ASIC, CySEC, DFSA +2 more
Explore The Most Trusted Forex Brokers In Saudi Arabia
Top forex brokers in Saudi Arabia are internationally regulated by top-tier agencies. As for local brokers, the Capital Market Authority (CMA) oversees the licensing and administration, as well as the overall stability and security of the country's capital markets. Best forex brokers in Saudi Arabia offer major and minor currency pairs, CFDs, commodity futures, indices, etc. They also provide comprehensive learning materials for beginners, including demo accounts for them to practice before putting real capital at risk. Saudi Arabia forex brokers offer Islamic accounts to their local client base. Leveraged trading is allowed in Saudi Arabia, but is scrutinized and regulated by the CMA. The Saudi national currency, the riyal (SAR) is pegged to the U.S dollar, which makes major currency pairs even more popular in the country. Aside from the major and minor pairs, forex brokers in Saudi Arabia also offer a range of exotic pairs from other Middle-Eastern countries.
With a nominal GDP of over $1 trillion and vast oil reserves, top forex brokers in Saudi Arabia also offer commodity futures and indices, which are also popular in the country. Capital gains from trading are taxed as ordinary income in Saudi Arabia, at a 20% tax rate. Islamic accounts offered by top forex brokers in Saudi Arabia gives users the ability to trade on swap-free accounts, free of interest, or “riba”, which is prohibited. Saudi Arabia’s GDP per capita is estimated to be $30,000, and with a population of over 32 million, forex brokers in Saudi Arabia serve a vast potential customer base. While all forex brokers in Saudi Arabia are regulated by the CMA, most are internationally licensed by the likes of the FCA, CySEC, ASIC, FSA, etc. Some of the exotic currency pairs top forex brokers in Saudi Arabia offer include: USD/HKD, EUR/SEK, USD/ZAR, among many others.