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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.
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.