dirham forex accounts

The Moroccan dirham, the official fiat currency of Morocco, is issued by the Bank Al-Maghrib, the country's central bank. It is divided into 100 santimat. Traders interested in opening a MAD fx trading account should consider essential factors. The dirham has a long history dating back to the 8th to 10th centuries and has undergone various changes. It replaced the Morrocan franc in 1960 and is currently pegged at 60% EUR and 40% USD, making it a stable and powerful currency. For Moroccan traders, opting for Forex brokers with dirham accounts is advised. Using the dirham as a base currency offers several advantages, including lower transaction fees with local payment methods and avoiding currency conversion fees when depositing and using a different base currency. Below, you'll find a list of the most reliable and trustworthy Forex brokers with MAD accounts.
MT4MT5Copy tradingECNHigh leveragePAMMSTP
CMA, Central Bank of Curaçao and Sint Maarten, CySEC +5 more
MT4, MT5
In Morocco, the Forex markets and brokers are regulated by the Moroccan Capital Market Authority, known as AMMC. Forex brokers that offer MAD accounts must adhere to these laws and regulations to ensure the safety of Moroccan Fx traders' funds and provide a seamless experience. It's important to note that the AMMC sets a maximum leverage of 1:100, which is a reasonable level, enabling traders to trade up to 100 times their account balance. Opting for FX brokers that offer accounts in dirham, regulated by AMMC, is the best choice for Moroccan traders as it lowers costs, ensures safety, and provides the flexibility of 100 times their trading budget.

FAQs about MAD

Is dirham fixed or floating currency?

The dirham is a fixed currency as it is currently pegged at 60% EUR and 40% USD. This makes MAD one of the most stable currencies in the world making it an attractive choice for Moroccan FX traders.

Can I open an FX trading account in MAD?

Yes, you can open an FX trading account denominated in MAD with Forex brokers that offer MAD accounts. These brokers should be regulated by the Moroccan AMMCC to ensure the safety of funds and lower transaction costs.

What are the pros of MAD fx trading accounts?

There are several advantages of using MAD fx trading accounts including the lower transaction fees using local payment methods, and avoidance of currency conversion fees when depositing and using the base currency.