Forex Brokers in Saudi Arabia 2019

This is the comparison table with the best forex brokers offering services to Saudi Arabian traders. They provide support in both Arabic and English language and provide you with an option to open Islamic accounts.

Broker's Name

sa flag
 Trader's ScoreBenefitsIslamic AccountMinimum depositTrading PlatformOur Review


XM


High Quality Forex Broker
- Excellent for beginners & advanced
- Safe for large deposits
- $30 No deposit Bonus
- No price requotes
- 57 Currency pairs
- 888:1 Max. Leverage
- Fast trade execution
- No freezing
Yes$5MetaTrader 4
MetaTrader 5
Android/iOS Apps
XM review

eToro



Automatically copy profitable traders
- Copy Trading platform
- Largest social trading network
- 47 currency pairs
- 15 Cryptocurrencies
- 1600 Real Stocks
Yes$200CopyTrader™
Android/iOS Apps

eToro review

IQOption

Best All-in-One Trading Platform:
- Excellent for beginners
- 40 Currency pairs
- Binary options
- Stocks
- Indices
Yes$10IQ OPTION review

XTB


- Low spreads from 0.8 Pips
- Fast trade execution
- 48 Currency pairs
- 200:1 Leverage
- Metatrader4
- Online education
- High quality support
Yes$400MetaTrader 4
xStation5
Webtrader
XTB review

Pepperstone


- True ECN broker !!
- Regulated by ASIC / FCA U.K.
- Spreads EURUSD from 0.1Pips
- 70 Currency pairs
- 500:1 Max. Leverage
- Fast trade execution
- No freezing
Yes$200cTrader
MetaTrader 4
Android/iOS Apps

HotForex

- STP broker
- DFSA Regulated in Dubai
Yes$50MetaTrader 4
MT5
HF CopyTrading
HotForex review

Henyep Markets


Yes$1000MetaTrader 4

AvaTrade

Yes$100MetaTrader 4
AvaTrade review

Markets.com

Yes$100MetaTrader 4
KeyStock Webtrader
Markets.com review

24Option


-No$100WebTrader
No$100MetaTrader 4

Instaforex

YES$100MetaTrader 4Instaforex review

IronFX

Finding some really good online trading platform in Saudi Arabia should’t be that difficult  as there are countless options  on the web. When you browse the Internet you may easily find the most prominent foreign brands welcoming traders from Saudi Arabia and offering top notch online trading platforms. The majority of global brokers physically reside either in other Gulf countries (mostly in Dubai) or directly in the U.K., Cyprus (EU Finance Hub) or in Australia.

Forex trading can be very risky if you are not working with regulated broker. In order to pick the right forex trading company, you need to understand how it all works.

forex brokers in Saudi Arabia

CMA regulates  forex brokers in the Kingdom of Saudi Arabia

The Capital Market Authority (CMA) is the one and only regulatory agency on SA capital market. Its main goal is to raise investor awareness by running various awareness programs. Besides teaching investors the best practices to invest safe on capital markets, main duties are protecting local investors from unfair practice, fraud and scam. Other than that, monitoring and regulating the entities operating on Saudi securities market is the main concern. Probably due to the nature and complexity of the local market, there are hardly any local forex broker offices in Riyadh, Jeddah, Quassim or Dammam or elsewhere in the country, the quite opposite situation is with Dubai  brokers in UAE which come from Europe or Australia and open their offices mostly in DIFC Dubai. Saudis have been able to trade only with the global brands without their physical presence in the country. But nevertheless you can still trade currencies legally and therefore reap all the benefits of trading with low spreads, no commissions islamic accounts and using the state of the art trading platforms.

Capital market authority
Capital Market Authority Tower in Riyadh, Image Source :designbuild-network.com

Benefits of trading forex

Forex is legal in Saudi Arabia . Although the CMA market regulator just recently issued its first license to one local broker, any big global brand will accept you as a new trader and you can get great trading conditions.

By working with the top rated global brokers, as a trader, you might be able to reap several advantages:

  • Huge Liquidity: the  currency market is the largest finance market in the world, there are always buyers, just as there will always be many sellers. Thanks to this, you may expect a certain degree of liquidity and almost immediate trade execution usually under 400 miliseconds with most top rated online trading platforms!
  • Accessibility: Currency trading market is accessible almost 24 hours a day, due to trading sessions from cities in other time zones, generally from Monday till Friday evening.
  • Small Investments: A potential currency trader can start even with  smaller investment of say $500 and invest more later.
  • Small Commissions: There are a few brokers in  that charge commissions per each traded Lot, these are usually ECN Brokers. But most brokerages earn their profit through the difference in selling and buying price which is so called “spread” in currency pairs.

By picking the right broker, you will ensure that your trading goes flawlessly and hopefully very soon, you will be making steady profits.

Choosing a Forex Broker for traders residing in Saudi Arabia

As a Forex trader, you should know the fact that at the moment there is just one CMA Saudi Arabia regulated forex broker and that is since April 25th 2019 the Riyad Capital (a subsidiary of Riyad Bank).  At the moment it is not yet clear which way will the  regulatory take in future but most probably they will give licenses only to a selected few just like in Russia instead of allowing free competition  on the growing local retail market.

The good news is, almost all big global fx brokers accept forex traders from Saudi Arabia – but generally we can say that only those who have local offices have been regulated by the Capital Market Authority (CMA) . To make sure that your interests and assets are protected, you can check that you are working with a CMA-regulated Forex broker.

Also, when checking out a Forex broker, you should do a deep check of their regulations, as not everything on their website is actually true. Regulation in the finance world mostly in U.K. and EU gets more strict year over year, and luckily these days it is really hard to find a broker that is scam and also regulated in the UK/EU. From experience we can say that the really bad guys who will rip you off are unknown companies located somewhere in the Caribbean without having a local presence in the UK and EU most of them may not be regulated by the world’s most prominent regulatory bodies like FCA UK, CySEC Cyprus or even ASIC Australia  – and those unregulated brokers you may want to avoid!