7 Bestforex brokers in Saudi Arabia

In recent history Saudi Arabia has seen a big rise in its economy which is driven by its natural fuel industry. Granted, currently the country’s leadership has realized the inevitability of diversification in order to secure a sustainable economy in the future. Until recently, the UAE was the only Forex trading hub in the Middle East. Yet investors looking for the best Forex broker in UAE only had limited options. Due to various reasons very few traders understood the investment potential of the industry. The UAE is slowly making progress in branching out into various global investment products, Forex being one of them. The popularity of Forex is constantly on the rise mainly thanks to the opening of Islamic Forex trading accounts. Global increase in tech and internet literacy also played their part in attracting numerous new investors to the market.

Forex market has been recently officially opened in Saudi ArabiaFor retail traders and regulated brokers for the conduct of trade on behalf of their clients. Forex trading is, in fact, legal in Saudi Arabia, albeit, with some peculiarities. Also, unlike many countries, the amount of profit you can withdraw is not artificially legally limited.There are brokers which have their offices in Saudi Arabia and operate in accordance with Saudi regulators and Sharia law. These services are usually available with a free trial version of trading accounts. It is also advisable to inform your broker or manager that you want to open an Islamic account specifically as it follows slightly different rules and does not work with percentages.The Islamic Forex account does not allow for any interests within your trading profile. this in turn makes your account comply with Sharia laws. Forex trading in the UAE is perfectly legal provided you are doing it through an authorized broker.

The Saudi Arabia capital market is regulated by the CMA (Capital Market Authority). It mostly is engaged in raising the investor awareness through different informational campaigns and programs. Besides teaching the investors about the best practices available on the local market, CMA is responsible for protecting local investors from scammers,impostors, frauds and unlicensed brokering platforms.

If you are interested in Forex trading in general and in the UAE in particular we have comprised a list of 7 best Saudi Arabia Forex brokers.

Best 7 forex brokers in Saudi Arabia

1 – JustForex.com

Accepts MY residents – Yes

Average Spread EUR/USD Standard – 0.3

Minimum Deposit – $1

Overall rating – 9.7/10

JustForex established its frim presence on the market in the early 2000-s. It works under the FSA of Saint Vincent and the Grenadines license and authorization. Among other possibilities it is worth noting that it also works with 5 different cryptocurrencies including Bitcoin. Security measures include segregation of bank accounts into funds from the company’s operational funds which guarantees liquidity protection by 18 different banks in case of asset liquidation. The site has a professional team that has lots of experience in both finances and maintenance. All their actions are backed up by years of successful work and theoretical knowledge. The support managers are ready to help you with any problem you may encounter around the clock. The platform also has more than 170 trading instruments and tools and as well as reliable hardware infrastructure so you can be sure that your inputs will be carried out with the shortest delay possible. There are15 available payment systems. As such, you are guaranteed to find the most convenient one for you personally. Our pick for the best Forex trade in Saudi Arabia provides a standalone section, where you can find analytical and theoretical materials, so you can always catch up on the latest trends and practices in the trading world. All of the data is securely encrypted and sufficiently protected from tampering by any third parties. In our opinion JustForex is the best broker on the market currently. It has grown through the years and manages to provide precisely what the clients want. If you want to start forex trading in Saudi Arabia with free bonus to boot it off, give it a look.

2 – IG

Accepts MY residents – Yes

Minimum Deposit – £250

Average Spread EUR/USD Standard  – 0.745

Overall rating – 9.5/10

We want to start by saying that IG trading platform is very well designed, unlike the majority of similar services, is fairly user-friendly and easy to customize. This includes tons of incredibly handy educational tools and materials. Both, depositing and withdrawing is easy and convenient and there are multiple options. At the same time, trading fees are comparatively high for forex and stock CFDs. The product list can’t boast with great variety. Mostly, depending on your country of operations, IG offers only CFD and options trading. Even though customer support is decent there is still room for improvement. Our #2 best broker in Saudi Arabia is considered low-risk as it is a publicly traded company which also runs its very own bank. IG is authorised by six tier-1 regulators. Among other advantages working for IG it is worth mentioning the absence of withdrawal fees and the fact that inactivity fee is charged only after 2(!) years. On the other hand it has high stock CFD trading fees and financial rate. The platform is incredibly intuitive and well put together. It is easily customizable and lets you move windows around and save your custom-made layouts. There is also an option to create watchlists and trademark one-click trading feature.

3 – Interactive Brokers

Accepts MY residents – Yes

Minimum Deposit – $0

Average Spread EUR/USD Standard  – N/A

Overall rating – 9.4/10

Interactive Brokers is a very reputable and well-established forex trader in Saudi Arabia. It was founded in 1977 which means it has been on the market for more than 40 years. This fact alone means they are doing something incredibly right. And after our review we can attest to that. Interactive Brokers is a low-risk broker which assets are publicly traded and it is authorised by six tier-1 regulators, namely:  Japanese Financial Services Authority (JFSA), Investment Industry Regulatory Organization of Canada (IIROC), Financial Conduct Authority (FCA), Monetary Authority of Singapore (MAS), Securities Futures Commission (SFC), and the Commodity Futures Trading Commission (CFTC).

This trusted and long-living company does not shy from innovation, however. Interactive Brokers has its own proprietary Trader Workstation (TWS) desktop platform which in turn provides the user with quite a number of tools that make their trading experience easier. At the same time it is worth mentioning it may be difficult to use for beginner traders as it’s nothing like our previous entry in this department and is obviously aimed at more experienced traders who are very likely to appreciate it for all the little quality of life improvements it brings to the table. The platform also provides the IBKR Mobile application that in turn offers a lot of useful features. Unfortunately it also suffers from being a tad overcomplicated to be beginner friendly or user-friendly for that matter. Interactive Traders does not support MetaTrader which we know can be a dealbreaker for some traders. On the unconventional side of things Interactive Brokers has monthly minimum activity fee. If you feel like you know what your are doing or up to the challenge and want to improve your hard skills and a breakneck pace give this one a go.

4 – FOREX.com

Accepts MY residents – Yes

Average Spread EUR/USD Standard – 1.400

Minimum Deposit – $100

Overall rating – 9.1/10

Our #4 is a trusted broker in the UAE and offers its services online to forex and CFDs traders. It is considered to be a low-risk broker and the company stock is publicly traded. The company does not run a proprietary bank, however. FOREX.com is authorised by four tier-1 regulators: Japanese Financial Services Authority (JFSA),  Investment Industry Regulatory Organization of Canada (IIROC), Financial Conduct Authority (FCA), and the Commodity Futures Trading Commission (CFTC). Cryptocurrency trading is possible through CFDs on the platform, but trading through the underlying assets is not permitted. FOREX.com has various execution methods to offer along with three classes of accounts and access to statistics. At the same time we have to point out that FOREX.com pricing policy is rather on the expensive side for the industry standard. MetaTrader is supported only via Standard accounts. So if you insist on using it you may be locked out of all the benefits that come with higher tier accounts. Average spreads are quite high at 1.4 pips on the EUR/USD. If you are ok with paying a little  premium because of the higher spread, and are not planning on using account types that are not standard, FOREX.com is definitely worth checking out.

5 – eToro

Accepts MY residents – Yes

Average Spread EUR/USD Standard – 1.0

Minimum Deposit – $50

Overall rating – 8.9/10

eToro is considered to be a low-risk broker. At the same time it is worth noting that it is not traded publicly and doesn’t operate its own bank. eToro is authorised by a single tier-1 regulator – Australian Securities & Exchange Commission (ASIC) as well as the Financial Conduct Authority (FCA). It deals in more than 2000 tradable articles. Because it is geared for working with such an extensive list of articles, the platform goes to a great length to provide the customer with the best trading experience. To give a singular example of such attention to detail: you can select between CFDs and underlying asset trading directly in the trade-ticket window. These little quality of life improvements are hardly noticeable once you get used to them yet are extremely useful and you definitely notice it when they are gone. Trading cryptocurrency on the platform is only allowed through CFDs and underlying assets. eToro is an industry flagship and offers a spread of 1 pip on the EUR/USD. eToro also can boast with its social copy-trading platform which combines self-directed trading and copy trading. The platform offers VIP accounts. Depending on the tier they go in a range of $5000 -$250000. These come with such benefits as a dedicated account manager or withdrawal/deposit discounts and many others.

 

6 – XM Group

Accepts MY residents – Yes

Average Spread EUR/USD Standard – 1.6

Minimum Deposit – $5

Overall rating – 8.7/10

Let’s start with the presentation. Just like with people – first impressions matter. The site looks very smart and professional.You get the feeling of wanting to be imperssed which is always a good thing because it means that whatever the product is it has effort put into it. On the front page you can see the most necessary items such as: account registration tab, information on leverage, spreads, and bonuses.At the bottom of the page you can find vision, the main value of the broker, and info on the tools of the platform.

As for the legal concerns with the XM you can be sure to avoid any issues. It is  authorized and regulated by Cyprus Securities and Exchange Commission (CySEC), International Financial Services Commission (IFSC), Financial Conduct Authority, Australian Securities and Investment Commission (AFSL) and last but not the least Dubai Financial Services Authority (DFSA). Which makes its services perfectly legal even in the arabic countries (provided you use an islamic account which we have already talked about). The site also provides its license number is also available on the front page. XM has over 3,5 million active users in 196 countries.

the site offers more than 1000 instruments and tools, alongside 16 trading platforms. XM has executed more than 2,4 billion trades without a single requote or rejection. The customer support is available Monday to Friday around the clock. Support team consists of more than 450 members which provide their services in 30 languages.

7 – Plus500

Accepts MY residents – Yes

Average Spread EUR/USD Standard – 0.6

Minimum Deposit – €100

Overall rating – 8.5/10

Plus500 is a well-established legal Forex broker on the market of Saudi Arabia. Founded in the late 2000-s, it has a history of providing its customers with secure and transparent trading experience. It is one of the most extensively regulated brokers on the scene at the moment and is available under more than 50 jurisdictions. Regulating bodies are comprised of, among the others:the FCA (#509909), the CySEC (#250/14), the MAS (#CMS100648-1) and IE Singapore (#PLUS/CBL/2018), the Seychelles Financial Services Authority (Licence No. SD039), ASIC in Australia, AFSL #417727, FMA in New Zealand, FSP #486026; Authorised Financial Services Provider in South Africa, FSP #47546. Today it is actively used by more than 200,000 clients and reaches a daily trading volume of $1.3 trillion which puts it on par with other major legal Forex traders in the UAE. The platform offers a considerably low spread on EUR/USD Standard of only 0.6. However, it has a minimum deposit requirement of €100 which might be a factor for some people.

There are numerous companies that provide Forex trading services in Saudi Arabia. As there are a lot of things to watch out for while diving into trading, we hope that our list will be helpful for the readers when choosing the best Forex trader personally for them.