The five best Forex Brokers and Platforms in Saudi Arabia – Comparison and reviews

The first step to trading forex in any country is choosing a forex broker. Saudi Arabian forex traders can find forex brokers within the region and those based in other countries. Here are some of the leading regulated forex brokers available in Saudi Arabia. 

See the list of the best Forex Brokers in Saudi Arabia:

Forex Broker:
Review:
REgulation:
Spreads:
Assets:
Advantages:
Open account:
1. Capital.com
Capital.com logo
CySEC, FCA, ASIC
Starting 0.0 pips variable & no commissions
6,000+
(70+ currency pairs)
+ Best platform
+ TradingView charts
+ MT4
+ Leverage up to 1:500
+ Best education
+ Personal support
Live-account from $ 20(Risk warning: 79% of retail CFD accounts lose money)
2. BlackBull Markets
BlackBull Markets logo
FSPR, FSCL
Starting 0.0 pips & negotiable commission per 1 lot
500+
(64+ currency pairs)
+ ECN Broker
+ Deep pool execution
+ High liquidity
+ Best execution
+ Leverage 1:500
+ MT4/MT5
Live-account from
$ 200(Risk warning: 79% of retail CFD accounts lose money)
3. RoboForex
RoboForex logo
IFSC
Starting 0.0 pips & $ 4.0 commission per 1 lot traded
9,000+
(50+ currency pairs)
+ Huge variety
+ Micro accounts
+ Free bonus program
+ Leverage up to 1:2000
+ ECN accounts
+ MT4/MT5/cTrader
Live-account from $ 10(Risk warning: 79% of retail CFD accounts lose money)
4. Pepperstone
FCA, ASIC, DSFA, SCB
Starting 0.0 pips & $ 3.5 commission per 1 lot
1,000+
(40+ currency pairs)
+ Fast execution
+ Large FX Broker
+ Good service
+ MT4/MT5/cTrader
+ TradingView Charts
Live-account from
$ 200(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
5. IQ Option
IQ Option logo
CySEC
Starting 0.1 pips variable & no commission
500+
(25+ currency pairs)
+ Easy to use
+ Binary Trading
+ Support 24/7
+ Min. Deposit 10$
+ Lowest spreads on main trading hours
Live-account from $ 10(Risk warning: Your capital might be at risk.)

List of the five best Forex Brokers accepting Saudi Arabian traders:

Capital.com
RoboForex
BlackBull Markets
Pepperstone
IQ Option

1. Capital.com 

The official website of the forex broker Capital.com

Capital.com started its business in 2016 and has over 6 million clients worldwide. 

Trading instruments – indices, cryptocurrencies, shares, commodities, stocks, and forex. 

Regulation – it has regulations from the FCA, NBRB, ASIC, and CySEC

Account types – it has three, Standard has a $20 minimum deposit, Plus has $2000, and Premier account has $10,000. 

Fees – forex spreads start from 0.8 pips. 

Trading cost – It has no commissions for stocks, no inactivity costs, and free deposits and withdrawals. 

Leverage – it has limited leverage of 1:30 for EU clients and 1:500 for professional and other clients. 

The demo account – The demo account is free and has $10,000 in virtual funds. 

Trading platforms – it uses the web trader and the MT4 trading platforms. 

Payment methods – Multibanko, 2c2p, Trustly, Giropay, iDeal, Apple Pay, Sofort, bank transfers, credit and debit cards. 

The customer care – the support team is available 24/7 through emails, SMS, and live chat. 

Capital.com logo

Pros

  • It has fast order processing speeds
  • Low trading costs
  • Fast deposits and withdrawals
  • Low initial deposits
  • Negative balance protection

Cons

  • The Premier account has a high initial deposit
  • Limited research tools

(Risk warning: 79% of retail CFD accounts lose money)

2. RoboForex

The official website of the Forex Broker RoboForex

RoboForex is a forex broker established in 2009 and has over 1 million traders registered on its trading platform.

Trading instruments – it has stocks, CFDs, forex, metals, ETFs, and commodities. 

Regulation – it has a trading license from the International Financial Service Commission

Account types – its traders can choose between Prime, ECN, Pro, and Pro-cent with an initial deposit of $1-0, and the R-stocks trader with an initial $100. 

Fees – the forex spreads start from 1.3 pips for the Pro and Pro-cent account, the ECN and Prime account start from 0.0 pips, and the R-stocks trader with $0.01.

Trading costs – It has an inactivity cost of $10 for inactive accounts for over ten months. The overnight charges apply with the size of the open position; it also has low commissions. 

Leverage – the Pro and Pro-cent have the highest leverage of 1:2000, the R-stocks trader and the Prime accounts have 1:300, and the ECN and 1:500. 

Demo account – the demo account is free.

Trading platforms – it has the MT4, MT5, R-stocks trader, and the c Trader. 

Payment methods – it supports Neteller, Skrill, AstroPay, Perfect Money, AdvCash, NganLuong wallet, bank transfers, and credit and debit cards. 

Customer support – available through phone calls, emails, and live chat.

RoboForex Logo

Pros

  • Negative balance protection
  • Low trading costs
  • High leverage rates
  • Fast deposits and withdrawals
  • Industry-standard trading tools

Cons

  • Limited trading instruments 
  • It is unavailable in some regions

(Risk Warning: Your capital can be at risk)

3. BlackBull Markets 

The official website of the Forex Broker BlackBull Markets

BlackBull Markets has been in the industry since 2014 and has registered thousands of traders. 

Trading instruments – it offers forex, CFDs, indexes, energies, commodities, metals, and shares.

Regulation – it has regulation from the Financial Services Authority.

Account types – ECN Standard, with an initial deposit of $200, ECN Prime with $2000, and ECN Institutional with $20,000.

Fees – forex spreads start from 0.8 pips for the ECN account, 0.1 pips for the ECN Prime, and 0.0 pips from the Institutional account. 

Trading costs – There are no inactivity fees, and deposits and withdrawals are free. The ECN Institutional account has commissions varying with the asset and the position size. The ECN Prime is $6 for a $100,000 commission, and the ECN Standard has no commission. 

Leverage – the highest leverage is 1:500. 

Demo account – the demo account is free. 

Trading platforms – it supports MT4 and MT5.

Payment methods – it accepts Union Pay, credit cards, FasaPay, Skrill, Neteller, debit cards, and bank transfers. 

Customer care – the customer support team is available 24/6 through live chat, email, and phone calls. 

BlackBull Markets logo

Pros 

  • Low trading costs
  • Fast execution rates
  • High leverage
  • A fast account registration process

Cons

  • Limited educational resources 
  • Customer support is only present 24/6. 

(Risk Warning: Your capital can be at risk)

4. Pepperstone 

The official website of the Forex Broker Pepperstone

Pepperstone has registered thousands of trading clients since it got established in 2010. 

Trading instruments – its traders can access ETFs, commodities, shares, forex, CFDs, and indices. 

Regulation – it has regulations such as from the DFSA, the ASIC, and the FCA

Account types – it has two types, Razor and Standard accounts which have initial deposits of $200. 

Fees – forex spreads vary with the account. The Standard account starts at 1.3 pips, and the Razor account has 0.0 pips. 

Trading costs – it has no inactivity costs; deposits and withdrawals are free. The standard account has no commissions, but the razor account has $7 for $100,000. 

Leverage – the highest leverage is 1:400.

Demo account – it has a limited demo account of thirty days. 

Trading platforms – traders can use cTrader, MT4, and MT5. 

Payment methods – PayPal, Bpay, Skrill, Neteller, POLi, UnionPay, Bank transfers, credit, and debit cards

Customer care – customer support is available 24/5 through phone calls, live chat, and emails. 

Pros

  • Fast execution speeds
  • Low trading costs
  • A fast account registration process
  • Quality trading resources 

Cons

  • Limited educational resources 
  • Customer care is only present 24/5

(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)

5. IQ Option

The official website of the forex broker IQ Option

IQ Option has registered over 40 million forex traders since it was established in 2013.

Trading instruments – it offers Binary Options (Only for professional traders and outside EAA countries), Digital Options, forex, commodities, CFDs, ETFs, and stocks. 

Regulation – it has its regulation from the Cyprus Securities and Exchange Commission

Account types – it has two types, VIP account, which has a varying high initial deposit, and the Standard account with $10.

Fees – the forex spreads vary with the type of the asset and the liquidity of the asset.

Trading costs – IQ Option has a commission of 2.9% for cryptocurrencies; it also has overnight costs ranging from 0.1-0.5%. A dormant account of more than three months attracts an inactivity cost of $10.

Leverage – the highest leverage is 1:500 but is limited to EU clients to 1:30. 

Demo account – its demo account is free with $10,000 virtual funds. 

Trading platform – it uses its IQ Option proprietary trading platform. 

Payment methods – traders can deposit and withdraw using credit cards, debit cards, Skrill, MoneyBookers, Neteller, Cash U, and bank transfers. 

Customer care – Their customer support is available via emails and live chat. 

IQ Option logo

Pros 

  • Low trading costs
  • A fast account registration process
  • Low initial deposit for the Standard account
  • Fast order processing rates 

Cons 

  • Limited trading instruments
  • Limited research and educational resources

(Risk warning: Your capital might be at risk.)

Forex trading in Saudi Arabia

The economy of Saudi Arabia is among the greatest because of the valuable resources supplied to many countries. The forex industry has also expanded in the past years as many forex traders are looking to invest. 

There are a few local forex brokers in Saudi Arabia, but forex traders can invest in other forex brokers from other countries. It is also imperative to check the regulation of the offshore forex broker to prevent losing your capital to frauds. 

Is it legal to trade forex in Saudi Arabia?

Forex trading is allowed in Saudi Arabia, and there is an institution, the Capital Markets Authority CMA, that has the responsibility to regulate the forex market. Forex traders in Saudi Arabia can register trading accounts with forex brokers, although the CMA does not regulate many local brokers. 

CMA logo

Most forex brokers use regulated offshore forex brokers to access financial markets. The only problem is the exposure to risks like forex scams present in the forex market that target new traders looking to invest. 

Saudi Arabia Flag

What are the financial regulations in Saudi Arabia?

The Capital Markets Authority is a commission headed by five members appointed by the royal authority. It is responsible for establishing and implementing guidelines. These ensure fairness and transparency for market participants. 

It got launched in 2003 and ensures the participants of the financial markets comply with the Capital Market laws.

The CMA performs its functions by following the following rules:

  • Market participants in the financial markets of Saudi Arabia are required to comply with the rules and regulations of the Capital market law. 
  • It protects investors’ rights by ensuring compliance with the guidelines that prevent forex brokers from doing any illegal manipulative and fraudulent activities to steal from forex traders. 
  • Monitoring and supervising market participants are trading securities and exchange through audits, inspection, and collecting necessary documents.  
  • Creating guidelines that regulate the forex investor’s risks when trading. 
  • Regulating the activities of forex brokers operating in the Saudi Arabian capital markets. 
  • Ensuring forex investors disclose the risks they are exposed to and all the information they require to make insightful decisions. 
  • Ensures financial market transparency by ensuring forex participants comply with Anti-Money laundering regulations when registering clients and monitor their client’s trading activities to report any suspicious activities. 
  • Establishing the conditions financial dealers and forex brokers have to meet to get a trading license to operate in Saudi Arabia. 
  • It conducts frequent inspections that ensure forex brokers or stock exchange dealers uphold the international standards of financial provision, employees’ competence, skills, and experience. 

Security for traders from Saudi Arabia

The CMC allows market participants to file complaints through the channels they offer on their websites. They investigate the reports and facilitate settlement between clients and dealers before further action. 

Besides, they have policies to protect investor rights, including mechanisms that compensate investors. These policies help traders settle disputes through peaceful litigation that shortens the time spent resolving disputes. 

Analysis and strategies to use when forex trading in Saudi Arabia 

Analysis 

It is a process that forex traders must follow when trading financial markets. Traders can apply technical or fundamental analysis before they open trading positions. It is a way of evaluating the market conditions to know the best time to open a position. 

Technical analysis requires the forex trader to use technical indicators to gauge prices’ volatility momentum and direction. Traders can also use the price patterns and the price charts when analyzing the trading signals before making trading decisions. 

Fundamental analysis works by monitoring the financial announcements and events listed in financial calendars for most countries to identify periods when the price action of an asset will experience volatility. 

Capital.com analysis and strategies

Trading strategies 

Trading strategies forex traders in Saudi Arabia should consider using trading strategies such as:

Swing trading is trading the high swings and low swings that form on the price action of a currency or asset. Swing trading can take a day or more and requires the trader to know how to identify the swings. 

Trading trend reversal involves applying technical and fundamental analysis to predict when the direction of market prices is changing and open a trading position. It is a popular trading strategy for currency markets. 

Scalping – involves trading the smaller price movements and making numerous trades within a period. At the end of the period, you can calculate the total profit from the total trades. 

Day trading – is like scalping, but this is opening trading positions and closing them within a single day. Day traders don’t keep an open position overnight. 

Position trading –this trading method works by opening a trading position and keeping it open for a period. Position traders trade the long-term swing highs and swing lows. 

(Risk warning: 79% of retail CFD accounts lose money)

How to trade Forex in Saudi Arabia – An overview

It is possible to trade forex in Saudi Arabia as long as you get a stable internet connection.

Here are steps to follow:

Find a regulated Forex Broker

If you are looking to find a regulated forex broker, research first what you want to trade and the features you require the forex broker to have. It helps to narrow down your search to the targeted forex brokers. Some key factors to consider are the trading costs, trading features, and the Islamic account for Muslim traders.

Create a list of forex brokers you want and look at their websites, especially their regulations. Most forex brokers state the regulatory institutions on the disclaimer at the bottom of the page or the about us page. Another tip is to confirm the regulation by visiting the regulatory institution’s website and searching for the license number. 

Register a trading account for Saudi Arabian traders 

How to open an account with Capital.com

Most forex brokers are available online, and forex brokers can easily register a trading account online using the online registration form. The form requires your name, date of birth, nationality, type of account, email, phone number, and address. 

The registration process is safe, and the information collected allows the forex broker to know more about their clients according to AML laws. Ensure to check the regulation and confirm it if the forex broker requires less information as it is one sign of a fraud forex broker.

Download a trading platform 

A trading platform enables you to access the financial markets. Forex brokers support different trading platforms, and traders can choose what they prefer and download. You can research what you want to use before downloading. 

Capital.com desktop and mobile app

Start with a demo or real account

The demo account allows new traders to learn how to trade without risking their capital. Experienced traders also use it to develop new trading strategies or to test the trading platform before trading. The demo account uses virtual funds to trade and simulates the real trading account. 

Forex traders are encouraged to start with a demo account before trading in their real account to practice their trades. Trading with a demo account reduces the chances of making mistakes in the real account, as you can correct the mistake by adjusting a trading strategy when you are trading on the demo account. 

Capital.com demo account

Deposit funds and start trading 

If you have practice and are confident with your trading skills or strategy, you can deposit funds and start trading. The forex broker supports many payment methods since they host clients from all over the world, and you can link your trading account with a payment method you prefer 

Start trading and ensure to apply risk management where necessary. If you are a new trader, start with low leverage and increase as you gain experience. It is also imperative to practice different trading strategies you can use to increase your trading knowledge. 

(Risk warning: 79% of retail CFD accounts lose money)

Conclusion: The best Forex Brokers are available in Saudi Arabia

Forex trading in Saudi Arabia is growing, and there is an increase in the number of forex brokers that accept forex traders from Saudi Arabia. The Saudi market has traded on a stock exchange since the early 1990s, and the securities market is slowly gaining popularity. 

The CMA has placed regulatory mechanisms to regulate forex brokers and other market participants. We recommend forex traders register trading accounts with regulated forex brokers local or offshore to ensure the safety of their funds and prevent losing money through manipulative and fraudulent forex brokers. 

1. Capital.com
2. BlackBull Markets
3. RoboForex
4. Pepperstone
5. IQ Option

FAQ – The most asked questions about Forex Broker Saudi Arabia :

Is the Saudi Riyal available in Forex?

Yes, the Saudi riyal is available in forex, and since Saudi has a strong economy, its value is increasing. The currency code of the Saudi riyal is the SAR in forex, and Saudi Arabian forex traders can trade it against the major currencies such as the USD or the EUR. 

Is Forex trading haram for Islamic traders based in Saudi Arabia?

Forex trading is available for any forex trader, including Muslim traders. Forex brokers cater to diversity and including by ensuring that they have an Islamic account that adheres to the Sharia laws and exempts Muslim traders from paying certain fees such as rollover costs considered haram in the Sharia laws. 

What features should a trader look for in a broker for forex trading?

Whether a trader is looking for a forex broker in Saudi Arabia or anywhere else, he should choose a forex broker after scrutiny. A trader should look for a lot of things in a forex broker. Firstly, the broker that a trader is choosing should have good customer support. Then, it should also be a regulated broker. In addition, the broker should also offer all leading features that make trading fun. 

Is forex trading legal in Saudi Arabia?

Traders in Saudi Arabia can trade forex to fetch some additional money. Forex trading helps a trader make money with currency fluctuations that happen now and then. So, traders in Saudi keen on trading forex should choose a reputed broker. 

Which broker should I choose for Saudi Arabia forex trading?

The number of brokers offering the best trading services to traders in Saudi is numerous. However, traders can choose the leading ones among BlackBull Markets, Pepperstone, IQ Option, Capital.com, and RoboForex. These brokers offer traders the best services. Moreover, they also allow traders to trade through the Muslim trading account. Thus, there should be no second thoughts for Saudi Arabian traders to sign up with one of these brokers.

Last Updated on January 27, 2023 by Arkady Müller