Top Forex Brokers in Pakistan
Forex trading is becoming a very popular way for people to make a profit around the world and that, of course, also includes Pakistan. However, there are many common misconceptions about your ability to trade in Pakistan, as well as about Forex trading in general. In this article, we will try to clear up some of these misconceptions, and shed some light on forex trading, which can help aspiring Forex traders in Pakistan to become real, successful traders.
To start off, let's talk about the legality of trading forex in Pakistan.
Is Forex Trading Legal in Pakistan?
The first question that many people in Pakistan are asking about Forex trading is the legality of it. So, is forex trading legal in Pakistan?
Actually, it is, and the fact that most people believe it to be otherwise is rather curious. But yes, if you are a resident of Pakistan, you can trade forex completely legally, without any problems.
The country's economy is growing and evolving, and more and more options are becoming available to the country's people. With the Forex sector seeing a trading volume of $5 trillion per day — on a global basis, of course — many see it as a great opportunity to make some profit.
How Can I Trade Forex in Pakistan?
You can choose to trade on your own, or to hire a broker. Hiring a broker is more practical, because you will pay much less commission per trade than you will using a bank or change bureau – not to mention the issue of speed. When you do decide to open an account with a Forex broker, you will need to make some preparations and do some research. As far as preparations go, you will need a good internet connection, as well as some money that you can afford to lose.
This is very important, and you should keep in mind that trading forex is as risky as trading anything else. Therefore, always only risk the money you can afford to lose. Do not risk your rent or bills money, and definitely not the funds you require to survive the month.
With that out of the way, you should next choose a broker, as well as a platform for trading. Most brokers offer a choice of platforms, although some offer only a single one. Now, most forex traders in Pakistan tend to use international brokers — those located in strictly regulated areas outside Pakistan, such as the U.K., the U.S.A., or Australia. This is because local Pakistani Forex brokers are not required by law to be regulated by the Securities and Exchange Commission of Pakistan, although some are.
Find one of the best Forex brokers in Pakistan, and create an account. The next thing to do is to decide on the platform you wish to trade on. Some forex brokers might have their own platforms, if they are big and popular enough.
Even so, you should not limit yourself to their platform alone.
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CySEC, FCA, BaFin, ASIC, CONSOB, PSZAF, ACPR, CNMV, AFM
This is one of the leading Forex and CFD brokers, offering a massive range of markets. On top of that, it also features multiple account types. As such, this is a broker that can serve you well, as it is great for professionals and novices alike. It also offers cryptocurrencies and stocks, as well as Forex and commodities.
Clients in Pakistan can easily make deposits and withdrawals with FXTM in Pakistani Rupees within 24 hours only.
It required a minimum deposit of only $10, which is affordable to pretty much everyone. It is also highly regulated, so you will know that your money should be safe with this firm.
You can trade via your phone or desktop, and in the Forex department, you will have access to over 50 assets. It is definitely a broker worth considering.
Which Forex Trading Strategies are Profitable?
The world of Forex trading has plenty of different approaches, and all you need to do is look them up and see which ones make the most sense to you. After that, it is important to stick to your strategy. Learn which ones there are, select one, and keep it up. You cannot change your mind about what to do all the time because you will tend to get stuck in losing streaks and miss the winning streaks.
Its worth checking out this interesting article outlining Forex trading strategies for beginners.
As for what strategies there are to consider, some of the best include reversal candlesticks, which indicate that a change of a trend might be at hand, or momentum indicators , which signals a sudden change in price movement.
Strategies like these are great for deciding whether to buy or sell, which is how you make a profit. However, always remember to wait for signals to actually get strong enough, and not just hint that a change might take place. Reacting too early or too late will not help you earn more money. In fact, it will likely cause the opposite.
How to Trade Forex in Pakistan, and Is It Worthwhile?
If you are ready to start trading, it might be best to start by converting your Pakistani Rupees one of the more popular currencies, such as euros or U.S. dollars. There are a lot more trading pairs for these currencies than for Pakistan's native rupees.
Then, you decide which currency you wish to trade in, and you use your USD to buy it. If the price of the currency grows, you can then sell it and get USD back, at which point you should have a lot more USD than when you started – which would definitely make the whole process worthwhile!
Of course, there is always the chance that the price will go down, and you will see some losses. This is something you must be ready for, as it will happen sometimes. Trading with leverage can help boost your earnings much further, although it also increases the risk, as you have less room for errors.
Of course, a lot of it depends on your Forex broker. Since forex trading in Pakistan remains unregulated, many opt to go for foreign brokers, as mentioned before.
By now, I have explained that trading in Pakistan is legal, and how it works. You know which brokers and trading strategies are worth checking out, at least at the start of your search.
Of course, as you continue your research and delve deeper into this matter, you will learn more, find additional approaches, brokers, markets, and alike. As you do, you will grow as a trader, and if you keep your discipline and a realistic trading approach, your funds will grow with you.
Is Forex Trading Legal in Pakistan?
Yes, Forex trading is completely legal in Pakistan, they way retail Forex / CFD brokers do it.
Which Broker is Best for Forex Trading?
Pakistani residents are usually best served by international Forex brokers, such as FXTM and AvaTrade.
How Can I Invest in Forex Trading in Pakistan?
By opening an account with a suitable international Forex / CFD broker such as FXTM or AvaTrade and beginning your trading career, while being sure to educate yourself about the Forex market.
Which Trading App is Best in Pakistan?
FXTM Trader, a new trading App from the Forex broker FXTM, is widely considered to be the best trading app in Pakistan.