As everyone knows, the situation in Syria is very bleak. A decade has now passed since the Syrian government suppressed peaceful protests, and over half a million citizens are now dead. To compound the gravity of the situation, as many as 13 million people have been displaced, either domestically or in Jordan, Lebanon, and Turkey. However the demand for forex trading remains among Syrian residents, and some forex brokers still accept customers from the devastated country. This is why we have decided to publish the results of our analysis on the best forex brokers available to Syrian residents.
Which Are the Top Forex Brokers in Syria in 2020?
Despite the strict prohibition on forex trading in Syria, several forex brokers around the world still accept Syrian residents as customers. As such, we have decided to continue our commitment to ensuring that Syrian residents get the best possible information on the best forex brokers they can sign up to.
Every year, we conduct a thorough analysis of our assessment approach, taking the rapid development of the global forex market into account. This year is no different, and we have yet again improved our methodology to include new categories, as well as more relevant criteria. This is in response to the feedback we have received from our customers, as well as the information provided to us by the brokers we review.
To ensure that our data is as up to date as possible, our team of analysts spent two months immediately prior to publishing our research checking the options available to Syrian residents to ensure that no stone was left unturned. Now that the results are finally in, it gives us great pleasure to reveal the results of our research.
Here are the best forex brokers available to Syrian residents in 2020.
- 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 Syria?
Foreign exchange transactions in Syria are forbidden by presidential decree. Earlier this year, the Syrian president Bashar a-Assad imposed a penalty of 7 years of hard labour on any Syrian resident found dealing in any currency other than the Syrian pound for commercial transactions of any type. Strangely, however, there have been reports of the Syrian government requiring payment in US dollars for passport applications, which has added to the confusion and despair felt by forex traders in the country. Ostensibly to preserve the strength of the Syrian pound, money changers in the country have also been subject to persecution, with around 15 foreign exchange dealers closed down in Damascus in January of this year.
Regulation in Syria
This recent move represents a U-turn on previous policy in Syria. Back in 2018, the Syrian authorities implemented the use of deposit certificates for foreign currency to help fund trading operations. Aimed to help the country recover after years of war and bloodshed, and stimulate trade in the process, it is clear that government policy on forex trading in the country can rapidly change from strong support to outright criminalization. As to what the future holds, nobody knows, but experts believe that the status quo is unlikely to remain for long.
Which Forex Broker Is Best for Syrian Residents?
Why not start using our forex broker tool now to compare the forex brokers available to traders living in Syria? 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 Syria 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 Syrian Residents?