Forex ChileThe depreciating American dollar has prodded many investors to put their money elsewhere before it loses even more value. Latin America, home to some of the fastest-growing economies in the world today, is a popular destination for foreign exchange investors. The Peruvian nuevo sol, the Colombian peso, and the Chilean peso are particularly promising commodities. Investors are particularly drawn to Chile, a long-term role model for South American economic reform.

The peso chileano (Chilean peso) was worth 462 to the U.S. dollar as of July 2011, continuing a generally positive trend that began after the September 2011 attacks. Forex Chile investors expect things to take a turn for the better after the recent downgrade of the U.S. credit rating by Standard & Poor, and this has encouraged even more investment in the country. For people wanting to benefit from South America’s economic advantage, foreign exchange in Chile is a good way to start.

Forex Chile, one of the foremost brokers in the country, is designed to be particularly friendly to foreign investors. Their program offers lots of room for reveraging and can be installed in English. It also allows you to trade outside of foreign exchange, supporting contracts for stocks, oil, precious metals, and market indices. A trial version is available, and an initial deposit of $1 million (about $2,100) is required to start making real trades.

The Chilean forex market is gaining enough ground to open offices in major U.S. cities, which makes it even more accessible. Of course, there’s always the risk of fraud, so it’s important to do your research and make sure you’re dealing with the right people. If you’re working with a U.S. office, see if they have a Chilean counterpart and are licensed in both countries—even if you have no intention of visiting. You’ll want to know you can get in touch with them when you need to.

Those looking to invest with euros or British pounds may find it a little harder to trade, as many Chilean banks will convert them to U.S. dollars before Chilean pesos. Others may be able to convert funds directly but with a considerable interchange fee. If you’re making an investment in currencies other than the U.S., make sure to choose your broker and local bank wisely. Compare fees thoroughly and take all the processing costs into account—you’d be surprised at how much you can gain with a little shopping around.