Forex, or forex trading, is a worldwide market for marketing currency pairings. The foreign exchange is the world’s largest market and perhaps most liquid financial marketplace. Furthermore, it allows traders to trade foreign currencies 24/7, five days a week.
With several Forex brokers to choose from, finding the best Forex trading platform for the necessities can be difficult. Moreover, it includes assets, legislation, trading platform, customer reviews, & fees to assist you in making your decision.
Take a look at the Saudi Arabian Forex market
Compared to different countries in Asia, Europe, and North America, Saudi Arabia’s FX market is relatively new. This means that Saudi Arabia has fewer laws and limits on brokers than other countries. Before creating an account as a traveler or citizen of Saudi Arabia, make sure you do your research and read all brokerage terms & conditions correctly.
Read More: Can Expats Invest in Saudi Arabia?
What Is Saudi Forex Trading & How does it operate?
You’ve probably done basic Forex trading if you’ve ever been abroad and needed to exchange your home currency for cash to spend locally.
Forex trading, brief for “foreign exchange,” is the activity of trading one kind of currency for another. Furthermore, the law of supply and demand will cause the price of each currency to vary.
For example, suppose you trade many Canadian dollars for US dollars. In that case, the Canadian dollar will depreciate due to the lower demand. On the other hand, because more individuals desire to buy or keep the US dollar, its price would climb concerning the Canadian dollar. Moreover, Forex trading is driven by this basic economics principle.
Top 3 Forex Platforms to use in Saudi Arabia
1. XTB: Overall is the best Forex broker
XTB has superbly known for offering a best-in-class trading service as one of the world’s largest Forex brokers. Moreover, they’ve been around since 2002. They are a seasoned player in the industry, though perhaps not certainly more senior.
In addition, XTB offers exceptional technology that they continue to modify and enhance. Further, it is giving them a place on our list of the best Forex brokers, despite their nearly two decades of experience. Furthermore, they quickly developed after establishing a foreign currency brokerage business in Poland, and today have thirteen offices around Europe.
- It’s simple to use and completely customized
- Faster execution times
- Calculator for traders, performance statistics
- Trading sentiment charts, and market order depth
2. Plus 500: Best for Forex CFD Trading
Plus 500 is a popular Forex trading platform in the United Kingdom. In fact, it is the leading CFD provider in Europe, particularly in Germany, the UK, and Spain. Plus, CFD is for a range of instruments, such as stocks, cryptocurrencies, indices, ETFs, options, and FX currency pairings.
Moreover, it can be traded with Plus 500 of all skill levels. Plus 500 allows you to trade actual instruments, but its main focus is on CFDs, so it’s excellent for traders who wish to work in this field.
- There is no commission
- Leverage of up to 1:300 is possible
- Order execution is guaranteed to be quick and dependable
- Weak balance protection must be stopped.
3. Forex.com: Well-reviewed Forex trading app
Forex.com is a popular choice and one of the Forex trading platforms. Moreover, its investors look to it because of its well-known brand. Forex.com is renowned as an online broker publicly traded on the NASDAQ.
With four tier-one jurisdictions behind their belt, they’re also the most regulated. Elevated trade execution that the traders can get real-time views of absolute pricing thanks to pricing delivered speedily. Moreover, this offers traders confidence that their orders will be filled at their set price.
- Trade execution is 100 percent due to tight spreads
- Demo account for 30 days is free
- Fast trade execution: Almost all deals are completed in a few sec.
Read More: How to Transfer Money from Saudi Arabia?
Frequently asked Questions
1- Is it legal for me to Forex trading in Saudi Arabia?
In Saudi Arabia, earning money through Forex trading is legal and safe.
2- How to Purchase IPO in Saudi Arabia?
In Saudi Arabia, you can purchase initial public offering (IPO) shares.
- Go to your Online Bank Account and log in.
- Under the Investment tab, select “IPO.”
- Choose “Subscribe IPO” from the drop-down menu.
- Accept the terms as written.
- Enter the number of shares to purchase in the initial public offering.
3- Is it permissible to do Forex trading in Saudi Arabia?
Yes, Islamic Forex accounts are halal trade accounts for clients who revere the Quran and seek to invest according to Islamic finance principles.