Forex trading has surged in popularity in Pakistan in recent years. With increased financial literacy and internet access, more individuals are now attracted to trading currencies online with regulated brokers. However, with so many options to choose from, finding the right forex broker can be overwhelming for Pakistani traders.
This comprehensive guide will walk you through the key factors to consider when selecting a top forex broker in Pakistan that matches your trading requirements and preferences.
How to Choose the Best Forex Broker in Pakistan
Here are the most important criteria to evaluate when picking a forex broker as a Pakistani trader:
Regulation
Only trade with brokers authorized by tier-1 regulators like the UK’s FCA, Australia’s ASIC, Cyprus’ CySEC or the UAE’s DFSA. Regulated brokers offer greater transparency, compliance, and security of your funds. Check license number and registration on the regulator website.
Trading Platforms
Leading Pakistan forex brokers offer popular platforms like MetaTrader 4, MetaTrader 5, cTrader and proprietary web platforms. Compare platforms and select one that is reliable, intuitive and packed with tools.
Spreads and Commissions
Low spread brokers offer cost-effective trading. But some charge commissions on top of spreads. Compare all-in costs across brokers before selecting one. Variable spreads are preferable over fixed spreads.
Leverage Options
Pakistani forex brokers offer leverage up to 1:500. Choose a broker that provides flexibility in leverage to suit your style and risk appetite. Using very high leverage is risky.
Account Types
Compare account types offered – micro, standard, zero spread, ECN, Islamic, demo account etc. Select one that best matches your deposit size and trading preferences.
Payments and Withdrawals
Check funding and withdrawal options – bank wire, credit/debit cards, e-wallets, and local bank transfers. Ensure convenient deposit and withdrawal in PKR for Pakistani users.
Customer Support
Evaluate customer support channels – Live chat, phone support, email ticketing system, regional offices etc. Prefer Pakistan brokers with support in Urdu/Hindi language.
Bonuses and Promotions
Watch for signup bonuses, trading contests, rebates and other promotions that provide added value to users. Read terms before accepting bonus offers.
By evaluating brokers across these parameters, you can narrow down your selection to the most reliable names in the industry.
Top Forex Brokers for Traders in Pakistan
By assessing brokers across these key criteria, we’ve identified the top all-around brokers to consider for your currency trading needs.
| No | Broker | Regulation | Min. Deposit | Platforms | Account Types | Offer | Open New Account |
|---|---|---|---|---|---|---|---|
| 1. | RoboForex | FSC Belize | $10 | MT4, MT5, RTrader | Standard, Cent, Zero Spread | Welcome Bonus $30 | Open RoboForex Account |
| 2. | AvaTrade | ASIC, FSCA | $100 | MT4, MT5 | Standard, Cent, Zero Spread | Top Forex Broker | Open AvaTrade Account |
| 3. | Exness | FCA, CySEC | $1 | MT4, MT5 | Standard, Cent, Zero Spread | Free VPS | Open Exness Account |
| 4. | XM | ASIC, CySEC, FCA | $5 | MT4, MT5 | Standard, Micro, Zero Spread | 20% Deposit Bonus | Open XM Account |
| 5. | ICMarkets | Seychelles FSA | $200 | MT4, MT5, CTrader | Standard, Zero Spread | Best Paypal Broker | Open ICMarkets Account |
| 6. | XBTFX | ASIC, CySEC, FCA | $10 | MT4, MT5 | Standard, Zero Spread | Best USA Broker | Open XBTFX Account |
| 7. | FXTM | FSC Mauritius | $10 | MT4, MT5 | Standard, Micro, Zero Spread | Welcome Bonus $50 | Open FXTM Account |
| 8. | FBS | ASIC, CySEC, FCA | $5 | MT4, MT5 | Standard, Cent, Zero Spread | 100% Deposit Bonus | Open FBS Account |
| 9. | Binance | DASP | $10 | Binance Platforms | N/A | Best Crypto Broker | Open Binance Account |
| 10. | TradingView | Unregulated | Free | TradingView | N/A | Best Trading Platform | Open TradingView Account |
Best Forex Brokers in Pakistan
1. RoboForex
RoboForex is a well-regulated forex and CFD broker that offers traders access to over 12,000 instruments across five account types.
With licenses from major regulators including the FSC Belize, RoboForex provides traders with a secure trading environment.
RoboForex Key Features:
- Regulation: FSC Belize
- Platforms: MT4, MT5, R Trader, WebTrader
- Instruments: Over 12,000 Forex pairs, commodities, stocks, indices, ETFs, cryptos
- Accounts: Pro-Standard, Pro-ECN, Prime, R Trader, Islamic
- Spreads: From 0 pips on Razor account
- Commissions: From $3.5 per lot on ECN account
- Execution: Advanced bridge, ECN/STP execution
- Funding: Debit/credit cards, Skrill, Neteller, wire transfers
- Customer Support: 24/5 multilingual live chat, email, phone support
RoboForex provides access to over 12,000 CFDs across forex, commodities, indices, shares, cryptos and ETFs through the popular MetaTrader 4 and MetaTrader 5 platforms as well as its own proprietary platform, R Trader.
With 5 account types available including ECN, STP, Prime of Prime, and Islamic accounts, RoboForex caters to traders of all experience levels and trading styles. Razor spread accounts offer spreads from 0 pips with commission charges starting from $3.5 per lot.
RoboForex clients benefit from fast execution speeds and a range of cutting edge trading tools such as the Sentiment Trader and Trader’s Calculator available through R Trader.
With multilingual 24/5 customer support, negative balance protection, and segregated client funds, RoboForex provides a secure trading experience catered to all traders. Open a free demo account today.
Overall rating: 5/5
2. AvaTrade
AvaTrade, founded in 2006, is a global multi-asset broker regulated in Europe, Australia, South Africa, BVI, Japan and Canada.
With licenses from top-tier regulators like the FCA, ASIC, and IIROC, AvaTrade provides a trusted destination for online trading.
AvaTrade Key Features:
- Regulation: ASIC, FCA, IIROC, MFSA, FSA, JFSA
- Platforms: AvaTradeGO, MetaTrader 4, MetaTrader 5, WebTrader, Mac Trading, AvaOptions, DupliTrade
- Instruments: 200+ Forex pairs, cryptos, stocks, indices, commodities, ETFs
- Accounts: Standard, Pro, Islamic
- Spreads: From 0 pips
- Commissions: None
- Execution: Advanced bridge, ECN/STP execution
- Funding: Debit/credit cards, PayPal, Skrill, Neteller, wire transfers
- Customer Support: 24/5 multilingual support via live chat, email, phone
With access to over 250 tradable instruments across forex, stocks, indices, commodities, ETFs, and cryptos, AvaTrade provides traders with an extensive range of assets to trade.
AvaTrade offers the popular MetaTrader 4 and MetaTrader 5 platforms as well as its own innovative trading platforms, AvaTradeGO, Mac Trading, DupliTrade, and AvaOptions. The broker’s own platforms are user-friendly while still packed with advanced trading tools and indicators.
A choice of Standard and Pro accounts are available with ultra-competitive spreads starting from 0 pips. Commission-free trading makes AvaTrade an affordable broker for active day traders.
With 24/5 multilingual customer support, guaranteed stop losses, and negative balance protection, AvaTrade provides a secure trading destination catering to all traders. Open a free demo account today.
Overall rating: 4.6/5
3. Exness
Exness, founded in 2008, provides online trading access across forex, metals, energies, stocks, indices, and cryptos.
With regulation from top-tier authorities like the FCA and CySEC, Exness offers a secure trading environment.
Exness Key Features:
- Regulation: FCA, CySEC
- Platforms: MetaTrader 4, MetaTrader 5, WebTrader
- Instruments: 170+ Forex pairs, metals, energies, stocks, indices, cryptos
- Accounts: Standard, Pro, Zero Spread, Islamic
- Spreads: From 0 pips on Zero account
- Commissions: None
- Execution: ECN/STP execution
- Funding: Debit/credit cards, Neteller, Skrill, Perfect Money, wire transfers
- Customer Support: 24/7 multilingual live chat, email
Exness provides access to over 170 financial instruments across forex, metals, energies, global stocks, indices, and major cryptocurrencies.
With both the MetaTrader 4 and MetaTrader 5 platforms supported, traders can take advantage of advanced charting capabilities, trading tools, algo-trading, and mobile app options offered by these industry-standard platforms.
A choice of Standard, Pro, Zero, and Islamic accounts provides options for traders of all experience levels. Ultra-competitive spreads from 0 pips coupled with zero commission trading makes Exness an affordable broker.
Noteworthy features include unlimited instant funding options, negative balance protection, and 24/7 multilingual customer support. Open a free demo account today.
Overall rating: 4.8/5
4. XM
XM is a global forex and CFD broker regulated in several major financial hubs like Australia, Cyprus, South Africa and the UK.
With oversight from top-tier regulators like CySEC and ASIC, XM provides a secure trading environment.
XM Key Features:
- Regulation: ASIC, CySEC, FCA
- Platforms: MT4, MT5, WebTrader
- Instruments: 1000+ Forex pairs, CFDs, cryptos, stocks, metals, energies
- Accounts: Micro, Standard, Shares, Islamic
- Spreads: From 0 pips on Zero account
- Commissions: None
- Execution: ECN/STP
- Funding: Debit/credit cards, Neteller, Skrill, wire transfer
- Customer Support: 24/5 multilingual support via live chat, email, phone
XM clients can trade over 1000 instruments across forex, major stock indices, commodities, equity shares, and cryptocurrencies.
MetaTrader 4 and MetaTrader 5 support offers access to advanced trading tools and the ability to fully customize platforms based on your trading style. XM also offers its own WebTrader with fast execution.
Micro and Standard accounts make XM accessible to all traders. Ultra-competitive spreads from 0 pips and commission-free trading provide affordable trading costs.
Notable features include free VPS hosting for clients with larger balances, 24/5 dedicated account managers, and registered/guaranteed client fund protection. Open a free demo account today.
Overall rating: 4.5/5
5. Binance
Founded in 2017, Binance has grown to become the world’s largest cryptocurrency exchange by trade volume with millions of users worldwide.
While not regulated, Binance uses cutting-edge security technology and has an established track-record in the crypto industry.
Binance Key Features:
- Regulation: Unregulated
- Platforms: Binance desktop and web-based trading platforms, Binance app
- Instruments: 300+ cryptocurrency markets
- Accounts: Standard
- Spreads: Taker/Maker fee structure (0.1% taker fee, 0.075% maker discount)
- Commissions: None
- Execution: Advanced matching engine, high liquidity
- Funding: Debit/credit cards, P2P trading, wire transfers
- Customer Support: 24/7 multilingual customer support via live chat, ticket system
As a crypto-only exchange, Binance provides traders with access to over 300 cryptocurrencies with new coins added frequently. Leverage up to 125x is available on crypto trades.
In addition to spot trading, Binance offers crypto futures, options, margin trading and P2P fiat-to-crypto trading. The Binance ecosystem features an industry-leading native blockchain, Binance Chain, where BNB was launched.
Advanced trading platforms feature deep liquidity, superior matching engine technology, and a wide range of charting tools. Platforms can be accessed via desktop, web browser or mobile app.
With 24/7 multilingual customer support, robust security tools including cold wallet storage, platform insurance, and two-factor authentication, Binance provides a premier crypto trading destination. Open an account on Binance.
Overall rating: 4.5/5
6. TradingView
TradingView, founded in 2011, is a charting and social trading platform with over 30 million registered users. It’s owned by PineScript powered by over 100,000 custom indicators and strategies created by the TradingView community.
While not a broker itself, TradingView allows traders to analyze financial markets using cutting-edge charting tools and trade via integrated brokerages.
TradingView Key Features:
- Regulation: Unregulated
- Platforms: Web-based, iOS and Android mobile apps
- Instruments: 10,000+ instruments across forex, crypto, stocks, indices, futures
- Accounts: Free or paid subscriptions ($15-$59/month)
- Spreads/Commissions: Determined by integrated broker
- Execution: Via integrated broker account
- Funding: Via integrated broker account
- Customer Support: Email support
TradingView makes technical analysis easy with an intuitive charting platform packed with advanced features. Access real-time market data coverage across thousands of global markets and assets classes that traders can analyze visually.
The layout is fully customizable with adjustable timeframes, indicators, drawing tools and more. Extensive backtesting capabilities allow traders to easily test trading strategies and fine-tune performance.
Traders can run automated trading strategies via PineScript or easily copy top-performing traders’ signals via TradingView’s social trading features.
While TradingView itself does not support live trading, you can connect your brokerage account to place trades directly from the TradingView platform.
With a free starter plan and affordable subscription options, feature-rich TradingView provides extensive market analysis and strategy development capabilities for traders. Open a free account on TradingView.
Overall rating: 4/5
This covers the top forex brokers operating in Pakistan that provide the right combination of regulation, low costs, platforms, account types and payment convenience for Pakistani clients.
Factors to Consider When Choosing a Pakistan Forex Broker
While the top brokers listed above are all great choices, you must evaluate your individual needs and preferences to find the broker that’s best suited for you. Consider these factors:
Trading Style
Your trading style should guide your broker selection. If you are an active scalper who makes multiple short term trades daily, choose a broker with very low spreads and fast execution. If you are a swing or position trader holding positions for days or weeks, you want a broker with robust research tools and educational resources. Understand your own trading approach first.
Deposit Size
Most brokers set a minimum deposit requirement that ranges from $1 to $250. Match broker account types to your capital – micro accounts for a few hundred dollars, standard accounts for $1000 to $10,000, ECN accounts for experienced traders with over $10,000 etc.
Platform Choice
Are you most comfortable using MetaTrader or cTrader? Do you need mobile trading on iOS or Android apps? Choose a broker providing your preferred platform. Most leading brokers offer both MT4 and MT5.
Account Currency
Some brokers allow accounts denominated in Pakistani Rupees while others require US Dollar or Euro base currency. If you want to avoid currency conversion fees, choose local currency accounts.
Trading Tools
Evaluate the depth of trading tools – daily analysis, news feeds, economic calendar, trading signals, risk management tools, VPS hosting etc. These tools help enhance your trading performance.
Customer Support
Check forums and read reviews about the quality and responsiveness of broker customer support through live chat, email and phone. Many brokers offer support in regional languages including Urdu.
By weighing your priorities across these factors, you can zero in on 1 or 2 brokers that tick all boxes for your needs as a Pakistani trader. Open a demo account first before going live.
Common Questions about Forex Trading in Pakistan
Here are some frequently asked questions about forex trading that Pakistani beginners have:
Is forex trading legal in Pakistan?
Yes, forex trading is legal in Pakistan if you trade with an authorized broker. Trading currencies online and overseas remittances are allowed subject to SBP rules. You must report forex profits to the FBR.
How is forex taxed in Pakistan?
Forex trading income above Rs50 lakhs annually is taxed at 20% in Pakistan. You must declare trading profits by filing tax returns with the Federal Board of Revenue. Consult a tax expert for advice.
Which payment methods can I use to fund forex accounts in Pakistan?
Brokers offer multiple deposit options – Bank wire transfers, debit/credit cards, e-wallets like Skrill/Neteller and direct bank transfers via local banks. Fund your account in a method that is convenient and cost-effective for you.
Is there an Islamic account option for Pakistani forex traders?
Yes, leading brokers like OctaFX and Hotforex offer Islamic or swap-free accounts that completely exclude swap or rollover interest in adherence to Sharia law. This makes forex trading accessible to Muslims in Pakistan.
Can I trade forex on my mobile in Pakistan?
Certainly. All the top Pakistan brokers offer iOS and Android mobile apps enabling you to analyze, trade, and manage your account on the go. Mobile functionality matches the desktop platforms.
What is the average return from forex trading in Pakistan?
Returns depend on many factors. With a disciplined strategy, adequate risk management and consistently profitable trades, an expected monthly return goal is 10-15%. Returns can vary widely for different traders.
How do I withdraw profits from forex trading in Pakistan?
Brokers offer secure withdrawal options via bank wire transfer or payment systems like Skrill where your funds are received within 1-3 days. Withdrawals are processed quickly if you submit the required KYC documents.
Conclusion
Forex trading continues to gain popularity among Pakistani traders given its flexibility and income potential. By selecting a regulated broker like Exness, Hotforex, OctaFX or XM, that matches your trading style and requirements, you can begin trading currencies successfully from Pakistan. Practice prudent risk management as a beginner, and you can aim for consistent profits over time. Remember to evaluate brokers based on regulation, costs, platforms, and convenient funding options before opening your account.
Best and Most Trusted Forex Brokers
Based on regulation, award recognition, mainstream credibility, and overwhelmingly positive client feedback, these six brokers stand out for their sterling reputations:
| No | Broker | Regulation | Min. Deposit | Platforms | Account Types | Offer | Open New Account |
|---|---|---|---|---|---|---|---|
| 1. | RoboForex | FSC Belize | $10 | MT4, MT5, RTrader | Standard, Cent, Zero Spread | Welcome Bonus $30 | Open RoboForex Account |
| 2. | AvaTrade | ASIC, FSCA | $100 | MT4, MT5 | Standard, Cent, Zero Spread | Top Forex Broker | Open AvaTrade Account |
| 3. | Exness | FCA, CySEC | $1 | MT4, MT5 | Standard, Cent, Zero Spread | Free VPS | Open Exness Account |
| 4. | XM | ASIC, CySEC, FCA | $5 | MT4, MT5 | Standard, Micro, Zero Spread | 20% Deposit Bonus | Open XM Account |
| 5. | ICMarkets | Seychelles FSA | $200 | MT4, MT5, CTrader | Standard, Zero Spread | Best Paypal Broker | Open ICMarkets Account |
| 6. | XBTFX | ASIC, CySEC, FCA | $10 | MT4, MT5 | Standard, Zero Spread | Best USA Broker | Open XBTFX Account |
| 7. | Vantage | ASIC, CySEC, FCA | $50 | MT4, MT5 | Standard, Cent, Zero Spread | 20% Deposit Bonus | Open Vantage Account |
| 8. | FXTM | FSC Mauritius | $10 | MT4, MT5 | Standard, Micro, Zero Spread | Welcome Bonus $50 | Open FXTM Account |
| 9. | FBS | ASIC, CySEC, FCA | $5 | MT4, MT5 | Standard, Cent, Zero Spread | 100% Deposit Bonus | Open FBS Account |
| 10. | Binance | DASP | $10 | Binance Platforms | N/A | Best Crypto Broker | Open Binance Account |
| 11. | TradingView | Unregulated | Free | TradingView | N/A | Best Trading Platform | Open TradingView Account |
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