Forex trading in Saudi Arabia is popular among residents, however, between 51% and 89% of retail investor accounts lose money when trading CFDs. This statistic highlights why proper education and broker selection are crucial for success.
Is forex trading legal in Saudi Arabia? Yes, it is—as long as you transact with brokers regulated by local authorities. The Saudi Stock Exchange (Tadāwul), based in Riyadh, is considered to be the largest capital market in the Middle East, with the Capital Market Authority (CMA) regulating and developing the market since its formation in 2003. For those looking for the best trading platform in Saudi Arabia, it's worth noting that IG currently offers the leading forex trading platform in 2025.
In this guide, we'll walk you through everything you need to know about online forex trading in Saudi Arabia, from selecting trusted brokers to comparing fees and features. We'll also explore the best trading apps in Saudi Arabia to help you make informed decisions about your trading journey.
Top Forex Brokers in Saudi Arabia for 2025
Selecting the right forex broker is fundamental for successful trading in Saudi Arabia. Let's examine the top brokers that stand out in 2025, comparing their unique features, regulatory status, and cost structures.
Interactive Brokers
Interactive Brokers stands as the first international broker offering foreign retail clients direct access to the Saudi Exchange. Their landmark alliance with Saudi National Bank Capital (SNB Capital) allows traders to access Saudi equities alongside global stocks, options, futures, currencies, and bonds from a single unified platform.
Notably, this partnership enables Interactive Brokers' clients to diversify into Saudi stocks, REITs, and ETFs trading on the Middle East's largest stock exchange. For forex traders, Interactive Brokers offers exceptionally tight spreads as narrow as 1/10 PIP and low commissions ranging from 0.08 to 0.20 bps times trade size.
The broker has earned an impressive 5 out of 5 stars overall rating and 5 stars for range of investments. With a minimum deposit of SAR 0.00 and an average EUR/USD spread of 0.59, Interactive Brokers provides an excellent combination of value and access to the Saudi market.
XTB
XTB has established itself as a formidable player in online forex trading in Saudi Arabia with over 1 million clients worldwide and more than 5 million app downloads. Their 20+ years of market presence underscores their reliability for Saudi traders.
The broker offers a minimum deposit of SAR 0.00 with an average EUR/USD spread of 1.00. XTB provides a great selection of CFDs on stocks, ETFs, forex, commodities, and indexes, along with free and fast account opening.
Capital.com
Capital.com impresses with its massive trading volume of SAR 3.75 trillion+ and a solid Trust Score of 87 out of 99. For new traders entering online forex trading in Saudi Arabia, Capital.com offers a relatively low minimum deposit of SAR 37.46.
The broker provides competitive pricing with an average EUR/USD spread of 0.67, which is lower than the industry average. Capital.com stands out for its high-quality research, strong educational content, and innovative web platform and mobile app, making it an excellent choice for both beginners and experienced forex traders.
IG
As the world's No.1 CFD provider, IG brings 50+ years of experience to the Saudi forex market. This FTSE 250 listed company operates 18 offices globally and offers access to an impressive 17,000+ markets.
IG requires a minimum deposit of £250 (approximately SAR 1,180) with an average EUR/USD spread of 0.98. The broker features a first-class web trading platform, superb educational tools, and great deposit and withdrawal options, positioning it as a top choice for the best trading platform in Saudi Arabia.
OANDA
OANDA rounds out our list with access to 68 forex pairs including all majors and minors. The broker has earned multiple accolades, including Most Popular Broker three years in a row (TradingView Awards 2022, 2021, 2020) and Best in Class for Research and Ease of Use (ForexBrokers.com 2023).
With a minimum deposit of SAR 0.00 and average EUR/USD spread of 1.69, OANDA offers great trading platforms, outstanding research tools, and a fast, user-friendly account opening process. Their transparent pricing models include spread-only or Elite Trader options, giving Saudi traders flexibility based on their trading style.
How to Choose a Trusted Forex Broker
The safety of your trading capital should be your primary concern before diving into forex trading in Saudi Arabia. With thousands of brokers competing for your business, knowing how to identify legitimate operators from potential scams is an essential skill for every trader.
Check for global regulation and licenses
The golden rule when selecting a forex broker is to verify they're properly regulated. Legitimate brokers are supervised by national financial authorities, which significantly reduces the risk of fraud. In the forex world, not all regulators provide the same level of oversight, with authorities typically falling into three distinct tiers:
- Tier-1 regulators come from established financial centers and include the UK Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC)
- Tier-2 regulators are from smaller yet established financial centers like the New Zealand Financial Markets Authority (FMA) and the Monetary Authority of Singapore (MAS)
- Tier-3 regulators are generally from offshore locations such as the Securities Commission of the Bahamas (SCB) and the Vanuatu Financial Services Commission (VFSC)
For verification, first locate the broker's license number on their website, then cross-check this information directly on the regulator's official website through their license check tool or public registry. Many top-tier regulators provide online verification tools – the FCA in the United Kingdom, FINRA in the United States, and CIRO in Canada all offer such services.
Concerning Saudi Arabia specifically, neither the Capital Market Authority (CMA) nor the Saudi Central Bank (SAMA) prohibit forex trading, and international brokers can accept Saudi traders if they have approval from the Kingdom's financial authorities.
Look for investor protection schemes
Beyond regulation, investor protection schemes offer an additional layer of security. These compensation systems are established by national governments or industry organizations to safeguard investors from potential losses if a broker becomes insolvent.
The European Directive sets a minimum compensation level of 20,000 euros per investor, although individual countries may provide higher coverage. The key benefit is that your funds remain protected even if your broker experiences financial difficulties.
To determine if your broker is part of an investor protection scheme:
- Check if they operate in a country where investor protection is available
- Verify what types of assets are covered by the scheme
- Confirm the maximum compensation amount available
Remember that regardless of your citizenship or residence, you're automatically entitled to investor protection if your broker is a member of such a scheme. Furthermore, the broker's segregated accounts policy ensures your funds are kept separate from the company's operational accounts.
Use tools like Scam Broker Shield
Given the complexity of verifying broker credentials, specialized tools have emerged to simplify the process. The Scam Broker Shield tool, developed by brokerage experts, helps determine whether a broker is trustworthy and the extent to which your assets are protected.
This tool monitors data from more than 31,000 online investment firms across a dozen financial regulators worldwide. To use it effectively:
- Open the Scam Broker Shield tool
- Enter the name of the broker you want to check
- Review the information about the broker's trustworthiness
Beyond automated tools, remain vigilant for warning signs that might indicate a problematic broker. Be particularly cautious of brokers that promise guaranteed profits, use high-pressure sales tactics, or make unrealistic return claims. Additionally, beware of withdrawal methods that mysteriously change after you attempt to cash out profits – this is a significant red flag.
By thoroughly checking regulation status, confirming investor protection coverage, and utilizing verification tools, you'll significantly reduce your risk when choosing a broker for online forex trading in Saudi Arabia.
Comparing Broker Features and Fees
Understanding broker costs is essential for profitable forex trading in Saudi Arabia. Let's examine the features and fees that directly impact your trading results.
Trading fees vs non-trading fees
When comparing forex brokers, it's crucial to distinguish between trading and non-trading fees. Trading fees include spreads, commissions, and overnight charges, while non-trading fees cover account maintenance, deposits, and withdrawals.
Spreads for EUR/USD pairs vary considerably among top brokers, ranging from 0.59 at Interactive Brokers to 1.69 at OANDA. Most brokers offer either spread-only pricing or a combination of tighter spreads with commissions. For instance, XTB charges SAR 0.00 on their Classic Account but adds a SAR 16.86 round-turn commission on their Zero Account.
Overnight financing costs (swaps) apply when positions remain open past 5 PM New York time. These fees reflect interest rate differentials between currency pairs and can either enhance your profits or reduce them depending on position direction.
Minimum deposit requirements
Initial funding requirements vary substantially:
- SAR 0.00: Interactive Brokers, XTB, OANDA, CMC Markets
- SAR 37.46: Capital.com
- £250 (≈SAR 1,180): IG
- SAR 374.59: FxPro, FOREX.com
Lower minimum deposits make trading more accessible, yet they shouldn't be the sole factor in your decision-making process.
Withdrawal and funding options
Funding methods typically include debit/credit cards, bank transfers, and e-wallets. Processing times differ dramatically across brokers:
FOREX.com processes credit card withdrawals within 24 hours with a maximum amount of SAR 187,300, whereas OANDA takes up to three days for debit card withdrawals.
Bank wire transfers generally require 1-5 business days, with international transfers taking longer. Moreover, while most brokers don't charge withdrawal fees directly, your bank might apply additional charges—particularly for international transfers.
Some brokers follow a withdrawal hierarchy rule: funds must be returned to their original source in a specific order (typically cards first, then e-wallets, then bank transfers).
Available trading platforms
MetaTrader 4 and 5 remain industry standards, offered by most brokers serving Saudi traders. Nevertheless, many firms have developed proprietary platforms with unique features.
XTB offers its xTrade5 web platform and mobile app, combining user-friendly layouts with advanced trading tools. Similarly, IG's proprietary web platform provides high customization with integrated forex signals and research modules.
FOREX.com delivers an excellent selection of platforms for Saudi investors, including its flagship Advanced Trading desktop platform and Web Trading interface, catering to various experience levels.
Opening a Forex Trading Account in Saudi Arabia
Setting up your forex trading account in Saudi Arabia is a straightforward process that requires proper documentation and attention to detail. Once you've selected your preferred broker, you'll need to complete several steps to begin trading legally and securely.
Documents required for verification
Saudi Arabia's financial institutions follow strict Know Your Customer (KYC) requirements. The specific documents needed depend on your nationality:
- For Saudi and GCC nationals: A copy of your identification card or family card
- For non-GCC nationals: A copy of your valid residency license card (Iqama) and passport
- For all applicants: Proof of address such as a utility bill or bank statement issued within the past 6 months
Consequently, your broker will compare these document copies with originals to ensure conformity and authenticity. In fact, Saudi Arabian financial regulations require that all copies must be stamped to confirm their authenticity, alongside obtaining your signature on the photocopy of your ID.
How long the process takes
Account verification typically takes 24-48 hours after submitting your documents. Initially, this might seem lengthy, yet it's an essential security measure. Some brokers offer instant verification options, though these are less common for Saudi Arabian accounts due to stricter regulatory requirements.
The entire account opening process ranges from a few minutes to complete the application to approximately one week for full verification and activation. Subsequently, no transactions can be processed until your identity has been thoroughly examined and validated.
Tips for smooth account setup
First, ensure all personal information matches exactly across your application and verification documents. Mismatched names or addresses are the primary cause of verification delays.
Therefore, when funding your account, choose deposit levels that match what you can reasonably afford to risk without affecting your financial security. Despite the excitement to begin trading, avoid rushing through the application process, as overlooking key details can negatively impact your trading experience.
Finally, if Islamic trading is important to you, verify that your chosen broker offers Sharia-compliant accounts before completing the application. Many brokers serving Saudi Arabia provide these swap-free options to accommodate religious requirements.
Best Trading Platforms and Apps in Saudi Arabia
Choosing the right trading platform is a critical element for successful forex trading in Saudi Arabia. With numerous options available, traders need to select platforms that match their trading style and technical requirements.
MetaTrader 4 and 5
MetaTrader 4 (MT4), released in 2005, remains the most widely used platform in forex trading. Primarily designed for currency trading, MT4 offers an intuitive interface and extensive technical analysis tools. Its counterpart, MetaTrader 5, launched in 2010, expands capabilities to include stocks, bonds, options, and futures alongside forex.
Saudi traders particularly value MT4's automation capabilities through Expert Advisors (EAs) that execute trades based on predefined conditions. Plus, both platforms provide customizable indicators, risk management tools like stop-loss and take-profit orders, and mobile versions for iOS and Android devices.
Proprietary platforms like xStation and IG Web
IG's proprietary web platform stands out as the best forex trading platform in Saudi Arabia for 2025. The platform features high customization options, integrated forex trading signals, and advanced charting with over 140 technical indicators.
XTB's xStation 5 offers a balance between user-friendliness and sophisticated tools, including 47 technical indicators, 20 drawing tools, and 9 timeframes within a fully customizable layout. Undeniably, these proprietary platforms provide unique advantages over standard offerings, with features specifically designed for different experience levels.
Mobile trading apps and usability
Mobile trading has become essential for Saudi investors who need market access while on the move. IG's award-winning mobile app mirrors most desktop features, including technical analysis tools and trading signals. First-time users appreciate the intuitive interfaces that make navigating complex markets manageable even on smaller screens.
FxPro's mobile app reportedly executes 84% of client orders at requested prices or better, with an average execution speed of 12 milliseconds. Certainly, as mobile connectivity improves throughout Saudi Arabia, these platforms continue to gain popularity among traders seeking flexibility.
Conclusion
Forex trading offers Saudi investors significant opportunities, though success requires careful preparation and broker selection. Throughout this guide, we've examined the regulatory landscape, top brokers, essential verification processes, and trading platforms available to Saudi traders in 2025.
The high percentage of retail accounts losing money when trading CFDs underscores the need for proper education before risking capital. Therefore, you should prioritize learning about market dynamics and developing a solid trading strategy before committing substantial funds.
Additionally, your broker choice plays a crucial role in your trading journey. Platforms like Interactive Brokers, XTB, and IG provide unique advantages for different trading styles and experience levels. While comparing these options, remember to look beyond just the spreads and commissions – factors such as platform reliability, customer support, and educational resources equally contribute to your overall trading experience.
Safety remains paramount when engaging with online forex trading. Consequently, always verify a broker's regulatory status and investor protection schemes before opening an account. The verification process might seem tedious at first, but this essential security measure protects your investments in the long run.
The Saudi forex trading landscape continues to evolve with improved platform accessibility and mobile trading options. These advancements allow you to monitor markets and execute trades from anywhere in the Kingdom, providing unprecedented flexibility for your trading activities.
Ultimately, successful forex trading requires discipline, continuous learning, and careful risk management. Armed with the knowledge from this guide, you can now make informed decisions about your forex trading journey in Saudi Arabia, selecting appropriate brokers and platforms that align with your financial goals and trading preferences.
Key Takeaways
Here are the essential insights for forex trading success in Saudi Arabia:
• Verify broker regulation first - Always check that your chosen broker is regulated by tier-1 authorities like FCA or ASIC to protect your capital from fraud.
• Compare total costs, not just spreads - Look beyond EUR/USD spreads (0.59-1.69 range) to include overnight fees, commissions, and withdrawal charges for true cost assessment.
• Start with proper documentation - Prepare your Iqama/passport, proof of address, and authentic stamped copies to complete the 24-48 hour verification process smoothly.
• Choose platforms matching your experience - MetaTrader 4/5 suits automated trading, while proprietary platforms like IG Web offer advanced customization for active traders.
• Prioritize education over quick profits - With 51-89% of retail accounts losing money on CFDs, invest time in learning market dynamics before risking significant capital.
Remember that forex trading in Saudi Arabia is legal when conducted through properly regulated brokers. The combination of strong regulatory oversight from the Capital Market Authority and access to world-class international brokers creates a secure environment for Saudi traders who approach the market with proper preparation and realistic expectations.
FAQs
Q1. Is forex trading legal in Saudi Arabia? Yes, forex trading is legal in Saudi Arabia when conducted through properly regulated brokers. The Capital Market Authority (CMA) oversees the financial markets, and international brokers can accept Saudi traders if they have approval from the Kingdom's financial authorities.
Q2. What are the top forex brokers for Saudi traders in 2025? Some of the top forex brokers for Saudi traders in 2025 include Interactive Brokers, XTB, Capital.com, IG, and OANDA. These brokers offer a range of features, competitive pricing, and access to global markets, catering to different trading styles and experience levels.
Q3. How long does it take to open a forex trading account in Saudi Arabia? The account opening process typically takes between a few minutes to complete the application and up to one week for full verification and activation. Document verification usually takes 24-48 hours after submission, though some brokers may offer faster options.
Q4. What documents are required to open a forex trading account in Saudi Arabia? For Saudi and GCC nationals, a copy of your identification card or family card is required. Non-GCC nationals need to provide a copy of their valid residency license card (Iqama) and passport. All applicants must submit proof of address, such as a recent utility bill or bank statement.
Q5. What is the best time to trade forex in Saudi Arabia? The most active trading period for forex in Saudi Arabia is during the overlap between the London and New York sessions, which occurs from 4:00 PM to 8:00 PM Arabia Standard Time (AST). This period typically offers the highest liquidity and potential trading opportunities.