Qatar is one of the wealthiest countries in the world. The country, which has a population of about 2.8 million people, has the biggest GDP per capita in the world. While most of this wealth comes from oil, the country is seeking to diversify its economy, by encouraging industries in finance, tourism, and technology.
Trading in Qatar
Forex trading is a large global industry that enables people to buy and sell currencies. The daily volume of the industry is estimated to be at least $6.6 trillion. This makes it significantly bigger than other popular sectors like stocks and commodities.
In the past few years, forex trading has become popular in Qatar, especially among young people. Most of the traders are middle-aged people who are either in college or starting their careers. They love the industry because of the flexibility it provides and the potential returns.
However, like in many large and growing industries, there are some risks associated with trading. Perhaps, one of the biggest risks is also one of the easiest to avoid. In the past few years, many people in Qatar and other countries have become victims of unscrupulous forex brokers, traders, and dealers.
In this article, we will reduce this risk by showcasing some of the best global forex brokers to use in Qatar. We will also share some of the key details you need to know about when finding a reputable forex broker in Qatar.
How to choose to start trading with the best forex broker
To experienced forex traders, selecting a good broker is a relatively easy process. That’s because many of them already know some of the important details to check. However, many newbies don’t know how to start. Instead, they are swayed by flashy online ads to create an account, leading to significant losses. So, here are the key details to consider when selecting a good forex broker in Qatar.
Regulation
The forex industry is a highly-regulated one. Indeed, all countries, including Qatar have many financial regulations aimed at protecting retail traders. Therefore, the first step in finding a good forex broker is to find out whether they are regulated or not.
Luckily, this information is easy to find because most brokers tout their regulatory status on their websites. They mention their regulator and their numbers. As a trader, you should not just trust their words. Instead, you should visit the regulator’s website and verify whether the company is regulated by the specified regulator.
Some of the most popular forex regulators are the UK’s Financial Conduct Authority (FCA), Cyprus’ CySEC, Australia’s ASIC, and Germany’s BaFin. In Qatar, the Qatar Financial Centre Regulatory Authority (QFCRA) and the Qatar Financial Markets Authority (QFMA) are the main financial regulatory agencies.
Reputation
You should also consider a broker with a good reputation. Ideally, you want a forex broker that has a long track record of serving its customers well. When a company does this, the customers will always appreciate it.
Luckily, there are many ways of finding out whether a company has a good reputation in the industry. First, go to social media platforms like Twitter and Facebook and find out what users are saying about the firm. Observe how the company responds to customers’ queries. On this, you should consider a company that is responsive and one that is friendly to its customers.
Second, do a simple Google search and find out the company’s ratings and reviews from credible platforms. Further, use Google to find out whether the company has been caught up in any scandals in the past.
Most importantly, we recommend that you select a forex broker that has been around for at least three years. This will give you confidence that the company you are using is stable.
Islamic accounts
Islam is the predominant religion in Qatar. Therefore, you want to use a forex broker that has Islamic accounts. Islamic and regular forex accounts are usually similar. The only difference is that they include some features that are not allowed in Islam. For example, they charge a flat commission instead of swap. Swap is an interest forex brokers charge for trades left open overnight.
Deposit and withdrawal
A good forex broker in Qatar should have multiple deposit and withdrawal options. Furthermore, people move their money differently these days. Some of the most popular options provided by most brokers are wire transfer and credit and debit cards. Other options are Skrill, Neteller, and even cryptocurrency. Before you sign up with a broker, confirm that they accept your payment method. Also, look for the speed of the deposits and withdrawals. Ideally, you want a company that processes these funds faster.
Local language support
Most of the popular forex brokers are large global companies that support many languages. Since Arabic is the most popular language in Qatar, we recommend that you select a broker that supports the language.
Best forex brokers in Qatar
Some of the best forex brokers in Qatar are:
How we analyzed and selected the best forex brokers in Qatar
We spent a few weeks analyzing the best forex brokers in Qatar. In order to conclude we have examined the following:
Regulation
In the first stage, we selected tens of forex brokers and assessed those that are regulated. We checked their registration status from their respective regulators’ websites. In this stage, we eliminated some brokers who we could not verify. Further, we dug deeper to find these companies’ track record with the regulators. We eliminated companies that had faced regulatory actions like fines before.
Reputation
As mentioned above, we believe that reputation is an important step when finding a company. As such, we spent a few days looking at the remaining companies’ reputations. To do this, we started the journey on Google, where we found review platforms that people use and trust. We checked all past complaints and compliments.
Next, we moved to social media and spent time looking at the customers’ complaints and questions. Finally, we studied this feedback, identified patterns, and eliminated companies that don’t have a good reputation with their users.
Withdrawals and deposits
After looking at the regulations and reputation, we looked at the company’s withdrawal and deposit procedures. For the remaining companies, we first checked the security of their web platforms. We used our in-house IT security team to identify vulnerabilities. We ensured that we only recommend companies that have the best security features. We then created accounts and tested how easy it is to deposit and withdraw funds on these platforms.
Other features
A good forex broker in Qatar needs to have several important features. We assessed the remaining brokers and identified whether they had the following features:
- Islamic accounts – As mentioned, many people in Qatar are only comfortable using brokers with Islamic accounts. We eliminated those that didn’t offer that feature.
- Demo account – All forex brokers we mentioned offer a free demo account.
- Leverage – We looked at the leverage amount offered by these forex brokers.
- Mobile apps – All brokers we have recommended have mobile trading apps for both Android and iOS. They are also updated regularly, which is a good thing.
- Trading platforms – These companies offer the popular MT4 and MT5 trading platforms. Others offer additional desktop and mobile trading platforms.
- News and analysis – These companies provide news and analysis tools to their customers.
Forex broker in Qatar FAQs
Is forex trading legal in Qatar?
Yes. Qatar is diversifying its economy from oil. As a result, the government has adopted a relatively lenient stance towards financial products like forex and cryptocurrencies.
Do forex traders pay tax in Qatar?
Qatar residents pay an annual income tax of 10%.
Who regulates forex trading in Qatar?
The trading industry in Qatar is regulated by the Qatar Financial Markets Authority (QFMA). This agency is mandated by the government to come up with policies regarding the entire financial market.
How many forex traders are there in Qatar?
The exact number is difficult to know. Some estimates point to more than 300,000 traders, which is substantial considering the size of the population.
Can Qatar residents sign up with a forex broker from abroad?
Yes. Most Qatari forex brokers use foreign brokers.
How much money can I make trading forex in Qatar?
This is a relatively difficult question to answer. In general, it depends on many factors such as your experience, your initial capital, and your leverage.
Conclusion
Qatar is an attractive market for forex brokers because of its wealth. While most brokers that target Qatari residents are genuine, there are some bad apples. In this article, we have looked at some of the best forex brokers in Qatar. We have also looked at some of the most important things you need to look at when finding a good broker.
