Compare Brokers in Saudi Arabia

Looking for brokers in saudi arabia? We have compared 19 broker accounts (out of 147) that are suitable for you below.

We found 19 broker accounts (out of 147) that are suitable for Saudi Arabia.

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Forex.com

Spreads From

EURUSD 1.0 points See all spreads

What can you trade?

  • Forex
  • Cryptocurrencies
  • Indices
  • Commodities
  • Stocks
  • ETFs

About Forex.com

  • Regulated by: Financial Conduct Authority.
  • Established in 1999 HQ in United States.

Platforms

  • MT4
  • MT5
  • Web Trader
  • Mobile App

Funding Methods

  • Credit cards
  • PayPal
  • Bank transfer

Open a demo account

See Deal

70% of retail investor accounts lose money when trading CFDs with this provider

Read our in-depth Forex.com review

ThinkMarkets

Spreads From

EURUSD 0.1 points See all spreads

What can you trade?

  • Forex
  • Cryptocurrencies
  • Indices
  • Commodities
  • Stocks
  • ETFs

About ThinkMarkets

  • Regulated by: Financial Conduct Authority and ASIC.
  • Established in 2010 HQ in Australia.

Platforms

  • MT4
  • MT5
  • Web Trader
  • Mobile App

Funding Methods

  • Credit cards
  • PayPal
  • Bank transfer

Open a demo account

See Deal

Losses can exceed deposits

Read our in-depth ThinkMarkets review

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

The Ultimate Guide to

The Saudi Arabian Financial Market

2019 is set to be a significant year for the Saudi Arabian financial market, not least of which was the recent announcements that the Saudi Stock Exchange, also known as Tadawul, is to be promoted to ‘emerging market’ status by the FTSE Russell and MSCI.

The main stock index for the Saudi Stock Exchange is the Tadawul All-Share Index or simply the TASI. This capitalisation-weighted headline index is currently made up of the stocks of 184 companies listed on the Tadawul. In addition to its equity listings, Tadawul also offers Islamic products like sukuk, which are Islamic financial certificates similar to bonds.

Forex traders may recognise the Saudi riyal (SAR) as Saudi Arabia’s national currency, although the SAR is not a common reserve currency among central banks, according to the International Monetary Fund (IMF). The Saudi riyal has also been pegged against the U.S. dollar at a rate of one U.S. dollar to 3.75 riyals since 1986, with only minor fluctuations around that rate typically seen.

The riyal was ranked 27th by the Bank for International Settlements (BIS) among the most actively traded currencies in 2016, making up around 0.3 percent of the overall forex market’s daily turnover that rose considerably from its 0.1 percent market share in 2013.

Trade factors that influence the Saudi financial markets include the price of key strategic commodities exported by the country, like mineral fuels (including oil) that amounted to 77.4% of its exports in 2017. As the world’s 27th largest export economy, Saudi Arabia’s exports accounted for roughly 35.6% of Saudi Gross Domestic Product (GDP) in 2016. This means the kingdom is quite dependent on exports, especially to its major trading partners of China, Japan, India, the United States and South Korea.

Financial regulation in Saudi Arabia for banking, insurance and financial sector, including online forex and contract for difference (CFD) brokers, falls under the auspices of the Saudi Arabia Monetary Authority (SAMA), which is the Saudi central bank. Furthermore, the Capital Market Authority (CMA) is responsible for regulatory policy development in Saudi Arabia and supervises Tadawul.

Trading in Saudi Arabia

When looking for an online broker to trade forex or CFDs with, make sure to choose a well-regulated broker that has a strong reputation with clients, since they should be suitable for entrusting a margin deposit with them.

Online brokers generally offer several trading account for traders, including:

  • Forex Trading:  Exchanging one currency for another forms the basis of forex trading. Exchange rates fluctuate as one currency rises or falls relative to another in particular currency pair. The popularity of forex trading has expanded greatly once online trading became possible. The forex market is the most liquid and largest financial market globally and had a daily turnover of $5.1 trillion/day in April 2016, according to data compiled by the BIS.
  • CFD Trading:  Making transactions in derivative financial instruments known as contracts for difference (CFDs) allows traders to speculate on the future of their underlying assets. Such assets can consist of a currency pair, commodity, stock, stock index or other financial instruments.
  • Demo accounts: Funded with virtual money, these accounts can be used to practice trading, test a strategy or check out a broker’s services and platform. Find out more on opening demo accounts here.
  • Islamic accounts: These are suitable for traders who wish to trade in an account that conforms to Sharia law. Find out more on trading with an Islamic account.

With respect to trading stocks, the Saudi Stock Exchange provides fair and transparent trade execution in Saudi Arabian stocks, mutual funds, exchange-traded funds (ETFs), and sukuk (Islamic bonds).  Tadawul has used NASDAQ’s highly regarded X-Stream INET trading platform for transactions since 2015.

Exchange transactions are largely executed in Saudi riyals that are pegged to the U.S. dollar. Securities traded on the Saudi exchange are executed via order matching based first on price and then on the time entered through brokers acting on behalf of clients or themselves.

Opportunities of Trading in Saudi Arabia

Saudi Arabia has a strongly oil based economy over which the Saudi Arabian Government exercises considerable control. One item of note is that the Saudi government has launched an ambitious socio-economic plan to shift the Saudi economy away from oil products known as Vision 2030. This plan aims to increase growth in the private sector and offers opportunities in various areas including:

  • Developing Saudi Arabia’s capital markets
  • Providing affordable housing to citizens
  • Building a renewable energy sector
  • Attracting greater foreign direct investment
  • Privatising numerous government entities
  • Expanding the information and communication technologies (ICT) sector
  • Developing the mining sector further
  • Increasing development of the railway and public transportation services
  • Growing a domestic tourism infrastructure
  • Increasing petrochemical and natural gas production 

Although foreign investment in some areas is not permitted, non-Saudi participation in joint ventures is allowed up to 60%, according to the World Trade Organisation (WTO). The WTO also noted that trade tariffs generally remain low, and there are no sales or salary taxes, although a 5% Value Added Tax was introduced in 2018. Also, certain agricultural imports have special requirements. For example, imported meats require Halal and Islamic slaughter certification.

Saudi Arabia’s financial services sector specialises in providing Islamic investment products and accounts, and the country was ranked 7th for protecting minority investors by the World Bank. The Saudi riyal’s exceptionally stable exchange rate also makes trading with the country easier for U.S. businesses.

Challenges of Trading in Saudi Arabia

Furthermore, as a consistent net exporter with a high trade-to-GDP ratio, Saudi Arabia remains vulnerable to trade issues and economic weakness among its key trading partners. The kingdom has also been involved in an Arab embargo against neighbouring Qatar for allegedly having friendly ties with Iran and supporting terrorist activities. Qatar subsequently said it would leave the OPEC oil cartel in a move possibly related to that embargo. 

Furthermore, although they do not directly affect Saudi imports, the imposition of trade tariffs and the resulting trade war between the United States and China threatens a likely negative impact on the country in the long term. This is due to concerns that China’s oil imports from Saudi Arabia may fall due to diminishing industrial activity and reduced demand for oil by China due to the trade war.

When it comes to starting a business, the World Bank ranked Saudi Arabia a very poor 141st compared to other countries. Saudi also ranked a rather dismal 92nd for overall ease of doing business, and 112th for obtaining credit. This indicates a quite unfavourable environment for doing business or starting one up, as well as a significant challenge in obtaining local financing.

Summary

Overall, many traders and businesses will find Saudi Arabia a rather challenging country to operate in, although some opportunities do exist due to its government’s economic diversification plan.

Also, those interested in Islamic accounts and financial products will find this country offers a wide choice of Sharia law compliant options, although not every account at local financial institutions complies fully.

When searching for a broker to trade forex and/or CFDs through in Saudi Arabia, traders should check to see that any firm under consideration offers a suitable range of asset classes, a decent trading platform, strong regulation and adequate financial security for a margin deposit.

Why Choose Forex.com
For Saudi Arabia?

Forex.com scored best in our review of the top brokers for saudi arabia, which takes into account 120+ factors across eight categories. Here are some areas where Forex.com scored highly in:

  • 19+ years in business
  • Offers 78+ instruments
  • A range of platform inc. MT4, Web Trader, NinjaTrader, Tablet & Mobile apps
  • 24/7 customer service
  • Tight spreads from 1.00pips
  • Used by 0+ traders.
  • Offers demo account
  • 1 languages

Forex.com offers one way to tradeForex. If you wanted to trade EURUSD

The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.

Forex.com have a AAA trust score, which is . This is largely down to them being regulated by Financial Conduct Authority, segregating client funds, being segregating client funds, being established for over 19

Trust Score comparison

Forex.com ThinkMarkets
Trust Score AAA B
Established in 1999 2010
Regulated by Financial Conduct Authority Financial Conduct Authority and ASIC
Uses tier 1 banks
Company Type Private
Segregates client funds

A Comparison of Forex.com vs. ThinkMarkets


Want to see how Forex.com stacks up against ThinkMarkets? We’ve compared their spreads, features, and key information below.



Spread & fee comparsion

The spreads below are illustrative. For more accurate pricing information, click on the names of the brokers at the top of the table to open their websites in a new tab.
Forex.com ThinkMarkets
Fixed Spreads
Variable Spreads
EUR/USD Spread 1.00 0.10
GBP/USD Spread 0.9 1.2
USD/CAD Spread 0.9 0.9
USD/JPY Spread 0.90 0.10
DAX Spread 250.0
FTSE 100 Spread 150.0
S&P500 Spread 50.0

Comparison of account & trading features

Forex.com ThinkMarkets
Platform MT4, Web Trader, NinjaTrader, Tablet & Mobile apps MT4, Mac, Web Trader, Tablet & Mobile apps
Services Forex Forex, CFDs
Base currency options USD, GBP, EUR USD, GBP, EUR, CHF, JPY, SGD, AUD, CAD, NZD, CNH
Funding options Bank transfer, Cheque, DebitCard, Payoneer, Credit cards, Bank transfer, Neteller, BPAY, UnionPay, FasaPay, DebitCard,
Micro account
ECN account

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.