Investing money today may be your best option in order to achieve a better position in the future, if you know where to put them and how to trade it properly.
The Forex exchange market has become year by year extremely popular in the retail trader sector due to its volatile nature, and a large portion of Pakistanis traders are gaining interest in this activity.
But before we start to discover our top 3 Forex brokers in Pakistan, let’s a few things you need to know before you start.
Pakistan Laws and Forex Trading
Forex trading is a legal activity in the Islamic Republic of Pakistan and is regulated by the SECP (Securities and Exchange Commission of Pakistan).
The major rule to follow in order to operate as a Forex broker in Pakistan is to trade only with other well-regulated brokers in their respective territories by some sort of national authority. Meaning: you can trade any major currencies such as USD, AUD, EUR, CNY and many more.
Commodities trading is permitted too, but restricted, while cryptocurrency trading is not legal at all.
1) XM
XM is one the most important branch of this internationally recognized broker and they have a solid first place on our list.
They are well regulated by many top tier financial regulatory agencies such as CySEC, ASIC and IFSEC, while offering also a top Islamic trading account between their 4 account types. With XM you can open a trading account such as:
- Micro Account
- Standard Account
- Ultra Low Account
- Share Account
You can find the lowest minimum deposit by opening a Micro or Standard Account with $5, while the highest minimum deposit regards the Share Account, which needs $10.000 to be open. With that being said, with MX you can also use a Demo account in order to learn as much as you can without risk your own money.
Trading platforms used for their FX trading activity are the famous MT4 and MT5, and may be used with grat 0 pips spread thanks to their XM account.
2) OctaFX
Our second place is taken by OctaXF, one of the most famous Forex brokers across all Asia.
They are regulated by the CySEC and FCA, a large Octafx Pakistan branch which attracts a lot of young forces and clients towards the server.
Their offer is simpler and only they present two kind of account:
- Standard: $100 minimum deposit
- PRO: $500 minimum deposit
You can start doing Forex trading once you insert your account information in one of the most famous trading platforms already available, like:
- MT4
- MT5
- Ctrader
- ECN
On those platforms you can also invest with a demo account in case you need a learning instrument. With this kind of account you’ll be able to invest in whatever you think is a good deal as a FX trade, without risking any money though.
3) FBS
Regulated by top reglementary authorities such as CySEC and IFSC (Belize), they have become one of the most appreciated FX brokers available in Pakistan. In case you need it, you can also have Urdu assistant on the phone.
For their traders, they have different types of account:
- Standard
- ECN Account
FBS also offer a very convenient deposit of only $51, while their accounts allow them to trade freely on the Forex market with a demo account. This opportunity will give a chance to new traders to learn any functionality of the trading platform and what FBD has to offer
