SAR FX trading accounts

The Saudi Riyal serves as the official currency of Saudi Arabia subdivided into 100 halalas. Since the nation's formation in 1932, Riyal's growth and development have been truly remarkable. Traders from Saudi Arabia predominantly follow Islamic principles, adhering to Sharia law. Therefore, Forex brokers that offer SAR accounts should ensure comprehensive Islamic account offerings. Opting for a SAR fx trading account offers numerous benefits, most notably the avoidance of currency conversion fees. When Forex brokers extend their services to Arabians, they often provide locally popular payment options, reducing transaction fees for traders. Below, you can find a list of the best FX brokers that offer accounts in Riyal, catering to the needs of Saudi Arabian traders.

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MT4MT5Copy tradingECNHigh leveragePAMMSTP

Regulations

CMA, Central Bank of Curaçao and Sint Maarten, CySEC +5 more

Platforms

MT4, MT5

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The Saudi Arabian Monetary Authority (SAMA) has maintained a fixed exchange rate between the Saudi Riyal and the U.S. Dollar for several decades, ensuring remarkable stability and value for SAR. Forex brokers with riyal accounts to Arabian fx traders must comply with regulations set by the Capital Market Authority (CMA). Under CMA regulation, the maximum allowed leverage is 1:50, a conservative and reasonable amount. Considering SAR's stability and the decent leverage allowed, FX traders should opt for Forex brokers with SAR accounts to minimize costs and access all the advantages that local Forex brokers offer.

FAQs about SAR

Is SAR a fixed currency?

Yes, SAR or Saudi Arabia Riyal is a fixed currency and it is pegged to the U.S. Dollar at fixed exchange rates, which are maintained by the Saudi Arabian Monetary Authority for several decades.

What does SAR mean currency?

SAR stands for Saudi Arabia Riyal, which is the official fiat currency of Saudi Arabia, It has been the country’s currency since its formation in 1932 and is divided into 100 halalas.

Why use SAR as a base currency for forex?

FX traders in Saudi Arabia mainly follow Sharia law, and they prefer using SAR as a base account currency for Forex trading to avoid currency conversion fees when using Forex brokers with SAR accounts, which often accept locally popular payment options.