Morocco is the fifth-largest African economy, and Forex trading in Morocco is increasing along with disposable income.
As Morocco is a Muslim country, we have conducted an in-depth review of Forex trading in Morocco and listed competitive brokers that offer Islamic trading accounts.
Our comprehensive Forex trading in Morocco broker listing has determined the most competitive brokers for Morocco residents, so read on to compile your shortlist and review our guide to getting started in Morocco with the best Forex broker for you.
Best Morocco Brokers Comparison
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Regulators | ASIC, CMA, CySEC, FSCA | ASIC, CySEC, FCA, SCB | CySEC, FSCA, MWALI International Services Authority | ASIC, CySEC, DFSA, FSC Belize | FMA, FSA |
Year Established | 2005 | 2009 | 2011 | 2009 | 2014 |
Execution Type(s) | ECN/STP | ECN/STP, Market Maker | Market Maker | Market Maker | ECN/STP, No Dealing Desk |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 1.2 pips | 1.0 pips | 0.9 pips | 0.1 pips | 1.3 pips |
Average Trading Cost GBP/USD | 1.4 pips | 1.2 pips | 1.3 pips | 0.2 pips | 2.0 pips |
Average Trading Cost Gold | $0.16 | $0.12 | $0.30 | $0.19 | $0.90 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, Trading View | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, cTrader, Trading View |
Islamic Account | |||||
Negative Balance Protection | N/A | ||||
| Visit Website | Visit Website | Visit Website | Visit Website | Visit Website |
FP Markets
In Summary ECN trading with leverage up to 1:500Forex trading in Morocco with FP Markets offers upgraded MT4/MT5 trading platforms through twelve plugins and Autochartist. The cost structure features raw spreads from 0.0 pips for a commission of $6.00 per round lot, and VPS hosting ensures algorithmic traders have low-latency 24/5 market access. Deep liquidity, high leverage, and NDD order processing without requotes grant a competitive edge to active traders, making FP Markets ideal for scalpers and high-frequency traders.
FP Markets maintains MAM/PAMM accounts for account management services from a trusted source. Copy traders have access to FP Markets Copy Trading or Myfxbook Autotrade. In-house research, and quality education, including videos and webinars, with provide beginner traders with necessary services to start their Forex trading journey.
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
Eightcap
In Summary 1:500 maximum leverage and cutting-edge trading toolsEightcap provides MAM/PAMM modules to licensed asset managers, presenting a trustworthy account management service. Forex trading in Morocco through Eightcap receives a unique service in Capitalise AI, enabling the automation of trading strategies in a code-free environment. The core MT4/MT5 trading platforms receive the Amazing Trader plugin, providing a potentially competitive edge, and Eightcap connects accounts to the active TradingView community.
Algorithmic traders and scalpers benefit from high leverage, deep liquidity, and superior order execution statistics. The pricing environment consists of raw spreads from 0.0 pips for a commission of $7.00 per round lot. A high-paying partnership program and quality education are equally available. Eightcap is a leading cryptocurrency CFD broker with 250+ CFDs and offers a dedicated cryptocurrency solution, Cryptocrusher.
Pros & Cons
- Low minimum deposit and high leverage of up to 1:500
- Competitive cost structure
- Excellent technology infrastructure and seasoned management team
- Daily research and quality educational content
- Limited leverage in some areas
Octa
In Summary A commission-free broker with a proprietary copy trading serviceFounded in 2011, Octa is a “Straight Through Processing” (STP) broker, which means they do not have an internal dealing desk. They simply connect buyers and sellers directly. With this model, Octa aims to be more cost-effective than anyone else in the market. They offer low spreads and claim 97.5% of trades are executed without slippage.
Octa offers their clients a choice of three Forex trading platforms: the world’s most popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5). All of these can be traded as a desktop application, and on Android and iOS devices.
Octa is an unregulated broker but continues to earn the trust of traders around the globe, with more than 1,500,000 accounts opened. One reason for the ongoing success of this market maker is appealing bonus campaigns. This broker paid out almost $3,000,000 in bonus funds. Octa offers traders the MT4 and MT5 platforms, and a proprietary mobile trading platform. Octa additionally grants their clients Autochartist, but traders require a Silver Level in the Status Program. Traders have a choice between fixed and floating spreads, and the overall cost structure remains competitive.
Asset selection remains the distinct weakness at Octa, making it most suitable for new retail traders. A series of short educational articles offers a basic Forex introduction, and this broker maintains an excellent arsenal of research and analytics tools.
Pros & Cons
- Quick withdrawals and deposits
- 0% commission and no overnight charges
- Space with personalised trading ideas
- Customer Support 24/7
- Mobile copy trading services available only for Android
XM
In Summary Exception range of assets + negative balance protectionI rank XM among the best Forex brokers for beginners as it provides exceptional education, with the live education room available Monday through Friday between 06:00 and 15:00 GMT at its core. Beginners also receive actionable trading recommendations, and the $5 minimum deposit ensures accessibility to all traders, boosted by deposit bonuses.
XM rewards active traders with a four-tier loyalty program and supports algorithmic traders with VPS hosting. The well-balanced asset selection exceeds 1,000 assets, and the proprietary copy trading service pays signal providers up to 50% profit share. Swap-free trading and low trading fees ensure a competitive edge.
Pros & Cons
- Outstanding trading tools and loyalty program
- Low minimum deposit, high leverage*, and competitive trading cost
- Excellent research and education
- Trustworthy and transparent with generous bonuses and incentives
- Inactivity fee
BlackBull Markets
In Summary 1:500 maximum leverage with ultra-low trading fees and deep liquidityThe ECN Standard account at BlackBull Markets has no minimum deposit requirement and presents a reasonable commission-free cost structure for Forex trading in Morocco. The ECN Prime alternative features a more competitive pricing environment of 0.1 pips spreads for a commission of $6.00 per 1.0 standard lot but requires a $2,000 minimum deposit. It also offers VPS hosting for 24/5 low-latency Forex trading and supports API trading for advanced algorithmic trading solutions.
Beginners receive educational content, market commentary, and a fee-based subscription service. BlackBull Markets upgrades MT4/MT5 with Autochartist and connects to the TradingView community. Its market-leading infrastructure, deep liquidity pools, and high leverage make BlackBull Markets an excellent choice for demanding algorithmic traders, scalpers, and high-frequency strategies.
Pros & Cons
- ECN/NDD execution model with deep liquidity
- Institution-grade pricing for retail traders via proprietary price aggregation
- ZuluTrade and Myfxbook for social trading
- Leverage of up to 1:500
- Limited deposit options
- FP Markets, ECN trading with leverage up to 1:500.
- Eightcap, 1:500 maximum leverage and cutting-edge trading tools.
- Octa, A commission-free broker with a proprietary copy trading service.
- XM, Exception range of assets + negative balance protection.
- BlackBull Markets, 1:500 maximum leverage with ultra-low trading fees and deep liquidity.
How to Choose the Best Forex Broker in Morocco
Forex trading in Morocco relies on well-trusted international offshore Forex brokers offering Islamic trading accounts. We have created a checklist to ensure beginners select a competitive broker as their partner.
Forex traders in Morocco should ensure their Forex brokers offer the following:
1. Regulation - Trading with a well-regulated broker with a clean operational record eliminates the threat of scams and fraud. It also ensures the safety and segregation of client deposits from corporate funds, negative balance protection, and availability of deposits and profits.
2. Local-currency accounts - International online brokers usually neither offer the Moroccan Dirham as a base currency nor support it as a deposit currency, making local-currency accounts an option with domestic banks only.
3. Local payment methods - Leading Forex brokers provide traders with low-cost, secure online payment processors and cryptocurrencies with fast transaction times.
4. Spread sizes - Low trading costs consist of raw spreads between 0.0 and 0.1 pips in commission-based accounts and 0.4 to 0.7 pips in commission-free alternatives during the most liquid trading periods.
5. Fees - Active traders should ensure their Forex brokers do not exceed commissions of $6.00 per 1.0 standard lot while offering volume-based rebate programs.
6. Products - Well-rounded Forex brokers maintain 60+ currency pairs to support a range of trading strategies and portfolio diversification.
7. Asset diversity - Forex traders achieve cross-asset diversification via commodities, index CFDs, and cryptocurrencies.
8. Customer service in native language - Arabic, the official language of Morocco, is available at many Forex brokers, as is French.
9. Account type diversity - Islamic accounts are necessary for traders wishing to ensure their Forex trading activity is halal. Other account choices consist of commission-free and commission-based options, including 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 Morocco
The Bank Al-Maghrib, the central bank of Morocco, and the Office des Changes, the official government body tasked with regulating Forex, are the two regulatory bodies governing physical Forex trading in Morocco. Retail online trading using derivative contracts, the norm among international online Forex brokers, does not fall under the regulatory framework, as no physical currency exchange occurs.
International Forex brokers provide the vast majority of retail Forex trading in Morocco, as Morocco lacks domestic brokers. Banks and exchange offices exist, catering to tourism and business-related physical Forex trading. Morocco neither restricts international brokers servicing Moroccan residents, nor Moroccan residents from opening offshore accounts.
While physical Forex trading remains domestically regulated, Morocco does not offer guidance or assistance to the retail sector, one area where the fifth-largest economy in Africa trails its counterparts. The need for education and an advisory warning against scams and fraud are two aspects the Bank Al-Maghrib would do well to consider further.
Forex Trading in Islam
Morocco is an Islamic country, with 99.6% 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 Morocco
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 Morocco
While Forex trading in Morocco can provide a life-changing opportunity, beginners must also know the potential risks:
- Inadequate education causes a significant misunderstanding of Forex trading, its requirements, and possibilities.
- Relying on demo accounts to learn Forex trading, which is an impossible task as it cannot replicate real risk.
- Disrespect for Forex trading as a high-skilled profession requiring study.
- Absence of quality trading software, as 80%+ of all Forex transactions, are algorithmic.
- Unrealistic trading expectations resulting from a lack of education and marketing campaigns by questionable Forex brokers and affiliates.
- Lack of risk management causing leveraged trading losses.
- Insufficient trading capital leading to overtrading, frustration, inefficient trading, and chasing of unrealistic profit expectations.
- Lack of appropriate trading conditions like a stable internet connection, hardware, and a quiet place to trade.
- Lack of awareness of scams and frauds.
Bottom Line
Forex trading in Morocco is seeing an expansion in line with disposable income. 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.
Most online retail trading is conducted with well-trusted international brokers as Morocco lacks domestic choices besides services provided by banks and exchange offices, which cater primarily to tourists. The trading community utilizes the availability of online banking and brokerage services, which creates a robust growth catalyst for Forex trading in Morocco.
Beginners should understand that Forex trading is a high-skilled profession and dedicate ample resources to education before charting a course to take advantage of the potential for profit which the Forex / CFD market can provide by opening an account with one of the best Forex brokers.
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