Oman does not have any domestic Forex brokers, but international Forex brokers cater to Omani residents, with some began opening representative offices in GCC countries, of which Oman is a founding member. Below I present a shortlist of the most competitive Forex brokers operating in Oman and a guide for beginner Forex traders in Oman in choosing a broker and getting started.
- CFI Trade, Well-regulated long-established low spread broker.
- FP Markets, ECN trading with leverage up to 1:500.
- Eightcap, 1:500 maximum leverage and cutting-edge trading tools.
- FXTM, Best all-around broker with high floating leverage and fast execution.
- AvaTrade, Highly regulated, choice of fixed or floating spreads.
Best Oman Brokers Comparison
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Regulators | CySEC, FCA, FSA, FSC Mauritius, FSCA, SCA, VFSC | ASIC, CMA, CySEC, FSCA | ASIC, CySEC, FCA, SCB | CMA, FCA, FSC Mauritius, FSCA | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID |
Year Established | 2005 | 2005 | 2009 | 2011 | 2006 |
Execution Type(s) | ECN/STP, Market Maker | ECN/STP | ECN/STP, Market Maker | ECN/STP, Market Maker | Market Maker |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 0.4 pips ($4.00) | 1.2 pips | 1.0 pips | 0.1 pips | 0.9 pips |
Average Trading Cost GBP/USD | 0.4 pips ($4.00) | 1.4 pips | 1.2 pips | 0.2 pips | 1.5 pips |
Average Trading Cost Gold | $0.12 | $0.16 | $0.12 | $0.18 | $0.29 |
Trading Platform(s) | Other, MetaTrader 5, Proprietary platform, Trading View+ | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, Trading View | MetaTrader 4, MetaTrader 5, Proprietary platform | Other, MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based+ |
Islamic Account | |||||
Negative Balance Protection | N/A | ||||
| Visit Website | Visit Website | Visit Website | Visit Website | Visit Website |
CFI Trade
In Summary Well-regulated long-established low spread brokerI rank CFI Trade among the best Forex brokers in Oman for its competitive trading fees and advanced trading infrastructure. CFI Trade handles $1T+ in quarterly trading volume and offers traders commission-free spreads from 0.4 pips. It includes its in-house AI trading assistant, Kaiana, powered by OpenAI. Beginners receive quality education via Trading Transparency+, helping them improve their market approach.
CFI Trade provides MT5 with integrated Trading Central services, including trading recommendations and analyst views by TipRanks, the CFI Multi-Asset platform, available as a web-based platform and mobile app, and TradingView. The well-balanced asset selection exceeds 15,000 assets.
Pros & Cons
- In-house AI trading assistant Kaiana, powered by OpenAI
- Quality trading tools, including TipRanks and Trading Central
- Excellent asset selection of 15,000+ trading instruments
- MT5, TradingView, and a proprietary trading platform
- Limited payment processors
FP Markets
In Summary ECN trading with leverage up to 1:500FP Markets captured the best online broker in Oman title for MAM/PAMM accounts, as it maintains a well-trusted and competitive environment for account managers. It upgrades the out-of-the-box MT4/MT5 trading platforms with Autochartist and twelve plugins, creating a potential competitive edge for its clients. The NDD order processing, lack of requotes, high leverage, and deep liquidity combine for a cutting-edge trading environment.
Omani resident Forex traders get a competitive cost structure with raw spreads of 0.0 pips for a commission of $6.00 per lot. FP Markets offers 60+ currency pairs, and its FP Markets Copy Trading presents a competitive alternative to the embedded MT4/MT5 services and Myfxbook Autotrade. VPS hosting is available for algorithmic traders, and beginners get competent research and education.
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 established itself among the best Forex brokers due to its superb trading infrastructure, excellent order execution amid deep liquidity, competitive fees, and cutting-edge trading tools. Manual traders get a well-designed AI-powered economic calendar, and Eightcap upgrades MT4 via Capitalise AI, which enables algorithmic trading in a code-free environment. MT5 traders benefit from Flash Trader, while the dedicated cryptocurrency solution Crypto Crusher caters to cryptocurrency traders.
Copy traders get the embedded MT4/MT5 services, and Eightcap connects social traders to the active TradingView community. Beginner traders get an outstanding educational and research offering via Eightcap Labs and Eightcap Trade Zone.
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
FXTM
In Summary Best all-around broker with high floating leverage and fast executionFXTM ranks as the best online broker in Oman due to the trading costs in its Advantage account available for a minimum deposit of $500. Traders get raw spreads from 0.0 pips for a commission between $0.80 and $4.00 per lot. The average execution speed of 0.072 seconds results in a price improvement of 0.29 pips or $2.90 per lot due to deep liquidity and cutting-edge order execution technology. It makes FXTM ideal for scalpers and high-frequency traders who also benefit from high leverage.
Beginners will benefit from quality research, including actionable trading signals and educational resources. FXTM also offers the core MT4/MT5 trading platforms.
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
- Limited choice of commodities
AvaTrade
In Summary Highly regulated, choice of fixed or floating spreadsAvaTrade received the best online broker in Oman classification for its choice of trading platforms. It upgrades the core MT4/MT5 trading platforms with the Trading Central plugin and enhances MT4 with its Guardian Angel plugin. It sends traders alerts and assists with risk management and post-trade analysis, which can help traders improve their results. Other trading platforms include the proprietary web based AvaTrade WebTrader, AvaOptions, and AvaTradeGO.
Beginner traders get one of the best educational services industry-wide, primarily via the spun-out SharpTrader Academy. VPS hosting supports algorithmic traders, and social traders can use Ava Social, ZuluTrade, or DupliTrade. The AvaTrade partnership program features 70,000+ partners from 150+ counties and 250M+ commission payouts, and the commission-free cost structure remains reasonable.
Pros & Cons
- High quality educational offering via AvaAcademy
- 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
Is Forex Trading Legal in Oman?
Forex trading in Oman is legal, with all retail Forex trading in Oman conducted through international brokers. Given the demand, some have opened representative offices in the GCC, of which Oman is a founding member, to establish a regional presence.
The Capital Market Authority (CMA) regulates the financial sector. It neither requires international brokers to have a CMA license nor restricts Omani resident Forex traders from opening accounts with international brokers. Unlike other Middle Eastern countries, the domestic Forex market in Oman remains under development. It is likely to follow the progress of the overall economy and eventually become a core Forex hub in the GCC.
CMA responsibilities include:
- Muscat Stock Exchange and Muscat Clearance and Depository Company supervision
- Governance and sustainability of the Omani financial system
- The licensing, supervising, and regulating of financial companies, including brokers
- Development of the capital market and insurance sectors
- Enforcement of the laws under its jurisdiction
How to Choose a Forex Broker in Oman
Omani Forex traders should always trade with a trusted, regulated Forex broker with a solid record.
The key aspects a Forex broker in Oman should deliver are:
1. Regulation and Security - Since there are no CMA-regulated brokers, Omani Forex traders should rely on well-established international brokers featuring a spotless regulatory record for over a decade.
2. Islamic Account - Omani Forex traders requesting Islamic accounts at brokers offering them should be careful that the terms of any such account are acceptable, as some brokers apply unfair conditions to supplement lost swap revenues.
3. Trading Costs - Major currency pairs should not cost above $7 per lot during the most liquid trading times.
4. Asset Selection - 60+ currency pairs qualify for a competitive Forex selection.
5. Trading Platforms - A competitive, modern platform should support algorithmic and copy trading, although these are not necessary for all types of traders.
6. Deposits & Withdrawals - Omani Forex traders should look for low-cost and secure payment processors like online deposit methods and cryptocurrencies.
Opening a Forex Account in Oman
Omani Forex traders can usually open a Forex account in Oman with an international Forex broker in less than one minute via a convenient online application. It usually takes almost no time to complete and is usually accepted and open within one business day if traders upload the correct documents, to pass mandatory account verification.
The below steps complete the Forex account opening in Oman:
1. Choose the best Forex broker for you from this list.
2. After completing the online registration form, the Forex broker grants access to the secure client back office.
3. Mandatory account verification to satisfy AML/KYC requirements consists of uploading a copy of the ID and one proof of residency document.
4. Funding the trading account with the minimum deposit requirement completes the registration and grants Omani resident Forex traders access to the most liquid financial market. It is best to deposit no less than 500 OMR, followed by smaller regular periodic contributions.
What is the Minimum Deposit with the Best Forex Brokers in Oman?
While the minimum deposit with the best Forex brokers in Oman ranges between approximately 20 OMR and 190 OMR, Omani Forex traders should consider depositing at least 500 OMR when opening an account. Forex capital requirements are significantly lower than other asset classes due to the relatively high leverage offered for most currency pairs, but Forex trading requires well-funded accounts to lower overall risk. Trading with an underfunded account can be a big mistake. Trading Forex profitably requires scale, leverage, risk management, and profit sustainability.
Forex accounts smaller than $5,000 incorporate higher risk or small transaction sizes, yielding small profits that do not warrant the effort necessary to achieve them. Therefore, Omani Forex traders should aim for a more substantial minimum deposit and consider smaller periodic following deposits until their portfolio can sustainably deliver desired profits.
What is the Best Trading Platform in Oman?
Individual trading requirements will fine-tune the list of requirements for the best trading platform in Oman, but all will feature several core attributes and services.
The best trading platform in Oman will support:
- Fast order execution, which limits slippage, reduces requotes, and can result in improved pricing.
- Deep liquidity, which ensures traders can move in and out of positions without delay and trade with the best market prices.
- Low trading costs, as they represent the most significant fees, and can also dictate which trading strategies a broker competitively supports.
- Volume-based rebate programs, which reward high-volume traders and lower overall trading costs.
- Algorithmic trading support since it accounts for 80%+ of all daily transactions in the market.
- Copy trading brokerage functions, which enjoy support from millennial and GenZ traders who prefer creating portfolios by copying trades from several signal providers.
Mobile Trading in Oman
Mobile trading in Oman is widespread and popular as Oman ranks high in mobile internet penetration. A recent survey in cooperation with the Ministry of Transport, Communications, and Information Technology in 2021 revealed that 93% of Omani households had a mobile internet subscription. Data from 2020 showed 6.24 mobile connections or 124% of the population.
Oman launched its 5G network in 2019, ensuring citizens have access to high-speed and stable internet connections, allowing for low-latency mobile trading across Oman. A third mobile operator entered the arena, providing a competitive environment in the Sultanate, which benefits its active user base.
All the Forex brokers listed here offer mobile trading apps, with MT4/MT5 the most common options, but a few brokers have also developed cutting-edge proprietary alternatives. Millennial and GenZ traders in Oman prefer mobile Forex trading, ideally suited for copy and social trading strategies, which continue to gain popularity.
Forex Market Hours in Oman
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 Oman are:
- 4 a.m. - 5 a.m. (First hour of the Tokyo trading session)
- 9 a.m. - 10 a.m. (Last hour of the Sydney trading session)
- 11 a.m. - 1 p.m. (The first two hours of the London trading session and the last hour of the Tokyo trading session)
- 6 p.m. - 8 p.m. (First two hours of the New York trading session and the last two hours of the London trading session)
- 10 p.m. - 1 a.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 two periods and the last period above but will be able to actively participate during the third and fourth, which are prime Forex trading periods.
Bottom Line
Forex trading in Oman is legal and primarily served by well-regulated and trusted international brokers. The Capital Market Authority (CMA) regulates the financial sector and remains in the process of developing the domestic Forex market. Oman is poised to transform into a technology hub in the Middle East.
Social, copy trading, and MAM account brokerages are highly popular in Oman.
Omani resident Forex traders should begin their Forex journey with education. It will allow them to spot and avoid, bad actors, learn the importance of trading psychology and risk management, and determine which trading strategies have the best chance of being profitable over time. It will also illustrate the importance of trading with a well-funded portfolio.
Omani resident Forex traders seeking an Islamic account should ensure the terms of the account are fair and do not overcompensate for the lack of charged overnight swap fees.
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