Which Are The Top Trading Platforms In Lebanon?
- Saxo Bank 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.
- Swissquote is the number three broker offering a variety of tradable assets and great research tools. Easy to use.
- XTB is the best trading platform for forex trading offering lots of different trading pairs and analysis tools. Great mobile trading platform.
- Interactive Broker is the number five brokers with a great overall performance and low trading fees. Great tools for beginner traders and also great research tools.
- Forex, Metals
- Dublin based forex broker
- Forex, Indices
1. 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.
2. 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.
3. 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.
4. XTB Trading
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.
5. 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.
Economic Overview of Lebanon
As already mentioned, Lebanon is in the midst of economic collapse: its worst financial crisis in the last 30 years. In October 2019, the Lebanese government was toppled. This and the continued turmoil in spring this year, the adverse financial effects of COVID-19, and a huge explosion in Beirut in August, have compounded the crisis.
This is all taking place against the backdrop of the Lebanese pound depreciating by 80% on the black market between October and July 2020 – and inflation at a rampant 56%. GDP is forecasted to contract by close to 14% this year.
With fears of a run on the banks, the country’s residents have had their bank account withdrawals limited to up to $200 every two weeks, and international transfers permitted only under exceptional conditions.
However, in October 2020, rumours came to light from a top finance civil servant that the political and banking elite of the country had been smuggling out funds to the tune of $6 billion in the meantime. He resigned in protest.
How We Test The Best Trading Platforms
Although the economic situation is bleak in Lebanon for 2020, our sole purpose is to help Lebanese residents find the right trading platform for their specific needs. We rate each platform on 10 broad categories, broken down into various other criteria.
According to our weightings, most importance is ascribed to the fee structure in place. Our focus here is on uncovering hidden fees and deciphering the small print. We use our own funds to provide practical examples of how much it costs to enter, hold, and exit a position.
Product range also ranks highly in importance to our readers, and so our analysts put preference on those trading platforms that have a wide selection of asset classes available. UX, UI, security and safety, regulatory and Shariah compliance, ease and cost of deposits and withdrawals, as well as customer standards and many other aspects are considered too.
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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 Lebanon?
- 2 Economic Overview of Lebanon
- 3 How We Test The Best Trading Platforms