Best Forex Brokers in Qatar 2019

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

AvaTrade

Regulated By:ASIC, BVI, CBI, FSCA

Foundation Year:2006

Headquarters:Five Lamps Place, 77-80 Amiens Street, Dublin 1, DO1A742, Dublin, Ireland

Min Deposit:$100

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Your capital is at risk

Your capital is at risk

FXTM

Regulated By:CySEC, FCA, FSC

Foundation Year:2011

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

Min Deposit:$10

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90% of retail CFD accounts lose money

90% of retail CFD accounts lose money

FBS

Regulated By:CySEC, IFSC

Foundation Year:2009

Headquarters:N/A

Min Deposit:$1

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Your capital is at risk

Your capital is at risk

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

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75% of retail CFD investors lose money

75% of retail CFD investors lose money

Libertex

Regulated By:CySEC

Foundation Year:2014

Headquarters:Gladstonos and Karaiskaki Street, off 31, Limassol 3032, Cyprus

Min Deposit:$10

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Your capital is at risk

Your capital is at risk

Forex Brokers in Qatar Comparison Table

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BrokerRatingOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptoCommission on tradesFixed spreadsoffers promotionsOfficial Site
AvaTrade
Visit Broker>

Your capital is at risk

ASIC, BVI, CBI, FSCA

$100

1:30

ActTrader, MT4, MT5, Proprietary, Zulutrade

2006

Dealing Desk, Market Maker

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Your capital is at risk

FXTM
Visit Broker>

90% of retail CFD accounts lose money

CySEC, FCA, FSC

$10

1:30

MT4, MT5

2011

ECN, STP

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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

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Your capital is at risk

eToro
Visit Broker>

75% 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>

75% of retail CFD investors lose money

Libertex
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Your capital is at risk

CySEC

$10

1:600

N/A

2014

Market Maker

Visit Broker>

Your capital is at risk

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:

  1. Whether or not forex conforms to Sharia principles of investment.
  2. 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.

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