Kuwait has been riding the oil and petroleum wave to take her place as the fourth richest country in the world. It therefore comes as no surprise to see that its residents are among the Gulf region’s most active traders. As a result, trading platforms around the world are vying for their custom.
But it can be an impossible task to decide which trading platform is the best for your needs. This is precisely why Business24-7 was established. So if you’re based in Al Ahmadi, Hawalli, Şabāḩ as Sālim, Mubārak al Kabīr, Al Farwaniyah, Al Aḩmadī, Kuwait City or anywhere else in the country of the falcon, then read on!
Which Are The Top Trading Platforms In Kuwait?
It is our core mission to assist Kuwaiti traders choose the best trading platforms for their needs. This is no easy task because new trading platforms are springing up every week. And since the market is constantly developing, we have need to update our methodology to match. Our rigorous analysis covers all the products you would expect from the world’s leading trading platform comparison site.
These include commodities, indices, ETFs, stocks, forex, cryptocurrencies and much more. We also assess each trading platform using several criteria, including UI, UX, customer service, fees, payment options, standards of research, and educational tools, to name but a few.
And this brings us neatly to our results. So let’s cut to the chase. Without further ado, here are our final rankings for the best trading platforms available to Kuwaiti residents in 2020.
- IQ Option is the number one online broker in 2020. Easy to use trading platform, lots of trading assets and Highly regulated.
- AVAtrade is the best overall trading platform not really showing any weakness. Great for beginners and professional traders.
- eToro is the leading broker for social trading offering a variety of tradable assets and great research tools. Easy to use.
- XM Trade is the best trading platform for forex trading offering lots of different trading pairs and analysis tools. Great mobile trading platform.
- Pepperstone is an Australian based forex broker with a great overall performance and low trading fees. Great tools for beginner traders.
- Forex, Metals
- Dublin based forex broker
- Forex, Indices
IQ Option: Best for Options trading
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.
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.
Plus500: Best For CFD Trading
Plus 500 is a quality CFD's provider and operates around the world via its subsidiaries: Plus500AU, AFSL #417727 issued by ASIC, Derivatives issuer licence in New Zealand for NZ clients, FSP No. 486026; Financial Services Provider # 47546 in South Africa. Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909).
EASIEST TO USE: AVA Trade
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.
eToro: Best for Social Trading
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.
eToro has been awarded as the best social trading platform - social trading means you can follow other traders and copy their investment strategies.
XM: 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.
With over 1.5 million clients in 196 countries, the XM global company focuses on three core principles:
Be big, Be fair, Be human.
Financial News and Online Trading Platform Regulation in Kuwait
The recent death of Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah, the ruler of Kuwait, resulted in Kuwait’s Premier Market index falling by 4% before recovering to 2.2%. It is hoped that the uncertainty in the markets will be settled by the instatement of his brother, Crown Prince Sheikh Nawaf al-Ahmad al-Sabah.
Although not an unexpected development, national mourning has shifted the focus from the recent falls in energy prices, which had been fuelling discussions of a post-oil Kuwait. Well, for now at least.
In recent years, economic experts have been trying to draw attention to the need for Kuwait to diversify its economy to prepare for the future, but the government has been slow to adapt. The time to act is now.
Financial Sector in Kuwait
All licensed trading platforms in Kuwait are overseen by three key bodies. The first is the Ministry of Commerce and Industry (MCI). You can follow the Ministry of Commerce and Industry (MCI) on their website or on Twitter, LinkedIn, and Instagram.
The second is the Kuwait Chamber of Commerce and Industry (KCCI), which was formed in 1959 and is consulted on domestic economic matters.
The third part of the triumvirate is the Central Bank of Kuwait (CBK), which is responsible for ensuring that brokers under its oversight operate properly, prudently, and with the highest levels of transparency.
Our team of analysts recommend bookmarking the Central Bank of Kuwait’s website, but also follow them on Twitter, Instagram, LinkedIn, YouTube, and Facebook to stay abreast of all the latest trading information.
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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.
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.
- 1 Which Are The Top Trading Platforms In Kuwait?
- 2 Financial News and Online Trading Platform Regulation in Kuwait