Best Forex Brokers in Qatar 2018
If you are looking for a good forex broker is Qatar, you probably have your work cut out for you. FXEmpire are here to do all the legwork for you. In this article you will a list of the best and most reliable forex brokers for Qatar.
Best Forex Brokers in Qatar 2018
General Regulation & Qatar Regulation
Qatar is a gulf country in the Middle East that has a relatively wealthy population. Therefore, there is a teeming population ready to invest some of their money. Forex trading is however, not regulated in Qatar. Two issues confront forex traders in Qatar:
- Whether or not forex conforms to Sharia principles of investment.
- Absence of local regulated brokerage firms.
However, these issues have not deterred Qatari forex traders, many of whom have decided to take the plunge by trading with offshore forex brokers based in Asia or with locally-based Introducing Broker agents of foreign brokerages.
The local currency, the Qatari Riyal, is maintained at a fixed peg by the Qatari Central bank. Qatari forex traders usually fund their accounts using the Riyal, exchanging it for US Dollars directly with the local introducing brokerages who represent foreign firms, or buying foreign currency for trading purposes from designated exchange banks. At the moment, the economic sanctions imposed by countries led by Saudi Arabia have made foreign currency transfers difficult and created some difficulty in funding and withdrawing offshore forex trading accounts.
Trading Platform & Software
The trading platform that will be encountered will depend on the broker. Brands covered include the MT4/MT5, NinjaTrader, JForex, ActTrader, cTrader ECN platforms, etc.
Commissions & Spreads
Qatar forex brokers charge commissions on CFD trading, but only charge spreads on regular currency pairs. The spread typically starts at 0.5 pips for the most liquid currency pairs. There is no information on the spreads charged by the few banks that offer spot forex and forex forward investment services to high net-worth clients.
A few of the Qatar forex brokers will offer account types that reflect the various needs and status of their clientele. Accounts are usually of the following types, even though the nomenclature differs from one broker to another:
- Starter accounts (also known as Mini or Bronze accounts)
- Gold account
- Premium/VIP/Executive accounts
The customer service of forex brokers servicing the Qatari market provide English and Arabic language services to customers. Efficiency in customer service helps bridge the divide between traders and brokers.
The commonest additional service provided by Qatar forex brokers is access to forex VPS services. The banks involved in retail forex brokerage also offer trading in other types of forex contracts such as FX swaps and FX futures.
Is Forex trading legal in Qatar?
Yes, forex trading is legal in Qatar.
Does Qatar regulate forex trading?
Qatar does not regulate forex trading meaning someone based out of Qatar can trade with any broker they like.
Can Qatar forex traders trade with brokers in other EU countries?
Yes, there are no restrictions on forex trading and this opens the door for Qatari forex traders to trade with offshore brokers.
Here is a list of recommended Qatari forex brokers that meet our conditions of reliability and service delivery.
Presently, the impasse between Qatar and the Saudi-led Gulf state coalition has made it very difficult for local traders who trade with offshore brokers to source foreign exchange to be able to fund their forex accounts. We have a list of brokers with local agents who can assist Qatari forex traders bypass this hurdle and continue to trade like before.
- New Zealand
- South Africa
- South Korea
- Hong Kong
- United Arab Emirates
- Russian Federation
List of Brokers
|BROKER||USER RATING||REGULATED BY||HEADQUARTERS||MIN. DEPOSIT||OFFICIAL SITE|
|ASIC, CySEC, FCA||Israel||$100||Open Account|
|ASIC, BVI, FSA(JP), FSB, MiFID||Ireland||$100||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|CySEC, FSB||Cyprus||$100||Open Account|
|BaFin, FCA||United Kingdom||$300||Open Account|