
77% of retail CFD accounts lose money
Open account
72% of retail CFD accounts lose money
Open account
74-89% of retail CFD accounts lose money

XTB is our winner, the best forex broker for Burmese citizens in 2021. Low forex fees. Free and fast deposit and withdrawal. Easy and fast account opening.

All are great choices. Watch out, forex trading can be risky. If you know enough and are good to go, pick your favourite and take the next step in your trading journey. Let us know what you think in the comments section.

Still unsure? Use the broker finder and find the best broker for you.

Author of this article

Gergely Korpos

Author of this article

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Gergely Korpos

Co-founder, CPO

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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Open account
79% of retail CFD accounts lose money
Open account
74-89% of retail CFD accounts lose money
Open account
77% of retail CFD accounts lose money
Open account
72% of retail CFD accounts lose money
Open account
74-89% of retail CFD accounts lose money
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