There are many things to consider when starting to trade and using an online broker. The growth of online trading platforms has made it easy for people to trade, especially those looking to trade foreign currencies. Not all trading platforms are made equal or available in all parts of the world. The Middle East is known for particularly demanding regulations on financial transactions like forex trading. This is due to a mix of cultural and religious factors unique to the region. It does make finding the right platform more challenging to those in the area.
Most forex platforms allow their users to open demo accounts that mimic the real thing. This allows learning and mistakes to occur before trading with real money. Confidence in the platform and its interface are important. When opening such demo and trading accounts, there are some steps to follow and take into consideration. Some of these include making sure the platform is authentic by researching to find which are the most reliable ones. It’s also important to study the market, to ensure you are well prepared.
Like the rest of the world, the Middle East is seeing a rise in the popularity of forex trading. This growth has happened in the last five years. There is also a misconception that trading in the Middle East has been associated with scams, but that is not true. Scams are common everywhere, it can be troublesome if you do not know what to look out for. You can find scams in all forms of trading, regardless of where you are situated in the world. This is why it’s so important to do your research.
The article below will outline some of the best trading platforms for people in the Middle East.
A forex trading platform can be defined as an interface with software that allows its customers to trade in the foreign exchange markets. There are many different platforms or markets that an investor can look into. Below we have a number of recommendations for some of the best platforms and brokers available to traders and investors in the Middle East.
eToro is a Tel Aviv-based trading and investment platform offering its services to a countless number of users from all around the world. The site was founded in 2007 and has maintained a high level of quality since then. It became known for its copy-trader function, which allowed users to copy some of the site's most popular and profitable traders.
Compared to many other sites that offer trade, eToro has made everything super simple even for beginners. eToro also works great for those that want to trade on the move, as their mobile platform eToro Mobile is terrific.
Pepperstone is a trading broker based in Melbourne. It was founded in 2010, and the platform specializes in providing traders and speculators with financial instruments such as CFDs, commodities, cryptocurrencies, and foreign exchange. The site is well known for its safety, as the broker is regulated in two top-tier jurisdictions.
The pricing is competitive with other platforms. Pepperstone does not have the largest selection of tradable products but offers reliability on those it does offer. The site offers 62 different forex trading pairs. To boost the trading experience, Pepperstone connects to the MetaTrader data suite. This allows traders to utilize all the benefits of MetaTrader’s data.
XM is a trading broker established in 2009. The site offers its financial trading services to 196 countries. They are headquartered in Cyprus but have offices worldwide. XM offers a standard suite of financial instruments: Stocks, CFDs, Commodities, Metals, and Forex. The site also allows trading in several currencies. Allowing traders a more localized experience. Like Pepperstone, XM is compatible with MetaTrader to provide you with the best trading experience.
MetaTrader is one of the most beautiful and popular trading suites. It was initially designed for forex traders. Although MetaTrader was built for forex traders, the newest versions of the platform are more diverse. Users can now trade commodities, stocks, and futures. MetaTrader is the prime platform for brokers to connect to. The data available in the system is second to none.
MetaTrader is also great as it offers traders and other speculators a great variety, with the option to build their expert advisor and custom indicators. People that engage in algorithmic trading prefer to use this platform. Furthermore, MetaTrader gives you ultimate flexibility since you can use it to execute trades and then go on to their mobile application. It’s available on both iOS and Android.
Forex traders in the Middle East have plenty of options when it comes to finding platforms, but finding the best one for you, can be more of a challenge. The platforms mentioned in this article are some of the best ones available and will provide curious traders with the right tools they need to make it on the forex market. Best of luck out there, it’s an exciting market!
