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Forex Regulations in SVG

Up until the beginning of , SVG forex businesses were unregulated and didn’t need a license. However, on January 6, , the Financial Oversight Committee of Saint Vincent and the Grenadines issued a directive requiring all forex brokers conducting business within the country to provide validated copies of their forex licenses, obtained from the foreign regulatory authorities in their respective operational jurisdictions. These brokers were obligated to provide valid licenses by March 10, , to avoid fines or termination of business.

This regulatory change also impacts prospective forex brokers looking to establish operations in SVG. In addition to the standard business registration requirements, they are now obligated to obtain licenses from the regulatory authorities in the specific regions where they intend to conduct their business activities (i.e. where their clients are based). If those regions don’t require a forex license, it’s necessary to provide such evidence from the respective regulatory authority.

The Financial Services Authority (FSA) is the national regulatory body supervising financial services, including forex businesses in SVG. The SVG FSA plays a crucial role in maintaining the integrity and stability of the financial sector in SVG by conducting ongoing supervision of licensed businesses. Among other regulations, the SVG FSA enforces anti-money laundering and counter-financing of terrorism (AML/CFT) regulations to prevent illegal financial activities. Since SVG is a member of the Caribbean Financial Action Task Force, one of the FATF’s regional groups, the SVG FSA has adopted the FATF risk-based approach and enforces strict internationally recognized regulations.

However, the SVG FSA doesn’t grant forex-specific licenses and doesn’t regulate, monitor, or supervise SVG forex businesses within a dedicated regulatory framework. The extent of supervision of such companies goes no further than to ensure that they comply with their obligations under the Business Companies (Amendment and Consolidation) Act or Limited Liability Companies Act and other general legislation.

Additionally, the following legal acts and regulations are or may be applicable to SVG forex businesses:

The Anti-Money Laundering and Terrorist Financing Regulations of aims to prevent money laundering and terrorist financing through SVG-based financial services. It stipulates rules for establishing and maintaining customer due diligence (CDD) measures and ongoing monitoring. It also specifies record-keeping policies and procedures, details the obligations to report suspicious transactions to the relevant authorities, and enforces continuous compliance and reporting obligations.

How to Establish a Forex Company in SVG

The incorporation of a forex company in SVG can take up to 2 months which includes the SVG FSA’s process of approval for forex activities. The exact duration depends on the complexity of the applicant’s business activities, the quality of the submitted documents, and the workload of the authority. The most common options of corporate structure in SVG include an International Business Company (IBC) and a Limited Liability Company (LLC).

IBCs are often chosen for international business activities, including trading, and aren’t permitted to conduct trade or other commercial activities in the SVG. LLCs can also engage in international activities, be used for a broader range of activities, and may be preferred for specific partnerships or joint ventures. To choose the structure that serves your business goals and operations best, you should consider such characteristics as ownership, management structure and flexibility, reporting requirements, and regulatory compliance.

Forex businesses often choose SVG IBCs, the main characteristics of which are as follows:

• At least one shareholder
• At least one director
• A local registered agent responsible for receiving official communications
• There are no specific minimum capital requirements for SVG IBCs
• The names of shareholders and directors aren’t part of the public record, ensuring a level of privacy and confidentiality
• SVG IBCs benefit from the favorable tax treatment
• There’s no requirement to file annual financial reports or audited accounts with authorities (although IBCs are expected to maintain proper financial records)

The following documents are usually required to incorporate a forex company in SVG:

• A Memorandum of Association
• Articles of Association
• A Business Plan
• Documentation detailing corporate structure, including the names and contact information of directors, shareholders, and officers
• Copies of passports of company shareholders, directors, and other key personnel
• Proof of residential address (e.g., utility bills or bank statements) of company directors and shareholders
• CVs of company directors, demonstrating their qualifications and experience in the forex industry
• Proof of no criminal record for shareholders, directors, and other key personnel
• Proof of registered agent in SVG
• Proof of registered office in SVG
• A certified copy of the forex license from the jurisdiction where the company offers or intends to offer forex services or an acknowledgment of an ongoing application from a foreign supervisory authority
• A declaration of compliance, confirming that the company will adhere to all applicable laws and regulations
• Proof of the possessed minimum required capital
• AML/CFT compliance documentation detailing respective internal policies and procedures

To open a forex company in SVG, you should take the following steps:

• Select the appropriate corporate structure for your forex company
• Choose and reserve a unique and compliant name for your forex company
• Designate a registered agent in SVG
• Find and rent a registered office in SVG
• Prepare all the required documents, including notarization and notarized translation which we can help you with
• Submit an application along with the required documents for approval from the SVG FSA
• Open a corporate bank account in SVG to manage your business finances and client funds
• Register your company with the Companies Registry, responsible for maintaining the official register of companies in SVG

To be fully operational and compliant, a newly established SVG company may also have to register with the following institutions:

• The Inland Revenue Department for taxation purposes, including obtaining a Tax Identification Number (TIN)
• The National Insurance Services for social security and pension benefits for the company employees
• The Employment Standards Division to ensure compliance with labor laws, including issues related to employment contracts, and working conditions

FOREX LICENSE IN Saint Vincent and The Grenadines

Requirements for SVG Forex Approval Applicants

To receive approval from the SVG FSA for forex activities, an SVG-registered company has to fulfill several requirements, that mainly pertain to AML/CFT regulations, and legal acts under which a selected corporate structure is established. The authority’s responsibility is to ensure that SVG forex companies don’t engage or aren’t involuntarily involved in illegal activities that harm the forex market and the reputation of the jurisdiction.

The key requirements for the approval include the following:

• The company’s physical presence in SVG
• The company must have AML/CFT policies and procedures in place, including KYC and reporting processes
• At least one director must be a permanent resident of SVG
• The company must have structure and processes in place as detailed in appropriate legal acts under which its corporate structure is established
• The company must possess a license from a jurisdiction where the company’s clients are based

Saint Vincent and the Grenadines (SVG)

Capital	Population	Currency	GDP
Kingstown	,	XCD	$12,

Jurisdictions for Obtaining a Forex License for an SVG Forex Company

There are many jurisdictions suitable for acquiring a forex license for an SVG forex company. Obtaining a forex license from a separate jurisdiction will allow you to select a regulatory framework that aligns with your business strategy and objectives. Some jurisdictions offer specific advantages or regulatory flexibility that may not be available in SVG. Our team of experienced lawyers here at Regulated United Europe can help you choose the most suitable jurisdiction, based on a carefully compiled list of criteria that can determine the growth of your forex business.

To choose the most suitable licensing jurisdiction for your SVG forex company, you should first consider the following:

• Your business goals (short-term and long-term business objectives, and such factors as expansion plans, target markets, and industry focus)
• The complexity of your business as some jurisdictions may require separate licenses for different forex-related activities, while others offer one license for all forex activities
• The length of the application process as the efficiency differs across jurisdictions
• Access to markets (if you plan to serve specific regions or countries, choose a location with favorable trade agreements and access to those target markets)
• Local presence requirements (e.g., registered office, local personnel)
• Initial capital requirements
• The jurisdiction’s costs of doing business, including rent, labor, utilities, and other operational expenses
• The jurisdiction’s ongoing compliance requirements and reporting obligations, including financial reporting and tax filings
• Choose a jurisdiction that allows for scalability and future growth
• Evaluate double taxation agreements if you plan to engage in cross-border activities, especially consider tax treaties between SVG and target markets to minimize double taxation
• Consider your exit strategy in case you decide to seek a forex license from a more demanding but also more recognized jurisdiction and you need a smooth exit process

Among the jurisdictions of your choice can be the BVI which is known for its strong regulatory framework and commitment to maintaining a reputable financial services industry. BVI forex licenses are recognized and accepted internationally, enabling companies to access a broad range of global markets and clients. The BVI’s regulatory authority, the BVI Financial Services Commission (BVI FSC), offers many categories and sub-categories of forex licenses that can usually be obtained within 3 months. The initial minimum required capital is determined on a case-by-case basis, and it can range from 50, USD to 1 mill. USD (approx. 47, – , EUR).

Seychelles offers a simplified regulatory process and access to international markets, and it has relatively minimal reporting requirements. The Seychelles Financial Services Authority (FSA) offers different types of licenses for forex and related financial services activities, including the Securities Dealer License permitting activities related to trading, brokerage, and market-making. Seychelles is also one of the few jurisdictions where it’s possible to obtain a forex license within 3 months. The required initial capital for a Securities Dealer License ranges from , SCR (approx. 47, EUR) to 1,3 mill. SCR (approx. 93, EUR) or more, and for other types of licenses the amount is determined on a case-by-case basis.

Belize is also a popular destination for forex businesses looking to obtain a reliable and flexible regulatory license. Obtaining a Belize forex license is relatively cost-effective and easier but the license enables a legitimate and regulated presence in the global forex market. Belize’s regulatory authority, the Belize International Financial Services Commission (IFSC), offers 2 main types of licenses – Trading in Foreign Exchange License and Market Maker License. The application process can take up to 6 months which includes the preparation of the documents. The minimum required capital varies from 50, BZD (approx. 23, EUR) to 1 mill. BZD (approx. ,00 EUR).

The validity period of forex licenses varies from one jurisdiction to another and can range from one year to several years or indefinitely, depending on the regulatory authority and the specific terms outlined in the license.  In many jurisdictions, forex licenses are granted for an initial period of one year, after which licensees must renew their licenses annually by demonstrating continued compliance with regulatory standards.

The foreign exchange market, also known as the forex (FX) or currency market, is the largest and most liquid market in the world. It represents the exchange of one nation’s currency for another, and is used for everything from travelers exchanging currencies to global financing. With over $ trillion  in currencies traded daily, the FX market impacts consumers in a global market, affecting the price of imported and exported goods. To put this in perspective, the five-day Average Daily Trading Volume (ADTV) for US stock and options traded daily is less than $ billion. While the forex market is huge, 75% of FX trading is conducted in the seven major currency pairs, six of which include the U.S. dollar (USD), with participants including governments, large international banks, regional banks, corporations, and individuals.

Foreign exchange trading continues 24 hours a day, with only the trading centers changing throughout the day. We’ll look at how the forex market works and what you need to know to trade in the financial world’s biggest and busiest arena. 

How to Trade Forex

Trading foreign exchange markets involves buying or selling one currency in exchange for another. The goal of trading is to profit from the changes in exchange rates between the two currencies. To trade forex, you will need to open a trading account with a broker that provides access to the FX market. After opening an account, you will need to deposit funds to use for trading. 

Once you have funds in your account, you can start trading by placing buy or sell orders for currency pairs. These orders can be placed through the broker's trading platform, which provides access to real-time pricing information and charts. To be successful in trading forex, you will need to develop a trading strategy that takes into account factors such as market conditions, news events, and chart analysis. Trades are sized in lots, with the standard lot representing , of the base currency (first of the pair). If you put a buy order in for USD/CAD, for example, you are betting on the U.S. dollar appreciating against the Canadian dollar, and this is considered a long position. If you put in a sell order for USD/CAD, you are betting on the Canadian dollar appreciating against the U.S. dollar, and it is a short position. 

Foreign exchange traders typically utilize technical analysis for their trading, and many also use fundamental analysis to gauge the relative strength of global economies. It is also important to manage your risk by using stop-loss orders and proper position sizing. Before placing a trade, you want to know your entry level as well as your exit points for taking profits or minimizing losses. Trading forex can be challenging, but with the right knowledge and discipline, it can be a rewarding and profitable experience.

Steps Required to Trade Forex 

Getting started trading forex is relatively straightforward. While there are some differences in opening a traditional stock trading account vs. a FX brokerage account, the overall steps are largely the same. 

Step 1: Research and select a broker.  The first step is to find out which brokers will offer you a foreign exchange trading account. If your existing broker supports FX trading and you have an approved margin agreement, you can skip ahead and begin trading. If not, you’ll want to look at FX brokers and compare them in terms of platform capabilities, regulatory compliance, fees, margin rates, and customer support. Investopedia does a regular roundup of forex-focused brokers to consider, and there are also large, traditional brokers worth considering. Once you’ve identified a broker that fits your needs, opening a forex trading account is a fast and easy process.

Step 2: Open a forex trading account. To open an account, you need to provide personal information, including name, address, and tax ID number, and some financial background information. You will also have to answer some questions about your finances and investment goals as part of “know your client” compliance.

When you open a FX trading account, it will include the execution of a margin agreement, because currency trading includes leverage. An options agreement will be required to trade currency options, which can be accomplished through either over-the-counter (OTC) options offered by some of the forex brokers or exchange-traded options on currency futures. 

Step 3: Verify your identity. Your broker will confirm your identity through your passport, license, or national ID. A copy of a utility bill or bank statement will also assist with verifying your address. The broker requests the financial and tax information to comply with U.S. government laws and Commodity Futures Trading Commission (CFTC) rules. 

Once your account and margin agreements have been approved, you need to fund the account to start trading. It should be noted, however, that some of the leading online forex companies do not offer accounts to U.S. customers.

Step 4: Fund your forex account. Once your account has been approved, you need to fund it in order to begin trading. Some forex platforms allow you to begin trading with as little as $, which at the 2% margin (or leverage) available for some markets, allows for a position of $5, Funding is typically accomplished by ACH bank transfer, wire transfer, debit card (after verification), or check. 

Step 5: Research currencies and identify trading opportunities. Once the account is open and funded, forex traders typically choose the currency pairs they want to trade, then utilize technical analysis to determine their timing points and price levels for trade entry and exit. Like all markets, but especially leveraged markets like foreign exchange, trade size and trade management are very important to achieve the preservation of capital on losing trades and growth of capital on profitable ones. 

The overall financial condition of a country, including interest rates, plays into the value of a nation’s currency, so there is a place for fundamental analysis in currency trading. News and fundamental data releases can also have a large impact on currency values. Beyond fundamental considerations, however, technical analysis is a critical part of currency trading because of the often fast moving currency markets. Many traders focus exclusively on technical analysis to capitalize on the price action of the forex market, using common technical techniques such as trend lines, channels, breakouts, patterns, and support and resistance levels to identify trading opportunities in the foreign exchange markets.

Step 6: Size up your first forex trade. Before making their first FX trade, every trader needs to understand how much capital they have, as well as the specific leverage available to them for their chosen currency pair. Since leverage in forex trading can be as high as , it is critical to understand how much capital you will have at risk on any trade. The 1% rule for how much capital to risk on an individual trade is a good rule of thumb for new forex traders. This means you should only risk 1% or your total account value on a particular trade. Other traders may choose to use a 2% or even 5% rule for the amount of capital they will allocate to any particular trade. 

The amount you are willing to risk along with how far you are willing to let the market move against your position before taking a loss sets the parameters of the trade. You should also set a take profit point if you intend to systemize your trading, but with the downside risk contained, you always have the option of letting winning positions run. Once the trade parameters have been determined, you are ready to enter the order through your broker’s trading platform.

Step 7: Monitor and manage your position. Once the position has been established, the trader should have a clear understanding of their position and, through their research prior to trading, have clear exit points for either taking profits or taking a loss on their trade. Many traders will use a one-cancels-the-other (OCO) so that they will automatically take their profit or loss should either of these levels be reached, and cancel the remaining order. 

Compare The Best Forex Brokers

What You Need to Open a Forex Account 

To open a forex account with a broker, you simply need to provide you personal information and fund the account. 

Personal Information

• Account information: Brokers often prompt you to create an account as the first step of onboarding. This generally involves providing an email, creating a password, and verifying the account.
• Personal information: You will need to provide your full name, date of birth, and contact details including mailing address, email (if not already provided), and phone number.
• ID verification: You will need to provide a copy of government-issued ID, such as a driver’s license or passport, to verify your identity.
• Proof of address: You will need a bill or a bank statement that shows your name and address to confirm residency.
• Know your client information: You will be asked about your occupation, income, and investment information along with other questions to assess your financial situation, trading experience, and risk tolerance. 
• Financial information: Your bank account details may be requested for setting up funding via bank transfers. 

Minimum Deposits 

The minimum deposits for forex trading accounts can be quite low and may not even apply at all. Due to the role of leverage in forex trading, however, it is a good idea to have enough risk capital in the account to actually engage in meaningful trading. Even if you can open an account with a $0 minimum, trading with smaller account balances is difficult and can severely limit the range of price action you can handle on any one position. Although there is no hard and fast rule, a balance of $2, in risk capital is a good starting point for developing your FX trading skills.

Understand the Basics

In currency trading, the first currency listed is the base currency, and the second currency is the quote currency. For example:

USD/JPY

The USD/JPY currency pair is made up of the U.S. dollar as the base currency and the Japanese yen as the quote currency. The base currency is always one unit of currency, in this case, $1, and the quote currency is the figure that changes. In this example, $1 USD can buy Japanese yen. Throughout the day, this value will fluctuate up and down based on trading activity. 

Transacting in the most common currency pairs is typically very easy because these markets are very liquid, and have very narrow bid/offer spreads. Another important forex trading term is a pip, which is the smallest increment a market trades in. This is typically , although it is for USD/JPY. Spreads in FX are now so narrow that many of the currency pairs trade in tenths of a pip (out to a fifth decimal place; or a third for USD/JPY).

In EUR/USD (euro/U.S. dollar) trading, the euro is the base currency, and the quoted rate represents the dollars that each euro buys. Beyond these specialized terms, the foreign exchange market trades like other markets, where there are bids and offers for buying and selling that creates price action in the market. Like other markets, you also have access to trading orders, such as limit and stop loss orders, for entering, managing, and exiting positions.

In addition to outright trading of currencies, some forex brokers offer contracts for difference (CFD) for currencies and some commodities. These contracts allow traders to use significant leverage, up to , for trading currencies where there is no transfer of assets. Instead, they only settle the difference in value. That said, there are additional risks with contracts for differences that investors need to consider.

Options for Trading Forex

There are multiple options for trading foreign exchange. They include trading directly with a bank or financial services provider, trading currency futures listed on exchanges through a commodity trading account, and opening an account with a foreign exchange broker that essentially provides individual traders with access to the interbank market through its own platform.

Know the Risks

LIke any trading market, FX trading involves risk. Forex trading can be volatile, as markets can adjust very quickly to new information and news. While this is similar to many other markets, the market participants in forex also include central banks. With the largest banks making up a large share of the market, prices can fluctuate greatly during the day. Simply put, retail forex traders are small fish in a large ocean. While this volatility and price action appeals to many traders, the price swings involved also add to the risk of getting stopped out of positions and experiencing slippage on price fills. 

Moreover, leverage in currency trading is significantly greater than stocks, with some brokers offering up to leverage on more liquid currency pairs. This is significantly greater leverage than the leverage offered to stock traders that establish short positions. Leverage presents greater profitability to traders, but that opportunity also involves commensurate risk on losses. The supercharging effect of leverage makes trade selection, size, and position management very important for controlling risks. It should also be noted that less active currency pairs may have even more extreme moves due to having less liquidity. 

Types of Forex Markets 

The types of foreign exchange trading include spot, forward, and futures. 

Spot Forex Market 

Spot foreign exchange is the outright exchange of one currency for another at the time of the trade for a specific exchange rate. Spot FX trades typically settle with the actual exchange of currencies at the rate traded two days after the trade. There are some exceptions to the spot plus two-day settlement, most notably USD/CAD (US dollar vs. Canadian dollar) which settles one day after the trade date. When people are talking about the FX market, they are usually talking about the spot currency market. 

Forward Forex Market 

Forward foreign exchange represents a contract between two parties to exchange a set amount of one currency for a set amount of another currency on a specific date in the future. The difference in this future FX rate from the current spot rate is a function of interest rate differentials. While the specifics of forward forex trading are not standardized, the market provides users with the flexibility to hedge specific risk amounts over specific days. An example would be locking in the forward foreign exchange rate for a company that needs to meet a payroll for a specific amount on a specific date.

Counterparties trying to set a fair currency rate for the future will use the current spot exchange rate, then adjust it based on interest rate differentials for the time period of the transaction. This adjustment is made to compensate the participant with exposure to the currency that has the lower interest rate.

Futures Forex Market 

There are also exchange traded futures contracts, which are similar to forward foreign exchange, but have fixed contract terms and trade on regulated futures exchanges. Currency futures contracts in the US are based on one currency, and the contract is cash settled in US dollars. While these markets are standardized, they do not allow users to hedge specific date risks or amounts, all of which is possible in the forward forex market.

Factors to Consider When Opening a Forex Account 

There are a number of factors to consider when opening a foreign exchange account. Factors to consider include the commissions and fees charged, minimum investment amounts for both funding the account and position size, and the number of currency pairs available to trade. Other considerations include the research tools and trading platform, whether demo accounts are available for practice, and the quality of the broker’s customer service. 

Fees: Brokerage fees for foreign exchange trading are generally very reasonable. There are two primary payment methods. One is to pay brokerage on trades, which usually work as a rate on the notional amount traded and are tiered lower for higher trading volumes. The other primary method is no brokerage fee, but wider bid/offer spreads that price the brokers’ fees into the trading price. Whether you prefer to pay your fees as basis points on the trade size or through pricing spreads will likely depend on how actively you are trading and the average trade size.

Account minimums: Account minimums for foreign exchange brokerage are generally very low. Accounts can typically be opened without any money, and funding requirements can be as low as $ As mentioned previously, however, you will want more than $ in the account to really begin trading.

Number and quality of supported markets: Some brokers support up to currency pairs, but there is a great difference in liquidity in the various markets. The top seven most actively traded currency pairs represent 75% of all FX trading, and these markets are very active. Once you get beyond these currency pairs, there is a wide difference in liquidity. Traders can access less actively traded pairs by creating positions using the U.S. dollar as the pivot. As most currencies have a U.S. dollar pair, you can take up offsetting positions to create a synthetic currency pair. There would be an available market for this much less active currency pair, but the spreads would be wider and there would not be nearly as much liquidity in this market. 

Research tools: Research tools, such as the quality of technical analysis and fundamental news, are also important factors for a foreign exchange trader. How fast these tools populate data becomes very important for trading fast-moving currency markets. Equally important, whether these tools integrate smoothly into the trading platform can make a difference in the trading experience. Some of the best interfaces allow for smooth indicator overlays and trading directly from charts. Some traders may want to be able to integrate their current charting or third-party analytical tools into their chosen platform for currency trading, so that is another potential consideration.

Demo account: Demo accounts are a great way to become familiar with trading a particular market on a broker’s platform. Traders new to forex trading would be smart to choose a broker with demo trading so they can learn how to place orders and manage positions effectively without having to commit capital first. Demo accounts allow users to become comfortable with the platform and its various tools prior to trading for their own account. 

Customer service: While many forex traders are comfortable using the trading platform of their chosen FX broker, newer customers may want to consider the quality of customer service offered by their broker. Some are quicker to answer the phone, and others less so. Brokers may also have automated assistance and chat functionality to assist customers. 

FAQs

Annual Award Winners - Overall

Results for the eunic-brussels.eu Annual Awards are unbiased and determined by our own independent research; Broker Awards are bestowed based on demonstrated excellence in categories considered important to investors, traders, and consumers.

After gathering and validating thousands of data points across + important variables, poring over our collected quantitative data, and factoring in the qualitative observations and qualified opinions of our expert researchers, we are proud to announce the top three forex brokers of

Winner: IG

Company	Overall Rating	Minimum Deposit	Average Spread EUR/USD - Standard	Visit Site
IG		£	info

Regulated and trusted across the globe, IG offers traders the ultimate package of excellent trading and research tools, industry-leading education, comprehensive market research, and an extensive list of tradeable products. This fantastic all-round experience makes IG the best overall broker in

• Trust: Founded in , IG is publicly traded (LON: IGG) and regulated in eight Tier-1 jurisdictions, making it a safe broker (low-risk) for forex and CFDs trading. All jurisdictions considered, we ranked IG as the most trusted forex and CFDs broker for our Annual Awards.
• Commissions: IG uses its size to provide traders with consistent pricing across the board — regardless of the product you trade — and shines for its active trader pricing available through its Forex Direct accounts.
• Forex trading platforms: While IG also offers MetaTrader and premium MT4 add-ons from FX Blue, only 76 tradeable instruments are available. There's no question; IG's flagship platform is the better choice between the two, and offers an extensive range of tradeable markets.

Runner-Up: Interactive Brokers

Company	Overall Rating	Minimum Deposit	Average Spread EUR/USD - Standard	Visit Site
Interactive Brokers		$0	info

Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite.

• Trust: Founded in , Interactive Brokers is publicly traded (NASDAQ: IBKR) and regulated in nine Tier-1 jurisdictions. Interactive Brokers is well-capitalized with USD billion of ending client equity and USD billion of equity capital.
• Commissions: Interactive Brokers offers competitive pricing, aggregating prices from 17 of the world's largest interbank forex dealers. Instead of marking up spreads, Interactive Brokers charges a commission per trade, which ranges from $16 to $40 per million round turn ($8 to $20 per side).
• Forex trading platforms: Interactive Brokers stands out for its trading platforms, which include its flagship desktop software – Trader Workstation (TWS) – and mobile trading app – IBKR Mobile – both of which provide access to advanced trading tools and global financial markets (including forex and CFDs).

Podium Finisher: Saxo Bank

Company	Overall Rating	Minimum Deposit	Average Spread EUR/USD - Standard	Visit Site
Saxo Bank		$0	info

Saxo Bank has recently lowered the minimum deposit requirement for its entry-level Classic account to $0, making it easier for a wider range of traders to access its excellent trading platforms, phenomenal research, and 70,+ tradeable instruments.

• Trust: Founded in , Saxo Bank operates multiple regulated banks and is licensed in seven Tier-1 jurisdictions, making it a safe broker (low-risk) for trading forex and CFDs.
• Commissions: Saxo Bank provides traders with excellent all-around pricing. For active traders (and those with large account balances), Saxo Bank offers competitive pricing in its Platinum and VIP accounts, which require a $, and $1 million balance, respectively.
• Forex trading platforms: The entire Saxo Bank client experience is absolutely brilliant. Alongside access to 70, tradeable instruments, Saxo Bank's flagship SaxoTraderGo platform is terrific, and includes everything traders require to navigate the market. Saxo Bank also offers third-party platforms such as TradingView, the globally popular platform with advanced charting capabilities. Learn more by checking out our TradingView guide.

Best Forex Trading Platforms

We've conducted thorough testing of the best trading platforms offered by dozens of the top forex brokers in the industry. Of the 60+ brokers that we've evaluated, we've selected our top picks for brokers that provide the best trading platform experience and listed them below (click on the broker's name if you want to read our full-length broker review):

What does a forex broker do?

A forex broker is a company that is licensed (or considered exempt) by a national regulator to grant you — as a retail or professional client — the ability to buy or sell foreign currencies, by way of an online trading platform or over the phone (known in the industry as voice broking). A forex broker may offer you the underlying currency, or a non-deliverable spot contract or derivative such as a contract for difference (CFD) depending on any relevant country-specific regulatory restrictions. It's important to only use brokers that are properly regulated to reduce your risk of being scammed.

Do I need a broker for forex?

Yes, to trade forex you'll need to use a forex broker. You'll need to open an account and deposit enough collateral (margin) to enable you to place orders with your broker to buy or sell forex.

The forex broker's job is to execute your orders — either internally by acting as the principal to your trade (market maker execution) or by sending your orders to another market, thus acting as your agent (agency execution).

Your broker should be regulated and properly licensed in your country of residence (or in a major financial center). We’ve included a few important questions that are worth asking to help determine if your forex broker is trustworthy:

• Does the broker have adequate financial operating capital?
• How long has the broker been in operation?
• Does the broker hold proper regulatory licenses in the countries where it operates, and is it in compliance with local laws?

How much money do you need to start trading forex?

The specific amount of money you’ll need for trading forex will depend on multiple factors, such as your personal financial situation, your trading goals, and your tolerance (or appetite) for risk.

Beginner forex traders might start trading forex with as little as $, while it’s not uncommon for professional day traders to have six or even seven-figure trading accounts. If you are a beginner, you’ll first need to determine if forex trading is suitable for you. Check out our guide to trading forex for beginners here.

The next step will be deciding on your trading budget. This is especially important given the risks involved in trading forex from a margin account. Forex brokers typically offer a range of contract sizes so you can fine-tune the size of your trade – which will determine how much risk you are taking for a given profit target.

A micro account with a low margin requirement would make it possible to trade forex and test a trading strategy with as little as $ of risk capital. In this case, your potential risk will be limited – but so will your potential rewards. Trading forex with a small amount of risk capital can let you test a new investment methodology, or allow beginner traders who are new to forex trading to learn by trial and error without “breaking the bank.”

Regardless of your trading budget, you'll need to choose a dependable method for depositing and withdrawing funds for your live trading account. PayPal has grown in popularity as a way to fund forex trading accounts, due to its extensive international presence and wide range of supported currencies. Head over to our guide to the best PayPal forex brokers to learn more about using PayPal to fund your account, and to see our list of the best forex brokers that accept PayPal.

Which broker is the best for forex?

IG took first place for our Annual Awards as the best overall forex broker, with available currency pairs and the ability to trade CFDs and forex options, traders have plenty of choices. IG holds nearly a dozen regulatory licenses (and holds the distinction of being the only forex broker regulated in both Switzerland and the U.S.); simply put, IG is one of the most trusted brokers in the industry.

Who is the biggest forex broker in the world?

IC Markets is the largest forex broker by trading volume, with over $ billion in forex trading volume in the third quarter of alone, according to data compiled by Finance Magnates. IC Markets is also well-known as an excellent option for algorithmic traders due to its great pricing and execution. Check out our full-length review of IC Markets, and algo traders (or traders who want to learn about HFT systems) can check out our popular guide to high-frequency trading.

What are the top 10 forex brokers?

Here are the top 10 brokers by forex and CFD trading volume according to data compiled by Finance Magnates during the third quarter of (data excludes Japan due to the abnormally high trading volumes known to come from Japanese brokers):

Which forex broker has the best trading platform?

CMC Market's Next Generation platform comes with a massive selection of nearly 10, tradeable instruments. It delivers a terrific user experience, as well as advanced tools, comprehensive market research, and an excellent mobile app. Hands down, the CMC Markets Next Generation trading platform is a market leader that will impress even the pickiest of traders. The new Dynamic Trading tool allows you to place multiple trades simultaneously, which was a nice innovation by CMC Markets this year.

Best forex brokers for different styles of trading

What do you value most in a forex broker? Maybe you want to trade forex on the go. You might be looking for the most cost-effective forex brokers. Or maybe you are a beginner forex trader who is just getting started.

With a wide range of forex brokers comes a wide variety of features and specialties. To help you find the best forex broker for what you’re looking for, we’ve listed our top picks for some of the most sought-after features in the forex industry.

• menu_book  Great for beginners - IG’s vast selection of educational materials (it even has a mobile app dedicated to trader education, called IG Academy) makes it our top choice for beginner traders. Check out our full guide on the best forex brokers for beginners here.
• smartphone  Excellent trading app - Saxo Bank’s SaxoTraderGO mobile app boasts an impressive, intelligent design, paired with an abundance of useful information that makes it easy for traders to make clear-headed decisions, making it our top trading app. Check out our full guide to the best forex trading apps here.
• groups    Social copy trading - Interested in following the trades of expert forex traders? eToro deftly merges self-directed trading and copy trading into a sleek, unified trading experience. Copy traders can read our full social copy trading guide here.
• euro  Low costs - Of Tickmill’s three accounts (Classic, Pro, and VIP), it was the competitive commission-based pricing for professionals available through its VIP and PRO accounts that helped Tickmill finish 1st overall for Commissions and Fees. Take a look at our full guide dedicated to low-cost and zero spread brokers here.
• app_shortcut  MetaTrader - IC Markets’ MetaTrader offering includes an impressive range of third-party research and trading tool plugins, which helped IC Markets earn our pick for the best MetaTrader broker. Read our full MetaTrader guide, and learn more about the newest version of MetaTrader with our guide to the Best MetaTrader 5 Brokers.
• currency_bitcoin Crypto trading - eToro’s large number of available crypto assets helped make it our top broker for crypto trading for our Annual Awards. Check out my guide that covers crypto trading and the best bitcoin brokers here, or read my guide to the Best Bitcoin ETF brokers.
• laptop_mac  Mac Compatible Brokers - Saxo Bank - Streamlined designs and robust trading tools make Saxo’s desktop platform, SaxoTraderPRO, a winner. Mac users should take a look at our guide to the best forex trading platforms for Mac devices.

Which forex broker offers the most CFDs?

Saxo Bank offers the most tradeable CFDs in the industry, with a staggering 60,+ tradeable symbols available. CFDs, or "contracts for difference," enable traders to speculate whether the price of a stock, forex pair, market index, or commodity will go up or down without taking ownership of the underlying asset. If you’d like to learn more about how CFDs work (and to see our picks for the best CFD trading platforms), check out our full-length guide to the Best CFD Brokers and Trading Platforms.

Which forex broker offers the most currency pairs?

Alongside nearly 10, CFDs, CMC Markets offers the most tradeable currency pairs, with pairs that can be quoted both ways (i.e. EUR/USD or USD/EUR), which comes to a total of pairs.

Which forex broker is best for professionals?

As a highly-trusted and regulated global brand, Interactive Brokers (IBKR) provides everything professional traders might need, from advanced trading tools and platform features to competitive pricing across a wide variety of markets, as well as connectivity to over global exchanges. In addition to competitive spreads and low commission-based pricing for forex, Interactive Brokers provides more third-party research than any other broker.

Interactive Brokers continues to innovate its platform offering, such as with its new Impact app for environmental, social, and governance (ESG) investing, alongside the related Impact dashboard available in its Trader Workstation (TWS) desktop and WebTrader platforms.

Professional client status: In today's highly regulated forex world, traders who want to maximize their margin leverage must apply and obtain ESMA's professional client status with their broker. Traders designated as Professionals in the EU do not receive negative balance protection and other consumer safety mechanisms such as eligibility for compensation schemes in the event of a broker's insolvency.

How do I choose a forex broker?

Here are three of the most important factors to keep in mind when choosing an online broker for forex trading.

1. First, make sure your broker is properly licensed and regulated. The safety of your deposit is always the top priority.
2. Next, compare the account offerings, trading platforms, tools, and investment research provided by each broker.
3. Finally, read detailed forex broker reviews to compare pricing and product offerings (e.g., number of forex pairs and CFDs available to trade) to find what is most important to your forex trading and investment needs.

How do I know if my forex broker is regulated?

It’s important to make sure that your forex broker is well-trusted and properly regulated in order to avoid forex scams. To see an intuitive, comprehensive list of highly regarded regulatory agencies, check out our Trust Score page. Also, be sure to check out our in-depth reviews of forex brokers – we detail the regulatory status of each individual forex broker across the international forex landscape.

We’ve also put together a step-by-step guide to help you determine if your forex broker is well-regulated:

1. Find its license number: Identify the broker’s registration number from the disclosure text at the bottom of the broker's homepage.
2. Confirm the broker’s public profile: Look up the entity name (i.e. the legal company or brand name) on the regulator's website to validate the registration number.
3. Confirm regulatory status: We track, rate, and rank forex brokers across over 20 international regulators, and you can find the official websites of the biggest, most important international regulators on our Trust Score page.
4. Global availability: Confirm that the broker can accept clients in your country of residence. If the broker lacks regulation in your home country, it’s still worth checking to see if they can legally accept clients from your country (for example, if the broker is regulated in an alternate jurisdiction that is deemed acceptable).
5. Verification: Call the phone number or contact the email address listed on the regulators’ website if you have any doubts as to the legitimacy of a website or brand purporting to be regulated.

eunic-brussels.eu Overall Rankings

Now that you've seen our picks for the best forex brokers, check out the eunic-brussels.eu Overall Rankings. We've evaluated over 60 forex brokers, using a testing methodology that's based on + data-driven variables and thousands of data points. Check out our full-length, in-depth forex broker reviews.

A Forex Card, also known as an International Travel Card, is a loaded foreign currency card that offers you more convenience and security than any other forex product. If you are looking for a hassle-free trip abroad, Forex Cards are the way to go.

Forex Cards Benefits:

• Conveniently withdraw forex at ATMs across the world
• Shop with your prepaid Forex Card at thousands of points of sale (POS) worldwide
• Load multiple currencies
• Reload your card anytime, anywhere
• Enjoy added security through instant transaction alerts via SMS and email
• Protect yourself from currency fluctuations by locking your forex rates at the time of purchase/loading
• Security through Chip and PIN
• Insurance coverage in case of theft.

To buy forex click here

Foreign Currency

Foreign currency notes are the oldest means of carrying foreign exchange while travelling abroad. These are generally carried to meet small expenses such as taxi or bus fares, tips, etc.

EbixCash World Money offers over 80 different currencies-the most widely used major Foreign Currencies include:

The EbixCash World Money advantage

• Buy the currency for your destination
• Order currency notes online or from our branch
• Enjoy the convenience of free doorstep delivery
• Enjoy the ease of doorstep pick up for exchanging unused notes
• Get better conversion rates as compared to banks and airport counters

*Individuals travelling abroad for leisure or business are permitted to carry Foreign Currency Cash up to USD or equivalent. They can carry the remaining amount in the form of a Forex Card or Travelers Cheques or both.

To buy foreign currency click here

Wire Transfers

A wire transfer is an electronic method to transfer money from India to abroad or vice-versa. A wire transfer happens from one bank to another. For instance, an Indian student is studying abroad. The student’s parents can send money using EbixCash World Money’s wire transfer service.

Wire transfers are also referred to as cross border payments, bank transfers, money transfers or remittance.

For what purpose can you transfer money?

• Private visit (other than Nepal & Bhutan)
• Pursuing studies outside India
• Gift or Donation including rupee gift to a close relative who can be either a Non Resident Indian (NRI) or a Person of Indian Origin(PIO)
• Emigration
• Overseas business trip
• Medical treatment abroad
• Going outside India for employment
• Maintenance of close relatives abroad

Our Wire Transfers offer you a wide range of benefits such as:

• Ease of use
• Send Money Securely
• Get the assurance of 24/7 customer support, wherever you are

To transfer money click here

Note: Liberalised Remittance Scheme is a scheme introduced by RBI as liberalisation measure to facilitate Resident Individuals (RI) to freely remit funds upto USD 2,50,/- outside India in a financial year (April to March) for any permissible current or capital account transaction or a combination of both.

Demand Draft

A demand draft is a negotiable instrument similar to a bill of exchange. A bank issues a demand draft to a client (drawer), directing another bank (drawee) or one of its own branches to pay a certain sum to the specified party. Demand drafts can only be made payable to a specified party, also known as pay to order.

EbixCash World Money enables issuing Demand Drafts. It offers you a wide range of benefits such as:

• Get the lowest rates on your outward remittance from India.
• Enjoy the convenience of doorstep pickup of your documents in India.
• Fast remittance service
• Get the assurance of 24/7 customer support, wherever you are

To get a Demand Draft click here

What Is a Forex Account?

Forex accounts give investors and traders the ability to trade all major currency pairs and some emerging market pairs. It provides access to the global currency market, enabling participants to buy, sell, and speculate on various currency pairs. Forex accounts can be opened with regulated brokers or financial institutions, facilitating the trading of currencies for profit or hedging purposes.

Understanding Forex Accounts

A forex account is opened by an individual or business with a regulated broker or financial institution. The process involves completing an application, providing identification documents, and agreeing to the terms and conditions of the account. The account holder can then deposit funds into the Forex account. Deposited funds serve as the trading capital.

Forex accounts allow trading in currency pairs, representing the exchange rate between two currencies. Traders can choose from a wide range of currency pairs depending on their trading strategies and preferences. The forex account holder gains access to a trading platform provided by the broker, which allows them to monitor currency prices, execute trades, and access market analysis tools and charts.

Using the platform, traders can buy or sell currency pairs based on their predictions of price movements. Forex accounts often offer leverage, allowing traders to control larger positions with a smaller amount of capital. Account holders can place market orders to execute trades at the current market price or set limit orders to enter trades at a specific price level.

Types of Forex Accounts

There are several types of forex accounts, each with a specific purpose that may or may cater to every trader. The more common types of forex accounts are listed below.

Standard Account

Standard accounts are the most common type of forex accounts. They offer standard trading conditions with typical contract sizes (lots) and leverage ratios. Traders can trade standard lot sizes which typically represent , units of the base currency. Standard accounts are suitable for traders who prefer traditional trading conditions and have a moderate level of trading experience. They provide access to standard market liquidity and often come with competitive spreads.

Mini Account

Mini accounts, also known as micro accounts, are designed for traders who want to start with smaller trading volumes. These accounts allow trading in smaller contract sizes, often referred to as mini lots or micro lots. The contract size can vary depending on the broker but is typically a fraction of the standard lot size, such as 10, units or 1, units of the base currency. Mini accounts are suitable for beginners or traders with limited capital who want to enter the forex market with smaller positions and lower risk exposure.

Managed Account

Managed accounts are accounts where a professional money manager or a trading advisor manages the trading on behalf of the account holder. The account holder grants trading authority to the manager, who makes trading decisions and executes trades based on an agreed-upon strategy. Managed accounts are suitable for individuals who prefer to delegate the trading decisions to experienced professionals.

Islamic Account

Islamic accounts, also known as swap-free accounts, are designed for traders who adhere to Islamic principles, which prohibit earning or paying interest (Riba). Islamic accounts operate in compliance with Islamic Shariah law by eliminating swap or rollover fees on positions held overnight. Instead of swaps, Islamic accounts may have other fee structures or adjust the spreads to accommodate the Shariah requirements.

Demo Account

Demo accounts, also known as practice accounts, are virtual trading accounts provided by brokers. They allow traders to practice trading strategies, test the trading platform, and gain experience in a risk-free environment without using real money. Demo accounts use virtual funds and mirror real market conditions, enabling traders to execute trades and monitor their performance.

Advantages and Disadvantages of a Forex Account

Pros of a Forex Account

The forex market is the largest and most liquid financial market globally with trillions of dollars traded daily. This high liquidity ensures that traders can enter and exit positions easily without concerns of being unable to find a buyer or seller. Forex accounts are widely accessible, allowing individuals to participate in forex trading from almost anywhere in the world, 24 hours a day, five days a week.

The forex market is known for its volatility which presents opportunities for traders to profit from price fluctuations. Volatility can be advantageous for short-term traders and those employing strategies based on market trends, though it's not always great for long-term savers.

Forex accounts enable trading in a wide range of currency pairs, providing diverse opportunities to capitalize on global economic trends and geopolitical events. Traders can choose from major, minor, and exotic currency pairs, catering to various trading strategies and preferences. Even if a trader only trades foreign currencies, they may be able to adequately diversify their portfolio per their preference.

Forex accounts also typically involve lower trading costs compared to other financial markets. Brokers often charge minimal or no commissions, and transaction costs are primarily built into the bid-ask spread, the difference between buying and selling prices.

Cons of a Forex Account

Despite its capabilities, there are some downsides to be aware of regarding a forex account. The forex market's volatility, which can provide trading opportunities, also increases the risk of substantial losses. Rapid price fluctuations can lead to significant gains or losses, and leverage amplifies these risks.

Forex trading involves dealing with brokers or financial institutions as counterparties. There is a risk of counterparty default or insolvency, which could lead to the loss of funds. It's important to choose reputable and regulated brokers to mitigate counterparty risks. In addition, the decentralized nature of the forex market can leave it susceptible to potential manipulation.

Last, operating in the forex market involves adhering to regulatory requirements and compliance obligations. Failure to comply with regulations may result in legal consequences, penalties, or restrictions on trading activities. If you're interested in pursuing forex trading, consider discussing your plan with your financial advisor.

Forex Account Users

There are may uses of forex accounts; for that reason, there may be a number of different parties that may be interested in owning a forex account. Forex accounts cater to individual retail traders who have a personal interest in trading currencies. These traders may include beginners seeking to learn about forex trading or experienced traders looking to diversify their investment portfolio.

Forex accounts cater to institutional traders including hedge funds, investment banks, asset management firms, and other financial institutions. These entities engage in forex trading to manage client funds, hedge currency risks, or pursue trading strategies on behalf of their clients.

Forex accounts also serve corporations and businesses that engage in international trade or have exposure to foreign currencies. They use forex accounts to manage currency risk as part of conducting a normal course of business. It may also be used to facilitate international payments and transactions.

Forex accounts may be used for more specific purposes for specific users. Importers and exporters utilize forex accounts to manage the exchange of foreign currencies for their international trade activities. Forex accounts also cater to travelers or individuals who require temporary currency exchange services.

The Bottom Line

Forex accounts are financial accounts that allow individuals or businesses to participate in the foreign exchange market. They provide access to trade various currency pairs and offer features such as leverage, trading platforms, risk management tools, and market analysis resources. Forex accounts cater to a wide range of traders, including retail individuals, professional traders, institutional investors, and businesses.

By default, topics use the Phrases trigger, which activates when one or more of their trigger phrases match closely with an incoming message from a user. There are other trigger types available that determine when a topic should be executed.

Prerequisites

Trigger types

Triggers allow you to intercept and handle activities of different types. The following trigger types determine when a topic should trigger.

Changing the trigger for a topic

1. Open your copilot in Copilot Studio and go to the Topics & Plugins page.

2. Open any topic.

3. Hover over Phrases of the Trigger node and select the Change trigger icon. You see a list of triggers to choose from.

   

4. Select the type of trigger for your topic.

   Important

   Your current trigger type content, if any, gets deleted when the trigger type is changed. You're asked to confirm before changing the type.

5. Select Edit on the trigger to open the properties for that trigger type.

Trigger condition

The Condition node allows you to specify condition(s) that must be met in order for the trigger to fire. For example, a condition fires only if the channel used by an employee is Microsoft Teams.

Optionally, you can switch to the full Power Fx editor, to author more complex conditions, by selecting the Node Menu and choosing Change to formula.

For more information, see Author using conditions (preview).

Trigger priority

More than one trigger can fire for a single incoming Activity, such as a message. The trigger type determines the order the triggers fire.

Order of execution:

1. Activity Received
2. Message / Event / Conversation Update / Invoke Received
3. Phrases

If there's more than one qualifying trigger of the same type, the triggers get executed in the order of creation (oldest first).

You can use the Priority property on a node's Properties pane to explicitly determine the order of execution.

Other trigger properties

Some trigger types have more properties, beyond Condition and Priority. For example, the Inactivity trigger type lets you set the inactivity duration.

Default trigger types

These properties are empty by default.

However, if you choose an activity or event type, only matching incoming types are fired. For example, if you select the Hand off activity type when a conversation needs to escalate to an agent, only incoming messages that trigger Hand off fire.

For more information, see Sending event activities.

For more than 20 years, WMR FX Benchmarks have served as fully independent, objective, and unbiased sources for FX data. We pledge to ensure that the benchmarks remain trusted and fundamental components of market infrastructure – and are continually enhanced as market needs change. 

Our published and transparent calculation methodology is fully aligned with the IOSCO Principles for Financial Benchmarks. The WMR Spot, Forward and NDF Benchmark Rates (including London 4pm Closing Spot Rates) are administered by Refinitiv Benchmark Services Limited, authorised as a Benchmark Administrator under EU BMR.  

Designed to bring greater transparency to pricing in the FX market, WMR rates are built with data sourced directly from market transactions, applying multiple validation techniques on captured and calculated rates to result in accurate spot rates for each fix throughout the day. 

We are the administrator of more than 30 key rates and calculation agent for over 40 critical national and regional interest rates and FX benchmarks in 12 different countries, such as Singapore, Hong Kong and Russia.

Topic types

A copilot can include two types of topics, system and custom. Every new copilot starts with a set of system and custom topics.

• System topics support essential behaviors, such as a custom request to speak to a person or end the conversation. Some system topics have trigger phrases, which you can customize to fit your copilot's needs.

  • You can't create system topics.
  • You can't delete system topics, but you can disable them.
  • You can make changes to system topics. However, until you're comfortable creating end-to-end copilot conversations, we don't recommend editing the system topics.

  For more information, see Use system topics.

• Custom topics cover common behaviors, such as greeting a customer, ending a conversation, or restarting conversation.

  • You can make changes to the starting custom topics or remove them from your copilot entirely.
  • All topics that you create are custom topics.

Create a topic

1. Open your copilot from the list on the Copilot page. For better visibility, close the Test copilot window for now.

2. From the Topics & Plugins page, select + Add > Topic > From blank.

   

3. On the Trigger node, select Edit under Phrases twice to see the Add phrases section.

   

4. Under Add phrases, enter text to add a trigger phrase for your topic.

   Your copilot needs 5 to 10 trigger phrases to train the AI to understand your customers' responses. To add more trigger phrases, you can either:

   • Select the "+" next to the text field.
   • Paste a set of trigger phrases, each one on a separate line.
   • Type a set of trigger phrases, pressing Shift+Enter after each one to place it on a separate line.
   • Select Enter to complete adding the phrase(s).

   You can include punctuation in a trigger phrase, but it's best to use short phrases rather than long sentences.

5. Select Details to open the Topic details pane.

   

6. Add your copilot topic details:

   • Add a Name to identify the topic, such as "Store hours". The Topics page lists all the topics defined in your copilot, by this name. A customer might see the topic name if the copilot can't determine which topic matches the customer's message.

   • The Description is never shown to users. Use it to describe the purpose of the topic for yourself and other copilot makers on your team.

7. Select Save at the top of the page to save your changes and add the topic to the topics list.

Design a topic conversation path

When you create a topic, a Trigger node is inserted for you on the Topics & Plugins page. You can add more nodes to control the conversation.

1. Select a topic from the Topics & Plugins page of your copilot.

2. Select the "+" to add another node, which might be shown before or after any node. The locations you can add a node give you flexibility to edit any part of a conversation.

   

3. Select a node type to insert the node.

   Here are the types of nodes you can insert in a topic:

   

Add a question node

The Question node can prompt a user for information and store their response in a variable for use later in the conversation.

The node allows you to choose the type of information to collect, such as a multiple-choice answer, a prebuilt entity, or a custom entity. Question behavior properties allow you to control the behavior of the node, such as what to do when the user enters an invalid response.

Just like Message nodes, Question nodes can include images, videos, cards, quick replies, and message variations. For more information, see Send a message.

Here's how to build a Question node:

1. Select the "+" on any node, then select Ask a question. The Question node form appears.

   

2. In the Enter a message box, type the question you want to ask.

3. Select the menu under Identify, then either create or select an option. Your chosen entity determines what the copilot should listen for in the user's response. For more information on entities, see Learn how to use entities in a conversation.

4. Depending which Identify option you selected, you may have more properties you need to set.

   For example, if you choose Multiple choice options, select + New option under Options for user to add choices the user can select. Each choice is presented as a multiple-choice button in a conversation, but users can also type their answers.

5. Select the variable name under Save response as and change the name of the default variable to something meaningful, like customerName or bookingDate. You can set the scope of the variable in the Variable properties pane as well.

   

Configure question behavior

Question behavior properties allow you to control how the copilot responds to an invalid response or how it validates user input.

1. On the Question node, select the to see the the Node Menu, and then select Properties. The Question properties pane appears.

2. In the Question properties pane, select Question behavior to open the Question behavior pane.

   

The Question behavior pane is where you can adjust behaviors like prompts, validations, and interruptions. Let's examine a few behaviors.

Skip behavior

Skip behavior determines what the copilot should do if the question node's variable already has a value from earlier in the conversation.

• Allow question to be skipped: Skip the question if the variable has a value.
• Ask every time: Ask the question even if the variable has a value.

Reprompt

Reprompt determines how your copilot reacts if it doesn't get a valid answer from the user. You can tell it to try again once, twice, or move on without getting an answer. To customize what your copilot does when it moves on, see No valid entity found in the Question behavior pane. You can also change the prompt to give the user more context.

• How many reprompts: The number of times your copilot tries to get a valid answer. Repeat up to 2 times is the default. You can also select Repeat once or Don't repeat.

• Retry prompt: To change the message, select Customize, and then enter the new prompt.

Entity validation

By default, the Question node checks for a valid response based only on the entity you selected. Additional entity validation allows you to add criteria to the basic test. For example, the Question node accepts any numeric value when it identifies a number, but you might want to set it to less than You can also change the prompt to help the user enter a valid response.

• Condition: Enter a Power Fx formula that returns a boolean value ( or ); for example,

• Condition not met prompt: When the condition isn't met, you can provide a message. Select Customize and enter the new prompt.

No valid entity found

No valid entity found determines what happens when your copilot stops trying to get a valid response from the user. You can escalate to a human agent or provide a default value. You can also change the prompt to let the user know.

• Action if no entity found:

  • Escalate: Redirect the user to the Escalate system topic. Escalate is the default.
  • Set variable to value: Set the output variable to a value and move on to the next node. Enter or select the value in Default entity value.
  • Set variable to empty (no value): Set the output variable to and move on to the next node. You can use a Condition node later to check whether the variable has a value.

• No entity found message: To change the message, select Customize, and then enter the new prompt.

Interruptions

Interruptions determine whether the user can switch to a different topic during the question.

• Allow switching to another topic: The user can abandon the question for a new topic.

Delete a node

Select the to see the Node Menu, and then select Delete.

Controls for editing nodes on the canvas

You can use the authoring canvas toolbar to quickly rename the topic. Select the topic name in the toolbar, type the new name, then press Enter.

You can use controls on the toolbar to cut, copy, paste, and delete the selected node or selected adjacent nodes.

The toolbar also has a control to undo an edit. Open the Undo menu to revert all actions back to the last save or to redo the previous action.

Paste nodes

Once you use the Cut or Copy tools to place one or more nodes on the clipboard, there are two ways to paste them in the canvas:

• If you select a node and then select Paste, the nodes on the clipboard are inserted after the selected node.

• If you select the "+" to see the Add node menu, then select Paste, the node on the clipboard is inserted at that location.

Edit topics with the code editor

The code editor shows the topic in YAML, a markup language that's easy to read and understand. Use the code editor to copy and paste topics from other bots, even ones created by other authors.

In this example, you copy and paste YAML into the code editor to quickly add a topic that asks the customer for shipping information.

1. On the Topics page, select + New topic.

2. In the upper-right corner of the authoring canvas, select the to see More options, then select Open code editor.

   

3. Select and delete the contents of the code editor. Then copy and paste the following YAML code:

4. Select Save, and then select Close code editor. The Question node now has many conditions to the question about shipping.

   

Test and publish your copilot

Test your copilot when you make changes to your topics, to make sure everything works as expected.

After you design and test your copilot, publish it to the web, mobile or native apps, or Microsoft Bot Framework channels.

Use system and sample topics

When you create a bot, several topics are created for you.

These automatically created topics fall into two categories:

• Lesson topics help you understand simple to complex ways to use nodes to create bot conversations.

  You can edit lesson topics or delete them entirely.

• System topics are topics you're likely to need during a bot conversation.

  You can't delete or disable system topics or edit their trigger phrases. However, you can customize the nodes on the authoring canvas. We recommend that you don't customize these topics until you're comfortable creating an end-to-end bot conversation.

Create a topic

1. From the navigation menu, select Topics, then + New topic, then From blank.

   The Trigger phrases pane opens.

2. Add several trigger phrases for your topic in the Add phrases section.

   

   You can specify more than one trigger phrase for a topic, using a new line for each phrase. You can include punctuation in a trigger phrase, but it's best to use short phrases rather than long sentences.

3. In the top bar, edit the title of your topic to give it a name.

   

4. Press Enter or select the Save icon to save your changes.

5. Select the Details icon. Here you can alternatively edit the Name and add a Display name and Description.

   The Display name tells the bot which topic the person is asking about.

   The Description describes the purpose of the topic to yourself and other bot makers. This description isn't shown to users.

   

6. Select Save to add the topic to the topics list.

Design the topic's conversation path

1. In the topic list, select the topic you want to edit. You see the topic's trigger phrases. Here you define the conversation path between a customer and the copilot.

   For existing or system topics, several nodes are created automatically. You can edit these nodes just as you would edit other nodes.

   When you create a new topic, a Trigger Phrases node and a blank Message node are inserted for you.

2. To add a node, select "+", Add node, located between or after nodes.

   

3. To change the paths between nodes, drag the small circle on top of the node—its node anchor—to a new location in the canvas. The dotted line represents the original path.

   

Insert nodes

When you add a node after the Trigger Phrases node or between Message nodes, you can:

• Ask a question
• Call an action
• Show a message
• Redirect to another topic
• End the conversation

Ask a question

1. Select the Ask a question option of the "+" Add node menu to add a new Question node. A question node appears.

   

2. Enter the question phrase in the Ask a question field.

   For example, if the user wants to know store hours, the bot's question might be Which store location do you need?

3. Under Identify, select an option for the user's response, such as Multiple choice options.

   This option determines what the bot should listen for when the user responds. For more information, see Use entities in a conversation.

4. Under Options for user, enter expected responses to the bot's question.

   For example, if you chose Multiple choice options in Identify, the options might include store locations such as Seattle, Bellevue, or Kirkland.

   

   Each choice is presented to the user as a multiple choice button in the chat, but users can also type their answer.

5. (Optional) Save the user response in a variable to be used later.

The conversation editor creates separate paths in the conversation depending on the customer's response. The conversation path leads the customer to the appropriate resolution for each response. You can add nodes to create branching logic, and specify what the bot should respond with for each path or variable.

Call an action

To call Power Automate Flows and insert authentication nodes, select Call an action from the "+" Add node menu.

If voice-based capabilities are enabled for your bot, you see more actions.

Show a message

1. To specify a response from the bot, select the "+" Add node to add a node, and then select Show a message to add a new Message node.

2. Enter the message you want the bot to say in the text box.

   You can apply some basic formatting, such as bold, italics, and numbering. You can also use variables that you define elsewhere in your bot conversation.

Redirect to another topic

1. To have the bot move to a different topic, select the "+" Add node to add a node, and then select Redirect to another topic. A list of topics appears.

2. Select the topic the bot should divert to. For example, you might send the user to a topic about the closure of a store if they ask about the store's hours.

   

The redirected topic is a subtopic.

You can insert more nodes under the subtopic's node.

When the conversation path for the subtopic is finished, the bot returns to the original topic. The bot then follows the nodes that are under the subtopic's node.

If you redirect to any of these system topics, however, the entire conversation ends.

• End of Conversation
• Confirmed Success
• Confirmed Failure
• Goodbye
• Escalate
• Start over (also resets any global variables)

End the conversation

When the conversation ends, you can have a survey ask users if their question or issue was answered or resolved. The response is collected on the customer satisfaction analytics page.

You can also have the conversation handed over to a live agent if you're using a suitable customer service portal, such as Omnichannel for Customer Service.

1. At the end of a response that resolves the user's issue or answers the question, add an End the conversation node.

   

   • To end with a customer satisfaction survey, select End with survey.

   • To insert a hand-off node that links with your configured hand-off product, select Transfer to agent.

     (Optional) Enter a private message to the agent.

     

Add a condition

1. To add branching logic based on variables, select the "+" Add node to add a node.

2. Select Add a condition.

3. Select Branch based on a condition.

4. Select the variable that determines whether the bot conversation should branch at this point.

   For example, if you set up user authentication, you might want a different message if the user is signed in.

Delete nodes

Select the menu of your node and then select Delete.

Test and publish your bot

Test your bot when you make changes to your topics to insure everything works as expected.

After you design and test your bot, publish it to the web, mobile or native apps, or Microsoft Bot Framework channels.

Design the topic's conversation path - Teams

1. In the topic list of your copilot, select the topic you want to edit. For example, you might want to edit the topic Store Hours.

   

   Once open, you see the topic's trigger phrases. This authoring canvas is where you define the conversation path between a customer and the bot.

   When you create a new topic, a Trigger Phrases node and a blank Message node are inserted for you.

   For existing or system topics, several nodes are automatically created with each new topic. You can edit these nodes if needed.

2. You can add more nodes by selecting "+" Add node between nodes or after a node.

   

3. To change the paths between nodes, drag the node anchor—a small circle on top of the node. You see a dotted line indicating the original path.

   

Insert nodes - Teams

When adding a node to a trigger phrases node, choose from five different options:

• Ask a question
• Call an action
• Show a message
• Redirect to another topic
• End the conversation

If you want to redirect a topic, you can go to another topic.

Ask a question - Teams

1. Select the Ask a question option of the "+" Add node menu to add a new Question node. A question node appears.

   

2. Enter the question phrase in the Ask a question field.

   For example, if the user wants to know store hours, the bot's question might be Which store location do you need?

3. Under Identify, select an option for the user's response, such as Multiple choice options.

   This option determines what the bot should listen for when the user responds. For more information, see Use entities in a conversation.

4. Under Options for user, enter expected responses to the bot's question.

   For example, if you chose Multiple choice options in Identify, the options might include store locations such as Seattle, Bellevue, or Kirkland.

   

   Each choice is presented to the user as a multiple choice button in the chat, but users can also type their answer.

5. (Optional) Save the user response in a variable to be used later.

The conversation editor creates separate paths in the conversation depending on the customer's response. The conversation path leads the customer to the appropriate resolution for each response. You can add nodes to create branching logic, and specify what the bot should respond with for each path or variable.

Add a condition - Teams

On some node types, you can add a condition.

1. To add branching logic based on variables, select the "+" Add node menu, then select Add a condition to add a new node. A couple of condition nodes appear.

2. Choose the variable you want to use to determine if the bot conversation should branch at this point.

   

Call an action - Teams

You can call Power Automate Flows by selecting Call an action in the "+" Add node menu.

Show a message - Teams

A message can specify a response from your bot to the user.

1. Select the "+" Add node menu, then select Show a message to add a new Message node.

2. Enter what you want the bot to say in the text box. You can apply some basic formatting, such as bold, italics, and numbering.

   You can also use variables that you defined elsewhere in your bot conversation.

End the conversation - Teams

You can choose to End the conversation as a final node to your bot's conversation.

There are two options:

1. End with survey shows a survey that asks the user if their question or issue was answered or resolved correctly. This information is collected under the customer satisfaction analytics page.

   

2. Transfer to agent allows you to type a private message to an agent that initiates their contact with the user.

Redirect to another topic - Teams

1. To automatically have the bot move to a separate topic, select Add node (+) to add a node, and then Redirect to another topic.

2. In the flyout menu, select the topic the bot should divert to. For example, you might want to send the user to a specific topic about the closure of a store if they ask about store hours for that store.

   

When the bot goes to another topic, the bot goes through the conversation path for that topic and then returns to the original topic—the place where it left.

You can consider the redirected topic as a subtopic.

If you redirect to any of the following system topics, however, the entire conversation ends:

• Start over (resets any global variables)
• Escalate
• End of Conversation
• Confirmed Failure
• Confirmed Success
• Goodbye

Use variables

You can use variables that you defined elsewhere in your bot conversation.

Delete nodes - Teams

Select the menu of your node and then select Delete.

Test and publish your bot - Teams

After you make changes to your topics, Test your bot to ensure everything is working as expected.

Once you finish designing and testing your bot, you can publish it, so other team members can use it.