Top Forex brokers in Jordan: A beginner’s guide

Located on the East bank of the Jordan River, the Hashemite Kingdom of Jordan borders Saudi Arabia, Palestine, Israel, Iraq, and Syria. The country’s overall territory reaches 89, 342 square kilometers and with a total population of over 10 million people. Jordan is a lower-middle-income country with relatively diverse economy. The main economic sectors include: tourism, agriculture, finance, and real estate.

Investing in financial markets and active trading is becoming increasingly popular in the country due to advancement in technologies, and increased accessibility of trading Forex and CFDs (Contracts for Difference).  As the number of traders increase, so does the number of Forex brokers that offer their services, which makes it difficult to pick the most suitable broker.

In this guide, we will take a closer look at the specifics of trading Forex in Jordan, the state of local regulatory mechanisms, and the legal requirements for the potential trader. Moreover, we will provide you with our own list of the best Forex brokers in Jordan to choose from.

A full list of the best Forex brokers in Jordan

Finding the right broker to join is the single most important step in your career as a trader. While a reliable brokerage can really kick-start your trading, a fraud scheme in disguise can leave you with significant losses. Even if your broker is regulated and trustworthy, trading conditions might not be optimal to your trading strategies.

In order to save you time and effort searching the best broker among the wide pool of financial service providers, we have reviewed multiple Forex and CFD brokers and created the top brokers list that accept traders from Jordan. You can read detailed reviews on each broker by clicking on their logos. Each broker comes with various benefits and drawbacks. The key to success is finding a broker that best suits your needs.

Starting a trading journey in Jordan

Before assessing the Forex trading environment in Jordan, let us provide you with a brief breakdown of what would it take for you to become a Forex trader in the country. Forex and CFD trading is completely legal in Jordan. You need to be 18 years old or older to be able to open a trading account. In addition, you will need to provide proof of your identity and proof of your residence during the account verification process. Most brokers accept a photo or scanned version of a government issued ID card, a passport, or a driving license as proof of identity. For proof of your residency, you will need a utility bill, or a bank statement.

It should be mentioned that financial trading is easily accessible throughout the world, including in Jordan. However, opening an account doesn’t mean instantly becoming profitable. Beginner traders need to work hard to learn trading terminology, create and upgrade trading systems, manage their emotions and risks to become profitable. Consistently profitable traders have many career options: they can retail trade from the comfort of their home office, work for institutions, provide education and trading signals to other traders, or become risk managers and analysts.

Forex and CFD trading is super affordable, as most brokers have low minimum initial deposit requirements, free to use demo accounts and competitive fees. Education is widely available free of charge on the internet. In addition, traders get high quality information regarding news announcements and political events online.

Forex trading regulations in Jordan

The main regulatory body in Jordan is the Jordan Securities Commission (JSC). The JSC has the financial and administrative authority to monitor, regulate, and ensure the development of the country’s capital markets, as well as protect the rights of investors and maintain a favorable investment environment.

In addition, JSC oversees the functioning of the Amman Stock Exchange, the Securities Depository Center, financial services providers, and public shareholding companies. Moreover, the JSC is responsible for issuing the licenses to the Jordanian Forex brokers. In order to make sure that you are not putting your hard-earned funds under any risks, you should always choose a regulated Forex broker with an official license from a reputable regulatory body. It should be mentioned that while the financial markets are regulated in the country, there are not many local Forex brokers to choose from. On the upside, you can open trading accounts with brokers that operate globally.  Often, international brokers are safer than the local ones, and they offer better trading conditions.

Trading platforms and payment methods available in Jordan

The most popular trading platforms in Jordan are MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and TradingView. In addition, some brokers might offer custom-built trading software. These modern platforms enable traders to conduct market analysing using technical indicators, different charting methods, on multiple timeframes, and place orders. In addition, modern platforms enable automated trading. MetaTrader platforms use Expert Advisors (EAs) for trade automation, while cTrader platform uses cBots. It should be mentioned that MT4 and cTrader are mainly built for trading Forex, while MT5 and TradingView are multi-asset platforms.

Almost all brokers are offering mobile trading platforms and web trading terminals to their clients. Mobile apps are very useful for a number of reasons:

• Mobile apps enable traders to access the market from anywhere at any time.
• Apps help monitor trades and set stop loss limits.

On the downside, the desktop platforms we mentioned above are best for market analysis and order placement.

There are several payment methods available in Jordan. The most popular ones are bank wire transfers, credit/debit card payments, electronic and mobile wallets. It should be mentioned that when making deposits and withdrawals to trading accounts, payments made by bank transfers take longer time than other options.

The national currency of Jordan

The national currency of Jordan is the Jordanian Dinar, coded as JOD. The currency has been in use since 1950, and it is quite popular among the traders in the country. However, it is considered to be an Exotic currency and the beginners are advised to stay away from it and resort to Major currency pairs such as the USD/EUR or GBP/USD instead. It should be mentioned that JOD is not actively traded in the Forex market, and you will find it difficult to open a trading account with a broker that offers this currency type for trading.

Pros and Cons of trading Forex in Jordan

Financial trading offers many possibilities, however, it also comes with certain challenges as well. Traders need to be aware of some of the major hurdles and try to avoid them.

Pros: 

• The Jordanian FX market is well regulated
• The country’s national economy is both stable and fast-developing
• Financial trading is easily accessible in the country

Cons: 

• There are only a few brokerages that have an operating customer service in Arabic
•  There are still a lot of Forex fraud schemes that one can come across in Jordan. It’s best to trade with regulated brokers and avoid people that promise you to double your trading account overnight
• There is a limited number of local brokers in Jordan

Summary

There is a limited number of Jordanian Forex and CFD brokers in the country. On the upside, traders can pick international brokers. In our top brokers list, we are recommending reputable brokers that accept clients from Jordan. It’s best to determine your trading goals in advance, read our reviews on top brokers, and pick the one that best fits your criteria.

FAQs on top Forex brokers in Jordan