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.
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.
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.
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:
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.
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:
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.
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:
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.
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:
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.
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:
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.
Here is a quick guide on how to choose the best forex broker in Pakistan.
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:
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.
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:
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.
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.
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.
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:
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.
Here are some things to avoid when choosing a forex broker in Pakistan:
Unfortunately, there are many forex and CFD scams targeting Pakistani traders. Here are some guidelines to steer clear of such situations:
We utilize a proprietary rating system to evaluate brokers, which entails analyzing 250 data points across nine fundamental categories:
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.
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.
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 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.
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.
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.
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.
At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.