Saudi Arabia is a powerhouse in the middle east. It is one of the countries in the middle east that are influencing major world decisions. When it comes to the forex world, it is still one of the most Saudi Arabia is at the forefront. That’s to be expected considering Saudi Arabia’s economy is one of the most significant one’s in the forex world. Saudi Arabia is one of world’s major oil producer. It, therefore, has a lot of influence on the forex market.
That’s besides our discussion today. We want to find out which are the best forex brokers for Saudi individual traders. Saudi Arabia, being a major forex brokerage market, has a lot of forex brokers competing for a piece of the cake. The question remains what is the best forex broker, and how to choose the best forex broker in Saudi Arabia?
Among the many forex brokers in Saudi Arabia, we have done our digging and come up with a list of those we felt offer top notch services. Take a look at the comparison table below.
|Brokers||Minimum spread||Minimum deposit||Currency Pairs|
|IQ Option||5 pips||$10||29||1st Choice|
|FXTM||0.1 pips||$10||57||2nd Choice|
|Forex.com||0.97 pips||$50||50||3rd Choice|
We’ll explore each of the listed brokers in a bit of detail in order to find out how suitable they are. Before we get to that, let’s first try and understand what makes the best broker for forex trading. Let’s explore the different factors that should influence your choice of a forex broker. These factors are the same parameters that we will use to explain why the forex brokers we’ve listed above are our best forex brokers for Saudi Arabia clients.
- Regulation and Trust – the first thing you need while working with any forex broker, is to be sure that you are dealing with a trustworthy forex broker. You’ll get that guarantee when confirm that the broker is regulated by a reputable regulatory authority. You should also explore comments and reviews from other traders who have had the chance to work with that particular broker in the past.
- Trading Accounts Terms and Platforms – The trading accounts offered by a broker are the reason why you go to a broker in the first place. You need to ensure that have all the trading tools and conditions needed for seamless trading. You also need to take a look at the trading terms and establish whether they are favorable enough for you.
- Customer Support and Service – Customer support and service are very essential. The trading support offered by a broker is usually its distinguishing factor from the other brokers. It makes the most sense to go for the forex broker that gives you the best chance of trading profitably. It is also very important that you ensure the broker you choose has a customer care department that is attentive to your needs.
Now let’s get to serious business. Let’s find out why the brokers we listed above are out top picks.
Every time IQ Option is mentioned, forex traders get excited or curious. It is one of the most renowned forex brokers in the industry. There is not surprise in it being one of the top forex brokers in Saudi Arabia. IQ Option has strongly cemented its position at the top, and after increasingly gaining popularity over the years it has been in existence.
Traders have been enjoying trading on IQ Option since 2013. The number of IQ Option traders has continued to grow over the years, and IQ Option now boasts of over 20 million traders. To get a better respective of just how IQ Option is ideal for Saudi forex traders as well as traders in any other country, let’s explore what it has to offer based on the three factors we highlighted above.
Regulation and Trust
On the regulation front, IQ Option is as impressive as they come. It not only is regulated by some of the most notable and reputable regulatory authorities, but it also has a blemish-free reputation. IQ Option is one of the recent forex brokers, but we are yet to come across complaints and doubts about its services, as is the case with most of the other modern-era forex brokers.
IQ Option is regulated by the following authorities.
- CySec (Cyprus Securities and Exchange Commission) – this is IQ Option’s main regulator, since its headquarters are in Cyprus.
- FCA (Financial Conduct Authority)
- ESMA (European Securities and Markets Authority)
All these regulations mean that IQ Option is a forex that you can trust. 20 million forex traders have trusted IQ Option with their funds. There is no reason why you shouldn’t, or be worried about trading on IQ Option.
Trading Accounts, Terms, and Platforms
If there’s anything that makes IQ Option a top forex broker, then it is its trading terms and platforms. IQ Option is not so big on trading accounts, as there only two of them. They are;
- The standard account with a minimum deposit of $10
- The VIP account with a minimum deposit of $1900
The standard account is a perfect spot for beginner traders to begin their forex trading journey. It makes IQ Option one of the best forex brokers with low minimum deposit 2019. IQ Option also has a demo account. It is a great place for beginner traders to get aquatinted with the IQ Option trading platform as well.
The trading terms on IQ Option are quite favorable. IQ Option is not only one of the most economical forex broker to trade on, but is also provides a great trading environment. For a forex trader who has their craft right, trading with IQ Option is pure bliss.
Customer Support and Service
There are no complaints to make about customer support and customer service on IQ Option. It has not managed to gather over 20 million traders on its platform’s by being a mediocre forex broker. One of the support offered is the demo account. Actually, IQ Option is one of the best forex brokers with demo accounts 2019. In many ways, IQ Option is one of the best forex brokers for beginners 2019.
FXTM is one forex broker that cannot be ignored in any conversations that pertain to forex trading. FXTM is one of the most seasoned forex brokers on the scene. It has established itself as a trend-setter and lead broker in the forex trading industry. There is no doubt that it is one of the best forex broker Saudi Arabia.
To understand this assertion better, take a look at what FXTM has on offer below.
Regulation and Trust
FXTM does not falter, when it comes to issues to do with trust and regulation. FXTM has been in the industry for almost two decades now. It is a trend-setter, and we can guarantee that it is a forex broker that is worth your trust. FXTM has been there every step of the way, and has helped develop the forex industry into what it is today. That alone is enough to warrant having complete faith in FXTM’s operations.
That does not mean that it is exempt from regulation. It is regulated just like any other forex broker out there. FXTM is regulated by CySec, ESMA, and FCA. It is a widespread broker, and has millions of traders on its platforms. We explore these platforms in a bit of detail below.
FXTM Trading Accounts, Terms and Platforms
FXTM knows better than to fall short on one of the most important fronts of forex brokerage. The trading accounts, terms, and platforms. It has the ultimate variety of trading accounts, arguably the most economical trading, and user-intuitive and highly responsive trading platforms. Here are the various trading accounts you will find on FXTM.
- Cent account – minimum deposit is $10
- Standard account – minimum deposit is $100
- Shares account – minimum deposit is $100
One thing you should notice about the standard accounts at first glance is that they are designed to make it easy for beginners to get started. We wouldn’t be wrong to call FXTM one of the best forex brokers for beginners 2019.
- ECN Zero account – minimum deposit is $200
- ECN account – minimum deposit is $500
- Pro account – minimum deposit is $2500
ECN accounts are quite clearly trading accounts that are designed for chasing profits. That comes with some considerable risks, and requires a tactful approach.
FXTM does have a demo account as well. Before you dive into any of the trading accounts listed above and start staking you money, it is best that you take time on the FXTM demo account and learn a thing or two about trading on FXTM.
Customer Support and Service
The kind of support you will get on FXTM is one you won’t get anywhere else. Always have it in mind that forex brokers are under no obligation to provide trading support. However, FXTM has the willingness to go an extra mile and put you in a better position to make a profit from your trading endeavors.
FXTM also has a very functional customer service department. The customer service agents on FXTM are always available, even when the forex markets are not in session. They are always there to ensure they take care of you in case you run into any problems while trading.
Forex.com is yet another fantastic option for Saudi forex traders. It is a US-based forex broker, but it operates in many other countries around the globe. Saudi Arabia is one of the countries that enjoy having the services of this above board forex broker.
The trading aspects of forex.com are quite straightforward, and exciting. First, you’ll feel comfortable knowing that forex.com is regulated by the CFTC, one of the most respected authorities. CFTC controls all forex brokers operating in the US, and has some of the strictest regulations. Its main focus is always on ensuring individual traders are adequately protected.
The other issue pertains to trading accounts. Forex.com trading accounts is one of the reasons it is such a popular forex broker. While forex.com maintains a very simple and straightforward trading account structure, it still does provide a variety. Here are the forex.com trading accounts.
These accounts are different with regard to their ownership structure, but they are similar in many ways. For instance, all these accounts require a minimum deposit of $50. That’s quite rare with other forex brokers. Most of the times, each account has its own minimum deposit.
It is also worth mentioning that forex.com has a stellar customer service system, which responds and solves client issues in the shortest time possible.
We’ll cap off the guide with a brief overview of eToro. eToro is yet another exciting option for Saudi traders. What makes it a unique and possibly more exciting froe broker, is the fact that it is a social trading platform. It makes it possible for traders to copy trade. Copy trading is copying trading techniques and strategies from each other. Etoro allows traders to observe their fellow traders in action, and trade in the same way that they are trading.
If you are wondering, eToro is one of the most regulated and also widespread forex brokers. The fact that it has been granted permission to operate in a lot of countries around the world means it is a very trustworthy forex broker. It has certifications from CySec, ESMA, CFTC, FCA, and many other regulatory authorities.
Last but not least, eToro provide a very functional and responsive trading platform. It has only one trading account. The trading account has room for all types of traders. If you are trading independently, you have all the necessary tools at your disposal. If you are copy trading, the social trading platform makes it incredibly easy for you to do so.
In conclusion, all these forex brokers have in one way or another proven themselves to be the top ones, not just in Saudi Arabia, but also around the globe. Every other discussion about forex brokers will most likely feature these forex brokers. Either way, the discussion above should give you a good perspective of what a good forex broker is.