The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.
Trading forex is increasingly popular in Pakistan and dramatic price moves in the currency markets have resulted in some traders making significant profits. Nothing can be guaranteed though, and there is always a risk that you can lose money, but opening an account with a regulated broker is a good first step. The brokers offering forex trading in Pakistan operate in a very competitive environment. As a result, you will find brokers offering top-quality trading platforms, free research, customer support and competitive fees.
Setting up a trading account takes minutes to do and trying out a demo account first is also recommended. Using a demo account, you can practise trading using virtual funds, and there is no commitment to stay with a particular broker. By reading this report and by accessing a variety of demo accounts, this will help you learn more about trading. It will also give you an insight into the extent to which the brokers compete to be known as the best forex broker in Pakistan.
FXTM is a multi-award-winning broker, which has been operating for more than 10 years. Its success is partly based on its innovative approach and track-record of introducing new client-pleasing services. The reporting of its own service levels is just one example of the high degrees of transparency the broker provides. There is definitely a feeling that FXTM knows what its clients want and is intent on providing it for them.
Another way FXTM get things just right is the Cent account, which is ideal for beginners. This allows traders to trade real money, but in very small size. This bridges the gap between demo account and live trading, and gives clients room to make some newbie errors without blowing up their cash pile.
FXTM offers a range of account types so that clients can find a best fit. The T&Cs vary across the accounts, but are very competitive.
In line with most forex brokers in Pakistan, leverage terms extend up to 1:300.
ForexTime Limited is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, and licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614.
There are two trading platforms on offer at FXTM. The MetaTrader MT4 platform is the most popular platform in the retail forex trading community. It is available in desktop format and comes packed full of professional grade analytics tools and advanced charting tools, which are ideal to help traders develop integrated trading strategies
The free VPS hosting service is a big plus point and ensures clients can improve on their trade execution speed and reliability by having their programs hosted close to exchanges.
The FXTM mobile trading a pp is free to use and allows those who like to trade on the move keep in touch with the markets.
FXTM was awarded Best Trading Experience and Best Trading Condition awards at the World Finance Awards in 2020. Customer support is available in 18 languages and the dedicated account managers are also multilingual.
AvaTrade has been operating for more than 14 years and in that time has built a strong reputation in the trading community. It has a strong focus on regulatory compliance and is licensed by seven different global regulators. This is a sure sign that it aims to ensure users feel they are signing up to a trustworthy platform.
The research and learning tools have recently been upgraded and cover entry level topics such as ‘How to trade Forex’ but also have hints and tips relating to more complex strategies.
AvaTrade also offers its clients access to copy trading where they can take on the ideas of other traders. This doesn’t take the risk out of trading, even experienced investors can lose money, but it is a type of trading that is popular with beginners.
AvaTrade holds a comfortable position in the sector in terms of the fees it charges clients. It isn’t a no-frills broker, but instead attracts and retains clients thanks to the range of other services it offers, but that doesn’t mean that AvaTrade is expensive.
Inactivity fees are something to watch out for. They are $50 per quarter and kick in after only three months of trading inactivity
Margin terms vary according to which currency pair is being traded and are in line with other regulated brokers. One nice-to-have feature is the Trade Calculator, which allows you to review leverage terms and costs prior to putting a trade on.
AvaTrade has recently upgraded some parts of its platform, but its regulatory structure has always been particularly strong.
All client funds are segregated from those of the broker, meaning if they fail, your money is protected. Clients who register accounts protected by the regulator have their funds held at Barclays bank.
AvaTrade offers its clients a choice of two proprietary platforms — AvaTradeGO and AvaOptions. It also provides MetaTrader’s MT4 platform and ZuluTrade.
If automated trading is something you want to consider, the good news is that AvaTrade is fully prepared to host algorithmic models you develop or buy from others.
The award-winning AvaTrade customer services team can be contacted via telephone, live chat or email. You can also reach the team on social media platforms including Twitter. The customer support telephone service is offered in languages across seven continents.
The forex broker Tickmill is an ideal option if you want to start currency trading in Pakistan but don’t have too much cash to invest. The minimum account opening balance is $25, which compares well to most other firms. You do still get access to a fully functioning trading account on a user-friendly regulated platform.
Tickmill offers super-fast trading, some of the lowest costs in the industry, and high-quality customer support. It’s a great platform for beginners but has enough substance to support those who go on to trade more advanced strategies.
The demo account is easy to set up and unlike those at some other brokers, the one at Tickmill doesn’t have a time limit on it. This can be an underappreciated feature as, while most traders want to get on with trading live accounts, a demo account will continue to be a good resource if you want to try out new strategy ideas in a risk-free environment.
Tickmill has won a host of industry awards. These include International Business Magazine’s Best CFD Broker Asia, the Online Personal Wealth Awards Best Forex CFD Provider, the Forex Awards Most Transparent Broker and CFI.co Awards Best Forex Execution Broker.
Trading fees can be an obstacle to those in Pakistan who are using forex trading to earn money. Tickmill does a very good job of supporting its clients by keeping costs down. The spreads for the Pro and VIP accounts begin at 0.0 pips – and Tickmill’s rivals will tell you it’s hard to compete with zero.
Tickmill also does well on other costs. There aren’t many forex brokers in Pakistan that don’t charge account administration fees, trade inactivity fees or cash deposit and withdrawal fees.
Leverage can be set according to your preference and it’s recommended beginners avoid using it. For more experienced traders, leverage rates go as high as 1:500 for some forex pairs.
Tickmill is a global broker, which is licensed by a range of regulatory bodies including the Seychelles Financial Services Authority (FSA). Tickmill Ltd is regulated as a Securities Dealer by the Seychelles Financial Services Authority with Licence number: SD008
The regulator’s key responsibilities include the licensing, supervision and development of non-bank financial services in Seychelles through a solid regulatory regime.
Tickmill provides its clients with access to the most popular retail forex trading platform in the world, MetaTrader’s MT4. The platform is the ‘go-to’ platform for those looking to trade the forex markets. Its default setting includes 30 built-in indicators to help clients identify trading opportunities but there is the option to bolt on dozens more custom indicators developed by third-parties.
MetaTrader 4 can operate on Mac, Windows, Android and iOS devices. It is also available in a web-based version, which means you can monitor your account while on the move.
The Expert Advisors (EA) service allows you to use algorithmic models and let computer models do your trading for you. If you don’t want to develop your own then the MT4 community is an online meeting place where forex traders from across the world share ideas and trading models.
Other features that make MT4 really stand-out include, AutoChartist, Myfxbook, One-click trading, VPS hosting and Pelican trading.
Tickmill offers Clients of Muslim faith the option to use a swap-free Islamic Account. This is 100% compliant with Shariah law.
Multi-lingual customer service is available on +852 5808 7849 and client support hours are Mon-Fri 8:00–17:00 MST.
If you email [email protected], you’ll get a response within 24 hours on business days.
XM is a global broker with a personal approach. It aims to make its clients successful traders and the XM management team has visited more than 120 cities around the world to meet its clients.
The firm was established in 2009 and continues to grow by introducing a range of neat innovations. A quick rundown of the awards the firm won in 2020 backs up its claim to be the best online trading platform in Pakistan.
The XM Zero account features ultra-thin spreads as low as 0.0 pips. It’s also backed up by XM’s no re-quotes execution policy, which means you have greater trade security. The broker’s appetite to keep trading costs down is also demonstrated by it taking pricing terms to five decimal points rather than the industry standard of four.
Leverage can be set according to your preference. Accounts set up in base currencies EUR, JPY or USD can access up to 1;30 leverage rates on forex pairs.
XM is regulated by a range of regulatory bodies including CySEC, ASIC and DFSA.
The broker is also regulated by the International Financial Services Commission, Belize, where XM Global Limited operates under license number 000261/106.
XM provides its clients with access to MetaTrader’s MT4 and MT5 platforms. The latter is a second-generation platform, which covers more markets and offers entry-level coding of trading programs.
Both platforms operate on Mac, Windows, Android and iOS devices. They are also available in a web-based version, which means you can easily access your account at all times.
XM’s forex Islamic accounts – also known as swap-free accounts – have no swap or rollover interest on overnight positions. This is against Islamic faith. There are three easy steps to set your account to be compliant with Shariah law.
The XM customer services team offer support in 25 different languages. They can be contacted via telephone during working hours (05:00 – 19:00 GMT) on +357 25029933 and +357 25345225
or via email at [email protected]
There are a lot of good brokers in the market and choosing the best one for you can be tricky. The most important aspect is to choose one that is regulated. One good next step to finding out more is to open a demo account at different brokers to find out which one best suits your trading style.
Our team of experts have suggested the three brokers mentioned above because they all offer a range of services that make them good enough to be the best trading platforms in Pakistan. We’ve also considered their regulatory status and to what extent they have created structures to protect their clients.
Trading forex in Pakistan can be a risky business. Beginners can lose money rapidly due to leverage, as that means accounts are weighted towards high levels of risk-reward. For that reason, leverage is not recommended for those who are new to trading forex.
There are other risks, the main one is that you can’t control market prices. What you can control is your broker selection process and asking the right questions about brokers can go a long way to helping you become a profitable forex trader.