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Best Forex Brokers in Qatar for 2023

Toni Nasr, CFA, FRM| Updated October 17th, 2023

Finding the best Forex broker in Qatar can be challenging. But don’t worry, we examined the services of many Forex brokers and came out with a list intended to provide you with some guidance. We evaluated several factors, such as the currency pairs available, spreads, fees, trading platform, regulations, availability of Islamic accounts, and more.

This article has compiled all of this information for you, so let’s get right to our findings:

  1. XTB: Best for high leverage and Islamic accounts.
  2. Interactive Brokers: Best for a wide range of currency pair offerings and advanced tools.
  3. Plus500: Ideal for low CFD Forex fees and free deposits and withdrawals.
    Disclaimer: 82% of retail CFD accounts lose money.

Let’s take a closer look at the key characteristics before delving thoroughly into each broker’s services.

Best Forex Brokers in Qatar for 2023 compared

Spread comparison of the best Forex brokers in Qatar

Currency XTB IBKR Plus500
EUR/USD 0.9 0.1 1.0
GBP/USD 1.4 1.5 2.0
AUD/USD 1.3 0.5 1.0
USD/JPY 140 100 1,300
USD/CAD 1.8 1.0 1.5
CAD/CHF 2.2 0.5 4.0
Gold (XAU/USD) 2,500 900 4,500
Silver (XAG/USD) 250 70 500

Spreads are in pips (equal to 0.0001).
All spreads are subject to changes.

The spread in forex trading is the difference between the ask and bid prices on a particular currency pair. Spreads are not fixed. They vary depending on the currency pair, liquidity, and market events. Brokers can increase or widen the bid-ask spread, which would result in an investor paying more when buying and getting less when selling. Accordingly, it is a key factor in selecting the best forex brokers.

Top Forex brokers in Qatar Reviewed

1# XTB

XTB Review - XTB Logo
Visit XTBBest Forex Brokers in Qatar for 2023 1

77% of retail CFD account lose money.

XTB at a glance

Number of currency pairs45+
Maximum Leverage1:500
Minimum Deposit$0
Forex Fees$0 for standard accounts, but spreads starting at 0.9 pips apply
RegulatorsCySEC, FCA, KNF, CNVM, and IFSC

XTB is at the top of our list of best Forex brokers in Qatar. It is a global CFD broker established in 2002 with more than 780,000 clients, and is widely known for having an outstanding customer service team. Additionally, they provide high leverage on forex trading that can go as high as 1:500. Spreads are reasonably low, starting at 0.1 pips, and there are 45+ currency pairs available for trading.

XTB spreads on major currencies

Currency pair Spreads in pips on standard account
EUR/USD spread 0.9
GBP/USD spread 1.4
AUD/USD spread 1.3
USD/JPY spread 140
USD/CAD spread 1.8
CAD/CHF spread 2.2
XAU/USD spread 2,500
XAG/USD spread 250

The spread depends on the type of account that you choose and the market that you trade on.

XTB offers beginner and experienced traders a dynamic trading experience with its two trading platforms, xStation5 (desktop-based) and xStation (mobile), which have advanced charting tools and indicators. You can fund your account via bank wire transfer, credit or debit card, or Skrill, and there is no minimum amount to open an account.

XTB trading features

Islamic account Yes
Trading platforms XTB Web Trade Platform, xStation 5 desktop trading platform, xStation Mobile application.
Limit orders Yes
Stop loss & take profit orders Yes
Negative Balance Protection No
Guaranteed stop loss No


On the downside, XTB charges a $20 fee for withdrawals of less than $100, but they do not impose a fee on withdrawals over that amount. Additionally, they charge a $10 monthly fee after 12 months of inactivity.

Read our XTB review for further insights.

2# Interactive Brokers

interactive brokers logo
Visit Interactive BrokersBest Forex Brokers in Qatar for 2023 1

Interactive Brokers at a glance

Number of currency pairs100+
Maximum Leverage1:40 (depends on account type and currency pair)
Minimum Deposit$0
Forex feesSpreads starting 0.1 pip and tier pricing commission

Founded in 1978, Interactive Brokers is one of the largest international brokers listed on the NASDAQ exchange (Ticker: IBKR) and regulated by many international top-tier regulators. Compared to other Forex brokers, Interactive Brokers offers a wide range of currency pairs, great research tools and advanced trading platforms.

There are several account base currencies at Interactive Brokers without a minimum amount required, but the only way to fund them is through a bank wire transfer. They offer one of the tightest spreads on Forex, but you are subject to a tiered commission based on the monthly volume of your trading activity. Below is a sample of the spreads applied to major currency pairs:

Interactive Brokers spreads on major currencies

Currency pair Spreads in pips
EUR/USD spread 0.1
GBP/USD spread 1.5
AUD/USD spread 0.5
USD/JPY spread 100
USD/CAD spread 1
CAD/CHF spread 0.5
XAU/USD spread 900
XAG/USD spread 70

In addition to low spreads and margin rates, Interactive Brokers does not charge an inactivity fee, and you are entitled to one free withdrawal per month.

Finally, their trading platform, TWS (desktop version), is one of the best trading platforms with advanced features and a high degree of customisation. Moreover, they offer IBKR GlobalTrader, a mobile app that is also well-designed.

Interactive Brokers trading features

Islamic account No
Trading platforms IB Trader Workstation (TWS), Client Portal (Web-based platform), IBKR Mobile and IBKR GlobalTrader (another mobile app).
Limit orders Yes
Stop loss & take profit orders Yes
Negative Balance Protection No
Guaranteed stop loss No

We recommend you check out our comprehensive Interactive Brokers review.

3# Plus500

Best Forex Brokers in Qatar for 2023 3
Visit Plus500Best Forex Brokers in Qatar for 2023 1

82% of retail CFD accounts lose money.

Plus500 at a glance

Number of currency pairs60+
Maximum Leverage1:300
Minimum Deposit$100
Forex fees$0, but spreads starting 0.8 pip apply

Plus500 is another broker included in our list of the ideal forex brokers in Qatar. It is an ideal broker if you want to reduce your fees, as it provides tight spreads in addition to free deposits and withdrawals.

Plus500 was founded in 2008, and they have their own well-designed web trading platform and a mobile application that gives you access to over 60 currency pairs through CFDs.

Plus500 spreads on major currencies

Currency pair Spreads in pips
EUR/USD spread 0.8
GBP/USD spread 1.3
AUD/USD spread 0.8
USD/JPY spread 100
USD/CAD spread 2
CAD/CHF spread 4
XAU/USD spread 4,100
XAG/USD spread 220

All spreads are subject to changes.

Plus500 offers a wide range of indicators and drawing tools that assist you in analyzing trends and market movements. You can open an account online, and you can fund it by bank transfer, credit or debit cards, PayPal, or Skrill, and the minimum deposit is $100.

Plus500 trading features

Islamic account Yes
Trading platforms Plus500 Web Trader platform, Plus500 Mobile application.
Limit orders Yes
Stop loss & take profit orders Yes
Negative Balance Protection Yes
Guaranteed stop loss Yes

On the downside, Plus500 provides very little educational materials and research reports compared to other brokers. Additionally, if you don’t access your account for three consecutive months, a $10 monthly fee will be charged. This is a shorter timeframe than some other brokers, who typically impose this fee after one year of inactivity. 

You can read our Plus500 review for further details.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

What Makes a Good Forex Broker?

Whether you are a beginner or an experienced trader, some numerous characteristics and features should be taken into account when choosing a good Forex broker. The following are a few of the most important factors to consider:

  • Regulation: This is the most crucial factor because you must ensure the business is legitimate before depositing your money. As a result, we advise you never to select a broker who is not regulated by a recognized authority.
  • Commissions: Although spreads vary depending on the currency pair, good Forex brokers often provide tight spreads and have reasonable commissions.
  • Deposit and withdrawal methods: A good broker will make it easy and convenient for users to deposit and withdraw funds by offering several methods, such as wire transfer, debit or credit card, or other electronic payment methods, such as PayPal or Skrill.

The bottom line

It can be difficult to compare different trading conditions and find the best Forex broker in Qatar. It takes time to collect all the data and make the best decision for your needs due to the various parameters to be checked. Our analysts completed this work for you and presented their results and their analysis of the “Best Forex Brokers in Qatar”, which is summarized below:

Best Forex Brokers in Qatar
#1 XTB Best for high-leverage and Islamic accounts
#2 Interactive Brokers Best for a wide range of currency pair offerings and advanced tool
#3 Plus500 Ideal for low Forex fees and free deposits and withdrawals

If you are still not sure about the best broker that fits your needs, you can check our “Help Me Choose” tool for a personalized recommendation. Moreover, you can look at our comparison table for a detailed breakdown of the key features of various global brokers.  In addition, you can read our reviews for additional details about the products and services that each broker provides.

We hope this article saves you some time while researching the best Forex brokers in Qatar. We advise you to conduct your own research to determine which online broker is best for you. Keep in mind that a demo account might always be helpful.

Other FAQs

Is Forex trading legal in Qatar?

Yes, Forex trading in Qatar is legal. Any individual living in Qatar can access the Forex market and trade currencies online. The Qatar Financial Markets Authority (QFMA) is the regulator of financial markets in Qatar, and there are no restrictions on using offshore brokers for investors in Qatar.

Are there Forex brokers that offer Islamic accounts?

Yes, several brokers offer Islamic accounts or Shariah compliant accounts. You can check our list of “best Forex brokers in Qatar” for further details.

How to trade Forex in Qatar?

First, you have to open an account with a Forex broker in order to get access to the Forex market. Then, you need to analyze the markets using fundamental or technical analysis, depending on your trading strategy. After that, you can place your trades in line with your analysis.

Can I trade Forex in Qatar with $10? And $100?

Yes, you can trade Forex with amounts as low as $100 or even $10. We have listed in this article a few brokers that do not require any minimum amount to start trading. But the trade size will be small.

Toni Nasr, CFA, FRM
Fintech Analyst

Toni is a Fintech Analyst with over 8 years of experience in the financial industry where he worked as a financial control analyst at a regional bank and later conducted independent investment research analysis.