InvestinGoal Top Picks
  • 1.
    Rated: High
    80
    Visit XM
    72,82% of retail investor accounts lose money
  • 2.
    Rated: High
    79
    Visit OctaFX
    74-89% of retail CFD accounts lose money
  • 3.
    Rated: High
    79
    Visit FBS
    74-89% of retail CFD accounts lose money
  • 4.
    Rated: High
    82
    Visit HFM
    70.51% of retail investor accounts lose money
  • 5.
    Rated: High
    80
    Visit CMC Markets
    78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.
  • 6.
    Rated: High
    92
    Visit AvaTrade
    76% of retail investor accounts lose money
  • 7.
    Rated: High
    80
    Visit FxPro
    72.87% of retail investor accounts lose money
  • 8.
    Rated: High
    80
    Visit FXTM
    81% of retail investor accounts lose money
  • 9.
    Rated: High
    91
    Visit Pepperstone
    74-89% of retail investor accounts lose money when trading CFDs

The best Forex brokers in Pakistan are XM, OctaFX, FBS, and HF Markets.

To choose the best Forex broker to trade in Pakistan, a correct registration with the Securities and Exchange Commission of Pakistan (SECP), trading costs (spreads and commissions), platform and tools, execution speed, and customer support are the most important criteria.

XM is the best Forex broker overall in Pakistan, it accepts Pakistani traders through XM Global Limited under FSC regulation, with spreads (0.1 pips on EUR/USD), fast execution (less than 1 second approximately), comprehensive platforms (MT4, MT5), and active customer support (24/5 availability).

OctaFX, FBS, and HF Markets follow XM as the best Forex brokers in Pakistan, provide swap-free accounts, with platform and tools (MT4, MT5, cTrader and Proprietary Platform), and customer support (24/5 availability via phone, email, and chat). OctaFX offers trading costs with spreads from 0.5 pips on EUR/USD with a high execution speed. FBS offers trading costs with spreads from 0.7 pips on EUR/USD with an execution speed of 30 ms approximately. HF Markets offers trading costs with spreads of 0.3 pips on EUR/USD with high execution speed.

What are the best forex brokers in Pakistan?

Below is our curated list of the best forex brokers for traders living in Pakistan, with details and information about the country laws, the features, and the characteristics.

Warning

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.

1. XM
best forex broker in Pakistan overall

XM facilitates PKR deposits in Pakistan through local bank transfers. XM offers Urdu customer support and provides Islamic trading accounts for Pakistani traders. XM provides a no deposit bonus and deposit bonuses to traders in Pakistan.

80
InvestinGoal Rating
  • Regulations:
    MIFID-ESMA, ASIC, CYSEC, Offshore
  • Avg. EUR/USD Spread:
    0.1 pips
  • Platforms:
    MT4, MT5, MAC Platforms
Minimum Deposit: $5
Demo account available
Visit XM
72,82% of retail investor accounts lose money
About XM

XM is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. XM provides MetaTrader 4, MetaTrader 5, and proprietary platforms. XM is regulated by multiple authorities including CySEC, ASIC, and IFSC. XM is known for competitive spreads, extensive educational resources, and multilingual customer support. XM serves over 5 million clients from 196 countries. XM offers various account types and a no-requote policy.

XM Features

The features of XM are listed below.

  • XM is regulated worldwide and Pakistani traders can register an account with the global branch regulated by FSC.
  • PKR deposits are facilitated in Pakistan with XM through local bank transfer though you may be charged a conversion fee.
  • Customer support in Urdu is also available with XM though not as a language on the platform.
  • XM is well known for offering a top Islamic trading account for Pakistan-based traders.
  • XM offers trading in more than 55 forex pairs with spreads in Pakistan starting from a great 0 pips.
  • Traders in Pakistan are eligible for an XM no deposit bonus of $30 as well as 50% and 20% deposit bonuses.
XM Pros and Cons

Advantages of XM

The advantages of XM are listed below.

  • There’s a wide range of account types
  • The demo account at XM is unlimited
  • Wide range of educational resources

Disadvantages of XM

The disadvantages of XM are listed below.

  • No social trading features available
  • The account availability changes depending on the location of the trader
  • High minimum deposit to invest in securities ($10000 for the XM Shares account)

2. OctaFX
best for low costs

OctaFX allows Pakistani traders to open accounts with PKR through local bank transfers. OctaFX provides swap-free accounts and Urdu language support. OctaFX offers a deposit bonus for each deposit made by Pakistani traders.

79
InvestinGoal Rating
  • Regulations:
    MIFID-ESMA, CYSEC
  • Avg. EUR/USD Spread:
    0.5 pips
  • Platforms:
    cTrader, MT4, MT5, MAC Platforms
Minimum Deposit: $5
Unlimited demo account available
Visit OctaFX
74-89% of retail CFD accounts lose money
About OctaFX

Octa, formerly known as OctaFX, is a global forex and CFD broker founded in 2011. Octa offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader 4, MetaTrader 5, and proprietary platforms. Octa is regulated by multiple authorities including CySEC. Octa is known for competitive spreads, extensive educational resources, and copy trading services. Octa serves clients in over 100 countries worldwide.

OctaFX Features

The features of OctaFX are listed below.

  • Pakistani traders can open an OctaFX account through the global branch regulated in Saint Vincent and the Grenadines.
  • OctaFX accounts can be opened with a $25 minimum deposit using PKR through local bank transfer in Pakistan with most deposits being free of any fees.
  • If you are in Pakistan, you can also avail of a top OctaFX swap-free account offering as well as Urdu language availability.
  • Trading can start from 0.2 pips spread on over 35 forex pairs across all OctaFX platforms.
  • OctaFX also offers Pakistani traders an excellent 50% deposit bonus on each deposit.
OctaFX Pros and Cons

Advantages of OctaFX

The advantages of OctaFX are listed below.

  • Low Trading Costs
  • Robust Educational Resources
  • Multiple Trading Platforms

Disadvantages of OctaFX

The disadvantages of OctaFX are listed below.

  • Limited Asset Range
  • No VIP Discounts
  • Restrictions on High-Frequency Trading

3. FBS
best for overall trading experience

FBS provides Urdu language support for Pakistan-based traders. FBS accepts PKR deposits through local bank transfers. FBS offers Islamic trading accounts to traders in Pakistan.

79
InvestinGoal Rating
  • Regulations:
    MIFID-ESMA, ASIC, CYSEC, IFSC (Belize)
  • Avg. EUR/USD Spread:
    0.7 pips
  • Platforms:
    MT4, MT5, MAC Platforms
Minimum Deposit: $5
Demo account available
Visit FBS
74-89% of retail CFD accounts lose money
About FBS

FBS is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. FBS provides MetaTrader 4, MetaTrader 5, and proprietary platforms. FBS is regulated by multiple authorities including CySEC, ASIC, and IFSC. FBS serves over 27 million clients in 150+ countries. FBS is known for low minimum deposits, extensive educational resources, and copy trading services.

FBS Features

The features of FBS are listed below.

  • FBS is regulated by both CySEC and the FSC of Belize and is well-recognized as a top broker for new traders in Pakistan.
  • FBS also has Urdu language facilities available for Pakistan-based traders.
  • Minimum deposits for FBS trading accounts in Pakistan start at $1.
  • 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 transfers and exchanges.
  • Spreads with FBS can start from 0.7 pips on over 72 forex pairs available in Pakistan.
FBS Pros and Cons

Advantages of FBS

The advantages of FBS are listed below.

  • Low minimum deposit
  • User-Friendly Platforms
  • 90 international awards

Disadvantages of FBS

The disadvantages of FBS are listed below.

  • Limited Financial Instruments

4. HFM
best for trading features

HFM supports Urdu language for Pakistani traders. HFM accepts PKR deposits through local exchanges. HFM offers Islamic accounts and cash rebates among other benefits for traders in Pakistan.

82
InvestinGoal Rating
  • Regulations:
    MIFID-ESMA, CYSEC, FSA (Seychelles)
  • Avg. EUR/USD Spread:
    0.3 pips
  • Platforms:
    MT4, MT5
Minimum Deposit: $0
Demo account available
Visit HFM
70.51% of retail investor accounts lose money
About HFM

HFM, formerly known as HotForex, is a global multi-asset broker founded in 2010. HFM offers trading on forex, stocks, commodities, indices, and cryptocurrencies through MetaTrader and proprietary platforms. HFM is regulated by multiple authorities including FCA, CySEC, and FSCA. HFM is known for competitive spreads, fast execution, and extensive educational resources. HFM serves over 3.5 million clients worldwide. The HF Markets Group CEO is George Koumantaris.

HFM Features

The features of HFM are listed below.

  • HFM is comprehensively regulated by five global bodies and further recognized as one of the top brokers in the Pakistan region with Urdu language support available.
  • The minimum deposit to open a HFM account in Pakistan starts from $0.
  • You can fund your HF account through wire transfer, credit cards, or eWallets and again the majority are fee-free with PKR deposits available through local exchangers in Pakistan.
  • Trading with HFM you will have access to more than 45 forex pairs with 0 pips spread as a starting point.
  • HFM Islamic accounts are also available on request for Pakistani traders.
  • There are also cash rebates, trading contests, and up to a 100% credit bonus available to HFM traders in Pakistan.
HFM Pros and Cons

Advantages of HFM

The advantages of HFM are listed below.

  • High Leverage Options
  • Low Minimum Deposit
  • Wide Range of Trading Instruments

Disadvantages of HFM

The disadvantages of HFM are listed below.

  • Higher Trading Costs
  • Limited Educational Resources

5. CMC Markets
best for CFD stock trading

CMC Markets accepts traders from Pakistan without a minimum deposit requirement. CMC Markets enables PKR deposits via local bank transfers. CMC Markets offers Islamic accounts and a rebate program for Pakistani traders.

80
InvestinGoal Rating
  • Regulations:
    MAS, FCA, MIFID-ESMA, ASIC, CIRO, FMA, CBRC
  • Avg. EUR/USD Spread:
    0.7 pips
  • Platforms:
    Proprietary Platform
Minimum Deposit: $0
Unlimited demo account available
Visit CMC Markets
78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.
About CMC Markets

CMC Markets is a global online financial trading company founded in 1989 and headquartered in London. CMC Markets offers trading on forex, indices, commodities, cryptocurrencies, and shares through CFDs and spread betting. CMC Markets provides proprietary and MetaTrader platforms for desktop, web, and mobile. CMC Markets is regulated by multiple authorities including FCA, ASIC, and BaFin. CMC Markets is listed on the London Stock Exchange. The CMC Markets CEO is Lord Peter Cruddas.

CMC Markets Features

The features of CMC Markets are listed below.

  • CMC Markets is globally regulated by some of the most respected bodies and is able to accept traders from Pakistan as well.
  • CMC Markets does not impose any minimum deposit to open a trading account in Pakistan.
  • Funding your CMC account can be made through wire transfer, or credit/debit cards free of charge in most instances. PKR deposits in Pakistan can be made through local bank transfers.
  • CMC Markets offers a huge trading catalogue of more than 9,500 assets including 26 forex currency pairs in Pakistan with spreads from 0.3 pips.
  • Pakistan-based traders can access a CMC Markets Islamic account where needed.
  • rebate program with refunds of up to $10 per lot traded is available with CMC Markets for Pakistani traders.
CMC Markets Pros and Cons

Advantages of CMC Markets

The advantages of CMC Markets are listed below.

  • Regulatory Trust
  • Low Trading Costs
  • Extensive Trading Platform

Disadvantages of CMC Markets

The disadvantages of CMC Markets are listed below.

  • Complex Fee Structure
  • Limited Funding Options

6. AvaTrade
best for fixed spreads

AvaTrade accepts Pakistani traders under regulation in the British Virgin Islands. AvaTrade offers Islamic accounts and fixed spreads. AvaTrade does not support PKR deposits yet for Pakistani traders.

92
InvestinGoal Rating
  • Regulations:
    FSA, MIFID-ESMA, ASIC, CIRO, FSCA, BVI (British Virgin Islands)
  • Avg. EUR/USD Spread:
    0.9 pips
  • Platforms:
    Mirror Trader, ZuluTrade, MT4, MT5, Proprietary Platform, MAC Platforms
Minimum Deposit: $100
Demo account available
Visit AvaTrade
76% of retail investor accounts lose money
About AvaTrade

AvaTrade is a global forex and CFD broker founded in 2006 and headquartered in Dublin, Ireland. AvaTrade offers trading on currencies, commodities, indices, stocks, bonds, ETFs, and cryptocurrencies. AvaTrade provides proprietary platforms alongside MetaTrader 4 and 5. AvaTrade is regulated by multiple authorities including CySEC, ASIC, and FSA. AvaTrade serves over 300,000 clients worldwide. AvaTrade is known for competitive spreads and extensive educational resources. The AvaTrade CEO is David Dryzin since 2016.

AvaTrade Features

The features of AvaTrade are listed below.

  • AvaTrade is comprehensively regulated globally by several bodies accepting Pakistani traders under regulation in the British Virgin Islands.
  • The AvaTrade minimum deposit to open an account in Pakistan is $100.
  • You can fund your AvaTrade account through wire transfers, credit cards, and eWallet methods with most being fee-free although PKR deposits are not yet supported for Pakistani traders.
  • AvaTrade provides an Islamic account available easily on request for traders in Pakistan.
  • Trading with AvaTrade you’ll only find fixed spreads beginning at 1.3 pips on over 60 forex pairs available in Pakistan.
AvaTrade Pros and Cons

Advantages of AvaTrade

The advantages of AvaTrade are listed below.

  • Tight fixed spreads from 0.6 pips (0.9 pips for retail traders)
  • The mobile apps are well designed
  • Can be connected to ZuluTrade and Duplitrade

Disadvantages of AvaTrade

The disadvantages of AvaTrade are listed below.

  • High inactivity fees
  • The demo account is limited to 30 days

7. FxPro
best for customer service

FxPro accepts Pakistani traders under SCB regulation. FxPro provides Islamic trading accounts but lacks PKR deposit options for Pakistani traders. FxPro offers access to numerous forex pairs.

80
InvestinGoal Rating
  • Regulations:
    FCA, MIFID-ESMA, CYSEC, EDR, SCB (Bahamas)
  • Avg. EUR/USD Spread:
    0.45 pips
  • Platforms:
    cTrader, MT4, MT5, MAC Platforms
Minimum Deposit: $100
Unlimited demo account available
Visit FxPro
72.87% of retail investor accounts lose money
About FxPro

FxPro is a global online broker founded in 2006, offering trading on forex, CFDs, stocks, indices, commodities, and cryptocurrencies. FxPro provides multiple trading platforms including MetaTrader 4, MetaTrader 5, cTrader, and its proprietary FxPro Platform. FxPro is regulated by multiple authorities including FCA, CySEC, SCB, FSC and KNN. FxPro serves clients in over 170 countries and has won numerous industry awards. The FxPro CEO is Charalambos Psimolophitis.

FxPro Features

The features of FxPro are listed below.

  • FxPro is well-regulated all over the world and accepts traders from Pakistan under SCB regulation, although Urdu language support is not available.
  • Although there are no PKR deposit options in Pakistan, you can fund your FxPro account through wire transfer, credit cards, or eWallets for the most part for free with a minimum deposit of $200.
  • An FxPro Islamic trading is also available for Pakistan-based traders.
  • FxPro opens access to more than 70 forex pairs in Pakistan with spreads starting from 0 pips.
FxPro Pros and Cons

Advantages of FxPro

The advantages of FxPro are listed below.

  • Regulated and Trusted Forex broker
  • Diverse Trading Platforms
  • Wide Range of Instruments

Disadvantages of FxPro

The disadvantages of FxPro are listed below.

  • Inactivity Fee
  • Limited Educational Resources
  • No Guaranteed Stop-Loss Orders

8. FXTM
best for professional traders

FXTM holds regulatory oversight and accepts PKR deposits from Pakistan-based traders through local bank transfers. FXTM offers Urdu language support and Islamic accounts. FXTM provides a loyalty program for traders in Pakistan.

80
InvestinGoal Rating
  • Regulations:
    FCA, MIFID-ESMA, FSCA, CYSEC, FSC (Mauritius)
  • Avg. EUR/USD Spread:
    0.4 pips
  • Platforms:
    MT4, MT5, Proprietary Platform
Minimum Deposit: $10
Unlimited demo account available
Visit FXTM
81% of retail investor accounts lose money
About FXTM

FXTM, also known as ForexTime, is a global forex and CFD broker founded in 2011. FXTM offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader 4, MetaTrader 5, and proprietary platforms. FXTM is regulated by multiple authorities including CySEC, FCA, and FSC Mauritius. FXTM is known for low spreads, fast execution, and extensive educational resources. FXTM serves over 2 million clients worldwide. The FXTM CEO is Nicholas Defteras.

FXTM Features

The features of FXTM are listed below.

  • FXTM holds plenty of regulatory oversight worldwide and accepts traders from Pakistan under FSC regulation with Urdu language support available.
  • The minimum deposits in Pakistan are $10 and deposits can be made through credit cards or eWallet methods and you will find the majority to be fee free with FXTM. PKR deposits are available through local bank transfers.
  • FXTM Islamic trading accounts where requested are available for Pakistani traders.
  • Forex trading with FXTM is available on more than 60 forex pairsSpread here can start from 0 pips
  • While there is no direct FXTM bonus available, a loyalty program is in place for Pakistan-based traders.
FXTM Pros and Cons

Advantages of FXTM

The advantages of FXTM are listed below.

  • User-Friendly Platform
  • Fast Customer Support
  • Low Minimum Deposit

Disadvantages of FXTM

The disadvantages of FXTM are listed below.

  • Withdrawal Fees
  • Limited Product Range
  • Inactivity Fees

9. Pepperstone
best for day traders

Pepperstone accepts Pakistani traders under SCB regulation. Pepperstone requires a minimum deposit for account opening. Pepperstone provides swap-free account options and a rebate program for Pakistan-based traders.

91
InvestinGoal Rating
  • Regulations:
    FCA, MIFID-ESMA, ASIC, DFSA, CYSEC, SCB (Bahamas)
  • Avg. EUR/USD Spread:
    0.09 pips
  • Platforms:
    cTrader, ZuluTrade, MT4, MT5, MAC Platforms
Minimum Deposit: $0
Demo account available
Visit Pepperstone
74-89% of retail investor accounts lose money when trading CFDs
About Pepperstone

Pepperstone is a global forex and CFD broker founded in 2010 in Melbourne, Australia. Pepperstone offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader and cTrader platforms. Pepperstone is regulated by multiple authorities including ASIC, FCA, and CySEC. Pepperstone is known for competitive spreads, fast execution, and extensive educational resources. Pepperstone serves clients in over 160 countries worldwide. The Pepperstone CEO is Tamas Szabo.

Pepperstone Features

The features of Pepperstone are listed below.

  • Pepperstone is very well regulated by the most respected bodies and is globally available under SCB regulation, accepting traders from Pakistan.
  • To open a trading account with Pepperstone you will have a recommended minimum deposit of $200 in Pakistan.
  • Deposits with Pepperstone can be made through credit cards and eWallets with most free of any fees. No PKR deposits are catered for in Pakistan.
  • Pepperstone offers two swap-free account choices to Pakistani traders, depending on the account type you apply for.
  • Trading spreads start from 0 pips with Pepperstone on over 60 currency pairs available in Pakistan.
  • A Pepperstone active trader program with rebates is available to Pakistan-based traders.
Pepperstone Pros and Cons

Advantages of Pepperstone

The advantages of Pepperstone are listed below.

  • Stable raw spreads (0,09 pips on EUR/USD on average)
  • Caters for algorithmic trading
  • Has won over 30 Forex industry awards

Disadvantages of Pepperstone

The disadvantages of Pepperstone are listed below.

  • The demo account is not unlimited

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 that 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 if 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 broker’s 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.

What should Pakistani traders 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 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?

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]