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Best Forex Brokers in Bahrain

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Here at Business24-7.ae, we take great pride in having established the premium broker comparison site for residents of the Gulf region. Every year, we carry out periodic analyses of the best forex brokers available to traders in this part of the world. Now, after years of painstaking research, our reputation for providing the best and most accurate information precedes us. Today we will focus our attention on Bahrain.

Which Are the Top Forex Brokers in Bahrain in 2020?

The vast majority of international brokers accept Bahraini customers. However, the CBB suggests that Bahrain residents opt for a broker which falls under the jurisdiction of the UKFCA (UK Financial Conduct Authority), the ASIC (the Australian Securities and Investment Commission) or another suitably reputable regulator.

Here at Business24-7.ae, our analysts support the guidance issued by the CBB, and so do everything our power to help Bahraini forex traders choose the right broker for them. Believing that thoroughness and detail are crucial to achieving this goal, we have compiled 272 criteria to help make our rankings as reliable as possible. Not only do we take account of Shariah-compliant platforms, we also focus on regulatory standing, fee schedules, security, the range of products and services available, ease of deposits and withdrawals, education tools, and a host of other factors.

We are also fortunate to have long-standing relationships with all of the world’s top forex brokers, which means we are kept up to date with any changes or amendments to their products and services. And so, without further ado, here are the forex brokers in Bahrain that made our top 8:

  1. eToro – Best overall offer
  2. Swissquote – Best banking services
  3. Saxo Bank – Best VIP client experience
  4. Interactive Brokers – Best for professionals
  5. FxPro – 4.0 Stars
  6. XM Group – 4.0 Stars
  7. XTB – 3.5 Stars
  8. Pepperstone – 3.5 Stars
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eToro - Best Overall Offer

eToro is an established social trading company, operating since 2007. It is an FCA regulated entity when operating in the UK, an Australian entity in Australia, and a Cypriot entity for international customers.

In our review eToro has been awarded as the best social trading platform - social trading means you can follow other traders and copy their investment strategies.

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Swissquote - Best Banking Service

Swissquote is a trustworthy and well-regulated online broker, operating with two units. Its Swiss unit offers, among others, stock, features, funds and options while the London-based unit is specialized in Forex and CFDs trading.

From the results in our review, we would recommend this platform to users looking for fast deposit and withdrawal + great research tools.

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Saxo Bank - Best VIP client experience

If you are a trader that can afford a minimum deposit of USD 10,000 (or GBP 500 for the UK), an excellent forex broker for you is Saxo Bank. Saxo Bank stands out since it provides a unique trading platform, competitive prices, professional research, more than 40,000 trading instruments, and outstanding customer service.

In our review we also liked the incredible pricing on the platform and the exclusive SaxoTraderGO flagship platform. You will get everything you need to perform well in the market.

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Interactive Brokers - Best For Professionals

In our 2020 review, Interactive Brokers has ranked second overall because of its vast array of tools for advanced investors that track global investing trends.

The firm can connect to any global electronic exchange, which means trading futures, equities, and options around the world is easy and straightforward, whether from your mobile device or your desktop.

Even though Interactive Brokers is an excellent advisory, new investors may find its extensive capabilities to be overwhelming and distracting, and we recommend that they start trading somewhere else.

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FxPro

Founded in 2006, FXPro operates in the United Kingdom and is in the spread betting and CFD market. In 2017, Global Brands Magazine voted FXPro as the most trusted Forex brand in the UK.

FXPro has more than 870,000 clients in 173 countries. The DFSA, FSCA, SBC, FCA, and the CySEC all participate in the regulation of FXPro.

  • Easy-to-understand pricing
  • News in Realtime
  • Large product offering
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XM Trade

XM.com is part of a much larger organization called the Trading Point of Financial Instruments UK Limited. This organization created the exam group in 2009, which then founded XM.com, which is now one of the best established and well-known investment firms in the world.

With over 1.5 million clients in 196 countries, the XM forex global company focuses on three core principles:

Be big, Be fair, Be human.

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XTB Trading

XTB is primarily a CFD and forex broker regulated by the most trusted financial regulators including the FCA and is also listed on the Warsaw stock exchange.

We would recommend this platform to users looking for fast deposit and withdrawal + great research tools.

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Pepperstone

Since opening its doors in 2010, Pepperstone Group has become one of the best brokerages in the Australian financial industry. They have built a full-featured trading portal with highly competitive benefits that focuses on indexes, Forex, and commodity instruments.

A wide variety of web-based, desktop, and mobile trading platforms accessible by multiple account types is attractive to novice traders.

Is Forex Trading Legal in Bahrain?

The establishment of a regulated forex market in Bahrain began in July 2011. This was when the Central Bank of Bahrain (CBB) approved XO Bahrain’s application to become a licensed forex broker. A local market participant, this move represented the starting point for Bahrain’s attempts to build itself up as a financial centre to rival Dubai.

Financial Services in Bahrain

A collection of islands with a total population of just over 1.5 million inhabitants, Bahrain is home to over 400 licensed financial institutions. These include a selection of local, regional and global companies, and deal with all aspects of financial services. Generating over 27% of the country’s GDP and employing over 80% of the total working population, the financial sector is critical to the national economy.

Central Bank of Bahrain

The Central Bank of Bahrain is responsible for encouraging the Kingdom’s growth as a key international financial hub. This is in addition to its other responsibilities, which include managing Bahrain’s cash, gold, and foreign currency reserves, monitoring and regulating the banking industry, and implementing monetary policy. We recommend following the CBB’s social media channels to stay completely up to date with all forex trading developments.

Which Forex Broker Is Best for Bahrain Residents?

Take a moment to get familiar with our broker tool. It’s perfect if you’d like to compare the forex brokers available to traders living in Iraq in more detail. Each broker we assess is ranked according to our methodology, where you can find out more about our the systems and approach used by our analysts.

Our Methodology

We took the time to analyze and compare the top 30 international trading platforms in 2020. So, each firm received its review based on 105 distinct variables and more than 50,000 words of research.

Keep in mind that broker involvement was optional. Each broker had the option to provide a detailed profile and offer adequate time for a yearly update meeting. This opportunity came with two possibilities: giving information over the web or live in person.

We checked all the information provided by brokers with a lot of attention to details. Our purpose was to offer you access to reliable, accurate, and well-researched data. Our validation process comes with less than a 1% error rate per year, as all the reviews we share come with a focus on quality and not quantity.

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Our Mission

The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of online providers. User experience, the mobile experience, customer service, costs and fees, security, the quality of trade executions, the products available on their platforms are all part of our six-month evaluation of a providers’s platform. The rating scale was based on thousands of data points that have been weighted into the scoring system.

Providers were also required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online providers we reviewed.

Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.

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