5 Best Forex Brokers in Saudi Arabia for 2024

List of Top Forex Brokers and Trading Platforms in Saudi Arabia

Forex Trading in Saudi Arabia

Saudi Arabia is rapidly emerging as a major financial hub, leading to a surge in the popularity of forex trading within the country. Although forex trading is legal in Saudi Arabia, the Capital Markets Authority and the Saudi Central Bank do not mandate forex brokers to obtain their licenses. Consequently, Saudi forex traders often opt for brokers regulated by reputable international authorities that oversee forex brokerage activities.

How Did FX Empire Select the Best Brokers in Saudi Arabia?

• We checked the regulations and licenses for each broker to make sure they are authorized for forex trading activities in Saudi Arabia.
• We ensured the broker offers access to Islamic swap-free accounts that comply with Sharia Law.
• We explored the localized version of the website to identify any dedicated features for Saudi clients.
• We selected brokers that offer customer support in the Arabic language during business hours in Saudi Arabia.
• We verified if the Saudi riyal (SAR) is available for deposit and withdrawal.
• We searched for any special bonuses and promotions for Saudi clients.
• We opened live accounts with brokers to assess if trading fees are competitive.
• We tested the broker’s trading platforms to identify if they are user-friendly and feature-rich.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

Now let’s go through the selected brokers.

How to Choose a Forex Broker in Saudi Arabia?

Forex trading in Saudi Arabia, like any place with a growing forex market, needs a careful selection of a broker. This choice could have a significant impact on the success or failure of your trading activities as your broker not only holds your trading capital but executes your trades.

Below I collected crucial aspects you should consider when selecting your forex broker.

How to find a safe broker?

When you pick a forex broker, safety must be your first concern. Look for a broker who is overseen by established financial regulators. However, not all financial regulators are equal.

In our broker reviews system, we categorize regulators into three tiers:

• Tier-1 regulators are typically from established financial centers and include the UK Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).
• Tier-2 regulators are usually from established financial centers that are much smaller and include the New Zealand Financial Markets Authority (FMA) and the Monetary Authority of Singapore (MAS).
• Tier-3 regulators are generally from offshore locations and include the Securities Commission of the Bahamas (SCB) and the Vanuatu Financial Services Commission (VFSC).

While the Saudi Arabian Capital Markets Authority and Saudi Central Bank ensure proper market liquidity for the Saudi Riyal and oversee financial institutions, they do not regulate forex brokers.

Traders in Saudi Arabia typically engage with brokers authorized and regulated by international top-tier authorities. It’s prudent to steer clear of unregulated, offshore-based brokers, given the lack of legal recourse if such entities abscond with your capital.

To verify a forex broker’s regulation, first, check the broker’s website for their regulatory information and registration number. Then, validate this on the relevant regulatory body’s website, either through their license check tool or public registry of regulated entities.

Read more about Best regulated forex brokers.

What fees to consider?

A forex broker may charge several types of fees and traders must be aware of them to maintain profitability.

Trading fees include spreads, commissions, and swap fees.

• Spread is the difference between the buying and selling price of a currency pair. This is based on the underlying market and whether or not the broker marks up the spread for their own profit. Some accounts offer raw interbank spreads but will charge a commission to buy and sell. Read more about Best lowest spread forex brokers.
• Commission is a charge to buy and sell.
• Swap fees are overnight fees to hold a leveraged or margin-based position. Discover Best low swap fees brokers. However, on Islamic swap-free accounts, there are no swaps payable to make trading forex comply with Sharia Law. Instead, the broker may just charge an upfront fee when opening a trade (a form of commission), or markup the spread.

You can use a broker’s demo trading account to see the fees yourself and identify which is most suitable for your style of trading. Check out our list of Best forex demo accounts.

Non-trading fees are costs not directly related to trading. They include:

• Deposit/Withdrawal Fees: Some brokers charge fees for depositing or withdrawing funds from your trading account.
• Inactivity Fees: If you don’t trade for a certain period, some brokers may charge an inactivity fee.

Trading fees should be 100% transparent on the broker’s website – especially if the broker is regulated by a good quality financial regulator. If they are not, then you need to check the broker’s terms and conditions for any potential surprises.

Check out our guide on Best zero spread forex brokers.

How to choose a trading account in Saudi Arabia?

Most brokers provide a variety of account types. Key distinctions among these accounts primarily lie in the execution model, minimum deposit, and access to various services and trading tools.

For traders in Saudi Arabia adhering to Sharia Law, selecting an Islamic swap-free trading account is essential. Brokers typically offer a variety of these accounts, with some being commission-free and others commission-based.

It’s crucial to scrutinize the additional features accompanying a trading account to ascertain their suitability. Occasionally, specific trading tools or the most favorable fees might be exclusive to accounts with larger minimum deposits. Therefore, it’s important to identify what aligns best with your requirements and initial capital.

Read more about Best forex brokers with Islamic accounts.

What to consider when choosing leverage?

Leverage can significantly enhance your trading capacity by allowing you to trade larger positions than your account balance. The optimal leverage is determined by your risk tolerance and trading strategy. Bear in mind that increased leverage amplifies the risk of potential losses.

Numerous brokers allow Saudi traders to establish accounts regulated by Tier-3 financial authorities, which typically impose fewer restrictions. As a result, they may offer high leverages like 1:1000 or 1:2000, enabling you to open positions 1,000 or 2,000 times larger than your invested capital.

Conversely, Tier-1 regulators impose a limit on leverage for retail traders, restricting it to 1:30 for forex pairs. Therefore, it’s prudent to exercise caution when considering brokers that offer exceptionally high leverage.

Discover Best forex brokers with high leverage.

How to choose a trading platform?

As a forex trader in Saudi Arabia, it’s crucial to select a trading platform that aligns with your trading style. An excellent platform offers robust tools for technical analysis, utilizes real-time data, and maintains transparent, competitive fees.

The most common trading platforms are:

• MetaTrader 4: Known for its convenient interface and strong technical analysis tools, it can be used by both beginners and experienced traders. Read more about best MT4 brokers.
• MetaTrader 5: A new version of MT4 that has more features including more timeframes and functionality such as hedging. Read more about best MT5 brokers.
• cTrader: Known for advanced charting tools and an easy-to-use interface, it’s a ‘go-to’ for high-frequency day traders. Read more about best cTrader brokers.
• Proprietary platform: Many brokers may also offer their own trading software (usually web-based) with access to a wider variety of tools.

If you’re uncertain about which trading platform to choose, consider exploring each one using a broker’s demo trading account. This approach will help you identify the platform that best suits your needs.

Check out our dedicated guide on Best forex trading platforms.

What to avoid when choosing a forex broker in Saudi Arabia?

Here are the five things to avoid when choosing a broker in Saudi Arabia:

• Neglecting to verify regulatory compliance.
• Overlooking broker fees, such as spreads, commissions, and swap rates.
• Selecting an account type that does not align with your requirements.
• Skipping to review the range of instruments provided by the broker.
• Avoiding straight communication with the support team before opening an account.

How to avoid forex and CFD scams?

Forex and CFD scams are unfortunately prevalent in the trading world. To avoid falling victim to a scam, follow these recommendations:

• Verify Regulatory Claims: Never take a broker’s claims at face value. Confirm their regulatory status directly on the regulator’s website using the registration number provided by the broker.
• Research the Broker: Search for reviews and comments about the broker on reputable financial forums and websites. Be wary of overwhelmingly positive reviews, which could be fake.
• Use Demo Accounts First: Start with a demo account to understand how the broker operates. Note any suspicious activity such as significant slippage or delayed withdrawals.
• Understand their Terms and Conditions: Ensure you fully understand their terms, especially regarding withdrawals and bonuses.
• Be Wary of High Returns Promises: Scam brokers often lure traders with promises of unrealistic high returns.

Methodology

FX Empire has established itself as an innovative hub of broker assessments and reviews, constantly refining the evaluative approach to adapt to the dynamic landscape of the industry.

Our unique rating framework encompasses a diverse range of nine fundamental aspects: trustworthiness, cost-effectiveness, platform sophistication, tradable instruments, customer support, payment options, account options, research tools, and educational resources.

Within each of these categories, we scrutinize over 250 data points, comparing and contrasting various brokers to ascertain how their offerings stack up against the industry’s average standards.

For this guide, we prioritized regulated and transparent brokers, with licenses to serve traders in Saudi Arabia. We made sure these brokers offered Islamic swap-free accounts, operated localized website versions, provided customer support in Arabic during Saudi Arabia’s business hours, and accepted deposits and withdrawals in Saudi riyal (SAR). Also, we looked out for special bonuses and promotions targeting Saudi clients.

Further, we engaged directly with these brokers by opening live accounts, enabling us to evaluate the competitiveness of their trading fees. Finally, we tested their trading platforms for user-friendliness and richness in features, ensuring the best experience for traders.

Meet Our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

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