Best Forex Brokers in Qatar 2021

logomark Filippo Ucchino calendar Last Updated: November 2021 timer 12 min read
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At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories. A final rating is produced for each forex broker based on a total of 187 data points. Learn more about our review process and methodology.

So, you are trading forex in Qatar and looking for the top broker to fit your needs.

This is the perfect place to start. Not only will we introduce you to all of the top trading brokers, but we will also outline some of the other most important considerations when trading forex in Qatar.

Here we will cover everything in detail from the legal status of forex trading to some key steps in getting started, and of course, all the important information on the very best forex brokers in Qatar.

Let’s take a closer look.

Before getting right into the best forex brokers in Qatar, here is a closer look around if forex trading is legal there, and how you can get started.

Table of contents

Is Forex Trading legal in Qatar?

Forex trading is legal in Qatar. Even though it is not directly regulated there, Qatari traders can register with any broker as long as both parties are respecting the local laws.

An example of this would be that brokers must offer some type of Islamic account and trading in cryptocurrencies, along with spread betting is not allowed.

How to trade forex in Qatar

The procedure with starting to trade with a broker in Qatar is very much the same as it is in other countries though it may vary slightly from place to place. Typically, you will choose your broker, follow the sign-up process by entering some personal information, and require the following to verify your account.

A form of ID, likely a passport being the best choice, to confirm your identity. Along with this, you will need a proof of address document like a utility bill or bank statement dated recently. These will enable you to pass the broker verification process where you will be then asked to fund your account and request an Islamic trading account from the broker.

Top 10 Best Forex Brokers in Qatar

Here are the top 10 best forex brokers in Qatar we have found for your consideration:

Visit Broker
73.57% of retail investor accounts lose money

1. XM

XM is the first to feature as one of the best forex brokers in Qatar. They are a globally recognized broker with an excellent reputation around the world, including with traders in Qatar. One of the primary reasons they are so popular here is the fact they offer what many consider the best Islamic account in the industry. This account is fully compliant with local laws.

What you will find when trading with an XM Islamic account is that there are no additional fees or wider spread attached at all. The broker also has full Arabic language support. They offer not only a single account type but a wide variety with minimum deposits starting as low as $5 making it easy to get started.

At XM you will have a great range of more than 300 assets in total available to trade in. Included in this selection are more than 50 forex pairs including major, minor, and exotic FX currency pairs. The trading costs remain competitively very low too. You will find a low-fee trading environment and spreads that start from rock bottom at 0 pips.

77
Rated: Excellent
Security 94
Cost 74
Trading 65
Education 68

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, ASIC, CYSEC Minimum Deposit: 5
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71.64% of retail investor accounts lose money

2. HotForex

Another of the top 10 best forex brokers in Qatar, HotForex is a very popular choice in the whole MENA area with full Arabic language support and excellent standing in the industry with top-tier regulation in place and a very transparent operation.

They make it very easy to get started in trading particularly if you are a beginner or new forex trader. The Hot Forex minimum deposit is extremely accessible at only $5 and you will have access to trade a very full range of forex currencies. A total of 45 forex pairs are available within a wide range of 120 tradable assets in total.

The broker also does an excellent job at keeping costs as low as possible. This is reflected not only in the great value they offer with a spread that starts from 0 pips depending on the assets traded but also in non-trading fees that remain low. Hot Forex also supports the USD as a base currency if you wish to trade in it.

81
Rated: Excellent
Security 94
Cost 86
Trading 69
Education 70

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web Regulations: MIFID-ESMA, CYSEC, Offshore, FSC (Mauritius) Minimum Deposit: 5
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75.54% of retail investor accounts lose money

3. FxPro

FXPro is a broker founded in the UK that has expanded to become a worldwide operation and one of the longest standing in the entire industry. This highly experienced broker is extremely well-regarded and they have collected more than 70 awards making them one of the most decorated in the sector.

They offer an excellent range of services and include Arabic language support if you require it. As with other brokers on our list, they make trading very accessible with a low minimum deposit that starts from just $100. With this, you will have the ability to trade not only through MetaTrader platforms, but also cTrader, ideal if you are interested in scalping.

FXPro also provides an excellent swap-free account that you can avail of. This account meets all the requirements of being an Islamic account and can be perfect for all types of traders. The broker also manages to keep trading costs as low as possible and the spread here can start from 0 pip depending on the asset.

80
Rated: Excellent
Security 95
Cost 58
Trading 76
Education 83

Platforms: cTrader desktop, cTrader web, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: FCA, MIFID-ESMA, FSCA, CYSEC, Offshore Minimum Deposit: 100
Visit Broker
76% of retail CFD accounts lose money

4. IG Markets

IG Markets are well-known as one of the biggest brokers in the world who, although based in the UK, provide trading services around the world. In fact, they have offices in a total of 15 countries including one in Dubai. They are a very good choice for trading forex in Qatar and provide extensive Arabic language support if needed.

They manage to offer a really massive range of tradable assets at IG Markets. In total, you will find as many as 17,000 assets you can trade and all with a very competitive starting spread. You can expect this spread to start from as low as 0.6 pips depending on the assets you are trading.

Importantly, an excellent IG Markets swap-free account is also available for you to trade with that is in full compliance with local regulations around Islamic trading accounts. The minimum deposit you will need to start trading here is $300.

90
Rated: Excellent
Security 98
Cost 62
Trading 100
Education 84

Platforms: Proprietary Web Platform, MAC Platforms Regulations: FSA, MAS, FINMA, FCA, CFTC, MIFID-ESMA, ASIC, FMA, FSCA, DFSA Minimum Deposit: 300
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74-89% of retail CFD accounts lose money

5. ADSS

ADS Securities is next to feature among our choices for the best forex broker in Qatar. They were founded and remain based close by in Dubai and offer a full service to traders both locally and globally. This means not only trading services but also further investment services if you should need them.

Being Dubai-based they can offer several advantages including full Arabic language support, and a detailed understanding of the needs of traders in the region. This can be very helpful no matter if you are just starting to trade for the first time, or if you are an experienced trader.

You will find several different account types available here with a minimum deposit starting out at $100 and good value on spreads that can start as low as 0.1 pips on more than 800 assets in total, 50 of which are forex pairs.

79
Rated: Excellent
Security 93
Cost 75
Trading 73
Education 62

Platforms: Proprietary Web Platform Regulations: FCA, SFC, DFSA Minimum Deposit: 100
Visit Broker
68% of retail investor accounts lose money

6. eToro

eToro is one of the best-known broker names around the world, and a global leader when it comes to social and copy trading. The European broker has led the field in this area for some time, though they have plenty more to offer to traders around the world including in Qatar.

Besides their excellent copy trading service and social trading environment that plays host to countless unique and innovative features, the company also provides a good selection of markets for you to trade no matter where you are based. This includes good depth in forex trading through their very user-friendly trading platform.

You will also find the trading costs agreeable with eToro. This applies to both non-trading fees and trading costs with a spread that can start from only 1 pip. They do offer a swap-free account also. This is important for trading in Qatar and it requires a $1,000 minimum deposit to get started.

78
Rated: Excellent
Security 94
Cost 71
Trading 69
Education 63

Platforms: Proprietary Web Platform Regulations: FCA, CFTC, MIFID-ESMA, ASIC, CYSEC Minimum Deposit: 200
Visit Broker
79% of retail investor accounts lose money

7. AvaTrade

AvaTrade is another top broker available for forex trading in Qatar with a very solid background and reputation. They were founded in Ireland but now offer trading services all around the world including in Qatar. They are well-regulated, have Arabic language support available, and many account types to choose from.

Of these account types, they also provide a well-reputed swap-free account where you will find around 200 assets available for trading and a minimum deposit that makes the broker very accessible to all. This minimum deposit starts from only $100.

AvaTrade offers a great range of trading features including some of their own proprietary trading platforms and is one of the few top brokers that offer fixed spreads only. These start from 0.9 pip if you are a retail trader, and drop to a starting point of 0.6 pips if you are a professional trader.

82
Rated: Excellent
Security 94
Cost 78
Trading 75
Education 72

Platforms: Mirror Trader, ZuluTrade, MT4 Web, MT5 Web, Proprietary Web Platform, MAC Platforms Regulations: FSA, MIFID-ESMA, ASIC, IIROC, FSCA, Offshore, FSC (British) Minimum Deposit: 100
Visit Broker
74-89% of retail CFD accounts lose money

8. IC Markets

Next in our selection of the top 10 best forex brokers in Qatar is the Australia-based major broker, IC Markets. They are very well-respected in the industry and one of the main ECN brokers around, offering great spreads and lightning-fast execution speeds.

As a trader in Qatar you will be glad to find that IC Markets has full Arabic language support available should you need it, and they provide a great environment for new traders too with no minimum deposit requirement. With that said, they do recommend depositing at least $100.

Alongside the fast execution speeds making them a really efficient choice, they are perfect if you are interested in a top broker for scalping. This is especially true when you consider the low-fee environment and excellent spread that can start from 0 pips. This combination also makes them a popular day trading broker if you are interested in that.

92
Rated: Excellent
Security 93
Cost 91
Trading 100
Education 66

Platforms: cTrader desktop, cTrader web, Mirror Trader, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web Regulations: ASIC, CYSEC, Offshore Minimum Deposit: 0
Visit Broker
74-89% of retail CFD accounts lose money

9. OctaFX

OctaFX is another excellent ECN broker that makes our listing as one of the best choices for traders in Qatar. They have a growing reputation in the industry and are known to offer one of the very best swap-free accounts in the business.

As an ECN broker, you can expect some of the fastest execution speeds around as well as excellent value when it comes to both spreads and non-trading fees. With the spreads, these start out from as low as 0 pips on the assets that are available, though these do number just around 40 in total.

While OctaFX offers support through a great swap-free account, they do not provide Arabic language support which can be a drawback if you require it. The broker though does make it very easy and accessible in getting started with a minimum deposit of just $100.

79
Rated: Excellent
Security 94
Cost 79
Trading 69
Education 59

Platforms: cTrader desktop, cTrader web, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, CYSEC Minimum Deposit: 5
Visit Broker
73.50% of retail investor accounts lose money

10. Oanda

The final name on our list of the best forex brokers in Qatar is Oanda. Again their reputation precedes them as a top-quality and extremely well-regulated broker. They have regulation in place from no less than 6 top-tier regulatory bodies and accept traders from Qatar despite not being regulated there.

They are well-known as a popular top-choice among new traders thanks to a couple of key features. These are firstly, they have no minimum deposit requirement in place, while secondly they also allow for small minimum trade sizes from just $0.01.

Though they do not present a very wide choice in terms of forex pairs at Oanda, you will find that they are supported with a very good value infrastructure in terms of trading costs, fees, and the spread. This starts from just around 1 pip on major assets and is considered to be around the average for the industry on most assets.

80
Rated: Excellent
Security 94
Cost 70
Trading 71
Education 80

Platforms: MT4 Dekstop, MT5 Desktop, MT5 Web, Proprietary Desktop Platform, Proprietary Web Platform, MAC Platforms Regulations: FSA, MAS, FCA, CFTC, MIFID-ESMA, ASIC, IIROC Minimum Deposit: 0

Qatari trader? Here’s what to look for in a forex broker

As with trading in any country, there are a few things to look out for in a forex broker as a Qatari trader. Not least is the fact that spread betting is banned as it is considered Haram under Islamic Law. Aside from that, here are three of the other most helpful tips:

1. Always look for regulated brokers

Trading with a regulated broker is a must. Always look out for one with solid regulation from the EU, UK, or Australia in place. Brokers regulated by the neighboring DFSA in Dubai are also an excellent and trusted choice.

2. Choose the best swap-free account

Trading with a broker, you will often be trading in CFDs or perhaps with other leveraged assets. Typically, you would pay or receive a swap, or overnight fee if the positions were held open overnight. This is a form of interest and not permitted under Islamic law.

Instead, look for the best swap-free, also known as Islamic accounts. These will remove the overnight fees and sometimes replace them with a fixed fee instead but will be fully compliant with the law.

If you want to know more about islamic accounts and Islamic trading you should check out our Best Forex Brokers with Swap Free Accounts selection.

3. Choose a broker with a demo account if you are a beginner

Trading forex, just like any other asset, carries a degree of risk. It is important then, particularly if you are new to trading, that you test out the broker through a demo account. These are totally risk-free, replicate a real trading environment for you to learn in, and are offered by almost all brokers with no obligation.

How to verify if a forex broker is regulated in Qatar

Since there are no locally regulated brokers, you will have to double-check your brokers regulatory status on one of the official websites belonging to the regulator they are operating under.

For Dubai-regulated brokers you can check the DFSA official website for information while you can have a look at the ESMA (EU) firms register, select the country the broker is registered in, and check if it is really registered in that country if they are regulated under ESMA.

For UK-regulated brokers there is the FCA official website and the ASIC official website is where you can find more on your Australian-regulated brokers.

Is forex trading taxable in Qatar?

Forex trading in Qatar you should be aware that they do have a Capital Gains Tax in operation. You may be liable for this tax on profits made while trading. The CGT rate is 10%.

We are not tax advisors, contact Qatari authorities if you don’t know how to manage this aspect of your trading or you have any tax-related questions.


About the Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

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