Advertising DisclosureWe're committed to the highest standards of editorial integrity. Still, it's crucial to recognize that some products we mention come from our partners.

Here's an insight into how we make money. While we strive to be comprehensive, the compensation we receive can influence the products, companies, or services we showcase and review. Not all available options may be featured on this page.

5 Best Forex Brokers in Pakistan for 2024

Looking for the top broker in Pakistan? Based on our hands-on analysis, we’ve identified 5 best options tailored to various trading needs. Practical tips from our experts are included.

By:
Jitan Solanki
Reviewed By:
Ola Alder
Updated: Sep 5, 2024

List of Top Brokers in Pakistan

Feature-rich proprietary Exness Terminal platform. High-quality in-platform trading signals, research, and education. MT4 and MT5. High leverage.

Reliable support via live chat. Educational videos, courses, and platform tutorials. Trading ideas from Trading Central. Demo accounts for MT4, MT5, and MultiBank-Plus.

Competitive fees. Over 850 tradable instruments. MT4, MT5, cTrader, and TradingView platforms. Traders Toolbox for extra MetaTrader indicators.

Six trading platforms and apps. Commission-free trading. Over 1,250 tradable instruments. Extensive trading academy. Trading Central market research.

Raw ECN pricing with ultra-low spreads. Fast order execution. Over 2,250 tradable instruments. MT4, MT5, and cTrader platforms.

Forex Trading in Pakistan

Forex trading is legal in Pakistan and is regulated by the Securities and Exchange Commission of Pakistan (SECP). Securities brokers must be licensed with the SECP to offer brokerage services to the public.

However, traders in Pakistan are not restricted to domestic brokers. Internationally-regulated brokers are allowed to offer forex and CFD trading to the citizens of Pakistan. In some cases, these brokers may even provide more safety and security of your funds.

Our analysts have identified the best forex brokers accepting clients from Pakistan, and I have listed the pros and cons of trading with each one below.

How Did FX Empire Select the Best Brokers in Pakistan?

Fx Methodology at a Glance

  • We only selected brokers with a high overall score from our proprietary rating system.
  • We evaluated each broker’s regulations and licenses to ensure they are authorized by a financial authority to provide investment services.
  • We checked that each broker accepts clients from Pakistani residents.
  • We checked the availability of an Islamic trading account.
  • We tested each trading platform for its usability, ease of access, and useful trading features.
  • We investigated whether the broker has localized resources such as a website and customer support in Urdu.
  • We explored the different payment methods to identify if the broker allows deposits and withdrawals in Pakistani Rupees (PKR).
  • We assessed the number of tradable instruments to check if a diverse range of markets is available, including Pakistani ones.
  • We opened a live trading account to view the broker’s live spreads and determine their competitiveness compared to the industry average.

Applying FX Empire’s comprehensive methodology, our team of experts has identified the best forex brokers in Norway for this year. Here’s how we test.

Now let’s explore the selected brokers.

Best Overall

General Risk Warning: CFDs are leveraged products. Trading in CFDs carries a high level of risk thus may not be appropriate for all investors. The investment value can both increase and decrease and the investors may lose all their invested capital. Under no circumstances shall the Company have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs.
  • Min Deposit
    $0
  • Tradable Instruments
    240
  • Fees
    Medium

Founded in 2008, Exness is a multi-regulated broker that offers over 230 tradable instruments. Its trading platforms include MT4, MT5, and the feature-rich proprietary Exness Terminal.

Regional Features:

  • Entity for Pakistani Residents: Exness (SC) Ltd, regulated by the FSA Seychelles
  • Maximum Leverage: 1:500
  • Islamic Account: Yes
  • Deposit & Withdrawal: Local bank transfer, credit/debit card, crypto, e-wallets

The Exenss Terminal platform is impressive, with an intuitive interface, one-click trading, customizable watchlists, and charts from TradingView. It is available on the web and mobile. The sentiment indicator on the trading ticket helps understand how many Exness clients are long or short on the market. This can be useful to help identify overbought and oversold conditions.

My live fee test showed the spread for EUR/USD during the most active times in the London and New York trading sessions averaged 0.9 pips. This beats the industry average of 1.08 pips for a commission-free trading account. The broker also offers a good range of research content and tools, including daily market commentary and signals from Trading Central.

Pros
  • Feature-rich proprietary platforms
  • Built-in sentiment indicators
  • Multiple account options
  • Trading Central market research
Cons
  • Limited selection of tradable instruments

Best for Beginners

CFDs can be very risky because they use leverage, which might not be suitable for everyone. The use of leverage means that even a small amount of money you deposit initially can lead to big losses due to market movements. CFD trading is particularly risky because the markets they involve are speculative and can change a lot. Trading these products could mean losing money, therefore, you must carefully consider your financial situation and risk tolerance before trading CFDs.
  • Min Deposit
    $50
  • Tradable Instruments
    14189
  • Fees
    Medium

Founded in 2005, MultiBank has a long track record as a CFD broker and has grown to have a major global presence. The Dubai-based broker is regulated across 5 continents and maintains over 20 offices globally to cater to an international client base. In my review, MultiBank excelled in three key areas important to beginners: platforms, customer support, and education.

Regional Features:

  • Entity for Pakistani Residents: MEX Atlantic Corporation, regulated by the Cayman Islands Monetary Authority (CIMA)
  • Maximum Leverage: 1:500
  • Islamic Account: Yes
  • Deposit & Withdrawal: Bank transfer, credit/debit card, digital wallets, crypto

The MultiBank-Plus web platform and mobile app are intuitive and beginner-friendly. New traders can access over 20,000 instruments across forex, indices, commodities, shares, and crypto. Demo accounts enable traders to test their strategies and get up to speed with the platforms without risking any real money.

During my 2-week test period, I made multiple inquiries and was especially impressed by the availability of support via live chat, which responded almost immediately and addressed all my questions.

MultiBank offers extensive educational materials for beginners. Videos, courses, ebooks, and platform tutorials help clients build a solid foundation of knowledge. Funded account holders can access trading ideas and analysis from research provider Trading Central.

Pros
  • Extensively regulated
  • Robust platforms
  • Competitive spreads
  • Superb customer support via chat
Cons
  • Inactivity fee

Best for Professional Traders

Contracts for Difference (CFDs) are leveraged over-the-counter derivative products and carry a high level of risk to your capital. You should only risk capital that you can afford to lose. In certain circumstances, due to fluctuations in market value you may not get back your initial investment amount. You may not only lose your initial investment but you may incur a liability to pay a further amount to cover losses. This means you can lose more money than you have invested.
  • Min Deposit
    $100
  • Tradable Instruments
    850
  • Fees
    Low

Founded in 2005, FP Markets operates worldwide, including Pakistan. The broker offers ECN pricing for low spreads on over 850 tradable instruments. The platforms range include MT4, MT5, cTrader, and TradingView.

Regional Features:

  • Entity for Pakistani Residents: FP Markets LLC, unregulated
  • Maximum Leverage: 1:500
  • Islamic Account: Yes
  • Deposit & Withdrawal: Local bank transfer, credit/debit card, crypto, e-wallets

FP Markets offers an excellent selection of markets accessible from multiple platforms. TradingView suits beginner traders and features a large social trading community that shares trade ideas. The MT4 and MT5 platforms cater to more advanced traders focused on technical analysis and algorithmic trading, while cTrader is ideal for high-frequency, short-term traders. I personally prefer TradingView for its range of useful features and tools.

During our live fee test on the Standard Account, I found that the spread for EUR/USD during the most active trading times in the London and New York sessions averaged 1.1 pips, slightly above the industry average of 1.08 pips for a commission-free account. Traders can access lower spreads starting from 0.0 pips on the Raw Account, which charges a commission of 3 USD per lot per side – this is better than the industry average of 3.50 USD.

Pros
  • Multiple trading platforms
  • ECN-pricing accounts
  • Quality research tools
  • No fees for deposits and withdrawals
Cons
  • Limited regulatory oversight on the SVG-based unregulated entity

Best Trading App

Trading CFDs and FX Options entail risk and could result in the loss of your capital.
  • Min Deposit
    $100
  • Tradable Instruments
    853
  • Fees
    Medium

Founded in 2006, AvaTrade operates in more than 150 countries and is regulated by multiple regulators. The broker offers an excellent range of trading platforms and apps, including MT4, MT5, AvaWebTrader, AvaTradeGO, AvaSocial, and AvaOptions.

Regional Features:

  • Entity for Pakistani Residents: Ava Trade Markets Ltd, regulated by the B.V.I. Financial Services Commission
  • Maximum Leverage: 1:500
  • Islamic Account: Yes
  • Deposit & Withdrawal: Local bank transfer, credit/debit card, crypto, e-wallets

AvaTrade provides three proprietary trading apps. AvaTradeGO offers clean charting, access to multiple markets, and sentiment indicators. AvaSocial, created in partnership with the FCA-regulated firm Pelican Trading, offers copy trading solutions. AvaOptions allows trading of options contracts on forex pairs – a product I enjoy using. No stop-loss is required when trading options, so this can be advantageous in volatile markets.

My live fee test revealed that the spread for EUR/USD during the most active trading times in the London and New York sessions averaged 0.9 pips, which is better than the industry average of 1.08 pips for a commission-free trading account.

Pros
  • Commission-free trading apps
  • 1,250+ tradable instruments
  • Options trading and copy trading apps
  • Extensive AvaTrade Academy
Cons
  • Entity for Pakistani traders does not offer negative balance protection or an investor compensation scheme

Best Low Spreads

Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
  • Min Deposit
    $200
  • Tradable Instruments
    2245
  • Fees
    Low

Founded in 2007, IC Markets is considered the go-to forex broker for low spreads and fast execution. Regulated by ASIC, CySEC, and the FSA Seychelles, IC Markets offers ECN pricing and trade execution with NY4 data servers. It also provides ultra-low spreads, fast execution, and a zero requote policy.

Regional Features:

  • Entity for Pakistani Residents: Raw Trading Ltd, regulated by the FSA Seychelles
  • Maximum Leverage: 1:500
  • Islamic Account: Yes
  • Deposit & Withdrawal: Local bank transfer, credit/debit card, crypto, e-wallets

My live fee test showed that the spread for EUR/USD during the London and New York trading sessions averaged 0.65 pips, beating the 1.08 pips industry average for a commission-free account. You can access even lower spreads with the IC Markets Raw Spread trading account, which has a commission of USD 3.50 per lot per side, which is in line with the industry average.

Over 2,250 tradable instruments are available from the MT4, MT5, cTrader, and TradingView platforms. The cTrader platform works well with IC Markets’ offering as it is specifically designed for high-volume, short-term traders. With IC Markets’ low spreads and ultra-fast execution, it is ideal for short-term traders. The broker also has a zero requote policy and no minimum order distance restriction. This means you can place market orders very close to the market price.

Pros
  • Raw ECN trading accounts
  • Low spreads
  • Fast execution
  • Zero requote policy
Cons
  • Advanced platforms may overwhelm some beginners

How to Choose a Forex Broker in Pakistan?

Here is a quick guide on how to choose the best forex broker in Pakistan.

Why is it important to trade with a regulated broker?

Trading with a broker overseen by a financial authority ensures the broker is abiding by strict rules and regulations regarding the safety of your capital. While the Securities and Exchange Commission of Pakistan licenses domestic brokers, few CFD brokers base their operations in Pakistan. However, the country’s financial authorities allow international-regulated brokers to provide investment services to their residents.

It is important to note that not all regulators are equal. In our broker rating reviews, we categorize regulators into three tiers:

  • Tier-1 regulators are typically situated in well-established financial hubs and include institutions like the Cyprus Securities and Exchange Commission (CySEC) and the UK Financial Conduct Authority (FCA).
  • Tier-2 regulators operate in reputable yet smaller financial centers, such as the Financial Markets Authority (FMA) of New Zealand.
  • Tier-3 regulators, such as Belize’s Financial Services Commission (FSC), typically function in offshore jurisdictions.

The highest level of investor protection and fund security typically stems from Tier-1 regulators. Brokers regulated by entities such as the UK FCA, IIROC, CySEC, and ASIC are legally mandated to segregate client funds from their own and offer negative balance protection to prevent accounts from plunging into negative territory.

Find Best FCA-regulated brokers and Best CySEC-regulated brokers.

Furthermore, regulatory bodies like the UK FCA, IIROC, and CySEC require brokers under their oversight to participate in compensation schemes, providing additional safeguards in cases of broker insolvency. You can ascertain a broker’s regulatory standing and authorizations by examining their legal terms and conditions and consulting the regulator’s register in their operational jurisdiction.

It is advisable to steer clear of unregulated brokers. They operate without adhering to stringent rules governing fund management, exposing you to significant risks. In the unfortunate event of theft, limited legal avenues are available for fund recovery.

Read more about Best regulated forex brokers.

What fees should you consider when choosing a broker?

Evaluating the trading fees associated with a broker’s service is crucial, as they can significantly impact your overall profitability. Here are some fees to take note of:

  • Spread: The difference between the buy and sell prices. See our guides on the best zero spread and best lowest spread forex brokers.
  • Commission: A fee charged for executing a trade.
  • Overnight/Swaps: Charges for holding leveraged or margined positions overnight. Find the list of the lowest swap brokers in our detailed guide.
  • Payments: Fees related to depositing or withdrawing funds.
  • Inactivity: A fee is applied to inactive accounts.
  • Conversion fee is charged for converting Pakistani Rupees (PKR) into the base currency of your account if it differs.

To evaluate a broker’s fees, examine their website’s fees section, scrutinize the legal terms and conditions, and communicate with customer support. If the fee structure is unclear or lacks transparency, it is a warning sign to avoid that particular broker.

How to choose the best account type?

As the brokerage industry becomes more competitive, many brokers are diversifying their offerings with various account types to cater to different traders. While elements like minimum deposits and trading services may vary among these accounts, the primary distinction lies in the trading fees.

Brokers typically offer two main types of trading accounts: commission-free and commission-based.

In a commission-free trading account, no fees are charged for buying or selling. Instead, the broker is remunerated by inflating the spread. This type of account may be preferable for novice traders, as most costs are integrated into the spread, resulting in fewer decisions regarding risk management.

On the other hand, a commission-based trading account entails a fee for buying or selling, as the broker refrains from marking up the spread received from their liquidity providers. This type of account may be more suitable for short-term traders, as it offers lower spreads, which is crucial when trading small price movements.

Discover Best STP forex accounts and Best ECN forex accounts.

Most forex brokers offer Islamic or swap-free accounts to Muslim countries, including Pakistan, to cater to traders who must comply with Sharia law, which prohibits interest. These accounts differ from standard forex trading accounts in that they do not involve any swap or rollover interest on overnight positions, which is considered a form of riba (usury) and thus forbidden under Islamic finance principles.

How much leverage should I use?

Leverage enables traders to open larger positions using a small deposit. For instance, with a leverage ratio of 1:30 provided by a broker, you can control a position size of $30 with only $1.

Leading financial regulators like the UK FCA, CySEC, ASIC, FSA Japan, and IIROC enforce retail trading leverage limits for forex pairs at 1:30. Although lower-tiered and offshore regulated brokers may extend higher leverage, occasionally up to 1:3000, it’s advisable to approach them with caution.

It’s essential to remember that leverage can magnify both profits and losses. Your profit or loss is calculated based on the total trade value, not solely the margin you invest. If your account lacks sufficient capital to manage your trade value, the broker may issue a margin call, leading to the automatic closure of your trades and resulting in unforeseen losses.

For traders seeking high-leverage options, FX Empire offers a list of the best forex brokers with high leverage, carefully selected to suit specialized trading needs.

How to choose a trading platform?

Selecting the appropriate trading platform for your level and style of trading is crucial. It should offer user-friendly accessibility along with a robust array of charting tools and market research capabilities. Here are some of the most common trading platforms offered by brokers:

  • MetaTrader 4 offers a reliable platform featuring real-time charts, advanced order tickets, diverse timeframes, integrated technical analysis indicators, and drawing tools. Explore Best MT4 brokers.
  • MetaTrader 5 represents an upgraded version of MT4, providing a broader range of execution styles, order types, timeframes, and indicators. Discover Best MT5 brokers.
  • cTrader, designed for high-frequency trading and scalpers, is a platform tailored specifically for algorithmic traders. Read more about Best cTrader forex brokers.
  • TradingView is a web-based social trading platform equipped with advanced charting and research features spanning global asset classes. Check out our picks of Best TradingView forex brokers.
  • NinjaTrader is a platform designed exclusively for futures trading and offers a fully customizable setup.
  • In-House Proprietary Software: Some brokers create their own custom platforms, incorporating additional features that are different from third-party platforms.

Most brokers typically offer the option to test each platform through a demo account, allowing you to assess and identify the most suitable platform for your trading requirements.

Check out our dedicated guide on best forex trading platforms.

What to avoid when choosing a forex broker in Pakistan?

Here are some things to avoid when choosing a forex broker in Pakistan:

  • Unregulated Brokers: In the absence of any oversight, rules, or governing laws regarding the handling of your trading capital, there are no protections available to recover your funds in case of theft or bankruptcy.
  • Lack of Transparency: Difficulty in finding a broker’s regulatory status or trading fees represents a significant warning sign. Reputable, well-regulated brokers offering fair trading fees will readily provide this information.
  • No Physical Presence: Brokers lacking offices in established regions or live customer support might not be the most trustworthy choice.
  • Unrealistic Profit Promises: Brokers making grand promises of substantial profits are likely operating without honesty and potentially lack regulation.

How to avoid forex and CFD scams?

Unfortunately, there are many forex and CFD scams targeting Pakistani traders. Here are some guidelines to steer clear of such situations:

  • Only trade with brokers regulated by reputable financial authorities and verify their licenses on the regulator’s official website.
  • Ensure the broker operates from a physical office situated in a jurisdiction with a robust and respected regulatory framework.
  • Ensure there is live customer support available to assist you with any queries or concerns.
  • Conduct thorough background research by examining online news articles and broker reviews.
  • Utilize payment methods for deposits and withdrawals that you are familiar and comfortable with.
  • Carefully scrutinize the broker’s terms and conditions before making any commitments.

Our Methodology

We utilize a proprietary rating system to evaluate brokers, which entails analyzing 250 data points across nine fundamental categories:

  • Trustworthiness: We verify the licenses of each broker with the regulator in the jurisdiction they operate in.
  • Fees: We open a live trading account to view the broker’s trading fees and test them to the industry average.
  • Trading platform and tools: We test the features and user-friendliness of each trading platform.
  • Tradable instruments: We examine the number of tradable instruments to ensure there is a diverse range of markets available.
  • Customer support: We interact with the customer support team to test their knowledge and helpfulness.
  • Payment methods: We explore the different deposit and withdrawal methods to identify their fees and processing times.
  • Account types: We examine each account type and check for execution methods, minimum deposits, and other available features.
  • Research and education: We assess the quality of the broker’s research and educational materials.

You can read more about our review process here.

For this guide, we verified that each broker accepts clients from Pakistan and checked for any localized resources available in Pakistan and in Urdu, such as the broker’s website and customer support in Urdu. We also assessed the availability of payment options in Pakistani Rupees (PKR) and the general trading fees applicable to traders in Pakistan.

Meet Our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

Get to Know Our Authors

Dan BlystoneBroker Analyst

Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Plamen StoyanovBroker Analyst

Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

Vladimir ZernovBroker Analyst

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

Forex trading is legal in Pakistan.
The Securities and Exchange Commission of Pakistan (SECP) regulates forex and CFD market brokers who operate in Pakistan.
To verify if a forex broker is regulated in Pakistan, start by checking the Securities and Exchange Commission of Pakistan (SECP) website for a list of licensed brokers. Additionally, look for the broker's SECP registration number on their website, which can also be verified through SECP's customer service.
Yes, you can trade with an offshore broker in Pakistan, but it's important to exercise caution. While Pakistani traders are legally allowed to engage with foreign forex brokers, it is essential to ensure that the offshore broker is reputable and regulated by a credible financial authority. Always verify the regulatory status of the broker to safeguard your investments.
Brokers regulated by top-tier regulators, such as FCA, CySEC, and ASIC, offer higher levels of investor protection. These include strict compliance requirements, regular audits, and mechanisms for client fund protection, such as compensation schemes. On the other hand, brokers regulated offshore in jurisdictions like Belize or Seychelles may offer less stringent oversight, potentially exposing traders to higher risks and fewer safeguards, such as limited or no compensation in case of broker failure.
An Islamic Account is a trading account that is halal and aligns with Sharia Law. This means there are no overnight swap charges, which are considered to be riba.
Forex trading is considered halal in Pakistan if the right type of trading account is used and the intentions of trading abide by Sharia Law.
Tax is payable on forex trading in Pakistan. However, tax laws are subject to change, and individual circumstances vary. Seek advice from a qualified tax advisor.
While individuals in Pakistan might still engage in cryptocurrency trading through various brokers and platforms, it is not supported by formal regulations and comes with significant risks.
You cannot trade forex in Pakistan without a broker. Brokers not only provide necessary trading infrastructure like trading platforms and access to leverage but also offer liquidity and necessary legal compliance, especially in regulated markets.

About the Author

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Why you can trust FX Empire

At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

Why you can trust FX Empire

FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.