Here at Business24-7.ae, we have spent years building up our research base to become the leading broker comparison site for forex traders in Qatar. Every year, we carry out periodic assessments of the forex brokers in the country and have now become the first port of call for traders of all abilities in each market we cover.
Which Are the Best Forex Brokers Available to Qatar Residents?
It is our job to help forex trade in Qatar choose the right broker for them. To achieve our goal, we have analysed each broker available to traders in Qatar, using a variety of criteria. These include Sharia compliance, ease of using the trading platform, fee schedules, safety and security, deposits and withdrawals, the account opening process, education and learning tools, customer service, research standards, regulatory compliance, product portfolio, and the standard of information available.
Although we have long known that every forex broker with an international presence happily accepts traders based in Qatar, we wanted to make sure our country data was completely up to date before producing our final ranking. To this end, our team of researchers have spent the last 2 months conducting tests on features and services available to forex traders in Qatar.
This Are Our Top 5 Forex Brokers of 2021 for Qatar citizens:
- IQ Option is the number one online broker in 2021. Best for options trading, easy to use trading platform and lots of trading assets.
- AVAtrade is the best trading platform overall, not showing any weakness. Great for beginners and professional traders.
- XM is the best trading platform for forex tradin. It offers lots of different trading pairs and analysis tools. Great mobile trading platform.
- Pepperstone ranks number four. Sophisticated trading platform with low trading fees. Great tools for beginner traders.
- Interactive Brokers made it to our list of the top five brokers. Advanced educational and research tools. Low trading fees.
Best Forex Brokers in Qatar 2021
|RANK||BROKER||GENERAL||PLATFORM SCORE||BEST FOR||WEBSITE|
|#1||IQ Option||Best overall offer||4.9/5||Options, stocks, forex and crypto||Official website|
|#2||AVAtrade||Best web trading platform||4.9||Low spreads||Official website|
|#3||XM||Best for forex trading||4.9||Forex trading||Official website|
|#4||Pepperstone||Lowest trading fees||4.8/5||Low fees||Official website|
|#5||Interactive Brokers||Best overall offer||4.8/5||Low fees||Official website|
Our TOP 5 Forex Brokers in Overview:
01. IQ Option: Best For Binary Options
With almost 16 million accounts and 3,6 million trades per day IQ Options is a legit and transparent trading platform following the latest financial regulations, which enables users to trade a variety of different instruments and assets like forex, stocks, binary options, cryptocurrencies etc.
In our review we defined the trading experience is pretty smooth. Based on the high level functionality the platform is a good fit for professional traders, but it is also a good fit for beginners as it is really easy to understand and navigate.
IQ Option index brand has been recently updated to make sure the UAE clients get the same advanced tools and platforms, internationally available to other customers. They provide an improved in-house advantage platform different from the most known Metatrader 4/5 platform.
02. AVA Trade: Best Web Trading Platform
For a start, Avatrade boasts some pretty impressive business statistics, facilitating over two million transactions every month, with total values regularly exceeding $60 billion in value. These transactions aren’t only limited to forex trading, but extends to other financial instruments such as digital currency, bonds, different binary options and CFDs.
The huge volume of transactions Avatrade deals with are facilitated by an international team that is spread out globally in key financial centers such as Shanghai and Tokyo in Asia, Milan and Paris in Europe and Nigeria and South Africa in Africa. As a multinational broker, Avatrade offers multilingual services backed by a support team that works round the clock five days a week. You can read more about it in our review.
03. XM Trade: Best For Forex Trading
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.
XM is chosen by many traders because their website is available in Arabic, and include excessive market information and educational content. They provide quality customer service, that includes a Dubai-based telephone line and Arabic email support. More details in our review.
They also offer some of the most powerful trading tools and many device apps, along with MetaTrader 4.
04. Pepperstone: Lowest Trading Fees
Based in Melbourne, Pepperstone Group has added customer-facing features at an extremely rapid pace, causing the broker to increase the number of active accounts at an equally surprising rate.
With multiple layers of security, no dealing desk, and AUD 100 minimum opening deposit on new accounts, new traders find Pepperstone Group an attractive option. Additionally, there are many support paths, including 24/5 phone and chat support, an FAQ section with comprehensive answers and clearly stated policies regarding trade disputes, deposits, and withdrawals.
05. Interactive Brokers: Best Overall Offer
Interactive Brokers gives traders access to 135 global markets in 33 countries. Professional traders take full advantage of industry-leading low commissions and low margin rates across all balance tiers. They provide a winning platform solution for Day, Mobile, Options, and Futures traders.
They offer 68 different order types giving traders of all levels access to global investment options including stocks, options, futures, and bonds in 31 currencies.
Casual and novice investors benefit from their website and platform fundamental research and education offerings.
Qatar’s Transformation into a Forex Trading Hub
Despite Qatar enduring economic sanctions from its neighbours in the Gulf region, it is the sixth wealthiest country in the world. Once known as a relatively impoverished country and famous for its pearl diving, the last 80 years have seen the country propelled into a petroleum and natural gas giant with one of the strongest per capital incomes on planet Earth. In 2022, Qatar will be the host nation for the football World Cup, the first time this will happen in the Arab world and in a predominantly Muslim country. Qatar’s transformation has been compelling to witness.
Forex Trading Regulation in Qatar
And with a strong economy and residents with considerable disposable income, it is no surprise to hear that its residents are increasingly interested in using forex brokers. Approximately 10% of the population already trades forex, and Qatari traders are internationally renowned for their skill. However, political tensions are still simmering, and this can make life difficult for residents of Qatar when making transfers in foreign currency. Although forex trading is not illegal in Qatar, it is not regulated. Despite the existence of several financial regulatory bodies in Qatar such as the Qatar Financial Markets Authority, among others, the regulations they have imposed have little bearing on forex traders. As a result, there are 2 key issues that Qatar residents are faced with if they want to trade. The first is whether the forex broker they are considering is Sharia compliant. The second is whether the offshore brokerage they choose is regulated.
Which Forex Broker Is Best for Qatar Residents?
If you’d like to dive deeper into which forex broker is best for your specific needs, take a look at our forex broker tool. You will see that we rank each broker in line with our new and updated approach, which has been constantly refined over years of research and analysis by the Business24-7.ae team.
We took the time to analyze and compare the top 30 international trading platforms in 2021. 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.
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.
If you liked this article than also read:
- Saudi Arabia
- 1 This Are Our Top 5 Forex Brokers of 2021 for Qatar citizens:
- 2 Our TOP 5 Forex Brokers in Overview:
- 2.1 01. IQ Option: Best For Binary Options
- 2.2 02. AVA Trade: Best Web Trading Platform
- 2.3 03. XM Trade: Best For Forex Trading
- 2.4 04. Pepperstone: Lowest Trading Fees
- 2.5 05. Interactive Brokers: Best Overall Offer
- 2.6 Qatar’s Transformation into a Forex Trading Hub
- 2.7 Forex Trading Regulation in Qatar
- 2.8 Which Forex Broker Is Best for Qatar Residents?