Forex Brokers in Saudi Arabia

Richard Montana | November 24, 2022

Forex trading in Saudi Arabia 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 Saudi Arabia as clients, forex brokers in Saudi Arabia are required to become authorised by the Capital Market Authority (CMA). The Capital Market Authority is the Saudi governments financial regulatory authority responsible for capital markets in Saudi Arabia. The CMA’s functions are to regulate and develop the Saudi Arabian Capital Market by issuing required rules and regulations for implementing the provisions of Capital Market Law.

Best forex brokers Saudi Arabia

To find the best forex brokers in Saudi Arabia, we created a list of all the forex brokers that accept clients in Saudi Arabia and then ranked them based on our overall rating. You can see our list of our top forex brokers for Saudi Arabia below.

Broker
Rating
Regulated
Min. Deposit
Founded
Max. Leverage
1.

ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA

$100

2006

1:400

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
2.

ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA

$250

1974

1:200

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
3.

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

$200

2010

1:400

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
4.

ASIC, CySEC, DFSA, IFSC

$5

2009

1:888

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
5.

ASIC, CySEC, FSA, SCB

$200

2007

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

CMA forex brokers in Saudi Arabia

The Capital Market Authority (CMA) is a government organization applying full financial, legal, and administrative independence, and has direct links with the Prime Minister. Its responsibilities include setting and policing financial rules and regulations and developing the capital markets.

The basic objectives are to create an appropriate investment environment, boost confidence, and reinforce transparency and disclosure standards in all listed companies, and moreover to protect the investors and dealers from illegal acts in the market.

The CMA is entrusted with the following duties:

  • Regulate and develop the capital market and promote appropriate standards and techniques for all sections and entities involved in Securities Trade Operations
  • Protect investors and the public from unfair and unsound practices involving fraud, deceit, cheating, manipulation, and inside information trading
  • Maintain fairness, efficiency, and transparency in transactions of securities
  • Develop appropriate measures to reduce risks pertaining to transactions of securities
  • Develop, regulate, and monitor the issuance of securities and under-trading transactions
  • Regulate and monitor the activities of entities working under CMA
  • Regulate and monitor full disclosure of information related to securities and issuers

Forex trading in Saudi Arabia

Forex trading in Saudi Arabia is a controversial topic, with some people believing that it is allowed and others asserting that it is not. The Saudi Arabian Monetary Authority (SAMA) has not issued any regulations regarding forex trading, and there is no official stance from the government.

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.

Saudi Arabia has demonstrated enormous resolve by opening up to foreign investors. Having once been inaccessible, the country has created an excellent framework to facilitate inward investment

How to verify CMA regulated brokers in Saudi Arabia

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 CMA website to confirm if the forex broker is regulated in Saudi Arabia to provide online forex trading products and services.

Some Saudi Arabia 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.

About the Author

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Richard Montana
Richard has many years of experience in broker research, testing, analysis and reviews. He knows what to look for through years of trading himself with different brokers and listening to the feedback of others.

Review Methodology

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.


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