The 3 best Forex Brokers and platforms Syria – Comparison and reviews

With trillions of dollars changing hands each day, the currency market is fast becoming the world’s biggest liquid market. There is no single point of contact. On the other hand, the FX market is a global electronic network that consists of banks, brokers, institutions, and individual traders. Forex trading has to deal with individual traders and online brokers’ platforms.

See the list of the best Forex Brokers in Syria:

Forex Broker:
Review:
Regulation:
Spreads:
Assets:
Advantages:
Open account:
1. 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)
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. 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)

You are thinking of starting Forex trading in Syria, but you don’t know how to begin with it? Then this article is just for you because we have listed the four best broker platforms you should use, how to start forex trading, and how to make you a confident forex trader.

Below is the list of the four best Forex brokers you should trade with and on:

  1. RoboForex
  2. BlackBull Markets
  3. Pepperstone

1. RoboForex

The official website of the Forex Broker RoboForex

RoboForex was founded in the year 2009. And has many traders around the globe that trade on it. It has outstanding technology and is made with MetaTrader platforms and cTrader, which allows it to perform more than one function like offering fantastic security to traders and an easy user interface for the traders. The platform is also easy to use and understand.

RoboForex is created with enough assets for traders to select. This allows trading to be diverse and the Forex market very competitive and broad. It has established itself in more than one hundred countries and is regulated adequately under the International Financial Services Commission. This body is responsible for making sure that the broker performs its function duly and protects the traders’ rights on their platform.

Having established itself in 17 countries, the Forex broker has a customer service that speaks in 12 different languages. This creates an excellent understanding between the company and many of its traders. It also provides better communications with the traders and the company, allowing the broker to meet the trader’s needs faster.

The minimum deposit is also very affordable to most people. The deposit amount starts from 10 dollars. Also, it is excellent when it’s time to withdraw funds from the platform. They do not waste their client’s time and make transfers to their client’s banks as quickly as possible. Unlike some brokers that allow their traders to wait for days before the money arrives in their bank, RoboForex does not take time.

RoboForex Logo

Merits of RoboForex

  • Very affordable minimum deposit
  • Allows for smooth withdrawal of money and does not waste time
  • The broker has MT5, MT4, and cTrader, which are all fantastic trader platforms

Demerits of RoboForex

  • Their customer service may have many languages, but it takes time to respond.
  • The platform does not have cryptocurrencies.

(Risk Warning: Your capital can be at risk)

2. BlackBull Markets

The official website of the Forex Broker BlackBull Markets

BlackBull Markets may not be able to provide their traders with educational courses and quizzes that will help their traders, especially new traders, improve their knowledge about Forex trading and know if they are improving with the quizzes. However, they do have a very quality market strategy and analysis that will at least help their traders to be top-notched.

The company was made in the year 2014, right in New Zealand. The company already has a broad user base and has many assets that can be traded on it, ranging from commodities to stocks. BlackBull Markets has an MT4 platform that traders can trade on. This makes the platform advanced in its technology and usability.

BlackBull also has an API that allows for third-party trading. This also makes it easier to trade on the platform. Aside from this, it is one of the brokers with a high-speed server. This allows for fast transactions. This is all possible thanks to the server connected to the Equinix one on Wall Street.

The platform also has two accounts from which traders can pick: the standard one and the ECN prime one. These two accounts have their advantages and disadvantages. A newbie usually uses the standard or ordinary account, and the initial deposit starts from 200 dollars with a spread that is 1.25 pips. It has no commission attached to the users. In comparison, the ECN prime account’s initial deposit is $2000 with a spread that is 0.6 pip and has a commission of $3.

BlackBull Markets logo

Merits of BlackBull Markets

  • It is easy to set up an account on BlackBull Markets
  • The platform is very flexible. It has both a phone model and a desktop model.
  • Quick transactions thanks to its connected servers

Demerits of BlackBull Markets

  • It doesn’t have tutorials for their traders
  • Their customer support is not always available to pick up 

(Risk Warning: Your capital can be at risk)

3. Pepperstone

The official website of the Forex Broker Pepperstone

When you start with the Pepperstone forex broker platform, you will notice that it has two accounts from which you, as a trader, can choose to begin your trading journey with them. The platform provides two kinds of accounts depending on your professionality. It has a standard account with a spread of 1.1 pip, and this account has no commission attached to it for the traders. There is also a Razor account with a spread of 0 pip, with a commission attached to it.

Their minimum deposit is cheaper than most Forex brokers out there, starting at $200. The platform is said to be one of the best MetaTrader platforms. This equips the platform with all improved technology for its traders and security. Trading is done in a much easier and swifter way.

The platform was created in 2009 in Australia and has since then grown as of 2021. It is recorded have more than 900 thousand traders that use the broker. It is also created with many sales instruments, such as commodities, energies, forex, and metal—all of which traders can choose which one they want to trade with. 

The platform also provides its traders with adequate knowledge about the market with its materials. These materials come in articles, videos, write-ups, etc. There are also market insights that the platform provides its users with. This helps traders to know what is going on in the market.

Pepperstone logo

Merits of Pepperstone

  • There are plugs ins which can be used to better a trader’s experience
  • Availability of MetaTrader platforms (MT4 & MT5)
  • Competitive and tight prices in the Razor account 

Demerits of Pepperstone

  • The demo account expires after a month of opening an account with them
  • The educational materials are not as top-notched as some of the existing brokers in the business

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

What are the financial regulations in Syria?

The Central Bank of Syria regulates finance in Syria and all currency trading and commercial activities. As of 1966, all local banks in Syria were nationalized. The Central Bank prioritizes loans that go to the public district. On the other hand, the private sector, primarily the banks outside Syria, and this procedure are a lot more expensive. All of this creates a terrible fix to industrial finance needs. 

Сentral Bank of Syria logo

Most entrepreneurs move abroad to borrow or deposit money. Syria’s economy, on the other hand, is still heavily regulated. For instance, foreign banks must be partners with about 49% ownership. This means that they cannot have a controlling share. There have been 14 private sector banks since 2018, along with 3 Islamic banks. Each of the banks has had one major foreign ally. Most of them were from Lebanon, while others were from Qatar, Jordan, Saudi Arabia, Bahrain, and Kuwait.

Various countries have enacted sanctions on foreign banks. Although the regulations allow both, there have been no foreign bank offices in Syria. Also, no 100% privately owned Syrian bank. The State Commercial Bank of Syria is Syria’s largest bank by far.

Security for traders from Syria – Good to know

There are many platforms without licenses, and one has to be careful with these kinds of brokers. In most cases, they end up being fakes and scam forex brokers. These are usually created by a body that is not regulated and has no international recognition. For users or traders of forex to ensure security, they need to carry out their homework on the broker they have picked.

Forex trading online can be pretty dangerous, primarily because of cybercrimes and fraudulent activities on the internet. If you check the brokers listed above in this article, they are seen to have international regulatory bodies and have been in existence for quite a while now. Majorly, trading with brokers with global regulatory bodies is much more secure than trading with those with none or are even locally regulated. 

The movement of funds and money cannot be easily traced via forex. Another way to ensure your security is by assuming a strategy. It helps you care about the market movement and spot fake market movements.

Is it legal to trade Forex in Syria?

flag of syria

Yes, Forex trading in Syria is legal. As a Syrian citizen, you can trade forex starting today. Syria does not have clear-cut regulations about how Forex trading works in the country, and it has no law that restricts or bans its citizens from FX trading.

Although, if you want to begin forex trading as a Syrian, it is most advised that you do so with brokers that have international regulatory bodies that govern it. These top regulatory bodies ensure that you are not dealing with any fraudulent activity and that your funds are safe.

Brokers that do not have regulatory bodies or the due licenses may most likely mean that you are dealing with a platform that is not recognized or known by the state’s law. If anything affected you while trading with that platform, there would be no way to report it or sanction it.

How to trade Forex in Syria – Tutorial

Open an account for a Syrian trader

Open an account with your preferred broker. This is the number one step you must take if you want to start trading FX today. When you want to open an account with any broker, they usually ask for legal documents to show that you’re of age, identity, and residency. The documents for identity include a national identity card or a passport, or a driver’s license. At the same time, that for residence is a utility bill of any form.

Start with a demo account or real account

A demo account is a means for new traders to get familiar with the forex market. Not all brokers offer a demo account, or some even offer one, but it usually expires after a month. This demo account is a means for majorly new traders to be aware of the forex platform before delving into the real market with their real account.

Deposit money

If you’re confident enough and feel you can then move to start trading with your real account, you will first need to deposit an amount inside it. Note that the smallest amount you can deposit into your account depends on the broker you use. Also, you should check the payment method that is most convenient for you. Often most broker platforms offer more than one payment method.

Notice:

The payment methods depend on your country of residence. Forex Brokers offer all kinds of methods separately for each country.

Use of analysis and strategies 

Most top traders of FX usually have a particular strategy to analyze how the market structure works. This helps them to make clear and correctly thought-out moves. This form of approach usually leads to profit-making. 

Here are some strategies traders use below.

Scalping

Capital.com - Scalping

Currency scalping is a straightforward trading strategy that tries to profit from minor price changes in currency trading. Scalpers trade foreign currency pairs for a short time.

Day trading

Capital.com - Day Trading

Day trading entails the exchange of currencies in one trading day, with positions closed at the end of every day and new ones opened the next. To profit from modest market moves, FX day traders exchange various currency pairings on the same day or multiple times on that day.

Position trading

Capital.com - Position trading

This is the most extended trading, with trades lasting from months to years. Position traders ignore short-term market swings in place of identifying and benefitting from lengthier trends. This form of trading is similar to investment.

Conclusion: The best Forex Brokers are available in Syria

Forex trading is not only profitable but also engaging. The price and market competitions are pretty enjoyable and realistic. Forex trading is also very flexible and can be done with ease from the comfort of your home. Aside from these, you can easily monitor the market structure of forex.

It is advisable to trade with broker platforms licensed by international regulatory bodies. Forex trading must be taken note not to be child’s play no matter what. And your close eye should be kept on the market. 

Have or follow any of the strategies we have proffered above to know how best to market in forex works. 

FAQ – The most asked questions about Forex Broker Syria :

Can traders in trading with the forex brokers in Syria?

Yes, traders can indulge with forex brokers in Syria as it is a fully legal affair. Forex brokers in Syria offer traders a rich platform to trade forex. These trading platforms are full of features that make trading beneficial. The forex market in Syria is highly liquid. So, traders can grab the opportunity and maximize their wealth while trading. 

How can a trader choose the best forex broker in Syria?

A trader must consider several things while choosing the best forex broker in Syria. For instance, a trader must first consider whether the broker is regulated. Then, traders must check whether the platform offers them the best trading features. It also has a fast deposit and withdrawal process so that traders can trade without hindrance.

What payment methods do forex brokers in Syria offer traders?

Forex brokers in Syria offer plenty of payment methods to traders. For instance, bank transfers, credit and debit cards, electronic wallets, etc., are common payment methods that forex brokers can choose in Syria. Syrian traders can enjoy a great deal by accessing multiple payment methods. If one payment method does not work for traders in Syria, they can choose another payment method so that their trading experience becomes uninterrupted. 

Last Updated on October 20, 2023 by Andre Witzel