Is Forex Trading Legal in Morocco ☑️ (Updated 2024) (2024)

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Yes, Forex Trading is legal in Morocco and the country has a population of roughly 36.47 million potential Forex Traders. TheMoroccanCapital Market Authority or AMMC regulates and supervises all entities who engage in the Moroccan securities market. This includes banks; strengthening enforcement and the introduction of administrative sanctions/fines on individuals. Morocco’s economy is considered to be a relativelyliberal economywhich is governed by thelaw of supply and demand. Tourism is one of the most important sectors in Moroccan economy with millions of tourist being attracted to the countries coast, culture and history. However, Agriculture it is the largest section of employment in the country. Aside from standard forex trading, Islamic forex trading is also legal and available in the country. Islam is the main religion practiced in Morocco with roughly 98% of the local population identifying as Muslim. Local Muslim investors must choose a Forex Broker who makes both standard and Islamic forex trading accounts available in order to trade in accordance to Sharia Law.

Here is an overview of 5 of the best Forex Brokers who make Standard and Islamic Forex Trading accounts available in Morocco.

XM Group

XM Group (XM) is a group of regulated online brokers regulated by the Cyprus Securities and Exchange Commission.

Pros and Cons

XM offers traders more than 1000 financial instruments to trade on both the MT4 and MT5 platforms, including Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDs. Forex trading is available on over 55 pairs, including the major USD, GBP, EUR and JPY pairs. Traders must take note that XM does not offer binary options or futures.

Trading Benefits

Customer Service is available via live chat, Phone and email support.

IQ Option

IQ Option is a broker developed under the IQ Option Europe company which was founded in 2013. IQ Option contains aCySEClicense Cyprus Securities and Exchange Commission from Cyprus, with permission to provide its financial services within the European Economic Area zone, with several licenses from other EU local jurisdictions. IQ Option offers its clients services in binary options, stocks and shares, currencies, and ETF trading.

Pros and Cons

IQ Option provides clients with a proprietary platform which is also used for CFDs and for binary options trading.Traders can also install the mobile trading app which is provided free of charge. The mobile trading app has been designed specifically for use on smartphones and mobile devices and allows traders to check their account status, keep updated with all the developments in the market as well as to execute trades.

Trading Benefits

The IQ Options trading platform and website are available to traders in thirteen different languages and allows traders to choose the currency to trade with. The selections of currencies are: GBP, RUB, EUR, IDR, USD, MUR, and Yuan.

Customer service is available via email, live chat or the telephone.

IC Markets

IC Markets is a regulated Forex ECN and CFD broker which offers more than 236+ financial instruments across Forex, Commodities, Indices, Bonds, Cryptocurrency, Stocks and Futures on the MetaTrader4, MetaTrader5 and cTrader platforms for desktop, web and mobile. IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), as well as the Seychelles Financial Services Authority (FSA).

Pros and Cons

IC Markets offers traders three main types of live trading accounts to choose from, including Raw Islamic swap-free accounts and the use of a free demo trading account.

Trading Benefits

Customer support is available 24/7 via Live Chat, Phone and Email.

HFM

HFM was established in 2007 is well regulated by FCA, CySEC, DFSA, FSCA and SFSA.

Pros and Cons

The HFM MT5 terminal offers 21 different timeframes, superior analysis tools, trading across HFM asset classes, close to 100 simultaneous charts, hedging and one-click trading and 80+ technical indicators plus an in-built economic calendar. The account can be accessed from anywhere using an iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators.

Trading Benefits

Customer support is available via phone and email.

FBS

FBS is a Forex and CFD broker which is authorised and regulated by the International Financial Services Commission (IFSC) of Belize and the Cyprus Securities and Exchange Commission (CySEC).

Pros and Cons

FBS offers users the option to trade on Forex, Indices, Stocks, Metals and Energies across the MetaTrader 4, MetaTrader 5 and FBS Trader trading platforms .

Trading Benefits

Customer Support is available 24/7 via a Call-back service, online Live Chat, Telegram, Viber and Facebook Messenger.

In Conclusion –

Forex Trading is indeed legal in Morocco with laws and rules in regards to the local financial markets determined by the countries regulatory authority.

FAQS

Is Forex Trading Legal in Morocco?

Yes, Forex Trading is legal, popular and well-regulated in Morocco.

At what age are local investors allowed to trade Forex in Morocco?

There is no set age for local investors to trade in Forex. However, the legal age for gambling in the country is set at 18 years of age and this can be seen as an accurate, legal age for Forex Trading.

What is the revenue service in Morocco?

The General Tax Administration of Morocco is principally responsible for the assessment, collection and remittance of revenues in Morocco.

Who is the regulatory authority of financial services in Morocco?

TheMoroccanCapital Market Authority or AMMC regulates and supervises all entities who engage in the Moroccan securities market. This includes banks; strengthening enforcement and the introduction of administrative sanctions/fines on individuals.

What is the local currency in Morocco?

The local currency in Morocco is the Moroccan dirham.

Who is the best Forex Broker in Morocco?

There is no one Forex Brokerage Firm which is suited to all investors. Forex Traders must consider factors such as Regulation, Account Types and Customer Service before making a final brokerage choice.

Is it profitable to trade forex in Morocco?

It is indeed possible to be profitable when trading Forex. However, there are steps to follow such as self-education, making use of a demo account and more.