The best forex brokers in Saudi Arabia are Saxo Bank, Interactive Brokers, Swissquote, eToro, XM, XTB, and Pepperstone. Most Saudi Arabian traders prefer the comprehensive offer at Interactive Brokers. Others choose the low trading fees at Pepperstone.
Each online broker has its strengths and weaknesses. This article discusses the best forex brokers in Saudi Arabia in 2021.
The Top 7 Forex Brokers Of 2021 For Saudi Arabian Citizens
We use a Trust Score Ranking system for all our reviews. The brokers listed in this article offer the best services for Saudi Arabian citizens:
- Saxo Bank offers the best VIP experience.
- Interactive Brokers has the best offer for Saudi Arabian citizens.
- Swissquote has the best banking services in Saudi Arabia.
- eToro is the best social trading broker.
- XM is the best forex trading broker in Saudi Arabia.
- XTB is the best broker for beginning Saudi Arabia traders.
- Pepperstone has the lowest trading fees.
Best Forex Brokers in Saudi Arabia 2021
|RANK||BROKER||GENERAL||PLATFORM SCORE||BEST FOR||WEBSITE|
|#1||Saxo Bank||Best for CFD trading||4.9/5||Best VIP expiriance||Official website|
|#2||Interactive Brokers||Best overall offer||4.9/5||Low fees||Official website|
|#3||Swissquote||Best UX||4.8/5||Best banking services||Official website|
|#4||eToro||Best for social trading||4.8/5||Best overall offer||Official website|
|#5||XM||Best for forex trading||4.6/5||Forex trading||Official website|
|#6||XTB||Best for beginners||4.5/5||Best platform for beginners||Official website|
|#7||Pepperstone||Low tradig fees||4.4/5||Best for beginners||Official website|
TOP 7 Forex Brokers in Overview:
01. Saxo Bank: The Best VIP Experience
Founded in 1992, Saxo Bank is a low risk, well-regulated bank by the FCA (UK), FINMA (Switzerland), ASIC, FSC (Australia), and JFSA (Japan). They are an excellent forex and CFD broker known for their intuitive SaxoTraderGO platform, competitive pricing, and more than 40,000 trading instruments. The overall user experience is great. The opening deposit is USD 10,000 ( GBP 500 for the UK, SGD 500 for Singapore).
Saxo Bank provides a unique platform and competitive pricing. They combine high-quality in-house research with top-tier third-party providers to offer an outstanding research experience. Their customer service is outstanding. UAE citizens are offered the ability to trade in compliance with Sharia law using an Islamic account. Support is available in the Arabic language by email or directly in the local offices.
02. Interactive Brokers: The Best Offer For Saudi Arabian Traders
Interactive Brokers is a safe online broker known for its Trader’s Workstation platform, zero commission trades, great variety of trading tools and leading pricing for professionals. We recommend it to casual investors and advanced traders.
Interactive Brokers offers access to 135 global markets in 33 countries. Its portfolio is vast and has 68 distinct order types including: Stocks, Options, Futures, Bonds. All these assets are available in 31 currencies. Professional traders enjoy the industry-leading low fees and low margin rates. It has premium trading platforms for Day, Mobile, Options, and Futures traders. Both casual and beginner traders can use this broker’s platform. It is straightforward and has diverse research and education tools.
03. Swissquote: The Best Banking Services in Saudi Arabia
Swissquote is the best beginner-friendly online broker for forex and CFD trading. It is reliable and well-regulated by top-tier authorities. The asset variety at Swissquote includes stocks, features, funds, and options.
Our review reveals that Swissquote has an excellent platform. It offers fast deposit and withdrawal, along with excellent research tools.
04. eToro: The Leading Social Trading Broker
eToro is a safe online broker regulated by top-tier financial regulators. It is known for its multi-asset, features-rich trading platform, and advanced social copy trading features. This lets users copy trades and portfolios from other traders. Built in a forum-like way, it allows engagement between peers through a comment section.
eToro offers a range of CFDs over stocks, currencies, crypto, indices, and commodities. Trading spreads are wide, deposits are free. There are conversion and inactivity fees. eToro provides a comprehensive list of technical tools, charts, and newsfeeds. Their customer support is available through email and live chat.
05. XM: The Leading Forex Trading Broker
XM.com is the best broker for forex and CFD trading. They offer the best Social Copy Trading opportunities through their full suite of MT4 and MT5 web, desktop, and mobile (Android and iOS) platforms. XM Forex tools and accounts are suitable for both beginning and experienced traders. They have more than 1.5 million clients in 196 countries.
Their minimum opening fees range from $5 to $100 based on account type. XM Forex supports clients wanting to sample their platform with a Demo account. They provide auto-trading, fast order executions, multiple order types, and no hidden commissions. Their research group Tradepedia offers courses aimed at all levels. XM Forex customer service group is highly rated with e-mail, phone, and live chat 24/5. XM Forex Global Web-trade is regulated by CySEC (Cyprus Securities and Exchange Commission), ASIC (Australian Securities and Investment Commission), IFSC (International Financial Services Commission) and is considered a safe broker for trading forex and CFDs.
06. XTB: The Best Beginner-Friendly Broker
XTB is a forex and CFD trader with a long track record on the market. It is highly regulated by the leading financial regulators, including the FCA and Cyprus’s CySec. XTB is listed on the Warsaw stock exchange.
This online broker has impressive research tools. Withdrawing and depositing funds with XTB is transparent and fast.
07. Pepperstone: The Lowest Fees For Saudi Arabian Citizens
Based in Melbourne, Pepperstone is a reliable Forex and CFD broker, known for its diversity of trading platforms, industry- leading pricing, fast account opening, and great support. Pepperstone users can trade many assets including forex, CFDs, cryptocurrencies, indexes, shares, and commodities. This broker is excellent for traders at all levels, from beginners to advanced.
Pepperstone offers MetaTrader and cTrader with multiple self-developed add-ons. They do not have a proprietary mobile platform, instead use MT4 and cTrader mobile apps. It has a low minimum deposit, great customer support, and an above-average research section, and an award-winning set of educational tools.
Saxo Bank, Interactive Brokers, Swissquote, eToro, XM, XTB, and Pepperstone are the best forex brokers in Saudi Arabia. We ranked Saxo Bank as the best forex broker because of its low fees, great spreads, and VIP experience. Interactive Brokers came in a close second because of its extensive offering. All brokers recommended in this article have premium platforms and tools.
Frequently Asked Questions By Forex Traders
We analyze each broker’s services with real accounts and money. Our findings use 105 unique data points, like learning tools, analysis tools, and platform safety.
How We Identify A Reliable Forex Broker For Saudi Arabian Forex Traders?
We select the best forex brokers in Saudi Arabia depending on many factors. Safety and security are vital aspects of our research. We assess account functionality, banking services, and fees.
Safety Risks For Saudi Arabian Citizens
Forex trading is legal in Saudi Arabia, but all brokers have transparent policies. A trustworthy forex broker for Saudi Arabian traders has top-tier licenses. The top forex trading licenses are CySEC, FCA (Financial Cunduct Authority) , and ASIC.
What Is The Financial Regulatory Authority In Saudi Arabia?
The financial regulatory authority in Saudi Arabia is the Capital Market Authority. The CMA handles the Saudi Arabian Capital Market and online trading practices. A Saudi Arabian broker with a CMA license indicates a trustworthy broker for Saudi citizens.
How We Chose The Top International Forex Brokers For Saudi Arabian Residents?
We identify the top forex brokers for Saudi Arabian citizens after in-depth research. We use 105 criteria like:
Costs: A reliable Saudi Arabian broker has a transparent fee structure. Some Saudi brokers have higher fees than others. Read our in-depth reviews to discover the “all-in costs” of each broker.
Trading Account: Each online broker has distinct account types. Some offer a single, “all-purpose” account. Other brokers have several account tiers. Read about account types in our in-depth reviews.
Withdrawal And Deposit: Withdrawing and depositing funds should be straightforward. Some UAE forex brokers have a minimum deposit fee. Others won’t charge a commission for creating an account. Verify which forex broker has the best withdrawing and depositing process for you in our in-depth reviews.
Market And Products: Markets and products vary from broker to broker. Read about forex brokers and assets in our in-depth reviews.
Trading Platforms: An excellent trading experience begins with a straightforward platform. Select a Saudi Arabian forex broker with a simple to understand platform. The brokers mentioned in this article have premium platforms, but XTB is the best for beginning traders. Check our reviews to discover which platform suits your trading needs.
Learn more about forex
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:
- 1 The Top 7 Forex Brokers Of 2021 For Saudi Arabian Citizens
- 2 TOP 7 Forex Brokers in Overview:
- 2.1 01. Saxo Bank: The Best VIP Experience
- 2.2 02. Interactive Brokers: The Best Offer For Saudi Arabian Traders
- 2.3 03. Swissquote: The Best Banking Services in Saudi Arabia
- 2.4 04. eToro: The Leading Social Trading Broker
- 2.5 05. XM: The Leading Forex Trading Broker
- 2.6 06. XTB: The Best Beginner-Friendly Broker
- 2.7 07. Pepperstone: The Lowest Fees For Saudi Arabian Citizens
- 2.8 Final Verdict
- 2.9 Frequently Asked Questions By Forex Traders
- 2.10 How We Identify A Reliable Forex Broker For Saudi Arabian Forex Traders?
- 2.11 Safety Risks For Saudi Arabian Citizens
- 2.12 What Is The Financial Regulatory Authority In Saudi Arabia?
- 2.13 How We Chose The Top International Forex Brokers For Saudi Arabian Residents?