Over the last 10 years, Business24-7 has gradually developed into the most reliable go-to source for Moroccan traders looking for the best trading platforms out there. The trading of asset classes such as stocks, forex, CFDs, indices, commodities, and more is gaining ground in the country. Now with a host of online trading platforms willing to accept Moroccan residents, more people than ever can start trading. So if you are based in Casablanca, Fez, Tangier, Marrakesh, Salé, Meknes, Rabat or anywhere else in this beautiful country, you’re in the right place.
Which Are The Top Trading Platforms In Morocco in 2020?
Although security and safety represent an important part of our research, this only tells part of the story.
In the interests of recommending the best possible options to Moroccan traders, we also focus on the fees, regulatory compliance, UX/UI, account opening process, product range, customer service, and deposits and withdrawals for each trading platform we review.
Shariah-compliance and standards of education, training, and research are also crucial indicators for the competence of the trading platforms that makes our “best of” lists. Without further ado this is our list of the best trading platforms for Morocco:
- 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.
Is Online Trading Safe in Morocco?
Although there are 27 million bank accounts in the country, growth in new registrations has plateaued in recent years. To counter this trend, in spring 2019 the Ministry of Finance joined the Moroccan central bank – Bank Al-Maghrib(BAM) to adopt the National Financial Inclusion Strategy. Its aim is to expedite the introduction of new finance models, make financial services more available to Moroccan residents, and encourage the use of financial products. The trading industry is expected to benefit, with increased participation in online trading forecast to emerge.
Profit Invest Scam
Unfortunately, education and research has yet to catch up with the development of online trading in the country. Earlier this year, for example, 200 Moroccans fell victim to a trading and cryptocurrency fraud, losing their life savings in the process. Lured with the promise of guaranteed monthly profits, secure transactions and 24/7 support, the traders realised their error only when they unsuccessfully attempted to withdraw their funds. Business24-7 was established precisely to help Moroccan residents avoid being lured into these kinds of scams.
Security and Safety
Our methodology focuses on the security and safety reputations of each trading platform we review. Since they hold your funds, it is vital that each has processes implemented to prevent you from losing your money or personal data to malicious hacks. These processes should also be clearly explained on the trading platform website itself. Other criteria we check under this category include the presence of SSL encryption and other security features to ensure the protection of your payment data.
How We Separate the Best Trading Platforms from the Rest
To ensure that our data is as relevant and up to date as possible, our research team have refined their scoring methodology. It takes into account all the feedback we have received from our readers over the past year, plus some special insights from our analysts. We feel sure that our new weightings provide a more accurate reflection of what features are most important to traders looking for the right platform to open an account.
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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.
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 Morocco in 2020?
- 2 Is Online Trading Safe in Morocco?