The star of the forex market and currency trading has risen in recent years, which encouraged a lot of novice individuals or even experts in the financial markets to go to this wide market.
Some fraudsters took advantage of the enthusiasm of the Saudi people to go to this market, to carry out some fraud and withdraw money from investors without a legal license from the Kingdom, and without any reliable approval from any financial authority.
Therefore, we are writing this article for you specifically to introduce the best licensed forex companies in Saudi Arabia, and if you are a beginner in this market and would like to know more about it, we recommend our previous article entitled “What is Forex” for you.
Now let’s start our list of the best licensed and trusted forex brokers in Saudi Arabia:
1. etoro . company
The company provides its investment services in the field of trading and currencies in 140 countries, serving millions of investors, and therefore it is one of the largest and trusted global companies in the field of forex.
The company has obtained several international licenses such as:
- Cyprus Securities and Exchange Commission (SySEC) license.
- Financial Conduct Authority (FCA) license.
- Australian Securities and Investments Commission (ASIC) license.
- Seychelles Financial Services Authority (FSAS) license.
The official currency for dealing with the ETORO platform is the US dollar, and there are no fees for depositing, and if the customer needs to convert to another currency, he bears the fees for the conversion difference.
The etoro platform provides safe and secure payment methods to its customers, and these methods are varied to ensure maximum customer convenience.
Among the most important payment methods supported by etoro in Saudi Arabia:
- credit cards: Payments are accepted in US dollars, British pounds, Australian dollars or Euros, and the maximum payment is 40 thousand US dollars.
- NETELLER: Payments are accepted in US dollars, British pounds and Euros, and the maximum deposit is 10 thousand US dollars.
- Bank transfer: It takes 4-7 days, accepts payment in USD, GBP or EUR, there is no maximum deposit.
As for the minimum deposit on the platform, it depends on the geographical area in which you live, and its value ranges between 50 to 10,000 US dollars, and in most cases, the minimum deposit in Saudi Arabia is 50 dollars.
The platform allows beginners to practice trading without the risk of losing capital, by creating a demo account that puts you in the real atmosphere of trading.
Through the simulated demo account, you can try different investment strategies and gain confidence in your financial skills, without paying a cent. You can create a free account and the company adds a virtual amount of $100,000 to the account.
You can start the trial and create the demo account for free with ease, and you can convert the demo account into a real account at any time you want.
2. FXDD Company
FXDD is one of the best licensed forex companies in Saudi Arabia, providing Islamic accounts for trading without any usurious transactions or fixed interest.
These legitimate accounts are not charged any additional maintenance fees, and they do not raise the price differences (spreads) on those accounts, but are treated with the same normal spreads.
FXDD is also one of the first global leaders in this field, having first been launched in the USA in 2002 to become one of the top 5 global forex companies.
FXDD has many advantages that can be summarized as follows:
- Obtained a license (FCA) from the British regulator.
- I have obtained a license from the Malta Investment Services Authority (MFSA).
- Accepts dealing in various currencies such as the US dollar, the British pound, the Japanese yen and the European euro.
- Money transfers are accepted in multiple ways such as debit card and NETELLER and SKRILL electronic banks.
- Multiple platforms are used for trading operations such as MiroTrader, MetaTrader 4 and MetaTrader 5.
- The company’s leverage rate does not exceed 1:500.
- It provides a trading opportunity for beginners as it allows depositing with only 100 USD.
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3. XTB is one of the best licensed forex brokers in Saudi Arabia
On its official website, XTB is proud of its presence in the financial markets and global stock exchanges for more than 20 years, and that it has gained the trust of 389,000 customers around the world, where the company’s offices are available in about 13 different countries, including the United Arab Emirates.
The company uses its own innovative trading application called XSTATION, and they are constantly developing it to become the most reliable application in the global trading world.
XTB has included a wide range of features that made it one of the best licensed forex brokers in Saudi Arabia.
Which are summarized as follows:
- It has obtained several international licenses such as: (FCA, FSA, KNF, CySEC).
- It has won several international awards in several features such as customer service or mobile application.
- Deposits and withdrawals are accepted in a variety of ways such as: (Wire, Visa, Neteller, Skrill, Mastercard).
- It offers a free demo account to practice trading operations for 30 days.
- Low spreads starting from 0.1 pips.
- There is no minimum deposit.
With these features, XTB fulfills a number of the most important criteria for selecting trading companies.
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4. The company Evest
Evest provides its clients with more than 500 financial instruments for trading business, as it operates in 130 financial markets around the world, and it provides the service of opening trading accounts for free, and also offers transactions without hidden fees and without commissions.
Evest was established in 2020, and despite its relatively recent establishment, it has become one of the most reliable companies, and has been able to operate in many different countries.
The company has always been interested in customer service and provides many means of communication between it and customers, and for the Kingdom of Saudi Arabia in particular, it has provided a phone number for phone contact, which is: 9668008140106
As for the advantages of trading in the company and the most important licenses that it obtained, we summarize them as follows:
- It has been licensed by the Financial Services Commission (VFSC).
- It has been licensed by the Financial Sector Conduct Authority (FSCA).
- It provided an Islamic trading account without interest with a leverage of 400%.
- I provided a free demo account to practice trading skills in real life, with a virtual $25,000 balance.
- It does not charge any deposit fees while it only charges $5 for withdrawal.
- The minimum withdrawal is only $25.
- Withdrawals and deposits are accepted via (Wire, Visa, Mastercard, Neteller, Skrill).
If you are ready to trade now you can start your journey by registering a new account.
Read also: Best ways to invest in Saudi Arabia (to double your money easily)
5. FXTM Company
FXTM was founded in 2011, and since then it has won 25 global awards in the field of trading, and has attracted more than 4 million clients around the world.
The company has achieved these successes based on some of the features it offers, which we summarize as follows:
- Obtained a Financial Services Authority (FSC) license.
- It has been licensed by the Financial Sector Conduct Authority (FSCA).
- It is licensed by the UK Financial Conduct Authority (FCA).
- No deposit fees are charged while withdrawal fees vary by method.
- Deposits and withdrawals are accepted with bank cards (Visa, Mastercard, Maestro).
- Accept deposits and withdrawals with electronic banks (skrill, payredeem, netteller, webmoney perfectmoney).
- Deposits and withdrawals are accepted by Saudi local methods (yer, sar, sdg).
- I used advanced trading platforms (FXTM Trading Station, MetaTrader 4 and Trading Station).
- Provides a fixed spread and leverage value of 1:400.
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6. Hycm . Company
One of the best licensed forex brokers in Saudi Arabia and the UAE as well. Hycm was founded in 1998 and is headquartered in the Central Business District of Hong Kong.
During more than twenty years of experience, the company was able to obtain nearly twenty international awards, as well as obtaining many licenses.
The most important features and characteristics of trading in Hycm can be explained as follows:
- It is licensed by the UK Financial Conduct Authority (FCA).
- Both are licensed by the Cyprus Securities and Exchange Commission (SySEC).
- Obtained both the Cayman Islands Monetary Authority (CIMA) license.
- Obtained both the Dubai Financial Services Authority (DFSA) license.
- It was marked by low spreads of 0.1 pips.
- It provided Islamic trading accounts without usurious interests.
- Provides fixed spreads.
- It allowed a minimum deposit of $100 for the first time.
- No deposit fees are charged.
- It accepts withdrawals and deposits from several methods (VISA, MASTERCARD, NETLLER, SKRILL).
7. Exness company
Exness has been working in the financial markets and stock market since its establishment in 2008, and in more than ten years it has been able to enter many financial markets in many countries.
The company was also able to obtain many international licenses, and provide many advantages to its customers, the most important of which are the following:
- It is licensed by the Financial Services Supervisory Authority (FSA).
- It is authorized by the Financial Services Commission (FSE).
- Obtained a Central Bank of Saint Martin (CBCS) license.
- Obtained a Financial Services Commission (FSC) license.
- Obtained the license of the Supervisory Authority (FSCA).
- It is licensed by the Cyprus Securities and Exchange Commission (SySEC).
- Obtained a Financial Conduct Authority (FCA) license.
- I used different trading platforms (EXNESS TRADER APP, EXNESS TERMINAL, MET TRADER 4, META TRADER 5, META TRADER web and mobile).
- The spread starts from 0.3.
- No fees for withdrawals and deposits.
- The maximum leverage is unlimited.
- The minimum deposit is $10, and it also depends on the account type.
- Accepts deposits and withdrawals via (BITCOIN, BANK CARDS, SKRILL, NETLLER, PREPAIED CARDS, PERFECT MONEY, WIRE TRNFER, WEBMONEY).
- It provided an Islamic account without any interest.
And here we have finished reviewing a group of The best licensed forex brokers in Saudi Arabia With an explanation of the most important features of each company and the methods of financial transactions.
The article also included a set of article recommendations that may help you complete your trading operations safely, how to choose the right company for your business, and start your business in trading and stock exchange.