In below comparison table you can find global forex brokers for Kuwait traders offering services in English or Arabic language, naturally with KWD Islamic accounts!
What are the best forex brokers in Kuwait?
Best Kuwait Forex Broker
XM - Ultra Low Spread FX
HotForex (HFM Markets)
Forex trading has become fairly popular worldwide, and Kuwait is certainly not behind the trend. Just like many other investors in this world, Kuwaiti investors are looking to increase their savings. At this point, stocks and shares, real estate, and equities are no longer that sought-after.
This is why the forex trading in Kuwait have been soaring in popularity. When searching for the best forex brokers in Kuwait, there are a few factors that you may want to keep in mind. One of these factors is whether the forex brokers you are considering have a license and have been properly regulated or not.
1, Is forex trading legal in Kuwait ?
According to some resources, there are tens of thousands of Kuwaitis trading forex in 2023 and the number is still growing across the whole Middle East region. Forex is considered legal in Kuwait and the citizens of Kuwait are free to sign up with any global forex brokers.
2, Who regulates forex trading in Kuwait ?
CBK – Central Bank of Kuwait is the main regulator in the country.
3, Can Kuwaitis sign up with a forex broker from abroad ?
Yes they can. There are plenty of forex brokers and trading platforms outside of Kuwait,
What is Central Bank of Kuwait (CBK)
CBK is short for the Central Bank of Kuwait and is a body that offers a relatively strict system of currency on the State of Kuwait’s behalf. The CBK is also responsible for the regulation of the Kuwait stock market, but also the Ministry of Market, Ministry of Commerce, and the Kuwait stock exchange.
The CBK has been around for more than 40 years, being established in 1968 after the organization of banking business started taking form. It replaced the Currency Board in Kuwait, and it has the following core objectives:
- Functioning as a banker for the Government of Kuwait
- Releasing national currency for the State
- Supervising the banking system of the State
- Keeping the Kuwaiti Dinar stable and permitting free conversions to another currency
- Directing or issuing credit policies to improve the social and economic progress of the nation
- Acting as a financial adviser for the government
The CBK is, overall, one of the most reliable regulatory bodies that Kuwaiti can turn to.
Supervisory Functions of CBK
If you are interested in Forex trading and are looking to find some good CBK Forex brokers, you may want to know the supervisory functions of a Forex broker.
These may include:
- Analyzing the functioning of a new entrance in the financial and banking system
- Organizing and developing the financial and banking system of Kuwait, as well as enhancing their economic role
- Considering recommendations and proposals for remedying a problem that falls under CBK supervision
- Conducting inspections of all bodies that have been regulated by the CBK
It is very important that you choose your Forex broker carefully – and CBK regulated forex brokers in Kuwait are generally the standard, most reliable choice. Once you have considered your trading environment, you need to check whether the broker has the proper license and regulations or not.
There are many brokers who choose to operate without a license or supervision – and while not all of them may wish for ill-intent, you could still be subjected to fraud.
However, by choosing a Forex broker in Kuwait, you can be sure that the protection of your funds is guaranteed. Plus, there are certain compensatory plans that have been approved for those traders whose accounts have been approved by a CBK regulated broker.