Which Are the Top Forex Brokers in Morocco in 2020?
Our aim is to help Moroccan residents make sense of the forex broker world. To achieve this goal, we publish annual reviews of the leading brokers available. Every year, the depth and breadth of the data provided on the brokers we review is enhanced, and this year is no exception. This process helps us to improve the precision and accuracy of our scoring, allowing us to better differentiate between the growing number of brokers available to traders in Morocco. To learn more about our evaluation process, please click here.
As with all our country reviews, our team of analysts spent two months just prior to the publication of these results carrying out more detailed checks and comparisons between all eligible brokers. In this way, we are able to provide the most up-to-date and relevant data and conclusions possible. And so, without further ado, we are ready to reveal the results of our analysis.
Here are the rankings for the forex brokers available to Moroccan residents.
- 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 Morocco?
The Foreign Exchange Office, otherwise known as the Office des Changes, falls under the remit of the Ministry of Finance and regulates the financial markets in Morocco. Established in 1944 and restructured pursuant to the Dahir of 22 January 1958, its focus is on regulating and overseeing all foreign exchange transactions and publishing all national statistics related to foreign trade. It is joined in governing the Moroccan financial sector by the Moroccan central bank – Bank Al-Maghrib.
Moroccan Financial System
Morocco’s financial system is well developed by African standards, but the high cost of credit, delayed regulatory oversight, and slow government bureaucracy continue to pose problems. Although foreign investment is welcome, certain restrictions remain, especially where state-run monopolies are in place. Nevertheless, Morocco’s economy is ranked 5th in Africa in terms of GDP and the number of forex traders in Morocco is rising rapidly. And with all of the top forex brokers available to Morocco’s financially savvy population, they are vying to connect with a market full of potential.
Forex Trading Regulation in Morocco
Although it is legal to trade forex in Morocco, it remains unregulated. In cases such as this, most traders in the country sign up with an overseas brokerage that is licensed under a well-respected jurisdiction. These include but are not limited to the FCA (UK), ASIC (Australia) and CySEC (Cyprus). Several brokers also now provide support in French and Arabic, including web pages and customer service, plus Shariah-compliant swap free services.
Which Forex Broker Is Best for Morocco Residents?
Why not start using our forex broker tool now to compare the forex brokers available to traders living in Morocco? 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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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 Morocco 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 Morocco Residents?