FXEMPIRE
All
Advertisement
Advertisement

Best Forex Brokers in Qatar 2020

FX Empire Editorial Board
Last Update:
At FX Empire, we stick to strict standards of a review process. Learn about our review process. FX Empire may receive compensation. Here’s how we make money.

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.

The brokers below represent the best forex brokers for trading in Qatar.

Scroll for more details
BrokerRatingOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptoCommission on tradesFixed spreadsoffers promotionsOfficial Site
First Prudential Markets Pty Ltd
Visit Broker>

Your capital is at risk

ASIC, CySEC

$100

1:500

IRESS, MT4, MT5, webtrader

2005

No dealing desk

Visit Broker>

Your capital is at risk

Plus500
Visit Broker>

76.4% of retail CFD accounts lose money

ASIC, CySEC, FCA, FSB, ISA, MAS

$100

1:30

Plus500

2008

No dealing desk

Visit Broker>

76.4% of retail CFD accounts lose money

FXTM
Visit Broker>

90% of retail CFD accounts lose money

CySEC, FCA, FSC

$10

1:30

MT4, MT5

2011

No dealing desk

Visit Broker>

90% of retail CFD accounts lose money

FBS
Visit Broker>

Your capital is at risk

CySEC, IFSC

$1

1:3000

MT4, MT5

2009

ECN, No dealing desk, STP

Visit Broker>

Your capital is at risk

eToro
Visit Broker>

62% of retail CFD investors lose money

ASIC, CySEC, FCA, MiFID

$200

1:30

cTrader, Currenex, eToro Platform, Keystone, Marketspulse, Mirror Trader, MT4, MT5, Tradologic, Zulutrade

2007

Market Maker, No dealing desk, STP

Visit Broker>

62% of retail CFD investors lose money

Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.

Best Forex Brokers for trading in Qatar


Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.

FP Markets

Regulated By:ASIC, CySEC

Foundation Year:2005

Headquarters:Level 5, Exchange House 10 Bridge St Sydney NSW 2000, Australia

Min Deposit:$100

Visit Broker

Your capital is at risk

This brokerage offers a massive range of tradable assets through Forex, CFD, and share trading accounts. FP Markets supports the MT4, MT5, and IRESS platforms and offers leverage up to 500:1. You can trade 45 currency pairs with competitive spread or commission pricing.

FP Markets was founded in 2005 and is headquartered in Sydney, Australia. It is regulated by the ASIC in Australia. Demo accounts are available. While it is suitable for beginners, education resources are limited. 

Pros: Cons:
  • 10,000+ tradable assets
  • Choose between 3 trading platforms
  • Competitive spread pricing on raw account
  • High spreads on the standard account
  • A range of possible additional fees
  • AU $200 minimum opening balance

Plus500

Regulated By:ASIC, CySEC, FCA, FSB, ISA, MAS

Foundation Year:2008

Headquarters:Building 25, MATAM, Haifa, Israel

Min Deposit:$100

Visit Broker

76.4% of retail CFD accounts lose money

Plus500 is a leading CFD trading platform with support for stocks, indices, cryptocurrencies, and Forex. This commission-free brokerage charges very low spread-rates and offers fast trades on a great platform. Plus500 supports complex trades, includes negative balance protection, and makes trading an educational and hopefully profitable venture.

You can start with a free demo account to test the platform and any trading strategy. Real money accounts offer leverage of up to 1:30. This broker is based in Israel and regulated by the Financial Conduct Authority (FCA) in the UK. 

Pros: Cons:
  • Support for 2000+ products to trade across global markets,including Forex, commodities, shares, indices
    and cryptocurrency CFDs
  • No commission and low spread costs
  • Advanced trades and fast execution
  • Licensed in several regulatory hubs, and publicly listed
  • Only CFDs, no direct Forex trades
  • High rates on margin/leverage accounts
  • Less research data than some competitors
  • No phone support offered

FXTM

Regulated By:CySEC, FCA, FSC

Foundation Year:2011

Headquarters:FXTM Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus

Min Deposit:$10

Visit Broker

90% of retail CFD accounts lose money

FXTM, short for ForexTime, is a platform with a primary focus on foreign exchange. That specialization allows it to rise above many others when it comes to Forex focused trading platforms and tools. CFDs are available on 50+ currency pairs including major, minor, and exotic pairs. Leverage is available up to 1000:1.

Spreads are competitive across all platforms with 24-hour trading open 5 days per week. FXTM is based in Cyprus and licensed by the International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission, and other regulators in and out of the EU. A free demo account is available. 

 Pros:  Cons:
  • Support for 250+ products to trade across global markets, including Forex, commodities, shares, indices and cryptocurrency CFDs
  • Competitive spreads
  • MetaTrader 4 and MetaTrader 5 platform support
  • Low maximum order size
  • No native Mac desktop app

FBS

Regulated By:CySEC, IFSC

Foundation Year:2009

Headquarters:N/A

Min Deposit:$1

Visit Broker

Your capital is at risk

FBS Markets Inc. is a Forex and CFD broker that offers its services across the globe. The company was established in 2009 and since then, the brand has grown in size, capacity and technology. It offers currency pairs, CFDs, stocks, metals and cryptocurrencies on MT4 and MT5 platforms.

FBS Markets offers 37 currency pairs, 4 metals, 3 CFDs, 4 cryptocurrencies and 32 stocks.

FBS provides the MT4 and MT5 trading platforms as WebTrader, desktop applications and mobile applications. For leverage accounts, this brokerage offers leverage of up to 3000:1.

Pros Cons
  • The broker is regulated by CySEC and the IFSC
  • Access to investor compensation in case of broker fraud
  • Comprehensive trader education
  • Good variety of research tools
  • Low capital requirements for account opening
  • Spreads are higher than many retail brokers
  • Regulation of global brand is not as robust as the EU brand
  • Leverage offered on global brand is too high (careful risk management is a must)

eToro

Regulated By:ASIC, CySEC, FCA, MiFID

Foundation Year:2007

Headquarters:Kanika International Business Center 7th Floor, 4 Profiti Ilia Street Germasogeia, Limassol, Cyprus

Min Deposit:$200

Visit Broker

62% of retail CFD investors lose money

eToro is another awesome platform for beginners. A standout feature here is the ability to view and copy other trader’s strategies. Dropping into a new platform for the first time can be intimidating. Etoro takes away some of that fear factor by showing you what other traders are doing that works.

The platform is intuitive and the site offers some useful education and news resources for new traders as well. But if you are truly a “noob” in foreign exchange, looking at real examples in a live setting can teach you what’s going on much faster than piecing it together on your own.

Pros: Cons:
  • Highly regulated broker (FCA, CySEC and ASIC)
  • Innovative trading platform
  • Wide range of assets to trade with
  • Ability to earn 2% management fee as an Investor trader
  • Spreads are higher than average
  • Does not have the MetaTrader platform

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.

Account Types

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:

  1. Starter accounts (also known as Mini or Bronze accounts)
  2. Gold account
  3. Premium/VIP/Executive accounts

Customer Service

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.

Additional Services

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.

FAQ’s

  • 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.

Conclusion

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.

Read More:

Trade With A Regulated Broker

  • Your capital is at risk