8 Best Forex Brokers in Saudi Arabia Reviewed 2024

Online forex trading enables anyone to trade around fluctuations in global currency values. In Saudi Arabia, a growing number of forex brokers are offering halal or Islamic accounts to enable legal trading. The question facing traders is which are the best forex brokers in Saudi Arabia.

We evaluated dozens of forex brokers to find the ones with the best trading pairs, fees, platforms, and more. Keep reading to learn more about the 8 best forex brokers in Saudi Arabia for 2024.

A Closer Look at The Best Saudi Arabia Forex Brokers

Let’s take a closer look at our top-rated Saudi Arabian forex brokers to help traders decide which is right for them.

It’s worth noting that Evest and Capital.com are the only two brokers on our list that accept Saudi Riyal deposits.

1. Evest – Overall Best Saudi Arabian Forex Broker Offering 500+ Instruments, Spreads from 0.8 pips, and MetaTrader 5

Evest is our pick as the overall best broker for forex in Saudi Arabia for 2024. The broker offers outstanding Islamic accounts for Saudi Arabian traders as well as a huge range of tradable instruments and trading tools.

On top of that, Evest was founded by traders from the Middle East. It’s one of the only brokerage platforms that’s available in Arabic as well as English.

At Evest, Saudi Arabian traders can trade all of the major and minor forex pairs with no swaps or rollovers. They can also trade stocks, crypto, commodities, and more. In total, the broker supports contracts for difference (CFDs) for more than 550 assets.

With Evest’s Islamic account, traders can increase their positions with leverage up to 4:1. They also get access to all of Evest’s account types, which offer varying spreads based on account size. The minimum deposit to open a new account at Evest is just $250.

Forex spreads at Evest start at only 0.8 pips, making this a very competitive forex broker on price. There are also no deposit fees and no withdrawal fees with a Diamond account (other account types have a $5 withdrawal fee). Evest is extremely transparent about its margin rates, which is a nice change from other brokers that hide their fees.

Evest offers traders access to several trading platforms, including its own platform for web and mobile and the ultra-popular MetaTrader 5 platform.

Evest’s own trading tools are easy to use and will look familiar to anyone who’s used TradingView or another powerful charting platform. Traders can plot dozens of technical indicators on candlestick charts and trade without leaving their charts. There are several alternative chart types available as well as drawing tools for analyzing trendlines and retracements.

Evest’s MetaTrader 5 access is perfect for advanced traders who want even more analysis tools. Traders can also set up forex trading bots or place trades automatically based on forex signals using MetaTrader 5.

All traders receive access to a $25,000 forex demo account, which is great for testing out Evest’s tools and working on new trading strategies. The demo account can be reset at any time.

To help traders succeed, Evest offers a daily market summary and a forex news feed. The broker also has helpful educational guides for new forex traders.

What We Like:

• Website and trading platform available in Arabic
• 550+ tradable instruments including major and minor forex pairs
• Web and mobile trading platform plus MetaTrader 5
• Islamic account offers 4:1 leverage
• Demo accounts with $25,000 balance
• Daily market summary and market news feed

2. PrimeXBT – Popular Forex Broker in Saudi Arabia That Offers up to 1000x Leverage on 45+ Forex Pairs

Another popular forex broker in Saudi Arabia is PrimeXBT. It’s a popular broker with leverage up to 1000x on forex pairs. They also have over 50 indicators and charting tools to help you analyze the markets and make well-informed decisions.

The platform offers many forex trading pairs with no commissions and massively low spreads of 0.1. Moreover, they also offer a copy trading feature that lets you copy the trades of successful traders. This is quite useful for beginners because you can basically let the experts do the work for you and learn from their strategies.

PrimeXBT is known for having really low trading fees and no hidden charges. In addition to forex, you can trade cryptos, commodities, and stock indices (like the S&P 500), which helps you have a diverse portfolio using just one account.

The platform offers many convenient options for forex trading via its website and its convenient mobile app with quick trading.

PrimeXBT also offers strong security features like two-factor authentication (2FA) and cold storage for your assets.

What We Like:

• A low minimum deposit of just $1
• Offers high leverage of 1,000:1
• High-security measures

3. Capital.com – Popular Forex Broker with 124 Forex Pairs, Spreads from 0.6 pips, and TradingView

Capital.com is another popular Saudi Arabian forex broker with a ton of features and tools to offer traders.

To start, Capital.com is one of the best brokers in the country for trading minor and exotic forex crosses. The broker offers 124 forex pairs and has surprisingly strong liquidity in pairs that don’t see much trading. Capital.com even offers competitive spreads for currency pairs that Saudi Arabian traders can’t find elsewhere.

Capital.com’s spreads start at only 0.6 pips and there are no commissions for forex trading with an Islamic account. The broker offers leverage up to 30:1 with all of its accounts, which traders can open with a minimum deposit of only $20.

One thing to note about Capital.com is that it doesn’t currently offer Islamic accounts. Despite this, it’s fully allowed in Saudi Arabia. Capital.com is regulated by Tier-1 financial authorities like the UK’s Financial Conduct Authority, giving Saudi traders confidence in this brokerage.

Traders at Capital.com get access to powerful trading platforms including TradingView, MetaTrader 4, and Capital.com’s own web and mobile trading apps. The TradingView access is especially nice since this platform offers some of the most customizable charting features currently available.

Another one of our favorite things about Capital.com is that it offers outstanding resources for new forex traders. There’s a demo account as well as in-depth trading guides that explain how the forex market works and how to analyze candlestick charts. Capital.com basically has its own trading school for new users.

What We Like:

• Open an account with just $20
• Tons of minor and exotic forex pairs
• Access to TradingView charts
• In-depth trading guides for beginners
• Leverage up to 30:1

4. CMC Markets – Saudi Forex Broker with 330+ Currency Pairs, Spreads from 0.5 Pips

CMC Markets is another great choice for Saudi Arabian traders who want to trade exotic forex pairs. This broker has an enormous selection of more than 330 currency crosses—the most of any forex broker we’ve seen in Saudi Arabia.

Spreads at CMC Markets start at only 0.5 pips, although traders need to move high volume to qualify for the minimum spread. There are no Islamic accounts at CMC Markets, so Saudi traders will also pay overnight holding fees.

Traders at CMC Markets can take advantage of web and mobile trading apps as well as access to MetaTrader 4. The broker also analyzes its traders’ sentiment and offers a forex market news feed to help traders spot opportunities.

CMC Markets offers a demo account for traders to try out the platform and test out new strategies. The broker is regulated by the UK’s Financial Conduct Authority.

What We Like:

• 330+ forex pairs to trade
• Spreads starting from 0.5 pips
• Includes MetaTrader 4
• Regulated by the UK FCA

5. Pepperstone – Wide Range of Trading Platforms for 60+ Forex Trading Pairs

Pepperstone is another highly rated forex broker in Saudi Arabia with a selection of more than 60 major and minor forex pairs. Spreads start at 1.0 pips, which is a little higher than average. However, it’s easier for traders at Pepperstone to qualify for the minimum spread on trades.

What really sets Pepperstone apart is its selection of online forex trading platforms. Traders can access TradingView, MetaTrader 4 and 5, cTrader, and Capitalise.ai. On top of that, Pepperstone offers its own web and mobile trading apps that are easy to use. The broker also supports forex copy trading.

Pepperstone accepts 10 base currencies, making it easier to move money in and out of the brokerage. There are no Islamic accounts, but traders can choose between a spread-only account and a commission account with reduced spreads.

There’s no minimum deposit to open a Pepperstone account.

What We Like:

• 60+ forex pairs
• Offers TradingView, MetaTrader, cTrader, and more
• Supports copy trading
• 10 base currencies

6. Saxo Bank – Trade 45+ Forex Options Contracts with a Professional-grade Trading Platform

Saxo Bank is one of the most popular low spread forex brokers with an office in Dubai and excellent support for Middle Eastern traders. The broker stands out as one of the only forex brokers in Saudi Arabia that offers forex options trading.

With Saxo Bank, traders can access forex CFDs for more than 180 trading pairs along with more than 45 CFDs for vanilla forex options. Options contracts range in length from one day to 12 months, giving traders flexibility to manage their risk and hedge positions.

Saxo Bank only offers its own trading platforms, but they’re very impressive. The SaxoTraderPRO platform in particular stands out as perhaps the best forex trading platform in Saudi Arabia. It brings professional-quality trading tools to bear, like Level 2 time and sales data, and it’s fully customizable.

Saxo Bank offers 3 account types, with the Classic account requiring no minimum deposit. There’s currently no Islamic forex account available at Saxo Bank.

What We Like:

• Offers trading on vanilla forex options
• 180+ forex trading pairs
• Professional-grade trading platform
• Supports Level 2 data

7. Axi – Trade 70+ Forex Pairs with Copy Trading and MetaTrader 4

Axi is a relatively new forex broker online that’s quickly established itself in more than 100 countries around the world, including Saudi Arabia. The broker offers more than 70 forex pairs with spreads starting at 1.1 pips.

What’s nice about Axi is that the broker has deep liquidity for all of its trading pairs. Traders can expect fast executions on every trading, including for exotic crosses. In addition, Axi supports all trading styles and allows its traders to use forex bots and algorithms.

Traders using Axi’s own web and mobile apps can take advantage of copy trading. The minimum to start copy trading in Saudi Arabia is just $250.

Traders also get access to MetaTrader 4 through Axi. The broker offers trading tools like an economic calendar, but doesn’t have a forex news feed.

What We Like:

• Supports copy trading
• Allows all trading styles including bots
• Includes MetaTrader 4
• Regulated by Tier-1 financial authorities

8. Tickmill – MetaTrader Forex Broker with 500:1 Leverage and 60+ Forex Pairs

Tickmill is a Saudi forex broker known for offering high leverage. Traders at this broker can trade on margin up to 500:1 for major forex pairs like EUR/USD. That means that with just $10, traders can take positions worth up to $5,000 in currency.

Tickmill offers multiple account types, including a spread-only account and an account with commissions of $2 per side per $100,000 traded. The spread-only account offers spreads from 1.6 pips, while the commission account offers spreads from 0.0 pips.

Traders get access to MetaTrader 4 and 5 as well as Tickmill’s own mobile and web apps. Traders can use expert advisors in MetaTrader to automate their strategy. Tickmill also supports copy trading through an integration with Myfxbook.

Tickmill provides tons of other trading tools, including a virtual private server (VPS) for faster execution. Traders can also get forex signals, market sentiment analysis, and a forex news feed.

What We Like:

• Leverage up to 500:1
• Commission account with spreads from 0.0 pips
• Excellent trading tools and signals
• Copy trading through Myfxbook

How We Choose the Best Forex Brokers in Saudi Arabia

We consider a wide range of factors when choosing the best trading platform for forex in Saudi Arabia.

Regulation

One of the first things we ensure when evaluating top forex brokers is that they are regulated by reputable authorities. Most of the brokers we picked are regulated by Tier-1 financial authorities like the UK’s Financial Conduct Authority and Australia’s Australian Securities and Investments Commission.

Range of Trading Pairs

The range of forex trading pairs each broker offers is also a major consideration. We look for brokers that offer all of the major and minor trading pairs, which are what most traders want.

Some brokers, like Capital.com, also offer a wide selection of exotic currency crosses. These exotic pairs should have deep liquidity to enable smooth trading.

Forex Trading Fees

Fees for forex trading can vary widely among Saudi forex brokers. We looked for brokers that offer low spreads not only as an advertised minimum, but during actual trading.

We also considered non-trading fees such as deposit and withdrawal fees and inactivity fees. Most of the best international forex brokers waive deposit fees and charge small or no withdrawal fees.

Account Types

Saudi Arabian forex brokers often have multiple account types, including spread-only and commission accounts. These enable traders to choose the trading fee structure that makes the most sense for their trading style.

We also looked for brokers like Evest that offer Islamic accounts. These accounts do not have rollovers or swaps and are considered halal in Saudi Arabia.

Leverage

Most Saudi forex brokers offer maximum leverage of 30:1 for major forex pairs. However, there are some high leverage forex brokers like Tickmill that offer leverage up to 500:1. Traders should be cautious when using high leverage since it can magnify losses as well as gains.

Trading Platforms

The best forex trading brokers offer access to top trading platforms like MetaTrader 4 and 5, TradingView, and cTrader. They also have their own trading platforms for web and mobile, which should be easy to use and provide a wide range of customizable charting features.

Additional Trading Tools

In addition to the best forex trading platforms in Saudi Arabia, many brokers offer additional tools to help traders succeed. These include:

• Forex news feeds
• Forex trading signals
• Economic calendars
• VPS servers
• Copy trading
• Sentiment analysis
• Daily market analysis

Payment Methods and Currencies

Forex brokers vary widely in what payment methods they accept. Some only accept bank transfers, while others accept credit and debit cards as well as e-wallets. Having more payment methods can make it easier to get started with a broker.

In addition, we looked at what base currencies each broker accepts. More base currencies gives Saudi traders more flexibility. There are currently no brokers that use Saudi Riyals as a base currency.

Minimum Deposit

Some brokers let traders open an account with no minimum deposit, while others require a minimum deposit of up to $250. This is not a barrier for most traders. However, some account types may have higher minimums, which can limit what features a trader can access at a brokerage.

Demo Account

Demo accounts are essential for letting traders test out a forex broker safely and for testing out new strategies without risking real money. Most of the brokers we reviewed offer demo accounts that can be reset at any time.

Mobile App

Most top forex brokers offer mobile trading apps that give traders the ability to chart and trade on the go. We carefully evaluated these mobile apps to ensure they’re easy to use and offer access to a broker’s full range of trading tools.

Customer Service

Traders need to be able to get help quickly when they have issues with their trading account. Most of the brokers we reviewed offer 24/5 customer support through multiple channels, including over the phone and by live chat.

Can You Trade Forex in Saudi Arabia?

Yes, forex trading is legal in Saudi Arabia. Traders simply need to sign up with an online forex broker in order to start buying and selling currencies in Saudi Arabia.

While some brokers offer Islamic accounts that are swap-free and thus halal, traders are not required to use Islamic accounts in Saudi Arabia. Standard forex trading accounts are fully legal even though they are not halal.

The popularity of forex trading in Saudi Arabia has grown rapidly in recent years as Riyadh has become a global financial hub. While it still doesn’t have the same recognition as Dubai in the financial world, Riyadh is quickly growing as a place to do business and move money.

Notably, Saudi Arabia does not currently require forex brokers to be licensed in Saudi Arabia. So, traders should look for international forex brokers that are regulated by major authorities like the UK’s Financial Conduct Authority or the Cyprus Securities and Exchange Commission.

How Does Forex Trading Work?

Forex trading involves swapping one currency for another in a directional bet. Traders believe that one currency will go up relative to the other. If that happens, they can make a profit.

Importantly, most forex trading doesn’t involve actually buying one currency and using it to swap for another. Instead, brokers offer exposure to currency pairs through instruments known as contracts for difference (CFDs).

With CFD trading, traders take a position in forex as if they owned one currency. But they never have to own the underlying currencies, which makes trading simpler and faster. Their broker settles all CFD trades accordingly.

Forex traders can choose from dozens or even hundreds of currency pairs. For example, they can bet that the Euro will go up relative to the US Dollar using the EUR/USD trading pair. Or they can bet on the strength of the Saudi Riyal using the USD/SAR trading pair.

Currency prices usually change in small increments, so traders have to take large positions when trading forex to realize a significant profit. Leverage allows traders to effectively multiply the size of their positions. Most forex brokers in Saudi Arabia offer up to 30:1 leverage, but some offer up to 500:1 leverage.

How to Trade Forex in Saudi Arabia: Step-by-step Guide

Let’s take a closer look at how to start trading with the best forex broker in Saudi Arabia, Evest. The process for trading is similar at other top brokers.

Step 1: Sign Up for an Evest Account

Visit Evest and click ‘Sign Up’ to create a new account. Traders must enter basic information including their name, date of birth, contact information, and address. They’ll also need to create a password for their new Evest account.

Evest complies with anti-money laundering rules and requires new traders to confirm their identity when opening an account. Traders can complete the identity verification step by uploading a copy of their ID or passport as well as a recent utility bill or bank account statement that shows their address.

Step 2: Deposit Funds

Once traders have opened an account, they can fund it. Evest requires a minimum deposit of $250, which traders can make by bank transfer, credit or debit card, or e-wallet. There are no deposit fees at Evest.

Step 3: Choose a Forex Pair

With the account funded, head to Evest’s trading platform and click ‘Currencies’ to see the list of available forex pairs. Select a pair to open its chart and analysis information.

Step 4: Trade

Enter the amount of the chosen forex pair to trade in lots. Then choose whether to buy or sell the pair, depending on which currency in the pair a trader thinks will go up. Traders can also enter stop-loss or take-profit levels for their trade to help manage their risk.

When ready, click ‘Trade’ to complete the forex trade.

Conclusion

The best forex brokers in Saudi Arabia allow anyone to start trading forex with low fees and powerful trading tools.

We think Evest stands out as the overall top choice for traders in Saudi Arabia thanks to its wide range of forex pairs, low trading fees, and professional-quality trading platforms. Traders can get started with Evest with just a $250 minimum deposit and the broker gives access to the popular MetaTrader 5 trading platform. Plus, traders at Evest can take advantage of an Islamic account that ensures their forex trading is halal.

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