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Best Saudi Arabia Forex Brokers 2020

Are you a Saudi Arabian who is interested to start forex trading? If yes, then make sure to read out in-depth guide below to know the best Saudi Arabian forex brokers you can choose from.

Are you a Saudi Arabian who is interested to try forex trading?

If yes, then you should carefully read our review below to know how you can get started right away.

You’ll first know about the best Saudi Arabia forex brokers, their trading platforms’ specific features, spreads and commissions they charge as well as pros and cons then the specific steps you need to take to quickly open a forex trading account.

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    Best forex brokers in Saudi Arabia

    1. eToro: Heavily regulated and forex copy trading available
    2. InstaForex : $1 minimum deposit and 300 instruments
    3. Avatrade: Multiple regulatory licenses and islamic account available
    4. Alpari: Fantastic research tools and low spreads
    5. FxPro: Ultra-fast execution and high liquidity

    Our recommended Saudi Arabia forex broker

    We’ve carefully analyzed the top forex brokers available in Saudi Arabia. We concluded that the forex broker below can offer you the best forex trading experience.

    eToro - Our Recommended Forex Platform

    Our Rating

    eToro exchange
    • CySEC, FCA & ASIC regulated
    • Millions of Users Trading Forex, Crypto, Commodities, Stocks, ETFs
    • Free Demo Account
    • Deposit via Debit or Credit card, Bank wire, Paypal, Skrill, Neteller
    • Copytrade Winning Forex Traders - 83.7% Average Yearly Profit
    eToro exchange
    68% of retail investor accounts lose capital when trading CFDs with this provider. Cryptoassets are unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.

    Top Saudi Arabian Forex Brokers

    1. eToro - Saudi Forex Broker with $200 Minimum Deposit

    eToro is our top-rated Saudi Arabian forex broker for 2020. Launched in 2006, eToro has gained a name for itself by offering a beginner-friendly social trading platform now counting with over 6 million users worldwide. eToro offers an intuitive forex brokerage platform with no commissions, markups, management fees or broker fees, which makes it a very cheap and convenient option for new Saudi Arabian forex traders.

    Once you’ve created an account, you can trade and invest in forex, stocks, ETFs, commodities and indices. There are no restrictions on the amount of trading volume you can make, so you can trade as much as you want to get higher profits.

    In addition, eToro Saudi Arabia allows you to connect with other traders within the platform to share trading strategies, ideas and experiences. You’ll also have access to the patented CopyTrader technology that will allow you to imitate the trading style and portfolio of the best traders. This can help you increase the chances of making good ROI.

    New forex traders can also make use of eToro’s free demo account. The demo account has all of the features of the real eToro trading platform so you can practice forex trading without risking real money.

    On the downside, it does not include the MetaTrader platform.

    Assets: Cryptocurrencies, Stocks, CFD, Forex, ETFs, Commodities

    Demo Account: Yes

    Educational Material: Great educational material for both beginners and advanced traders

    Fees: $5 Withdrawal Fee, $5 Inactivity Fee, No Account Fee, No Deposit Fee

    Minimum deposit: $200

    MT4/MT5: No

    Special Features: Copy trading and social trading site

    Regulation: CySEC, FCA, ASIC, MiFID

    Payment methods: Credit/debit card, Paypal, Sofort, Rapid transfer, Skrill, Wire transfer, Neteller, WebMoney, UnionPay

    Our Rating

    • Social trading platform
    • Best mobile trading site
    • PayPal accepted
    • $25 withdrawal fee
    AFSL 491139. High risk to capital.

    How to Join a Saudi Arabian Forex Broker in 2020

    Joining a Saudi Arabian forex broker is a very simple process and only requires a few minutes of your time.

    These are the general steps of opening a Saudi Arabian forex trading account:

    Step 1: Choose a forex broker that accepts Saudi Arabian traders

    We have already done the research for you and listed above the best forex brokers that accept Saudi Arabian traders so this should not be a problem.

    Go to the official websites of our recommended forex brokers to know more about them.

    Step 2: Open an Account and Verify Your Identity

    Opening an account is easy. You only need to provide your personal information. Make sure that the details you provide are correct to avoid both legal and financial issues.

    Usually, you will be required to verify your identity through the use of government-issued identification cards such as your passport and driver’s license.

    Step 3: Deposit Funds

    The next step is to deposit funds into your forex trading account.

    All forex brokers support a variety of payment options. Find one that supports your preferred payment methods and use it.

    Below are the common payment methods that Saudi Arabian forex brokers support:

    • Visa debit/credit card
    • MasterCard debit/credit card
    • Maestro debit/credit card
    • PayPal
    • Skrill
    • Neteller
    • Bank transfer
    • Web Money
    • Union Pay

    Step 4: Trade Forex

    After the funds have been deposited into your account, the next step is to trade.

    However, you should not get too excited about trading because the forex market is highly volatile and you can easily lose your money.  Before you start trading, create a set of trading rules that you’ll always follow so you can increase the chances of getting profits.

    Additionally, you can use first the free demo account to know how to properly use the trading platform before you trade real money.

    Note: Forex trading is a high-risk investment arena. Unless you have extensive experience of buying and selling currencies online, you might be best to start out with small amounts until you get more comfortable.

    Is forex trading legal in Saudi Arabia?

    Forex trading is legal in Saudi Arabia as long as you are doing it under an authorized company or broker.

    In 2017, the Ministry of Commerce and Investment, Capital Market Authority and the Saudi Arabian Monetary Agency (SAMA) launched an awareness campaign to warn traders about illegal websites that promote forex trading without obtaining relevant licenses. This is to prevent them from falling into scams, fake contracts, etc. Considering how big and free the cryptocurrency market is, it was an excellent way to protect traders and create boundaries.

    Thus, you should always make sure to trade under a regulated broker to avoid illegal forex trading platforms that claim to be authorized, yet they are not. Initially, before the government launched the awareness campaign, there were several cases where people lost their money and time to fake brokers.

    How to Choose a Saudi Arabian Forex Broker

    Below are the factors that you need to consider when choosing a forex broker in Saudi Arabia.

    • Islamic Account Options or Islamic Swap-Free Accounts

    Although forex trading is often considered to be haram, it is possible to use an Islamic forex account. You can use a halal trading account that is offered to Muslim traders who wish to invest in the Islamic stock market. It abides by Islamic finance principles.

    Also known as a swap-free account, it differs from regular trading platforms in many ways. First, since Sharia law does not allow accumulation of interest rates, Islamic accounts do not feature interest rates. Second, based on Islamic finance, transactions must be done without any delays. Therefore, currencies must be transferred between accounts immediately, and transaction costs should be paid promptly.

    Below are the four Islamic finance basic principles.

    • Prohibition of paying and receiving an interest rate
    • Immediate exchange according to the trading operations
    • Gambling should be banned
    • Distribution of risks and benefits

    These principles do not conform to western banking and traditional trading principles. Islamic accounts are created to respect Islamic principles and to enable Muslim people to trade without separating their investments from their religious beliefs.

    • Security

    The most important feature that you should look for in a brokerage firm is security. You will be handing your hard-earned money to your forex broker and the least they can do for you is to keep it secure.

    Look at the company’s track record and reviews online to see if its clients are complaining or not about the security of their money and personal information.

    • Credibility

    Check if the Saudi Arabian forex broker is regulated by a reputable global agency. The best forex brokers are usually regulated by the ASIC, CySEC or FCA.

    If your chosen forex broker is regulated by one of them, then your money is in good hands.

    • Transaction costs

    Many forex brokers will claim that they do not charge deposit, withdrawal and account fees. They may not charge them directly, but they tend to recover them through hidden fees and commissions that may eat up a large chunk of your investment.

    Always look for a company with low transaction costs and a transparent fee structure.

    • Withdrawal process

    A good forex broker in Saudi Arabia should be able to provide you with a fast withdrawal process. The withdrawal fees should also be minimal and not excessive.

    • Trading platform

    Another important issue to consider is the trading platform. It should not be too complicated to the point that you are unable to use it.

    Look for a forex broker with a user-friendly trading platform. It will also be much better if the company can offer you educational material, eBooks, video tutorials, webinars and other helpful materials to help you in your trading journey.

    • Overall brokerage package

    Lastly, look at all the available options that the forex brokerage firm is offering you. Look at the number of investment instruments, trading tools, the number of supported platforms, payment methods, bonuses and commission fees among others.  Also, consider how good its customer service is.

    Leverage at Saudi Arabian Forex Brokers

    One major advantage that the Saudi Arabian financial market has over other financial markets is that there is no cap to its leverage limit.

    Saudi Arabian traders can take advantage of a high leverage of up to 1000:1 provided the brokerage firm allows it, which can lead to high profits when utilized correctly. However, the high leverage can also be a recipe for disaster. A simple error can easily wipe out your whole investment, especially if you are an amateur, so make sure to trade with caution.

    Conclusion

    Forex trading is a great way to make money. However, due to the volatility of the market, the risks are also very high. So always remember to trade with caution and consult or learn from experienced traders first before investing your hard-earned money and opt for a regulated Saudi Arabian broker like eToro.

    eToro - Our Recommended Forex Platform

    Our Rating

    eToro exchange
    • CySEC, FCA & ASIC regulated
    • Millions of Users Trading Forex, Crypto, Commodities, Stocks, ETFs
    • Free Demo Account
    • Deposit via Debit or Credit card, Bank wire, Paypal, Skrill, Neteller
    • Copytrade Winning Forex Traders - 83.7% Average Yearly Profit
    eToro exchange
    68% of retail investor accounts lose capital when trading CFDs with this provider. Cryptoassets are unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.

    FAQs

    Are Saudi Arabian forex brokers safe?

    Yes. Saudi Arabian forex brokers such as the ones described above provide are safe and regulated by top-notch financial bodies abroad.

    What leverage limits do Saudi Arabian forex brokers offer?

    Saudi Arabian traders can apply a leverage up to 1000:1.

    Should I join a commission-free Saudi Arabian forex broker?

    Yes. If you happen to find a Saudi Arabian forex broker with a secure and reliable trading platform that doesn’t charge commissions, then you should definitely sign up on that platform.

    What is the minimum deposit amount available at Saudi Arabian forex brokers?

    InstaForex only requires a minimum deposit of $1. Other Saudi Arabian forex brokers require either a $100 or $200 minimum deposit.

    What payment methods do Saudi Arabian forex brokers support?

    The most common payment methods they accept include debit/credit cards, bank transfer and PayPal.

    Forex brokers by country

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