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Forex trading, the worlds largest and most liquid financial market, offers opportunities for buying and selling currencies on a daily basis, with transactions surpassing $6 trillion globally. In Pakistan, forex trading has been gaining traction, driven by a growing interest in diversifying investment portfolios and accessing international markets.

The State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP) regulate forex trading activities. Pakistani traders can benefit from a range of forex brokers that offer features like competitive spreads, advanced trading platforms, and secure transactions. To assist you in finding the right fit, weve curated a list of the top forex brokers in Pakistan for 2024, designed to guide both new and seasoned traders in making informed decisions.

Pakistan

Best Forex Brokers in Pakistan

Best for Traders Who Value a Diverse Selection of Financial Instruments

Best for Novice Traders Who Wish For a Learning Environment

Best for Traders Who Prefer Custom Trading Strategies

more

Comparison of Best Forex Brokers in Pakistan

Forex Broker

License

Minimum Spread

Maximum Leverage

Minimum Deposit

Open account

Details

Compare

8.29
Regulated
0.9
1:400
$100
8.30
Regulated
0.0
1:∞
$10
9.44
Regulated
1.1
1:1000
$50
Regulated
0.0
1:200 (Retail)/1:500 (Professional)
$0
Regulated
0.0
1:1000
$200
7.74
Regulated
0.0
1:500
$/€/£/R100

7

XM
9.05
Regulated
0.8
1:1000
$5
8.88
Regulated
0.0
1:500
$100 AUD or equivalent
Regulated
0.0
1:500
$1

10

HFM
8.26
Regulated
0.0
1:2000
$0

Best Forex Brokers in Pakistan Reviewed

① AvaTrade

  AvaTrade is a well-established broker that offers several trading platforms for different types of traders. It provides a wide variety of financial instruments, including forex, CFD, stock, commodities, indices, futures, cryptocurrencies, options.

⭐⭐⭐⭐⭐
Min Deposit $100
Tradable Instruments Forex, CFD, stock, commodities, indices, futures, cryptocurrencies, options
Demo Account
Trading Fees Typical 0.9 pips on (EUR/USD) & commission-free
Trading Platforms AvaTrade Mobile App, WebTrader, AvaSocial, AvaOptions, MT4, MT5, DupliTrade
Payment Methods MasterCard, Visa, PayPal, Skrill, Neteller, Wire Transfer, Perfect Money, Boleto
Customer Support Live chat, contact form, WhatsApp, phone, email

  Pros:

   Access to MetaTrader and proprietary platforms

  A wide array of tradable assets

   strong regulatory traction

  Cons:

  × The withdrawal process is slow compared to other brokers

  × No 24/7 customer support

AvaTrade's homepage


② Exness

  Exness offers the popular MT4 and MT5 trading platforms, alongside thorough educational resources for beginners.

Exness
⭐⭐⭐⭐
Min Deposit $10
Tradable Instruments Currency pairs, Metals, Energies, Stocks, Indices
Demo Account
Trading Fees From 0.2 pips & commission-free (Standard account)
Trading Platforms Exness trading app, Exness Web, MT4, MT5
Payment Methods Bank Card, MyPay, OTC, Skrill, Neteller, ChipPay, SticPay
Deposit & Withdrawal Fee
Customer Support 24/7 live chat, phone, email

  Pros:

   Excellent education and research tools

   Transparent fee structure

  √ Good customer service

  Cons:

  × Credit/debit card deposits and withdrawals are not supported

Exness's home page


③ FXCM

  FXCM specializes in the forex market, providing access to international financial markets to perform trading.

FXCM
⭐⭐⭐⭐
Min Deposit $50
Tradable Instruments Forex, shares, indices, commodities, cryptocurrencies
Demo Account ($20,000 virtual money)
Trading Fees Floating around 1.1 pips (EUR/USD) + commission-free
Trading Platforms Trading Station, TradingView, MT4, ZuluTrade, Capitalise AI
Payment Methods Bank Transfer, Visa, MasterCard, Google Pay, Neteller, Skrill
Customer Support 24/5 - call back form, Support

  Pros:

   Access to multiple platforms

   Customizable trading strategies

  √ Strong analytical tools

  Cons:

  × No 24/7 customer support

FXCM's home page


④ Pepperstone

Pepperstone is a leading online Forex and CFD broker providing cutting-edge trading technology and personalized client support to traders around the globe.

Pepperstone
⭐⭐⭐⭐⭐
Min Deposit $0
Tradable Instruments Forex, commodities, indices, currency indices, cryptocurrencies, shares, ETFs
Demo Account
Trading Fees From 1.0 pips on EUR/USD + commission-free (Standard account
Trading Platforms MT4, MT5, cTrader, TradingView, Pepperstone Trading Platform
Payment Methods Visa, Mastercard, Bank transfer, PayPal, Neteller, Skrill, Union Pay, USDT
Inactivity Fee
Customer Support Live chat, contact form, Help & Support

  Pros:

   Excellent trading platforms

   Speedy execution

  √ No inactivity fee

  Cons:

  × Limited educational materials

  × No 24/7 customer support

Pepperstone's homepage


⑤ IC Markets Global

  IC Markets Global specializes in providing high-speed trade execution and tight spreads.

⭐⭐⭐⭐⭐
Min Deposit $200
Tradable Instruments CFDs on forex, commodities, indices, bonds, stocks, and futures, digital currencies
Demo Account
Trading Fees From 0.8 pips + no commission (Standard account)
Trading Platforms MT4, MT5, cTrader, TradingView
Payment Methods Credit/debit cards, PayPal, Neteller, Skrill, UnionPay, Wire Transfer, Bpay, Broker to Broker, POLI, Thai/Vietnamese Internet Banking, Rapidpay, Klarna
Customer Support 24/7 - live chat, contact form, phone, email, Help Centre


  Pros:

  √ Vast range of markets

  √ Low latency

  √ High-quality customer service

  Cons:

  × Weaknesses in research and educational tools


IC Markets Global's homepage


⑥ Tickmill

  Tickmill is an online forex broker providing trading services for a wide range of financial instruments and multiple payment options.

Tickmill
⭐⭐⭐⭐
Min Deposit 100 USD/EUR/GBP/ZAR
Tradable Instruments Forex, stock indices, stocks & ETFs, bonds, commodities, cryptos, futures & options
Demo Account
Trading Fees From 1.6 pips & commission-free (Classic account)
Trading Platforms MT4, MT5, Tickmill Mobile App
Payment Methods Bank transfer, crypto payments, Visa, MasterCard, Skrill, Neteller, Sticpay, Fasapay, UnionPay, Webmoney
Customer Support Mon-Fri 7:00 - 16:00 GMT during Daylight Saving Time-live chat, phone, email


  Pros:

  √ Wide scope of trading instruments

  √ Excellent platform choices

  √ Multiple payment options

  Cons:

  × High spreads on the Classic account.

  × Limited research tools

Tickmill's home page


⑦ XM


  Active since 2009, XM has provided full services for the trading of forex and CFDs.

XM
⭐⭐⭐⭐
Min Deposit $5
Tradable Instruments Forex, indices, commodities, turbo stocks, metals, energies, thematic indices
Demo Account
Trading Fees From 1.6 pips + commission-free (Standard account)
Trading Platforms MT4, MT5, XM WebTrader
Payment Methods Credit/debit cards, bank transfers, e-wallets
Customer Support 24/7 - live chat, Line, email, Help Center
Bonus $30 trading bonus, deposit bonus up to $20,000


  Pros:

  √ A wide range of educational resources

  √ Offers both MetaTrader 4 and 5 platforms

  √ Quick and reliable customer service

  Cons:

  × High spreads on some account types

  × Commissions are applied to the share account

XM's homepage

⑧ FP Markets

  FP Markets is recognized for its direct market access trading setup via powerful software.

FP Markets
⭐⭐⭐⭐
Min Deposit $100 AUD or equivalent
Tradable Instruments Forex, shares, metals, commodities, indices, digital currencies, bonds, ETFs
Demo Account
Islamic Account
Trading Fees From 1.0 pips & commission-free (Standard account)
Trading Platforms MT4, MT5, cTrader, TradingView, WebTrader, MT5 Mobile Trader
Payment Methods Credit/debit card (Visa, MasterCard), Bank Transfer, Crypto Payments, Cryptocurrency Solution (LetKnowPay), m2p crypto payments, Perfect Money, Skrill, AstroPay, Monetix Wallet, Neteller
Deposit Fee for most methods
blockchain fees applicable for some method
Withdrawal Fee for most method
Variable fees for some methods
Customer Support 24/7 - live chat, call back form, phone, email
Bonus Yes


  Pros:

  √ Wide range of tradable assets

   Great customer service

  √ Competitive trading fees

  Cons:

  × No Micro/Cent accounts for beginners

FP Markets' homepage


⑨ Admiral Markets

  Admiral Markets are established forex and CFD brokers offering tailored professional trading services.

Admiral Markets
⭐⭐⭐⭐
Min Deposit 25 USD/EUR/JOD, 100 AED (Trade.MT4/5 Account)
Tradable Instruments 8,000+, forex, indices, stocks, commodities, bonds, ETFs
Demo Account
Trading Fees (forex) Typical from 0.6 pips (EUR/USD) & commission-free
Trading Platforms MT4, MT5, Admirals Mobile App, Admirals Platform
Payment Methods Free- Bank transfer, Visa, MasterCard, Perfect Money
Deposit & Withdrawal Fee
Customer Support Live chat, phone, email


  Pros:

  √ MT4 and MT5 are supported

   Quality educational materials

  √ Good analysis tools

  Cons:

  × Limited payment options

  × No customer service time revealed

Admiral Markets' home page


⑩ HFM


  HFM provides a solid lineup of forex pairs and shares well-suited for both beginners and experienced traders.

HFM
⭐⭐⭐⭐
Min Deposit $0
Tradable Instruments Forex, commodities, metals, bonds, energies, ETFs, indices, cryptos, stocks
Demo Account
Islamic Account
Trading Fees From 0.0 pips on EUR/USD & zero commissions (Zero account)
Trading Platforms MT4, MT5, HFM App
Payment Methods Bank wire transfer, credit/debit cards (MasterCard, Visa), crypto, fasapay, Neteller, PayRedeem, Skrill
Deposit Fee ❌for most methods
Withdrawal Fee
Customer Support Live chat, phone, email, FAQs


  Pros:

  √ Wide variety of assets

   No minimum deposit requirement

  √ Multiple payment options

  Cons:

  × Clients from the USA, Canada, Sudan, Syria, Iran, North Korea are not allowed


HFM's homepage

Forex Brokers in Pakistan FAQs

Is forex trading legal in Pakistan?

Yes, forex trading is legal in Pakistan. The practice is regulated by the Securities and Exchange Commission of Pakistan (SECP) and overseen by the State Bank of Pakistan (SBP).

SECP vs SBP

While the SBP is not directly involved in the regulation of Forex brokers, its policies and regulations can indirectly influence the Foreign Exchange market in Pakistan. The SBP is responsible for maintaining the stability of the country's financial system and controlling inflation, which can impact currency rates and thus, Forex trading. However, when it comes to direct regulation and oversight of Forex brokers, this is primarily handled by the Securities and Exchange Commission of Pakistan (SECP).

SECP vs SBP

How to verify if a forex broker is regulated in Pakistan?

You can verify a broker's regulation via four simple steps:

Step 1: Check the Broker's Website

Look for the regulatory information usually listed in the footer of the homepage or the 'About Us' section. They usually provide their registration number and the name of the regulatory body.

Step 2: Visit SECP's Website

Once you have the name and registration number, visit the Securities and Exchange Commission of Pakistan (SECP)'s website.

Step 3: Search in the List

SECP maintains a list or a database of all regulated financial entities. Use the search function, if available, to search for the broker's name or the registration number.

Step 4: Check the Status

If the broker is indeed registered and regulated, you should be able to find them listed on the SECP's website. Make sure the entity is not only registered but also active.

How to trade forex in Pakistan?

To trade forex in Pakistan, follow these steps:

  • Research and Choose a Forex Broker: Select a reputable forex broker that is regulated by the Securities and Exchange Commission of Pakistan (SECP). Ensure the broker offers a user-friendly trading platform, competitive spreads, and reliable customer support.

  • Open a Trading Account: Sign up for an account with your chosen broker. This usually involves providing personal information, proof of identity, and financial details. Complete any required Know Your Customer (KYC) procedures.

  • Fund Your Account: Deposit funds into your trading account using available methods such as bank transfers or digital payment systems. Be aware of the minimum deposit requirements set by the broker.

  • Download Trading Software: Install the brokers trading platform on your computer or mobile device. Popular platforms include MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which offer a range of tools and features for trading.

  • Learn the Basics: Familiarize yourself with forex trading concepts, including currency pairs, leverage, and risk management. Many brokers offer educational resources and demo accounts for practice.

  • Start Trading: Once you're comfortable, you can begin trading by placing buy or sell orders on currency pairs. Monitor your trades and adjust your strategy based on market conditions and personal goals.

  • Stay Informed: Keep up with economic news, market trends, and regulatory updates that may affect forex trading in Pakistan. Regularly review and adjust your trading strategies as needed.


What are the most frequently traded currency pairs in Pakistan?

In Pakistan, the most frequently traded currency pairs generally align with global trading preferences. For example,

USD/PKR (US Dollar / Pakistani Rupee)

EUR/PKR (Euro / Pakistani Rupee)

GBP/PKR (British Pound / Pakistani Rupee)

USD/JPY (US Dollar / Japanese Yen)

EUR/USD (Euro / US Dollar)

What’s the best time for trading forex in Pakistan?

The best time for trading forex in Pakistan is during the London/New York overlap, which is from 1:00 PM to 5:00 PM PKT. This period offers the highest liquidity and trading opportunities due to the simultaneous activity of two major forex markets.


How does forex trading pay tax in Pakistan?

In Pakistan, profits from forex trading are considered part of your taxable income. If you earn a profit from forex trading, it should be declared in your annual income tax return. The tax rate you pay will depend on your total income, including your forex profits, and the applicable tax slab.

To pay taxes on forex trading, you must file an annual tax return with the Federal Board of Revenue (FBR). You need to report your forex trading profits as part of your income. It's important to keep detailed records of your trading activities, including profits, losses, and transactions, as these will be necessary when filing your tax return. If your forex trading significantly increases your wealth, you may need to file a wealth statement alongside your tax return.

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