2 Best Online Forex Brokers in Saudi Arabia – In Depth Review 2023
Want to jump straight to the answer? The best forex broker for traders is Avatrade
The #1 Forex Trading Course is Asia Forex Mentor
Let us tell you what forex brokers in Saudia Arabia are! These are the institutions that work between a forex trader and a forex market. YES! You heard that right. The Forex brokers have an online presence, and they target the different smaller traders to operate within forex markets on a single basis.
Many brokers also include useful educational and research tools to provide beginners an enhanced knowledge about the trading process. These brokers provide additional excess to experts and the market analysis to aid you in choosing the beneficial trading options.
Therefore, a forex trader can start easily only by opening an account and downloading free trading options such as MetaTrader. Here we have mentioned seven top-quality forex brokers so you can choose the one that suits you completely.
Avatrade gives average-to-competitive spreads, depending upon your type of account, along with adequate educational resources. The low account minimum deposits make it best for the undercapitalized and new traders who seek to make limited skill sets.
Best Online Forex Brokers in Saudi Arabia
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Advanced Non-US Traders
securely through Avatrade website
securely through Forex.com website
2 Best Online Forex Brokers in Saudi Arabia
#1. Best Advanced for Non-US Traders: Avatrade
Avatrade came into being in 2006; it is an international forex broker and CFD broker regulated by different top financial institutes. Moreover, it has heaps of tools and resources that will fascinate all beginners, like paper trading account and 100000 dollars of virtual funds.
Avatrade is one of the safest online brokers and is regulated by the top tier-one jurisdiction. This is the reason which makes it a trustful CFD and Forex broker. The range of marketing is great, and it should also be good for traders. Avatrade is offering its clients worthy selections for trading platforms.
Avatrade has stopped the trading platforms like mirror trader and Robox. With their dedicated web trading platforms like meta-trader and Avatrade acting as an alternative, it offers a huge variety of platforms for catering to automated and manual traders.
Avatrade features on attracting traders with different skills and levels to offer them an adaptable trade site. There are more than 200000 registered clients with a trading volume of 2 million per month. Want more to know about this CDF and forex broker? Then continue to read about the Avatrade feature.
How does it work?
Webtrader, a default interface, can be accessed via a browser. Concerning its competitors, it lacks a few basic features and is plain, but it is intuitive and user-friendly.
Clients who execute traditional fundamental or technical trading strategies can opt for the industry- newer MetaTrader 5 or even the MetaTrader 4.
Following transparency, the AvaTrade account also lists all the pertinent information in the ‘Trading info’ tab on the Avatrade website like “Stocks Earnings Releases,” “Order Execution Policy,” “Economic calendar.”
Moreover, “CFD Rollover” information, and ‘holiday trading hour,’ for aiding the clients in the trading decision.
In addition, the forex calculator link will inform the dealers of the risk of losing money rapidly, how many trading costs, potential profits, and overnight interest calculations. It also offers excellent customer support with assistance.
Web trading platform offers three order types: simple market orders and two pending orders, with an option for attaching stop loss or take profit orders to them.
- Fast and effortless account opening
- Different withdrawal and deposit issues
- Excellent research tools
- Effective and reliable functioning
- Incredible inactivity fees
- Average forex fees
In non-trading fees, there is no fees withdrawal or minimum deposit and no account fees. All the brokerage accounts of AvaTrade are subject to inactivity fees.
It is 50 dollars if you do not use it for three months, Followed by 100 dollars of administration fees if you stay inactive for a year. This amount is deducted from the trading account.
Typical spreads are suggestive amounts because they are largely powered by macroeconomic events and market conditions that impact markets’ financial futures association.
In terms of margin trading, the requirements for margin are the subjects to be changed based on the new release, market volatile and trade size.
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securely through Avatrade website
#2. Best Overall Broker: Forex.com
FOREX.com provides a really extensive span of various offerings from spread betting to CFDs across various asset classes, but every region can access all. It is considered to be safe due to having a long track record. The top financial tiers regulate this trading forex broker.
The parent company of this forex broker has been listed on the stock exchange. Aside from the forex market, where derives the name, FOREX.com also offers indices, commodities, ETFs, bonds, individual stocks, silver, and gold, which is unleveraged in Saudia Arabia, futures, and cryptocurrencies, providing opportunities to all the traders.
Saudi Arabia offers security to clients’ accounts like ESMA-mandated anti-guaranteed to stop losing orders and balance protection. FOREX.com is ideal for every trader who seeks exposure to a wide array of asset classes and materials.
It is a great fit for high-volume forex traders. Material offerings vary by place but still, it emphasizes reliable and fast execution, diversity of other and forex platforms, and security accounts. In Saudi Arabia, it’s geared to those interested in trading foreign exchange markets.
How does it work?
FOREX.com gives accessibility to more than 80 currency pairs along with a competitive spread over various types of accounts to Saudi clients.
A navigable and well-organized website along with complete disclosure of fees and services, research and education tools, multiple user interfaces which are on par along with the industry’s standards and regulatory oversight place.
So it depends upon your location and the entity holding your account that what is available for you on FOREX.com. You can trade cryptocurrency using CFDs; also, underlying asset trading is not available, for instance, buying bitcoin.
The web Trading Platform of FOREX.com is recommendable for casual traders because it is simple to browse through place trades and markets and conduct searches. TradingView powers all the charts as well, as it is loaded with approximately ten chart types, 100 indicators, and 14 timeframes.
Within the forex platform, the investors can access economic calendars, positions, charts, news and order or trade history, access research reports and trade signals, and market analysis from the FOREX.com analysts.
- A wide variety of products
- TradingView charts
- Ideal for high-volume traders
- User-friendly and reliable
- No guaranteed for U.S. clients
- Lacks effective website maintenance
The spreads vary depending upon the client that, which kind of account they choose. For instance, the least EUR/USD spreads for clients from the United States on ‘standard’ account is one pip; on the other hand, ‘STP Pro’ and ‘commission’ will show you spreads of 0.1 and 0.2.
Although the two that are latter have 50 dollars and 60 dollars per million commissions that are added to displayed spreads, the regions that are not in the U.S. provide Direct Market Access accounts for bigger account sizes like 25000+.
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securely through Forex.com website
How do we rank the Best Online Forex Brokers in Saudi Arabia?
Currency trading, often known as Forex trading, is quite popular among Saudia Arabia and provides a variety of financial choices.
However, the primary worry is a secure trading environment and investment among the alluring trading options, which is only feasible through well-regulated brokers. Here’s how we ranked the most exclusive forex traders!
Range of instruments
We ranked the Forex traders regarding the range of products it offers. The Forex brokers varied and mentioned a broker that includes a broad range of offerings, currency pairs, shares, commodities, and other cryptocurrencies to get the beneficial advantage.
Ease of use
Another thing we considered is the ease of use features. The ease of use is something forex platforms lack the most; therefore, the best forex broker will help you keep things simple and accessible to get the practical experience.
Have you got things in detail? It is essential to consider these options to make things better and accessible.
Negative Balance Protection
Negative balance protection might help you avoid losing more money than you have in your account. This might happen in rare instances when the market is turbulent, especially if you are a beginner trader.
Even though it is not required in Saudi Arabia, it is prudent to seek out and select a broker who provides this protection for your advantage. After the investor compensation fund offered by most Saudi brokers, this is an additional layer of safety.
How to choose the Best Online Forex Brokers in Saudi Arabia?
Let’s see how we can choose the best Forex broker!
Evaluate Trading Conditions
An effective forex broker should include consistent and smooth execution with high-grade support to provide good trading conditions. Do you know trading is the most reliable and most accessible to offer exclusive options and reliability?
The number of assets includes
Another crucial factor to consider is the number of assets features. What does that mean? Basically, it is about things you want to trade. Whether the broker includes all the essential assets, you need or not?
If you desire to get Foreign currency pairs, it will be an effortless process, but if you desire to trade shares and stocks, many brokers can provide you with exclusive benefits and features.
Look for brokers that offer CAD currency
We all wish to stay as far away from costs as possible. This means looking for a broker that accepts CAD deposits as well as the base currency. It will save you money on both the broker’s and your bank’s commissions and fees. Fortunately, most Saudi brokers already offer this service.
Choose Asia Forex Mentor for Your Forex and Stocks Trading Success
If you have a keen interest in establishing a successful career in forex trading and aspire to achieve substantial financial gains, Asia Forex Mentor stands as the optimal choice for the best forex, stock, and crypto trading course. Ezekiel Chew, renowned as the visionary behind trading institutions and banks, is the driving force behind Asia Forex Mentor. On a personal note, Ezekiel consistently achieves seven-figure trades, a distinction that truly sets him apart from other educators in the field. Here are the compelling reasons that underpin our recommendation:
Comprehensive Curriculum: Asia Forex Mentor offers an all-encompassing educational program that covers stock, crypto, and forex trading. This well-structured curriculum equips aspiring traders with the knowledge and skills necessary to excel in these diverse markets.
Proven Track Record: The credibility of Asia Forex Mentor is firmly established through its impressive track record of producing consistently profitable traders across various market sectors. This achievement serves as a testament to the effectiveness of their training methodologies and mentorship.
Expert Mentors: At Asia Forex Mentor, students benefit from the guidance and insights of experienced mentors who have demonstrated remarkable success in stock, crypto, and forex trading. These mentors provide personalized support, enabling students to navigate the intricacies of each market with confidence.
Supportive Community: Joining Asia Forex Mentor brings access to a supportive community of like-minded traders pursuing success in the stock, crypto, and forex markets. This community fosters collaboration, idea-sharing, and peer learning, enhancing the overall learning experience.
Emphasis on Discipline and Psychology: Success in trading necessitates a strong mindset and disciplined approach. Asia Forex Mentor provides crucial psychological training to help traders manage emotions, handle stress, and make rational decisions during trading.
Constant Updates and Resources: The financial markets are dynamic, and Asia Forex Mentor ensures that students remain up-to-date with the latest trends, strategies, and market insights. Continuous access to valuable resources keeps traders ahead of the curve.
Success Stories: Asia Forex Mentor takes pride in a multitude of success stories where students have transformed their trading careers and achieved financial independence through their comprehensive forex, stock, and crypto trading education.
In summary, Asia Forex Mentor emerges as the premier choice for those seeking the best forex, stock, and crypto trading course to carve a rewarding career and achieve financial prosperity. Through its comprehensive curriculum, experienced mentors, practical approach, and supportive community, Asia Forex Mentor provides the necessary tools and guidance to mold aspiring traders into accomplished professionals across diverse financial markets.
Conclusion: Best Online Forex Brokers in Saudi Arabia
Have you heard about Forex trading before? It is undoubtedly one of the easiest and reliable financial markets for trading.
When we talk about trading a foreign currency, the process utilizes a forex broker also called a currency trading broker. You have to buy and sell currency pairs to complete the trading process.
Do you know about the options? Aren’t they accessible? Most brokers will aid people to open their standard accounts when starting the investment process. You only need to open and fund the account with a regular and secured online broker.
Once you will open the account it allows users to use the trading platform to sell and buy different currency pairs. The plus point is that the markets are available 24 hours a day.
Selecting the most essential forex broker will help trade forex with initial research to find the most appropriate option to meet the trading needs.
Best Online Forex Brokers in Saudi Arabia FAQs
Is Forex trading Haram in Saudi Arabia?
To be honest, the Financial Conduct Authority FCA considers Forex trading halal in Saudi Arabia. The Islamic law claims that anything is haram when the teachings of Islam or Holy Quran are not applied. Therefore, different activities like gambling are considered haram in Saudi Arabia.
Therefore, Forex accounts are ensured by Cyprus Securities and Exchange Commission CYSEC and are halal trading accounts available to traders. You should consider whether you can lose money when trading CFDs.
Can I do Forex Trading in Saudi Arabia?
Generally, the best forex brokers in Saudi Arabia are are legal and safe. There is no high risk of losing money particularly like most of retail investor accounts lose money when trading CFDs with brokers. You will not find legal limitations on the profit amount while trading.
Do you know trading currencies are made to take the high risk? Different CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Therefore, you have to understand how CFDs work and whether you can afford to do forex trading or not.
Can Forex brokers lose money?
The high risk of losing your money is a significant aspect. But wait! The best forex brokers in Saudi Arabia have their pros cons and will consider whether you understand how trading CFDs works or not.
You can make money with forex brokers as these individual trades will help you execute trades and make money peacefully. Sounds impressive, right?