Forex Brokers in Egypt
Forex trading in Egypt is popular amongst residents who are looking to buy and sell currencies to speculate on the fluctuating currency market prices. Whilst international forex brokers can accept traders in Egypt as clients, forex brokers in Egypt are required to become authorised by the Financial Regulatory Authority (FRA) which is the financial regulatory authority that regulates the financial service industry in Egypt.
Best forex brokers Egypt
To find the best forex brokers in Egypt, we created a list of all the forex brokers that accept clients in Egypt and then ranked them based on our overall rating. You can see our list of our top forex brokers for Egypt below.
ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA
FRA forex brokers in Egypt
The Financial Regulatory Authority is a financial regulatory authority that regulates the financial service industry in Egypt. It is an Egyptian Government integrated agency that supervises all non-banking financial transactions and markets including capital markets, derivative markets, commodities, insurance, mortgage finance, financial leasing and factoring.
Forex trading is legal in Egypt, and the Financial Regulatory Authority (FRA) regulates the non-banking financial sector, including capital markets, derivative markets, and commodities.
FRA’s role is to regulate the market and ensure its stability and competitiveness to attract more local and foreign investments ” The mandate of the Authority also includes limiting inconsistency risks and addressing problems arising from applying different supervisory rules”.
The FRA plays a pivotal role in ensuring the stability and soundness of these markets and boosting their competitiveness to attract further domestic and foreign investments. It also works on reducing risks resulting from the lack of coordination, in addition to addressing problems emanating from the presence of different regulatory methods.
The FRA’s aims include:
- Stability and Integrity of non-banking financial markets
- Regulation and development of non-banking financial markets
- Protecting investors & participants’ rights
- Issuing various means, systems, rules and regulations which ensure efficiency and transparency of these markets.
Forex trading is rapidly expanding in Egypt since many young Egyptians are tech savvy and eager to learn new things. Egyptians are well known for their entrepreneurial spirit and forex trading is popular for those who are looking to make a living for themselves.
How to verify FRA regulated brokers in Egypt
You can find an authorised broker’s license number from the disclosure text at the bottom of their homepage. You can then look up the authorisation number on the regulator website to confirm if the forex broker is regulated in Egypt to provide online forex trading products and services.
Some Egypt forex brokers are regulated in more than one jurisdiction so that they can offer a different range of trading accounts and conditions depending on the location of the trader and regulated entity that they choose to open a forex trading account with.
Is forex trading legal in Egypt?
Forex trading in Egypt is legal, and the retail sector relies on well-trusted, regulated international Forex brokers, due to the lack of competitive domestic offerings.
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