Best Forex Brokers Saudi Arabia 2023
Home to densely populated urban areas, skylines dotted with glittering skyscrapers, and barren deserts that stretch for hundreds of thousands of miles, Saudi Arabia is a country of striking contrasts. Located on the Arabian Peninsula, Saudi Arabia also happens to be one of the most important financial centers in the Middle East region.
Saudi Arabia's largest city, Riyadh, is situated just a few hundred miles away from the Persian Gulf, and houses over seven million people. Riyadh is also home to Tadāwul, or the Saudi Stock Exchange, considered to be the largest capital market in the Middle East region.
Here at BrokerNotes, we conducted extensive research and data collection on forex brokers, local regulatory agencies and stock exchanges, and Saudi monetary policy to create this guide to help you pick the best forex broker for trading in Saudi Arabia.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Choosing a regulated forex broker in Saudi Arabia
Whether you are an active trader with deep forex experience, or a beginner who is just getting their start in the forex world, choosing a well-regulated forex broker is crucial if you want to steer clear of forex scams. Not all regulatory licenses carry the same weight, however, and regulatory environments can vary widely from country to country.
Our Trust Score, a proprietary algorithm, ranks regulatory agencies and their respective countries into three groups, with Tier 1 indicating the most stringent (which is good) and Tier 3 the least. We collect comprehensive data on each broker, which results in a ranking from 1 to 99 of the broker's overall trust (the higher a broker's Trust Score, the better). Learn more about Trust Score at our sister site, ForexBrokers.com.
The primary Saudi financial sector regulator is the Capital Market Authority of Saudi Arabia (CMA), which is responsible for regulating financial markets pursuant to Saudia Arabian Capital Market Law.
When it comes to financial regulation for the banking, insurance, and financial sectors (and all aspects of controlling and regulating the Riyal), that responsibility belongs to Saudia Arabia's central bank.
Best forex brokers for trading in Saudi Arabia
To help you find the best forex brokers, we curated a list of every broker that accepts new clients from Saudi Arabia. We conducted meticulous research on those brokers, using over 100 data-driven variables (including our proprietary Trust Score), resulting in this list of the overall best brokers in Saudi Arabia:
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IG
- 9.9/10 Overall
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FOREX.com
- 9.3/10 Overall
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XTB
- 9/10 Overall
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Swissquote
- 8.7/10 Overall
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AvaTrade
- 8.6/10 Overall
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Plus500
- 8.5/10 Overall
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Capital.com
- 8.4/10 Overall
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XM Group
- 8.4/10 Overall
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Admiral Markets
- 8.3/10 Overall
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Tickmill
- 7.9/10 Overall
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BlackBull Markets
- 7.9/10 Overall
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HFM
- 7.7/10 Overall
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HYCM (Henyep)
- 7.7/10 Overall
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Eightcap
- 7.6/10 Overall
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ThinkMarkets
- 7.4/10 Overall
Minimum Initial Deposit
£250.00 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.86 (September 2022) |
| All-in Cost EUR/USD - Active | 0.5957 (September 2022) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | No |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$100 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 1.0 (July 2022) |
| All-in Cost EUR/USD - Active | 1.0 (July 2022) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | No |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$0 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 1.07 (Q3 2022) |
| All-in Cost EUR/USD - Active | 1.04 (Q3 2022) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$1000 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | N/A |
| All-in Cost EUR/USD - Active | N/A |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$100 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.91 (Aug 2020) |
| All-in Cost EUR/USD - Active | 0.61 (Aug 2020) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
€100 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.6 (as of Aug 2018) |
| All-in Cost EUR/USD - Active | N/A |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$20 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Average Risk |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.6 (July 2021) |
| All-in Cost EUR/USD - Active | 0.6 (July 2022) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | No |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$5 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 1.6 (Aug 2020) |
| All-in Cost EUR/USD - Active | 0.8 (Aug 2021) |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$100 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.8 (July 2021) |
| All-in Cost EUR/USD - Active | 0.7 (July 2021) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Saudi Arabia's financial markets
Forex traders may recognize the riyal (SAR) as Saudi Arabia's national currency. The riyal is subdivided into 100 smaller denominations, known as halalas. Forex markets and Saudi forex brokers are affected by the monetary policy as regulated by the Saudi Arabian Monetary Authority (SAMA), which issues and manages Saudi Arabia's national currency.
The primary stock market in Saudi Arabia is the Saudi Stock Exchange – or, Tadāwul – based in Riyadh, and considered to be the largest capital market in the Middle East. The Saudi Stock Exchange provides listing services for stocks, mutual funds, real estate investment trusts (REITs), and exchange-traded funds (ETFs).
The Saudi Stock Exchange also offers trading services for Islamic products, such as sukuk (sharia-compliant, fixed-income instruments). Many of the forex brokers that accept Saudi Arabian residents as clients will offer the ability to own what's known as an Islamic account. At the most basic level, Islamic accounts are Sharia-compliant interest-free accounts that are reserved for clients who follow the Islamic faith.
Is forex trading legal in Saudi Arabia?
Yes, forex trading is legal in Saudi Arabia, as long as you transact with brokers that are regulated in Saudi Arabia by the local authorities. If you are a Saudi national, you will usually have no restrictions on the amount of money you can deposit or withdraw, whether you are dealing with locally regulated brokers, or with foreign brokers that are regulated outside of the Kingdom.
That being said, your broker can impose its own limits, and you'll need to pass the initial Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements, which are verified during the account application process.
It's also worth noting that any person's ability (or inability) to open a brokerage account in Saudi Arabia is dependent on their status as a Politically Exposed Person (PEP). This includes government officials or members of the royal family.
Which is the best trading platform in Saudi Arabia?
Whether you are a beginner just entering the forex markets or an experienced forex trader, you'll want to use a first-class trading platform. Below, we've listed the best trading platforms in Saudi Arabia for 2023:
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IG
- 9.9/10 Overall
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FOREX.com
- 9.3/10 Overall
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XTB
- 9/10 Overall
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Swissquote
- 8.7/10 Overall
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AvaTrade
- 8.6/10 Overall
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Plus500
- 8.5/10 Overall
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Capital.com
- 8.4/10 Overall
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XM Group
- 8.4/10 Overall
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Admiral Markets
- 8.3/10 Overall
Saxo Bank is our top pick for trading platforms in Saudi Arabia, as it allows you to trade not only forex and CFD markets, but also exchange-traded stocks across global markets – all from within one of the most advanced trading platforms in the world.
The SaxoTraderGO suite is an excellent choice for Saudi nationals and residents of the Kingdom who are looking to access global markets. Available for both web and mobile, it includes insightful research curated by Saxo Bank's in-house staff, along with powerful charting and excellent trading tools.
Saxo's desktop platform (SaxoTraderPRO) is equally powerful and is designed for traders who want to use multiple screens – an ideal setup for day traders and serious active investors.
Which trading app is best in Saudi Arabia?
Saxo Bank's mobile app is the top choice for forex traders in 2023. The SaxoTraderGO web and mobile platforms provide a powerful selection of tools combined with top-notch research in a highly unified cross-platform experience. The IG Trading app is packed with sophisticated features like alerts, sentiment readings, and high-powered charting capabilities.
Neck and neck with Saxo Bank is IG, which is packed with sophisticated features like alerts, sentiment readings, and high-powered charting capabilities. Whether you choose IG or Saxo Bank, you’ll be trading forex on some of the most advanced mobile trading platforms available.
BrokerNotes.co 2023 Overall Rankings
To recap, here are our top forex brokers for 2023, sorted by Overall ranking.
More Forex Guides
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.
About the Editorial Team
Steven Hatzakis
Steven Hatzakis is the Global Director of Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
John Bringans
John Bringans is the Senior Editor of BrokerNotes.co and ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.
Joey Shadeck
Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.
IG
Saxo Bank
Interactive Brokers
CMC Markets
TD Ameritrade
FOREX.com
City Index
eToro
FXCM
Pepperstone
OANDA
FP Markets
IC Markets
Markets.com
FxPro
Fineco Bank
Tickmill
BlackBull Markets
DooPrime
BDSwiss
TMGM
HFM
FlowBank
HYCM (Henyep)
Vantage
Trading 212
Eightcap
Trade Nation
Moneta Markets
ThinkMarkets
VT Markets
ACY Securities
easyMarkets
RoboForex (RoboMarkets)
IronFX
Exness
Spreadex
Trade360
AxiTrader
GKFX
Vestle
OctaFX
FXOpen
TeleTrade
FXPrimus
Forex4you
LegacyFX
GBE brokers
Alpari
TopFX
Libertex (Forex Club)
ATFX
UFX
Xtrade
Tradeo
