Having spent years building up our reputation, we are committed to consolidating our reputation as the best forex broker comparison site for traders in Lebanon. Our analysis focuses on fees, the range of products available, the strength of the broker’s UX and UI, safety and security, the account opening process, ease and cost of deposits and withdrawals, teaching and education tools available, research standards, and of course Shariah and regulatory compliance. If you are a trader in Lebanon and looking for the best forex broker for you, you are in the right place!
Which Are the Top Forex Brokers in Lebanon in 2020?
Our core mission is to help forex traders in Lebanon make the right broker choice and avoid these pitfalls. To help separate the wheat from the chaff, our team of analysts have spent the last two months comparing each broker that accepts Lebanese customers. We are also lucky to have developed long-standing relationships with several of the major brokers we review. This means we are in pole position to learn about any recent changes to their features and range of services. This is a crucial component in ensuring the accuracy and relevance of our data. So, without further ado, let’s cut to the chase.
It is our great pleasure to at last present the results of our detailed analyses on the top forex brokers available to residents of Lebanon in 2020!
But let’s get to the heart of the matter. Here are the top forex brokers in Lebanon that made our top 8:
- eToro – Best overall offer
- Swissquote – Best banking services
- Saxo Bank – Best VIP client experience
- Interactive Brokers – Best for professionals
- FxPro – 4.0 Stars
- XM Group – 4.0 Stars
- XTB – 3.5 Stars
- Pepperstone – 3.5 Stars
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.
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.
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.
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.
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
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.
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.
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 Lebanon?
The requirements for a forex broker to obtain a BDL license are stringent. According to the Beirut Stock Exchange (BSE),which also must approve the application, the minimum capital is 1 billion Lebanese pounds (approx. USD 650,000). Other conditions include a prohibition on commercial banks being licensed and overseas brokers being required to establish a Lebanese subsidiary.
Forex Broker Choices in Lebanon
This level of oversight and the costs involved can be off putting to many major forex brokers, who instead choose to be regulated under other jurisdictions (typically in Europe, Asia, or Australia). This often encourages Lebanese traders to look further afield too. The country’s exacting regulatory demands reduces competition in the regulated domestic market, also limiting the liquidity available to traders who refuse to countenance overseas options. However, if you use a forex broker based overseas, there may be a price to be paid. The Lebanese authorities will not be able to protect you if you fall victim to a scam.
Regulation in Lebanon
Banque Du Liban (BDL)
Fortunately, the forex market in Lebanon is well regulated, and the Banque Du Liban (the BDL) is responsible for its governance. Since Lebanon is a predominantly Muslim country, Shariah compliance takes first position in terms of importance to the BDL. Created in consultation with religious authorities in the country, the framework provides strong legal protection to all investors who follow the rules they have set.
Even though reliable regulatory oversight is in place for Lebanese traders who wish to use domestic brokers, there is no obligation to do so. It is also perfectly legal to sign up to an overseas brokers if you prefer. Having said that, if you opt for a domestic broker, it is wise to ensure that it has a BDL license. To discover the options available to you, we recommend contacting the BDL via their website or on Twitter, Facebook, or LinkedIn.
Which Forex Broker Is Best for Lebanon Residents?
Why not start using our forex broker tool now to compare the forex brokers available to traders living in Lebanon? Each broker is ranked in accordance with our methodology, where you can find a deep dive into our systems and approach.
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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.
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.
- 1 Which Are the Top Forex Brokers in Lebanon in 2020?
- 2 Swissquote - Best Banking Service
- 3 Saxo Bank - Best VIP client experience
- 4 Interactive Brokers - Best For Professionals
- 5 FxPro
- 6 XM Trade
- 7 XTB Trading
- 8 Which Forex Broker Is Best for Lebanon Residents?