Forex Brokers in Pakistan
Forex trading in Pakistan 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 Pakistan as clients, forex brokers in Pakistan are required to become authorised by the Securities and Exchange Commission of Pakistan (SECP). The Securities and Exchange Commission of Pakistan is the financial regulatory agency in Pakistan whose objective is to develop a modern and efficient corporate sector and a capital market based on sound authority principles,
Best forex brokers Pakistan
To find the best forex brokers in Pakistan, we created a list of all the forex brokers that can accept traders in Pakistan and then ranked them based on our overall rating. You can see our list of our top forex brokers for Pakistan below.
ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA
SECP forex brokers in Pakistan
Forex trading is both halal and haram, depending on the intent and behaviour of the individual investor. Trading with a proper strategy and Islamic account is halal, whereas with a regular interest charging account and no system, it’s considered gambling and haram.
Forex trading is legal and regulated by the Securities and Exchange Commission of Pakistan (SECP) which was set up in pursuance of the Securities and Exchange Commission of Pakistan Act, 1997.
SECP recognizes the strategic importance of investors’ education to create financial literacy for protection of investors’ rights as well as to raise their financial capability in order for them to make informed investment decisions. Investors’ education not only enhances investor sophistication but also helps regulators and financial service providers to maintain market discipline.
The SECP was initially responsible for the regulation of corporate sector and capital market. Over time, its mandate has expanded to include supervision and regulation of insurance companies, non-banking finance companies and private pensions. The SECP has also been entrusted with oversight of various external service providers to the corporate and financial sectors, including chartered accountants, credit rating agencies, corporate secretaries, brokers, surveyors etc.
It also educates investors on strategies to mitigate risks associated with various investment products, engendering investor’s confidence and leading to an effective investor’s protection regime.
Despite national regulations from the Securities and Exchange Commission of Pakistan (SECP) intended to cut down on the amount of fraud and money laundering, many local brokers aren’t registered with the SECP.
How to verify SECP regulated brokers in Pakistan
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 SECP website to confirm if the forex broker is regulated in Pakistan to provide online forex trading products and services.
Some Pakistan 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 Pakistan?
Although it is legal in Pakistan, forex trading is becoming more and more common there as the country’s economy develops. As one of the Next Eleven developing countries, Pakistan is expected to grow to be a significant economic force in the twenty-first century. Contrary to popular belief, it is legal to trade forex while residing in Pakistan. An rising number of Pakistani traders are turning to the forex market because of its virtually endless potential as the country’s economy grows and transforms. Follow our instructions to create an account and execute your first trade if you want to begin trading Forex from Pakistan.
The trade of currencies is essentially unrestricted in Pakistan. Many local brokers are not registered with the Securities and Exchange Commission of Pakistan (SECP), despite the SECP’s efforts to curb money laundering. Therefore, it is strongly advised to register an account with a currency broker outside of Pakistan. Although it is legal for foreign brokers to provide accounts to traders in Pakistan, not all companies choose to do so.
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