In the midst of a civil war, instability reigns in Yemen and the domestic currency is in chaos. This has prompted Yemeni residents to research other asset classes, using a variety of trading platforms to find viable opportunities. Over the last decade, we are proud to have become the leading trading platform comparison site in the Middle East.
Every year, our team of analysts provide in-depth analyses for all the countries in the region. With decades of combined expertise in finance and trading, our sole mission is to put this knowledge to good use by helping our readers choose the right trading platform for them.
Which Are The Top Trading Platforms In Yemen?
Given the problems with Yemen’s financial system, many traders are looking at other asset classes offered by trading platforms based abroad. Options are however limited, and it is ease of account opening, cost of withdrawals and deposits, and regulatory compliance which rank highest among the features most valued by our Yemeni readers.
These factors are given significant weighting in our rankings for the best trading platforms, along with customer services standards, fees, product range, safety and security, UX/UI, research standards, and educational and training tools available.
As is the case every year, we have again enhanced our methodology for assessing each trading platform. With inputs from our team of analysts, we have also taken on board the feedback received from our readers to revise our weighting system.
In the six weeks prior to publishing our results, we also reached out to all the major trading platforms to get the most up-to-date information possible for Yemeni traders. Now we at last have our final rankings in place and so it gives us great pleasure to announce the top trading platforms that accept Yemeni 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.
- Q8 Trade is an UAE 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.
Online Trading Regulation in Yemen
Yemen has experienced 6 years of conflict, and the country’s economic and social futures hang in the balance. Compounded by the effects of COVID-19, where Yemen has the highest mortality rate, there are also severe shortages of food and medicine.
An economic recovery hinges in the rehabilitation of the country’s oil export industry, but this has been impeded by security concerns. Two central banks are challenging for power, leaving the regulatory system unclear and weak. A cessation in conflict is essential for the country to get back on its financial feet.
Cost of the Conflict
In terms of the Yemeni economy, the national currency (Yemeni rial) has consistently lost value: over the last 5 years, it has depreciated by 70% against the US dollar. More importantly, over 100,000 civilians have lost their lives in the conflict, and 24 million people currently need humanitarian assistance.
With Yemen’s economy forecast to contract by up to 50%, there are now 16 million Yemenis on the verge of starvation. The Saudis have also not managed to escape the financial effects unscathed. The Yemen conflict has cost Saudi Arabia approximately US$100 billion thus far. American taxpayers have also been footing part of the bill by picking up the jet fuel costs for Saudi raids.
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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.