Top Forex brokers in Jordan: A beginner’s guide

This country in the Levant region of Western Asia is one of the cradles of human civilization.  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 10,658, 123 people.

With the advancement of modern technologies, the field of Forex trading is attracting more and more participants from all over the world – and Jordan is no exception. While the country is experiencing the surge of new brokers catering to the needs of the local traders, the country’s overarching regulatory mechanism ensures the safety of the Jordanian FX market.

In this guide, we will have 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 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 kickstart your trading, a fraud scheme in disguise can leave you with significant losses or even a lifetime of debt. In order to make sure that you are making the right decision, you will need to prepare yourself for hours upon hours of research and fact-checking – a process that is both time-consuming and stressful.

In order to help you save time and effort, we have called upon our own team of experts to conduct all the hard work for you. We have analyzed the local market and came up with our top Forex brokers list that contains only the best of the best out of the brokerages that offer their services in Jordan.

XM Group

XM Group Forex Review

Minimum deposit

5 USD

Licences

CySEC, IFSC, ASIC

Maximum leverage

1:30*

US Clients

No

Exness

An in-depth review of Exness Forex broker

Minimum deposit

1 USD

Licences

CySEC, FCA, FSA

Maximum leverage

1:Unlimited

US Clients

No

IQ Option

IQ Option Review – can the broker be trusted?

Minimum deposit

10 USD

Licences

CySEC

Maximum leverage

1:1000

US Clients

No

EagleFX

EagleFX Review – Is it worth your time and money?

Minimum deposit

10 USD

Licences

N/A

Maximum leverage

1:500

US Clients

No

RoboForex

RoboForex Broker

Minimum deposit

0 USD

Licences

CySEC, IFSC

Maximum leverage

1:2000

US Clients

No

How can you become a Forex trader 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 Jordan. While Forex trading is legal in Jordan, not everyone can access this market.

Like in many other countries in the world, Jordanian authorities are doing their best to keep the minors away from what many consider to be a risky financial enterprise. Thus, in order to be legally eligible to trade Forex in Jordan one has to be aged 18 or older.

Having met this legal requirement, you will be able to start trading in no time. The only other requirement that you should be worried about is the conditions that your chosen brokerage is putting forward.

Such requirements usually revolve around the monthly income and employment status. Some Forex trading brokers in Jordan might have some additional conditions in place, which is why you should carefully read through the broker’s terms and conditions before joining one.

Is it free to become a Forex trader in Jordan?

It is and it is not at the same time. While it is true that the process of signing up with a broker will not cost you a dime, you should also keep in mind that FX trading is a form of a financial investment – which means that you should definitely be looking to invest a certain amount in order to access the actual market.

There is no single answer to what is the average minimum deposit requirement across various Forex brokers, however, it usually ranges between 5 USD to 500 USD or equivalent. Another factor that you should keep in mind is that the size of the minimum deposit requirement is in no way an indicator of how good or bad a broker is. However, while looking for the top brokers in Jordan you should always pay attention to this factor, and only deposit what you will be comfortable losing.

How is the Jordanian Forex market regulated?

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.

Moreover, the JSC also oversees the functioning of the  Amman Stock Exchange, the Securities Depository Center, as well as the investment funds, financial services providers, and public shareholding companies. Finally, the JSC is also responsible for issuing the licenses to the Jordanian Forex brokers in 2020.

Overall, it is considered to be quite safe to trade Forex in Jordan, however, although there are some regulations in place for this market, it does not automatically mean that you are completely safe from falling a victim to the various fraud schemes.

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 – JSC. Moreover, you can choose the international brokers that offer their services in Jordan, however, you should always make sure that their license is issued by a reliable regulatory authority – such as CySEC or FCA – and the license information should always be double-checked directly with the body that issued it.

Trading platforms and payment methods in Jordan

With the number of regulated Forex brokers in Jordan constantly growing, it is no surprise that you will be able to choose from a variety of trading software. While some of the brokers choose popular trading platform pieces, such as cTrader, MetaTrader 4, and MetaTrader 5, others prefer the custom-made software available exclusively to their clients.

If you are a beginner, who is not yet confident of your trading skills and wary of using the trading platforms in general, we recommend that you start by using MT4 or MT5 trading software. Ever since it was first introduced by MetaQuotes in 2005, this trading software has established itself as both efficient and very reliable, which is why it gained such astonishing popularity among brokers worldwide.

By using  MT4 or MT5, you can not only be sure that your platform will function smoothly, but will also be able to benefit from its simple, user-friendly interface. On top of that, with the large community of MetaTrader users, you will never be left without a place to refer to in case of any uncertainty.

Similarly, with the best Forex brokers in Jordan in 2020, you will most certainly be able to the payment method that suits you most. The most popular methods are those carried out via credit/debit cards ( Visa, MasterCard), as well as direct wire transfers, online payment solutions, and eWallets.

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.

If you are confident in your trading skills and wish to trade the JOD, we recommend that you search for the best Jordanian Forex brokers that accept the payments in this currency in order to avoid large commission fees and high exchange rates.

Are the bonuses and promotions available in Jordan?

The provision of bonuses and promotions is a great way for a broker to expand its customer base and maintain the existing one. On the other hand, traders can appreciate the kickstart that a bonus can give to their trading.

While many countries prohibit the provision of bonuses as an aggressive form of marketing of a potentially risky financial enterprise, Jordan is certainly not one of them. There are two main types of bonuses that you can find with some of the best online trading platforms in Jordan:

  • Welcome bonuses – are available to the traders who have newly joined a specific brokerage. You will either be able to access them immediately after the process of signing up and verifying your account is completed or upon making the first deposit.
  • Refill bonuses – are issued periodically to the returning traders, as a sign of appreciation for their decision to stay loyal to a broker. The refill bonus is announced in advance by the broker itself and its size depends on the size of the deposit made.

Pros and Cons of trading Forex in Jordan

Deciding on whether or not you should join the field of Forex trading can be quite a hard one. In order to help you make up your mind, we have decided to provide you with a brief overview of the main advantages and disadvantages of the FX market in Jordan. We recommend that you familiarize yourself with it before starting to look for the best trading platform in Jordan.

Pros: 

  • The Jordanian FX market is well regulated
  • The country’s national economy is both stable and fast-developing
  • There is a variety of international and local brokers to choose from

Cons: 

  • There are only a few brokerages that have an operating customer service in Arabic
  •  There are still a lot of fraud schemes that one can come across in trading Forex in Jordan

Forex trading in Jordan – the final verdict

The Jordanian Forex market can become very beneficial for the local traders. It is well regulated and the Jordanian national economy is both sufficiently stable and is developing at a rapid speed. If you are a citizen of Jordan and has long been interested in trading Forex, we would highly suggest that you explore the local market further.

However, we recommend that you approach choosing the best Forex platforms in Jordan with care, and always double-check the information that the broker claims to be true.