Best Forex brokers in Kazakhstan

The Republic of Kazakhstan is located in Central Asia, and, partially, in Eastern Europe. Its overall territory reaches 2, 724, 900 square kilometers, and is currently regarded as the world’s largest landlocked country, and the 9th largest country by the size of the territory.

After the collapse of the Soviet Union, Kazakhstan was faced with a period of economic stagnation, however, it has managed to overcome challenges and become what is now known as one of the most dominant nations in Central Asia economically. With a population of over 19 million people, the country is trying to diversify its economy. The main source of income for Kazakhstan is the abundant natural resources it possesses, including oil, gas, minerals, and precious metals. On top of that, Kazakhstan is exporting uranium, livestock, wheat, and textiles.

Trading financial instruments, such as Forex and CFDs (Contracts for Difference) are beginning to grow in popularity in Kazakhstan. As the country’s economy expands, so does the interest from local investors in financial assets. It should be mentioned that the local market is still not fully regulated, however, there are many potential for growth. In the guide, we will explore ways in which one can trade Forex safely in this country, as well as advise you on how to find the best Forex broker in Kazakhstan.

A complete list of the best Forex brokers in Kazakhstan

Finding the best Forex broker in Kazakhstan is not easy. First, you need to make sure that your broker is safe. Secondly, it’s important to find a broker with good trading conditions. Best brokers have low trading fees, access to instruments that you want to trade, and professional trading platforms for technical analysis and trading. What makes the selection process difficult is the huge number of available brokers. Traders need to compare brokers with each other one by one, and at the same time, make sure that the broker is not a scam. To make the selection process easier for you, we have assessed multiple brokers and made a top brokers list that accept traders from Kazakhstan.

Forex trading regulations in Kazakhstan

Financial trading in the country is regulated by the National Bank of Kazakhstan (NBK), which is the central bank. NBK is responsible for licensing financial institutions, protecting investors, and creating a transparent and fair environment that helps the financial sector improve. However, it should be mentioned that due to the fact that investing and active trading is still in its development phase, there are very limited number of local Forex brokers to choose from. On the upside, you can pick a broker that is licensed globally and accepts clients from Kazakhstan. Forex trading in the country is fully legal. All that is required from you is to be of legal age, have proof of your identity, and proof of residence documents. Registration process typically takes less than a day with international brokers, and the process is fully digital.

What is the Kazakh national currency?

The national currency of Kazakhstan is the Kazakhstani Tenge, coded as KZT. This currency is regulated by the National Bank of Kazakhstan, which is responsible for issuing, relevant monetary policies, and the exchange price.

The KZT is often traded within the country, however, this currency is not as popular outside. KZT is not offered by many Forex brokers for trading. Since the KZT is regarded as an exotic currency in Forex, we recommend that you avoid it, if you are new to Forex trading. Instead, you can try out your trading skills with some of the more popular currency pairs, such as the USD/EUR, or USD/GBP. KZT currency pairs have very low liquidity, and for this reason, it is difficult to trade the currency profitably.

Most popular trading software in Kazakhstan

When selecting a broker, traders need to take into account available trading platforms. Trading software helps automate trading, conduct technical analysis, build trading strategies, and execute various order types. The most popular trading platforms in Kazakhstan are:

• MetaTrader 4 (MT4) – released in 2005, the platform was built for trading FX pairs, supports trade automation and offers largest pool of trading robots
• MetaTrader 5 (MT5) – was released in 2010, and offers enhanced capabilities from MT4. MT5 is a multi-asset platform that enables trade automation through Expert Advisors (EAs)
• cTrader – this platform offers slick design and is mainly used for trading currencies, indices, commodities and crypto derivatives. cTrader enables trade automation using cBots and is popular among traders that enjoy raw spread trading

Popular payment methods in Kazakhstan

The most popular payment method in Kazakhstan, as in most of the countries in the world, are credit/debit cards (Visa, MasterCard), or via wire transfer. The most popular card issuers in Kazakhstan are the newly emerging Kaspi, as well as Halyk Bank’s Halykpay and Kazkom’s Epay.

When it comes to digital payments, it is important to note that upon signing a partnership with one of the largest Kazakh banks, PayPal started to gain more clients at a rapid speed. Moreover, some of the best online trading platforms in Kazakhstan are actively using Russia-based Qiwi digital wallet. It should be mentioned that most online deposit methods are instant when you fund your trading account. And the bank wire transfers typically take a couple of working days.

What are the pros and cons of FX trading in Kazakhstan?

To help you create a full understanding of the FX trading environment in Kazakhstan we worked out a list of the main advantages and disadvantages of this market, that you, as a potential (or well-established) trader, should keep in mind.

Pros: 

• The country’s national economy is very strong and developing fast, and, with the new regulatory reform announced, the local FX market is likely to become very large
• Lack of regulatory measures means that you can trade with a very big leverage
• Trading can become an additional source of income

Cons: 

• The market is not yet properly regulated, and it can be risky to join local brokers
• Trading financial instruments carries certain risks. Traders that fail to manage risks, emotions, and do not have profitable strategies, tend to lose money

Summary

Overall, financial trading is becoming increasingly popular in Kazakhstan. Forex and CFD trading is fully legal, however, the regulator is not highly experienced, and the local brokers are very limited in number. Which is why we recommend the citizens of the country to consider international brokers, such as XM, Plus500, exness, and others.

FAQs on the best Forex brokers in Kazakhstan