Explore best Forex brokers in Saudi Arabia with our guide

The Kingdom of Saudi Arabia has long become a synonym for wealth and prosperity. This 12th largest country in the world is located in Western Asia and borders Iraq, Kuwait, Oman, Qatar, Bahrain, Yemen, Jordan, and the United Arab Emirates (UAE).

Saudi Arabia occupies a total territory of 2 149 690 square kilometers, and its population only reaches 34 million people. Interestingly, the majority of the country’s population is relatively young, with over 50% being under the age of 25.

The country’s GDP reaches 1.924 trillion USD, which makes it the largest economy in the Middle East and the 12th largest economy in the world. The main driver behind the country’s major wealth is its possession of some of the world’s largest oil reserves.

Saudi Arabia also hosts the largest stock market in the region, as well as the capital market and Saudi Stock Exchange, located in Riyadh. By definition, the field of Forex trading in Saudi Arabia is also quite visible and grows in popularity on yearly basis.

For those interested in getting into the Saudi FX market we have prepared some comprehensive factual information, ranging from how to find the best Forex broker in Saudi Arabia to main payment methods and trading software available in the country.

We recommend that you read this guide until the end, as it is bound to contain some useful tips for beginners and experienced traders.

A full list of best Forex brokers in Saudi Arabia

When you are first entering the FX market in any country, it is always quite confusing overall, and especially confusing when it comes to finding the brokerage to sign up with. What you should be prepared for is hours upon hours of extensive research and close examination of the options available, until finally you are faced with a nerve-wracking decision-making stage.

Failure to choose the brokerage that is both legitimate and sufficiently qualified, in the long run, may result in your trading experience bringing little or no profit – at best, or, in the worst-case scenario, your funds being lost completely due to the lack of proper security measures in place.

Luckily, when preparing this review, our team of experts has also created a detailed list of the best Saudi brokers, which also includes the information about the licenses that they possess, the success rates of their traders, and the unique trading instruments that they have to offer.

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

BlackBull Markets

BlackBull Markets Review – What Does This FX Broker Offer?

Minimum deposit

$200

Licences

FMA

Maximum leverage

1:500

US Clients

No

Forex.com

Forex.com Review

Minimum deposit

100 currency units

Licences

CIMA, FCA, NFA

Maximum leverage

1:200

US Clients

Yes

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

100 USD

Licences

CySEC

Maximum leverage

1:200

US Clients

No

Is the economy in SA favorable for FX trading?

As previously mentioned, Saudi Arabia is considered to be the largest economy in the region. The oil industry makes up more than half of the budget revenues and 67% of the country’s export. Although such richness of Saudi natural resources is the main driver behind the country’s wealth, the national economy is still faced with a number of challenges.

Among them is the inability to diversify the economy, as well as the scarce need for the education of the youth and the provision of workplaces for them. As of right now, the only other goods that Saudi Arabia exports are gold, and agricultural produce, such as milk, wheat, eggs, fish, poultry, flowers, fruits, and vegetables,

Finally, the only other segment of the national economy that is developed relatively well developed is the tourism industry that mostly caters to the pilgrims who come from all over the world every year to complete their hajj.

Overall, one can clearly see how Forex trading in Saudi Arabia can be discouraging, merely because the national economy is not very diverse, and has little unique features to offer apart from the main commodity – oil.

The national currency of Saudi Arabia is the Saudi riyal, coded as SAR. Ever since it was first issued in 1986, SAR has maintained an exchange rate of 1 USD = 3.75 SAR. The main regulatory body that oversees the country’s monetary policy is the Saudi Arabian Monetary Agency.

When it comes to Forex trading, the SAR is not the most popular currency, at least because it is considered exotic, and is rarely chosen over more popular, major currency pairs. Similarly, we do not advise the beginners to trade with SAR and focus on less complex currencies, such as USD/EUR or GBP/USD.

Nevertheless, if you are confident in your experience and wish to trade SAR, we suggest that when looking for Forex trading brokers in Saudi Arabia, you pay special attention to whether or not they accept payments in the national currency to avoid additional commissions on the exchange rate.

Payment methods and trading platforms in Saudi Arabia

Saudi Arabia is quite good at keeping the payment methods available as diverse as possible. You will be able to choose between anything from credit and debit cards to e-money and payment methods such as  MINT, Onecard, and Mobiamo. Moreover, you can always decide whether you would like to use the local payment solutions or one provided by international organizations.

When it comes to the trading platforms, one will also find an impressive diversity there. Top brokers in Saudi Arabia use anything from the popular cTrader, MetaTrader4, and MetaTrader5 to the software developed specifically for them to use.

If you are new to Forex trading, we recommend that you choose a broker that uses an MT4 or MT5- based platform. The reason for that is the popularity of this software, which has been used by almost 90% of the brokers worldwide ever since it was first introduced to the market.

Because this trading platform is so popular, you will be able to find some guides on how to use it easily, and such an additional level of confidence is always welcomed, especially by amateur traders.

Saudi brokers’ bonuses and promotions

Unlike many other countries in the world, Saudi brokers do not prohibit the provision of bonuses in the country. Best Forex platforms in Saudi Arabia offer two main types of bonuses to their brokers: welcome and refill.

Welcome bonus is given to the new trader, either immediately after the signing up, or after the first deposit is made. Refill bonus is available to the returning clients making consequent deposits. The refill bonus will also increase depending on how big the deposited amount is. You should also note that you will not be able to withdraw the bonus that the broker issued – only the profits made using it.

How is the Saudi FX market regulated?

The main regulatory body responsible for overseeing the smooth functioning of the Saudi Forex market is the Capital Market Authority ( CMA). This entity aims to raise awareness among investors and facilitate customer safety by reducing the number of scams and fraud schemes.

Generally speaking, you will find that the majority of brokers offering their services in Saudi Arabia are based and licensed elsewhere in the world. This is no reason to avoid them, as, to the contrary, best-regulated Forex brokers in the country are licensed by the reputable bodies, such as the UK  FCA and the Cypriot CySEC.

Such brokers are both sufficiently qualified, properly regulated, and offer everything that the Saudi trader can possibly need – from payment methods to software and trading instruments. Nevertheless, we do not recommend to just blindly trust whatever the broker is claiming and always double-check it with the relevant entity.

Who can trade Forex in Saudi Arabia?

Anyone over the age of 18 is eligible to get into Forex trading in this country. Such a requirement does not come as a surprise, since FX trading is a potentially risky enterprise that could result in some devastating losses. It is, therefore, only fair to keep the minors off it.

The only other requirements that you will have to meet are those that the brokerage of your choice will have in place. They are most likely to be extremely straightforward and mostly revolve around your current employment status and the monthly income. Once you are able to meet those, you will be able to start trading in no time.

None of the best online trading platforms will ever have any additional charges for merely joining them. However, there will most likely be some sort of a standard for the minimum initial deposit. The amount of it will depend heavily on the brokerage that you will end up choosing and can range from anything between 5 USD to 500 USD.

Is FX trading in Saudi Arabia with giving a try?

Our usual advice to FX enthusiasts from all over the world is to explore the market and see if it is of any interest and profit to them.

Similarly, traders based in Saudi Arabia should definitely give the local market a try. However, as per usual, it should be approached wisely, and the repercussions should not be overlooked. The most important notion here refers to always double-checking the information that the broker provides. Luckily, it is relatively easy to do that by simply contacting the relevant regulatory body and making an inquiry on the broker’s status.

Another advice that we can give to both the experienced traders and the beginners is to not rise it all, even if it seems like you found your best trading platform in Saudi Arabia. Your best approach would always be to not deposit more than you are comfortable losing.