Never before has it been so easy to trade Forex in different parts of the world. Thanks to the development of the internet, Forex trading became even more popular around the world. More and more people have access to the Forex market than ever before, but, with this huge development, many problems came as well. As of today, it is a lot easier for scam companies to lie to people and use their money for the wrong reasons. This is creating a very dangerous situation all over the world, and countries are trying and come up with ways to fight against such companies.
Recently, a lot of jurisdictions around the world came up with different types of regulatory bodies, that in addition to the financial sector of the country, also have control over Forex trading. With regulations and strict guidelines, Forex trading is getting more safer and trustworthy around the world, however, the risk is still here.
Middle East has become one of the regions that have developed FX trading in recent years a lot. This development happened thanks to the very successful economy in the region. Many investors in the Middle East are trading every day and creating a huge market.
Around the world, according to the Bank for International Settlements, BIS, FX trading averaged $5.3 trillion per day in April of 2013, 8 percent of these traders were in a global amount. This makes the Middle East a very great place for Forex trading, and the numbers are constantly rising, so, do not wait any longer. Start trading Forex in the Middle East with some of the best Forex brokers now!
What are the best Forex brokers in the Middle East?
Finding the best Forex broker is never easy, but it gets even harder when you are looking for one such diverse financial market like the Middle East. Before you start trading, be sure to understand that the countries in the region are very different when it comes to Forex trading. Some have more striker regulatory framework, while others are not that harsh at all.
Finding a Forex broker that works perfectly for you gets even harder when you are new to the field and don’t really know where you should be looking for it. To make your job a lot easier, we have decided to do very intensive research on our own and after many hours, we were able to come up with this great list. Do not hesitate to start trading with these amazing Forex brokers today!
Best countries in the Middle East for FX trading
Because of the fact that the regulatory framework in the different countries of the region is very different, it is very hard to say which broker is better than the other. However, we have created special dedicated pages to different countries in the region that you can check out below.
What should you be looking for in Middle East’s FX brokers?
There are many things that you should consider before you start trading with one of the brokers in the region. You should know exactly who you trading with and only go with the ones that own official licenses from a regulatory agency. A great thing to do is to always double-check the information that was provided to you by the Forex broker.
In most cases, the regulatory bodies have special pages created for traders, where they can check the information about certain FX brokers, be sure to use this opportunity and trust only the safest FX brokers. However, regulations are not the only thing that makes a difference when it comes to trading. Below, we will discuss everything that you must know before you decide to start trading one-by-one.
Islamic Accounts, also known as the swap-free accounts, are the type of accounts created for people who follow the faith of Islam. Due to religious limitations, many investors decide to avoid trading altogether, but the Forex market has created something that Muslims can use for trading. Thankfully, some of the best FX brokers around the world understand this, and they are offering traders swap-free accounts.
This account type is created for those who use trading systems without adjustment to swaps. Generally, the swap is a commission or rollover interest charged by the FX broker for extending a trader’s position overnight, which goes against the beliefs of Islam. So, if you are Muslim and do not want to go against your beliefs, make sure that the broker you are using can offer you Islamic Accounts.
Many people ignore this account and they are very wrong for doing so. In general, demo accounts are considered to be something for beginners, however, in reality, there is a lot that experienced FX traders can do with demo accounts. It is a great way for traders to check their trading strategies, come up with new tactics, or learn more about Forex trading in general.
In addition, demo accounts are a great way to understand everything about the broker better. While using a demo account, you have access to the trading market at its fullest, however, you are not risking your own funds. The broker actually gives you a certain amount of virtual cash, that you can use for trading.
We recommended this type of account because it can be very beneficial for everyone. So, before you start trading, make sure to try out the demo account first, it will help you decide if you really want to trade with a certain FX broker.
Local currencies and available languages
It would be a great thing if the broker that you have chosen offers you the ability to use your local currency for trading and deposits. If you are not able to deposit funds in your local currency, you will have to pay a lot of money for commissions, which is not exactly something that you want to do while trading Forex.
Also, make sure that the broker has a version of their website available in your native language so that you can get around the website a lot easier. In addition, it would be very nice if you were able to get the help you need in your native language, so check out the customer support team and available languages before you start trading Forex. Also, remember that the market is full of different types of Forex brokers and you will be able to find the one that meets all of your needs very easily if you are willing to do the research.
What are the challenges that FX trading in the Middle East faces?
Although the field has developed very fast in recent years in the region, there still are a lot of challenges that need to be worked on very hard. One of the biggest challenges in the region is that there still is a need for more trustworthy regulations. For now, the lack of liquidity and central bank interference, that many people complain about, remain to be very big challenges for the market in the Middle East.
The lack of liquidity is mostly happening because of the fact that the region is very much dependent on the oil industry, however, the governments are working very hard for economic diversification. This could help a lot the whole financial market of the region and with it, the FX trading market as well.
However, thanks to the recent developments, the region seems to be standing on the right path, and maybe one day, it can even become a hub of Forex trading.
Should you start trading Forex in the Middle East?
Although the field had a number of challenges in the region, we would still recommend starting trading in the Middle East. However, before you do, be sure to do research and only trust the safest and most secure companies. Do so by checking local regulations, authorizations, and the regulatory guidelines that the broker follows, and you will be good to go.