List of the best forex brokers available in the Middle East
– The broker you should try to trade cryptos & US stocks. Learn more!
The proliferation of online trading platforms has made it easy for anyone to participate in the trading process. Especially those who want to trade foreign currencies. However, not all trading platforms are the same and are available everywhere in the world. The Middle East is known for its strict regulations on financial transactions, especially foreign exchange. It makes it harder to find the right platform. In this article, we will share with you a list of the best brokers available in the Middle East.
It is essential to learn about the broker thoroughly
Most forex platforms allow users to open simulated demo accounts. This allows them to practice well before trading with real money. Confidence in the platform and its interface is important. When opening such demo and trading accounts, there are a number of steps and considerations. Some of these include making sure the platform is authentic by doing research to find the most trusted ones. Market research is also important to make sure you are well prepared.
Like the rest of the world, the Middle East is seeing an increase in the popularity of forex trading. This growth has occurred over the past five years. There is also a misconception that trading in the Middle East is related to scams, but that is not true. Scams are ubiquitous, it can be troublesome if you don’t know what to watch out for. You can find scams in all forms of trading, no matter where in the world you are. This is why your research is so important.
Top Forex Brokers in the Middle East
There are many different platforms or markets that an investor can consider. Below, we have some recommendations of some of the best platforms and brokers available to traders and investors in the Middle East.
eToro is a Tel Aviv-based trading and investment platform offering its services to a countless number of users from all around the world. The site was founded in 2007 and has maintained a high level of quality since then. It became known for its copy-trader function, which allowed users to copy some of the site’s most popular and profitable traders.
Compared to many other sites that offer trade, eToro has made everything super simple even for beginners. eToro also works great for those that want to trade on the move, as their mobile platform eToro Mobile is terrific.
Advantages of trading on eToro
- Friendly interface, easy to use even for newbies, you don’t need to spend a lot of time learning
- Professional charting
- No need to install and use complicated trading software
- Support many different investment channels
- The tracking, calculation and reporting system is extremely intuitive and easy to understand, you can easily manage your total assets including cash, investments, profit, loss… all updated continuously. every second
- Flexible leverage system allows you to easily increase profits, you can choose the leverage for each trade instead of having to use fixed leverage when opening an account like other companies
- Stop-loss, take-profit system automatically as soon as you place a trade order to limit risk
- Social network public transactions and results of all members, you can easily learn and exchange with other members.
Open an eToro account to trade cryptocurrencies, stocks or copy trades right here
Pepperstone is a trading broker based in Melbourne. It was founded in 2010, and the platform specializes in providing traders and speculators with financial instruments such as CFDs, commodities, cryptocurrencies, and foreign exchange. The site is well known for its safety, as the broker is regulated in two top-tier jurisdictions.
The pricing is competitive with other platforms. Pepperstone does not have the largest selection of tradable products but offers reliability on those it does offer. The site offers 62 different forex trading pairs. To boost the trading experience, Pepperstone connects to the MetaTrader data suite. This allows traders to utilize all the benefits of MetaTrader’s data.
Advantages of trading on Pepperstone
- Low spreads/commissions and fast execution.
- Regulated and licensed by reputable authorities: ASIC, FCA, DFSA, SCB, CMA, CySEC, BaFIN.
- Offers a wide range of trading products: Forex, Commodities, Cryptocurrencies, Stocks, Indices, Metals, Energy, Bonds.
- Supports popular trading platforms: MetaTrader 4/5, cTrader, WebTrader and mobile trading platforms.
- Good customer care.
- Support multiple languages
XM was founded in 2009 with more than 1.5 million users from 196 countries. XM is ranked 170th out of 353 in DailyForex’s top broker’s list with many advantages on trading platforms as well as professionalism and reputation.
They are headquartered in Cyprus but have offices worldwide. XM offers a standard set of financial instruments: Stocks, CFDs, Commodities, Metals, and Forex. The site also allows transactions in several currencies. Enable traders to experience more localization. Like Pepperstone, XM is compatible with MetaTrader to give you the best trading experience.
Advantages of trading on XM
- Register and verify your account quickly and easily.
- The trading platform is simple to use and user-friendly.
- A trusted broker, with FCA registration and CySec regulation.
- Offers high leverage up to 888:1.
- Instant transaction execution, no latency.
- 24/7 customer care by phone, email or live chat.
- Fast processing of withdrawals with a choice of domestic bank withdrawal methods.
- Extensive list of account types and trading products.
MetaTrader is one of the most beautiful and popular trading suites. It was initially designed for forex traders. Although MetaTrader was built for forex traders, the newest versions of the platform are more diverse. Users can now trade commodities, stocks, and futures. MetaTrader is the prime platform for brokers to connect to. The data available in the system is second to none.
MetaTrader is also great as it offers traders and other speculators a great variety, with the option to build their expert advisor and custom indicators. People that engage in algorithmic trading prefer to use this platform. Furthermore, MetaTrader gives you ultimate flexibility since you can use it to execute trades and then go on to their mobile application. It’s available on both iOS and Android.
Forex traders in the Middle East have plenty of options when it comes to finding platforms, but finding the best one for you, can be more of a challenge. The platforms mentioned in this article are some of the best ones available and will provide curious traders with the right tools they need to make it on the forex market. Best of luck out there, it’s an exciting market!
* See more: The complete guide eToro from a to z
Read more: etoro