Best Forex Brokers in Saudi Arabia for 2024
He's a professional forex, crypto, and gold market analyst based in Dubai.
The Saudi Arabian capital market regulator, the Capital Market Authority (CMA), does not currently regulate most of the forex brokers. This means that Saudi Arabian traders are not subject to the same level of protection as traders in other countries, where forex broker regulation is more stringent. However, this doesn't mean that all forex brokers operating in Saudi Arabia are unregulated - some choose to be regulated by other financial authorities such as the FCA in the UK or CySEC in Cyprus.
Best forex brokers in Saudi Arabia
Choosing the best forex broker for trading in Saudi Arabia can be a daunting task. With so many brokers to choose from, it's important to know what to look for when selecting the right one for your needs. Fortunately, our team of experts has done the hard work for you and compiled a list of the top forex brokers in Saudi Arabia.
To make it onto our list, each broker had to meet our stringent criteria, which include providing a wide variety of currency pairs, tight spreads, fast execution speeds, and reliable customer support. So whether you're a beginner or an experienced trader, you can be confident that any of the Saudi Arabia forex brokers on our list will provide you with the tools and resources you need to succeed.
- Ewhitecap – Best Overall broker in Saudi Arabia.
- Pepperstone – Best Award-winning CFD Platform.
- FXNovus – Top regulated broker
- AvaTrade – Best Trading Platform for Beginners
- ModMount – The best web trader platform
#1. Eightcap – Best Overall broker in Saudi Arabia.
Eightcap is a global forex broker that has served thousands of clients across 100 countries since 2009, including Saudi Arabia, with its MetaTrader and TradingView platforms. The company offers forex and CFD trading in cryptocurrencies, commodities, indices or stocks via the two offerings at competitive low spreads and leverage to suit any budget because it's regulated by multiple jurisdictions including ASIC (Australia), CySEC (Cyprus), FCA (UK) and SCB (Bahamas).
The company also offers negative balance protection and segregated client fund assets held by top-tier banks to protect your money
Eightcap fees and spreads
| EURUSD | USDJPY | Gold | Bitcoin |
| 0.0 * | 0.1* | 0.12 * | 12$ * |
Pros
- Multi-regulated broker.
- Low minimum deposit of $100.
- Spreads as low as 0.0 pips (Raw account).
- Free demo account.
- + 200 cryptocurrencies CFDs.
Cons
- No Islamic account is provided by default.
#2. Pepperstone – Best Award-winning CFD Platform.
Pepperstone, one of the largest Forex brokers in global trading with operations across multiple continents and under different licenses from Australia to the UAE, is celebrating another milestone.
The company processed a whopping USD 125 billion worth of orders last year, which makes them not only popular but also profitable as well!
To honor their success, they have chosen this site for all future developments - the Dubai Financial Center will soon become the home base when it comes to electronics or anything related to trade related business such as US currency transactions, etc., so if you want better rates than anywhere else in all across town, you don't have to look far because we're here at Pepperstone to cater to your needs.
Pepperstone fees and spreads
| EURUSD | USDJPY | Gold | Bitcoin |
| 0.4 * | 1 * | 0.28 * | 30 * |
Pros
- Broker regulated by ASIC, FCA and DFSA
- Cryptocurrency trading
- Spreads as low as 0.0 pips
- Award-winning broker
Cons
- No bonuses or promotions.
#3. FXNovus – Top regulated broker
Experience regulated CFD trading in Saudi Arabia with FXNovus, a trusted platform. Trade Forex, cryptocurrencies, and more with ease on their cutting-edge interface. Access over 160 assets and utilize 20+ analysis tools for successful trading strategies. Enjoy round-the-clock support in English and Arabic. Licensed by the FSCA in South Africa, start your journey with FXNovus today and unleash your financial potential.
FXNovus fees and spreads
| EURUSD | USDJPY | Gold | Bitcoin |
| from 0.9* | Check FXNovus website | from 1.4* | Check FXNovus website |
Pros
- Broker regulated by the FSCA (South Africa).
- Trade CFDs on +160 assets.
- 24/7 support in 11 languages including Arabic.
- Free demo account.
- Competitive spreads.
Cons
- The broker could charge a maintenance fee.
Trading CFDs and Forex Options involves risks and may result in the loss of your capital
#4. AvaTrade – The best trading platform for beginners
If you are looking for a multi-regulated forex and CFD broker that offers a comprehensive trading experience, then AvaTrade is well worth considering.
This award winning broker offers about 1000 An asset to trade, including forex, stocks, bonds, commodities, and cryptocurrencies from 1 year ago 2006.
The trading platform is intuitive and easy to use, and there are a lot of tools like Trading Central: And copy the available trading resources to help you get the most out of your trading.
AvaTrade offers tight competitive spreads starting at 0.9 Points, fast execution speeds and a variety of account types to suit all types of traders. In our AvaTrade review, we'll take a closer look at everything this broker has to offer.
They provide excellent customer service 24/5 In Arabic, with office and regulations in Abu Dhabi.
AvaTrade fees and spreads
| EURUSD | USDJPY | Gold | Bitcoin |
| 0.6* | 0.6* | 0.23* | 0.20% |
Pros
- Deposit Bonus up to $10,000
- Cryptocurrency trading
- Islamic account
- More than 1250 financial instruments
Cons
- High inactivity fees
#5. ModMount – The best WebTrader Platform
ModMount, born in 2022 and regulated by a prestigious licence from the Financial Services Authority (FSA) of Seychelles, proudly extends its high-calibre trading platform to investors in Saudi Arabia. Offering a sweeping selection of CFDs on more than 160 assets, including forex, indices, precious metals, energies, various equities, cryptocurrencies, and commodities— ModMount serves the extensive needs of any investment strategy.
Traders are set to elevate their market influence with impressive leverage options of up to 1:400. Additionally, peace of mind is a cornerstone of our service, as evident through our robust negative balance protection safeguard.
ModMount fees and spreads
| EURUSD | USDJPY | Gold | Bitcoin |
| 0.9* | 1.4* | Check ModMount website | Check ModMount website |
Pros
- Broker licensed by the Financial Services Authority (FSA)
- Trade CFDs on over 160 assets
- Competitive spreads starting from 0.9 (EUR/USD)
- Free demo account.
- Leverage up to 1:400.
Cons
- No Metatrader 4/5 platform.
Trading CFDs and Forex Options involves risks and may result in the loss of your capital
#7. HYCM Best Forex Broker and CFD Trading
HYCM is an award-winning multi-regulated platform. They have been around for decades, and their services are trustworthy because they've had a regulation since 1998.
You'll find over 300 trading instruments to choose from across five asset classes, including cryptocurrencies, with raw spreads from 0 .2 pips on average.
They provide excellent customer service 24/5 in Arabic, with offices in UAE and Kuwait.
HYCM fees and spreads
| EURUSD | USDJPY | Gold | Bitcoin |
| 0.1 + $4 per round * | 0.2 + $4 per round * | 17 + $5 per round * | 76.5 * |
Pros
- Low spreads
- Provide a free demo account
- Long history of transactions since 1998
- licensed broker
Cons
- No promotions
#8. PuPrime The best platform in terms of support and deposit bonus
If you’re looking for an offshore broker that offers a range of products and services, then PuPrime is your best option. With a minimum deposit of only $20, a 50% deposit bonus, an Islamic forex account, and options like forex pairs or CFDs with up to 1:500 leverage, all available on their MetaTrader4 platform- this company will suit anyone’s needs!
PuPrime Fees and Spreads
| EURUSD | USDJPY | Gold | Bitcoin |
| 1.28 * | 1.78 * | 2.39 * | 12.9 * |
Pros
- Practice trading with $100K
- Popular social trading platform
- 50% Welcome Bonus! Special Offer!
- Spreads as low as 0.0 pips
Cons
- Customer support is only available on weekends.
The following is a list of the Best brokers in Saudi Arabia:
Saudi Arabia Brokers Comparison
Compare here the top regulated CFD and forex brokers that accept residents from Saudi Arabia.
- Multi-regulated broker
- Minimum deposit of $100
- Free demo account
- + 200 cryptocurrencies CFDs
- Broker regulated by ASIC, FCA and DFSA (Dubai)
- Crypto trading
- Spreads as low as 0.0 pips
- FSCA-regulated broker
- Trade CFDs on +160 assets.
- Competitive spreads.
- Free demo account.
- Broker licensed by the Financial Services Authority (FSA)
- Trade CFDs on +160 assets.
- Negative balance protection.
- Free demo account.
Leading award-winning CFD broker -
Broker regulated by CSSF, FCA and SCB -
Low fees -
Funds Protection up to 1,000,000$ -
- Bonus up to $10,000
- Crypto trading
- Islamic account
- More than 1250 financial instruments
- Low Spreads
- Free demo account
- Trading Platform since 1998
- Multi-Regulated Broker
- Starting from 0.0 pips
- $100 Min. Deposit
- Follow and copy the best performing traders
- More than 10,000 financial instruments
- Get started with a $30 Trading Bonus. No deposit required.
-$5 minimum deposit
-Spreads as low as zero pips
- Multi-regulated broker by Tier 1 authorities.
- Trade +10,000 instruments.
- Low spreads from 0.1 pips.
- Free demo account.
About the Capital Market Authority (CMA)
The Capital Market Authority (CMA), headquartered in Riyadh and has offices in Jeddah and Dammam, is the financial regulatory body for capital markets in Saudi Arabia. The CMA is responsible for regulating and supervising securities, commodities, and other financial instruments in the country. The authority also promotes investor education and protects investor rights. In addition, the CMA works to develop and enhance Saudi Arabia's capital markets.
CMA website: https://cma.org.sa
FAQs
Is forex haral in Islam?
While there may be some debate whether or not forex is strictly halal or haram, most Muslim scholars agree that it is permissible so long as all transactions are conducted fairly and transparently with no element of riba (interest/usury). As such, forex can be a perfectly legal and halal way to earn money so long as you are careful and mindful of the risks involved.
Is forex trading legal in Saudi Arabia?
Forex trading is legal in Saudi Arabia and is considered a safe and legal investment option.
Since forex trading involves the buying and selling of currencies, it can be a volatile investment. Therefore, it is important to do your research before investing any money into forex trading and to only work with reputable brokers who have a good reputation.
What is the minimum amount to trade in Saudi Arabia?
You can trade as low as $1 with some Forex brokers such Oanda. $10 is the required deposit for BDSwiss and IQ Option. $100 for HYCM. Other popular brokerages include Plus500 and Pepperstone require a minimum deposit of $200 to start trading.