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 Available to Syrian Residents?
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 2021.
These Are Our Top Forex Brokers in Syria for 2021
- 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 Syria 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.
Forex Trading 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.
Syria’s Forex Policy U-Turn
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.
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.
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.
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