Forex trading continues to rise in popularity in Egypt, with the concept of currency exchange remains deeply anchored within the culture of this large state within the Middle East and Africa. Below I present a shortlist of the most competitive Forex brokers operating in Egypt and a guide for beginner Forex traders in Egypt in choosing a broker and getting started.
- FXTM, Best all-around broker with high floating leverage and fast execution.
- FP Markets, ECN trading with leverage up to 1:500.
- AvaTrade, Highly regulated, choice of fixed or floating spreads.
- Pepperstone, Great ECN execution on MT4 platform.
Best Egypt Brokers Comparison
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Regulators | CMA, CySEC, FCA, FSC Mauritius, FSCA | ASIC, CySEC, FSCA | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB |
Year Established | 2011 | 2005 | 2006 | 2010 |
Execution Type(s) | ECN/STP, Market Maker | ECN/STP | Market Maker | No Dealing Desk, NDD |
Minimum Deposit | ||||
Average Trading Cost EUR/USD | 0.1 pips | 1.1 pips | 0.9 pips | 1.1 pips |
Average Trading Cost GBP/USD | 0.2 pips | 1.4 pips | 1.5 pips | 1.6 pips |
Average Trading Cost Gold | $0.18 | $0.21 | $0.29 | $0.20 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | Other, MetaTrader 4, MetaTrader 5, Web-based+ | MetaTrader 4, MetaTrader 5, cTrader, Trading View |
Islamic Account | ||||
Negative Balance Protection | N/A | |||
| Visit Website | Visit Website | Visit Website | Visit Website |
FXTM
In Summary Best all-around broker with high floating leverage and fast executionWe have made FXTM one of our top-rated brokers because in addition to its lengthy track record, it enjoys a very high level of regulation and reputation, and it offers a highly competitive fee structure which tends to keep down the cost of trading.
Pros & Cons
- Excellent commission-based Forex pricing environment and transparency
- Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
- Quality market research and educational content for beginner traders
- A highly regulated broker with a tier-1 license
- No cryptocurrencies and limited choice of commodities
FP Markets
In Summary ECN trading with leverage up to 1:500fpmarkets is an ASIC-regulated Australian brokerage which launched in 2005. For most traders, the unique selling point of this broker is in the extremely wide range of tradable assets offered, providing the opportunity to trade over ten thousand individual stocks and shares including publicly quoted Hong Kong and Australian companies. Ffpmarkets also offers 60 Forex pairs and crosses, 11 equity indices, the major commodities, and 5 cryptocurrencies including Bitcoin. fpmarkets offers an unusual hybrid ECN/STP execution model, meaning their clients can choose between ECN style of execution giving a very high level of speed, and a “straight through processing” execution style which allows for more “natural” spreads.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
AvaTrade
In Summary Highly regulated, choice of fixed or floating spreadsAvaTrade is one of the largest Forex / CFD brokers and well-known for offering their clients a choice of fixed or floating spreads. They have a very high and strong level of regulation. AvaTrade is directly regulated in Ireland (and by extension, the European Union), Australia, Japan, South Africa, and the British Virgin Islands. Outside the European Union, Ava offers maximum leverage on Forex currency pairs as high as 400 to 1. AvaTrade offers trading in over 55 different Forex currency pairs, 17 commodities, 20 equity indices, 14 cryptocurrencies, plus 66 individual stocks and shares. 2 bonds and 6 ETFs are also on the menu.
Pros & Cons
- High-quality educational offering via SharpTrader
- Excellent choice of trading platforms catering to various trading needs
- Broad asset selection and cross-asset diversification opportunities
- Well-regulated and trusted broker with oversight from a central bank
- Trading costs competitive but nothing special
Pepperstone
In Summary Great ECN execution on MT4 platformPepperstone, founded in 2010 and headquartered and regulated in Australia, the U.K., and Dubai, is probably the most well-known ECN Forex broker in the world. As an ECN broker, Pepperstone offer raw spreads and low commissions. Taken together, Pepperstone’s “Razor” account offers one of the most competitive costs of trading in Forex that you will find anywhere. In addition to their global headquarters in Australia, Pepperstone also have presences in London, England, where they enjoy full regulation by the Financial Conduct Authority (FCA), and in Dubai, where they are regulated by the Dubai Financial Services Authority (DFSA).
Pros & Cons
- Excellent choice of trading platforms consisting of MT4/MT5, and cTrader
- Market-leading MT4/MT5 upgrade package, Autochartist, and API trading
- Social trading support via Myfxbook, MetaTrader Signals, and DupliTrade
- Leverage of up to 1:30 and superb trade execution
- Demo accounts have 30-day time limits
Is Forex Trading Legal in Egypt?
Forex trading is legal in Egypt, and the Financial Regulatory Authority (FRA) regulates the non-banking financial sector, including capital markets, derivative markets, and commodities. Despite the growing popularity of Forex trading among Egyptians, Egypt does not have any domestic Forex brokers. The retail sector relies on well-known international brokers, and there are no restrictions on Egyptian Forex traders opening accounts.
Egypt does not have a well-established Forex market, and the FRA is a relatively young regulator that became operational in 2009 amid reforms following the global fiscal crisis of 2008. The Central Bank of Egypt, responsible for the Egyptian Pound, devalued the currency twice since the FRA exists, providing the regulator with essential experience to navigate a currency crisis.
Egyptian resident Forex traders should always trade with a regulated Forex broker with a clean regulatory history to avoid bad actors attempting to scam beginner traders who cannot spot a questionable broker.
What is the Best Trading App in Egypt?
While individual requirements will value certain aspects over others, the best trading app in Egypt will feature identical core attributes and services.
The best trading app in Egypt will offer:
- Adequate leverage
- Fast order execution, eliminating requotes, resulting in improved pricing, and increasing the profit potential
- Deep liquidity, allowing traders to transact using the best available market prices
- Low trading costs, which directly impact profits and dictate which trading strategies a Forex broker supports
- Volume-based rebate programs present a core service for high-volume traders and lower final trading costs
- Algorithmic trading, the fastest-growing Forex segment, with an estimated 80%+ of all daily transactions placed by algorithms
- Copy trading functions, the second-most sought-after service, especially by millennial and GenZ traders who prefer copying multiple signal providers from mobile apps while conducting capital allocations
How to Open a Forex Account in Egypt
All Forex brokers listed here provide a hassle-free online application process with minimal data collection. Egyptian resident Forex traders should be able to complete it in less than 20 seconds. Account verification remains mandatory, and if all necessary documents are available, it usually takes up to one business day to be processed and accepted.
Egyptian Forex traders can open a verified Forex trading account in four steps:
1. Select one of the best Forex brokers operating in Egypt from our listing matching your individual needs.
2. Get access to the broker’s back office by filling out the online application form.
3. Pass mandatory account verification to satisfy regulatory stipulated AML/KYC requirements by uploading a copy of a government-issued ID and one proof of residency document.
4. Fund a trading account with at least the minimum deposit required by the Forex broker completes the account registration. Traders should consider at least $500 as an initial deposit, even if the minimum deposit is lower.
What is the Minimum Deposit with Egypt Forex Brokers?
The minimum deposit question is hotly debated because the Forex market has lower capital requirements than other asset classes, due to its relatively high leverage. For example, a $100 portfolio can control $50,000 in assets if leveraged 1:500 for major currency pairs. Sufficient capital is required to effectively manage a Forex trading account, which is where the confusion can set in for beginners.
While the minimum deposit requirements from the best Forex brokers in Egypt range between $50 and $200, such amounts are usually too small to trade safely effectively. Trading with underfunded accounts is a common beginner trader error. It can lead to excessive risk-taking or yields small profits that do not warrant the effort necessary to achieve them.
Forex Market Hours in Egypt
While the Forex market operates 24/5, some periods offer more liquidity, which results in tighter spreads, and, therefore, lower trading costs.
The best times to trade Forex in Egypt are:
- 2 a.m. - 3 a.m. (First hour of the Tokyo trading session)
- 7 a.m. - 8 a.m. (Last hour of the Sydney trading session)
- 9 a.m. - 11 a.m. (The first two hours of the London trading session and the last hour of the Tokyo trading session)
- 4 p.m. - 6 p.m. (First two hours of the New York trading session and the last two hours of the London trading session)
- 8 p.m. - 11 p.m. (The last two hours of the New York trading session and the first hour of the Sydney trading session)
Most traders will miss the first period above, may start their trading day during the second period, and can actively participate during the third and fourth, which are prime Forex trading periods. The fifth period can also provide Egyptian Forex traders with attractive opportunities.
Bottom Line
Forex trading in Egypt is legal, and the retail sector relies on well-trusted, regulated international Forex brokers, due to the lack of competitive domestic offerings. Education is the first step for beginners before opening a Forex trading account.
Risk management and trading psychology are two of the most misunderstood and ignored elements of Forex trading education. The absence of the former can result in massive trading loss, not the use of leverage, as many market participants, including regulators, claim. The latter can also contribute to avoidable trading losses.
Egyptian Forex traders seeking brokers offering Islamic trading accounts should carefully examine the conditions of such accounts when offered, as some brokers apply unfair conditions to compensate for the loss of overnight swap fees.
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