5 Top Forex Brokers in Jordan [year] - Forex Trading in Jordan
Best Forex Brokers in Jordan for Beginners
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Christopher Lewis
Despite its relatively small size, Jordan remains an attractive destination for investors. With 1.5+ million migrant workers, physical Forex trading is widespread while online Forex trading continues to expand in popularity. Our comprehensive Forex trading in Joran broker listing has determined the most competitive brokers for Jordanian residents, so read on to compile your shortlist and review our guide to getting started in Jordan with the best Forex broker for you.
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
High level regulation in multiple jurisdictions
Impressive range of tradeable assets including vanilla options and gold options
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Solid broker for scalping and hedging
Institutional-style trading opportunities for retail traders
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Best all-around broker with high floating leverage and fast execution
For a minimum deposit of $500, the FXTM Advantage account offers Forex trading in Jordan with low trading costs featuring raw spreads of 0.0 pips for a commission between $0.80 to $4.00 per 1.0 round lot. Adding to the cost advantage are deep liquidity pools and innovative order execution technology, delivering an average price improvement of 0.29 pips or $2.90 per lot and an execution speed of 0.072 seconds.
FXTM offers the Pivot Points Trading Strategy as an MT4 plugin, while the XTM Invest service is a quality alternative for copy trades next to the embedded MT4/MT5 solutions. Quality education and actionable trading signals cater well to beginners, while the FXTM infrastructure remains ideal for scalpers and algorithmic traders.
Pros
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
Proprietary copy trading platform, low minimum deposit, and high leverage
Cons
Limited choice of cryptocurrencies and commodities
Highly regulated, choice of fixed or floating spreads
The spun-out SharpTrader Academy from AvaTrade ranks as one of the highest-quality educational resources for beginner traders. AvaTrade supports algorithmic traders with VPS hosting and copy traders via Ava Social, ZuluTrade, and DupliTrade. The AvaTrade partnership program, consisting of 70,000+ partners from 150+ counties and 250M+ commission payouts, provides passive traders with a high-paying solution. The commission-free pricing environment at AvaTrade features reasonable costs.
AvaTrade offers the Guardian Angel MT4 plugin, which provides traders with an additional layer of protection by sending alerts. It also assists with risk management and post-trade analysis, making AvaTrade an excellent choice for Forex trading in Jordan. The Trading Central plugin upgrades MT4/MT5, and the proprietary web based AvaTrade WebTrader, AvaOptions, and AvaTradeGO are equally available.
Pros
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
Raw spreads from 0.0 pips for a commission of $6.00 per round lot, deep liquidity, high leverage, and NDD order processing without requotes can create ideal conditions for Forex trading in Jordan. VPS hosting provides low-latency 24/5 market access to algorithmic traders, while the infrastructure also caters well to scalpers and high-frequency strategies. FP Markets Copy Trading or Myfxbook Autotrade allows copy traders to diversify portfolios, and MAM/PAMM accounts enable account management services from a trusted source.
Twelve plugins and Autochartist upgrade the core MT4/MT5 trading platforms at FP Markets, creating a potential competitive edge. Beginner traders get quality education, including videos and webinars, while FP Markets also publishes market commentary and in-house research based on fundamental and technical analysis.
Pros
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
Best ECN trading environment, with scalping and hedging
The Autochartist plugin upgrades the MT4/MT5 platforms at BlackBull Markets, where beginners get educational content, market commentary, and a fee-based subscription service. Social traders can access the TradingView community, and the ECN Standard account has no minimum deposit requirement with reasonable commission-free costs, making BlackBull Markets one of the most accessible brokers for Forex trading in Jordan.
Algorithmic traders requiring 24/5 low-latency market access get VPS, hosting, and API trading allows advanced trading solutions to connect to the cutting-edge BlackBull Markets infrastructure but must deposit $2,000 for the ECN Prime account. It features 0.1 pips spreads for a commission of $6.00 per 1.0 standard, deep liquidity pools, high leverage, and market-leading infrastructure, potentially ideal for scalpers and algorithmic traders.
Pros
ECN/NDD execution model with deep liquidity
Institution-grade pricing for retail traders via proprietary price aggregation
Eightcap maintains an excellent trading environment for algorithmic traders and scalpers, who get deep liquidity, high leverage, and superior order execution. The cost structure features raw spreads from 0.0 pips for a commission of $7.00 per round lot. Eightcap upgrades the MT4/MT5 trading platforms with the Amazing Trader plugin and connects accounts to the active TradingView community. Licensed asset managers get the MAM/PAMM modules.
Forex trading in Jordan with Eightcap gives access to a unique service in Capitalise AI, enabling traders to automate strategies in a code-free environment. Eightcap is also a leading cryptocurrency broker with 250+ CFDs and the dedicated cryptocurrency solution Cryptocrusher. The high-paying partnership program offers passive income seekers a quality option, and beginners get quality educational content.
Pros
Low minimum deposit and high leverage of up to 1:500
Competitive cost structure
Excellent technology infrastructure and seasoned management team
Our below checklist ensures traders select a competitive, trustworthy international broker offering Islamic accounts to make Forex trading in Jordan halal.
Forex traders in Jordan should look for the following:
1. Regulation - Regulated Forex brokers typically offer negative balance protection, segregate client deposits from corporate funds, ensure the availability of funds, and strongly reduce the risk of scams and fraud if they maintain clean records.
2. Local-currency accounts - The Jordanian Dinar is unavailable at all international online brokers. Local currency accounts exist with domestic banks only, while US Dollar accounts are ideal for Jordanian residents because the Jordanian Dinar is pegged to the US Dollar.
3. Local payment methods - Low-cost, secure online payment processors and cryptocurrencies with fast transaction times provide fast, hassle-free transactions.
4. Spread sizes - During the most liquid trading periods, spreads for Forex traders in Jordan should not exceed 0.1 pips in commission-based and 0.7 pips in commission-free accounts.
5. Fees - A competitive commission-based pricing environment does not exceed $6.00 per 1.0 standard lot, and active traders should check for a volume-based rebate program.
6. Products - Competitive Forex brokers offer 60+ currency pairs to ensure portfolio diversification and trading opportunities while supporting different strategies.
7. Asset diversity - Cross-asset diversification for most Forex traders requires the availability of commodities, index CFDs, and cryptocurrencies as well as Forex.
8. Customer service in native language - Many brokers maintain an Arabic version of their website and customer support, providing Jordanian Forex traders services in their native language.
9. Account type diversity - Islamic accounts are available for Forex traders in Jordan mindful of Sharia law. Forex traders can also choose between commission-free and commission-based options, with many brokers offering sub-account choices.
10. Demo account - Demo accounts are useful in testing out the broker’s platform, evaluate EAs, and bug-fixing algorithmic trading solutions. They can also be helpful as educational tools. Unlimited demo accounts can be a plus.
11. Mobile trading - Mobile trading can allow traders to diversify and monitor portfolios without placing trades. Practically every broker’s platform now supports mobile trading, but some brokers do it better than others.
12. Deposits/Withdrawals – Moroccan resident Forex traders should evaluate third-party costs, which can apply to withdrawals, whereas most deposits are free, and consider the impact of any currency conversion fees which may apply.
Forex Regulations in Jordan
The Jordan Securities Commission (JSC), a trusted and active regulator with financial and administrative autonomy, is the regulator of the domestic financial sector. Forex trading in Jordan requires a JSC license, which applies to physical Forex transactions. The JSC issues bulletins and warnings cautioning against dealing with unlicensed Forex companies.
An investor compensation fund exists, but it applies only to JSC-regulated companies. Since online Forex trading uses derivative contracts and international brokers account for the bulk of Forex retail trading volume, the JSC regulatory environment and protection do not apply.
International Forex brokers do not have to apply for a JSC license to operate in Jordan under Jordanian law, and Jordanian-resident Forex traders have no restrictions on opening offshore accounts. Despite this, Jordanian residents should consider the advice and warnings given by the JSC and apply the same principles to international brokers, ensuring they meet the guidelines, as the Forex / CFD brokers listed here do.
Forex Trading in Islam
Jordan is an overwhelmingly Islamic country, with 97% of the population identifying as Muslim, and beginners considering Forex trading in Morocco may wish to consider Forex trading and Islam. The question concerning the legality of Forex trading under Islamic law remains challenging to answer. Islamic authorities generally agree that Forex is permissible according to Islamic law, making Forex trading halal, but only under certain conditions.
Some Islamic governments rank as active Forex traders, but which conditions must exist to make Forex trading halal and not haram? The opinions and interpretations differ, and Islamic Forex traders in doubt should consult their religious leader.
Three practices judged to be haram are:
Usury, or making loans to enrich oneself at the expense of others.
Riba, either riba an-nasiya or riba al-fadl, meaning charging interest on loans or exchanging unequal quality goods.
Gambling, even for recreational purposes.
Forex brokers offer Islamic accounts and do not levy swap rates on leveraged overnight positions, but these often include time limits. Forex trading is a high-skilled profession and not gambling, at least if done correctly and pursued with a reasonable expectation of gain. Islamic law may differentiate between exchanging currencies for necessary reasons, for example, a traveler or business conducting Forex exchanges and speculators who use Forex to generate income.
Forex trading in Islam should meet the classification of hand-to-hand transactions or those that conclude in either one sitting or instantaneously. Certain Islamic scholars also question whether some aspects remain haram or are discouraged but technically legal.
How to Start Forex Trading in Jordan
Successful Forex traders should consider the following:
1. Every high-skilled profession begins with in-depth education, and Forex trading is no different. Even copy traders and those preferring managed accounts should invest in their education to improve their ability to spot scams and fraud.
2. Use a well-regulated, trustworthy, and competitive broker, such as the ones listed here.
3. In-depth education allows traders to determine a strategy, apply appropriate risk management, and define annual goals with realistic expectations.
4. Beginners should avoid the demo trap, as fully learning a high-skilled profession in a simulation is impossible. Demo trading lacks real risk, which makes it useful for road testing and education, but it cannot replicate the conditions felt when trading a live account by most traders. Many achieve satisfactory results in a demo and fail in live trading. Therefore, beginners should complete their education with a live account using smaller deposits, considering any early trading losses as the price of education.
5. Following daily economic, monetary, and political events allows traders to better understand price action and identify trading opportunities.
6. Emotional trading usually results in losses. Once a trader places a trade, an emotional attachment is natural. A tool to help mitigate this is always adding take profit and stop loss levels with an entry order when opening a position.
Risks of Forex Trading in Jordan
While Forex trading in Morocco can provide a life-changing opportunity, beginners must also know the potential risks:
A fundamental misunderstanding of Forex trading, its requirements, and possibilities due to a lack of education.
Overtrading, frustration, inefficient trading, and chasing of unrealistic profit expectations due to insufficient trading capital.
Wrong trading mentality resulting from disrespect of Forex trading as a high-skilled profession.
Leveraged trading losses due to lack of risk management.
Scams and frauds stemming from an absence of an in-depth educational foundation.
Over-reliance on demo trading as a simulation tool, which lacks exposure to trading psychology and can promote a false sense of accomplishment.
Marketing campaigns by questionable Forex brokers and affiliates planting unrealistic trading expectations.
Inadequate trading conditions, including sub-par hardware and no quiet place to trade
Relying on ineffective trading strategies without a solid grounding in market realities.
Bottom Line
Forex trading in Morocco is Jordan is seeing a small but significant expansion. Answering the question of the legality of Forex trading in Islam remains a challenge, but halal Islamic accounts are now offered by most Forex / CFD brokers. Online Forex trading can be halal, depending on the interpretations and conditions. The Forex brokers listed here all offer Islamic accounts, which meet requirements outlined under Islamic law to make Forex trading halal.
The Jordan Securities Commission (JSC) regulates the domestic financial market. It is a well-trusted, capable, and active regulator. International Forex brokers, managing the bulk of online retail transactions, do not require a JSC license to operate in Jordan. Jordanian residents have no restrictions preventing them from opening offshore accounts with the best Forex brokers.
Education remains paramount to the success of Forex trading in Jordan, and beginners should understand and respect that Forex trading is a high-skilled profession. A deep educational foundation can allow them to chart a successful course in the Forex market and avoid mistakes, scams, and fraud.
FAQs
Is Forex trading legal in Jordan?
Forex trading in Jordan is legal and regulated domestically by the Jordan Securities Commission. Most retail traders manage portfolios at international brokers, as Jordan has no restrictions on offshore trading with international Forex / CFD brokers.
How can I start trading in Jordan?
The starting point for any beginner is education, which allows traders to select a suitable trading strategy, risk management profile, capital plan, and a suitable, well-regulated, competitive Forex / CFD broker.
What time does the Forex market open in Jordan?
The Forex market operates 24/5, but the unofficial start to trading is the opening bell of the equity market at 10:30 a.m. local time.
What can I trade in Jordan?
Jordanian traders have no local restrictions and can trade Forex, commodities, indices, equities, ETFs, and cryptocurrencies. They may use leveraged derivative trading and unleveraged alternatives, while Islamic accounts attempt to keep trading halal.
Is Forex trading a gamble in Jordan?
Forex trading is a high-skilled profession and not gambling. The lack of education among retail traders results in a gambling mindset which is almost certain to result in an overall loss.
Can you make money with Forex trading in Jordan?
It is possible to make money with Forex trading in Jordan or any other place which does not restrict it, but it remains a fact that between 75% and 90% of retail traders lose money over the long term.
Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.
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