Table of contents

Best FOREX Brokers In Qatar 2024

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.

Learning about the top FOREX brokers in Qatar is always a wise decision. The online trading platform market in Qatar is becoming increasingly crowded, with numerous new and established players competing for users' attention. This situation can lead to more choices and complexity for the end-user. 

At Arincen, we aim to simplify the trading world and make it more accessible. Hence, we have compiled a list of the best FOREX brokers in Qatar after conducting a rigorous review process with our team of experts. We will also share our methodology, enabling you to understand how we arrived at our rankings.

Best FOREX brokers in Qatar in 2024

Company name ICM Capital
Regulations

FCA

Minimum deposit 500$
Main branch United Arab Emirates
Company name Tradeview
Regulations

FCA

Minimum deposit 250$
Main branch USA
Company name XTB
Regulations

FCA

Minimum deposit 500$
Main branch UK
Company name IG
Regulations

FCA

Minimum deposit 500$
Main branch UK

Top Tips for Choosing the Best FOREX Brokers in Qatar

There are lots of excellent FOREX brokers working in Qatar. 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:

Best FOREX brokers in Qatar in 2024

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 Broker

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

FCA

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
Dukascopy  Broker

Dukascopy Broker

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
Regulatory Bodies

FCA

Minimum Deposit $450
Islamic Account Yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch USA
Customer Service 24/5
Demo account Yes
Trading Platforms Proprietary Platform-MT4 - MT5 -Web Platform

Pros

  • Established in 2004.
  • Variety of trading platforms, such as MT4, MT5, cTrader, and Currenex, catering to different trading preferences and strategies.
  • Low minimum deposits.
  • beginners and experienced traders looking to refine their strategies.
  • Supports automated trading through the use of Expert Advisors (EA) on MT4 and MT5 platforms.
  • Decent leverage levels of 1:200 available in some jurisdictions.
  • Regulated by CIMA, MFSA, and will soon be regulated by the UK’s Financial Conduct Authority (FCA).

Cons

  • While regulated by CIMA and the MFSA, the broker is still in the final stages of becoming regulated by the tier-one FCA.
  • Trades on the Innovative Liquidity Connector® account are subject to commission charges, which may add to trading costs.
  • While offering high leverage up to 400:1 can be an advantage, it also introduces significant risks, especially for new traders.
XTB Broker

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

FCA

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 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

FCA

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

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

FCA

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 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

FCA

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

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

FCA

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.
  • Zero broker fees for FOREX trading.
  • Technical analysis and quality market information.
  • 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.

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.

What is FOREX, and Why Do We Need a Broker to Trade?

The foreign exchange market is a global marketplace where currencies are bought and sold. This trading is conducted electronically over the counter (OTC), meaning that transactions happen via computer networks between traders worldwide instead of on a centralized exchange

Except for international holidays, the FOREX market operates 24 hours a day, five days a week (Monday to Friday). It is the largest financial market globally. The best FOREX brokers in Qatar play a vital role in this marketplace by allowing clients to buy and sell through a trading platform. Most trading platforms are accessible in web and mobile formats.

Best FOREX Brokers In Qatar 2024

How to Open a Trading Account to Start Trading FOREX

Opening a FOREX trading account is simple. First, you need to choose your preferred broker and fill out an application form to initiate the "open account" process. As part of the Know Your Customer (KYC) regulations, you will be required to provide two documents: your national identity document and proof of address. It is important to note that different brokers may have varied requirements.

Once you submit your application, it usually takes one to two days for your account to be approved. After approval, you can fund your account by making the first deposit. With your account funded, you can start trading.

What Is an Islamic Account?

An Islamic account, often referred to as a "Shariah-compliant" or "swap-free" account, 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, prohibiting certain types of financial transactions. The key features of an Islamic account include:

It is also forbidden, or “Haram,” to invest in companies that deal in alcohol, pork products, or gambling. For a more detailed list of barred items, we suggest you consult an Islamic authority. Many traders in Qatar can only work through Islamic accounts because of their faith.

Is FOREX Trading Halal?

FOREX trading is widely considered halal, but this statement comes with certain conditions. Many Islamic scholars have debated whether FOREX trading is permissible or not as some of its aspects need to be adjusted to comply with Shariah law. For instance, charging interest on overnight accounts is prohibited, and excessive uncertainty is not allowed. Transactions must be settled immediately without carrying over to the next day. 

The question of whether FOREX trading is halal or haram is not straightforward, and scholars have different opinions based on their interpretation of Islamic laws. However, the fact that Shariah-compliant trading accounts exist implies that brokers have modified their products to be religiously acceptable. If you want to learn more about this topic, click here.

How Much Do Beginners Need to Start to 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 and 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 an extensive list of curated articles that can give you all the information you need on standard FOREX trading terms, like pips, spreads, leverage, and support and resistance. We have also taken the time to prepare detailed articles on essential 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 that your broker will generally have developed a detailed education and research repository. That is also an excellent place to bolster your FOREX knowledge, with the extra benefit that your broker’s information will be slanted toward their platform and resources, making 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.

Can You Trade without Prior Experience?

Expanding your experience in the world of trading is always advisable. The Arincen network is designed for those who lack sufficient experience to trade independently. You can follow the experts on our network and apply their signals and strategies to your trading account with ease. You can also review the statistics of the experts and their trading history to ensure they are suitable for trading the assets you prefer. For instance, if you only want to trade in oil or any other specific group of assets, you can review the network's best oil trading experts and traders.

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.

How Do I Choose the Best FOREX Broker in Qatar?

Qatar is a country located on the northeastern coast of the Arabian Peninsula, bordering Saudi Arabia. Qatar is a prominent member of the Gulf Cooperation Council (GCC). Qatar has a population of about 2.8 million people, and it boasts one of the highest GDP per capita in the world, standing at approximately $59,000. This positions Qatar within the top ranks of global economies.

Qatar's economy is robust, primarily driven by its vast reserves of natural gas and oil, which contribute significantly to its GDP. The Qatari riyal is a stable currency pegged to the US dollar, which shields it from major fluctuations common in more volatile economies. FOREX trading is permitted in Qatar, and it is a popular activity among residents. However, Qatari FOREX brokers and traders must adhere to the regulations set by the Qatar Financial Centre Regulatory Authority (QFCRA), which oversees financial services other than banking within the Qatar Financial Centre (QFC).

The QFCRA enforces stringent rules and standards with which FOREX brokers and retail traders must comply to operate in Qatar. These regulations ensure that the financial market operates transparently and efficiently, protecting investor interests, and maintaining the integrity of the financial sector. Qatari firms can engage in cross-border services within the GCC and potentially other regions, subject to specific regulatory agreements and licenses.

If you are interested in FOREX trading in Qatar, the process can begin as soon as you meet the regulatory requirements and register with a licensed broker.

FOREX Regulations in Qatar

Trading FOREX in Qatar is a popular activity among residents. As we have said, the regulatory oversight of the FOREX market falls under the QFCRA. This body has been instrumental in setting up structured regulations for organizing capital markets in Qatar, including the development of financial instruments and institutions.

The QFCRA has a wide array of responsibilities. Its primary focus is on ensuring the development of Qatar’s capital markets. Among its key functions, it is tasked with enacting consistent regulations and carrying out supervision to ensure fairness, efficiency, and transparency in the Qatari capital markets, and enhancing their competitiveness on an international level.

Understanding the role of regulatory bodies like the QFCRA in the FOREX market is crucial for anyone interested in trading. Its role is two-fold:

For FOREX firms to operate legally in Qatar, they must obtain a license from the QFCRA. Engaging with unlicensed firms is risky and is generally advised against, as these firms lack the necessary oversight to guarantee that your money is protected.

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.

Leverage

Leverage allows you to trade with the broker’s money, meaning you can place larger orders than you would been able to with your own funds. This is a great way to get access to a larger share of the pie, but it also means you can lose money easily!

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:

QFCRA in Qatar:

The QFCRA does not impose strict leverage limits on FOREX brokers in Qatar. Also, specific details on leverage levels are often hard to come across in the public domain. As such, Qatar runs one of the most liberal frameworks for trading FOREX in the region. However, it does provide guidance recommending traders avoid excessively high leverage ratios, even though the overall regulatory framework is quite relaxed.

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, and neither 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.

Commissions and Fees in Qatar

Trading fees can be tricky to track, so comparing them with industry standards is essential. Here are some costs of which to be aware:

Spreads

There are two main kinds of spread: fixed and variable. Generally, 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, which 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.

Commission

This is the service charge that brokers require to carry out transactions on behalf of their clients.

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 of time. This is because they assume the risk of the market changing adversely. As a Muslim trader, you should know that it is Haram to pay conventional rollover fees. This is why you should only trade with a broker that offers Islamic swap-free trading. Just be aware that the spreads are likely to be wider.

Withdrawal and deposit fees

Some platforms might charge fees for depositing or withdrawing funds. Pay attention to this. It's important to be aware of 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.

To keep track of trading fees, you can follow these steps:

Remember that trading fees can significantly impact your trading profits, so it's important to choose a platform that offers competitive fees and suits your trading needs.

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

Tradable Assets and Instruments

Retail trading offers a diverse range of financial instruments, each with its own set of opportunities and challenges. Here are the most common tradable assets and instruments. Ensure that your broker provides Shariah-compliant trading accounts to trade these financial assets. Also, for Islamic traders, remember that standard instruments such as bonds, futures, and CFDs are not open to you because the nature of these assets is to speculate on underlying assets you do not own or to receive interest, which is Haram.

FOREX:

With the largest trading volume globally, the FOREX market allows traders to speculate on the future movements of currency prices, trading pairs like EUR/USD, GBP/JPY, and many more.

Commodities:

Whether it's precious metals like gold and silver or energy commodities like oil and natural gas, commodities trading offers a chance to profit from the tangible assets that drive global economies. Be sure first to check which ones are Sharia-compliant.

Equities or Stocks:

These represent ownership in a company and constitute one of the most popular avenues for retail traders, given their potential for substantial returns and the thrill of being a part of the corporate world. Remember that, by Shariah finance laws, you cannot invest in companies that deal in gambling or alcohol.

Indices:

These are baskets of stocks representing a particular market or sector, like the S&P 500 or the Nasdaq, giving traders exposure to broader market movements.

Cryptocurrencies:

Digital coins like Bitcoin, Ethereum, and countless altcoins offer both high rewards and volatility.

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 108 Pairs 20000 Shares 200 Indices 20 Commodity 5 Coins 200 ETFs
Saxo Bank 320 Pairs 22000 Shares 200 Indices 200 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

Payments, Deposits, and Withdrawals in Qatar

Generally, Qatar's payment deposit and withdrawal process is relatively straightforward and convenient. Qatar 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 Qatar depends on several factors. It's crucial to choose a broker regulated by a reputable authority, whether that's in Qatar 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 Qatari banks typically taking several business days.

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

FOREX Trading Customer Service

Choosing a brokerage firm that offers excellent customer support 24/7 is important. This includes having easily accessible and knowledgeable representatives who can assist you whenever you need help. The best FOREX brokers in Qatar for beginners should provide the following services:

Email Live Chat Phone WhatsApp
Available Available Available Available Available
Quick response Very Fast Very Fast Very Fast Very Fast
Email Live Chat Phone WhatsApp
Available Available Available Available Available
Quick response Quick response Fast Fast Fast
Email Live Chat Phone WhatsApp
Available Available Available Available Not Available
Quick response Very Fast Moderate Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Available Available Not Available
Quick response Very Fast Very Fast Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Not Available Available Not Available
Quick response Slow Not Available Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Not Available Available Not Available
Quick response Moderate Not Available Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Available Available Not Available
Quick response Moderate Fast Moderate Not Available

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 unrivaled 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 you share sensitive personal information online, like your credit card details, it's imperative to prioritize cyber security. To ensure your safety, always check for SSL certification and enable two-factor authentication, mainly when signing up for a new website. Additionally, always remember to create a strong password.

What Trading Platforms, Tools, and Features Should a Broker Offer?

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 complies with 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 involves 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, offer 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 intuitive and 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:

Remember that the trading platform you choose can significantly impact your trading success, so it's essential to choose wisely.

Which Qatari FOREX Broker Has the Best Platform?

Many FOREX traders worldwide have become used to MetaTrader’s solid and dependable MT4 platform, which is well-liked with good cause. To learn more about this critical platform, visit our explainer article. However, if you want to try 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 encourage you to try Saxo Bank for its advanced trading features, high-performance tools, and extensive market analysis.

Which Qatari FOREX Broker Charges the Lowest Fees?

Our research shows that FXDD’s ECN account offers entry-level and elite traders the lowest fees.

Which Qatari FOREX Broker Offers the Most CFDs?

As a Muslim trader, don't forget that you cannot trade in CFDs because, according to Islamic law, you do not have a substantial enough stake in the transaction if you do not own the underlying assets. But it's good to know how different brokers compare concerning CFD coverage, which can be a proxy for their overall performance. For brokers that deal in the most CFDs, look no further than CMC Markets and IG, both of which offer extensive CFD selections.

Which Qatari FOREX Broker Offers the Most Assets?

According to Arincen’s research, CMC Markets and IG are the FOREX brokers that offer the broadest and most comprehensive range of financial assets.

Which Qatari FOREX Broker is Best for Professionals?

Professional traders are primarily clear about their requirements. They usually won’t settle for a substandard platform or experience. They are also searching for a platform with in-depth market analysis and advanced indicators to 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.

FOREX Trading Scams and How to Avoid Them

The QFCRA has a dedicated portal for reporting financial scams, including those related to FOREX. They deal with scams such as:

The QFCRA provides educational material and guidelines to help consumers detect scams, including common tactics FOREX scammers use. This includes warning signs like:

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.

Who Is Arincen and What Do We Do?

Arincen is a social networking platform that brings together traders and experts to exchange expertise and ideas. We evaluate the best FOREX companies in the world while offering a comprehensive suite of services and tools, all in one place, either via a computer or a mobile app. The platform is so rich that you can create your own private portfolio of traders and experts you like and, at the same time, follow their recommendations and investment sentiments.       

Further, thanks to Arincen, users can watch market-price developments and the latest news. They can also benefit from the network’s educational courses and exciting webinars—all done in a modern and fast-paced work environment. Get all that you need in one place. Our motto: We Meet to Simplify the Trading World.

Conclusion

It's exciting to start your FOREX trading adventure. However, you need to make sure you're safe from potential pitfalls. That's why we emphasize that any of the top online FOREX brokers you choose must be legally licensed and well-regulated.

Furthermore, you should carefully review the broker's tools, platforms, and reputation. Make sure that you can receive customer service in your local language whenever you need it. If you're unsure of what steps to take when selecting the best online brokers in Qatar, you can refer to this article.

Arincen’s Review Methodology

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:

  1. Companies’ websites.

  2. Other websites that have ranked FOREX companies.

  3. A survey questionnaire (called Survey “1”) was sent to the companies invited to participate in the exercise. We identified 13 criteria for our assessment, each containing several aspects and carrying its own weight. These include licensing, deposits and withdrawals, and the number of assets.    

Afterward, we validated the data by:

  1. Registering with FOREX companies as a secret shopper and/or as Arincen.

  2. Survey number “2,” in which we asked these companies’ customers for meaningful feedback and experience.

The next step was to evaluate and rank each company, relying on the demanding work of 15 Arincen employees. We carefully ensured the most accurate assessment possible, including considering different languages and 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 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 the margin of error to a minimum, which stood at a measly 1%. Please click here to learn more about how we came up with the evaluation.

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.

FAQ

Is FOREX trading allowed in Qatar?

Yes, FOREX trading is legal in Qatar. As an activity that can lead to gainful profits, FOREX trading is highly regulated, making it easy to keep it legal.

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.

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. If you hold your position overnight, financing fees apply. You must pay a financing cost to keep your positions open for an extended time.

How important is good customer service in FOREX trading?

Good customer service is vital to FOREX trading. In this fast-moving marketplace, traders can lose money if their accounts are non-functional or deactivated for any length of time. As such, you must select a broker that can offer excellent customer support whenever needed. Company staff must be accessible and knowledgeable enough to be helpful in times of difficulty.

Is FOREX trading taxable in Qatar?

Yes, FOREX trading is taxable in Qatar. FOREX trading is recognized as a genuine activity that can generate personal income, meaning that the profits you make from these trades are subject to tax. You will only be expected to pay taxes if you have made profits within the tax assessment year. It is recommended that Qatari retail traders contact a tax expert to understand their tax liability.

What is the best trading platform for Qatar?

We encourage you to try Saxo Bank for its advanced trading features, high-performance tools, and extensive market analysis.

Does MetaTrader work in Qatar?

Yes, the MetaTrader suite of products is readily available in this country.

How to start FOREX trading in Qatar?

After you have decided if the broker is for you, the best way to start is to open a demo trading account to practice without the pressure of losing money. When you are comfortable with how the platform works, you can use real money.
Written by
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Richard Sine
Richard Sine is a long-time technical editor and writer. His credits include a weekly column in the New York Times and a book in the Dummies series. His work in the financial industry includes major U.S. and Canadian banks, as well smaller fintech fi...
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Adrian Ashley
Adrian Ashley is a seasoned business and finance writer. With a corporate career spanning over 20yea...
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Bahaa Khateeb
 Bahaa Khateeb is currently the CEO of Arincen, a start-up Fintech company based in Haifa. Baha...
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