Saudi Arabia is primarily a strong economy fueled by oil and oil exports. However, the economy understood the need for diversification due to the entry of new competitors. Is Forex trading legal in Saudi Arabia?
Forex trading in Saudi Arabia was an investment for a small proportion of investors. Given computer literacy and awareness, only a few investors knew about this new investment product before. Overall, the country is making slow progress in exploring global investment products such as Forex trading. The popularity of Forex trading is steadily growing thanks to the introduction of Islamic accounts on the Forex market in Saudi Arabia by some of the leading brokers. The rapid growth in the field of computers and the Internet among technologically experienced residents of Saudi Arabia has brought many new traders to trade in the Forex market in Saudi Arabia.
The best Forex brokers Saudi Arabia
To find the best Forex brokers in Saudi Arabia, we’ve compiled a list of all brokers who list Saudi Arabia as a country from which they accept new clients. We then ranked brokers according to their credibility rating.
Here is our list of the best forex brokers in Saudi Arabia:
- IG – Best General Broker 2020
- Plus500 – Best for beginners in general
- Swissquote – Best banking services
- FOREX.com – Great platforms and prices
- City index – an excellent offer all around
- XTB – Best customer service, great platform
- eToro – The best trading platform for copying
- HYCM (Henyep markets) – 3.5 stars
- Pepperstone – Numerous trading platforms for copying
Is Forex trading in Saudi Arabia legal?
Forex trading in Saudi Arabia is legal. Several brokers have offices in Saudi Arabia and adhere to Saudi regulators and Islamic principles. You can always try their services on a demo account for free. You should inform your account manager and choose to open an Islamic trading account when registering with a broker.
The specialty of the account of the Islamic Forex market is that it does not allow interest in a trading account. As a result, your account complies with Sharia law.
The CMA regulates forex brokers in the Kingdom of Saudi Arabia
The Capital Market Authority (CMA) is the only regulatory agency on the capital market SA. Its main purpose is to raise investors’ awareness by running various awareness programs. In addition to teaching investors the best practices for safe investing in capital markets, the main responsibilities are to protect local investors against unfair practices, frauds and frauds. In addition, the main problem is the monitoring and regulation of entities operating on the Saudi securities market. Probably due to the nature and complexity of the local market, there are hardly any local brokerage houses in Riyadh, Jeddah, Quassim or Dammam or anywhere else in the country, the opposite is true for Dubai brokers in the United Arab Emirates originating in Europe or Australia and they open their offices mainly at DIFC Dubai.