Forex trading in Saudi Arabia
Saudi Arabia has predominantly been a strong economy driven by oil and petroleum exports. However, the economy had understood the need for diversification due to entry of new competitors. Forex trading in Saudi Arabia has been an investment for a small proportion of investors. Considering the computer literary and awareness only a few investors were aware of this new investment product earlier. Overall the nation has slow progress to explore global investment products like Forex trading. The popularity of Forex trading is continuously increasing due to introduction of Islamic Forex Trading accounts in Saudi Arabia by some leading brokers. Rapid growth in the field of computers and internet among the tech savvy Saudi residents has brought many new traders into Forex trading in Saudi Arabia.
Forex trading in KSA – Forex brokers in Saudi Arabia
Due to the growth of Forex trading in Saudi Arabia, the number of Forex brokers have increased in Saudi Arabia. But all these brokers are not regulated by regulating authorities. It is imperative that while choosing a broker one should check whether he is registered with the regulating agencies to carry out Forex trade. One needs to also keep abreast of how the broker charges them. Some of them recover separate commission or some charge a mark up on the spread.
Also one should trade with a broker who provides good customer service. Proper technical analysis should be provided by the brokers to their customers. Also when the trade volumes are high there is more leverage and thus there are possibilities of making huge profits too.
We have analysed the following Forex brokers and found reliable and safe for Forex trading in KSA. They provide Islamic accounts and Arabic language support to their clients doing Forex trading in Saudi Arabia.
|Forex Brokers||Islamic Account||Features||Open Islamic Account|
|Yes||Offers Forex, CFD, Crypto and Binary Options under one platform.||Open Account|
|Yes||Islamic Account. Arabic language support. Low spread.||Open Account|
|Yes||Islamic Account. Arabic language support||Open Account|
Forex market hours in Saudi Arabia
Forex market hours is one of the most important facts of trading Forex in Saudi Arabia. It is open for 24 hours a day with 5 days a working week having three main sessions. They are the Asian session- Tokyo, US session- New York and the European session- London. There are sometimes when two sessions are open at the same time known as session overlap.
- London Forex market session –
London session is the first session of a trading day which is referred as European session. It begins at 10 AM Riyadh time ends at 6 PM Riyadh time. European session is the most active trading session with great liquidity leverage, which means huge volume of trading is done in this session. This session also overlaps with the other two sessions.
- New York Forex market session –
It is the US trading session. It begins at 3 PM Riyadh time and closes by 8 PM or 11 PM Riyadh time. This session has the highest liquidity around 3 PM Riyadh time to 6 PM Riyadh time.
- Tokyo Forex market session –
It is the Asian trading session, it begins at 11PM GMT and ends at 8 AM GMT.
Market hours for trading in Forex in Saudi Arabia provide the traders with flexible trading hours. However, it is advisable to trade during the most liquid hours to make successful trades. Also some of the most rewarding market times happen when two or more markets are open at the same time. On can concentrate on these aspects while making a trade to ensure profitable trade.
Featured broker – Forex trading in KSA (Kingdom of Saudi Arabia)
iForex is one of the broker offering Islamic trading accounts for Forex trading in KSA. They have dedicated Arabic website and local Arabic speaking support staff ready to guide you. iForex support staff can guide you through the account opening and verification process, so that you can jump into trading quickly. iForex trading platform has advanced indicators and tools which can help you understand the Forex market better. The support and educational materials are in Arabic language for your easy understanding.