When comparing brokers for LATAM trading, check these 7 factors in order: (1) regulation status, (2) spread/commission costs on your pairs, (3) local payment method support, (4) minimum deposit, (5) platform quality, (6) withdrawal speed, (7) customer support in Spanish. This checklist helps you make an informed choice.
Broker Comparison Checklist: 15 Factors to Evaluate
Don't choose a broker based on ads or bonuses. Use this systematic checklist to evaluate every option.
✅ Factor #1: Regulation & Safety
What to check:
- Regulated by FCA, CySEC, or ASIC? ✅
- License number visible and verifiable? ✅
- Segregated client funds? ✅
- Negative balance protection? ✅
- Years in operation? (5+ years preferred)
Red flags: No regulation, can't verify license, promises seem too good
Weight: 🔴 CRITICAL - Skip broker if fails
💰 Factor #2: Spreads & Commissions
What to compare:
| Pair | Libertex | eToro | XTB | IC Markets |
|---|---|---|---|---|
| EUR/USD | 0.8 pips | 1.0 pips | 0.9 pips | 0.6 pips |
| GBP/USD | 1.2 pips | 1.5 pips | 1.1 pips | 0.9 pips |
| USD/JPY | 1.0 pips | 1.2 pips | 1.0 pips | 0.7 pips |
Commission models:
- Zero-commission: Earn via spread (Libertex, eToro)
- Commission-based: Tight spreads + small commission (IC Markets)
Calculate: Your trading frequency × cost per trade
📱 Factor #3: Platform Quality
Rate each platform 1-5:
Ease of use: Can you navigate without confusion?
Mobile app: Is mobile version good?
Charting tools: Enough indicators and drawing tools?
Order types: Limit, stop, trailing stop available?
Speed: Orders execute quickly without slippage?
Reliability: Platform crashes/bugs?
Test: Use demo account for 1 week minimum
💵 Factor #4: Minimum Deposit
| Broker | Minimum |
|---|---|
| XTB | $0 |
| Interactive Brokers | $0 |
| eToro | $50-100 |
| Exness | $1 |
| Libertex | $100-200 |
| Pepperstone | $200 |
| Saxo Bank | $10,000 |
Consider: What you can afford to lose, not just minimum
🌍 Factor #5: LATAM Payment Methods
Check for your country:
Mexico: SPEI, OXXO?
Colombia: PSE?
Argentina: Crypto/USDT?
General: Cards, e-wallets?
Also check:
- Deposit fees
- Withdrawal fees
- Processing times
- Currency conversion rates
📚 Factor #6: Educational Resources
Evaluate:
- Video courses available?
- Webinars in Spanish/Portuguese?
- Trading guides and articles?
- Demo account quality?
- Economic calendar provided?
- Daily market analysis?
Best for education:
- XTB: Extensive academy
- eToro: Social learning
- Libertex: Basic but clear guides
Weight: High for beginners, low for experienced
🎓 Factor #7: Account Types
Check options:
Demo account: Free? Unlimited time?
Standard account: Most common
Islamic account: Swap-free for Muslim traders
ECN/Raw spreads: Lower spreads, small commission
Cent account: Practice with tiny amounts
Your needs: Beginners usually want standard + demo
🛠️ Factor #8: Trading Tools
Essential features:
✅ Economic calendar
✅ Market news feed
✅ Price alerts
✅ Technical indicators
✅ Multiple timeframes
✅ Chart drawing tools
Advanced features:
- Backtesting
- Copy trading
- Algorithmic trading
- API access
- Multi-chart layouts
Evaluate: Match tools to your trading style
📞 Factor #9: Customer Support
Test before depositing:
Questions to ask:
- "What are your withdrawal times?"
- "Do you support [your country]?"
- "What's the spread on EUR/USD?"
- "Can I use [your payment method]?"
Evaluate:
- Response speed (under 2 minutes for chat?)
- Answer quality (detailed or vague?)
- Language support (Spanish/Portuguese available?)
- Availability (24/5 or business hours only?)
- Multiple channels (chat, email, phone?)
Red flags:
- Pushy sales tactics
- Avoiding direct questions
- No live chat
- Only email support
💻 Factor #10: MetaTrader 4/5 Support
Why it matters: Industry-standard platforms
Brokers offering MT4/MT5: ✅ Libertex, XTB, Pepperstone, IC Markets, Exness, FXCM
❌ eToro, Interactive Brokers (proprietary only)
Consider: If you want to use Expert Advisors (automated trading), MT4/5 essential
Otherwise: Proprietary platforms often better for beginners (eToro)
🌐 Factor #11: Available Markets
What can you trade?
| Broker | Forex Pairs | Stocks | Indices | Commodities | Crypto |
|---|---|---|---|---|---|
| Interactive Brokers | 100+ | 30,000+ | 50+ | 30+ | Limited |
| Libertex | 50+ | 700+ | 20+ | 15+ | 20+ |
| eToro | 50+ | 3,000+ | 15+ | 10+ | 70+ |
| XTB | 50+ | 2,000+ | 30+ | 20+ | Limited |
| Pepperstone | 60+ | CFDs | 15+ | 10+ | 20+ |
Your needs: Beginners usually fine with 20-30 forex pairs + major stocks
💼 Factor #12: Copy Trading / Social Features
eToro: Industry leader
- Copy successful traders automatically
- See what others trade
- Social feed discussions
Other brokers:
- Most don't have social features
- Some offer signal services
- Usually rely on your own analysis
Good for: Beginners wanting to learn, or passive investors
📊 Factor #13: Withdrawal Speed & Reliability
Test: Check reviews specifically about withdrawals
Acceptable:
- E-wallets: 1-2 days
- Cards: 3-7 days
- Bank transfer: 3-5 days
Warning signs:
- "Pending" for weeks
- Requires re-verification repeatedly
- Excuses and delays
- Impossible terms to withdraw bonuses
This is WHERE scam brokers reveal themselves.
🎁 Factor #14: Bonuses & Promotions
Our take: Nice-to-have, NOT a deciding factor
Why be careful:
- Bonuses have strict terms (30-40x volume requirements)
- Can lock your funds
- Not worth choosing worse broker for bonus
Better: Choose based on spreads, regulation, platform—ignore bonuses
Exception: Cashback programs (no strings attached)
🌟 Factor #15: Reputation & Reviews
Where to check:
- Trustpilot reviews
- Forex Peace Army
- Our detailed reviews
- Reddit r/Forex discussions
Look for:
- Overall rating (4.0+ out of 5)
- Withdrawal complaints (most important!)
- Platform stability
- Customer service feedback
- Recent reviews (not just old ones)
Warning: Ignore obviously fake positive reviews
📋 Your Broker Evaluation Scorecard
Rate each broker 1-5 on these factors:
| Factor | Weight | Broker A | Broker B | Broker C |
|---|---|---|---|---|
| Regulation | 10x | __/5 | __/5 | __/5 |
| Spreads/Fees | 8x | __/5 | __/5 | __/5 |
| Platform | 7x | __/5 | __/5 | __/5 |
| Payment Methods | 6x | __/5 | __/5 | __/5 |
| Customer Support | 5x | __/5 | __/5 | __/5 |
| Education | 4x | __/5 | __/5 | __/5 |
| Withdrawal Speed | 8x | __/5 | __/5 | __/5 |
Calculate: Multiply score by weight, sum total
Highest score = best broker for YOUR needs
🎯 Quick Recommendation by Profile
Complete Beginner:
→ eToro (easiest, social learning)
Cost-Conscious:
→ Libertex (zero commissions)
Advanced Trader:
→ Interactive Brokers (pro tools)
Active Day Trader:
→ Pepperstone or IC Markets (tightest spreads)
Mexico-Based:
→ XTB or Libertex (SPEI support)
Argentina-Based:
→ Libertex or Exness (crypto-friendly)
❓ FAQ
Q: How many brokers should I compare?
A: 3-5 brokers thoroughly is better than 20 superficially.
Q: Should I open accounts with multiple brokers?
A: Not as beginner. Master one first. Later, having 2 brokers makes sense (backup, different strengths).
Q: What if "best" broker isn't available in my country?
A: Focus on available options. Every LATAM country has at least 3-5 solid choices.
Q: Do broker comparisons change frequently?
A: Yes. Re-evaluate yearly. Brokers improve/decline, regulations change, new options emerge.
Last updated: January 2026
Related: Full Broker Comparison Tool | Best Regulated Brokers
Bottom Line
Use this checklist every time you evaluate a new broker. Don't skip regulation verification — it's the single most important factor. After safety, focus on costs (spreads and commissions), then platform quality. Everything else is secondary.
Key Takeaways
Remember these important points:
- 1 Risk management is the most important skill in trading
- 2 Never risk more than 1-2% per trade
- 3 Always use stop losses - no exceptions
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