By country
Forex trading by country
The local regulatory picture differs across the Caucasus and Central Asia. We report it honestly for each market — trading is legal for residents, but brokers are offshore and not locally supervised, so the strength of their international licence is what protects you.
Caucasus · Georgian lari (GEL) · NBG
Forex and CFD trading is legal for Georgian residents, and Georgia's currency rules are genuinely liberal — there is no FX-control barrier to funding an account, which is the key advantage for a Georgian trader. The National Bank of Georgia (NBG) licenses local brokerage/forex dealers and has tightened retail protections (margin-close-out rules, negative-balance protection, a retail-bonus ban and a cooling-off period). Most residents trade through internationally regulated (offshore) brokers; doing so is legal, but those offshore entities are not NBG-supervised, so the strength of the broker's own international licence is what protects you.
Best brokers in Georgia →Central Asia · Kazakhstani tenge (KZT) · AFSA / ARDFM
Forex and CFD trading is legal and tolerated for Kazakhstani residents. Kazakhstan runs a dual regime — the national regulator (ARDFM, with the National Bank) and the Astana International Financial Centre's AFSA, which operates under English common law. AFSA's financial-promotions restriction is scoped to promotions 'in or from the AIFC', so a foreign, neutral comparison site sits outside it; AFSA's retail forex offerings are effectively limited to qualified/professional investors. Most residents trade through internationally regulated (offshore) brokers — legal, but those entities are not locally supervised, so the broker's own international licence is what protects you. Check AFSA's Financial Promotions Alerts before relying on any brand.
Best brokers in Kazakhstan →Caucasus · Azerbaijani manat (AZN) · CBAR
Forex and CFD trading is legal for Azerbaijani residents, but there is no domestic retail forex/CFD licensing regime and no local brokers — the dedicated regulator (FIMSA) was liquidated in 2019 and its functions moved to the Central Bank of Azerbaijan (CBAR). No statute criminalises using or marketing offshore brokers, but the regime is silent and underdeveloped rather than expressly permissive. Residents trade through internationally regulated (offshore) brokers, which are not CBAR-supervised — never assume any broker is CBAR-licensed. The practical limit is funding: AZN transfer caps throttle deposit size, not the legality of trading.
Best brokers in Azerbaijan →Not sure how to vet a broker? Start with our guide on how to choose a regulated broker.