Forex brokers with Qatari Riyal accounts

The Qatari Riyal (QAR) serves as the official currency of the State of Qatar, having been introduced in 1966 to replace the Indian Rupee. The currency is regulated and managed by the Qatar Central Bank, established in 1973. While the Qatari Riyal is available in the foreign exchange (Forex) market, not all brokers offer live accounts denominated in this currency. Opting for a live trading account in QAR can prove advantageous, as it helps reduce currency conversion costs associated with deposits and withdrawals from your account balance. Consider choosing brokers that provide this option for more efficient financial transactions.
MT4MT5Copy tradingECNHigh leveragePAMMSTP
CMA, Central Bank of Curaçao and Sint Maarten, CySEC +5 more
MT4, MT5
The Qatari Riyal is fixed to the United States Dollar at an exchange rate of 1 USD = 3.64 QAR. This peg ensures relative stability of the Qatari Riyal against the US Dollar, and the Qatar Central Bank is dedicated to maintaining this exchange rate through active involvement in currency trading within the foreign exchange market. Qatar's economy is heavily reliant on its exports of oil and natural gas, which generate substantial revenue for the country. This revenue has allowed Qatar to accumulate significant foreign currency reserves and invest in USD-denominated assets, including US Treasury bonds and other USD-denominated securities. Despite the strong dependence on commodity revenues, the Qatari Riyal is not considered a commodity currency due to the central bank's active participation in stabilizing its value against the USD. The commitment of the Qatar Central Bank to the fixed exchange rate reinforces confidence in the Qatari Riyal's value and distinguishes it from other commodity-linked currencies.

FAQs about QAR

Is it difficult to find Forex brokers that offer QAR accounts?

Finding Forex brokers offering QAR (Qatari Riyal) accounts can be challenging due to their limited availability. However, we've gone the extra mile to make your search easier. After thorough research and evaluation, we've curated a top-list of Forex brokers that do offer QAR accounts.

What are the key benefits of having a QAR account?

If you frequently use Qatari Riyal for your transactions, you should consider opening a live trading account denominated in Qatari Riyal. This strategic move will enable you to save money on currency conversions and streamline your financial transactions.

What are the major drawbacks of opening trading accounts in QAR?

Not many brokers are offering QAR (Qatari Riyal) trading accounts. And while the currency is pegged with the US Dollar, the Qatari economy is strongly dependent on oil and natural gas exports. Fluctuations in oil prices can impact the country’s ability to keep the exchange rate stable.