Best Forex Brokers in Qatar 2022

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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.

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BrokerOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptooffers promotions
FP Markets
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DISCLAIMER: This material on this website is intended for illustrative purposes and general information only. It does not constitute financial advice nor does it take into account your investment objectives, financial situation or particular needs. Commission, interest, platform fees, dividends, variation margin and other fees and charges may apply to financial products or services available from FP Markets. The information in this website has been prepared without taking into account your personal objectives, financial situation or needs. You should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire or dispose of any financial product. Contracts for Difference (CFDs) are derivatives and can be risky; When trading CFDs you do not own or have any rights to the CFDs underlying assets. FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us. First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354). FP Markets is a group of companies which include, First Prudential Markets Ltd (registration number HE 372179), a company authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC License number 371/18, Registered Address: Griva Digeni, 109, Aigeo Court, 2nd floor, 3101, Limassol, Cyprus. FP Markets does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.

ASIC, CySEC

$100

1:30 (ASIC), 1:30 (CySEC)

MT4, MT5, IRESS, WebTrader

2005

DMA, ECN, No dealing desk, STP

AvaTrade
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71% of retail investor accounts lose money when trading CFDs with this provider

ASIC, CySEC, FSCA, FSA(JP), FSC, BVI, CBI

$100

1:30 (ASIC), 1:30 (CySEC), 1:500 (FSCA), 1:25 (FSA(JP)), 1:3500 (FSC), 1:1000 (BVI), 1:30 (CBI)

MT4, MT5, Proprietary, AvaSocial, AvaTradeGo, AvaOptions, WebTrader

2006

Market Maker

eToro
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68% of retail CFD investors lose money

FCA, ASIC, CySEC, MiFID

$199

1:-2 (FCA), 1:30 (ASIC), 1:30 (CySEC), 1:30 (MiFID)

eToro Platform

2007

Market Maker, No dealing desk, STP

Plus500
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77% of retail CFD accounts lose money.

FCA, ASIC, CySEC, ISA, MAS

$100

1:30 (FCA), 1:30 (ASIC), 1:30 (CySEC), 1:100 (ISA), 1:20 (MAS)

Plus500

2008

No dealing desk

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

FP Markets

Regulated By:ASIC, CySEC

Foundation Year:2005

Headquarters:Australia

Min Deposit:$100

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DISCLAIMER: This material on this website is intended for illustrative purposes and general information only. It does not constitute financial advice nor does it take into account your investment objectives, financial situation or particular needs. Commission, interest, platform fees, dividends, variation margin and other fees and charges may apply to financial products or services available from FP Markets. The information in this website has been prepared without taking into account your personal objectives, financial situation or needs. You should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire or dispose of any financial product. Contracts for Difference (CFDs) are derivatives and can be risky; When trading CFDs you do not own or have any rights to the CFDs underlying assets. FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us. First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354). FP Markets is a group of companies which include, First Prudential Markets Ltd (registration number HE 372179), a company authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC License number 371/18, Registered Address: Griva Digeni, 109, Aigeo Court, 2nd floor, 3101, Limassol, Cyprus. FP Markets does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.

FP Markets was founded in 2005 and is regulated by the Australian Securities and Investments Commission (ASIC), offering segregation of client funds and top tier liquidity. FP Markets is a group of companies that includes First Prudential Markets Ltd which is authorised and regulated by the Cyprus Securities and Exchange Commission.

FP Markets also offers a range of education and market analysis resources through the Traders Hub which includes technical analysis and fundamental analysis articles and videos, as well as, trading ebooks and video tutorials. Users can access live support via telephone, email and live chat 24 hours a day, 5 days a week.

Pros: Cons:
  • ASIC regulated.
  • ECN pricing and DMA trading available.
  • 10,000+ tradable financial instruments.
  • Wide range of trading platforms and trading tools available.
  • Excellent customer support and education tools.
  • The volume of choice of markets and accounts may be overwhelming for beginner traders.

AvaTrade

AvaTrade

Regulated By:ASIC, CySEC, FSCA, FSA(JP), FSC, BVI, CBI

Foundation Year:2006

Headquarters:Ireland

Min Deposit:$100

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71% of retail investor accounts lose money when trading CFDs with this provider

AvaTrade was founded in 2006 and is authorised and regulated across all six continents it operates including by the CBI, BVI FSC, ASIC, FSCA, FSA and ADGM. It is one of the oldest online forex and CFD brokers with a well-established reputation for customer support, competitive fees and spreads – all in addition to offering a large range of financial instruments, even including ETFs and FX options for those who like to diversify across assets.

Users can choose to open several different account types – Retail, Professional, Spread betting and Options. The differences are discussed in the account opening section below. Retail, professional accounts offer access to over 1,250+ financial instruments across the AvaTrade propriety web-based platform, MetaTrader 4 and MetaTrader 5. Additional platforms include DupliTrade, AvaTradeGo, AvaOptions and AvaSocial, all of which are discussed further down this review.

Pros: Cons:
  • Global regulation – CBI, BVI FSC, ASIC, FSCA, FSA and ADGM.
  • A wide selection of platforms for every type of trader including MT4/MT5.
  • Competitive spreads and fees.
  • Multilingual customer support.
  • Not available to residents in the USA and Iran.

eToro

eToro

Regulated By:FCA, ASIC, CySEC, MiFID

Foundation Year:2007

Headquarters:Cyprus

Min Deposit:$199

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68% 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

Plus500

Plus500

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

Foundation Year:2008

Headquarters:Israel

Min Deposit:$100

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77% 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.

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

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

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:

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Trade With A Regulated Broker

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