Best Forex brokers in Kazakhstan: Which one to choose?

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.

When first thinking about Kazakhstan, many immediately associate the country with its unique cultural heritage, rich history, and the customs and traditions, that the country has managed to preserve to this day. However, there is much more to this amazing nation of Central Asia.

After the collapse of the Soviet Union, Kazakhstan was faced with a period of economic stagnation, however, it has managed to overcome it and become what is now known as one of the most dominant nations in Central Asia economically.

The country is now acting as the single most important source of 60% of the region’s GDP, and its own GDP has reached 179, 332 billion USD this year. Nevertheless, despite its noticeable economic success, the country is yet to make sure that the local Forex market is both well-developed and properly regulated.

The field of Forex trading is only now beginning to grow in popularity, and the local population is yet to explore it fully. Furthermore, the poor growth rate of this market is further exacerbated by the fact that the local government fails to impose an effective regulatory mechanism upon it. Therefore, Forex trading in Kazakhstan is still regarded as an unsafe enterprise.

Having said that, we would like to let you know that this does not mean that you should avoid this market altogether. There are some ways in which you can benefit from the country’s growing economy without risking your hard-earned funds.

In the guide below, we will explore ways in which one can trade Forex safely in this country, as well as advise you on how to find yourself the best Forex broker in Kazakhstan, and which unique features of this economy could benefit you as a Forex trader.

A complete list of best Forex brokers in Kazakhstan

We are well aware of just how hard it is for both an experienced and an amateur trader alike to make the first step towards the exciting world of Forex trading. What we are talking about is one of the most time-consuming and stressful processes that every trader has to go through – finding a brokerage to join.

Moreover, in a country like Kazakhstan, where the working regulatory mechanism is yet to be introduced, such a task becomes even harder. In order to lend you a helping hand and make sure that you do not stumble upon a scam scheme, we have created our own list of the best brokers that operate in Kazakhstan. Below you will find the results of our research, and all the key information that you will want to know about each of the brokers on the list.

XM Group

XM Group Forex Review

Minimum deposit




Maximum leverage


US Clients



An in-depth review of Exness Forex broker

Minimum deposit




Maximum leverage


US Clients


IQ Option

IQ Option Review – can the broker be trusted?

Minimum deposit

10 USD



Maximum leverage


US Clients



EagleFX Review – Is it worth your time and money?

Minimum deposit

10 USD



Maximum leverage


US Clients



RoboForex Broker

Minimum deposit




Maximum leverage


US Clients


Who can start trading Forex in Kazakhstan?

We will start our guide by having a closer look at the legal requirements that one needs to abide by to be eligible to start trading Forex in Kazakhstan. In this country, much like in many others, a person needs to be aged 18 or older to become a trader.

As we often mention in almost every one of our guides and reviews, trading Forex is a risky financial enterprise, that can potentially result in devastating losses. Thus, it is no surprise that even the countries that completely lack a proper regulatory environment of the FX market still try and keep minors away from trading.

Other than the legal age requirement, you will probably have to meet some of the conditions, issued by your broker of choice. Those usually revolve around your level of income or employability status and will vary from broker to broker. Having successfully met those, you will be able to start trading in no time.

Is it free to start trading Forex in Kazakhstan?

It is and it is not. It is true that you will not be charged for merely signing up with a broker. However, it does not mean that you will not have any financial obligations at all. At the very least, you will come across the requirement for the minimum initial deposit, that your broker of choice will have.

Such requirements often vary between an equivalent of 5 USD and all the way up to 500 USD. The minimum deposit requirement should not be used as an indicator of the broker’s quality and reliability. However, when looking through the top Forex brokers list you should always pay attention to this requirement and choose the broker, whose conditions are most comfortable for you.

Is it safe to get into FX trading in Kazakhstan?

There are two main financial regulatory bodies in Kazakhstan – the country’s National Bank and the Ministry of Finance.  The former essentially acts as the country’s central bank, responsible for overseeing the smooth functioning of the commercial banks, monetary policy, and price stability.

In turn, the Ministry of Finance is overseeing the Kazakh securities market, its sustainable development, and the security of all parties involved. However, none of the aforementioned regulatory bodies are responsible for the local Forex market, and it remains largely unregulated and risky for the traders.

Having said that, we should mention that the local authorities took it upon themselves to drastically change the situation. Together with the National Bank, the Kazakh government has issued a Plan of Joint Action to Develop the Nation’s Stock Market for 2018-2021, which will be aimed at revising the market’s regulatory environment.

This development could significantly boose the growth of the Kazakh Forex market and make it one of the largest in the region. However, until this happens, the market remains very risky, and traders should be extra cautious when entering it. Our main advice would be to only choose regulated Forex brokers in Kazakhstan, as they will be able to guarantee the safety of your trading funds.

What is the Kazakh national economy like?

As mentioned earlier, Kazakhstan is regarded as the country with one of the strongest economies in the region of Central Asia. The rapid speed at which this economy has developed has also made it the first former republics of the USSR that has managed to repay its debt to the International Monetary Fund (IMF) 7 years before the official deadline.

With a population of 18, 711, 200 people, the country enjoys a GDP per capita of 30, 178 USD, and an economy’s annual growth rate of 4.5%. The country is also acting as one of the largest international exporters in the region, and its main export commodity is oil. On top of that, Kazakhstan is exporting uranium, livestock, wheat, and textiles.

As a trader, you will be able to benefit from this economy for a number of reasons. As mentioned earlier, Kazakhstan is a very large exporter, and the variety of the commodities that this country produces will be great at ensuring that your profile is both diverse and resistant to market volatility. If you manage to find the best trading platform in Kazakhstan for yourself, then you will be able to enjoy exposure to the benefits of this vibrant economy.

What is the Kazakh national currency?

The national currency of Kazakhstan is the Kazakh tenge, coded as KZT. This currency is regulated by the National Bank Kazakhstan, which is responsible for its issue, relevant monetary policies, and the exchange price.

The KZT is often traded within the country, however, this currency is not as popular outside of the country. 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.

If you are confident in your trading skills and adamant to try and trade this particular currency, we suggest that you search for the best Forex brokers in Kazakhstan in 2020, that accept payments in it to avoid additional commission fees. The KZT is usually traded in pair with the USD.

Are there any bonuses and promotions available in Kazakhstan?

One good thing about the lack of a regulatory mechanism in Kazakhstan is the availability of the bonuses and promotions that are often banned in other parts of the world. But what is a bonus in Forex? Well, a bonus is a way for a broker to expand its customer base and maintain the existing one – and here is how.

There are two main types of bonuses, that you can find in Forex trading – a welcome and a refill one. Moreover, there are two different ways in which you can receive a welcome bonus:

The first-time deposit bonus will be issued to you upon signing up with a broker and making the first deposit. Usually, you will also be given a certain time frame within which you will have to use this bonus in trading before you can withdraw the returns made using it.

In turn, a no-deposit welcome bonus will be available immediately after you sign up with a broker and verify your account. As with the previous one, you will not be able to withdraw the bonus and will have to use it in trading before your time limit runs out.

Finally, the refill bonus will be available to the returning traders, who make their consequent deposits. Such bonuses are usually issued periodically and are announced in advance by the brokerage. Moreover, the size of the refill bonus usually depends on the amount of money that you install.

As you can see, welcome bonuses are used to make brokerage more appealing to the new customers, while the refill bonuses are used to express gratification to the returning clients. However, both can be used to your benefit, and really kickstart your trading sessions – and, luckily, a lot of the Kazakh Forex brokers in 2020 do offer them.

What is the main trading software used in Kazakhstan?

One other thing that we keep citing as an imperative component of your success as a Forex trader is the trading software that your broker has to offer. This factor will determine how exposed you are to the variety of trading assets, and how smoothly can you execute your trades.

The most popular software options, to this day, are cTrader, MetaTrader4, MetaTrader5, and other ones of a similar nature. The latter two are especially favored by brokers from all over the world, due to their reliability and security. Moreover, as a beginner, you will appreciate the amount of educational material and guides available for MT4 and MT5.

On the other hand, many Forex trading brokers in Kazakhstan choose to use the software that was created specifically for them. There is nothing dangerous about using such software, however, you should always do your full research and choose the platform, whose unique features suit you best.

Which payment methods are available in Kazakhstan?

The most popular payment method in Kazakhstan, as in most of the countries in the world is the one made using credit/debit cards ( Visa, MasterCard), or via wire transfer. The most popular card issuers in Kazakhstan is 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.

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.


  • 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


  • The market is not yet properly regulated and it can be risky to join

Top Forex brokers in Kazakhstan  – the final verdict

If you have read this far, then what you are probably looking for is a simple verdict of whether or not you should join the Kazakh FX market. Our simple answer would be yes, it is definitely worth exploring, but let us elaborate on that a little.

The main disadvantage of this market is the lack of a proper regulatory mechanism that makes it very unsafe for all of its participants. Moreover, it might be hard to find a reliable broker among the variety of scams. However, if you choose a broker with a license obtained from a reliable regulatory body, this issue can easily be mitigated.

On top of that, the country’s national economy is developing at a rapid speed, which means that as a trader you can benefit from a lot of perks that it has to offer. If you are a citizen of Kazakhstan, who is interested in trading Forex, we suggest that you have a closer look at the best online trading platforms in Kazakhstan.