Are you unsure regarding the best forex brokers to trade with Saudi Arabia and other GCC regions? Then you need to read this work to find out which broker is best for you to do so. You will also learn from this work, the various bodies regulating the activities of brokers in this region today. We have further included in this work the various factors to consider while choosing a forex broker in this region to avoid falling into the wrong hands.
Meaning of GCC Forex Brokers
GCC brokers refers to those brokers operating in the Middle East countries which includes: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The term GCC is itself an acronym for Gulf Cooperation Council.
Types of Brokers Operating in GCC
There are three major types of brokers operating in the GCC today such as:
- ECN brokers;
- Desk Dealing brokers; and
- Market Makers.
Who Are the Major Forex Regulators in GCC?
There are five major forex regulators established to supervise the activities of all forex brokers in the different GCC regions. They are listed below:
- Dubai Financial Services Authority (DFSA)
- Abu Dhabi Global Market (ADGM)
- The Emirates Securities and Commodities Authority (ESCA)
- The Securities Commission Authority (SCA)
- Central Bank of the United Arab Emirates (CBUAE)
Factors to Consider While Choosing a Forex Broker in GCC
- Regulation: When choosing a broker to trade within the GCC regions, it is always necessary to ensure that they are regulated by the major forex regulators within the region such as those we have listed above. Added to this, having multiple international regulations under FCA, ASIC, FSA, etc is also a good criterion for choosing a forex broker to trade within the GCC regions.
- Spreads: Spread is usually the broker’s charge for services rendered. It is the difference between the Bid and Ask prices. Brokers with lower spreads charges are the ideal for trading.
- Commissions: Some brokers who offer Zero spread accounts often charge some commissions at the moment each trade is closed for the services rendered. Brokers with lower commissions for trading are always the best for trading.
- Swap Free Accounts: The GCC regions are predominantly Muslim countries and it is a Haram for them to indulge with any broker that charges interest (Swaps) for overnight trades. Hence, only brokers with Islamic accounts (Swap-free) are best for trading in this region.
- Trading Platform: An ideal broker for trading in this region should provide excellent trading platforms including access to global trading platforms such as MT4 and MT5.
- Years of Experience: Brokers with several years of experience are always the best to choose from when considering the broker to trade within the GCC regions.
- Customer Support Service: Generally, brokers are expected to provide a good customer support service unit to attend to various complaints from clients. A broker’s availability and readiness to address clients’ issues are always important qualities to consider when choosing a broker to trade within this region.
- Ease of Deposit and Withdrawals: One major area traders often experienced delays is when it comes to deposit and withdrawals. Some brokers often delayed this process. To this end, only brokers with multiple deposits and withdrawals options as well as quick fund approvals are recommended for trading in this region.
- Traders’ Review: Often the general remarks made by traders using the broker’s platform are always necessary to consider while choosing a broker. Only brokers with positive reviews are recommended for trading in this region.
List of Best Twelve GCC Forex Brokers
- XTB
- HotForex
- Pepperstone
- Swissquote
- OctaFX
- AvaTrade
- FBS
- Fp markets
- IC Markets
- Plus500
- Forex.com
- AxiCorp
