15 Best Forex Brokers in Pakistan for 2023 (2024)

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Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck

December 22, 2023

ForexBrokers.com has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Here's how we test.

Trading forex (currencies) in Pakistan is popular among residents. While recommended, online forex brokers are not required to become authorised by the Securities and Exchange Commission of Pakistan (SECP) to accept residents of Pakistan as customers.

The State Bank of Pakistan (SBP) regulates the exchange of physical currencies, such as with money service businesses and money exchangers that convert currency at local kiosks (at the airport, for example). It’s important to note that money exchangers are not ordinarily used for speculating in forex markets, which can only be done with an online broker. Banks in Pakistan are regulated by the Foreign Exchange Regulation Department (FERD), which was established by the SBP to bring integrity to the local forex markets in Pakistan.

The Securities and Exchange Board of Pakistan is the financial regulatory body in Pakistan. Website: https://www.secp.gov.pk. We recommend Pakistan residents also follow the SECP on Facebook: https://www.facebook.com/SECPPakistan.

15 Best Forex Brokers in Pakistan for 2023 (2)

The SECP was established in 1999 and is headquartered in Islamabad, Pakistan. For a historical breakdown, here's a link to the Securities and Exchange Board of Pakistan webpage on Wikipedia.

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

Best Forex Brokers Pakistan

To find the best forex brokers in Pakistan, we curated a list of forex brokers that currently accept new clients from Pakistan, and ranked those brokers by their Overall scores. Learn more about how we test.

Here is our list of the best forex brokers in Pakistan:

AvaTrade - Great for beginners and copy trading
FXCM - Excellent trading platforms and tools
XM Group - Good for algo trading
Pepperstone - Great for MetaTrader and copy trading
Admiral Markets - Great for MetaTrader
FP Markets - Excellent pricing, great for MetaTrader
IC Markets - Best MetaTrader broker overall

Pakistan Forex Brokers Comparison

Compare Pakistan authorised forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm's ForexBrokers.com Overall ranking.

Company	Accepts PK Residents	Average Spread EUR/USD - Standard	Minimum Deposit	Overall Rating	Visit Site
	check	0.92info	$100
	check	1.38info	Starts from $50
	check	1.6info	$5
	check	0.77info	$200
	check	0.8info	$100
	check	1.1info	$100 AUD
	check	0.62info	$200
	check	0.51info	$100
	check	1.2info	$0
	check	0.6info	$20
	check	1.0info	$100		Visit Site
	check	0.6	$0
	check	1.27info	$50
	check	1.2info	$50
	check	0.9info	$50
	check	N/Ainfo	$10

Who are the most trusted forex brokers in Pakistan?

We’ve tested over 60 of the best international brokers in the industry and conducted research into each broker’s range of regulatory licenses to determine their Trust Score. Trust Score is a proprietary ranking system that allows traders to get an at-a-glance rating of a broker’s overall trust. Rankings range from 1 to 99 (the higher a broker’s Trust Score, the better – learn more by visiting our Trust Score page).

Of the brokers that accept residents of Pakistan, the following brokers are the Top 3 most trusted forex brokers in Pakistan in 2023:

1. IG

15 Best Forex Brokers in Pakistan for 2023 (35)

99 Trust Score - Most trusted broker in 2023, Best Overall Broker in 2023

IG is the most trusted broker in Pakistan in 2023. IG holds more licenses across the world than any of the 60+ forex brokers reviewed on ForexBrokers.com. IG is also the only forex broker that holds licenses from both the United States and Switzerland (both of which are highly coveted and extremely difficult to acquire). IG has been in business for nearly 40 years and has a long track record of being highly regulated and well-capitalized. Check out our in-depth review of IG to learn more about why IG was our top-ranked forex broker in 2023.

Check out a gallery of screenshots from IG's trading platforms, taken by our research team during our product testing.

2. Interactive Brokers

15 Best Forex Brokers in Pakistan for 2023 (45)

99 Trust Score - Publicly traded and well-capitalized, earned our top 2023 Annual Award for Offering of Investments

Founded in 1977, Interactive Brokers is publicly traded (NASDAQ: IBKR) and regulated in nine Tier-1 jurisdictions. Interactive Brokers is well-capitalized with USD 373.8 billion of ending client equity and USD 10.01 billion of equity capital. Interactive Brokers stands out for its excellent trading platforms for desktop, web, and mobile, and for its support for third-party platforms like the wildly popular TradingView platform (check out our TradingView guide). Read our review of Interactive Brokers.

3. Saxo Bank

15 Best Forex Brokers in Pakistan for 2023 (56)

99 Trust Score - Operates three banks, earned our top 2023 Annual Award for Platforms & Tools

Saxo Bank operates three fully regulated banks and is licensed in seven Tier-1 jurisdictions across more than a dozen international jurisdictions. Saxo Bank holds over €85 billion in client assets and has been in operation for over thirty years. Check out our full-length review of Saxo Bank to learn more.

Browse a gallery of screenshots from Saxo Bank's trading platforms, taken by our research team during our product testing.

Is forex trading legal in Pakistan?

Yes, forex trading is legal in Pakistan, albeit with restrictions. The physical exchange of money at a local kiosk or bank is regulated in Pakistan by the SBP and SECP. However, there are currently no brokers in Pakistan that are locally licensed by the SECP to provide the ability to speculate with derivatives such as spot forex contracts or CFDs.

As a result, forex traders in Pakistan use international forex brokers (such as the brokers covered in this guide). Regardless of where your international forex broker is based, it’s important to choose brokers that are well-regulated and properly licensed. If your broker lacks regulation, and you are scammed in any way, you often have no recourse for recovering your funds (learn more by reading our guide to avoiding forex scams).

quizDid you know?

Forex trading is sharia-compliant, and many international forex brokers offer Islamic accounts to residents of Pakistan following the Shariah Governance Regulations of 2018.

How to verify SECP authorisation

The Securities and Exchange Commission of Pakistan (SECP) was founded in 1999. Mandated by the SECP Act of 1997, the SECP regulates local capital markets, insurance companies, and other corporations and fnancial institutions. The SECP oversees all market participants for the local stock and futures exchanges and maintains a list of all regulated securities brokers that can be downloaded from the SECP’s official website in Excel format. There are currently 334 brokers regulated by the SECP that operate on local and regional stock exchanges across Pakistan.

Note: Banks and local money exchangers in Pakistan are regulated by the central bank, also known as the State Bank of Pakistan (SBP).

securityWhy regulation is important

Choosing a reputable, well-regulated forex broker is a crucial step towards avoiding forex scams. My educational series dedicated to forex scams shows you how to identify common forex scams and provides helpful information about what to do if you've been scammed. I also explain how crypto enthusiasts and bitcoin traders can spot common crypto scams.

Which forex broker is best in Pakistan?

IG is the best forex broker for residents of Pakistan in 2023. IG offers the ultimate forex trading package, delivering an impressive range of markets, excellent trading platforms and mobile apps, and award-winning research and educational content. IG was ranked #1 in both our Research and Education categories in the ForexBrokers.com 2023 Annual Awards.

Market research at IG:

Education at IG:

IG is also publicly traded, well-capitalized, and holds dozens of regulatory licenses in major jurisdictions around the world. Not only does IG accept clients from Pakistan, but we’ve consistently ranked IG as one of the best, most trusted brokers in the industry. IG also won the top ranking for our Trust Score category for our 2023 Annual Awards.

For these reasons (and many more – read our full review of IG), IG is our top choice for residents of Pakistan in 2023.

What is the best forex trading app in Pakistan?

Saxo Bank’s mobile app, SaxoTraderGO, is the best forex trading app for forex traders based in Pakistan in 2023. The SaxoTraderGO mobile app seamlessly blends elegant design and a host of powerful features, creating a trading experience that I describe as an “absolute pleasure” in my full-length review of Saxo Bank.

Article Resources

Securities and Exchange Board of Pakistan,Wikipedia,Shariah Governance Regulations of 2018

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2023 Review Methodology

At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).

Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.

We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.

Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.

All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Read our Generative AI policy to learn more.

Read our full explanation and accounting of our research and testing process to learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.

About the Editorial Team

Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

John Bringans

John Bringans is the Senior Editor of ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.

Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.

73% of retail investor accounts lose money when trading CFDs with this provider.

Trading Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice. Please read the full Risk Disclosure.

As an expert in the field of forex trading and brokerage services, I've extensively studied and followed the developments in the industry up until my knowledge cutoff in January 2022. I possess a comprehensive understanding of how online forex brokers operate, the regulatory frameworks governing these platforms, risk management associated with trading, and the selection criteria for the best brokers in various regions worldwide.

The provided article from ForexBrokers.com delves into the forex trading landscape in Pakistan, discussing the regulatory environment, the role of governing bodies such as the Securities and Exchange Commission of Pakistan (SECP) and the State Bank of Pakistan (SBP), and the status of forex trading legality in the country. It also includes detailed insights into specific forex brokers catering to Pakistani residents, their regulatory standings, services offered, and comparative analysis.

Here's a breakdown of the concepts covered in the article:

Forex Trading in Pakistan:
- Discussion on the popularity of forex trading among residents and the absence of a mandatory authorization by the SECP for online forex brokers targeting Pakistani customers.
Regulatory Bodies in Pakistan:
- Overview of the SBP's role in regulating physical currency exchange and the FERD's (Foreign Exchange Regulation Department) responsibility in overseeing banks for maintaining integrity in the local forex markets.
Securities and Exchange Board of Pakistan (SECP):
- Information about SECP's establishment, its regulatory authority, and a recommendation for Pakistan residents to follow SECP updates on Facebook.
Risk Warning for CFD Trading:
- Cautionary information regarding the risks associated with trading Contracts for Difference (CFDs), emphasizing the high probability of financial loss due to leverage.
List of Best Forex Brokers in Pakistan:
- Detailed information about top-rated forex brokers for Pakistani residents, including AvaTrade, FXCM, XM Group, Pepperstone, Admiral Markets, FP Markets, IC Markets, and their respective strengths.
Comparison of Forex Brokers:
- A comparative table showcasing various forex brokers, their acceptance of Pakistani residents, average spreads, and minimum deposits.
Trusted Forex Brokers in Pakistan:
- Identification and detailed insights into the top three most trusted forex brokers for Pakistan residents, namely IG, Interactive Brokers, and Saxo Bank, based on the Trust Score system.
Legality of Forex Trading in Pakistan:
- Clarification on the legality of forex trading in Pakistan, the regulation of physical money exchanges versus online forex trading, and the necessity to choose well-regulated international brokers.
Sharia Compliance and Islamic Accounts:
- Noting that forex trading is sharia-compliant, and many international brokers offer Islamic accounts adhering to Shariah Governance Regulations of 2018.
SECP Authorization Verification:
- Guidelines on verifying SECP authorization and the number of regulated brokers operating on local and regional stock exchanges in Pakistan.
Importance of Regulation:
- Emphasis on the significance of choosing regulated forex brokers to avoid scams and loss of funds.
Best Forex Broker and Trading App in Pakistan:
- Recommendations for the best forex broker (IG) and the best forex trading app (SaxoTraderGO) for Pakistani residents based on comprehensive evaluations.

This comprehensive article touches upon the essential aspects of forex trading in Pakistan, providing guidance on broker selection, regulatory oversight, risk warnings, and the importance of choosing reputable platforms. It also emphasizes the significance of thorough research and understanding the regulatory landscape before engaging in forex trading activities.