With many years of meticulous FOREX broker testing, Arincen stands out as a voice of authority. Our analyses, shaped by exhaustive data collection, are trusted by many. Each year, we gather 120 data points from more than 100 brokers. Our team of more than 20 people collaborate extensively to produce high-quality broker reviews like this one. For a detailed explanation of how we test brokers, navigate to the bottom of this article.
Company Name | Regulations | Minimum Deposit | Main Branch | Open Account |
---|---|---|---|---|
ICM Capital |
$500 | United Arab Emirates | ||
Tradeview |
$250 | USA | ||
XTB |
$500 | UK | ||
IG |
$500 | UK |
Company Name | ICM Capital |
Regulations | |
Minimum Deposit | $500 |
Main Branch | United Arab Emirates |
Company Name | Tradeview |
Regulations | |
Minimum Deposit | $250 |
Main Branch | USA |
Company Name | XTB |
Regulations | |
Minimum Deposit | $500 |
Main Branch | UK |
Company Name | IG |
Regulations | |
Minimum Deposit | $500 |
Main Branch | UK |
With so many choices out there, it's tough to select the right broker. In this case, we've done the work for you. Here is a summary of each broker according to specific criteria, along with their pros and cons
ICM Capital-91.10: Best Deposit and Withdrawal Broker
Tradeview - 90.00: Trusted broker that offers very low trading costs as well as comprehensive financial literacy materials for its clients.
XTB - 85.55: Best Customer Service Broker
IG - 85.45: Best Regulations Broker plus Convenient Platform
Saxo Bank - 80.09: Excellent Private Trading Platform
CMC Markets - 80.07: More than 9,000 Assets
ThinkMarkets - 80.05: Aimed at the Audience of Traders
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 |
Regulations | |
Minimum Deposit | $500 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers, crypto |
Main Branch | United Kingdom |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | MT4, MT5, cTrader, Web Platform |
Tradeview Forex, interchangeably known as Tradeview Markets, was established in 2004 and is headquartered in the Cayman Islands, setting itself up as a significant player in the online FOREX and CFD trading world. Regulated by the Cayman Island Monetary Authority (CIMA) and the Malta Financial Services Authority (MFSA), Tradeview Forex is a reliable platform in a competitive market. The broker’s commitment to offering a broad and accessible trading environment shines through with its low deposit requirement and how it provides various advanced trading platforms to clientele.
Broker Evaluation | 7 |
Regulations | |
Minimum Deposit | $450 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers, crypto |
Main Branch | Cayman Islands |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | Proprietary Platform, MT4, MT5, Web Platform |
What distinguishes XTB from other brokers 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 |
Regulations | |
Minimum Deposit | $500 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers |
Main Branch | United Kingdom |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | MT4, MT5, Web Platform |
Broker Evaluation | 7.54 |
Regulations | |
Minimum Deposit | $250 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers |
Main Branch | United Kingdom |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | Proprietary Platform, MT4, Web Platform |
Saxo Bank is considered one of the best investment banks in financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spreads are 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 |
Regulations | |
Minimum Deposit | $5000 |
Islamic Account | No |
Payment Methods | Bank transfer, credit card |
Main Branch | Copenhagen, Denmark |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | SaxoTrader |
CMC Markets is a well-regarded broker offering some 9,000 asset classes that encompass currencies, commodities, indices, cryptocurrencies, bonds, and stocks. The company offers relatively low spreads, access to MT4, and fast customer service. It is most suited for traders looking for diversity in asset classes.
Broker Evaluation | 7.07 |
Regulations | |
Minimum Deposit | $0 |
Islamic Account | No |
Payment Methods | Bank transfer, credit card, electronic payment providers |
Main Branch | United Kingdom |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | Proprietary Platform, MT4, Web Platform |
Originally founded in New Zealand in 2010, and moving to Australia within the space of their first two years, ThinkMarkets is a global online brokerage focusing on FOREX and CFD trading. In addition to a range of major and minor currency pairs. ThinkMarkets has an array of CFDs on offer. This includes indices, as well as hard and soft commodities.
Broker Evaluation | 8.05 |
Regulations | |
Minimum Deposit | $0 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers, crypto |
Main Branch | Australia |
Customer Service | 24/7 |
Demo Account | Yes |
Trading Platforms | Proprietary Platform, Web Platform, MT4, MT5 |
There is a high degree of risk involved in trading securities like FOREX, or CFDs, which are highly complex instruments. As a trader, you could be exposed to excessive leverage, questionable broker tactics, market volatility, and limited regulatory protection. Despite your best trading techniques and risk management strategies, your efforts may not be profitable, and you could suffer losses.
The foreign exchange market is a decentralized marketplace where global currencies are bought and sold. Currency trading is conducted electronically over the counter (OTC). This means that all transactions occur via computer networks between traders all over the world rather than on one centralized exchange. The FOREX market operates 24 hours a day and five days a week (Monday to Friday), except for international holidays. The FOREX market is the largest financial market in the world. The best FOREX brokers in Kuwait play a key role in this marketplace by enabling clients to buy and sell through a trading platform. Most trading platforms are accessible in web and mobile format.
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.
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 to become Shariah-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 Shariah 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.
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.
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.
Tip: Invest in Your knowledge
For every aspiring retail trader, knowledge is key to a successful trading journey. We invite you to delve into Arincen's goldmine of insights, strategies, and expert analyses. Whether you're just embarking on your trading venture or trying to level up your trading game, our resources are designed to give you all the information you need. Visit our educational resources here.
Tip for those who have no experience
We believe that a solid foundation in education and research is essential for every successful trader. That’s why we’ve created a set of resources specifically for you. Our comprehensive articles provide an understanding of the basics, while our videos offer insights from industry insiders. Stay updated with the latest developments in the market through our newsfeed, signals, and detailed analytics.
Choose a broker under the watch of a trusted regulatory authority who is renowned for their rigorous oversight. There's no obligation to opt for an overseas regulator; reputable brokers also operate within your own jurisdiction. To confirm if your broker is registered with a regulator, navigate to the regulator’s official website.
Depending on the regulatory framework within which your broker operates, you'll encounter varying leverage rules. Several key regulators have introduced specific guidelines to safeguard retail traders.
Let's look at some of these leverage rules set by major regulators:
CMA in Kuwait:
Leverage in Kuwait is not clearly defined. When a Kuwaiti national is dealing with the overseas branch of a broker, the leverage they pay is set by the regulator in that international market, for example, Europe. However, when a Kuwaiti national is dealing with a local broker entity, the maximum potential leverage a broker can offer is determined by the CMA via bi-lateral discussion between the regulator and the local broker.
Australian Securities and Investments Commission (ASIC) in Australia:
30:1 for major currency pairs
20:1 for non-major currency pairs, gold, and major stock market indices
10:1 for commodities other than gold and minor stock market indices
5:1 for equities (stocks) and other underlying assets
Swiss Financial Market Supervisory Authority (FINMA) in Switzerland:
FINMA doesn't specify leverage limits as does ASIC. However, Swiss brokers must strictly adhere to robust capital and risk management requirements, ensuring that they do not offer excessively high leverage that could endanger their financial stability or their clients' funds.
Financial Conduct Authority (FCA) in the UK:
30:1 for major currency pairs
20:1 for non-major currency pairs, gold, and major indices
10:1 for commodities (excluding gold) and non-major equity indices
5:1 for individual equities and other reference values
Retail traders should be cautious when trading with high leverage due to the significant risks involved. While leverage can increase gains, it can also magnify losses. You should be careful when trading with high leverage, that’s why you need the right knowledge and experience to handle the highs and lows that come with this form of trading.
In the world of trading, "stop out" is a term with which you should be familiar. It's the point where your broker automatically closes some or all of your active positions to prevent your account from diving into negative territory. The stop-out level is usually defined as a percentage, representing the margin level at which your broker starts shutting down your open trades.
Let's break down the percentages:
Stop out of 0%:
Your broker won't close any of your positions, even if your margin level reaches rock bottom. This is because some brokers allow you to end up in the red, which means you might owe them money if your trades keep losing.
Stop out of 50%:
Once your equity dwindles to half of your used margin, the stop-out alarm goes off. Your broker steps in and starts closing your trades, beginning with those least profitable. This continues until your margin level bounces back above the stop-out level.
Stop out of 100%:
When your margin level hits 100%, your broker takes the drastic step of automatically closing all your open positions. In some setups where the broker separates margin-call and stop-out levels, the margin call happens at 100% and the stop-out at 50%. If your margin level plunges to 50%, your trading platform springs into action with a stop-out, closing your trade at the market price.
Keep in mind that the specific percentage and the order in which positions get closed can vary from broker to broker. So, it's crucial for traders to know their broker's stop-out policy. It's worth noting that while stop-out measures are designed to shield traders from going into the red, they can also result in substantial losses, especially in volatile markets where positions are swiftly closed automatically, especially if the market suddenly reverses post-stop out. That's why you should always employ protective strategies like setting stop-loss orders and avoiding excessive leverage.
Trading fees can be tricky to keep track of, so it's important to compare them with industry standards. Here are some fees of which to be aware:
Spreads:
There are two main kinds of spread, one is fixed and the other is variable. 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 company.
The spread refers to the difference between two prices, such as the bid/ask rate in a currency exchange rate. An example of a good spread is 1.4 pips for the EUR/USD (the narrower the better, this means that a spread of 1.4 pips is better than a spread of 2 pips). You can learn more about this concept in this article.
Remember that, because brokers catering to Islamic clients cannot charge rollover fees as it is against Sharia law, they often seek to make more money through spreads, which are typically higher in markets bound by Islamic law.
Commission:
This is the service charge that brokers require for carrying out transactions on behalf of their clients. As for commissions, FOREX trading companies can be placed into three categories. The first offers fixed spreads, while the second tenders variable spreads, with a third category of companies offering low-cost spreads, but that come with a (relatively high) fixed commission.
Rollover fees: When you leave a trade open overnight, the broker normally charges a rollover fee for the facility of holding your trade open for that period. This is because they assume the risk of the market changing adversely. As we have said, you should know that, as a Muslim trader, it is Haram to pay conventional rollover fees. This is why you should only trade with a broker that offers Islamic swap-free trading.
Withdrawal and deposit fees:
Some platforms might charge fees for depositing or withdrawing funds. Pay attention to this. It's important to know these and any associated limits or conditions.
Subscription or inactivity fees:
Certain platforms have monthly charges or fees for inactive accounts. Ensure you're aware of these potential costs.
Spread | Commission | Swap | Islamic Account | |
Currencies | Starting from 1.3 Pips | 0$ | No | Available |
Stocks | Starting from 18 Pips | 0$ | Yes | Unavailable |
Commodities | Starting from 2.3 Pips | 0$ | No | Available |
Indices | Starting from 4 Pips | 0$ | Yes | Unavailable |
Spread | Commission | Swap | Islamic Account | |
Currencies | Starting from 0.14 Pips | $0 | No | Available |
Stocks | Starting from 0 Pips | $0 | No | Available |
Commodities | Starting from 2 cent | $0 | No | Available |
Indices | Starting from 0.2 Pips | $0 | No | Available |
Spread | Commission | Swap | Islamic Account | |
Currencies | Starting from 0.2 Pips | 0$ | No | Available |
Stocks | Not Mentioned | 0$ | Yes | Unavailable |
Commodities | Starting from 8 Pips | 0$ | No | Available |
Indices | Starting from 4 Pips | 0$ | Yes | Unavailable |
Spread | Commission | Swap | Islamic Account | |
Currencies | Starting from 0.6 Pips | 0$ | Yes | Unavailable |
Stocks | Starting from 2.4 Pips | 0$ | Yes | Unavailable |
Commodities | Starting from 0.1 Pips | 0$ | Yes | Unavailable |
Indices | Starting from 0.2 Pips | 0$ | Yes | Unavailable |
Spread | Commission | Swap | Islamic Account | |
Currencies | Starting from 0.9 Pips | $0 | Yes | Unavailable |
Stocks | Starting from $0.02 | $6 | Yes | Unavailable |
Commodities | Starting from $0.6 | $6 | Yes | Unavailable |
Indices | Starting from $0.7 | $6 | Yes | Unavailable |
Spread | Commission | Swap | Islamic Account | |
Currencies | Starting from 0.5 Pips | $0 | Yes | Unavailable |
Stocks | Starting from $0.2 | $10 | Yes | Unavailable |
Commodities | Starting from 0.2 Pips | $0 | Yes | Unavailable |
Indices | Starting from 0.5 Pips | $0 | Yes | Unavailable |
Spread | Commission | Swap | Islamic Account | |
Currencies | Starting from 0.4 Pips | $0 | Yes | Unavailable |
Stocks | Starting from 0.1% | $0 | Yes | Unavailable |
Commodities | Starting from $0.19 | $0 | Yes | Unavailable |
Indices | Starting from 0.4 Pips | $0 | Yes | Unavailable |
Brokers | Currency pairs | Stocks | Indices | Commodities | Crypto | ETFs |
ICM Capital | 67 Pairs | 89 Shares | 17 Indices | 12 Commodity | 6 Coins | Unavailable |
Tradview | 80 Pairs | 5000 Shares | 10 Indices | 10 Commodity | 30 Coins | Unavailable |
XTB | 57 Pairs | 1848 Shares | 36 Indices | 22 Commodity | 22 Coins | 135 ETFs |
IG | 81 Pairs | 21714 Shares | 49 Indices | 39 Commodity | 11 Coins | 12858 ETFs |
Saxo Bank | 320 Pairs | 22000 Shares | 49 Indices | 39 Commodity | 9 Coins | 6700 ETFs |
CMC Markets | 330 Pairs | 8000 Shares | 80 Indices | 100 Commodity | 18 Coins | 200 ETFs |
Think Markets | 46 Pairs | 3750 Shares | 15 Indices | 11 Commodity | 21 Coins | 350 ETFs |
Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
Deposit fee | 0$ | $0 + Bank commission | 1.9% | 2.5% | Unavailable | 3.75% |
Withdrawal fee | 0$ | $15 | 1% | $0 | Unavailable | 2% |
Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
Deposit fee | 0$ | 0$ | 1.9% | 2.5% | $0 | 3.75% |
Withdrawal fee | 0$ | 0$ | 1% | $0 | $0 | 2% |
Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
Deposit fee | 0$ | $0 + Bank commission | 1% | 1% | Unavailable | Unavailable |
Withdrawal fee | 1.5% | 30$ | 1% | 1% | Unavailable | Unavailable |
Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
Deposit fee | 0$ | $0 + Bank commission | Unavailable | Unavailable | Unavailable | 3.4% + fixed fee |
Withdrawal fee | 0$ | $0 + Bank commission | Unavailable | Unavailable | Unavailable | 3.4% + fixed fee |
Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
Deposit fee | 0$ | $0 + Bank commission | Unavailable | Unavailable | Unavailable | Unavailable |
Withdrawal fee | 0$ | $0 + Bank commission | Unavailable | Unavailable | Unavailable | Unavailable |
Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
Deposit fee | 0$ | $0 + Bank commission | Unavailable | Unavailable | Unavailable | Unavailable |
Withdrawal fee | 0$ | $0 + Bank commission | Unavailable | Unavailable | Unavailable | Unavailable |
Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
Deposit fee | 0$ | $0 + Bank commission | 0$ | 2.5% | Not mentioned | Unavailable |
Withdrawal fee | 0$ | $0 + Bank commission | 5.50$ | 0-7.5% | Not mentioned | Unavailable |
Live Chat | Phone | |||
Available | Available | Available | Available | Available |
Quick response | Very Fast | Very Fast | Very Fast | Very Fast |
Live Chat | Phone | |||
Available | Available | Available | Available | Available |
Quick response | Quick response | Fast | Fast | Fast |
Live Chat | Phone | |||
Available | Available | Available | Available | Not Available |
Quick response | Very Fast | Moderate | Moderate | Not Available |
Live Chat | Phone | |||
Available | Available | Available | Available | Not Available |
Quick response | Very Fast | Very Fast | Moderate | Not Available |
Live Chat | Phone | |||
Available | Available | Not Available | Available | Not Available |
Quick response | Slow | Not Available | Moderate | Not Available |
Live Chat | Phone | |||
Available | Available | Not Available | Available | Not Available |
Quick response | Moderate | Not Available | Moderate | Not Available |
Live Chat | Phone | |||
Available | Available | Available | Available | Not Available |
Quick response | Moderate | Fast | Moderate | Not Available |
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.
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). Always remember to use a strong password.
When choosing a trading platform, you should consider a range of features that cater to both novice and seasoned traders. Here are some elements to keep in mind:
Shariah-compliant accounts: You should be able to access a swap-free account that is consistent with the dictates of Shariah financial law.
Platform accessibility: A top-notch trading platform should offer flexibility in terms of access, whether it's web-based or a downloadable application.
Risk-management tools: Trading inherently comes with risks, and a high-quality platform should provide instruments that allow traders to set stop-losses, take-profits, and other crucial order types.
Technical analysis tools: The platform should have robust technical indicators to help traders make informed decisions.
Customization and user interface: Traders should be able to customize the platform according to their preferences, allowing them to set up their trading environment precisely how they want. We find that the products from the MetaTrader suite, especially MT4, offers excellent features for this purpose.
Performance and reliability: Beginner traders especially need a platform that operates seamlessly with minimal downtimes or glitches. This ensures a smooth trading journey, allowing them to focus on market movements rather than technical hiccups.
Learning and educational resources: The best brokers will offer platforms that are not only intuitive but also come with tutorials, guides, and responsive customer support to assist traders in navigating any challenges they might face.
To choose the perfect trading platform, here’s some solid advice:
Determine your trading style and needs.
Research different platforms and compare their features.
Test the platforms with a demo account to see which one suits you best.
Choose a platform that offers the features you need and is user-friendly.
Ensure that the platform is reliable and has a good reputation in the industry.
Remember that the trading platform you choose can have a significant impact on your trading success, so it's important to choose wisely.
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.
Our research shows that ICM's ECN account offers the lowest fees for entry-level and elite traders alike.
Trading with an unregulated broker can have dire consequences. Regulated brokers must comply with strict rules to protect your interests. Unregulated brokers may engage in fraudulent activities, such as misappropriating client funds, and may not have adequate measures in place to protect your data. For a list of the best regulators, read our article here.
The team at Arincen collected more than 120 pieces of data covering more than 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 experience.
The next step saw us evaluate and rank each company, relying on the demanding work of 15 Arincen employees. We were careful in ensuring the most accurate assessment possible, including considering 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.
Forex Risk Disclaimer
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
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.
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.
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.
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.
Yes, Arabic is used widely within trading firm circles. Native Arabic speakers will have no difficulty finding Arabic-speaking brokers.
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.
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.
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.