| Updated: September 3, 2024The global forex market has become the preferred trading ground for many individuals in various corners of the world, and it has certainly gained an audience in the Kingdom of Saudi Arabia as well. Those who are looking to make their debut in forex trading but are not certain which forex broker will be the best fit will have an easier time deciding if they take a look at our experts’ selection of Saudi Arabia-friendly brokers.
Fusion Markets74-89% of retail CFD accounts lose money
Pepperstone75.5% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
Capital.com75% of retail investor accounts lose money
City Index69% of retail investor accounts lose money
CMC Markets71% of retail investor accounts lose money
Admirals73% of retail investor accounts lose money
FxPro74% of retail investor accounts lose money
IG70% of retail client accounts lose money
Iron FX67.62% of retail investor accounts lose moneySaudi Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 1,662 | 4.9 ⭐ |
| 2. Pepperstone | 2,533 | 4.7 ⭐ |
| 3. Global Prime | 142 | 4.4 ⭐ |
| 4. Capital.com | 10,796 | 4.3 ⭐ |
| 5. CMC Markets | 1993 | 4.1 ⭐ |
| 6. City Index | 326 | 4.1 ⭐ |
| 7. Admirals | 1,770 | 3.8 ⭐ |
| 8. FxPro | 235 | 3.7 ⭐ |
| 9. IG | 6,964 | 3.6 ⭐ |
| 10. Iron FX | 0 | N/A ⭐ |
Saudi Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. Admirals | 0.1 | 10 | 0.00003 | 1.00 |
| 2. Fusion Markets | 0.07 | 0.13 | 0.23 | 1.01 |
| 3. Global Prime | 0.13 | 0.28 | 0.28 | 1.11 |
| 4. FxPro | 0.25 | 0.38 |
| 0.37 |
| 5. CMC Markets | 0.5 | 0.7 | 1.1 | 0.9 |
| 6. IG | 0.85 | 0.9 | 0.9 | 1.40 |
| 7. Capital.com | 0.6 | 10 | 2 | 1.3 |
| 8. Iron FX | 0.7 | 0.4 | 0.9 | 0.8 |
| 9. Pepperstone | 1.00 (min) | 1.0 | 1.2 | 1.00 (min) |
| 10. City Index | 1.1 | 1.8 | 1.6 | 2 |
Saudi Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. Iron FX | $0 |
| 2. City Index | $0 |
| 3. IG | $0 |
| 4. Capital.com | $0 |
| 5. Fusion Markets | $0 Classic Account, $4.50 round turn on Zero Account |
| 6. CMC Markets | $2.50 per lot (per side) |
| 7. Admirals | $3 per lot |
| 8. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
| 9. Pepperstone | $0 (Standard Account), $7 round-turn (Razor Account) |
| 10. FxPro | $0 on Standard Account; $3.5 per side on Raw+ and Elite Accounts |
Important Note:In Saudi Arabia, the supervisory body that regulates the local financial market is the Capital Market Authority (CMA). You can follow the CMA on the social media platform X, formerly Twitter, at @SaudiCMA or @SaudiCMA_En. The regulator’s website is also available in English in addition to Arabic, and you can pay a visit to its homepage at https://cma.org.sa/en/. Another entity that plays a key role in the regulation of the financial sector in the Kingdom is the Saudi Central Bank, often referred to as SAMA, which stands for its prior name (Saudi Arabian Monetary Authority).
Top 10 FX Brokers in Saudi Arabia
Fusion Markets Broker Details Supports Arabic No Saudi Currency (SAR) No Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade Trustpilot Rating 4.9 out of 1,662 reviews Number of Forex Pairs to Trade 90+ Leverage Forex & Metals: 1:30
Index CFDs: 1:5
Cryptocurrencies: 1:2 (ASIC), 1:10 (FSA, VFSC)Spread EURUSD: 0.07
USDJPY: 0.13
EURGBP: 0.23
GBPUSD: 1.01Forex Commission per Lot per Trade $0 Classic Account, $4.50 round turn on Zero Account Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire Withdrawal Methods Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple Key Pros
- Offers some of the lowest spreads
- ASIC clients enjoy a negative balance protection
- Supports popular trading platforms
- Offers two copy trading platforms
- Supports fiat and crypto payment solutions
Key Cons
- Does not offer investor protection
- Traders outside Australia have no negative balance protection
- Cannot set up an account in a minor currency
Global Prime Broker Details Supports Arabic No Saudi Currency (SAR) No Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MT4 Desktop, MT4 Webtrader, MT4 Android Trustpilot Rating 4.4 out of 142 reviews Number of Forex Pairs to Trade 56 Leverage Forex & Metals: 1:500
Index CFDs: 1:100
Cryptocurrencies: Up to 1:2 (Retail); Up to 1:5 (Pro and VFSC)Spread EURUSD: 0.13
USDJPY: 0.28
EURGBP: 0.28
GBPUSD: 1.11Forex Commission per Lot per Trade $0 Standard Accounts; $7 round turn on Raw Accounts Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto Withdrawal Methods Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies
Key Pros
- Overseen by a top-tier financial regulator (ASIC)
- No fees on deposits and withdrawals
- Low fees for FX trading
- Streamlined sign-up process
- A broad range of currency pairs
Key Cons
- Could use more trading platforms
- A limited range of educational resources
- Does not offer Islamic or cent accounts
Pepperstone Broker Details Supports Arabic Yes Saudi Currency (SAR) No Regulators UK FCA (No.684312), CySEC (No. 388/20), ASIC (No. 414530), BaFin (No.151148), DFSA, CMA Min Deposit $0 Trading Platforms TradingView, MT5, MT4, cTrader Trustpilot Rating 4.7 out of 2,533 reviews Number of Forex Pairs to Trade 90+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 1.00 (min)
USDJPY: 1.0
EURGBP: 1.2
GBPUSD: 1.00 (min)Forex Commission per Lot per Trade $0 (Standard Account), $7 round-turn (Razor Account) Deposit Methods Visa, Mastercard, PayPal, Bank Transfer Withdrawal Methods Visa, Mastercard, PayPal, Bank Transfer Key Pros
- Winner of multiple industry awards
- Commission-free FX trades via standard accounts
- Over 1,200 instruments across all major asset classes
- Competitive spreads on FX trades via Razor accounts
- Seamless withdrawals within 1 to 3 workdays
Key Cons
- A somewhat limited range of deposit and withdrawal options
- High swap rates on overnight positions
Admirals Broker Details Supports Arabic No Saudi Currency (SAR) No Regulators CySEC (No. 201/13), ASIC (No. 410681), FCA (No. 595450), JSC (No. 57026), FSCA (No. FSP51311) Min Deposit $100 ($1 for Invest MT5 Account) Trading Platforms MT4, MT5, WebTrader, MT Supreme Edition, StereoTrader Trustpilot Rating 3.8 out of 1,770 reviews Number of Forex Pairs to Trade 82 Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.1
USDJPY: 10
EURGBP: 0.00003
GBPUSD: 1.00Forex Commission per Lot per Trade $3 per lot Deposit Methods Visa, Mastercard, Skrill, Klarna, Bank Transfer, PayPal, Neteller, iDeal, POLi, Perfect Money, Cryptocurrencies Withdrawal Methods Bank transfer, Visa, Mastercard, PayPal, Neteller, Skrill, Perfect Money Key Pros
- Over 8,000 markets available
- 80 forex pairs tradable through CFDs
- Swap-free forex accounts for Islamic customers
- Offers forex trading in micro lots
- No fees on deposits
Key Cons
- Only one free withdrawal per calendar month
- Does not trade publicly on a stock exchange
Iron FX Broker Details Supports Arabic Yes Saudi Currency (SAR) No Regulators FCA (licensing no. 585561), FSCA (licensing no. 45276) Min Deposit $100 Trading Platforms MetaTrader 4, WebTrader, VPS, PMAM, TradeCopier, Mobile App Trustpilot Rating N/A out of N/A reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.7
USDJPY: 0.4
EURGBP: 0.9
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Deposit Methods Visa, MAstercard, Bank Wire, Skrill, Neteller, China Union Pay, Fasapay, Perfect Money, Bitwallet, Paysafecard Withdrawal Methods Bank Wire Key Pros
- Offers a wide selection of trading instruments
- Supports several popular trading platforms
- Enables easy trading on the go via dedicated app
- Supports various deposit methods
- Traders can choose from 7 different account types
Key Cons
- Bahamas entity operates with no license
- Trustpilot score not available due to many fake review detected
- Withdrawals are possible only via bank wire
City Index Broker Details Supports Arabic No Saudi Currency (SAR) No Regulators FCA (No. 446717), CySEC (No. 400/21), MAS, ASIC Min Deposit $0 Trading Platforms MT4, WebTrader, Trading App, TradingView Trustpilot Rating 4.1 out of 326 reviews Number of Forex Pairs to Trade 84 Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 1.1
USDJPY: 1.8
EURGBP: 1.6
GBPUSD: 2Forex Commission per Lot per Trade $0 Deposit Methods Visa, Visa Electron, Mastercard, Maestro, PayNow, Bank Transfer, Online Banking, PayPal, PayID, BPAY, EFT Withdrawal Methods Mastercard, Visa, Visa Electron, Maestro, PayPal, Bank Transfer Key Pros
- No commissions on spot forex and CFD trades
- Lightning-fast speed of order execution
- Long track record spanning over 40 years
- Over 1 million registered customers
- Excels in delivering quality educational content
Key Cons
- No support for MT5 for the time being
- Higher min. deposit requirements compared to rival brokers
- Stores client funds in top-tier banks like J.P. Morgan
IG Broker Details Supports Arabic No Saudi Currency (SAR) No Regulators ASIC, FCA, DFSA, CFTC, FMA, FINMA, BaFin, MAS, JFSA, FSCA, BMA (Bermuda) Min Deposit $50 Trading Platforms MT4, L2 Dealer, ProRealTime, IG proprietary software Trustpilot Rating 3.6 out of 6,964 reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.85
USDJPY: 0.9
EURGBP: 0.9
GBPUSD: 1.40Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Bank Transfer, Wire Transfer, Visa Electron, Discover, PayPal Withdrawal Methods Visa, Visa Electron, Mastercard, Discover, Bank Transfer Key Pros
- Towering selection of over 17,000 tradable markets
- Listed on the FTSE 250 index
- Competitive pricing and low forex spreads
- No fees on deposits or withdrawals
- Demo accounts for risk-free forex trading practice
Key Cons
- Payment options are a bit limited
- Customer support is slow to respond during busy hours
FxPro Broker Details Supports Arabic Yes Saudi Currency (SAR) No Regulators FCA (No. 45052), CySEC (No. 078/07), SCB (No. SIA-F184), FSCA (No.45052) Min Deposit $100 Trading Platforms MT4, MT5, cTrader, FxPro Edge (proprietary) Trustpilot Rating 3.7 out of 235 reviews Number of Forex Pairs to Trade 70+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.25
USDJPY: 0.38
EURGBP:- 0.1 (MT4)
- 1.3 (MT5)
GBPUSD: 0.37Forex Commission per Lot per Trade $0 on Standard Account; $3.5 per side on Raw+ and Elite Accounts Deposit Methods Visa, Mastercard, Maestro, Bank Transfer, Neteller, PayPal, Skrill, Union Pay Withdrawal Methods Bank Transfer, Mastercard, Visa, Union Pay, Maestro, PayPal, Skrill, Neteller Key Pros
- Over 2,100 CFDs across six asset classes
- Zero fees on deposits and withdrawals
- Floating spreads with no commissions on MT4 FX trades
- Winner of over 100 industry awards
- Fills orders within less than 13 milliseconds
Key Cons
- FX spreads are slightly higher than industry averages
- Charges maintenance fees after six months of inactivity
CMC Markets Broker Details Supports Arabic No Saudi Currency (SAR) No Regulators ASIC, MAS, FCA, BaFin, IIROC Min Deposit $0 Trading Platforms CMC Markets’ Next Generation, MetaTrader 4 Trustpilot Rating 4.1 out of 1993 reviews Number of Forex Pairs to Trade 330+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.5
USDJPY: 0.7
EURGBP: 1.1
GBPUSD: 0.9Forex Commission per Lot per Trade $2.50 per lot (per side) Deposit Methods Visa, Mastercard, Maestro, Online Banking, Bank Transfer Withdrawal Methods Visa, Mastercard, PayPal, Bank Transfer Key Pros
- Publicly traded reputable brand
- One of the first online forex brokers
- Covers an extensive selection of currency pairs
- Offers proprietary trading platform
- Enables smooth mobile trading
Key Cons
- Automated trading available only on MetaTrader4
- Fees on stock CFDs can be high
- Supports a limited number of payment methods
Capital.com Broker Details Supports Arabic Yes Saudi Currency (SAR) No Regulators ASIC, FCA, CySEC, SCB, MiFID Min Deposit $20 Trading Platforms MetaTrader 4, TradingView Trustpilot Rating 4.3 out of 10,796 reviews Number of Forex Pairs to Trade 125+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.6
USDJPY: 10
EURGBP: 2
GBPUSD: 1.3Forex Commission per Lot per Trade $0 Deposit Methods Bank transfers, VISA, MasterCard, Maestro, Apple Pay, PayPal, Neteller, Skrill, Sofort, Przelewy, TrueLayer, iDEAL, Trustly, SPEI Withdrawal Methods Bank transfers, bank cards, Apple Pay, PayPal, Neteller, Skrill, Sofort, Trustly Key Pros
- Trusted by 580K+ traders across the globe
- Trading guides for beginner, intermediate, and advanced traders
- Mobile apps for Android and iOS devices
- Low FX fees built into the spread
- Negative balance protection
Key Cons
- There is an inactivity fee after 1 year
- No two-step login
- No price alerts on the web platform
Is forex trading legal in Saudi Arabia?
Neither the Capital Markets Authority (CMA) nor the Saudi Central Bank (SAMA) prohibit the trading of foreign exchange currencies, and international brokers can accept Saudi traders so long as they have the approval of the Kingdom’s authorities. As it stands, a number of brokers have entered the Saudi Arabian market seeking to cater to the many forex traders in the region, and to great success. Some entities bear the seal of approval of the CMA, while others are regulated strictly by foreign but trusted financial supervisory entities.
As suggested, at the time of writing, forex brokers do not necessarily need to be licensed specifically by the CMA or SAMA in order to accept forex clients. However, it is generally a good idea to stick to locally licensed brokers or ones that are regulated by a supervisory body that has a good reputation in the international trading scene.
It should also be noted that a number of the forex brokers suitable for Saudi Arabia offer multiple account types that clients can choose from depending on their eligibility and preferences. This includes retail accounts, professional ones, and swap-free Islamic accounts.
Capital Markets Authority (CMA) Regulation Info
In its role as Saudi Arabia’s financial supervisory watchdog, the Capital Markets Authority (CMA) has duties that encompass a wide range of regulatory rules that are centered around the Kingdom’s finance sector. This includes having the authorization to regulate the capital market, keep investors safe from fraudulent schemes and other such dangers, monitor companies, exercise its power to penalize financial service businesses that operate in Saudi Arabia when necessary, and more. In 2019, the CMA issued its first forex license, which was granted to Riyad Capital.
How can I verify CMA authorization?
In general, you will not face much difficulty while trying to confirm that a given forex broker is licensed. This type of information is typically provided on the broker’s website, either organized within the footer or outlined on a separate page. This is where you will be able to see both the broker’s CMA license if the CMA has granted the company its seal of approval and all of the other licenses the broker in question has been successful in both earning and holding onto.
In the case of CMA licensing, if you do not completely trust a given broker and wish to find information on their regulatory oversight elsewhere, the CMA’s website has a register that includes all CMA-authorized entities.
Are my funds safe with forex brokers in Saudi Arabia?
Whether your funds are safe at Saudi Arabia-facing brokers is something you will not need to worry about. The vast majority of regulators have strict rules in place that demand companies do their due diligence to keep users’ funds secure and for client money to be stored in a segregated manner that ensures no mingling with the company’s funds takes place. Encryption algorithms are also utilized, specifically with regard to the transactions undertaken by users, as well as trader data in general. Of course, all of this applies to strictly regulated brokers.
Another security measure utilized by brokers looking to attract Saudi traders is two-factor authentication. This technology serves to make clients confirm multiple times and through means different from their password that they are the account owner when they attempt to log in. This can take the form of an entire third-party app or simply for the broker to send the given user a message with a confirmation code.
Last but not least, we have negative balance protection, a core aspect of the way many forex brokers treat their retail clients. As suggested by its name, this service will ensure that no retail trader’s account will be able to incur a negative balance. Seeing one’s funds drop below 0 is a very real risk without negative balance protection, hence why it has become such a popular tool in the global forex scene. Its popularity was also boosted by an event that occurred in 2015 when the Swiss national bank scrapped the Swiss Franc’s peg to the Euro. This led to devastating consequences for retail investors who lost more money than they had held in their accounts.
Do brokers in Saudi Arabia provide negative balance protection?
Once again, this is a matter of what entity your broker is licensed by. Regulatory authorities such as the UK’s FCA and the Securities Commission of the Bahamas, for instance, mandate that negative balance protection be offered to retail traders in order for their funds to be safeguarded. Therefore, if your broker’s regulator has such a rule in place, then you can be certain that, as a retail client, you will be offered negative balance protection.
Things differ for professional clients, however. Since the aforementioned rule does not apply to those who trade forex for a living, many brokers do not offer this service to their professional users. This is one aspect of professional trading that can be considered a downside.
Do you pay tax on forex trading in Saudi Arabia?
At the time of writing, individuals who work in Saudi Arabia are not obligated to pay an individual tax income. A general capital gains tax of 20% is what applies to corporations, however. Given the nature of taxation laws, the possibility of them changing, and the potential consequences should you be caught off guard by unfamiliar legislation, it is best that you consult a professional tax advisor in Saudi Arabia before you start trading.
How does the available leverage of Saudi Arabia-friendly brokers compare to the leverage at brokers regulated offshore?
This will be reliant on the regulator of your broker of choice, specifically the one that oversees the operations of the broker’s Saudi Arabia-facing business. For example, brokers licensed by the Securities Commission of the Bahamas can offer leverage of up to 1:200 to retail clients. This is a far wider leverage than what traders in most European countries, the UK, and even the outlier that is Poland, can utilize. US regulators also impose a more modest limit of 1:50.
The professional leverage in SCB-licensed brokers, on the other hand, is usually a much more familiar 1:500. Traders might also come across brokers where the permitted leverage for professionals is not capped at all, which can certainly make the said brokers quite tempting to try out. Of course, with great leverage comes greater risk, so even pros will need to limit themselves when trading.
What do you need to qualify to be designated as a professional trader in Saudi Arabia?
Becoming a professional is the long-term aspiration of many forex traders, and it certainly comes with a range of perks, the best one being the ability to trade with large or, in some jurisdictions, unlimited leverage. If you wish to qualify for a professional account at your forex broker of choice, you will need to meet two of three requirements as specified by your broker.
The first such condition is to have a trading portfolio that exceeds $500,000. Next, you may also qualify if you have worked as a professional in the financial services sector for no less than a year. Last but not least, having made notable trades at least 10 times per quarter over the last four quarters is another thing that will help qualify you for a professional account at your forex broker of choice.
What trading platforms are available to traders in Saudi Arabia?
There are no particular regulatory restrictions on what platforms Saudi Arabian traders can utilize, which means that one’s choice of platform will primarily depend on the forex broker they decide to stick with. Some brokers have gone through the effort to create a proprietary platform, with XTB being an example of a broker that only offers its own platform to clients. There are also brokers that offer multiple options in addition to their own software, however, with the said choices being either of the popular MetaTrader iterations (MT4 or MT5), cTrader, and TradingView, to name a few. Brokers that do not have their own in-house developed platforms will also offer one or multiple of the aforementioned options.
As already mentioned, many forex brokers catering to Saudi forex traders will allow them to apply for Islamic accounts that do not charge swaps on positions left open overnight. The availability of trading platforms supporting swap-free trading varies across different brokers but chances are, MT4 and MT5 will both support the Islamic forex account option.
Regardless of what platform you go with, you will find that you will not have any issues keeping track of your trading account while you are out and about. Pretty much all modern forex platforms support both desktop and mobile devices.
With the forex market steadily growing in Saudi Arabia, forex traders may need access to additional educational materials and links that can provide help with any trading issues. That is why we have provided a few links that can be useful to Saudi Arabian forex traders:
- Capital Market Authority (CMA): To be able to provide financial services to traders in Saudi Arabia, forex brokers are required to obtain permission from the CMA.
- The validity of any license issued by the local regulator can be checked on the official website of CMA by looking for the entity on the regulator’s registry page.
- To regulate the forex sector in Saudi Arabia, CMA works in conjunction with the Saudi Arabian Monetary Agency (SAMA).
- Forex brokers can also offer trading services to investors in Saudi Arabia as long as they hold a valid license issued by other top-tier regulators. Such organizations include ASIC, FCA, and BaFIN, to name a few. These regulators tend to impose strict rules that include leverage limits, negative balance protection, and additional investor protection tools.
- To warn Saudi Arabian traders about the issues that may arise from unregulated forex trading, SAMA, CMA, and the Ministry of Commerce have launched an awareness campaign.