The economy of the Dominican Republic: general info
The economy of the Dominican Republic is the 8th largest GDP economy in Latin America and in the Caribs, along with regional powerhouses like Brazil, Mexico, Argentina, Colombia, Chile, Peru, Ecuador, and Venezuela, with strong and consistent economic growth over several decades. Currently, the main sectors of the economy in the country are agriculture – 11.8% of GDP, industry – 32.6% (including mining), finance and services, including transport and tourism – 55.6%. Traditional industries are food (sugar production), mining and processing of metals and metal-containing raw materials (iron-nickel ore, bauxite, gold), and cement production.
Free export zones (FEZs) play a growing role in industrial production, as the enterprises located in them provide employment for more than 200 thousand people and give 15% of the gross national product. As for agriculture, the main branch of it is crop production; sugar cane, coffee, cotton, cocoa, tobacco, rice, corn, bananas, and tropical fruits are grown in the country. Tourism is also the most important source of foreign exchange earnings.
The country is one of the largest recipients of foreign direct investment (FDI) in the Caribbean and Central America. FDI continues to grow in three main areas: mining (mining – iron, coal, bauxite, platinum, amber); tourism and service sector; real estate market. Investors are attracted by the proximity to North America, cultural ties with Europe, developed infrastructure, and a favorable taxation system, in particular in the tourism sector.
In terms of stock trading, the Dominican market is represented by the Bolsa de Valores de la República Dominicana (Stock Market of the Dominican Republic, BVRD), the only stock exchange in the Dominican Republic that is in charge of implementing and managing the operations of the stock market. In addition to domestic trading, with the development of online technologies, Dominicans have been able to enter the international Forex market in recent years. Traders have enjoyed the introduction of new financial instruments such as currency futures, options, and Cryptocurrencies, which are not found in traditional exchanges, while Forex, on the contrary, provides a wide range of them.
Forex market and regulations in the Dominican Republic
The Dominican Republic taking a significant place in Latin America’s regional economy has many opportunities for online Forex traders and brokerage companies since the government doesn’t restrict trading in currency pairs and various instruments including Crypto. In charge of banking and non-banking financial institutions is The Central Bank of the Dominican Republic. It guarantees price stability, proper regulation of the financial system, and the functioning of payments, acting as the issuer and executor of monetary and foreign exchange policy.
Traders are helped to enter the international Forex market by top brokers operating in the country that are regulated by well-known financial authorities such as the UK Financial Conduct Authority, the Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investments Commission (ASIC). These organizations are recognized as the regulatory bodies of the first category, which ensures the safety of Dominican traders’ funds.
In addition, international brokers have provided all the necessary conditions for the Dominicans by having Spanish-language versions of sites, round-the-clock technical support, a minimum deposit to enter the market, as well as handy tools like Social Trading, which allows to automatically mirror the successful strategies of professionals, so you don’t have to constantly keep up with a market situation and have a chance to earn passive income.
Online trading instruments in the Dominican Republic
Since the Dominican Republic has large mineral reserves and the US Dollar is the most easily exchanged foreign currency for the local Dominican Peso (RD), traders employ these factors in online Forex trading, giving preference to currency pairs, commodities and financial derivatives. In addition, new financial instruments such as Cryptocurrencies haven’t been left aside and are becoming increasingly popular.
Besides, access to the global markets has allowed local residents not only to use internal resources, but also to profit from shares and indices of the world’s largest companies as well.
Currency pairs trading in the Dominican Republic
The official currency of the Dominican Republic since 1947 is the Dominican peso, the currency code is DOP. The most traded currency pairs with the Dominican peso include USD/DOP, EUR/DOP, and GBP/DOP and are classified as exotic. Traders from the Dominican Republic don’t have to trade only currency pairs with the peso, on the contrary, many of the locals prefer the most popular major currency pairs like EUR/USD, USD/JPY, GBP/USD and USD/CHF, which are characterized by high liquidity, and their dynamics prices depends on the volume of trading operations in which they are used. Other currency pairs are called minors, these currency pairs have enough liquidity for smooth trading, but the spread of such pairs is usually much larger than that of major ones. International Forex brokers usually offer a wide range of currency pairs to choose from, including all categories, the choice of pairs for trading depends only on the strategy and skills of the trader.
AvaTrade is a broker whose list of offers includes over 60 currency pairs (majors, minors, and exotics); CFDs on almost all underlying assets, including commodities, stocks, indices; over 100 stocks; Сryptocurrencies; commodities and metals. A distinctive feature of the company is that it has several platforms for different types of trading, namely the familiar MetaTrader 4/5, WebTrader available as an online web terminal, mobile and web options trading with AvaOptions, AvaSocial for copy trading, mobile trading platform AvaTradeGo, as well as Autotrading for automated trading including ZuluTrade and DupliTrade.
In order to test all platforms and trading strategies for selected financial instruments, beginners can use a demo account with 100 thousand virtual dollars and then upgrade to a real one. It is important to note that AvaTrade offers a tool to reduce financial risks called AvaProtect, which gives loss protection on a specific position for a selected period of time.
The company has been licensed to provide online Forex trading services in several countries and is regulated by competent and trustworthy commissions such as MiFID, ASIC, Japan FSA and FFA, FSB, IIROC, and FSCA.
Commodities trading in the Dominican Republic
Traditionally, the basis of the economy of the Dominican Republic was the production of agricultural crops for export (coffee, cocoa, sugar, tobacco, cotton) and the extraction of minerals (copper, nickel, gold, silver, iron, and bauxite). These commodities are actively used by traders as profitable assets for trading not directly with physical supplies, but making a profit on price movements using commodity futures, shares of manufacturing companies, ETFs and CFDs. Each of them can be profitably bought and sold as soon as you enter the market. For this purpose, it is most convenient to use Forex brokers, which offer a wide selection of commodity assets and minimal commissions.
HF Markets, formerly known as HotForex, provides special conditions for trading metals, in particular leverage of up to 1:200 and fairly low spreads for Forex Gold trading. To expand portfolios clients also can choose currency pairs, indices, shares, and equities.
The broker’s trading accounts include Micro, Premium, Fixed, VIP, and Zero Spread, and depending on the minimum deposit and trading strategy, each client will be able to find the suitable one for himself. By registering with each of them after meeting the qualification requirements, traders can access a range of useful tools such as VPS, private sessions with market analysts, or Autochartist subscriptions.
Forex broker HF Markets provides its users with a fairly wide range of various trading platforms. You have the opportunity to choose the already familiar MT4 and 5, the Web terminal, or special apps for mobile trading from devices running Apple and iOS operating systems. As a result, you will be able to work and open deals anytime and anywhere.
The broker pleases traders not only with a Welcome Bonus of up to $5000 but also 100% Supercharged, 100% Credit Bonus, as well as Return On Free Margin, and 30% Rescue.
CFD trading in the Dominican Republic
Contracts for Difference is a financial instrument that helps to profit from the price movement of an asset. A trader makes forecasts of whether the price will rise or fall, and if the forecast turns out to be correct, he will receive the difference between the opening and the closing price of the transaction as a profit. CFD assets can include not only currency pairs but also stocks, commodities, indices, precious metals, and even Cryptos. In other words, such contracts are derivatives of underlying assets.
CFD trading can be started with a much smaller deposit than is required to trade real stocks or indices, so Dominicans with even little capital have access to the financial markets, while the possibility of using leverage will potentially make bigger profit. Of great importance for trading is the right choice of a broker who can provide convenient ways to withdraw money, leverage, as well as the transparency of your transactions, that’s why we mentioned in our article companies that offer trading of CFDs with no commissions on deposits and very attractive marginal terms.
OANDA is a reliable global CFD broker founded in 1996. It is considered safe, because it respects the transparency of all trades and is regulated by the leading financial authorities: the US Retail Foreign Exchange Dealer (RFED), the UK Financial Conduct Authority (FCA), ASIC (Australia), FFAJ (Japan) and a number of other well-known regulators.
Broker OANDA doesn’t have a distinction between account types as it provides a single standard account. Deposits and withdrawals can be made via bank transfer, credit or debit card, or PayPal. The broker doesn’t charge any fees for bank transfers and funding your account with credit cards.
OANDA offers quite a lot of contract types compared to other intermediaries. The list of financial instruments consists of CFDs on indices, commodities, and bonds.
As for the terminals, the company has the classic MetaTrader 4 and MetaTrader 5 terminals in different variations. On the broker’s website, you can download versions for Windows and mobile apps for Android and iOS. Trading on the Forex and CFD markets is also possible directly from an Internet browser.
New traders who fund their accounts will also receive a welcome bonus of up to $1000.
Plus500 is a broker successfully operating in the Forex market since 2008 and specializing in CFDs on financial products like indices, currency pairs, commodities, Cryptocurrencies, shares, and ETFs. Clients can trade each asset on a real or demo account and one of the most user-friendly trading platforms with plenty of risk management tools is available as a web terminal for PCs and laptops and a mobile app for Android and iOS.
To deposit and withdraw funds, you can use any convenient option among bank transfers, debit and credit cards VISA and MasterCard, and electronic wallets (Skrill, PayPal). In addition, all deposits and withdrawals are free of charge.
In terms of security and transparency of transactions, the company is regulated by such demanding organizations as the FCA (UK), CySEC (Cyprus), ASIC (Australia), FSP (New Zealand), FSCA (South Africa), and FSA (Seychelles), which strictly monitor broker’s activity.
Cryptocurrency trading in the Dominican Republic
As Cryptocurrencies continue to gain momentum and popularity around the world, more and more traders from the Dominican Republic are interested in the possibility of using digital currencies for Forex trading. Cryptocurrencies provide a unique chance to significantly increase your capital. If you want to make money on any rate movements, and not just wait until the purchased asset increases in price many times over, then you can’t do it without the help of brokers. Top brokers we mention in the article, in addition to standard assets, offer to make transactions on fluctuations in Crypto rates, while there is no need to own them or open a Crypto wallet – trading is carried out by contracts such as CFDs.
Since licensed intermediaries have been working with Cryptocurrencies for a long time, they are the most client-oriented as they provide a platform convenient for trading, and pleasant conditions for depositing/withdrawing funds (you can even use the same Crypto), as well as a high level of security, quick and easy registration and high-quality customer support.
AvaTrade is one of the most trusted brokers in the world especially popular in Latin America that provides access to many Cryptocurrencies; in addition to famous Bitcoin, its offering list includes Bitcoin Cash, Bitcoin Gold, Litecoin, Ethereum, Ripple, Dash, and EOS.
The company gives its clients several terminals to choose from: Metatrader 4 and 5, AvaTradeGO applications, and AvaOptions platforms. Installation of the MT4 and 5 terminals is available for various operating systems, as well as the web version of the Metatrader. For fans of social trading, copying trades of professionals through the ZuluTrade and DupliTrade services is also available.
The broker has been successfully operating since 2006. Over such a long period, it has built up an impressive license base covering MiFID, ASIC, Japan FSA and FFA, FSB, IIROC, and FSCA, which distinguishes it from other companies in the market.
Binary options trading in the Dominican Republic
Today, transactions with all types of assets in different markets are made via the Internet without the need to go to real exchanges. Since quotes are displayed in real-time and trades are closed with one click, there are many less complex ways to increase income using asset price fluctuations, for example, Binary options. Binary options are a relatively new derivative financial instrument with which a trader can trade liquid goods – precious metals, oil, or currency pairs. The success of trading depends on the ability to determine the direction of the price movement of the instrument (up or down), and the correct forecast guarantees a fixed profit. The execution time of transactions can be different – from one to several minutes, and the amount of monetary gain is always known in advance, this is their difference from classic options. A Binary options contract is concluded between a trader and a broker, the best of which, in turn, provides transparency of transactions and high percentages of profits.
IQ Option is one of the world’s leading online trading platforms, providing different instruments including Binary options on currency pairs, stocks, metals, and many more. IQ Option’s trading terminal is available on desktop for Windows/MacOC, as a mobile version of iOS/Android, and through the web.
To master the trading platform and try different trading strategies, you can open a free Demo account with a virtual fortune of $10000, then register a real account and start earning.
One of the several unique aspects of IQ Option is that it hosts tournaments. These are events in which participants prepare an equal predetermined amount upfront each time and then compete against each other.
The minimum deposit at IQ Option is only $10: very low, even when compared to the lowest levels required by many brokers. Clients can top up their accounts through credit/debit cards, Skrill, Neteller, Giropay, Sofort, and e-wallets and be ensured that their funds are safe as the broker is licensed by CySEC regulatory body.
ExpertOption is a popular Binary options broker providing market access through a convenient platform available for all devices: PC/Windows, Android, iOS, and macOS. For trading, you can choose one of the accounts among Micro, Basic, Silver, Gold, Platinum, and Exclusive. In addition, beginners can use $1000 virtual money on a demo account.
ExpertOption provides a lot of educational materials on its platform; in the section, you can find fundamental, technical, and graphical analyses, as well as a glossary. In addition to text publications, videos have been added to the training page that shows how the platform works.
The minimum deposit from which you can start trading is 10 dollars, and if you top up your account in the first hour after registration, you will receive the 100% Forex bonus on your first deposit.
Trading with VPS service in the Dominican Republic
For automated non-stop work, traders use different auxiliary tools, and one of them is Forex trading with VPS. VPS is a virtual dedicated server that is provided for personal use to a remote trader that ensures the work of advisors in the trading terminal around the clock. VPS has a number of advantages over a regular PC connected to a trading terminal. First of all, this is an uninterrupted power supply: traders can forget about an unexpected power outage or any other interfering factors.
In addition, you no longer need to constantly keep computers turned on for the successful functioning of the trading robots, while you can make changes to the program from anywhere in the world with access to the internet. Besides, the trading efficiency will increase as your adviser will work around the clock. Top brokers understand the importance of these factors for profitable trading, so they have this service in their list of offers.
XM Group provides a trading terminal to be always online for the correct operation of trading advisors, as the company has its own VPS server running on broker’s terminals. Moreover, all deals can be carried out not only in the desktop version but also in mobile apps.
In the broker’s list of trading assets, you will find a wide range of currency pairs, CFDs, commodities, indices, precious metals, energies, and stocks. Clients can enjoy multiple account types with the advantage of negative balance protection, as well as tight spreads: Micro, Standard, XM Ultra Low, and Shares. And for novice traders, the broker provides a demo account that exactly repeats all the functions of real ones.
In addition, the company has an excellent regulatory framework confirmed by licenses from BaFin, AFM, FIN, ASIC, CySEC, IFSC, and DFSA.
Top Forex Brokers in the Dominican Republic
Due to the favorable legislation and a rapidly developing economy in the Dominican Republic, there are many international brokerage companies in the country that offer different trading conditions, it may be quite challenging to choose the most suitable one at first glance. In order to secure your funds and reduce the time to compare each broker, we have compiled a list of reliable intermediaries that are licensed by at least one of the first category regulators, accept clients from the Dominican Republic and provide different types of accounts with minimal commissions and a wide range of instruments, as well as various tools such as Social trading and Forex bonuses up to 100% on the first deposit.
OANDA in the Dominican Republic
OANDA is one of the most reliable Forex brokers as the company has received licenses from such regulators as the US Retail Foreign Exchange Dealer (RFED), the UK Financial Conduct Authority (FCA), ASIC (Australia), FFAJ (Japan), IIROC (Canada), and MAS (Singapore).
The list of instruments provides traders with the opportunity to choose among currency pairs, commodities, CFDs, indies, Cryptos, metals and bonds with competitive spreads across its full range of more than 100 instruments in total that can be traded on three account types: demo, Standard and Advanced Trader. Moreover, it requires no minimum deposit to open an account with OANDA.
New traders who fund their accounts will also receive a welcome bonus of up to $1000.
AvaTrade in the Dominican Republic
AvaTrade is a broker very popular among traders all over the world as it is licensed by such prestigious organizations as ASIC, Japan FSA and FFA, FSB, IIROC and FSCA. The company gives access to more than 1200 financial instruments on a real and demo account. The latter has 100 thousand virtual dollars on its balance, so you can try your hand at Forex trading without spending your real money.
AvaTrade offers its clients to make deals using the Metatrader 4 and 5 terminals, the AvaTradeGO app and the AvaOptions platform. Installation of terminals for various operating systems is available, as well as the web version of the Metatrader. Users who prefer Social trading can use the ZuluTrade and DupliTrade services.
In addition, the site has the ability to use the broker’s analytical tools such as an economic calendar; fundamental analysis; regular market analysis, including the latest economic news, as well as automatic news analyzer Autochartist.
Plus500 in the Dominican Republic
Plus500 offers a wide choice of CFDs on shares, currency pairs, commodities, Cryptocurrencies, ETFs, and indices (yet, please note that Binary options aren’t offered by Plus500) with various risk management tools such as stop loss and stop limit orders. For trading, you can register a real account, and if you are a beginner, an unlimited virtual account is always available for you to practice.
The trading platform of the company was developed independently and is available in a web version, for installation on a PC and for mobile devices running on iOS and Android.
The broker has an excellent reputation and a good license base from such regulators as FCA (UK), CySEC (Cyprus), ASIC (Australia), FSP (New Zealand), FSCA (South Africa), and FSA (Seychelles).
Comment: The broker’s platform does not offer bonuses and Copy trading is not allowed when trading with Plus500.
HF Markets in the Dominican Republic
HF Markets is a broker known worldwide under the HotForex brand today provides services for online Forex trading in metals (in particular, it has favorable conditions for Forex Gold trading), currency pairs, indices, shares, and commodities on MT4 and MT5 terminals available on desktop, web, and mobile versions for Windows, iOS, macOS, and Android.
A wide range of trading accounts including Micro, Premium, Fixed, VIP, and Zero Spread make trading accessible to clients with different initial deposits, and the HFcopy – a very helpful tool that allows beginners to copy trades of other participants and learn from successful providers.
The company pays more attention to bonus payments to its clients, so there is an opportunity to receive not only a bonus on the first deposit up to 5000$, but also 100% supercharged and 100% credit bonus, as well as a return on free margin and 30% rescue one.
XM Group in the Dominican Republic
XM Group provides some of the most favorable trading conditions for more than 55 currency pairs (majors, minors, exotics), as well as various trading instruments, including commodities, stocks, indices, metals, and Cryptocurrencies.
Broker is licensed by institutions such as ASIC, CySEC, IFSC, and DFSA. Clients can choose the most profitable trading account on unique terms with negative balance protection, good leverage, and tight spreads: Micro, Standard, XM Ultra Low, and Shares.
And, of course, the best part is that XM Group offers three types of bonus programs, complementing them with free VPS and zero commission for depositing and withdrawing funds: Referral, Occasional, and a 100% automatic login bonus up to $5000 on your first deposit.
IQ Option in the Dominican Republic
IQ Option is a great choice if you are looking for a reliable Binary options provider for different types of assets since you can start trading with a minimum deposit of $10, the period may be set from one minute to one month, and the potential return may be up to 95% on a correct prediction.
The IQ Option trading platform is developed by the company itself and works equally well on both full-size computers and mobile devices. It allows you to use various graphical tools, upload indicators, templates, and widgets to the chart, as well as contact the broker’s support service at any time of the day.
A free demo account becomes available immediately after creating a personal account and gives access to a virtual portfolio of $1000, in which you can carry out all the options of transactions available for a paid account. Any demo account can be instantly turned into a real one by placing the first deposit.
The company’s activities cover more than 150 countries and are regulated by the Cyprus Securities and Exchange Commission (CySEC), one of the few reputable agencies that oversee binary options.
ExpertOption in the Dominican Republic
ExpertOption is a Binary options broker that has earned the trust of traders around the world as evidenced by more than 70mln registered users to date. Traders can make deals on an absolutely simple and understandable platform available for all devices: PC/Windows, Android, iOS, and macOS. There are several account types available for everyone depending on the deposit amount. In total, there are six: Micro, Basic, Silver, Gold, Platinum, and Exclusive.
The ExpertOption website is presented in 14 different languages. Trading is available around the clock, as is the support service. Besides, it has an important tool such as social trading, which allows you to see the transactions of fellow traders.
The company made it available to use more than 20 payment systems such as bank and debit/credit card transfers, as well as Neteller, UnionPay, Skrill, WebMoney, QiwiWallet, PerfectMoney, FasaPay, and others. A nice addition will be the fact that if you top up your account in the first hour after registration, you will receive the 100% Forex bonus.
All of the reputable brokers mentioned above have a stellar reputation and many years of expertise in the Forex market. And, as experience and practice have shown, skilled traders do not limit themselves to trading with a single broker. On the contrary, by registering and verifying an account with multiple brokers, you might not only obtain numerous Forex bonuses but also find more advantageous circumstances for each item in your portfolio. Furthermore, you may compare trading terminals, access a wealth of training materials, and personalize trading to your own requirements.
Top Forex brokers in the Dominican Republic - FAQ