9 Best Forex Brokers in Pakistan (2023) | InvestinGoal (2024)

Pakistan is a country in south Asia.

The currency of Pakistan is the Pakistani Rupee (PKR).

When it comes to retail forex trading activity in the country, the Securities and Exchange Commission of Pakistan (SECP) is the primary regulatory body overseeing and ensuring that practices within the sector remain transparent, fair, and in line with the national financial regulations. SECP’s mandate not only covers the forex trading domain but also extends to other areas of finance and capital markets, emphasizing the protection of investors and the development of a modern and efficient corporate sector.

To create our list of some of the best forex brokers in Pakistan, we sorted the brokers according to the following criteria:

• highly regulated global forex brokers
• local deposit and withdrawal methods
• costs and commissions of the broker
• general quality of services offered

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.

• XM is regulated worldwide and Pakistani traders can register an account with the global branchregulated by FSC.
• PKR depositsare facilitated in Pakistan with XM through local bank transfer though you may be charged a conversion fee.
• Customer support in Urduis also available with XM though not as a language on the platform.
• XM is well known for offering a topIslamic trading accountfor Pakistan-based traders.
• XM offers trading in more than55 forex pairswithspreadsin Pakistan starting from a great 0 pips.
• Traders in Pakistan are eligible for anXM no deposit bonusof $30 as well as 50% and 20% deposit bonuses.

77,37% of retail investor accounts lose money

• Pakistani traders can open an OctaFX account through the global branchregulated in Saint Vincent and the Grenadines.
• OctaFX accounts can be opened with a$25 minimum depositusing 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 OctaFXswap-free accountoffering as well as Urdu language availability.
• Trading can start from0.2 pips spreadon over35 forex pairsacross all OctaFX platforms.
• OctaFX also offers Pakistani traders an excellent 50%deposit bonus on each deposit.

74-89% of retail CFD accounts lose money

• FBS is regulated by both CySEC and the IFSC of Belize and iswell-recognized as a top broker for new traders in Pakistan.
• FBS also hasUrdu languagefacilities available for Pakistan-based traders.
• Minimum depositsfor 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 depositsare accepted through local bank transfers and exchanges.
• Spreadswith FBS can start from 0 pips on over35 forex pairsavailable in Pakistan.
• Traders in Pakistan have access to an FBS100% deposit bonus, rebates, and more.

74-89% of retail CFD accounts lose money

• HFM is comprehensively regulated by five global bodies and further recognized as one of thetop brokers in the Pakistan regionwith Urdu language support available.
• Theminimum 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 withPKR depositsavailable through local exchangers in Pakistan.
• Trading with HFM you will have access to more than45 forex pairswith0 pips spreadas a starting point.
• HFMIslamic accountsare also available on request for Pakistani traders.
• There are also cash rebates, trading contests, and up to a100% credit bonusavailable to HFM traders in Pakistan.

70.51% of retail investor accounts lose money

• CMC Markets is globally regulated by some of the most respected bodies and is able toaccept traders from Pakistan as well.
• CMC Marketsdoes not impose any minimum depositto 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 depositsin Pakistan can be made through local bank transfers.
• CMC Markets offers a huge trading catalogue of more than 9,500 assets including26 forex currency pairsin Pakistan withspreads from 0.3 pips.
• Pakistan-based traders can access a CMC MarketsIslamic accountwhere needed.
• Arebate programwith refunds of up to $10 per lot traded is available with CMC Markets for Pakistani traders.

78% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.

• AvaTrade is comprehensively regulated globally by several bodiesaccepting Pakistani tradersunder regulation in the British Virgin Islands.
• The AvaTrademinimum depositto 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 althoughPKR depositsare not yet supported for Pakistani traders.
• AvaTrade provides anIslamic accountavailable easily on request for traders in Pakistan.
• Trading with AvaTrade you’ll only findfixed spreadsbeginning at 1.3 pips on over60 forex pairsavailable in Pakistan.

79% of retail investor accounts lose money

• FxPro is well-regulated all over the world andaccepts traders from Pakistan under SCB regulation, although Urdu language support is not available.
• Although there are noPKR depositoptions 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 FxProIslamic tradingis also available for Pakistan-based traders.
• FxPro opens access tomore than 70 forex pairsin Pakistan withspreadsstarting from 0 pips.

72.87% of retail investor accounts lose money

• FXTM holds plenty of regulatory oversight worldwide andaccepts traders from Pakistan under FSC regulationwith 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 depositsare available through local bank transfers.
• FXTMIslamic trading accountswhere requested are available for Pakistani traders.
• Forex trading with FXTM is available on more than60 forex pairs.Spreadhere can start from 0 pips
• While there is no direct FXTM bonus available, aloyalty programis in place for Pakistan-based traders.

81% of retail investor accounts lose money

• Pepperstone is very well regulated by the most respected bodies and is globally availableunder SCB regulation, accepting traders from Pakistan.
• To open a trading account with Pepperstone you will have a recommendedminimum depositof $200 in Pakistan.
• Deposits with Pepperstone can be made through credit cards and eWallets with most free of any fees.No PKR depositsare catered for in Pakistan.
• Pepperstone offers twoswap-free accountchoices to Pakistani traders, depending on the account type you apply for.
• Tradingspreadsstart from 0 pips with Pepperstone on over60 currency pairsavailable in Pakistan.
• A Pepperstoneactive trader programwith rebates is available to Pakistan-based traders.

74-89% of retail investor accounts lose money when trading CFDs

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.

• FCA
• ASIC
• ESMA

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]