The 4 best Forex Brokers & platforms in Yemen- Comparison & reviews

Yemeni residents have the option of choosing hundreds of forex trading platforms. People always say not to get into trading without doing your research – and they are right. It is always better to start your trading career with low trading fees. We tested five online brokers who offer the lowest fees in the market.

See the list of the best Forex Brokers in Yemen:

Forex Broker:	Review:	REgulation:	Spreads:	Assets:	Advantages:	Open account:
1. BlackBull Markets	(5 / 5) ➜ Read the review	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 Open your free forex account (Risk warning: 78.1% of retail CFD accounts lose money)
2. RoboForex	(5 / 5) ➜ Read the review	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 Open your free forex account (Risk warning: 78.1% of retail CFD accounts lose money)
3. Pepperstone	(4.9 / 5) ➜ Read the review	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 Open your free forex account (Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
4. IQ Option	(4.8 / 5) ➜ Read the review	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 Open your free forex account (Risk warning: Your capital might be at risk.)

1. BlackBull Markets
2. RoboForex
3. Pepperstone
4. IQ Option

We wrote a little review for each one of them.

1. BlackBull Markets

BlackBull Markets entered the finance market in 2014. The regulatory bodies that govern BlackBull Markets are:

• Financial Service Authority of Seychelles
• Financial Market Regulation (FMA) of New Zealand.

It is one of the best forex exchanges in the Asia Pacific and accepts clients from worldwide, including Yemen.

The broker has comparatively high fees at $200, but traders can afford its ECN accounts, which offer low fees. It also has an Islamic account perfect for Yemeni citizens.

BlackBull Markets has three types of accounts.

• ECN Standard

• ECN Prime 

• ECN Institutional 

MT4 and MT5 offer these accounts to traders; Zulutrade is also available. The trading tools are some of the best in the market, and clients can also enjoy social and automated trading.

BlackBull Markets offer stocks, ETFs, and 72 forex pairs. Spreads start from 0.0 pips on ECN accounts, but trading costs are highly competitive.

The withdrawal fees are $5 or 5 in other base units. A bank transfer requires $20, and the broker does not require any deposit or inactivity fee.

The demo account is free for all and comes with many indicators. VPS is free for active and high-volume traders.

Pros of BlackBull Markets

1. Social and copy trading is available.
2. MetaTrader is available on cell phones and desktops.
3. An Islamic account is available.
4. The demo account is free for all.
5. 24/7 customer service.

Cons of BlackBull Markets

1. Its $200 minimum deposit is higher than most brokers.

(Risk Warning: Your capital can be at risk)

2. RoboForex

RoboForex is an award-winning global broker established in 2009 with its headquarters in Belize. The brokers offer the opportunity to trade forex and CFDs. RoboForex operates with a license from the International Financial Service Commission (IFSC).

Yemeni investors can access 9,400 asset indices, ETFs, commodities, forex, cryptocurrencies, and stocks. Its customer service is among the best in the market and can be accessed through Skype, WeChat, WhatsApp, Facebook, and E-mail.

The broker has five types of accounts.

• Pro Account
• ProCent Account
• ECN Account
• Prime Account
• R-Trader Account

The demo account is free for all and has weekly and monthly competitions called ContestFX. The minimum deposit is as low as $10.

Yemeni investors can choose from MT4, MT5, cTrader, and rTraders. The platforms are compatible with desktop and mobile. Trading tools are embedded and of top-notch quality. Educational content is provided, suitable for both beginners and experienced.

Pros of RoboForex:

1. An Islamic account is available.
2. Wide range of asset classes.
3. Offers welcome and deposit bonus programs
4. A legit broker with competitive trading costs.
5. Allows hedging and scalping.
6. Low minimum deposit.

Cons of RoboForex: 

1. Does not have enough regulatory licenses.
2. The broker charges a withdrawal fee.
3. Does not provide Negative Balance Protection.
4. Trust Score is very low.
5. Only one tier-2 regulator.
6. Comparatively low forex pairs.

(Risk Warning: Your capital can be at risk)

3. Pepperstone

Pepperstone Group began its journey in 2010 as a CFD broker and is based in Melbourne, Australia, but caters to customers worldwide, including Yemen. It is regulated by:

• Australian Securities and Investments Commission (ASIC)
• Financial Conduct Authority (FCA)
• Dubai Financial Services Authority (DFSA)
• Federal Financial Supervisory Authority (BaFin)

Yemeni investors can access CFD, copy and forex trading, 1200 tradable symbols, 62 currency pairs, and cryptocurrency. It also has 24/7 customer service.

The educational materials of Pepperstone are diverse, such as training videos, Webinars, and research tools. Additional research materials are also added by Autocharist and regularly updated by their analyst.

The broker has two types of accounts. They are:

• Razor Account
• Standard account

The minimum deposit starts from $200, but traders can deposit less than this. The broker has a withdrawal fee. Demo accounts expire within 30 days, but if you have an existing live account, you can ask Pepperstone to set it to non-expiry.

MT4, MT5, and cTrader platforms are available but are commission-based. Spreads start from 0.0 pips. The standard account is commission-free and affordable among the two. 

Pros of Pepperstone:

1. Low fees
2. Algo and social trading on MetaTrader and cTrader.
3. The minimum deposit starts from $0.
4. Well regulated by several entities. 
5. Customer funds are safe in case of distress.
6. Provides negative balance protection.

Cons of Pepperstone:

1. Competitions are not held among traders.
2. Major protection and insurance policies are reserved for U.K. traders.

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

4. IQ Option

IQ Option began its journey in 2013 and is one of the fastest-growing brokers globally. Its headquarter are in Seychelles, Cyprus, and the UK. CySEC and FCA regulate IQ Option.

IQ Option has a wealthy asset class that offers 169 stocks. The broker has 50 forex currency pairs, 25 ETFs and 27 cryptocurrencies, and several commodities.

Several review websites have deemed this high broker risk, and the website also included many traders’ dissatisfied negative comments. IQ Option Ltd has been fined several times due to non-compliance and regulation issues.

The broker has a YouTube channel and a blog. They upload their educational content regularly on these platforms.

IQ Option offers two types of accounts:

• Standard Account
• VIP Account
• Demo Account

The minimum deposit amount is $10/£/€ and does not charge any deposit fee. The banking options are plenty. IQ Option also takes payment in Bitcoin.

Customers can withdraw as little as $2 to $1000000. E-wallet requires one day, while bank withdrawal requires 7-9 days to deposit. Bank transfer incurs a fee of $31. Clients can watch the progress of their withdrawal on their transaction history.

Pros of IQ Option

1. Well recognized and award-winning platform.
2. Spreads are highly competitive.

Cons of IQ Option

1. The broker charges an inactivity fee after three months of a non-active account.
2. History of fines for not following the law.
3. No Islamic account.
4. Regulated by one entity.
5. Trust Score is not found.
6. MT4 and MT5 platforms are not available
7. No downloadable app.

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

Financial regulation of Forex exchanges in Yemen

Yemen has a 29.83 million population. Due to the country’s many internal conflicts, the financial sector is not as experienced as many other countries.

Financial regulation is practically non-existent. The country has a central bank called the Central Bank of Yemen. The institution is responsible for giving licenses and regulations, implementing laws, etc. But, in a broader sense, the Central Bank of Yemen falls short in many categories.

Yemen has 13 commercial banks, and they participate in forex trading. The citizens, however, are not allowed to get involved with forex. But on the other hand, Yemen also has a massive presence in the black market, consisting of many unlicensed foreign exchangers. These forex traders become more functional at the time of market volatility.

If individuals want to trade, they do it manually rather than digitally. The owner and the buyer agree on a price without any broker. A third party prepares the necessary documents, the two parties sign it, and then it becomes their official contract. CBY does not interfere in any of this.

Security for Traders in Yemen

Citizens of Yemen can execute trades online, even though laws regarding foreign exchange in Yemen are pretty frail. The forex exchangers accessible to Yemenis have their regulatory bodies that operate from elsewhere. These entities are:

• CySEC – Cyprus
• FCA – The United Kingdom
• FSCA – South Africa
• IFSC – Belize
• ASIC – Australia
• BaFin – Germany
• CFTC and SEC – The United States

Popular Asian regulatory organizations include:

• Japanese Financial Service Authority, JFSA.

• Monetary Authority of Singapore, MAS.

• Securities and Exchange Board of India, SEBI.

The main objective is to develop the financial market in their respective arena.

These institutions also make laws and oversee the brokers and other financial establishments that abide by the law. They impose fines and disclose public data when necessary.

The regulatory bodies also set up insurance and other protection laws for the customers. One example is Negative Balance Protection by FCA, which ensures the traders do not lose more money than their accounts afford. Another example is civil insurance, which gives out, 85000 British Pound if a broker goes bankrupt.

Residents of Yemen interested in forex should look for what regulatory bodies the broker has. Before opening an account, check what their insurance policies are. Yemeni traders have to be extra careful since they do not have financial regulations that would protect an individual trader. Contact customer support and ask what insurance is eligible for international traders.

Is it legal to trade Forex in Yemen?

Forex exchanges in Yemen are legal through commercial banks. But foreign exchange sector is not developed, and Yemen does not have any regulatory action to control the finance sector. Nowhere is it mentioned if an individual trader can participate in forex exchanges or not. 

Considering everything, people in Yemen do participate in trading. As previously mentioned, many of these transactions take place in the black market. 

Not having a proper regulatory act on who can and cannot trade serves as a great advantage to the traders of Yemen. One thing, Yemenis do not have to fear being fined. Trading technologies have become so advanced that people can trade from anywhere. As long as traders can deposit money in the trading account, online trading can become accessible to anyone in Yemen. 

Some popular currencies Yemenis can trade on are:

• US dollar/Japanese Yen
• Australian Dollar/US Dollar
• US dollar/Chinese Renminbi
• British pound/US dollar
• US dollar/Canadian Dollar
• Euro/US Dollar

Some exotic currency pairs might interest traders:

• US Dollar/Swedish Krona
• US Dollar/Norwegian Krone
• US Dollar/Czech Krona
• US Dollar/Turkish Lira

Considering the lacking of financial regulation, Yemeni traders can still take advantage of forex trading and make a profit. There is no shortage of scams, something any trader from any part of the world must be careful about. 

How to trade Forex in Yemen – Quick tutorial

Do your research and find a credible broker that will suit your needs. The next step is as follows:

Opening forex account in Yemen

Find a broker suitable for you. Always do your research. To find the legitimacy of any broker, check what regulatory bodies they have. 

The workings of regulatory bodies are mentioned above. Find out how much the broker charges and if they have any hidden fees. Ask yourself if you can afford that broker. 

Residents of Yemen will need proof of ID and residence to open an account. Go to the website and open an account. Verify your account and upload the necessary details. 

Open a demo account if you are new to trading

If you are new to trading, we recommend that you start with a demo account. It is where you can practice trading with virtual money to improve your strategies. 

A demo account gives you the feeling of what it is like to be a trader. Beginners find demo accounts extremely useful to garner experiences.

Many traders skip the demo account and start with the live one. The live accounts come with a trading tools option that might be absent in the demo account. It is an intelligent move but your deposit so that your money is not at risk. 

Deposit money

A minimum deposit is required when opening an account, ranging from $10 to $200. Transferring funds is pretty straightforward with most brokers. Depositing money with debit/credit cards is a popular option.

Other payment method includes bank transfer and e-wallets such as Neteller, Skrill, PayPal, and Fasapay. Make sure these e-wallets are available in Yemen. 

Analytics and strategy

These trading platforms come with a lot of educational content and free trading tools. Investors can use these to better their trades. A well-planned strategy coupled with some indicators helps traders a lot. Learn about the economy and history of your desired currency pairs before investing in them. 

Some well-known strategy plannings are:

• Price Action Trading – This is the most uncomplicated strategy. Candlesticks are used as a strategy. 
• Fundamental Analysis – Traders decide based on the country’s GDP, inflation rate, employment rate, export, and import. 
• Trading Based on Economic Releases – This is when any news affects the market and makes it volatile. Traders take advantage of that and make a profit. 
• Scalping – A form of day trading that involves closing positions within a few minutes of placing a trade and making some profits. This goes on all through the day before trading hours close. All the small profits accumulate to be a big one. 
• Day Trading – This is similar to scalping, but traders place one trade throughout the day instead of several small ones. The trade closes when the market closes and does not take place overnight. 

Make profit

Your profit-making chances increase if you know what you are doing and have done all your research. You can withdraw anytime you want. There is a withdrawal limit that varies from broker to broker, and also, there is a withdrawal fee to pay. 

Conclusion: The best Forex Brokers are available in Yemen

Hundreds of online brokers exist, each with exceptional quality. Before opening an account, dig into the broker first, for example, the kind of protection they provide and the regulators backing them. Can you trust them? Are they high risk? One of the keys is how up-to-date you are with the finance market when it comes to trading. Unless you do not stop learning, you are good to go.

FAQ – The most asked questions about Forex Broker Yemen :

Last Updated on October 20, 2023 by Andre Witzel