Best Forex brokers in Qatar – Here’s our list

The State of Qatar is a country located in Western Asia. This tiny country is home to around 2.7 million people and is a very interesting place for Forex trading. The economic growth of the country in recent decades is largely based on the petroleum and natural gas industries, and the country also stands to be the biggest exporter of liquefied natural gas. Qatar was a member of OPEC for many years but has recently left the organization in January 2019.

Due to the strong economy that the country was able to build, Forex trading in Qatar has developed very fast in the last few years. Some of the studies have shown that around 300,000 people of the country are involved in some type of trading in Qatar, which is a huge number considering the fact that it only has a population of about of 2.7 million.

Best Forex brokers in Qatar

Local financial brokers are very limited in number, however, the residents of Qatar can pick international brokers. When selecting a broker, you should take into account fees, regulations, account types, customer support and available instruments. In addition, you need to make sure the broker offers a good trading platform. It takes a lot of work to find the most suitable broker, as there are so many brokers to choose from. We have made a top brokers list that offer great trading conditions to the residents of Qatar.

Regulatory framework of Qatar

The financial sector of the country is regulated by several government agencies. One of them, which has the biggest influence on the financial market, is the Central Bank of Qatar, better known as CBQ. The Qatar Financial Markets Authority, QFMA, and the QFC Regulatory Authority, QFCRA, also regulate the market.

All of these regulatory bodies that we have mentioned are based in the capital city Doha, and they are responsible to oversee the brokerage firms in the country, insurance companies, stock market companies, banking institutions, and many other financial entities. Since the international offshore companies are not required to get local licenses in the country, finding trustworthy Forex brokers in Qatar gets a little confusing for many traders.

However, keep in mind that most of the internationally reputable Forex brokers are regulated by some of the most trustworthy regulatory bodies around the world. These regulatory agencies are doing their best to make sure that the Forex brokers are doing their job with honesty, keeping the funds of their clients safe and secure.

There are many Forex regulatory bodies that you can trust while trading Forex, such as:

• FCA of the UK
• CySEC of Cyprus
• ASIC of Australia

When it comes to Forex trading in Qatar, there are several restrictions to take into account. One of them is about leverage. As of today, Forex traders in the country can trade with a maximum leverage of 1:50. For many, this could be a huge disadvantage, but, in reality, low leverage protects beginners from placing oversized orders.

Thanks to the regulations in the country, Forex brokers are also required to have Negative Balance Protection. With this, even if you use the maximum leverage and end up losing all of your funds, the positions will be closed on its own once your balance on the account nears zero so that you will not end up having a negative balance.

The regulatory bodies of the country require Forex brokers to keep the funds of their clients in segregated bank accounts. This is a very important thing, because, you will be able to always have access to your hard-earned money, even if the broker goes bankrupt.

Available funding methods in Qatar

There are many payment methods available in the country. Taking into account the fact that you will most probably be using international Forex brokers, you will have a lot of payment methods to choose from. You can use bank wire transfer, American Express, Visa, Mastercard, Discover, Maestro, and many other payment methods.

You can use e-wallet payment methods, such as Skrill, WebMoney, PayPal, Perfect Money, Neteller, and many others. Many traders in the country prefer to use digital payment methods, one of the major reason for it is that digital payment methods are known to be more cost-efficient, while also being faster.

Qatari Riyal is the national currency of the country. Residents of Qatar were using the Indian rupees for many years, until 1966. However, as India devalued the rupee in 1966, many countries, in addition to Qatar, decided to switch to other currencies. The currency is issued and controlled by the Central Bank of the country. When it comes to Forex trading, this currency is not that popular in the market. And therefore, you will not be able to find a broker easily that will allow you to open a trading account in local currency.

The most popular trading platforms in Qatar

Trading platforms play a key role in successful trading. They help automate trading, copy trade from successful traders, conduct technical analysis, and execute various order types. The most popular platforms for trading Forex and CFDs (Contracts for Difference) are MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader. MT4 and cTrader are mainly used for Forex, indices, and commodities trading, while MT5 is a multi-asset platform. All three software supports algorithmic trading, and offers extensive tools for market analysis.

Summary

Forex trading in Qatar is legal and gaining popularity each year. It should be mentioned that while trading is well-regulated, there are very limited number of local brokers to choose from. On the other hand, residents of Qatar can open accounts with global brokers, such as XM, Tickmill, exness, and others.

FAQs on the best Forex brokers in Qatar