Whether you are looking to choose your first forex trading company in Pakistan, or you are a seasoned professional in the industry, you can always do with some tips and guidance.

This is exactly what we will provide in this listing of the best forex brokers in Pakistan.

Here we will feature 10 of the top forex brokers alongside some very useful information around legality, Islamic trading, and tax on forex trading in the country.

Is Forex Trading legal in Pakistan?

As a forex trader you will be glad to note that forex trading in Pakistan is legal. Trading in Pakistan is regulated by the SECP (Securities and Exchange Commission of Pakistan).

The only major rule or restriction thats forex traders in Pakistan must abide by when trading with a broker is that the currencies they trade should be well regulated within their own countries by some kind of national authority. This means that major currencies such as EUR, USD, CNY, AUD, and others are allowed to be traded without issue.

Commodities trading is also permitted within Pakistan from certain SECP compliant brokers. Cryptocurrency trading however is not legal and therefore not catered for within Pakistan.

How to trade forex in Pakistan

The SECP of Pakistan allows for international forex brokers to offer services in the country. This means that is you are a Pakistan based forex trader, you can open an account with one of these top forex brokers if they are available in Pakistan and from there you simply have to follow the brokers own regulation to start trading forex.

The steps here are simple and mean that you just need the relevant documents to complete ID and address verification before funding your account.

Top 10 Best Forex Brokers in Pakistan

Here are some of our best selections to help you choose the best forex broker in Pakistan that can meet your trading needs.

1. XM

First on our list of top forex brokers in Pakistan is XM. They are well-regulated by a host of top bodies including the IFSC, CySEC, and ASIC and the broker are well known for offering a top Islamic trading account. Customer support in Urdu is also available though not as a language on the platform.

Here you will find 4 account types. Micro, Standard, Ultra Low, and Shares accounts. The micro and standard account deposits both start from a $5 minimum, the ultra low has a $50 minimum deposit, and the shares account is $10,000 with both fully functional demo accounts and Islamic accounts available where needed.

Deposits can be made through wire transfers, credit cards, and eWallets and are fee-free in most cases with PKR deposits through local bank transfer facilitated. Trading is available in USD, EUR, and GBP base currencies with more available and spreads start from a great 0 pips through the MT4 and MT5 trading platforms.

An XM no deposit bonus of $30 is available as well as 50% and 20% deposit bonuses and a comprehensive loyalty program with a number of rewarding trading contests too.

  • Regulations: ASIC, CySEC, FCA
  • Minimum deposit: $5
  • Platforms: MT4, MT5
  • InvestinGoal rank: 4/5


69.75% of retail CFD accounts lose money

2. OctaFX

OctaFX is the next top Pakistan broker on our list. They are again regulated by the FCA and CySEC, two of the best known bodies. They also have a top swap-free account offering as well as Urdu language availability.

Once set up, you will find a Micro account, an ECN account, and a Pro account available here through MT4, cTrader, and MT5 respectively. There is a standard $100 minimum deposit that rises to $500 for a Pro account with a full demo account available to try, and Islamic accounts available upon request.

Accounts can be funded through eWallets, Visa, and PKR through local bank transfer with most deposits being free of any fees. USD, EUR, and GBP are all available as base currencies and trading can start from 0 pips spread across all platforms.

OctaFX also offers an excellent 50% deposit bonus on each deposit made.

  • Regulations: FCA
  • Minimum deposit: $5
  • Platforms: MT4, MT5, cTrader
  • InvestinGoal rank: 4/5


74-89% of retail CFD accounts lose money

3. FBS

A globally recognized name and another top Pakistan forex broker is FBS. They are regulated by both CySEC and the IFSC of Belize and are well-recognized as a top broker for new traders. They also have Urdu language facilities available.

Here you will find 4 main account types in the form of the Cent, Standard, and ECN accounts. Minimum deposits for these start at $1 for a cent account, $100 for a standard, and $1,000 for an ECN account minimum deposit. A fixed zero spread account is also available for $500 with demo and Islamic accounts both catered for throughout.

Account funding can be completed through wire transfer, credit cards, or eWallets and the majority of methods are fee-free. PKR deposits are accepted through local bank transfer and exchanges. Base currencies in the form of the USD, EUR, GBP, and more are available with trading taking place on MT4, MT5, or Webtrader with a proprietary copy trading platform available.

Spreads can start from 0 pips though generally from 0.5 pips is the starting point and a 100% deposit bonus, rebates, and more are offered to entice you as a forex trader.

  • Regulations: IFSC, CySEC
  • Minimum deposit: $1
  • Platforms: MT4, MT5
  • InvestinGoal rank: 3.9/5


74-89% of retail CFD accounts lose money

4. HotForex

HotForex is next on our listing of top Pakistan brokers and they are comprehensively regulated by the FCA, CySEC, FSCA, DFSA, and FSA and are further recognized are one of the top brokers in this region with Urdu language support available.

There are numerous account types available in the form of Micro, Premium, or Zero Spread accounts, while both and auto trading and copy trading account are also up for selection. The minimum deposit starts from $5 for a Micro account with a Premium account available for $100 and both a Zero Spread and Auto account type at $200. Copytrading through HFCopy will cost you a minimum deposit of $100 to copy others, or $300 to be copied. Both full demo and Islamic accounts are also available.

You can fund your account through wire transfer, credit cards, or eWallets and again the majority are fee-free with PKR deposits available through local exchangers. Base currencies to choose from include USD, EUR, and GBP with 0 pips spread trading available on both MT4 and MT5 platforms. There are also cash rebates, trading contests, and up to a 100% credit bonus available to HotForex traders.

  • Regulations: CySEC, FSC, FSB
  • Minimum deposit: $50
  • Platforms: MT4
  • InvestinGoal rank: 3.9/5


72.21% of retail CFD accounts lose money

5. CMC Markets

Rounding off the top 5 of our best Pakistan forex brokers is CMC Markets. They are again respectably regulated by ASIC, FCA, and MAS of Singapore and offer a huge trading catalogue of more than 9500 assets including 26 forex currency pairs.

Here you can choose from a standard or corporate account with a fully functioning demo account available to try out first and an Islamic account available where needed. CMC does not impose any minimum deposit.

Speaking of deposits, these can be made through wire transfer, or credit/debit cards free of charge in most instances. PKR deposits can be made through local bank transfers, and EUR, USD, and GBP are all available base currencies.

Spreads here start from 0.3 pips on major forex pairs and all trading takes place on the respected MT4 trading platform. While there are no bonuses on offer, a rebate program with refunds of up to $10 per lot traded is available.

  • Regulations: FCA
  • Minimum deposit: $200
  • Platforms: CMC Platform, MT4
  • InvestinGoal rank: 3.8/5


80% of retail CFD accounts lose money

6. AvaTrade

Avatrade are the next top broker to feature and are again comprehensively regulated globally by the Central Bank of Ireland, ASIC, FFAJ, and the FSCA. They are one of the few top brokers offering only fixed spread. Unfortunately Urdu support is not available here.

As a forex trader you will find a retail account and both and options and spread betting account to choose from. The AvaTrade minimum deposit on these starts from $100 and both an Islamic account and a fully loaded demo account are available with ease.

You can fund your account through wire transfers, credit cards, and eWallet methods with most being fee-free although PKR deposits are not yet supported so depositing in one of the USD, EUR, or GBP base currencies may be best.

Trading is carried out through MT4, MT5, and Webtrader with the fixed spreads beginning at 1.3 pips. A welcome bonus of 20% is also available for minimum deposits of 1000 USD/EUR/GBP/AUD or more and this is in place until January 31st 2020 but may be extended.

  • Regulations: SCB, FCA, FSB, CySEC, DFSA
  • Minimum deposit: $500
  • Platforms: MT4, MT5, cTrader
  • InvestinGoal rank: 4.5/5


71% of retail CFD accounts lose money

7. FxPro

The next top global forex broker to feature is FXPro. Again they are well-regulated by the FCA, CySEC, FSCA, DFSA, and SCB and are a heavily decorated broker with more than 60 awards around the world although Urdu language support in not available.

What is available is 3 account types to choose from each with a minimum deposit of $200 and a fully operational demo account that is easy to open. Of course Islamic trading is also catered for well. Although there are no PKR deposit options, you can fund your account through wire transfer, credit cards, or eWallets in the most part for free and in the form of one of the USD, EUR, or GBP base currencies.

Trading takes place through MT4, MT5, or cTrader platforms of your choice and while no bonus is available, the spread does start from a good value 0 pips.

  • Regulations: SCB, FCA, FSB, CySEC, DFSA
  • Minimum deposit: $500
  • Platforms: MT4, MT5, cTrader
  • IG rank: 4.5/5


79% of retail CFD accounts lose money

8. FXTM

FXTM is another globally recognized top Pakistan broker to feature. They are overseen by CySEC, FCA, FSCA, and the FSC with Urdu language support available and 6 account types to choose from.

With these account types, 3 are standard types, and 3 are ECN types so you have a wealth of choice. Cent and shares accounts are also available as well as an extensive demo account to try and Islamic trading accounts where requested. The minimum deposits here are $10 for a cent account, $100 for standard or shares accounts, and $500 for an ECN account type.

Deposits can be made through credit cards or eWallet methods and you will find the majority to be fee free. PKR deposits are available through local bank transfers and USD, EUR, and GBP base currencies are all available.

Spread here can start from 0 pips with an ECN account type, or 1.3 pips on standard accounts trading through MT4 or MT5. While there is no direct bonus available, a loyalty program is in place.

  • Regulations: CySEC, FCA, IFSC
  • Minimum deposit: $5
  • Platforms: MT4, MT5
  • InvestinGoal rank: 3.9/5


90% of retail CFD accounts lose money

9. Pepperstone

Pepperstone is the next top global and Pakistan available forex broker that we will feature. Again they are very well regulated by the FCA and ASIC and are globally recognized ad a top ECN broker. Urdu language support is not available.

Here you will find 2 swap-free account choices in the form of both the standard and ECN razor accounts. Both of these are available with a minimum deposit of $200 and a full demo account is available and free to open.

Deposits can be made through credit cards and eWallets with most free of any fees. No PKR deposits are catered for though EUR, USD, and GBP base currencies are available. Trading spreads start from 0 pips through MT4, MT5, and cTrader platforms and while there is no bonus in place, and active trader program with rebates is available.

  • Regulations: ASIC, FCA
  • Minimum deposit: $200
  • Platforms: MT4, MT5, cTrader,cAlgo
  • InvestinGoal rank: 4.8/5


73.6% of retail CFD accounts lose money

10. eToro

Last but not least on our listing of top Pakistan forex brokers is the globally known eToro. They are regulated around the world by CySEC, the FCA, and ASIC and are naturally a top choice for social trading.

Here you can open a standard Islamic account with a minimum deposit of $1000 and one account type is broadly available as is a full demo account to try out first. Accounts can be funded through wire transfer, credit cards, and eWallets with most being fee-free. No PKR deposits are facilitated nor are any bonuses and so you should deposit in the available eToro base currency of USD to trade through the eToro proprietary and user-friendly trading platform where spreads start from 2-3 pips.

  • Regulations: CySec, FCA, ASIC
  • Minimum deposit: $200
  • Platforms: Proprietary
  • InvestinGoal rank: 4.5/5

75% of retail CFD accounts lose money

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

With Pakistan forex trading due to the fact that the market is open to all international brokers offering service in the country, you may find a variety of offers and broker conditions on your search.

Here are a few tips that can help you stay safe and choose the best forex broker in Pakistan.

1. Look for trusted brokers in order to avoid fraudulent firms:

Since the SECP does not regulate the forex market in Pakistan, this means you will be choosing an international broker. The most important thing here is recognized regulation.

This means you should try to select a broker regulated by one of the top-tier bodies such as CySEC, the FCA in the UK or ASIC. These are a few of the top names to look out for when it comes to trusted forex regulatory bodies as well as brokers that are ESMA compliant.

2. Choose the best broker for Halal trading

If you are an Islamic trader, you also need to ensure you choose a broker that offers good conditions for Halal Trading. Swap-free accounts do not charge any overnight fees and so are generally considered to be OK for Islamic trading.

If you want to know more about islamic accounts you can check out this our guide to the best Islamic forex brokers.

3. Choose a broker with low fees

Due to the fact that none of the brokers offer PKR as a base currency, you will inevitably have to pay conversion charges on deposits and withdrawals. In that case then, you will need a broker that keeps these fees as low as possible to minimize your own costs.

How to verify if a forex broker is regulated in Pakistan

Since the SECP does not directly regulate the forex market in Pakistan, you will be dealing with some of the top international forex brokers regulated around the world.

These regulations and your specific broker status can be checked through the following links depending on who the regulator is.

When checking the ESMA regulatory status, you will need to know the European country of registration for your broker, but nevertheless, all European registered brokers with CySEC are typically compliant with ESMA regulations.

Is forex trading taxable in Pakistan?

The simple answer here is yes, forex trading is taxable in Pakistan.

The Capital Gains Tax that you will have to pay depends on how long the position has been open and the following rates apply:

  • 0-1 year: 10%
  • 2 years: 7.5%
  • 3 years or more: 5%

In comparison with some other countries, this Capital gains tax of Pakistan is in fact quite reasonable.

[Disclaimer: we are not accountants, we have done internet research. If you don’t know how to handle this matter, we strongly suggest you contacting Pakistani authorities before proceeding]