| Updated: May 15, 2024Looking for the best Qatari forex broker? We have a whole list of the most prominent names in this sector, offering the best trading experience for traders based in Qatar. You can fully trust our fine selection as our trading experts have fully tested every feature of the brands below, with safety, payments, and trading options being some of the elements that have been thoroughly reviewed by our team.
Fusion Markets74-89% of retail CFD accounts lose money
Forex.com77.7% of retail investor accounts lose money
Pepperstone75.5% of retail investor accounts lose money
Spreadex64% of retail investors lose money
eToro51% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
Admirals73% of retail investor accounts lose money
IG70% of retail client accounts lose money
Libertex74.91% of retail investor accounts lose money
BlackBull MarketsQatari Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 1409 | 4.8 ⭐ |
| 2. Forex.com | 1288 | 4.7 ⭐ |
| 3. Pepperstone | 2398 | 4.5 ⭐ |
| 4. Spreadex | 93 | 4.4 ⭐ |
| 5. eToro | 22902 | 4.2 ⭐ |
| 6. Admirals | 1706 | 4.1 ⭐ |
| 7. IG | 6723 | 4.1 ⭐ |
| 8. Global Prime | 100 | 4.1 ⭐ |
| 9. Libertex | 9328 | 4.0 ⭐ |
| 10. BlackBull Markets | 34 | 3.6 ⭐ |
Qatari Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. BlackBull Markets | 0.1 | 0.2 | 0.7 | 0.4 |
| 2. Libertex | 0.1 | 0.3 | 0.3 | 0.4 |
| 3. Admirals | 0.1 | 10 | 0.7 | 0.5 |
| 4. Fusion Markets | 0.11 | 0.13 | 0.15 | 0.11 |
| 5. Global Prime | 0.13 | 0.28 | 0.28 | 0.22 |
| 6. IG | 0.6 | 0.9 | 0.9 | 0.9 |
| 7. Spreadex | 0.6 | 9 | 0.9 | 0.8 |
| 8. Pepperstone | 1.0 | 1.0 | 1.2 | 1.0 |
| 9. eToro | 1.0 | 1.0 | 1.5 | 2.0 |
| 10. Forex.com | 1 | 1.2 | 1.3 | 1.3 |
Qatari Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. Spreadex | $0 |
| 2. Forex.com | $0 |
| 3. IG | $0 |
| 4. Libertex | $0 |
| 5. eToro | $0 |
| 6. Fusion Markets | $0 Classic Account, $4.50 round turn on Zero Account |
| 7. Admirals | $3 per lot |
| 8. BlackBull Markets | $0 Standard; $6 per lot Prime; $4 per lot Institutional |
| 9. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
| 10. Pepperstone | $0 (Standard Account), $7 round-turn (Razor Account) |
Important Note: While Qatari traders can join offshore brokers regulated offshore, they should only trust trading websites that operate following regulations imposed by the Qatari authorities. The Qatar Financial Markets Authority (QFMA) is one of the agencies responsible for the regulation of financial activities, including forex trading, in the territory of the Middle Eastern country. Meanwhile, Qatar’s Central Bank and the Qatar Financial Center Regulatory Authority (QFCRA) are also among the watchdogs managing the safety and fairness in the financial market of the country. You can learn more about the local regulators by visiting their official websites at www.qfma.org.qa, www.qcb.gov.qa, and www.qfcra.com.
Top 10 FX Brokers in Qatar
Fusion Markets Broker Details Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade Trustpilot Rating 4.8 out of 1409 reviews Number of Forex Pairs to Trade Over 200 Leverage Forex & Metals: 30:1
Index CFDs: 5:1
Cryptocurrencies: 2:1Spread EURUSD: 0.11
USDJPY: 0.13
EURGBP: 0.15
GBPUSD: 0.11Forex 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 Founded by Australian trading experts, Fusion Markets was launched in 2017 and is currently one of the top destinations for traders all over the globe. While it is common for brokers to advertise low spreads, Fusion Markets was actually recognized by Brookerchooser, receiving the award “Lowest Spread Forex Broker” four years in a row.
In addition to offering traders tight spreads, Fusion Markets is committed to offering the best value for your trading, charging a significantly low commission of only $2.25 per lot ($4.50 per side). As you can see, const-effectiveness is one of the main values of this top-shelf broker.
Safety is always a priority for Fusion Markets, with major regulatory bodies like the Australian Financial Services (license No.385620), the Financial Services Authority of Seychelles (license No.SD096), and authorities in Vanuatu regulating the services provided by the broker. Under ASIC’s (Australian Securities & Investments Commission) regulation, the broker also provides a negative balance protection to some of its clients.
With no minimum on deposits and a wide range of popular trading platforms like MetaTrader4, MetaTrader5, cTrader, and more, it is no surprise that Fusion Markets is one of the top choices of traders. With an average score of 4.6 out of 5 on Trustpilot, this broker has received an Excellent rating from more than 1,300 happy customers.
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 Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MT4 Desktop, MT4 Webtrader, MT4 Android Trustpilot Rating 4.1 out of 100 reviews Number of Forex Pairs to Trade 56 Leverage Forex & Metals: 500:1
Index CFDs: 100:1
Cryptocurrencies: 10:1Spread EURUSD: 0.13
USDJPY: 0.28
EURGBP: 0.28
GBPUSD: 0.22Forex 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
Global Prime is a reliable brokerage that has been providing low-cost trading services since 2010. Regulated by the watchdogs of Vanuatu and Australia, the broker facilitates trading with over 150 financial instruments, including indices, bonds, commodities, cryptocurrencies, and more than 50 currency pairs. Major-pair spreads on raw accounts start at zero pips, with most orders being executed within 10 milliseconds on average. The broker works with MT4 only but plans to soon expand its range of supported platforms with cTrader, MT5, and TradingView.
These excellent trading conditions, coupled with a streamlined registration process, fee-free transactions to and from customer accounts, and round-the-clock support, have earned the broker a solid 4.1 score on Trustpilot. Still, there is scope for improvement as the company offers no cent and swap-free accounts for Islamic customers. The broker has no compensation scheme for client funds, either, which is yet another area Global Prime could improve in.
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
eToro Broker Details Regulators FCA, CySEC, ASIC, MFSA, ADGM, FSA, FINRA/FinCEN Min Deposit $10 Trading Platforms eToro Investing, eToro App, TradingView, eToro CopyTrader Trustpilot Rating 4.2 out of 22902 reviews Number of Forex Pairs to Trade 55 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1.0
USDJPY: 1.0
EURGBP: 1.5
GBPUSD: 2.0Forex Commission per Lot per Trade $0 Deposit Methods eToro Money, Visa, Mastercard, Neteller, PayPal, Skrill, iDeal, Klarna, Bank Transfer, Trustly, Przelewy24 Withdrawal Methods PayPal, Skrill, Visa, Mastercard, Neteller, Trustly, Bank Transfer Launched in 2007, eToro is home to a global investment community of more than 30 million customers. The company operates with licenses from tier-one financial regulators like CySEC, ASIC, and FCA. The brokerage provides a varied range of tradable instruments, including 55 currency pairs, 32 commodities, 21 equity indices, and thousands of stocks. Cryptocurrency, ETF, and NTF trading is also possible via the platform.
Forex traders will benefit from spreads as low as a single pip on major pairs like the EUR/USD. Unlike many rival brokers, eToro charges no commissions on currency trades. All costs and fees are built into the spreads instead. The broker’s proprietary platform is well-designed and user-friendly enough to accommodate novice and versed traders. Another thing that distinguishes eToro from rival brokerages is its social and copy trading platform that leaves the competition in the dust with its superior features.
Key Pros
- Offers trading with over 5,000 instruments
- Ideal for social and copy trading
- No commissions on forex trades
- Effortless registration process
- Offers negative balance protection
Key Cons
- Withdrawals are subject to additional processing fees ($5)
- USD is the only base account currency
- Charges inactivity fees on dormant accounts
Pepperstone Broker Details 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 4.5 out of 2398 reviews Number of Forex Pairs to Trade 100 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1.0
USDJPY: 1.0
EURGBP: 1.2
GBPUSD: 1.0Forex 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 Pepperstone was launched in 2010 by a group of seasoned traders but has greatly expanded its global presence since then, currently reaching over 400,000 traders worldwide. The company enjoys an immaculate reputation and operates with licenses from several top-tier regulators, including the FCA, ASIC, and CySEC. Pepperstone also ranks among the world’s largest brokerages, boasting an average daily trading volume of $12.6 billion.
Customers of the award-winning company can trade with more than 1,200 financial instruments, ranging from stocks, indices, and ETFs to commodities and currency pairs. FX traders, in particular, can go long or short on over 90 major, minor, and exotic currency pairs. Spreads are highly competitive at Pepperstone, starting at zero pips for majors like EUR/USD traded via Raw accounts. MT4, MT5, TradingView, and cTrader all pose as viable platform options for Pepperstone customers. All these factors combined have earned Pepperstone an above-average rating of 4.5 stars at Trustpilot.
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 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 4.1 out of 1706 reviews Number of Forex Pairs to Trade 82 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.1
USDJPY: 10
EURGBP: 0.7
GBPUSD: 0.5Forex 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 Formerly Admiral Markets, Admirals is a multi-asset online broker that commenced operations in 2001. The company’s commitment to excellence, innovation, and low-cost trading has earned it the reputation of one of the world’s leading and most reliable brokers. Licensed by ASIC and FCA, among others, Admirals gives its clients access to a broad range of financial instruments, including 82 forex pairs, hard and soft commodities, over 4,500 stocks, cryptocurrencies, bonds, and indices.
Admirals mainly specializes in CFD trading, offering leverage of up to 500:1 to professional forex traders. Fees on forex trades are largely built in the spreads, although clients with Zero/ECN accounts pay a $6 round-turn commission per lot. Those new to the financial markets can trade in micro lots or with fractional shares. Trading at Admirals is possible via familiar platforms like MT4, MT5, and MT WebTrader.
The broker offers negative balance protection to retail clients and fills 90% of all orders within 150 milliseconds. Customers can fund their live accounts for free via bank transfers, cards, digital wallets, and online banking. There is room for enhancement where withdrawals are concerned, though. Admirals customers can request no more than one free withdrawal per month.
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
IG Broker Details Regulators ASIC (No. 515106), FCA (No. 114059), CFTC, DFSA (No. F001780), MAS, BMA Min Deposit $50 Trading Platforms MT4, L2 Dealer, ProRealTime, IG proprietary software Trustpilot Rating 4.1 out of 6723 reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.6
USDJPY: 0.9
EURGBP: 0.9
GBPUSD: 0.9Forex 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 IG is a trusted online broker regulated in multiple jurisdictions, including Australia, Singapore, Dubai, the UK, and the US. It provides low-cost trading in thousands of financial markets, ranging from forex and commodities to cryptocurrencies, shares, bonds, and indices. Seasoned traders can dabble in options contracts, bonds, and spread betting. Interest rate trading is also available to IG customers.
The brokerage charges no commissions on forex trades, deriving its profits mostly from spreads. IG predominantly caters to customers looking to capitalize on price movements without purchasing underlying assets by offering them a broad range of CFDs. Forex traders have access to complex speculative instruments like turbo warrants, vanilla options, contracts for difference, and barrier options.
IG’s proprietary software does an excellent job at delivering seamless trading sessions, although clients can also connect third-party platforms like MT4 and ProRealTime to their IG accounts. Both platforms are suitable for algorithmic trading. Moving funds to and from your live account is entirely free, although the broker could expand its range of accepted payment methods. Cards, bank transfers, and PayPal are the only banking options IG works with at the moment. Bank transfers have no minimum threshold on deposits.
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
BlackBull Markets Broker Details Regulators SFSA (No. SD045), FMA (No. FSP403326) Min Deposit $0 (Standard)$2,000 (Prime)$20,000 (Institutional) Trading Platforms MT4, MT5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade Trustpilot Rating 3.6 out of 34 reviews Number of Forex Pairs to Trade 70+ Leverage Forex & Metals: 500:1
Index CFDs: 500:1
Cryptocurrencies: 500:1Spread EURUSD: 0.1
USDJPY: 0.2
EURGBP: 0.7
GBPUSD: 0.4Forex Commission per Lot per Trade $0 Standard; $6 per lot Prime; $4 per lot Institutional Deposit Methods Visa, Mastercard, Neteller, Airtm, Skrill, Bank Transfer, HexoPay, American Express, POLi, Payment Asia, Help2Pay, FXPay, Fasapay, China Union Pay, Boleto, AstroPay, Beeteller, Bitcoin, Ethereum, Tether, Ripple, Litecoin, Bitcoin Cash, Chainlink, USD Coin, Stellar Withdrawal Methods Visa, Mastercard, Bank Transfer, Airtm, Skrill, Neteller, American Express, POLi, HexoPay, Payment Asia, Help2Pay, FXPay, China Union Pay, Boleto, Fasapay, Beeteller, AstroPay, Bitcoin, Litecoin, Bitcoin Cash, Tether, Ripple, Stellar, Chainlink, Ethereum, USD Coin Founded in 2014, BlackBull Markets takes the lead when it comes to tradable asset diversity, providing a choice from a whopping 26,000 financial instruments. The broker caters to forex traders with over 70 major, minor, and exotic currency pairs tradable via three types of ECN accounts (Standard, Prime, and Institutional). Commodities, shares, indices, and futures can also be traded at BlackBull Markets.
The Seychelles-licensed broker offers relatively reasonable trading conditions, although the exact trading costs largely depend on what type of live account you open. Customers looking to trade commission-free can do so via ECN Standard accounts, where spreads generally start from 0.8 pips and there are no minimum deposit requirements. ECN Prime and ECN Institutional accounts are suitable for seasoned and high-volume traders. Both account types incur above-average commissions per lot.
Customers with live accounts can top up their balance with cards, digital wallets, online banking gateways, bank transfers, and cryptocurrencies. While deposits come at no extra cost, the New Zealand-based broker charges a $5 processing fee on all withdrawals, regardless of the payment method used.
Key Pros
- Uses proprietary copy-trading platform
- Swap-free trading via ECN Standard and Prime accounts
- Multi-platform support
- Provides a 24/7 customer support service
- Great Education Hub for traders looking to hone their skills
Key Cons
- High commissions per lot on Prime and Institutional accounts
- Charges a $5 fee on withdrawals
Spreadex Broker Details Regulators FCA (No. 190941) Min Deposit $0 Trading Platforms TradingView, proprietary software Trustpilot Rating 4.4 out of 93 reviews Number of Forex Pairs to Trade 60+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.6
USDJPY: 9
EURGBP: 0.9
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Deposit Methods Mastercard, Visa, Maestro, Direct Debit, Check, Bank Transfer Withdrawal Methods Visa, Maestro, Mastercard, Bank Transfer, Check Spreadex is a UK-regulated firm that provides financial spread betting and leveraged trading through contracts for difference. The company carries the stamp of approval of the Financial Conduct Authority (FCA) and has over 25 years of industry experience. Over 60,000 customers worldwide choose Spreadex for its competitive pricing, advantageous trading conditions, and diverse product range comprising more than 10,000 financial instruments.
Clients can trade over 60 currency pairs with tight spreads averaging 0.6 pips on majors like the EUR/USD. Beyond Forex, Spreadex has decent enough coverage of the equity index, commodity, and stock markets. Options, bonds, interest rates, and exchange-traded funds are also available for trading at favorable conditions.
Traders at Spreadex can stay ahead of the curve with weekly technical analysis, trading updates, and an economic diary, all available under the News & Analysis tab. Connecting your Spreadex account to TradingView is an option, although the broker’s proprietary software also ensures a seamless trading experience and fast order execution. Spreadex does not support MT4 and MT5 at the moment but has earned an above-average Trustpilot score of 4.5 stars despite this shortcoming.
Key Pros
- Provides access to over 10,000 tradable symbols
- Well-designed and intuitive mobile trading app
- Offers spread betting on FX pairs
- Commission-free FX trading with tight spreads
- Seamless registration process
Key Cons
- No support for MetaTrader 4 or 5
- Licensed by a single financial regulator (FCA)
- Deposits under $/£50 may incur additional charges
Forex.com Broker Details Regulators ASIC, MAS, FCA, CIRO, JFSA, CFTC , MiFID, CySEC Min Deposit $100 Trading Platforms MetaTrader 4, MetaTrader 5, TradingView, WebTrader Trustpilot Rating 4.7 out of 1288 reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1
USDJPY: 1.2
EURGBP: 1.3
GBPUSD: 1.3Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Skrill, Neteller, Bank Transfer Withdrawal Methods Visa, Mastercard, Skrill, Neteller, Bank Transfer Launched in 2001, Forex.com has been offering innovative trading solutions for over two decades. Traders will have the chance to trade more than 80 currency pairs or choose from numerous shares and commodities trading options. Advanced trading tools are definitely among the strengths of the broker, offering multiple platforms and even AI tools that allow easier analysis.
Whether you trade on your desktop device or wish to trade on the go, Forex.com offers a wide selection of platforms that enable smooth trading experiences on any type of device. MetaTrader 4 and 5, Web Trader, and the Forex.com mobile app will offer you access to a number of instruments that can make trading more intuitive and easy. Members of Forex.com can also use the TradingView platform, allowing them to handle their trades using a handful of exclusive trading tools.
Among the numerous reasons why many traders have decided to trust Forex.com, tight spreads are definitely a key factor. Execution speed is also one of the broker’s strongest suits, with about 99.79% of trades executed in under one second and an average execution speed for Forex trades of 0.03 seconds. While trading with Forex.com, you can be sure that your funds are always protected via industry-standard security tools, with the broker following guidelines imposed by major regulators. StoneX, which is Forex.com’s parent company, is regulated by ASIC, MAS, FCA, CIRO, JFSA, CFTC, CySEC, and MiFID in the EU market.
Key Pros
- Supports a great selection of trading platforms
- Enables easy mobile trading
- Offers over 80 currency pairs
- Provides a vast variety of products
- Forex spreads can be very competitive
Key Cons
- Navigating platforms can be difficult for beginners
- Instruments on MT4 platforms are significantly fewer than other platforms
- Charges monthly fee after 12 months of inactivity
Libertex Broker Details Regulators CySEC (CIF Licence number 164/12), BaFin (BaFin ID: 10161686 / Bak No.: 161686) Min Deposit $10 Trading Platforms Libretex Trading Platform, MT4, MT5 Trustpilot Rating 4.0 out of 9328 reviews Number of Forex Pairs to Trade 50+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.1
USDJPY: 0.3
EURGBP: 0.3
GBPUSD: 0.4Forex Commission per Lot per Trade $0 Deposit Methods PayPal, Visa, Mastercard, Sofort, iDeal, Trustly, Skrill, Giropay, Sepa International Bank Wire, Multibanco, P24, BLIK, eService, Neteller Withdrawal Methods SEPA International Bank Wire, PayPal, Visa Mastercard, Skrill, Neteller Libertex’s roots date back to 1997, making it a broker with nearly three decades of experience in the field of trading. Forex, cryptocurrencies, ETFs, and bonds are a few examples of what markets are available, and cost-effectiveness is one of the broker’s key characteristics thanks to tight spreads and a lack of commissions when it comes to some assets.
Traders are presented with several options in terms of platforms, the first one being Libertex’s own. If you wish to trade on the go, the said platform can be downloaded from the App Store or Google Play. Both MT4 and MT5 are available as well.
Libertex’s efforts to provide traders with an excellent experience have paid off, resulting in the broker earning a 4.0 score on Trust Pilot and a range of accolades, including the one dubbed “Best Trading Experience” granted by the Ultimate Fintech Awards.
In the event that something goes wrong or you need to find a piece of information about Libertex, the broker’s Help Desk Portal can be of great help. You may also reach out to the customer support team via live chat when necessary.
Key Pros
- Great variety in terms of markets
- Users have a range of deposit and cashout solutions to pick from
- Available in English, Spanish, French, Portuguese, and other languages
- Negative balance protection
- Traders can contact the customer support staff via live chat
Key Cons
- No longer available for UK traders
- Does not accept traders from the US
- Somewhat lacking in terms of educational resources
Is Forex Trading Legal in Qatar?
Forex trading is fully regulated and legal in Qatar, with the regulation of this market falling under the remit of the QFMA. Meanwhile, the QFCRA is another regulatory body in the Middle Eastern country, responsible for the investigation of financial crimes and taking measures to ensure the safety of Qatari traders. Both of these bodies can authorize the operations of local brokers who wish to cater to the needs of Qatari traders.
Since there are still no forex brokers that have been licensed by local regulators, Qatari traders prefer forex brokers regulated offshore, with most reputable brands being authorized to operate by authorities like the FCA, FSA, CySEC, or MAS. While many offshore brokers will accept customers from Qatar, traders must take into account a couple of factors whenever they pick a broker. Qatari trading enthusiasts should opt for trading brands that are properly regulated and support so-called Islamic accounts, which are compliant with the Sharia law.
Islamic accounts, also referred to as swap-free, will not have any swap or interest charges applied to overnight positions. This will allow Qataris to trade their Islamic forex accounts without breaking the Sharia law. What is more, many offshore brokers will support Arabic, enabling a smoother trading experience for Qataris.
If they pick any of the brokers hand-picked by our team, Qatari forex traders are guaranteed a safe and fair trading experience online. With reputable regulatory bodies imposing strict regulations like leverage maximums, account segregations, AML practices, and more, Qatari traders usually have plenty of trustworthy brand options to choose from.
Qatari Forex Trading Regulation Info
As already mentioned, there are three regulators responsible for overseeing the trading sector in Qatar. While the Central Bank used to have a bigger role in controlling forex trading operations, nowadays, it is mainly concerned with the local currency’s peg to the USD, maintaining the fixed rate of 3.64 QAR for 1 USD since July 2001.
Since 2005, the QFMA has been working in partnership with the local Central Bank and the Ministry of Economy to ensure a more competitive, secure, and fair financial market in Qatar. The regulatory body is also responsible for the regulation of financial service providers operating in the territory of the Middle Eastern country. The QFCRA was also established in 2005 and is currently one of the watchdogs in Qatar as well as one of the leading financial regulators in the Middle East. Its main role is to authorize as well as monitor the operations of entities offering financial services in the QFC.
In order to obtain an operating license from the QFMA, brokerage companies are required to submit several documents that will hopefully prove their eligibility for trading licenses. It should be noted that there is a 5,000 QR fee paid during the submission of the documents that will be reviewed by the QFMA. To ensure they can handle their customers’ orders, license applicants are required to prove a minimum operational capital that may range between 3 million QR and 20 million QR, depending on the assets the broker will offer to its customers.
The review of license applications usually takes about 30 days to be completed. Once issued, a QFMA license will be valid for three years and will be active until the last day of December of the third year after the issuing of the license.
How Can I Verify Qatari Trading Authorization?
At the moment of writing this article, there still have not been any local brokers that have obtained licenses from regulators in Qatar. That is why, local traders are recommended to opt for trading with offshore brokers that have been licensed by any of the tier-1 regulators of the global forex sector. That said, we will provide you with easy steps to confirm whether a broker has been licensed by the authorities in Qatar or any other reputable regulator.
If a forex broker has obtained permission to offer forex trading and other financial services from the QFMA, FCA, ASIC, or another regulatory body, it should list information about its regulation by local authorities as well as the licenses it has obtained. You can also head to the official website of the QFMA or the rest of the regulators you see on the broker’s website and ask the support center for additional information on any brokerage operator.
Are My Funds Safe with Forex Brokers in Qatar?
If you have entrusted a Qatari-friendly broker with your money and started trading with such a company, you can be certain that your funds will be properly protected. Regulatory bodies across different parts of the world are aiming to provide a fair and secure trading environment for global traders. That is why brokers must meet a wide range of conditions in order to obtain forex trading licenses.
As already covered above, in order to receive an operational license from local authorities, brokers must ensure a certain operational minimum capital. That guarantees that financial companies have the means of processing large volumes and fulfilling their customers’ orders. In addition, brokers are required to keep their clients’ funds in separate accounts, ensuring that even if the company goes bankrupt, traders’ money will be safe as it will be kept in a segregated account.
Qatari regulators are also adamant about licensed entities implementing AML measures that will help the sector combat any fraudulent activities related to money laundering or terrorist financing. To avoid identity thefts, brokers are also required to implement mandatory accounts checkups. This is the reason behind the mandatory KYC (Know Your Customer) process that Qatari traders are asked to go through whenever opening accounts with regulated brokers.
Do Qatari Brokers Provide Negative Balance Protection?
With many offshore brokers catering to the needs of Qatari traders, it is also great that brands regulated by tier-1 authorities are also implementing a wide selection of tools to protect one’s funds while trading. One of the instruments that a large number of brokers can offer Qatari traders is the negative balance protection feature.
When retail traders have this additional layer of protection applied to their accounts, they can rest assured that they will never owe the broker any money. Since high leverage can often expose traders to huge risks, their losses can easily exceed the amount available in their balances. However, with negative balance protection, traders’ losses cannot be bigger than the amount they have already deposited into their accounts.
Do You Pay Tax on Forex Trading in Qatar?
At the moment, Qatar is considered one of the best places for forex trading, with local authorities requiring no taxes to be paid on earnings accumulated through this type of activity. While there is a 10% capital gains tax on generated net income, this type of levy is applied only to corporate profits and is taxed alongside the corporate tax in Qatar. If you are trading currency pairs as an individual, you are not obligated to pay any taxes on your forex trading gains. That said, as laws tend to be amended quite often, we recommend that Qatari traders contact local tax professionals to always stay abreast of any changes in the tax framework linked to forex trading in Qatar.
How does the Available Leverage in Qatar Compare to the Leverage Offered by Brokers Regulated Offshore?
As we mentioned, there are still no forex brokers licensed by Qatari authorities, so it is difficult to draw any comparisons. That said, we can say for certain that currently, there is no set leverage maximum determined for forex trading in Qatar. With locals being able to join a wide range of foreign brokers, they might have access to currency pair trading with ranging leverage ratios.
Depending on the regulator authorizing the trading operations of a broker, the maximum allowed leverage can vary. If Qatari traders join a brand licensed by the FCA, ASIC, CySEC, or any reputable regulators across the EU, they will have the opportunity to trade major pairs with a maximum leverage of 30:1, while the leverage cap on exotic pairs is expected to not exceed 20:1. Meanwhile, brokers that have been authorized to operate in the US will be allowed to offer a maximum leverage of up to 50:1.
The aforementioned ratios have been significantly reduced compared to the maximums allowed in jurisdictions such as Indonesia or Seychelles, where the leverage can go as high as 1100:1 and 5000:1, respectively. Of course, these ratios may sound very tempting to those who wish to make use of higher leverage but they can also be extremely risky, often leading to massive losses. That is why it is recommended that Qatari traders pick brokers that prefer a more reasonable approach, offering low-risk leverage options.
What Do You Need to Qualify to be Designated as a Professional Trader in Qatar?
Qatari traders may be often allowed to apply for professional trading accounts when they trade on offshore broker websites. There are plenty of exclusive perks that are available only to professional clients, with higher leverage ratios and lower commissions being just a few of them. It should be noted that professional trading is suitable for investors who prefer riskier trading and can afford to lose bigger sums.
To qualify for professional trading status, Qatari traders will be asked to meet several specific conditions. While these may differ depending on the jurisdiction where the broker has been authorized to operate, generally, professional traders would be knowledgeable enough, experienced in trading, and have the financial means to support their high-volume operations. In most cases, it is enough to meet a couple of the requirements to count as a professional trader but it is recommended to contact the broker’s support agents to confirm what you will need to qualify for a professional trading account.
Experience in trading is usually proven by taking a look at the transactions you have completed in the last 12 months. For instance, EU-regulated brokers require traders to have made at least 10 high-volume transactions per quarter in the last 12 months. Meanwhile, individuals who have a working experience of at least one year in the financial markets field are usually considered knowledgeable enough to classify as professional traders.
Having a portfolio of financial instruments of a certain minimum amount is the condition that traders usually need to meet to be qualified for professional trading accounts. Depending on the regulator managing the operations of the broker, that amount can be around €/$500,000 but it is always recommended to check this type of condition prior to applying for a professional trading upgrade.
What Trading Platforms Are Available to Qatari Traders?
With Qatari traders having the chance to join a wide range of reputable offshore regulated brokers, they will have access to some of the most popular trading platforms. That allows traders to handle their orders with ease, making use of various instruments and enjoying fast executions. While it is possible to come across brands that offer their exclusive proprietary platforms, Qatari traders will also have access to popular platforms like MT4, MT5, and cTrader, just to name a few.
MetaTrader 4: Probably one of the most commonly used platforms for forex trading, MT4 allows easy order placement, with a decent selection of instruments allowing market evaluation. Automated trading and copy trading are some of the great features incorporated into the platform’s functionalities, allowing easy trading for both beginners and experienced traders.
MetaTrader 5: Great for more advanced trading, featuring forex, stocks, CFDs, and futures markets. With great charting instruments and tools enabling technical analysis, MT5 is a wonderful option that enables easy trading. Featured at a wide range of Qatari-friendly brokers, MT5 is typically adapted for both desktop and mobile devices, enabling seamless trading at any time and place.
cTrader: Qatari traders may also come across quite a few forex brokers featuring the cTrader platform. Many would describe it as an option allowing a more modern approach to trading, with drawing tools, charts, and great analytical instruments being available to platform users. With cTrader, investors can get a better insight into various markets, and fast executions are definitely another great perk that anyone would enjoy.Below you can find some useful references with links to organisations that monitor the forex market in Qatar.