Short answer: the best SMS provider for a forex broker is one that accepts CFD and forex traffic in writing and can keep margin alerts apart from promotions. Of the pages we read, Mamonty and BridgexFX say the most about forex specifically. Infobip suits large regulated groups, though its pages never mention forex. SendHaven is built for teams that want to test a campaign on part of a list before paying for the rest.
We sell SMS, so weigh our opinion accordingly. The table below only uses what each company publishes on its own site, read on 10 November 2026. We did not test their delivery. Further down is the part most comparisons leave out: how a CFD risk warning fits into a text message, using the regulators' own wording.
Forex SMS providers compared (November 2026)
| Provider | Built for | Messages it names | Coverage or routes | One-time codes | Consent and compliance |
|---|---|---|---|---|---|
| SendHaven | High-risk brands, including forex and CFD | Account alerts, market updates, onboarding, promotions | Countries opened per account | SMS or voice | Accounts reviewed. Sender is responsible for consent, licences and risk warnings. |
| Mamonty | Forex brokerages, trading academies, investment services | Alerts and signals, confirmations, promotions, education, webinars. SMS, Viber and WhatsApp. | Page says both 130+ and 180+ countries, and 200+ direct operators | Yes | A general compliance claim, with no detail. |
| BridgexFX | Forex brokers, prop firms, financial institutions | Email and SMS campaigns | No country list. Time zone scheduling and live delivery monitoring. | Not stated | Consent stored per contact, instant opt-outs, regional quiet hours. |
| InTrading | Forex and stock trading platforms | SMS campaigns | Tracks opens, clicks and performance. No route detail. | Not stated | Not stated |
| Infobip | Banks and financial service providers. Forex not named. | Codes, transaction alerts, payment confirmations, promotions, regulatory updates, two-way | 800+ direct operator connections, local numbers from 150+ countries | Yes | Mentions consent management, GDPR and TCPA. |
| Vero | Financial services marketers. Forex not named. | Promotions, offers, updates and alerts, with email and push | Not stated | Not stated | Describes sending to opted-in subscribers. |
Not stated means that page doesn't say, which doesn't mean the company can't do it. Apart from us, only Mamonty, BridgexFX and InTrading name forex at all. None of the other five pages mentions licensing or risk warnings, so those conversations are yours to start.
Why mainstream SMS platforms turn forex down
Hardly any acceptable use policy contains the word forex. Most use a broader phrase, and the broad phrase is the trap:
| Platform | What its rules bar | Where |
|---|---|---|
| Twilio | Risk investment opportunities | US and Canada |
| Sinch | Risk investment opportunities, stock alerts | US |
| Plivo | Stock alerts, high-risk investments | US programs |
| Telnyx | Investment opportunities. Its US and Canada page adds day-trading alerts. | Messaging policy, no region given |
| Amazon | Risk investment opportunities, stock alerts | Global list. Some countries might allow them. |
| ClickSend | Risk investment opportunities. Its general policy also bars financial advice. | US and Canada |
| TextMagic | Risk investment opportunities, stock alerts | US 10DLC |
| Infobip | Says forex is likely to be blocked in Saudi Arabia | Named countries |
"Risk investment opportunity" was written with get-rich-quick schemes in mind, but a reviewer looking at a leveraged trading product has little reason to read it narrowly. BulkGate is a useful contrast: its US and Canada page bars risk investments but exempts messages from brokerages to their members and investment news alerts. If a provider's wording is vague, ask for a yes or no by email before you build on it.
For a broker the cost of a closed account goes beyond a lost campaign. Margin calls and security codes often run through the same account, so a marketing dispute can stop messages your clients depend on. That is the main reason to keep the two apart from the first day. We compare more platforms line by line in which SMS providers accept gambling, crypto and adult.
A broker sends four kinds of text, and the rules differ
| Type | Examples | How to treat it | What the sources say |
|---|---|---|---|
| Security | Login codes, password resets | Send the code and nothing else. Keep it on separate traffic from marketing. | No official text we read deals with it. |
| Account service | Margin calls, deposit and withdrawal confirmations | Facts about the account only. No offer and no prompt to trade. | Not addressed directly. FCA guidance reminds firms that best interests and execution rules apply to margin calls. |
| Information | Price levels, economic calendar, market news | The risky middle. "Gold reached 2,400" is a fact. "Gold is flying, trade now" is a promotion. | FCA PERG 8.4 asks whether a reasonable observer would see an intent to persuade. |
| Promotion | Webinars, new accounts, spread offers | Treat it as marketing: consent, opt-out and the risk warning. | ESMA decision, FCA COBS 22.5. In the US, the NFA guide names text messages. |
This split is our own reading of those tests. We found no regulator that says whether an SMS margin alert or login code counts as promotion, so have your compliance officer sign off the list. The UK test is objective, which means your intent doesn't settle it. A market update that ends with a link to open a trade is hard to defend as information.
How to fit a CFD risk warning into a text
In the EU and UK, marketing leveraged CFDs and rolling spot forex to retail clients requires a prescribed warning. EU rules started as temporary ESMA decisions, which national regulators then replaced with their own, including BaFin in Germany and the Central Bank of Ireland. The UK version sits in COBS 22.5. They broadly use three formats:
| Format | When it applies | What it contains | Fits one SMS? |
|---|---|---|---|
| Full warning | A durable medium or a webpage | Complexity, rapid losses from leverage, your percentage of retail accounts that lose money, and whether the reader can afford the risk | No |
| Abbreviated warning | Any other medium | Your percentage and the line about affording the risk | Only with little else in the message |
| Reduced warning | Only where the abbreviated warning would break the character limit in a third party marketing provider's terms | One line with your percentage, plus a direct link to the page showing the full warning | Yes, about 38 characters |
The EU reduced warning reads as a single line: your percentage, then "% of retail CFD accounts lose money." The UK one-line version also states the percentage and also needs a direct link. Copy the exact wording from the rule that applies to you, because the national versions differ slightly and we could not confirm every national measure is still in force today.
The question nobody has answered
Neither ESMA nor the FCA says which format applies to SMS. The ESMA decisions give mobile apps and social posts as examples of the middle tier and don't mention SMS, and COBS doesn't deal with it either. We found no ESMA or FCA document on promoting CFDs by text. The closest is FCA guidance FG24/1, which covers social media and says character-limited media should still show the whole warning, using prescribed short versions where necessary.
Notice the condition on the shortest format. It depends on a limit in the standard terms of a third party marketing provider, and the decisions set no number of characters. If you plan to use it, keep your SMS provider's terms on file showing that limit. That is our suggestion rather than a rule, and your compliance team should decide.
What it looks like at 160 characters
Here is an invented broker promoting a webinar, with an invented percentage:
Northbay FX: gold webinar Thu 18:00 GMT. nbfx.co/w4 74% of retail CFD accounts lose money. Risk: nbfx.co/rw Stop: nbfx.co/x
That is 123 characters including the warning (38), a risk link and an opt-out link, so it stays in one part with 37 characters to spare. There is very little room for an offer, which is a useful discipline. Three more points catch people out:
- The percentage goes stale. In the UK it must be recalculated every three months, so store it as a variable instead of typing it into templates.
- Bonuses are out. ESMA Q&A 5.5 and COBS 22.5.20R ban incentives such as new account bonuses and rebates for retail CFD clients. Lower fees offered to all retail clients and not linked to volume are allowed. The classic "deposit today, get 30%" text doesn't survive this.
- Prominence still applies. The EU decisions want the warning in the language of the message and at least as large as the main text, and the ESMA Q&A wants it in the main body of communications other than web pages. Don't bury it behind a link.
What a warning does to your bill
Once a message passes 160 standard characters it splits into parts of 153, and each part is billed. Any non-standard character, including an emoji or Arabic, Greek or Cyrillic text, switches the whole message to Unicode, which holds 70 characters in one part and 67 per part after that. Illustrated at an invented $0.04 per part for 10,000 people:
| Message | Total characters available | Parts | Cost |
|---|---|---|---|
| Standard characters, one part | 160 | 1 | $400 |
| Standard characters, two parts | 306 | 2 | $800 |
| Unicode, one part | 70 | 1 | $400 |
| Unicode, three parts | 201 | 3 | $1,200 |
The 123 character example above fits one part in English and would take two in Arabic. Budget per market, and count the warning before you count the offer.
What a forex team needs from an SMS provider
| What you need | Why it matters | What to ask |
|---|---|---|
| Written acceptance of forex and CFDs | Policies say "risk investment", so a reviewer decides what that covers | Will you confirm by email that you accept my licence, countries and message types? |
| Security and margin texts kept apart | A code or margin call can't wait behind a promotion | Do codes and account alerts run separately from campaigns? |
| Time from send to handset | A margin alert that lands late is useless | How can I see delivery timing per network during a busy session? |
| Send windows by time zone | Quiet hours differ by country and markets open at different times | Can I schedule by recipient time zone? |
| Clear billing for long messages | A risk warning can push you into a second part | How do you count parts, and what appears on the invoice? |
| Tracking through to first deposit | A registration is not a funded account | Can I pass my own click ID so clicks match my CRM? |
| A record of every message | Compliance will ask what was sent, to whom and when | Can I export text, recipient, time and status by campaign? |
| A plan for your balance | Prepaid credit is exposed if an account closes | What happens to my balance if my account is closed? |
How to test a provider before moving your traffic
Most broker tests stop at click rate, which rewards the wrong message. Run this instead:
- Pick one country and one opted-in segment, then split it into equal random groups.
- Keep the template and the hour identical, so the provider is the only variable.
- Put a phone you control on each main network in every group, and read what arrives and under which sender name.
- Time an account alert during a busy session. Record the seconds from send to handset, because margin messages depend on it.
- Pass a click ID into your CRM so each provider's clicks follow through to registration, verification and first deposit.
- Wait seven days, then compare cost per funded account. Forex deposits lag clicks, so a 48 hour read will mislead you.
Here is how that can flip the result, with invented numbers:
| Example, 10,000 people | Provider A | Provider B |
|---|---|---|
| Price per message | $0.040 | $0.055 |
| Parts per message | 2 | 1 |
| Total for 10,000 people | $800 | $550 |
| Unique clicks | 390 | 340 |
| Registrations | 46 | 41 |
| Funded accounts | 6 | 9 |
| Cost per funded account | $133 | $61 |
Provider A has the lower price and more clicks, and it still costs more than twice as much per funded account, partly because, in this example, its link format pushed the message into a second part. We have no forex campaign data of our own to publish yet, so we are making no delivery claims here. The real numbers we can share are in our iGaming SMS comparison, and they come from a different vertical.
Which provider fits which business
| Your business | What to look for | Worth shortlisting |
|---|---|---|
| Regulated EU or UK broker | Consent records, audit exports, written acceptance | BridgexFX, Infobip, SendHaven |
| Broker with a large account base | Codes and transaction alerts at volume | Infobip, Mamonty |
| Prop firm | Email and SMS together, quiet hours | BridgexFX |
| Trading academy or signals service | Alerts, webinars and education messages | Mamonty, InTrading |
| Team that tests before spending | Send a first chunk, then release the rest on results | SendHaven |
This is based on what each company says about itself, so treat it as a starting list for your own test.
Consent comes before any of this
Risk warnings cover what a promotional text must say. Consent decides whether you can send it at all. UK PECR and the EU ePrivacy Directive require prior consent for marketing by SMS, with a narrow exception for a business's own existing customers and similar products, and a free way to refuse in every message. The US TCPA carries statutory damages of $500 per violation. A bought list of forex leads meets none of this, and Twilio, Telnyx, ClickSend and others bar bought lists by name.
Where SendHaven fits, and where it doesn't
SendHaven SMS suits brokers and affiliates who want control over how a campaign goes out. You can split a broadcast into chunks with their own sender, wording and tracked link, read delivery and unique clicks, and release the rest only if the numbers hold. Number validation, suppression lists, opt-out links and one-time codes by SMS or voice are included. Every account is reviewed and countries are opened one by one. See the SMS service, or read the best email options for forex if you run both channels.
It isn't the right choice if you need a two-way inbox, because we don't offer one today, or WhatsApp and Viber in the same dashboard. We also don't write or check your risk warnings. As the sender you remain responsible for consent, licences and every word of the message.
Frequently asked questions
What is the best SMS provider for forex brokers?
It depends on your licence and markets. Among the pages we compared, Mamonty and BridgexFX say the most about forex, Infobip suits large regulated financial groups, and SendHaven suits teams that want to test part of a list before sending the rest. Get acceptance in writing from anyone you shortlist.
Can I use Twilio for forex SMS?
Twilio bars risk investment opportunities on US and Canadian traffic. It does not name forex or CFDs, so ask before you build on it. We did not check its guideline page for every other country.
Does a forex promotion by SMS need a risk warning?
For leveraged CFDs and rolling spot forex marketed to retail clients in the EU or UK, yes. The rules do not name SMS or say which format applies to it, so ask your compliance officer to decide. Copy the exact wording from the rule that applies to you.
How many characters does a CFD risk warning take?
The one-line reduced version is about 38 characters. It may only be used when the abbreviated warning would break a third party provider's character limit, and it must come with a direct link to the full warning.
Can I offer a deposit bonus by SMS?
Not to retail CFD clients in the EU or UK, where incentives such as new account bonuses and rebates are banned. Lower fees available to all retail clients and not linked to volume are permitted. Rules differ elsewhere, so check each market.
Do I need consent to text forex leads?
In most markets, yes. The UK, EU, US, Canada and Australia all restrict marketing texts sent without consent, with limited exceptions for existing customers in some countries. Many providers also bar bought lists by name.
Written by Alex Rosca, founder of SendHaven. Questions or corrections: Telegram @alex_rosca or hello@sendhaven.io. Updated November 10, 2026.
