Best Forex Brokers in Saudi Arabia for 2023
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.
- Plus500 Best Overall broker in the Saudi Arabia.
- AvaTrade Best trading platform for beginners
- HYCM Best Forex Broker and CFD Trading
- eToro The best broker for social trading and investing in cryptocurrencies.
- Pepperstone Best awarded CFD platform.
#1. AvaTrade The best comprehensive broker in the Kingdom of Saudi Arabia
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
#2. 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 charges 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
#3. eToro Best broker for social trading and investing in cryptocurrency
eToro is a well known online broker that presents a great opportunity for those who are interested in investing in social trading. The company is regulated by CySEC and FCA and has been in operation since 2007.
The eToro platform offers a wide variety of assets for trading including more than 100 digital currencies, mutual funds and stocks.
The minimum deposit amount to open an account is $200, and there is no commission for stock trading. In addition, the eToro platform offers a demo account that enables you to practice trading and training before you risk real money. Islamic accounts are also available.
eToro Fees and Spreads
| EURUSD | USDJPY | Gold | Bitcoin |
| 1 pip* | 1 pip* | 45 pips * | 0.75% |
Pros
- Practice trading with $100K
- Popular social trading platform
- exchange and wallet
- More than 65 different cryptocurrencies
Cons
- High spreads.
#4. 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 $100K
- Popular social trading platform
- 50% Welcome Bonus! Special Offer!
- Spreads as low as 0.0 pips
Cons
- Their website is not in Arabic
#5. Pepperstone Best award winning CFD platform
Pepperstone, one of the largest Forex brokers in global trading with operations across multiple continents and under different licenses from Australia to the UAE, is celebrating another milestone.
The company processed a whopping USD 125 billion worth of orders last year, which makes them not only popular but also profitable as well!
To honour their success, they have chosen this location for all future developments – Dubai’s Financial Centre will soon become home base when it comes to electronics or anything related to trade-related business such us currency transactions, etc., so if you want better rates than anywhere else around town, then look no further because here at Pepperstone we’ve got your back.
Pepperstone fees and spreads
| EURUSD | USDJPY | Gold | Bitcoin |
| 0.4 * | 1 * | 0.28 * | 30 * |
Pros
- Broker regulated by ASIC, FCA and DFSA (Dubai)
- Cryptocurrency trading
- Spreads as low as 0.0 pips
- Award-winning broker
Cons
- No bonuses or promotions.
The following is a list of the Best brokers in Saudi Arabia:
Saudi Arabia Brokers Comparison
Compare here the top regulated CFD and forex brokers that accept residents from Saudi Arabia.
Leading award-winning CFD broker -
Broker regulated by CSSF, FCA and SCB -
Low fees -
Funds Protection up to 1,000,000$ -
- Crypto trading
- Spreads from 0.1 pips
- Free demo account
- Free education
- Leverage up to 1:1000
- 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
- Practice trading with $100,000
- World's leading social trading platform
- Exchange and wallet
- Over 65 different cryptocurrencies to trade
- Broker regulated by ASIC, FCA and DFSA (Dubai)
- Crypto trading
- Spreads as low as 0.0 pips
- 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
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 eToro and Pepperstone require a minimum deposit of $200 to start trading.