Table Of Contents
Best FOREX Brokers In Saudi Arabia 2024
Last Update: 2024-11-16
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.
The FOREX market is growing more competitive by the day. New brokers pop up all the time, and the best FOREX brokers are all tussling to get your business. As a newbie trader, you will not lack attention from all kinds of online platforms looking to sign you on as a customer. Your decision about which broker to go with is an important one as it has a major bearing on the success of your trading career.
We know it can seem overwhelming to have so many options in front of you. For this reason, we will be listing the best FOREX brokers in the Kingdom of Saudi Arabia 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 best FOREX brokers we did.
We know it can seem overwhelming to have so many options in front of you. For this reason, we will be listing the best FOREX brokers in the Kingdom of Saudi Arabia 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 best FOREX brokers we did.
Best FOREX Brokers in Saudi Arabia for 2024
| Company Name | Regulations | Minimum Deposit | Main Branch | Open Account |
|---|---|---|---|---|
 ICM Capital | 500$ | United Arab Emirates | ||
 Tradeview | 250$ | USA | ||
 XTB | 500$ | UK | ||
 IG | 500$ | UK |
Top Tips for Selecting the Best FOREX Brokers in Saudi Arabia
There are several of the best FOREX brokers operating in Saudi Arabia. As always, it's important to safeguard your investments by partnering with a broker who has a proven history of success in this market. Undertaking thorough research is the key. Here are some of the most crucial elements to keep in mind when selecting the best online FOREX broker in Saudi Arabia:
• The broker must be supervised by a high-tier regulatory body, which could be a local regulator or an international one
• The broker's fee structure must be competitive
• The broker must provide a broad range of financial assets for trading
• The broker must boast a customer service team that responds promptly and efficiently
• The broker should have a comprehensive package of research tools and educational resources available.
• The broker's fee structure must be competitive
• The broker must provide a broad range of financial assets for trading
• The broker must boast a customer service team that responds promptly and efficiently
• The broker should have a comprehensive package of research tools and educational resources available.
Best FOREX Broker and Platform for Beginners in Saudi Arabia
Here are our expert’s 7 best FOREX online brokers active in the Kingdom of Saudi Arabia for 2024. You will have every chance of trading success if you choose one of these highly-rated brokers.
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
Here is a summary of each broker from our 7 Best Brokers in KSA picked with their pros and cons
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 |
| Regulations | |
| 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
Tradeview 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 |
| Regulations | |
| Minimum Deposit | $450 |
| Islamic Account | Yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks - Crypto |
| Main Branch | USA |
| Customer Service | 24/5 |
| Demo Account | Yes |
| Trading Platforms | Proprietary Platform-MT4 - MT5 -Web Platform |
Pros
- Established in 2004.
- Variety of trading platforms, such as MT4, MT5, cTrader, and Currenex, catering to different trading preferences and strategies.
- Low minimum deposits.
- beginners and experienced traders looking to refine their strategies.
- Supports automated trading through the use of Expert Advisors (EA) on MT4 and MT5 platforms.
- Decent leverage levels of 1:200 available in some jurisdictions.
- Regulated by CIMA, MFSA, and will soon be regulated by the UK’s Financial Conduct Authority (FCA).
Cons
- While regulated by CIMA and the MFSA, the broker is still in the final stages of becoming regulated by the tier-one FCA.
- Trades on the Innovative Liquidity Connector® account are subject to commission charges, which may add to trading costs.
- While offering high leverage up to 400:1 can be an advantage, it also introduces significant risks, especially for new traders.
XTB Broker
What distinguishes XTB is the fact that it offers the best customer experience among all the companies we have surveyed. Indeed, it boasts the fastest response rate from all the companies under investigation. This is especially relevant, since the market is always on-the-go, and so you need to act fast. XTB offers lots of asset classes, as well as the ability to use the MT4 trading platform. Finally, it maintains a relatively low spread, which is suitable for quick deals.
| Broker Evaluation | 8.55 |
| Regulations | |
| Minimum Deposit | 500$ |
| 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 |
| Regulations | |
| 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 |
| Regulations | |
| Minimum Deposit | 5000$ |
| 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 |
| Regulations | |
| 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 |
| Regulations | |
| 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 FOREX market is where parties come together to buy and sell currencies. The market is not a physical location, but rather a decentralized and electronically enabled virtual space where large institutional players and retail traders alike can carry out trades. For the new FOREX trader, it can be comforting to know that the FOREX market is the largest financial market in the world at some six trillion dollars daily. The scale of the market is a source of comfort because it means it is both mature and well-run. Another big factor is that the market is liquid, meaning that you will always have sellers and buyers at the same time, which is required for a market to function well. The FOREX market operates 24 hours a day and five days a week (Monday through Friday), except for international holidays. The best FOREX brokers play a key role in this regard by enabling clients to buy and sell through a trading platform.
How Do I Choose the Best FOREX Broker in Saudi Arabia?
Regulation is an important part of choosing any broker. The Saudi Arabian Monetary Authority (SAMA) regulates and drives policy direction for the FOREX markets and Saudi-based FOREX brokers. The SAMA also manages the country’s national currency, making it a significant oversight body. FOREX brokers must be licensed with the SAMA.
The Saudi Stock Exchange, otherwise known as Tadāwul, is a significant capital market in the Middle East. As many brokers offer more than simply FOREX, with access to other financial assets, like stocks, mutual funds, and exchange-traded funds (ETF), they are familiar with the rules around offering Islamic products on Tadāwul.
Your first inclination should be to check that your prospective broker is affiliated with the SAMA. After checking if the FOREX broker is regulated, traders must consider the normal range of services, such as
Your first inclination should be to check that your prospective broker is affiliated with the SAMA. After checking if the FOREX broker is regulated, traders must consider the normal range of services, such as
- whether the broker offers a broad selection of account types
- if they offer competitive spreads
- whether you can easily complete deposits and withdrawals
- if there is a large number of currency pairs on offer, and
- whether the broker’s customer service teams are responsive.
FOREX Regulations in Saudi Arabia
Saudi Arabia FOREX trading is an increasingly popular activity in the country. Taxes are low for Saudi nationals, and many people have disposable income with which to trade. While the SAMA is a financial oversight body, it is not a FOREX regulator per se. For that, brokers must be registered with the Capital Market Authority (CMA) before they can accept residents of Saudi Arabia as customers.
The CMA, founded in 2003, is a financial regulatory body in Saudi Arabia. It regulates and manages the Saudi Arabian capital market and is, therefore, involved in the activities of FOREX brokers. FOREX trading is completely legal in Saudi Arabia. The important caveat is that brokers must comply with Saudi regulators and Islamic principles to remain in good standing.
These two oversight bodies work hand in glove to ensure that brokers continue to do what is required according to Saudi administrative and religious law. The SAMA and CMA are both concerned with illicit FOREX brokers operating in Saudi Arabia. In 2017, they jointly launched awareness campaigns to warn traders about illegal websites that offered FOREX trading services without the requisite approvals.
At the get-go, it is important to learn more about regulatory bodies and their role in the FOREX market. These are government or independent entities charged with regulating the sector. Their role is two-fold:
1. Observing and regulating the work environment in the FOREX market; and
2. Protecting investors and their funds.
FOREX firms must have at least one license from a relevant regulatory authority. Otherwise, they should be avoided at all times.
Notwithstanding local regulations, it is always important to check if your broker happens to be regulated by overseas tier-1 regulators. However, even if your broker is not regulated by an overseas broker, it is perfectly acceptable if they are regulated by the CMA in Saudi Arabia.
In order to give you more information on regulation, we present the five most important FOREX market regulatory bodies from around the world.
In order to give you more information on regulation, 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 and Investments Commission (ASIC);
4. The Financial Markets Authority, New Zealand; and
5. The National Futures Association (NFA), US.
While FOREX market regulatory bodies exist in almost every country, these five key regulators also happen to be some of the strictest.
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
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 take a look at some of these leverage rules set by major regulators:
CMA in Saudi Arabia:
FOREX brokers in Saudi Arabia can offer high leverage to traders, with some brokers providing leverage as high as 2000:1. The CMA allows brokers to decide how much leverage to offer traders in FOREX trading, and there is no government-instituted cap on leverage usage. It's important to note that while high leverage can amplify profits, it also increases the risk of significant losses.
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
2:1 for cryptocurrencies
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.
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
2:1 for cryptocurrencies
It's important to note that these regulations primarily apply to retail clients. Professional or institutional clients may have access to different leverage levels based on the regulatory environment and the broker's policies.
Let's take a look at some of these leverage rules set by major regulators:
CMA in Saudi Arabia:
FOREX brokers in Saudi Arabia can offer high leverage to traders, with some brokers providing leverage as high as 2000:1. The CMA allows brokers to decide how much leverage to offer traders in FOREX trading, and there is no government-instituted cap on leverage usage. It's important to note that while high leverage can amplify profits, it also increases the risk of significant losses.
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
2:1 for cryptocurrencies
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.
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
2:1 for cryptocurrencies
It's important to note that these regulations primarily apply to retail clients. Professional or institutional clients may have access to different leverage levels based on the regulatory environment and the broker's policies.
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.
Stop out
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 between the best online brokers. 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.
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 between the best online brokers. 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.
Commissions and Fees in Saudi Arabia
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. 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, 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.
Commission:
This is the service charge that brokers require for carrying 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. This is because they assume the risk of the market changing adversely. You should know as a Muslim trader 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:
- Research different brokers and trading platforms
- Compare the fees and charges of each platform
- Choose a platform that offers competitive fees and suits your trading needs.
ICM Capital
Tradeview
XTB
IG
Saxo Bank
CMC Markets
Think Markets
| 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 |
Payments, Deposits, and Withdrawals in Saudi Arabia
The SAMA and the CMA ensure that financial transactions like deposits and withdrawals happen seamlessly. Saudi Arabia is a developed and wealthy economy with sophisticated infrastructure. Payment flows continue as they would in any other developed economy, with the proviso that transactions must not stem from activities that bear an interest component.
ICM Capital
Tradeview
XTB
IG
Saxo Bank
CMC Markets
Think Markets
| 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% |
FOREX Trading Customer Service
As timing is key to FOREX trading, you must pick the best online broker for you that can 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 from having to worry about problems down the road. There is also the language issue, which means that brokers should be able to provide you with a service in the language of the country in which they are based.
ICM Capital
Tradeview
XTB
IG
Saxo Bank
CMC Markets
Think Markets
| Live Chat | Phone | |||
| Available | Available | Available | Available | Available |
| Quick response | Very Fast | Very Fast | Very Fast | Very Fast |
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 be on the lookout for SSL certification and two-factor authentication (especially when registering with a new site). Your broker should implement robust encryption and data protection measures to safeguard your information, such as personal details and financial data. Additionally, it's always best practice, especially in today's world, to make your password as strong as possible and not to store it anywhere it can be found.
Ask Other Traders on Our Network
Arincen is where traders meet in a space dedicated to simplifying the financial world. Traders can form powerful communities and learn from each other. Even beginner traders find a home here as they can study the moves that more established traders make. This is why we have no hesitation in encouraging you to ask other traders on our network about their experience of working on our website. We are confident that the supportive community we have fostered will speak for itself.
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 is consistent with the dictates of Shariah financial law.
- 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 mold 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.
- 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.
- 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.
Which FOREX Broker Has the Best Platform?
For traders on the lookout for a mature broker that has taken the time to develop all its products and features to a high level, look no further than Saxo Bank. This top-notch broker has developed its proprietary platform to the extent that many believe its innovative tools are superior to MT4, the industry staple.
Which FOREX Broker Charges the Lowest Fees?
Look no further, as we have done all the analysis and cost comparisons for you. We can reveal that ICM’s ECN account offers the lowest fees on the market.
Which FOREX Broker Offers the Most CFDs?
It takes a deliberate effort on the part of brokers to continually increase the number of CFDs they offer. Product development in terms of quality and range takes time and money, so we have no hesitation in saying that CMC Markets and IG have risen to the top of our list of brokers that offer extensive CFD selections.
Which FOREX Broker Offers the Most Assets?
As they offer the most CFDs, it should come as no surprise that CMC and IG offer the widest range of assets on the market. A quick visit to their respective websites will reveal that each of them offers a wide array of asset classes.
Which FOREX Broker is Best for Professionals?
Professional traders are interested in peerless execution speed, tailor-made account types, and advanced indicators like Bollinger Bands, Harmonic, and Elliot Waves, to name a few. Indeed, professional traders demand the best and the latest technologically-driven products. As the most widely-used FOREX platform, MT4 ticks all these boxes, so any broker that uses this third-party platform should get your attention.
What Tradable Assets and Instruments Do The Best Online Trading Platforms Offer?
The best online brokers in Saudia Arabia offer a diverse range of financial instruments, each with its own set of opportunities and challenges. Here are the most common tradable assets and instruments. Be sure to check that your broker provides Shariah-compliant trading accounts to trade these financial assets:
- 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 to check which ones are Shariah-compliant first.
- CFDs
CFD trading allows you to speculate on the rising or falling prices of fast-moving global financial markets, such as shares, indices, commodities, currencies, and treasuries. You don’t own the underlying asset and you can go short or long. CFDs are traded on margin, meaning the broker allows investors to borrow money to increase leverage or the size of the position to amplify gains. Brokers will require traders to maintain specific account balances before they allow this type of transaction. CFD brokers typically provide a wide range of financial instruments across different asset classes, allowing traders to diversify their portfolios with ease.
- 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 you cannot, by Shariah finance laws, 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 | 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 |
Is FOREX trading Halal or Haram?
The question of whether FOREX trading is considered halal (permissible) or haram (forbidden) in Islamic law has been a subject of debate among Islamic scholars and financial experts. In general, many experts agree that FOREX trading is halal, but always take note of these key considerations:
- Avoid paying interest as Shariah law strictly prohibits earning or paying interest (riba)
- FOREX trading could be considered gambling, which is haram, but the majority of scholars believe FOREX trading is not the same as gambling
- FOREX trading must always be conducted transparently and fairly to align with Shariah principles
- FOREX trading involves the immediate exchange of currencies, which is viewed favorably from an Islamic perspective according to the "hand to hand" principle.
If you are still unsure, seek guidance from a qualified Islamic scholar or a financial expert well-versed in Islamic finance. They can provide specific advice based on your individual circumstances and help you determine where you stand in terms of abiding by Shariah rules.
How to Open an Islamic Account
For retail traders in Islamic countries, ensuring financial practices adhere to Shariah principles is paramount. To open an Islamic trading account, start by researching reputable brokers that offer Shariah-compliant trading options. These accounts don't accrue interest, which aligns with Islamic finance norms. Once you've chosen a broker, complete their application process, making sure to select the 'Islamic Account' option. It may require additional documentation or a declaration of faith. After your account is approved, you can confidently trade, knowing your activities align with your religious values. Always consult with a knowledgeable Islamic finance expert to ensure full compliance.
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.
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 as you pursue online FOREX trading in Saudi Arabia.
There are seven things brokerage firms 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 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.
FOREX Trading Scams and How to Avoid Them
Each market is prone to its own scams. For example, countries that have powerful regulators that demand total transparency from brokers will often not suffer from the same scams that are prevalent in markets where the same information is not readily available. In the case of Saudi Arabia, the CMA has in the past tried to alert its members to the dangers of websites that claim to be legitimate but are, in fact, run by malicious actors.
The CMA is proactive in making sure that only the best online brokers in Saudi Arabia have the chance to shine. The regulator runs public awareness campaigns as soon as it becomes aware of scam activity. Together with the SAMA, the CMA has successfully countered scams like clone websites and shopfront websites that lure in customers but have no back-end operations to support them. The CMA can shut down such websites, in coordination with concerned authorities. However, due to the ease of creating and building new websites, authorities must be constantly vigilant. Therefore, the CMA and SAMA continue to jointly promote risk awareness and education.
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.
Will Your Money Be Protected if Your Broker Becomes Insolvent?
The CMA does not run an investor compensation fund like some other regulators around the world. In its handbook on good financial governance, the CMA only offers a guideline on the recovery of proceeds from fraud by saying, “Recovering the proceeds of fraud and other losses can be pursued through criminal prosecution or through other channels, such as administrative or disciplinary measures.”
It goes on to say that the public must notify it of suspected fraud cases. However, the onus remains on financial institutions to help customers formalize these reports by “Considering the best method of how to receive complaints and reports on fraud from customers and ordinary citizens.” Therefore, it may be tricky to receive compensation from fraud or broker insolvency.
As you can see, when conducting online FOREX trading in Saudi Arabia, there is a lot of responsibility on the shoulders of the best FOREX brokers to give you responsible service, such as guiding you on the best leverage to use and supporting you with any claims arising from your dissatisfaction with their service.
As you can see, when conducting online FOREX trading in Saudi Arabia, there is a lot of responsibility on the shoulders of the best FOREX brokers to give you responsible service, such as guiding you on the best leverage to use and supporting you with any claims arising from your dissatisfaction with their service.
Recommended Brokers
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 comprehensive suite of services and tools, all in one place. 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 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 that you need in one place. Our motto: We Meet to Simplify the Trading World.
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 that you need in one place. Our motto: We Meet to Simplify the Trading World.
Conclusion
Traders in Saudi Arabia have a range of choices in front of them. The best FOREX brokers in the country are ready to accept you as a customer and help you on your trading journey. From our end, the key message to take away from this article is that the FOREX brokerage firm you pick must be legally licensed and well-regulated. This ensures your interests a protected if things go wrong.
Then, there are other important features to check, such as your chosen broker's range of available assets, the quality of its platforms, the depth of its educational resources, and more. The best FOREX brokers are always trying to stay ahead of the competition by adding to their basket of high-quality tools. Finally, be sure to deal with a broker that is fully compliant with the dictates of Shariah finance rules. If you follow all these steps, you may well end up using the best trading platform in Saudi Arabia!
Then, there are other important features to check, such as your chosen broker's range of available assets, the quality of its platforms, the depth of its educational resources, and more. The best FOREX brokers are always trying to stay ahead of the competition by adding to their basket of high-quality tools. Finally, be sure to deal with a broker that is fully compliant with the dictates of Shariah finance rules. If you follow all these steps, you may well end up using the best trading platform in Saudi Arabia!
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 experience.
The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were 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 third and final 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 about 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.
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.
