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.

6 Best Forex Brokers in Saudi Arabia for 2024

Looking for the top forex broker in Saudi Arabia? Based on our hands-on analysis, we’ve identified 6 best options tailored to various trading needs. Practical tips from our experts are included.

By:
Jitan Solanki
Reviewed By:
Ola Alder
Updated: Mar 26, 2024

List of Top Forex Brokers and Trading Platforms in Saudi Arabia

Raw spreads, low fees. No strategy restrictions, zero requotes. MT4, MT5, cTrader platforms.

Multiple account types including ECN. MT4, MT5, MultiBank Trader. MAM & PAMM solutions.

Extensive database of educational content. Online webinars. Commission-free Islamic account. Micro-account with a low minimum deposit.

Professional-grade, proprietary trading platforms. Autochartist and TradingView integration. 40,000+ tradable instruments. Regulated by 9 top-tier authorities.

Competitive trading fees. STP and ECN trading accounts. Multiple trading platforms. Proprietary Copy Trader App.

MT5, MT5, AvaWebTrader, AvaSocial, AvaOptions, AvaTradeGO trading platforms. DupliTrade copy trading platform plugin. Trading Central research. Free trading signals.

Forex Trading in Saudi Arabia

Saudi Arabia is rapidly emerging as a major financial hub, leading to a surge in the popularity of forex trading within the country. Although forex trading is legal in Saudi Arabia, the Capital Markets Authority and the Saudi Central Bank do not mandate forex brokers to obtain their licenses. Consequently, Saudi forex traders often opt for brokers regulated by reputable international authorities that oversee forex brokerage activities.

How Did FX Empire Select the Best Brokers in Saudi Arabia?

Fx Methodology at a Glance

  • We checked the regulations and licenses for each broker to make sure they are authorized for forex trading activities in Saudi Arabia.
  • We ensured the broker offers access to Islamic swap-free accounts that comply with Sharia Law.
  • We explored the localized version of the website to identify any dedicated features for Saudi clients.
  • We selected brokers that offer customer support in the Arabic language during business hours in Saudi Arabia.
  • We verified if the Saudi riyal (SAR) is available for deposit and withdrawal.
  • We searched for any special bonuses and promotions for Saudi clients.
  • We opened live accounts with brokers to assess if trading fees are competitive.
  • We tested the broker’s trading platforms to identify if they are user-friendly and feature-rich.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

Now let’s go through the selected brokers.

Best Overall

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
  • Min Deposit
    $200
  • Tradable Instruments
    2251
  • Fees
    Low

IC Markets is a top broker to consider for traders in Saudi Arabia. Founded in 2007, the broker is authorized and regulated by CySEC, ASIC, SCB, and the FSA Seychelles. I determined it as the best overall forex broker due to its competitive fees, multiple trading platforms, and Islamic raw-spread trading accounts.

Regional Features:

  • Entity for Saudi traders: Raw Trading Ltd regulated by the FSA of Seychelles, license no. SD018
  • Islamic account: Yes
  • Leverage: Up to 1:500 on Forex
  • Payment methods for Saudi traders: Online banking, credit/debit cards, PayPal, Neteller, Skrill
  • Localized website: Available
  • Local customer support: Available 24/7

While most of IC Markets’ offering is geared toward high-frequency and high-volume traders, it offers an excellent range of features for traders in Saudi Arabia. During our live fee test, we found that IC Market’s average spread for EUR/USD was only 0.6 pips for its commission-free trading account. In my experience, this is very competitive and much better than the industry average of 1.0 pips.

There are three different Islamic swap-free trading accounts available with the main difference between each of them being the trading platform available and the commission charged. For traders in Saudi Arabia, you can access:

  • Standard MT4/MT5 Account (spreads from 0.6 pips.; zero commission);
  • Raw Spread MetaTrader Account (spreads from 0.0 pips and $3.50 commission, per lot, per side);
  • Raw Spread cTrader Account (spreads from 0.0 pips and $3.00 commission, per lot, per side).

The commission for the raw spread MetaTrader and cTrader accounts is in line with the industry average. The MT4, MT5, and cTrader platforms are great for professional traders. Also, IC Markets offers some upgrades to MetaTrader in the form of additional indicators.

You can also access algorithmic trading capabilities and social trading from these platforms. A particular feature I was impressed with is the fact there are no strategy restrictions, zero requotes, and no minimum distances for you to place market orders highlighting the speed and depth of market execution.

Pros
  • Islamic swap-free trading accounts.
  • Access raw spreads and low fees.
  • Variety of platforms.
  • 24/7 customer support.
Cons
  • Energy CFDs are not available for swap-free trading.

Best for Professional Traders

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 is a broker with multiple global entities authorized and regulated by top-tier authorities, including ASIC, BaFin, and the SCA of the UAE. Offering a variety of account types and trading platforms, MultiBank presents an impressive spectrum of solutions tailored to advanced traders.

Regional Features:

  • Entity for Saudi traders: MEX Atlantic Corp regulated by the Cayman Islands Monetary Authority (CIMA), license no. 1811316
  • Islamic Account: Yes
  • Leverage: Up to 1:500 on Forex
  • Payment methods for Saudi traders: online banking, credit/debit cards, Neteller, Skrill, myFatoorah, DragonPay, GlobePay
  • Localized website: Available
  • Local customer support: Available 24/7

MultiBank offers Standard, Pro, and ECN accounts. The ECN account provides access to raw spreads from 0.0 pips, with a commission of 3.00 USD per lot, per round turn which is much better than the industry average of 7.00 USD making it a good choice for professionals. The Pro account offers commission-free trading but with spreads from 0.8 pips while the Standard account also offers commission-free trading but with spreads from 1.5 pips.

During our live fee test, I found the spread for EUR/USD during the London and New York session averaged 1.5 pips from the Standard account which is higher than the industry average of 1.0 pips for a commission-free trading account.

Professional traders may also opt for the MAM and PAMM accounts which allow you to manage investor capital. Alternatively, I found that MultiBank offers its own social and copy trading solution – MEX Social Trading. On this platform, you can either follow other traders or become a strategy provider yourself to earn more from people following you.

MultiBank’s clients can also benefit from the go-to platforms in the forex trading industry – MetaTrader 4 and MetaTrader 5. Through them, you can access swap-free trading to comply with Sharia Law not just on forex but also on shares and commodities.

Pros
  • ECN and swap-free trading accounts.
  • Access MAM and PAMM trading accounts.
  • Free VPS hosting for algotraders.
Cons
  • No negative balance protection for traders from Saudi Arabia.

Best for Beginners

4.3
82% of retail CFD accounts lose money
  • Min Deposit
    $500
  • Tradable Instruments
    266
  • Fees
    Medium

If you’re a beginner trader looking for quality customer support, exhaustive educational content, and tools to develop your trading, then FXTM could be an option. Founded in 2011, FXTM is authorized and regulated by the UK FCA, FSCA, CySEC, IFSC Belize, and the FSC Mauritius. It provides a good range of beginner trading accounts and an extensive database of learning materials.

Regional Features:

  • Entity for Saudi traders: Exinity Limited, regulated by the FSC of Mauritius, license no. C113012295.
  • Islamic Account: Yes
  • Leverage: Up to 1:2000 on Forex
  • Payment methods for Saudi traders: online banking, credit/debit cards, PayRedeem, WebMoney, Perfect Money, and a range of crypto options
  • Localized website: Available
  • Local customer support: Available during local working hours

FXTM provides a Micro Account option, enabling trades in cents rather than dollars, thereby enhancing accessibility for novice traders. Additionally, a Micro account can be opened with a minimum deposit of merely 10 US dollars or euros. These advantages are also available through an Islamic swap-free account.

Beginner traders will also enjoy the extensive range of education and research materials offered by the broker. This includes articles, videos, eBooks, and online webinars covering a wide range of topics. Many of the educational videos are available in Arabic. However, most research content is presented in English.

FXTM provides the MT4 trading platform, which may entail a learning curve for new users. The FXTM Trader App could be an optimal choice for novice traders seeking a simpler alternative, offering a swift and straightforward trading experience.

After opening a live trading account, I found that the spread for EUR/USD during the London and New York sessions averaged 2.0 pips, much higher than the industry average of 1.0 pips for a commission-free trading account.

Pros
  • Micro accounts.
  • Extensive range of educational materials.
  • Easy-to-navigate FXTM Trader App.
  • High leverage.
Cons
  • No research materials in Arabic.

Best Trading Platform

4.3
The value of your investments can go down as well as up. Losses can exceed deposits on margin products. Complex products, including CFDs and FX, come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. 74% of retail investor accounts lose money when trading CFDs with this provider.
  • Min Deposit
    $2000
  • Tradable Instruments
    34571
  • Fees
    Medium

Saxo is a Danish bank founded in 1992 and is regulated by 9 top-tier financial authorities worldwide. If you are looking for a professional-grade, proprietary trading platform to trade and invest in more than 40,000 tradable instruments covering forex, commodities, bonds, stocks, options, cryptos, mutual funds, and ETFs, then Saxo could be an option for you.

Regional Features:

  • Entity for Saudi traders: Saxo Bank A/S licensed by the Danish FSA, operating in the UAE under a representative office license issued by the Central Bank of the UAE
  • Islamic Account: Yes
  • Leverage: Up to 1:30 on Forex
  • Payment methods for Saudi traders: Bank Wire Transfer, Visa, Mastercard
  • Localized website: Available

Saxo has an award-winning trading platform offering an excellent range of professional features. The SaxoTraderGO, SaxoTraderPRO, and SaxoInvestor provide access to more than 40,000 tradable instruments covering nearly all global markets and types of financial products such as options, CFDs, and real stocks. One of the standout features is its Account Value Shiled which acts as a stop loss on the entire account, offering a much higher level of risk management control.

I also found you can integrate trading signals from Autochartist into the web and desktop platforms. These trading signals offer probabilities of the signal working out and involve identifying chart patterns, key price levels, and Fibonacci emerging and completed patterns. With more than 64 technical indicators, 20 drawing tools, 19 timeframes, and 9 chart types, it’s a platform worth considering. The mobile trading app offers nearly all the same features as its web platform, solidifying its case as one of the best in the industry.

During our live fee test, we found the spread for EUR/USD averaged 0.85 pips with a commission of USD 3.0 per lot per side. The commission beats the industry average of USD 3.50, but the spread is much higher than the 0.1 pips industry average.

Pros
  • Range of robust platforms
  • Trrading signals from Autochartist
  • Multiple account types
  • High-quality market research
Cons
  • High minimum deposit requirements

Best Low Spreads

Trading Forex and CFDs involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. Please read our legal documents and ensure that you fully understand the risks before you make any trading decisions.
  • Min Deposit
    $50
  • Tradable Instruments
    1039
  • Fees
    Medium

Founded in 2020, Moneta Markets has entities authorized and regulated by the FSCA, FSA Seychelles, and one unregulated entity in St. Lucia. Over 1,000 tradable instruments are available from multiple trading platforms and with competitive spreads.

Regional Features:

  • Entity for Saudi traders: Moneta Markets Ltd authorized and regulated by the FSA Seychelles, license no. SD144
  • Islamic Account: Yes
  • Leverage: Up to 1:500 on Forex
  • Payment methods for Saudi traders: Bank Wire Transfer, Visa/Mastercard, FasaPay, JCB, Sticpay
  • Localized website in Arabic: Available

In our live fee test, the spread for EUR/USD during the London and New York sessions averaged 0.15 pips for the ECN trading account, around the industry average of 0.1 pips for a similar account. As this is a commission-based account, there is also a fee of USD 3 per lot (100,000 units of currency traded) per side which is better than the industry average of USD 3.50.

Over 1,000 tradable instruments cover global share CFDs, currencies, indices, commodities, futures, and crypto CFDs. These are available from multiple trading platforms, including MetaTrader 4 and the proprietary Moneta Markets Pro Trader platform. I found the broker’s platform an excellent option to trade from as TradingView powers its charts, and it offers more than 105 technical analysis indicators and 11 different timeframes.

Pros
  • STP and ECN trading accounts
  • Low trading spreads and commissions
  • Feature-rich proprietary trading platform
  • Charts powered by TradingView
Cons
  • No social or copy trading from Pro Trader platform

Best for Copy and Social Trading

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 has entities regulated by seven worldwide financial authorities. Over 1,250 tradable instruments are available to trade with zero commission on an excellent range of trading platforms and apps.

Regional Features:

  • Entity for Saudi traders: AvaTrade Markets Ltd authorized and regulated by the FSC B.V.I
  • Islamic Account: Yes
  • Leverage: Up to 1:400 on Forex
  • Payment methods for Saudi traders: Bank Wire Transfer, Credit/Debit Card,
  • Skrill, Neteller and WebMoney
  • Localized website in Arabic: Available

AvaTrade’s platform offerings include MetaTrader 4 & 5, AvaWebTrader, AvaSocial, AvaOptions, and AvaTradeGO. MetaTrader 4 and 5 set the industry benchmark, but AvaWebTrader truly impressed me with its intuitive charts, access to over 100 technical indicators, drawing tools, sentiment indicators, and complimentary trading signals.

AvaTrade sets itself apart with robust copy and social trading features. DupliTrade syncs with MetaTrader, enabling traders to effortlessly duplicate the strategies of experienced traders in real time. ZuluTrade allows users to emulate the success of top traders from different brokers. Meanwhile, AvaSocial empowers AvaTrade clients to both replicate and derive insights from the achievements of their peers.

Our live fee test revealed that the spread for EUR/USD averaged 0.9 pips during the London and New York trading sessions for standard accounts, outperforming the industry’s average of 1.0 pips for commission-free accounts.

Pros
  • Multiple platforms for social and copy trading.
  • AvaProtect risk management tool.
  • Zero commission trading.
  • Trading Central research and signals.
Cons
  • Fee of 50 USD/EUR/GBP after 3 months of inactivity.

How to Choose a Forex Broker in Saudi Arabia?

Forex trading in Saudi Arabia, like any place with a growing forex market, needs a careful selection of a broker. This choice could have a significant impact on the success or failure of your trading activities as your broker not only holds your trading capital but executes your trades.

Below I collected crucial aspects you should consider when selecting your forex broker.

How to find a safe broker?

When you pick a forex broker, safety must be your first concern. Look for a broker who is overseen by established financial regulators. However, not all financial regulators are equal.

In our broker reviews system, we categorize regulators into three tiers:

  • Tier-1 regulators are typically from established financial centers and include the UK Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).
  • Tier-2 regulators are usually from established financial centers that are much smaller and include the New Zealand Financial Markets Authority (FMA) and the Monetary Authority of Singapore (MAS).
  • Tier-3 regulators are generally from offshore locations and include the Securities Commission of the Bahamas (SCB) and the Vanuatu Financial Services Commission (VFSC).

While the Saudi Arabian Capital Markets Authority and Saudi Central Bank ensure proper market liquidity for the Saudi Riyal and oversee financial institutions, they do not regulate forex brokers.

Traders in Saudi Arabia typically engage with brokers authorized and regulated by international top-tier authorities. It’s prudent to steer clear of unregulated, offshore-based brokers, given the lack of legal recourse if such entities abscond with your capital.

To verify a forex broker’s regulation, first, check the broker’s website for their regulatory information and registration number. Then, validate this on the relevant regulatory body’s website, either through their license check tool or public registry of regulated entities.

Read more about Best regulated forex brokers.

What fees to consider?

A forex broker may charge several types of fees and traders must be aware of them to maintain profitability.

Trading fees include spreads, commissions, and swap fees.

  • Spread is the difference between the buying and selling price of a currency pair. This is based on the underlying market and whether or not the broker marks up the spread for their own profit. Some accounts offer raw interbank spreads but will charge a commission to buy and sell. Read more about Best lowest spread forex brokers.
  • Commission is a charge to buy and sell.
  • Swap fees are overnight fees to hold a leveraged or margin-based position. Discover Best low swap fees brokers. However, on Islamic swap-free accounts, there are no swaps payable to make trading forex comply with Sharia Law. Instead, the broker may just charge an upfront fee when opening a trade (a form of commission), or markup the spread.

You can use a broker’s demo trading account to see the fees yourself and identify which is most suitable for your style of trading. Check out our list of Best forex demo accounts.

Non-trading fees are costs not directly related to trading. They include:

  • Deposit/Withdrawal Fees: Some brokers charge fees for depositing or withdrawing funds from your trading account.
  • Inactivity Fees: If you don’t trade for a certain period, some brokers may charge an inactivity fee.

Trading fees should be 100% transparent on the broker’s website – especially if the broker is regulated by a good quality financial regulator. If they are not, then you need to check the broker’s terms and conditions for any potential surprises.

Check out our guide on Best zero spread forex brokers.

How to choose a trading account in Saudi Arabia?

Most brokers provide a variety of account types. Key distinctions among these accounts primarily lie in the execution model, minimum deposit, and access to various services and trading tools.

For traders in Saudi Arabia adhering to Sharia Law, selecting an Islamic swap-free trading account is essential. Brokers typically offer a variety of these accounts, with some being commission-free and others commission-based.

It’s crucial to scrutinize the additional features accompanying a trading account to ascertain their suitability. Occasionally, specific trading tools or the most favorable fees might be exclusive to accounts with larger minimum deposits. Therefore, it’s important to identify what aligns best with your requirements and initial capital.

Read more about Best forex brokers with Islamic accounts.

What to consider when choosing leverage?

Leverage can significantly enhance your trading capacity by allowing you to trade larger positions than your account balance. The optimal leverage is determined by your risk tolerance and trading strategy. Bear in mind that increased leverage amplifies the risk of potential losses.

Numerous brokers allow Saudi traders to establish accounts regulated by Tier-3 financial authorities, which typically impose fewer restrictions. As a result, they may offer high leverages like 1:1000 or 1:2000, enabling you to open positions 1,000 or 2,000 times larger than your invested capital.

Conversely, Tier-1 regulators impose a limit on leverage for retail traders, restricting it to 1:30 for forex pairs. Therefore, it’s prudent to exercise caution when considering brokers that offer exceptionally high leverage.

Discover Best forex brokers with high leverage.

How to choose a trading platform?

As a forex trader in Saudi Arabia, it’s crucial to select a trading platform that aligns with your trading style. An excellent platform offers robust tools for technical analysis, utilizes real-time data, and maintains transparent, competitive fees.

The most common trading platforms are:

  • MetaTrader 4: Known for its convenient interface and strong technical analysis tools, it can be used by both beginners and experienced traders. Read more about best MT4 brokers.
  • MetaTrader 5: A new version of MT4 that has more features including more timeframes and functionality such as hedging. Read more about best MT5 brokers.
  • cTrader: Known for advanced charting tools and an easy-to-use interface, it’s a ‘go-to’ for high-frequency day traders. Read more about best cTrader brokers.
  • Proprietary platform: Many brokers may also offer their own trading software (usually web-based) with access to a wider variety of tools.

If you’re uncertain about which trading platform to choose, consider exploring each one using a broker’s demo trading account. This approach will help you identify the platform that best suits your needs.

Check out our dedicated guide on Best forex trading platforms.

What to avoid when choosing a forex broker in Saudi Arabia?

Here are the five things to avoid when choosing a broker in Saudi Arabia:

  • Neglecting to verify regulatory compliance.
  • Overlooking broker fees, such as spreads, commissions, and swap rates.
  • Selecting an account type that does not align with your requirements.
  • Skipping to review the range of instruments provided by the broker.
  • Avoiding straight communication with the support team before opening an account.

How to avoid forex and CFD scams?

Forex and CFD scams are unfortunately prevalent in the trading world. To avoid falling victim to a scam, follow these recommendations:

  • Verify Regulatory Claims: Never take a broker’s claims at face value. Confirm their regulatory status directly on the regulator’s website using the registration number provided by the broker.
  • Research the Broker: Search for reviews and comments about the broker on reputable financial forums and websites. Be wary of overwhelmingly positive reviews, which could be fake.
  • Use Demo Accounts First: Start with a demo account to understand how the broker operates. Note any suspicious activity such as significant slippage or delayed withdrawals.
  • Understand their Terms and Conditions: Ensure you fully understand their terms, especially regarding withdrawals and bonuses.
  • Be Wary of High Returns Promises: Scam brokers often lure traders with promises of unrealistic high returns.

Methodology

FX Empire has established itself as an innovative hub of broker assessments and reviews, constantly refining the evaluative approach to adapt to the dynamic landscape of the industry.

Our unique rating framework encompasses a diverse range of nine fundamental aspects: trustworthiness, cost-effectiveness, platform sophistication, tradable instruments, customer support, payment options, account options, research tools, and educational resources.

Within each of these categories, we scrutinize over 250 data points, comparing and contrasting various brokers to ascertain how their offerings stack up against the industry’s average standards.

For this guide, we prioritized regulated and transparent brokers, with licenses to serve traders in Saudi Arabia. We made sure these brokers offered Islamic swap-free accounts, operated localized website versions, provided customer support in Arabic during Saudi Arabia’s business hours, and accepted deposits and withdrawals in Saudi riyal (SAR). Also, we looked out for special bonuses and promotions targeting Saudi clients.

Further, we engaged directly with these brokers by opening live accounts, enabling us to evaluate the competitiveness of their trading fees. Finally, we tested their trading platforms for user-friendliness and richness in features, ensuring the best experience for traders.

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.

Yes, forex trading is legal in Saudi Arabia. While Saudi Arabian authorities allow forex trading, Saudi traders would use brokers authorized and licensed by international financial regulators that oversee forex brokers.
The primary regulatory body overseeing Forex trading in Saudi Arabia is the Capital Market Authority (CMA). The CMA works to ensure that brokers operating in Saudi Arabia are adhering to fair and transparent practices, providing necessary protections for traders. However, the CMA does not directly regulate international Forex brokers, and many Saudi traders use brokers regulated by international authorities.
You can check the regulator’s website which usually has an online register of brokers regulated by them. However, traders in Saudi Arabia will most likely trade with brokers regulated by international authorities so it’s worthwhile checking them.
An Islamic or swap-free account is a type of forex account that complies with Islamic law by not charging or earning any interest, which is considered "riba" or usury.
We found that FXTM is a great option for beginner traders as it offers Micro trading accounts and an extensive range of educational resources in Arabic.
From our research, MultiBank is a good option for professional traders to consider due to the variety of trading platforms, MT4, MT5, and cTrader, access to social trading tools, and ECN Islamic swap-free trading accounts.
We assessed that IC Markets serves the best for Saudi traders thanks to its competitive fees, multiple platforms tools, and Islamic raw-spread trading accounts.
Saudi Arabia does not levy taxes on forex trading profits. But it's wise to consult a tax advisor in case you might need to report earnings to the authorities.
There are no specific restrictions on leverage imposed by the regulatory authorities in Saudi Arabia. However, Saudi traders often work with international brokers regulated by foreign authorities, and the leverage restrictions of those regulators will apply.
Yes, residents of Saudi Arabia are generally able to trade with offshore-regulated brokers. However, it's important to note that these brokers might not be subject to the same level of regulatory oversight as brokers regulated by top-tier authorities such as the FCA, ASIC, or CySEC.
Cryptocurrency trading is not officially sanctioned in Saudi Arabia, and some international brokers may offer crypto CFDs among other tradable instruments to Saudi Arabian traders. However, youshould be aware of the risks involved in cryptocurrency trading.
Forex trading can be considered halal (permissible according to Islamic law) if it avoids earning interest (through swap-free accounts), involves immediate exchange of currencies, and avoids excessive speculation or gambling. However, interpretations of Islamic law can vary, so Muslims interested in Forex trading should seek advice from a knowledgeable religious authority.
Negative balance protection is a feature that keeps traders from losing more than they put in their trading accounts. It functions as a protective mechanism, if the account balance dips below zero due to market fluctuations or a margin call, the broker intervenes by closing positions to restore the balance to zero.
To verify that your broker offers negative balance protection, you can check their terms and conditions, website or customer support. Brokers regulated by tier 1 regulators must offer this as a regulatory requirement.
A compensation scheme is a fund that provides protection for investors in case the broker goes bankrupt.
To ensure that your broker is a member of a compensation scheme, you can verify this by checking their website, license, or regulatory status. Additionally, you can directly contact the compensation scheme or visit their website to confirm whether your broker is registered with them.
A segregated fund is an account that keeps your funds separate from your broker's own funds. This ensures that your money is held in a distinct bank account that is not accessible or utilized by the broker for their own activities or purposes.
To verify that your broker uses segregated funds, you can check their website, regulation status or customer support. You can also ask for proof or confirmation from your broker that your funds are held in a segregated account with a reputable bank.

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.