The best Forex brokers in the country of Qatar, according to our research, are:
- XM
- HFM
- FxPro
- IG Markets
- Pepperstone
- AvaTrade
- IC Markets
- OctaFX
- Oanda
In order to evaluate some of the best forex brokers in Qatar, we took the following elements into consideration:
- Brokers that are regulated and accept clients from Qatar
- The availability of the Arabic language
- The quality of the Islamic account offered
- The trading services offered
What are the best forex brokers in Qatar?
Below is our curated list and review of the best forex brokers for traders living in Qatar, 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.
XM
No requotes
XM accepts Qatar traders under FSC regulation. XM provides Arabic support. XM offers Islamic accounts with no swap fees. XM grants access to 50 forex pairs. XM maintains a minimum spread starting from 0.1 pips.
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Regulations:
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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 accepts traders based in Qatar under FSC regulation with license n° 000261/397 and their website supports the Arabic language.
- Islamic accounts are provided for any XM account type available in Qatar and there are no fees to replace swaps.
- Forex trading with XM offers around 50 currency pairs in Qatar.
- Spread on forex starts from 0.1 pips with XM.
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)
HFM
best trading features
HFM accepts Qatar residents under Saint Vincent regulation. HFM provides Arabic language support. HFM offers Islamic accounts. HFM allows access to 50+ forex pairs. HFM spreads start from 0.1 pips. HFM offers leverage up to 1000:1.
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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 regulated by the FSC in Saint Vincent and the Grenadines, accepts Qatar residents under license n° 22747 IBC 2015, and supports the Arabic language on their website.
- The HFM account types available as Islamic are micro, premium, auto, and zero spread.
- HFM provides more than 50 forex pairs in Qatar.
- Spread on forex with HFM starts from 0.1 pips on EUR/USD though it can be higher on Islamic accounts in Qatar.
- HFM offers leverage up to 1000:1 on forex majors to all traders in Qatar.
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
FxPro
best customer service
FxPro accepts Qatar-based traders under SCB regulation. FxPro supports the Arabic language. FxPro offers swap-free accounts on request. FxPro grants access to 70+ currency pairs. FxPro starts spreads from 0.6 pips.
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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.
- Qatar-based traders can apply to FxPro under SCB regulation n° SIA-F184 and the broker supports the Arabic language on its website.
- FxPro offers swap-free accounts on request for religious purposes though fees are charged for open positions for a specific number of days.
- Forex trading with FxPro in Qatar is open for more than 70 currency pairs.
- FxPro charges different spreads starting from 0.6 pips on EUR/USD and leverage up to 200:1 for Qatari traders.
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
IG Markets
total number of assets
IG Markets welcomes Qatari traders under BMA regulation. IG Markets provides Arabic support. IG Markets does not offer Islamic accounts. IG Markets offers 70+ forex pairs. IG Markets provides spreads starting from 0.6 pips.
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About IG Markets
IG Markets is a global online trading provider founded in 1974, offering access to over 17,000 financial markets including forex, stocks, indices, commodities, and cryptocurrencies. IG Markets provides proprietary trading platforms alongside MetaTrader 4 and ProRealTime. IG Markets is regulated by multiple top-tier authorities worldwide, including the FCA and ASIC. IG Markets is known for competitive spreads, extensive educational resources, and innovative features like weekend trading. The IG Markets’ parent company “IG Group” CEO is Breon Corcoran.
IG Markets Features
The features of IG Markets are listed below.
- Qatari traders are welcome at IG Markets under BMA regulation n° 54814 with Arabic language provided on their website.
- Unfortunately, IG Markets no longer offers any Islamic trading account.
- IG Markets offers a wide range of markets including over 70 forex pairs in Qatar.
- Spread on forex starts from 0.6 pips on EUR/USD with IG Markets and leverage in Qatar is up to 200:1.
IG Markets Pros and Cons
Advantages of IG Markets
The advantages of IG Markets are listed below.
- Low spreads from 0.6 pips on Forex
- Wide range of financial instruments
- 40 years of experience in the Forex industry
Disadvantages of IG Markets
The disadvantages of IG Markets are listed below.
- No copy trading features
- No social trading features
Pepperstone
best for day traders & scalpers
Pepperstone accepts Qatar traders under SCB regulation. Pepperstone offers Arabic support. Pepperstone provides Islamic accounts with fees for swap. Pepperstone offers 60+ forex pairs. Pepperstone offers spreads starting from 0 pips.
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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 accepts traders from Qatar under SCB regulation n° SIA-F217 with Arabic language available on their website.
- Islamic accounts are available with Pepperstone though you may be charged a small fee for replacing the swap.
- Pepperstone provides forex trading on more than 60 pairs in Qatar.
- Spread on Pepperstone starts from 0 pips on EUR/USD and leverage in Qatar is up to 500:1 on majors.
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
AvaTrade
best fixed spread trading
AvaTrade accepts Qatar residents under BVI regulation. AvaTrade provides Arabic language support. AvaTrade offers Islamic accounts. AvaTrade provides over 50 forex pairs. AvaTrade offers fixed spreads from 0.9 pips.
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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.
- The AvaTrade entity regulated under BVI FSC is able to accept residents from Qatar with a license n° SIBA/L/13/1049 and provides a website supporting the Arabic language.
- Islamic accounts are welcome at AvaTrade though you will find an administration fee replacing swap.
- AvaTrade offers over 50 forex pairs to trade as CFDs in Qatar.
- AvaTrade provides fixed spreads from 0.9 pips on EUR/USD and leverage up to 400:1 for Qatari traders.
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
IC Markets
overall trading experience
IC Markets welcomes Qatar traders under FSA regulation. IC Markets provides Arabic support. IC Markets offers swap-free options. IC Markets offers 60+ forex pairs. IC Markets provides minimum spread from 0 pip.
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About IC Markets
IC Markets is a global forex and CFD broker founded in 2007 and based in Sydney, Australia. IC Markets offers trading on over 2,250 instruments including currencies, commodities, indices, stocks, and cryptocurrencies. IC Markets provides MetaTrader 4, MetaTrader 5, and cTrader platforms. IC Markets is regulated by multiple authorities including ASIC and CySEC. IC Markets is known for its ECN execution model and low spreads. The IC Markets CEO is Andrew Budzinski.
IC Markets Features
The features of IC Markets are listed below.
- IC Markets welcomes traders from Qatar under FSA regulation n° SD018 and provides Arabic support on their website.
- A swap-free option is available for any IC Markets account in Qatar.
- IC Markets in Qatar offers forex trading on over 60 currency pairs.
- The minimum spread with IC Markets is 0 pip with EUR/USD and the maximum leverage is up to 500:1 in Qatar.
IC Markets Pros and Cons
Advantages of IC Markets
The advantages of IC Markets are listed below.
- Low-latency trading environment
- Institutional level liquidity
- MT4, MT5, cTrader platforms are all available
Disadvantages of IC Markets
The disadvantages of IC Markets are listed below.
- Small amount of educational tools for new traders
- Small range of tradable assets compared to other CFD/Forex brokers
OctaFX
best for algo traders
OctaFX allows Qatar traders under Saint Vincent regulation. OctaFX provides Arabic language support. OctaFX offers Islamic accounts. OctaFX grants access to 35+ forex pairs. OctaFX offers spreads starting from 0.2 pips.
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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.
- Qatar-based traders can register with OctaFX under the FSC of the Saint Vincent and the Grenadines with license n° 19776 and the Arabic language is available on the website.
- OctaFX enables the Islamic trading on accounts without any fee replacing swap.
- Qatar traders have access to more than 35 forex pairs available with OctaFX.
- The spread with OctaFX starts from 0.2 pips on EUR/USD and leverage is up to 500:1 on forex majors in Qatar.
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
Oanda
best for beginners
Oanda accepts Qatar residents under BVI regulation. Oanda provides Arabic support. Oanda offers Islamic accounts with fees for extended trades. Oanda offers 70+ forex pairs. Oanda offers spreads starting from 0.6 pips.
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Avg. EUR/USD Spread:
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About Oanda
OANDA is a global multi-asset broker founded in 1996, offering trading on forex, CFDs, commodities, indices, and cryptocurrencies. OANDA provides proprietary platforms and API solutions. OANDA is regulated by multiple authorities including FCA, ASIC, and MAS. OANDA is known for competitive spreads, fast execution, and currency data services. OANDA serves both retail and institutional clients worldwide. The Oanda Chief Executive Officer is Gavin Bambury since August 2019.
Oanda Features
The features of Oanda are listed below.
- Oanda accepts Qatar residents under BVI FSC oversight with license n° SIBA/L/20/1130 and provides Arabic language on their website.
- Islamic accounts are available to Qatari traders with Oanda with a small fee for open trades for more than 5 days.
- Forex trading with Oanda offers over 70 forex pairs or 12 pairs on Islamic accounts in Qatar.
- Spread is only floating with Oanda and it starts from 0.6 pips on EUR/USD or 1.6 for swap-free options while leverage is up to 400:1 in Qatar.
Oanda Pros and Cons
Advantages of Oanda
The advantages of Oanda are listed below.
- Comprehensive Platforms
- Robust Education
- Highly Regulatory Trust
Disadvantages of Oanda
The disadvantages of Oanda are listed below.
- Higher Spreads
- Proprietary Platform Limitations
- Inactivity Fees
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 for 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 documents 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.
What should Qatari traders 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.