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Best Forex Brokers in Saudi Arabia for 2023

Toni Nasr, CFA, FRM| Updated January 5th, 2023
Best Forex Brokers in Saudi Arabia for 2023 3

Best Forex Brokers in Saudi Arabia for 2023

The foreign exchange market (Forex) is the largest and one of the world’s most popular markets, especially in Saudi Arabia. So, whether you’re new to forex trading and want a platform that can meet your needs or you’re an experienced trader looking for more information on selecting a suitable broker, finding the best Forex broker in Saudi Arabia is a difficult task. That’s why we investigated the services of numerous Forex brokers and compiled a list to assist you. Our assessment covers the most significant aspects, such as the currency pairs available, spreads, fees, trading platform, regulations, Islamic account availability, and more.

All of this information has been gathered for you in this article, 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. Pepperstone: Best for social trading.
  4. Plus500: Best for low Forex fees and free deposits and withdrawals.

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

Best Forex Brokers in Saudi Arabia for 2023 compared

Broker XTB Interactive Brokers Pepperstone Plus500
Number of currency pairs 48 100+ 60+ 60+
Maximum leverage 1:500 1:40

(depends on account type and currency pair)

1:30 (standard account)

1:500 (pro account)

1:300
Minimum deposit $0 $0 $100 $100
Spreads starting at

(pips)*

0.9 (standard account)

0 (pro account)

0.1 (subject to commission) 1 (standard account)

0 (pro account)

0.8
Deposit method Bank transfer, credit/debit card, Skrill. Bank transfer Bank transfer, credit/debit cards, Neteller, Skrill, and more. Bank transfer, credit/debit card, PayPal, MoneyBookers
Withdrawal fees $20 on amounts below $100; Free above $100 1 free withdrawal per month $0 $0

  *The above spreads are mentioned as presented on the broker’s website.     

You can check below the spreads of those brokers on the most used currency pairs.

Spread comparison of the best Forex brokers in Saudi Arabia

Currency XTB IBKR Pepperstone Plus500
EUR/USD 0.9 0.1 0.7 0.8
GBP/USD 1.4 1.5 0.9 1.3
AUD/USD 1.3 0.5 0.8 0.8
USD/JPY 140 100 120 100
USD/CAD 1.8 1.0 1.3 2.0
CAD/CHF 2.2 0.5 1.9 4.0
Gold (XAU/USD) 2,500 900 1,500 4,100
Silver (XAG/USD) 250 70 140 220

Spreads are in pips (equal to 0.0001).

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 Saudi Arabia Reviewed

1# XTB

XTB Review - XTB Logo
Visit XTB
81% of retail CFD account lose money.

XTB at a glance

Number of currency pairs48
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 Saudi Arabia. It is a global CFD broker established in 2002 with more than 495,000 clients, and 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 48 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 Brokers

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
RegulatorsFINRA, SIPC, SEC, CFTC, IIROC, FCA, CBI, AFSL, SFC, SEBI, MAS, MNB

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. They are at the top of our list of the best Forex brokers in Saudi Arabia for their wide range of currency pairs, great research tools and their advanced trading platforms.

There are several account base currencies at Interactive Brokers without any minimum required amount, 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 a web interface, IBKR GlobalTrader, and a mobile app that are 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# Pepperstone

pepperstone
Visit Pepperstone
74-89% of retail CFD accounts lose money.

Pepperstone at a glance

Number of currency pairs60+
Maximum Leverage1:200 (standard account); 1:500 (pro account)
Minimum Deposit$0
Forex fees$0, but spreads starting 0.7 pips apply
RegulatorsASIC, SCB, CMA, CySEC, FCA, BaFin and DFSA

Pepperstone was established in 2010 and currently serves more than 300,000 traders across the globe. It is an ideal broker if you want to reduce your fees, as it provides tight spreads and free deposits and withdrawals. They give you access to trade over 60 currency pairs with leverage that can go up to 1:500, but keep in mind that higher leverage means higher risk.

Pepperstone spreads on major currencies

Currency pair Spreads in pips
EUR/USD spread 0.7
GBP/USD spread 0.9
AUD/USD spread 0.8
USD/JPY spread 120
USD/CAD spread 1.3
CAD/CHF spread 1.9
XAU/USD spread 1,500
XAG/USD spread 140

Pepperstone provides three trading platforms that suit all traders: MetaTrader4 (MT4), MetaTrader5 (MT5) and cTrader. Each platform is free and available on the web portal, mobile, and desktop. They have two account types: Standard account suitable for new traders and Razor account ideal for scalpers and algorithmic traders.

Pepperstone trading features

Trading platforms MetaTrader4 (MT4), MetaTrader5 (MT5) and cTrader
Limit orders Yes
Stop loss & take profit orders Yes
Negative Balance Protection Yes
Guaranteed stop loss No

On the downside, negative balance protection does not apply to clients from Saudi Arabia as professional traders. Negative balance protection implies that you will never lose more than what is available in your account.

4# Plus500

Best Forex Brokers in Saudi Arabia for 2023 4
Visit Plus500
81% 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
RegulatorsCySEC, FMA, MAS, SFSA, FSCA, ASIC, FCA

Plus500 is another broker included in our list of the best forex brokers in Saudi Arabia. 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.

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

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.

81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

What Makes a Good Forex Broker?

Whether you are a beginner or an experienced trader, there are numerous characteristics and features that 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 need to make sure 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 Saudi Arabia. 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 Saudi Arabia”, which is summarized below:

Best Forex Brokers in Saudi Arabia
#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 Pepperstone Best for social trading
#4 Plus500 Best 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 Saudi Arabia. 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 Saudi Arabia?

Yes, Forex trading in Saudi Arabia is legal. Any individual living in Saudi Arabia can access the Forex market and trade currencies online. The Saudi Central Bank, also known as the Saudi Arabian Monetary Authority (SAMA), and the Capital Markets Authority (CMA) regulate capital markets in the kingdom.

Are there Forex brokers that offer Islamic accounts?

Yes, several brokers offer Islamic accounts or Shariah compliant accounts. We encourage you to read this article for further details.

How to trade Forex in Saudi Arabia?

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.

What is the minimum deposit for Forex brokers in Saudi Arabia?

Most Forex brokers allow you to start trading Forex open an account start trading with amounts as low as $100 or even $10. In this article, we have listed 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.

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