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Arab forex traders


  1. US fines HSBC $ million for ‘unsafe and unsound’ forex trading practices | Arab News.
  2. Best Forex Brokers United Arab Emirates for 2021;
  3. Suggested articles?
  4. Best forex brokers in Saudi Arabia;

In order to pick the right forex trading company, you need to understand how it all works. Its main goal is to raise investor awareness by running various awareness programs.

Riyad Forex, Your Safe Platform for Forex Contracts Trading

Besides teaching investors the best practices to invest safe on capital markets, main duties are protecting local investors from unfair practice, fraud and scam. Other than that, monitoring and regulating the entities operating on Saudi securities market is the main concern.

Probably due to the nature and complexity of the local market, there are hardly any local forex broker offices in Riyadh, Jeddah, Quassim or Dammam or elsewhere in the country, the quite opposite situation is with Dubai brokers in UAE which come from Europe or Australia and open their offices mostly in DIFC Dubai. Saudis have been able to trade only with the global brands without their physical presence in the country.

UAE Forex Brokers

But nevertheless you can still trade currencies legally and therefore reap all the benefits of trading with low spreads, no commissions islamic accounts and using the state of the art trading platforms. Forex is legal in Saudi Arabia. Although the CMA market regulator just recently issued its first license to one local broker, any big global brand will accept you as a new trader and you can get great trading conditions.

By working with the top rated global brokers, as a trader, you might be able to reap several advantages:. By picking the right broker, you will ensure that your trading goes flawlessly and hopefully very soon, you will be making steady profits. At the moment it is not yet clear which way will the regulatory take in future but most probably they will give licenses only to a selected few just like in Russia instead of allowing free competition on the growing local retail market.

Long story short, if you reside in Saudi Arabia, you can trade currencies legally. Its main goal is to raise investor awareness by running various awareness programs.

Is Forex Trading Halal or Haram fatwa stock market by Dr Zakir Naik Is buying shares haram in islam

It also teaches investors on the best practices available in the local markets, its CMA's responsibility to protect local investors from scams, improper conduct from unlicensed companies, and frauds. However, we must add that this company is a Riyad Bank subsidiary, where the Saudi state owns 51 percent of the stake.

Discover 20 Years Of FXCM

So, it might not be the top option if you decide to trade international FX pairs. Nevertheless, it is living proof that FX is legal. However, you might want to regularly check out CMA's list on 'Unlicensed FX Companies' , where they warn investors against the listed companies. It is important to note that the CMA, along with the Ministry of Interior, Ministry of Culture and Information, Ministry of Commerce and Investment, and The Saudi Arabian Monetary Authority SAMA , have established a committee to monitor the FX activities in the country while warning the public to be cautious about the risks associated with investing and dealing in securities or foreign currencies with companies or websites without confirming they are legal entities and have the necessary authorization approvals from the authorities in the Kingdom to exercise such activities.

Guide to choosing the best Forex Brokers in Saudi Arabia

Yes, there are: Islamic Forex accounts are halal trading accounts, available to clients who respect the Quran and wish to invest while following Islamic finance principles. Islamic trading accounts differ in several ways from regular Forex accounts.


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  • Forex Trading in Saudi Arabia.

    • As Sharia law prohibits the accumulation of interest, traders with Islamic accounts do not pay or receive interest rates. Also, transactions in Islamic accounts have to be completed without delays, so currencies must be transferred from one account to another immediately, and transaction costs must also be paid simultaneously.