Best FOREX Brokers in Kuwait 2023
With more and more brokers flourishing, FOREX trading companies are placing more emphasis on customer service. FOREX traders, for their part, are concerned about the dangers of trading FOREX with the wrong broker. Because of this, traders need the guidance of a qualified voice to stay away from dodgy brokerage firms. For this reason, we will be listing the best FOREX brokers in Kuwait today. This list is the result of a detailed review process carried out by Arincen. We will share our review methodology so traders can understand why we chose the companies we did.
Best FOREX broker in Kuwait in 2023
| Company name | Regulations | Minimum deposit | Main branch | Open account |
|---|---|---|---|---|
FXDD |
$450 | USA | ||
ICM Capital |
500$ | United Arab Emirates | ||
XTB |
500$ | UK | ||
IG |
500$ | UK |
| Company name | FXDD |
| Regulations | |
| Minimum deposit | $450 |
| Main branch | USA |
| Company name | ICM Capital |
| Regulations | |
| Minimum deposit | 500$ |
| Main branch | United Arab Emirates |
| Company name | XTB |
| Regulations | |
| Minimum deposit | 500$ |
| Main branch | UK |
| Company name | IG |
| Regulations | |
| Minimum deposit | 500$ |
| Main branch | UK |
Top Tips for Choosing the Best FOREX brokers in Kuwait
There are lots of excellent FOREX brokers working in Kuwait. As always, you must protect your interests by working with a broker who has a strong track record of success in this market. The key is to carry out detailed research. Here are some of the most important factors to take into consideration when choosing a broker:
- The broker must be regulated by a top-tier regulator, this could be a local broker or an international broker
- The broker must have a competitive fee schedule
- The broker must offer an extensive array of financial assets to trade
- The broker must have a responsive customer-service team
- The broker should have a detailed research and educational offering
Best FOREX brokers in Kuwait in 2023
Here are our top four brokers in Kuwait for this year:
- FXDD - Best Overall Broker
- ICM Capital - Best Deposit and Withdrawal Broker
- XTB - Best Customer Service Broker
- IG - Best Regulations Broker plus Convenient Platform
- Saxobank - Excellent Private Trading Platform
- CMC Markets - More than 9,000 Assets
- Think Markets - Aimed at the Audience of Traders
FXDD Broker
FXDD received the highest score in our survey (92.15). One of the first FOREX companies to offer a credit card in order to allow traders to withdraw their profits, this New York-based company has the UK's FCA license under its belt. It also has a rich portfolio of assets, offers a relatively low spread, in addition to the MetaTrader4 (MT4) platform. Further, it has excellent and fast customer service, and also offers traders a variety of ways to deposit money.
| Broker Evaluation | 7.22 |
| Regulatory Bodies | |
| Minimum Deposit | $450 |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks - Crypto |
| Main Branch | United States of America |
| Customer Service | 24/5 |
| Demo account | Yes |
| Trading Platforms | MT4 - MT5 - C TRADER -Web Platform |
Pros
-
Established in 2002.
-
Segregated client funds.
-
Low minimum deposits.
-
No commissions on the Standard Account.
-
A choice of two account jurisdictions.
-
Multiple platform support and comprehensive market data and analysis.
-
A good range of currency pairs and other assets to trade.
Cons
-
Not available to traders in the US.
-
Relatively limited range of instruments.
-
EU-client leverage restricted to 1:30.
ICM capital Broker
ICM Capital is considered the industry leader in deposits and withdrawals, whereby each withdrawal does not take more than five business days. Moreover, the company offers its customers a handy credit card to withdraw their profits, in addition to enabling customers to use various deposit methods. The company, which is licensed by the UK's FCA, has several branches around the world. Among other things, it has a rich portfolio of assets, especially stocks, offers a low spread, as well as the ability to use MT4.
| Broker Evaluation | 8.11 |
| Regulatory Bodies | |
| Minimum Deposit | 500$ |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks - Crypto |
| Main Branch | United Kingdom |
| Customer Service | 24/5 |
| Demo account | yes |
| Trading Platforms | MT4 - MT5 - C TRADER -Web Platform |
Pros
-
Segregated client funds.
-
Regulated by the UK’s FCA.
-
Established in 2009.
-
More than 10,000 ICM Capital users and traders.
-
Reasonable minimum deposit from $500.
-
Decent funding options.
-
No swaps.
-
MetaTrader4 (MT4) desktop and mobile download.
Cons
-
Does not allow scalping.
-
Not ASIC-regulated.
-
Relatively limited range of instruments.
-
Slow live-chat service.
-
Relatively high trading fees.
-
Limited range of trading tools and resources
XTB Broker
What distinguishes XTB is the fact that it offers the best customer experience among all the companies we have surveyed. Indeed, it boasts the fastest response rate from all the companies under investigation. This is especially relevant, since the market is always on-the-go, and so you need to act fast. XTB offers lots of asset classes, as well as the ability to use the MT4 trading platform. Finally, it maintains a relatively low spread, which is suitable for quick deals.
| Broker Evaluation | 8.55 |
| Regulatory Bodies | |
| Minimum Deposit | 500$ |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks |
| Main Branch | United Kingdom |
| Customer Service | 24/5 |
| Demo account | yes |
| Trading Platforms | MT4 - MT5 -Web Platform |
Pros
-
Long history of operation.
-
Globally recognized, having won multiple awards.
-
Some of the lowest FOREX spreads in the market.
-
Regulated by the FCA (UK).
-
Offers protection for client accounts.
-
Emphasis on customer service.
-
Excellent support, learning and research tools.
Cons
-
Does not accept US clients.
-
Non-FOREX spread costs are relatively high.
-
No GSLO.
-
No back-testing or automated trading capabilities.
-
Conditions vary according to regulation and entity.
ig markets Broker
IG is arguably the best broker when it comes to security and trust, boasting, as it does, licenses from 10 regulatory bodies, including the all-important FCA from the UK. The company is also a bank and is a publicly traded company in London. It is known for offering more than 10,000 asset classes of currencies, commodities, future contracts, ETFs, indices, cryptocurrencies etc. Further, it has its own state-of-the-art trading platform and offers a relatively low spread.
| Broker Evaluation | 7.54 |
| Regulatory Bodies | |
| Minimum Deposit | 250$ |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks |
| Main Branch | United Kingdom |
| Customer Service | 24/5 |
| Demo account | Yes |
| Trading Platforms | Proprietary Platform -MT4 - Web Platform |
Pros
-
Easy-to-navigate platform that is simple for beginners to master.
-
Margin rates are easy to understand and affordable.
-
Mobile and tablet platforms offer full functionality of the desktop version.
-
Accepts US clients.
-
Access to more than 100 currency pairs
-
Emphasis on education and research.
-
Regulated by the FCA (UK), as well as the CFTC and the NFA (US).
-
Offers protection for UK/EU client accounts.
Cons
-
US traders can currently only trade FOREX.
-
No GSLO for US-based traders.
-
No account protection for US clients.
-
Relatively high share-CFD fees.
-
No copy trading or back-testing integration on IG platform.
SAXO BANK Broker
Saxobank is considered one of the best investment banks in the area of financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spread is very low and, as such, suitable for short-term deals; and it offers a large number of asset classes, including currencies, commodities, indices etc. Finally, its customer service is excellent and very responsive to traders' needs.
| Broker Evaluation | 6.09 |
| Regulatory Bodies | |
| Minimum Deposit | 10000$ |
| Islamic Account | No |
| Payment Methods | Bank transfer - credit card |
| Main Branch | Copenhagen, Denmark |
| Customer Service | 24/5 |
| Demo account | No |
| Trading Platforms | SaxoTrader |
Pros
-
Extensive range of offerings.
-
Regulated by the FCA (UK) and other top regulators.
-
Great trading platform.
-
Among the industry’s best research.
-
Superior user interface.
-
Offers protection for client accounts.
Cons
-
High bond, options and futures fees.
-
Lack of emphasis on customer service.
-
Confusing instrument fee structures.
-
High minimum deposit.
-
Does not accept US clients.
-
No MT4.
-
Lacks live chat.
CMC MARKETS Broker
CMC Markets is thought of as one the best companies, offering some 9,000 asset classes that encompass currencies, commodities, indices, cryptocurrencies, bonds and stocks. The company offers a relatively low spread, the MT4 platform, and fast customer service. It is most suited for traders looking for diversity in asset classes.
| Broker Evaluation | 7.07 |
| Regulatory Bodies | |
| Minimum Deposit | 0$ |
| Islamic Account | No |
| Payment Methods | Bank transfer - credit card - Electronic Banks |
| Main Branch | United Kingdom |
| Customer Service | 24/5 |
| Demo account | not |
| Trading Platforms | Proprietary Platform -MT4 - Web Platform |
Pros
-
Extensive range of offerings.
-
Regulated by the FCA (UK).
-
Low FOREX fees.
-
Emphasis on education and customer service.
-
Great Web and mobile platforms.
-
Offers protection for client accounts.
-
Research amenities are industry leading.
Cons
-
Does not accept US clients.
-
Limited product portfolio.
-
High stock CFD fees.
-
High CFD spreads for certain indices.
-
Differences between Next Generation and MT4.
-
Complicated account verification.
-
No back-testing or automated trading capabilities.
think markets Broker
Originally founded in New Zealand in 2010, and moving to Australia within the space of their first two years, Think Markets is a global online brokerage focusing on FOREX and CFD trading. In addition to a range of major and minor currency pairs. Think Markets has an array of CFDs on offer. This includes indices, as well as hard and soft commodities.
| Broker Evaluation | 8.05 |
| Regulatory Bodies | |
| Minimum Deposit | 0$ |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks - Crypto |
| Main Branch | Australia |
| Customer Service | 24/5 |
| Demo account | not |
| Trading Platforms | Proprietary Platform -Web platform-mt4- mt5 |
Pros
-
Beginner assistance offered through 24/6 channels.
-
Spreads are as low as 0.0 pips.
-
24/7 expert customer service.
-
CFD shares and indices come at no extra fee.
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Zero broker fees for FOREX trading.
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Technical analysis and quality market information.
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Percentage allocation management module (PAMM) and Multi-account manager (MAM) accounts available.
Cons
-
Direct share trading is on a separate platform.
-
No binary options offered.
-
Commissions charged for two account types.
-
After a strong early start, ThinkTrader user ratings have slid to 3.4 stars.
-
No US, Canada or Japan clients allowed.
What Is FOREX and Why Do We Need a Broker to Trade?
The FOREX market is a global decentralized marketplace where traders buy and sell currencies. The FOREX market is the largest financial market in the world, with some six trillion dollars changing hands daily. FOREX brokers are essential for individuals who want to trade currencies. The brokers provide access to the market, trading platforms, leverage, market data, and regulatory compliance, which all are necessary for successful trading.
How to Open a Trading Account to Start Trading FOREX?
Opening a FOREX trading account is easy. Once you have chosen your preferred broker, you must start by filling out an application form as part of the “open account” process. It is normal that you will be asked to provide two documents. These are usually your national identity document and proof of address. This is part of Know Your Customer (KYC) regulations. Remember that some brokers have slightly different requirements than others.
Once your account has been approved, normally one to two days after you make the application, you will be able to fund your account by making the first deposit. After your account is funded, you can start to trade.
What Is An Islamic Account?
An Islamic account, often referred to as a "Shariah-compliant" or "swap-free" account, it is a type of trading account that adheres to the principles of Islamic finance. These accounts are designed for Muslim traders who want to participate in the global financial markets without violating Shariah law, which prohibits certain types of financial transactions. The main features of an Islamic account include no interest, no excessive uncertainty, and immediate transaction settlement. It is also forbidden, or “Haram” to invest in companies that deal in alcohol, pork, gambling, etc.
Is FOREX Trading Halal?
It is generally accepted that FOREX trading is halal; however, this statement comes with significant caveats. FOREX trading is a subject of robust debate among Islamic scholars as many of its elements must be amended in order to become Sharia-compliant. For example, interest cannot be charged on overnight accounts, and excessive uncertainty is forbidden. Transactions must be settled immediately, without rolling over to the next day. Whether FOREX trading is halal or haram is not black and white. Many scholars have various opinions based on their interpretation of Islamic laws. However, the fact that Sharia trading accounts exist means that brokers have modified their products sufficiently for them to be religiously acceptable. If you want to learn more about this important topic, click here.
How Much Should Beginners Start Trade?
You don’t need much to get started. Some of the best FOREX brokers for beginners allow you to start trading with as little as $1. Of course, you need to capitalize your account with at least some money that will allow you to place trades. The amount is really up to you. However, it is recommended that you start by placing small trades to get to grips with the practice of trading as well as your broker’s Website before you move on to placing trades with more money.
How to Start Learning about FOREX Trading
A trading Website like en.Arincen.com is a great place to start. We have a large list of curated articles that can give you all the information you need on common FOREX trading terms, like pips, spreads, leverage, and support and resistance. We have also taken the time to prepare detailed articles on important topics, such as FOREX trading strategies. Additionally, once on our Website, you will find helpful video courses that cover the basics of FOREX trading. With this range of knowledge, you will be well on your way to trading success.
Remember also that your broker will normally have developed a detailed education and research repository themselves. That is also a good place to bolster your FOREX knowledge, with the extra benefit that your broker’s information will be slanted toward their own platform and resources, which makes it doubly useful.
Can You Trade Without Prior Experience?
It is always advisable to keep expanding your experience in the world of trading. The Arincen network was created for those who don’t have enough experience to trade on their own. This is because you can follow the experts on our network and apply their signals and strategies in your trading account with ease, and you can review the statistics of the experts and review their history to ensure they are good for trading the assets you want. For example, if you prefer to trade only in gold or any other group of assets, you can review the best gold experts and traders in the network.
How Do I Choose the Best FOREX Broker in Kuwait?
Kuwait, located at the tip of the Persian Gulf, is predominantly known for its massive oil reserves, which play a pivotal role in its economy. Oil and gas sectors are the backbone of Kuwait's economy, constituting about 90% of its export earnings and over half of its GDP. Kuwait is one of the world's top ten oil producers and has some of the world's largest oil reserves.
The government also plays a significant role in the Kuwaiti economy, as it employs a significant portion of the workforce and undertakes large infrastructure projects. Revenues from the oil sector enable the government to provide many services to its citizens at subsidized rates or even for free. Kuwait has a robust banking sector and its stock exchange, the Boursa Kuwait, is one of the oldest and most significant in the Middle East.
FOREX Regulations in Kuwait
The primary financial regulatory body in Kuwait is the Central Bank of Kuwait (CBK). It oversees most financial institutions, including banks and exchange companies. However, the specifics of FOREX trading regulations often involve other entities, such as the Capital Markets Authority (CMA), especially when it relates to securities trading and investment schemes.
FOREX brokers operating in Kuwait need to obtain a license from the CMA. Any FOREX brokerage seeking to set up shop in Kuwait or offer its services to Kuwaiti residents must adhere to a set of guidelines and criteria defined by regulators, ensuring that they operate transparently and ethically.
Licensed brokers in Kuwait are often subjected to periodic audits and are required to submit regular reports to regulatory bodies. This ensures transparency and helps in the timely identification of any malpractices.
Remember that besides the local regulator, it is important to learn more about global regulatory bodies and their role in the FOREX market. In this context, we present the five most important FOREX market regulatory bodies from around the world.
1. The Financial Conduct Authority (FCA), UK;
2. The Swiss Financial Market Supervisory Authority (FINMA);
3. The Australian Securities Investment Commission (ASIC);
4. The Cyprus Securities and Exchange Commission, CYPRUS (CySEC); and
5. The National Futures Association (NFA), US.
2. The Swiss Financial Market Supervisory Authority (FINMA);
3. The Australian Securities Investment Commission (ASIC);
4. The Cyprus Securities and Exchange Commission, CYPRUS (CySEC); and
5. The National Futures Association (NFA), US.
While FOREX market regulatory bodies exist in almost every country, these are the most important five and also the most strict. To learn more about other regulatory bodies, please visit FOREX brokers regulations , where you will find a comprehensive global database.
Commissions and Fees in Kuwait
A first step in FOREX trading is identifying the spread differential, defined as the difference between the bid (sell) price and the ask (buy) price of a currency pair. While most FOREX currency pairs are traded without commission, the spread is one “cost” that applies to any trade that you place. This is, indeed, the biggest source of profit for the FOREX broker. Good companies typically offer a EUR-USD spread of three basis points.
As for commissions, FOREX trading brokers can be placed in three categories. The first offer fixed spreads, while the second tender variable spreads, with a third category of companies offering low-cost spreads but that come with a (relatively high) fixed commission.
Tradable Assets and Instruments
All the major tradeable assets are available to you as a retail online trader in Kuwait interested in FOREX and other asset classes, such as stocks and commodities. Some of the most common assets include FOREX, commodities, crypto, bonds, and more. All the top brokers normally have these bases well covered. Some brokers choose to concentrate on FOREX, while others may be strong in other areas. It depends on your interests. When comparing brokers, a handy hint is to create a spreadsheet where you compare the numbers of the tradeable assets you may want to trade. Remember that the availability of tradeable assets varies depending on the broker and trading platform being used.
Payments, Deposits and Withdrawals in Kuwait
In general, the payment deposit and withdrawal process in Kuwait is relatively straightforward and convenient. Kuwait has a modern financial infrastructure, and its banking system is advanced, making transactions, including withdrawals from brokerage accounts, relatively straightforward for residents. However, the ease of conducting withdrawals from your brokerage account in Kuwait depends on several factors. It's crucial to choose a broker regulated by a reputable authority, whether that's in Kuwait or another jurisdiction. Regulated brokers tend to have clear procedures for withdrawals to protect both the broker and the client.
Most brokerages offer multiple withdrawal methods, including bank wire transfers, credit/debit card transactions, and even online payment systems. The efficiency of these methods can vary, with wire transfers to Kuwaiti banks typically taking several business days.
FOREX Trading Customer Service
As timing is key to FOREX trading, you must pick a brokerage firm that is able to provide good customer support around the clock. This most notably includes the company representatives being easy to reach, fast and polite, which will, in turn, spare you having to worry about problems down the road.
Ask Other Traders on Our Network
Arincen has gone to extensive lengths to create an enabling environment of networks, where traders of all backgrounds can take part in a vibrant trading space. After all, Arincen’s goal is to simplify the world of trading. Our Website provides an unrivalled slate of tools, like our market-leading signals, rolling news, and a thriving community where traders of all levels of experience can learn and profit from each other.
Technical Aspects of the Broker’s Website
When it comes to sharing sensitive personal information online, such as a credit card, cyber security is paramount. You should, therefore, always watch for SSL certification and two-factor authentication (especially when registering with a new site).
To provide our users with peace of mind, we at Arincen have introduced the “Company Checker,” which is an online tool directly linked to an international Website called Scamadviser. The latter is an independent site that checks the countries in which these FOREX Websites are managed, where the server is located, in addition to other security and informational aspects. It ranks FOREX firms by granting them a score ranging from 0% to 100%, with the best FOREX firms usually receiving a score of 90% and above. Any company that has achieved a score lower than 85% should thus be avoided. Simultaneously, whenever looking for a new FOREX broker, users must ensure its Website is fast, modern and user-friendly.
Trading Platforms, Tools, and Features
As Kuwait is such a vibrant trading space, all brokers based in the country provide a range of tools to enhance your trading experience. They can hardly be complacent in this regard as they will quickly be overtaken. Some brokers have their own proprietary platforms, while others are well served by such tried-and-tested industry favorites as MT4, MT5, and cTrader. Kuwait is a technologically capable country that supports brokers who require the fastest networks to support high-volume trades.
Which Kuwaiti FOREX Broker Has the Best Platform?
Many FOREX traders around the world have become used to MetaTrader’s strong and dependable MT4 platform, which is well-liked with good cause. To learn more about this important platform, visit our explainer article. However, if you are interested in trying something new that pushes the boundaries of what we accept as possible with a trading platform, you may consider a proprietary platform. In this case, we would encourage you to try Saxo Bank for its advanced trading features and high-performance tools with extensive market analysis.
Which Kuwaiti FOREX broker charges the lowest fees?
Our research shows that FXDD’s ECN account offers the lowest fees for entry-level and elite traders alike.
Which Kuwaiti FOREX broker offers the most CFDs?
CMC Markets and IG offer comprehensive CFD selections. We can confirm that these two brokers offer the most CFDs of the ones we have studied.
Which Kuwaiti FOREX broker offers the most assets?
According to Arincen’s research, the FOREX brokers that offer the widest and most comprehensive range of financial assets are CMC Markets and IG.
Which Kuwaiti FOREX broker is best for professionals?
Professional traders are mostly clear about their requirements. They normally won’t settle for a sub-standard platform or experience. Professional traders are also searching for a platform that features in-depth market analysis that comes with advanced indicators that help them make better decisions. In this case, you should look to brokers that use MT4, an industry stalwart that offers all of the above.
How to Verify that Your Broker Has Authorization
To check if a FOREX broker is regulated by the CMA, you would need to launch an email enquiry or call it instead. Besides local regulations, it is possible that your broker can observe the regulations in other jurisdictions. How does this work? Many brokers have global offices. Most of the major ones have offices in Europe, meaning they could be regulated by an entity like the Cyprus Securities and Exchange Commission (CySEC), a tier-1 regulator.
The Dos and Don’ts of FOREX Brokers
One of the first things a new FOREX trader ought to do is to check the extent to which the FOREX company abides by the rules and regulations governing its operation. Emphasis must be placed on what it can and cannot do.
There are seven things brokerage firms cannot do:
- The FOREX brokerage firm cannot recommend a buy or sell;
- The FOREX brokerage firm must not provide price or market expectations (rise/fall);
- The FOREX firm cannot control your financial dealings (deposit/withdrawal);
- The FOREX brokerage firm should not “manage” your portfolio under any circumstance;
- The FOREX brokerage firm cannot grant a client a bonus unless there are clear terms guiding it from beforehand;
- The brokerage firm must not use bank accounts not under its name; and
- FOREX brokerage firms cannot have or offer the service of account managers.
In short, the role of brokerage firms is strictly confined to facilitating buyers and sellers to come together toward an agreed-upon commission. FOREX brokerage firms that violate any of the seven rules aforementioned should be avoided. However, should the trader wish to receive any of the above-mentioned services, our advice is to seek an expert Website like Arincen, something we will delve into toward the end of this article.
FOREX Trading Scams and How to Avoid Them
The CMA has issued several scam warnings in the past. Given its role, the CMA is indeed concerned about potential scams, including trading scams, and will typically take measures to inform the public about them. This may include public warnings, press releases, and educational campaigns
The CMA maintains a list or registry of licensed entities. This can be a valuable resource for potential investors. This is the role of all regulators around the world, including major regulators like the FCA, ASIC, and CySEC, to mention a few. These entities all provide general guidance to the public on how to avoid investment scams. This ensures that the average investor is well protected from scam activity. However, they still need to conduct their own due diligence as well.
Who Is Arincen and What Do We Do?
Put simply, Arincen is a social networking platform that brings together traders and experts to exchange expertise and ideas. Together, we evaluate the best FOREX companies in the world while offering a compressive suite of services and tools, all in one place, either via a computer or a mobile app. The platform is so rich that one can create his own private portfolio of traders and experts they like and, at the same time, follow the experts’ recommendations and investment sentiments.
Further, thanks to Arincen, users can keep an eye on market-price developments, as well as the latest news. Users can also benefit from the network’s educational courses on offer, to say nothing of exciting Webinars – all done in a modern and fast-paced work environment. Get all you need in one place, not less, not more. In short. Arincen: We Meet to Simplify the Trading World.
Conclusion
If anything, the key message to take away from this article is that the FOREX brokerage firm one picks must be legally licensed and well-regulated. On a final note, it is never advisable to deal with FOREX companies on your own. It is best this is done with the help of industry experts, who can provide you with all the services FOREX companies cannot. Start trading using Arincen and enjoy all the services, advice and tools it has to offer while making your trading experience profitable!
Arincen’s Review Methodology
The team at Arincen collected more than 120 pieces of data covering in excess of 100 licensed FOREX companies. Data collection was done in three ways:
- Companies’ Websites.
- Other Websites that have ranked FOREX companies.
- A survey questionnaire (referred to here as Survey “1”) we had sent to the companies invited to participate in the exercise. We have identified 13 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets, etc.
Afterward we validated the data by:
- Registering with FOREX companies as a secret shopper and/or as Arincen.
- Survey number “2,” in which we asked these companies’ customers for important feedback and past experience.
The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including taking into account different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung, etc.
To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies to evaluate our own research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more on how we came up with the evaluation, please click here.
FAQ
Is FOREX trading legal in Kuwait?
Yes, trading FOREX trading is legal in Kuwait. FOREX trading is considered to be an activity that can lead to gainful profits, as such it is highly regulated, making it easy to keep it legal. Be sure to trade with brokers who offer Sharia-compliant swap-free accounts only.
What is FOREX?
The FOREX market is a place where global currencies are bought and sold. It is a large and active marketplace that requires technologically superior tools if you are to participate as a retail trader. The market operates 24 hours a day and five days a week (Monday through Friday), except international holidays.
What is FOREX trading?
FOREX trading involves buying and selling different worldwide currencies for a profit. Retail traders select a currency pair and, in anticipation of market-driven changes in value, wait for the right moment to make a sale for a profit.
Can I withdraw funds in other currencies?
No. As you are domiciled in Kuwait, and your broker is registered to operate in Kuwait, your account is designated in Kuwaiti Dinar. Even though as a FOREX trader you are trading in global currencies, you can only withdraw your earnings in the local currency, the Dinar.
Does my broker offer services in Arabic?
Yes, Arabic is used widely within trading firm circles. Native Arabic speakers will have no difficulty finding Arabic-speaking brokers.
What costs and commissions are associated with FOREX trading?
FOREX brokers charge any combination of commissions, spreads, and financing fees. Brokers can either charge a spread (the difference between the buy and sell price of a currency pair) and include their facility fee in the spread, or they can charge only a market-rate spread and levy a commission per trade outside the spread.
Financing fees come into play if you hold your position overnight. You must pay a financing cost for the benefit of keeping your positions open for an extended time.
How important is good customer service in FOREX trading?
Good customer service is vital to FOREX trading as it is a fast-moving marketplace where traders can lose money if their account is non-functional or deactivated for any length of time. As such, you must select a broker that can offer excellent customer support whenever you need it. Company staff must be accessible and knowledgeable enough to be useful in times of difficulty.
Is FOREX trading taxable in Kuwait?
Yes, retail FOREX trading is taxable in Kuwait. You are advised to keep accurate records of your trades and report any income timeously. As always, be sure to consult a tax expert to get the best advice in this area.
Written by
Adrian Ashley
Adrian Ashley is a seasoned business and finance writer. With a corporate career spanning over 20years, he has developed deep experience in such diverse areas as investing, business, finance,technology and macroeconomics. He is passionate about captu...
Edited by
Richard Sine
Richard Sine is a long-time technical editor and writer. His credits include a weekly column in the...
Fact Checked by
Bahaa Khateeb
Bahaa Khateeb is currently the CEO of Arincen, a start-up Fintech company based in Haifa. Baha...
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