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Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.
Huzefa Hamid
Forex trading in Pakistan is not only legal, but also gaining popularity among residents as the economy expands. Pakistan is part of the Next Eleven list of developing economies, placing it on course to become one of the largest economies in the 21st century.
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.
Low, commission-free pricing environment and Swap-free trading accounts
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.
Islamic trading accounts and localized deposit and withdrawal methods
Proprietary copy trading solution and upgraded MT4/MT5 trading platforms
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.
Choice of trading platforms, mobile apps, and copy trading solutions
Islamic trading accounts & Capitalise AI for code-free algorithmic trading
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.
Islamic trading account with excellent asset selection
Upgraded MT4 trading platform, FIX API & TradingView
Best all-around broker with high floating leverage and fast execution
FXTM established itself as a market leader for emerging markets, catering to frontier markets and serving developed markets. Over 2,000,000 traders trade with FXTM, which is owned by Exinity Group, Alpari's parent corporation. Online Forex trading in Pakistan cannot be simpler than with FXTM, where new traders enjoy low minimum deposits, high maximum leverage, valuable educational content, and excellent trading tools. FXTM has no restrictions on trading strategies, allowing Pakistani traders to take advantage of all possibilities.FXTM is one of a few brokers that supports local transfers in the Pakistani rupee.
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
No cryptocurrencies and limited choice of
commodities
A commission-free broker with a proprietary copy trading service.
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, MT5, cTrader, and a proprietary mobile trading platform. Asset selection remains the distinct weakness at Octa , making it suitable only for new retail traders. New Pakistani Forex traders will have a competitive start to trading with Octa , especially with the bonuses and leverage granted, but more advanced ones require a superior choice of assets.
Pros
Quality educational tools
and generous bonuses
Low minimum deposit and high leverage
Proprietary copy trading
service and status program for improved conditions
fpmarkets is an ASIC-regulated Australian brokerage which launched in 2005. For Pakistan resident 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. fpmarkets 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
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
Highly regulated, choice of fixed or floating spreads
AvaTrade is an excellent choice for those seeking a wide range of trading platform choices, equity, and options trading. Besides the MT4 and MT5 trading platforms with full support for automated trading solutions, three proprietary platforms are available. Manual traders will benefit from WebTrader, options traders have AvaOptions, and AvaTradeGO caters to mobile trading. Social trading is possible via DupliTrade. With an asset selection above 1,250, AvaTrade offers enough products for advanced Pakistani traders. While the minimum deposit of $100 places this broker in reach of all types of traders, the extensive affiliate network with over 70,000 members from 150 countries provides Pakistani traders with an additional income opportunity.
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
Best ECN trading environment, with scalping and hedging
BlackBull Markets offers traders its own proprietary copy trading tool, BlackBull CopyTrader, which allows traders to copy signal providers from any other MT4 or MT5 broker. Copy traders can also use ZuluTrade, Myfxbook Autotrade, and the embedded MT4/MT5 copy trading services, making Blackbull one of the most competitive choices for Forex traders in Pakistan. Social traders get the TradingView community with 50M+ traders.
The ECN Standard account has no minimum deposit requirement, and traders get 26,000+ trading instruments and a cutting-edge trading environment. BlackBull Markets released its proprietary trading platform BlackBull Trade, available as a web-based option or as a mobile app.
Pros
ECN/NDD execution model with deep liquidity
Institution-grade pricing for retail traders via proprietary price aggregation
While there are no reputable international Pakistani Forex brokers, there is no restriction on Pakistani traders opening a trading account with Forex brokers from other countries. Therefore, there are thousands of choices, as most, if not all, cater to Forex traders from Pakistan. There are two facts to consider when searching for a Forex broker. and for the top Forex broker in Pakistan. First, there are unlikely to be any accounts in the Pakistani rupee, the official currency of Pakistan. Therefore, currency conversions when conducting financial transactions may apply. Second, Urdu is the official language, but most international Forex brokers may not offer Forex trading in Pakistan in Urdu. It should not pose a significant challenge, as many Pakistanis speak English well, and more Pakistani Forex traders are offering their services in Urdu.
With a population above 220,000,000, Pakistan represents an enormous growth market, not just for Forex brokers, but for all types of industry.
Therefore, the outlook carries a positive bias with incomes expected to increase. The tech-savvy, young population will likely use part of their spending power to invest and trade, with Forex among the most sought-after markets due to its low capital requirements in starting a portfolio. It can create an entire ecosystem from Forex brokers, signal providers, portfolio managers, analysts, accounting services, and Forex trading in Pakistan legal advice. The Forex market offers countless possibilities to make a distinctly positive impact on the everyday life of traders. Our Best Forex Broker in Pakistan list will provide traders with a head start in selecting the right broker and starting their Forex journey.
Forex trading in Pakistan is no different than in other countries, and new traders must follow the same steps to master Forex trading successfully.
What you need to start Forex trading in Pakistan:
A stable internet connection - Since trading takes place online, you want to make sure that you remain always connected to markets.
A reliable Forex broker - The best choice will be an international Forex broker that accepts traders from Pakistan. Any of those in our Top list will offer new traders an excellent entry into Forex trading.
A quiet place to trade - Trading Forex requires a tranquil place, free of distractions. The more noise you have to keep your focus away from trading when you do, the more likely it is that you will make costly errors.
Trading Capital - One of the biggest reasons why up to 85% of Forex traders fail is the lack of adequate trading capital.
Opening a Forex Account in Pakistan
An online application handles the account applications at all brokers and usually takes only a few minutes to complete. Regulated brokers must comply with AML/KYC requirements. A copy of the trader’s ID and one proof of residency document no older than three months generally satisfies them.
Which Trading App is Best in Pakistan?
It comes down to individual preference. Some Forex brokers cater to select trading strategies better than others. Requirements differ between traders, but below are aspects every trading app should provide traders to compete among the best.
Core aspects every trading app must provide traders:
Cutting edge trading platforms with full support for algorithmic trading
Forex traders should look for upgrades to the core MT4/MT5 trading platform, as the core version presented by most offers a sub-standard solution
Low trading costs where 1 standard lot in the EUR/USD costs between $4.00 and $7.00, everything above is expensive, irrelevant of how the Forex broker advertises it
Business-friendly regulation or membership with the Hong Kong-based Financial Commission, and third-party excess of loss insurance
Low minimum deposits supporting portfolio building strategies via monthly deposits
Low-cost online payment processors provide traders with flexibility, while cryptocurrency deposits are a bonus
Noteworthy:
Beginner traders can benefit from a high-quality educational platform, while research can provide trading ideas for Forex traders without a profitable strategy
Algorithmic traders should look for API trading and free VPS hosting
Scalpers require a volume-based cash rebate program
Is Forex Trading Legal in Pakistan?
Despite some confusion in the online Forex trading community, Forex trading is legal in Pakistan. The Securities and Exchange Commission of Pakistan (SECP) regulates the domestic financial markets, including Forex, and international brokers can accept Forex traders from Pakistan without having to obtain a license from the SECP, which therefore does not restrict Pakistani resident Forex traders from opening offshore Forex trading accounts. Some brokers opt not to accept Pakistani Forex traders for undisclosed reasons.
There are no limitations on Forex trading in Pakistan, and the SECP maintains a light regulatory approach but has increased efforts to reduce money laundering. Pakistan belongs to the ‘Next Eleven’ emerging economies, and as the country’s overall prosperity continues to grow, interest in Forex trading rises. It presents a significant growth market for Forex brokers who understand the needs of Pakistani Forex traders, where copy trading and managed account trading rank among the primary strategies.
What Forex Brokers Accept Pakistani Rupee (PKR)?
No international Forex broker offers the Pakistani Rupee (PKR) as an account base currency. Many brokers allow bank wire or credit/card deposits in the Pakistani Rupee and convert them into the chosen account base currency. Currency conversion incurs additional fees, which Pakistani Forex traders should consider when choosing how to deposit.
Pakistan resident Forex traders should opt for a US Dollar base account, as 80%+ of Forex trades involve the US Dollar as a base or quote currency, reducing currency conversions on trading realized profit and loss. Traders can notably decrease currency conversion fees with a multi-currency account from local banks or online providers.
Risks of Forex Trading in Pakistan
The Forex market is the most liquid market globally, and nearly $7 trillion exchange hands daily. Therefore, liquidity remains a risk for all traders, but it also brings opportunities. New retail traders may struggle with the technical terminology, but a glossary will bridge the gap. The most significant risks to trading come from the trader and include lack of discipline and patience, insufficient trading capital, unrealistic expectations, and a lack of attention, focus, and appreciation for Forex trading.
Tips for Trading Successfully
While every trader will have to find their path to achieve their trading goals, there are several steps each one must consider. Below are four that will give every trader an edge and position them on a profitable path.
What you should do to succeed as a Forex trader:
Education - Never rush into Forex trading. Learn how to trade Forex, as learning precedes earning. Take your time and invest in your education.
Patience - Trading successfully requires more patience than capital. Knowing when to trade and when to remain on the sidelines will make all the difference.
Trading Strategy - Find one that complements your personality, your character. It will ensure smoother operations. Once you have sufficient experience, you can tweak existing ones or create one.
Deposit Strategy - You must commit to a monthly deposit and build your portfolio. New traders often make one deposit and believe it is enough.
Forex Regulations in Pakistan
The Securities and Exchange Commission of Pakistan (SECP) is responsible for regulating Forex trading in Pakistan. The SECP operates out of Islamabad and also oversees the banking and insurance sectors, together with other sub-sectors of the financial system. International brokers do not require a license from the SECP to accept Pakistani Forex traders unless they have a physical office in Pakistan.
Verifying SECP Authorization
The SECP does not maintain an online database like most regulators, but traders can contact the SECP to verify if a company is authorized.
Conclusion
Pakistan represents a tremendous growth market for Forex trading and improving economic conditions can boost the growth rate of online Forex trading in Pakistan. While the potential attracts many new retail traders, it equally does so with scammers.Finding the best trading platform in Pakistan may be challenging but it is possible.Therefore, if something sounds too good to be true, especially from an unverified or unregulated source, remain cautious. Conduct proper due diligence when selecting a Forex broker or pick one from our Best Forex Broker in Pakistan list.
In case you are unsure about legal aspects, you should consult a professional skilled in Forex trading in Pakistan legal services. Most Forex brokers accept traders resident in Pakistan. Invest in your education, ensure you have sufficient trading capital, and create a deposit plan. Patience and discipline will assist you in your journey to become a profitable Forex trader, but you must leave unrealistic expectations out of your trading strategy.
FAQs
Is Forex trading legal in Pakistan?
In May 2022, the State Bank of Pakistan publicly stated that “…buying products & services through illegal offshore Foreign Exchange Trading Websites, Apps & other Platforms is prohibited & against the law. Public is advised to refrain from such platforms to avoid any loss & legal proceedings.
How can I invest in Forex trading in Pakistan?
You must select a Forex broker – preferably a regulated international one – open an account and fund it.
Which broker is best for Forex trading in Pakistan?
All five brokers in our Top Five Best Forex Broker in Pakistan List present an excellent and trustworthy choice.
Can I trade Forex with $10?
While it is enough to fund an account with some Forex brokers and will suffice to open a micro position, it is not enough to trade Forex properly unless a nano-account is used.
Is Forex income taxable in Pakistan?
Forex income is taxable in Pakistan, and Forex traders resident in Pakistan must be tax filers per the Finance Bill 2018. Forex traders should consult a qualified professional with tax assistance to ensure traders comply with local laws and regulations.
Is Forex banned in Pakistan?
Forex is not banned in Pakistan provided it is conducted through an onshore broker in Pakistan.
What time does the Forex market open in Pakistan?
The Forex market operates 24/5, as it is a decentralized OTC market. In every country, domestic activity is usually the highest during business hours of domestic stock markets. In Pakistan, they are from Monday 9:15 a.m. to Thursday 5:30 p.m., and Friday from 9:00 a.m. to 6:30 p.m.
How can I withdraw money from Forex brokers in Pakistan?
Each broker lists their supported payment processors. They always include banks and credit/debit cards. Many offer modern online payment processors, lowering trading costs and processing times.
How can I invest in foreign currency in Pakistan?
The most convenient method is by opening an account a well-trusted Forex broker with low trading costs, low deposit requirements, and low-cost payment processors.
What does SECP mean?
SECP is the acronym standing for the “Securities and Exchange Commission of Pakistan”.
Who does the SECP regulate?
The Securities and Exchange Commission of Pakistan (SECP) regulates capital markets, finance companies, insurance companies, and the corporate sector in Pakistan.
What is the purpose and objective of the SECP?
The purposes and objectives of the SECP are:
Protect the right of investors
Develop an efficient and dynamic regulatory framework
Maintain orderly, efficient, and fair capital markets
Promote a strong insurance and corporate sector Facilitate capital formation
Who is Pakistan’s biggest broker?
No detailed information exists on Pakistan’s biggest broker, and it also depends on the metrics used to define the biggest broker in Pakistan. Since Forex brokers do not offer a breakdown of their traders, it is impossible to conclude which the biggest broker is in Pakistan.
Which broker has the lowest commission in Pakistan?
FXTM offers the lowest commission industry-wide, where active traders get commissions as low as $0.80 per lot versus the industry standard of $6.00 among competitively priced Forex brokers. The highest FXTM commission is $4.00 per lot, making it cheaper than any competitor.
Which is the number 1 trading app in Pakistan?
Since MT4 is the industry-leading trading platform, the MT4 mobile app remains the number one app in Pakistan, but no detailed information exists on numbers.
I’m a trader and manage my own capital. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. Today, I am also a Senior Analyst for DailyForex.com.
I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. The 1990s were a bull market, so naturally, I made money.
I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.
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