Based in Saudi Arabia and looking to trade forex online?
This comparison guide reviews the best forex brokers in Saudi Arabia for a variety of important variables – such as tradable pairs, commissions, spreads, deposit methods, regulation, and more.
Read on to get started with a top online forex trading platform today.
Best Saudi Arabia Forex Brokers Reviewed
When researching the Saudi forex brokers, we discovered that there is just a duo of suitable platforms.
Fortunately, however, both Evest and Capital.com are top-rated platforms that offer great fees and a wide selection of forex pairs, not to mention access to other markets such as stocks and commodities.
Traders can read on to select the best forex broker in Saudi Arabia for their needs.
1. Evest – Overall Best Forex Broker in Saudi Arabia
Overall, we found that Evest is the best forex broker in Saudi Arabia. This platform is authorized to offer trading services in Saudi Arabia and as such, traders can be sure they are using a credible brokerage. Evest offers access to more than 550 financial instruments, including a range of forex pairs.
This covers majors, minors, and exotics – and pairs can be traded on a 24/5 basis. Other tradable markets at Evest are inclusive of stocks, commodities, indices, and cryptocurrencies. It’s no wonder that Evest is also the best crypto exchange in Saudi Arabia. There are four account types to choose from at Evest. Casual forex traders might be suitable for the silver account, which requires a minimum deposit of at least $250.
This offers direct access to the forex markets and spreads start at 3 pips. Experienced forex traders might instead opt for the diamond account, which is the highest tier. Although a minimum deposit of $50,000 is required, this offers plenty of features – such as fee-free withdrawals and customized spreads.
Additionally, Evest offers Islamic trading accounts that come with leverage of up to 400% of the stake amount. Do note, however, that the fine print states that positions kept open for more than three days will incur additional charges. With that said, Evest also offers a demo trading account.
This is the ideal option for those who are unsure whether Evest is the best forex broker in Saudi Arabia for their requirements. The demo account – which is pre-loaded with $25,000 in paper funds, is 100% risk-free and mirrors the live forex markets. Evest is also one of the best forex brokers in Saudi Arabia when it comes to trading platforms.
In addition to its own native web trading platform, Evest also offers access to MetaTrader 5. Evest ensures that forex traders never miss a beat through its proprietary for both iOS and Android. When it comes to fees, Evest is a 0% commission forex broker. All in all, Evest is one of the best trading platforms in Saudi Arabia in 2023.
As such, traders only need to cover the spread – which is determined by their account type and the respective forex pair being traded. There are no fees to make a deposit but withdrawals cost $5 per transaction. Evest is also one of the best forex brokers in Saudi Arabia for educational and research tools.
This includes key forex news and developers, in addition to a trading academy. The latter enables beginners to learn how to trade forex from the ground up through user-friendly guides and articles. To learn more about this leading trading platform, read our in-depth Evest review.
|No. Forex Pairs||29|
|Pricing System||0% commission. Spread-only trading. No deposit fees. $5 withdrawal fee.|
|EUR/USD Spread||From 0.8 pips|
|Max. Leverage||Depends on the account.|
|Top 3 Features||No forex trading commissions / Spreads start at 0.8 pips / No deposit fees|
2. Capital.com – Trade Hundreds of Forex Pairs at 0% Commission
Capital.com is the best forex broker in Saudi Arabia when it comes to low fees and supported trading markets. This top forex broker enables Saudis to trade more than 120 forex pairs. This covers all majors and minors, and a huge selection of exotics.
We like that Capital.com does not charge any trading commissions – so forex pairs can be traded on a spread-only basis. EUR/USD, for example, is currently trading at a spread of just 0.6 pips. Capital.com does not charge any deposit or withdrawal fees, either.
Capital.com will also appeal to forex traders on budget, considering that the minimum deposit is just $20. Both debit/credit cards and e-wallets are supported. While bank wires are also supported, Capital.com increases the minimum deposit to $250. All forex pairs hosted at Capital.com are backed by CFDs.
This means that Saudis can trade forex with leverage. Retail clients will be able to trade major pairs at up to 1:30, and minors/exotics at up to 1:20. Professional clients will be offered significantly higher leverage limits. Capital.com offers its own native trading platform that can be accessed via web browsers.
There is also the Capital.com app for iOS and Android. More experienced forex traders – or those that wish to deploy trading robots, will be pleased to know that both MetaTrader 4 and TradingView are supported. In addition to forex, Capital.com enables traders to speculate on the future value of stocks, ETFs, commodities, indices, cryptocurrencies, and more.
|No. Forex Pairs||124|
|Pricing System||0% commission. Spread-only trading. No deposit or withdrawal fees.|
|EUR/USD Spread||From 0.6 pips|
|Min. Deposit||$20 (debit/credit cards and e-wallets), $250 (bank wires)|
|Max. Leverage||Up to 1:30 for retail clients. More for professionals.|
|Top 3 Features||Over 120 forex pairs / No trading commissions / Supports MT4|
Your capital is at risk. 80.61% of retail investor accounts lose money when trading CFDs with this provider.
How We Rank the Best Saudi Arabian Forex Brokers
There were many variables and important metrics that we analyzed when researching the best forex brokers in Saudi Arabia.
To ensure that we are completely transparent, here’s an overview of our core criteria when compiling forex broker reviews.
The best forex brokers in Saudi Arabia that were discussed earlier – namely Evest and Capital.com, are regulated trading platforms.
This means that Saudi residents can buy and sell currencies from the comfort of home, in a safe and secure environment.
While unregulated forex trading brokers may offer higher leverage limits and lower fees, traders can never be sure that their capital is safe.
Range of Pairs
Seasoned traders will look to have access to dozens of forex pairs through a single broker to ensure that a trading opportunity is never missed.
Capital.com is the best trading platform for forex in this regard, with the platform supporting more than 120 pairs. This includes majors, minors, and plenty of exotics.
Both Evest and Capital.com enable Saudis to trade forex online without paying any commissions. Instead, traders simply need to cover the spread – the gap between the buy and sell price.
Spreads on EUR/USD at Evest and Capital.com start from just 0.8 pips and 0.6 pips, respectively. Additionally, both of the aforementioned platforms offer fee-free deposits.
Evest is the best forex broker when it comes to account types. There are four core account types – each of which comes with a minimum deposit threshold and various perks. In addition to this, Evest also offers an Islamic trading account.
Both Evest and Capital.com also offer demo accounts. This permits risk-free trading in live market conditions, with a pre-loaded balance of paper funds.
Leverage enables traders in Saudi Arabia to enter positions with a higher amount than is currently held in the brokerage account.
Both Evest and Capital.com offer leverage on forex, but limits will vary depending on the account type and/or whether the trader is a retail or professional client.
Tools and Analysis
The only way to make money from forex trading is to read and analyze charts.
The best forex trading platforms in Saudi Arabia – including both Evest and Capital.com, offer access to high-level charting tools with various features, such as custom timeframes and technical indicators.
There is also access to MetaTrader 4/5 at Capital.com and Evest respectively, which offers even more advanced analysis tools.
Another aspect we explore when researching the best forex brokers in Saudi Arabia is the types of payment methods supported.
Debit/credit cards and e-wallets are supported at Evest and Capital.com, which offers instant deposits. Evest is one of the only top forex brokers in Saudi Arabia that supports American Express.
Casual traders should also check the minimum deposit threshold when choosing the best broker for forex in Saudi Arabia. This starts at $250 at Evest.
Capital.com requires just $20 to open an account when using a debit/credit card or e-wallet to make the deposit.
Demo accounts are not only suitable for first-time traders looking to brush up on their forex knowledge, but experienced pros alike. The best forex brokers in Saudi Arabia offer demo accounts that come pre-loaded with ‘paper money.
The demo account should mirror live forex market conditions in real-time to ensure the trader experiences the highs and lows of currency trading.
Experienced traders know first-hand just how quickly the forex markets can change direction – especially when trading exotic pairs. As such, the best forex brokers in Saudi Arabia offer access to a mobile app.
Both Evest and Capital.com offer a native app for iOS and Android devices that connects to the same account.
Whether it’s to check the status of a withdrawal or to query the results of a trade, the best forex brokers offer top-notch customer service. Live chat is the preferred option in the forex trading space – which is offered by both Evest and Capital.com.
Evest even offers a local Saudi Arabia telephone number for traders to call when they require assistance.
Is Forex Trading Legal in Saudi Arabia?
In a nutshell, forex trading in Saudi Arabia is legal.
Although the Standing Committee for Awareness and Warning recently issued guidance for residents to avoid illegitimate brokers, there is no requirement for Saudis to use a trading platform that is authorized by the Capital Market Authority.
We do, however, strongly suggest that Saudis only consider using a regulated broker. For example, Evest is regulated by the Vanuatu Financial Services Commission and the Financial Sector Conduct Authority (South Africa).
How Does Forex Trading Work?
Forex trading is the process of speculating on the future value of currencies – with the view of making consistent profits. When trading forex, the trader will speculate on pairs. Each pair contains two different currencies, are the price reflects the real-time exchange rate.
- For example, the most traded forex pair globally is EUR/USD, which consists of the euro and the US dollar.
- Let’s say that the exchange rate of EUR/USD is 1.0830. This means that for every 1 euro, the markets will pay just over 1.08 US dollars.
- Therefore, the forex trader must speculate on whether this price will rise or fall in the coming minutes, hours, or days – depending on the strategy.
Some forex traders in Saudi Arabia will opt for a day trading strategy. This means the position will be opened and closed on the same day. Swing traders in Saudi Arabia, however, will have the flexibility to keep the position open for several days.
There will, of course, be fees involved when trading forex in Saudi Arabia. In this regard, it’s a good idea to look for low spread forex brokers, with Evest and Capital.com offering EUR/USD trades from just 0.8 pips and 0.6 pips respectively.
Some traders in Saudi Arabia will also look for high leverage forex brokers. This enables traders to speculate on forex pairs with much more than they have in their account.
Another thing to mention about forex trading in Saudi Arabia is that pairs come in three categories – majors, minors, and exotics. Beginners are best to start with majors, which contain two strong currencies – one of which is always the US dollar. This is because major pairs come with less volatility than their minor and exotic counterparts.
Making Money at an Online Forex Trading Platform
It goes without saying that the primary objective when searching for the best forex trading platform in Saudi Arabia is to make consistent, long-term gains. This can only be achieved by speculating on the rise and fall of forex exchange rates in the long run.
For those completely new to forex trading in Saudi Arabia, here’s a simple example to help clear the mist:
- Let’s say that the trader wishes to speculate on the exchange rate of GBP/USD
- GBP/USD is currently priced at 1.2109
- The trader believes, after performing technical analysis, that GBP/USD is undervalued and thus – the price will increase
- Accordingly, the trader stakes $1,000 on a GBP/USD buy order
- A few hours after the trade is placed, GBP/USD is trading at 1.2290
- This represents a rise of 1.5% – so the trader closes the position
As per the above example, the trader correctly predicted the rise of GBP/USD, and with gains of 1.5% on a $1,000 stake – a profit of $15 was made. If leverage of 1:30 was utilized on the position, the $15 profit would have been amplified to $450. Leverage is, however, risky – especially for beginners, so do tread with caution in this regard.
How to Start Forex Trading in Saudi Arabia
Now that we have reviewed the best forex brokers in Saudi Arabia, we can conclude our guide with a step-by-step tutorial on how to get started with an account at Evest.
From start to finish, the process should take just five minutes to complete.
Step 1: Open an Account With Evest
As is the case with all online forex brokers, the first step is to open an account with Evest. Visit the Evest homepage and click on the ‘Sign Up’ button.
An application form will appear, asking for some basic personal information. This includes a first and last name, email address, cell phone number, and a chosen password.
Click on ‘Submit’ to proceed.
Step 2: Complete KYC Policy
As one of the best international forex brokers, Evest must comply with global regulations on KYC (Know Your Customer) and AML (Anti-Money Laundering).
The process requires two documents from the trader.
First, the trader will need to upload a government-issued ID, such as a driver’s license or passport. Second, the trader will need to upload proof of Saudi residency.
The document needs to have been issued within the prior six months and supported examples include a utility bill or bank account statement.
Step 3: Deposit Funds
The next step is to deposit funds into the verified Evest account. The minimum deposit will depend on the chosen account type.
As noted, the silver account – which is the lowest tier, requires a minimum deposit of $250 or more.
Evest accepts a wide range of payment methods, from Visa, MasterCard, and American Express to Skrill and Neteller.
Step 4: Choose a Trading Platform
Once the Evest account has been funded, the next step is to choose a trading platform.
At Evest, the following options are available:
- Web trading platform backed by Evest (browser-based)
- MetaTrader 5
- Mobile app backed by Evest
When using Metatrader 5, the trader will need to log in with their Evest account details.
Step 5: Search for Forex Pair
Next, the trader will need to select the forex pair that they wish to trade.
Using the search box is the easiest way to do this.
Step 6: Set Up an Order and Place Forex Trade
The final step is to set up a forex trading order and confirm the respective position.
This requires the trader to choose from a buy or sell order depending on whether they believe the forex pair will rise or fall in value. Stop-loss and take-profit orders should also be entered for risk-management purposes.
A limit order will also ensure that the trade is entered at the most favorable price.
This impartial guide has reviewed the best forex brokers in Saudi Arabia for 2023. Overall, we like Evest – which enables Saudi residents to trade forex on a commission-free basis, with EUR/USD spreads starting from 0.8 pips.
There are no fees on deposits and multiple account types are supported – including those directed at Islamic traders. It takes just five minutes to register an account at Evest and the minimum first-time deposit is $250.