Forex brokers are showing to be the next boom in Pakistan, Pakistani traders are eager to learn more and develop their Forex market. When talking about Forex you can’t possibly be thinking about Pakistan unless you’re Pakistani yourself, the reason is that major players such as the UK, Australia, and the USA hold such a big share of the attention when it comes to trading that small countries like Pakistan get left behind easily. You may have read some news or blogs about the fact that Forex trading in Pakistan is illegal, let me tell you right now that is false information, trading Forex in Pakistan is as legal as it gets. Every single financial and monetary activity in the country is monitored by The State Bank of Pakistan, which has been given the mandate for it by the supreme court. Naturally, this means that if you’re a Forex broker Pakistan, you need to be licensed and regulated by The State Bank of Pakistan.
Under SBP, there is a Foreign Exchange Regulations Act of 1947 which defines all rules and laws regarding foreign exchange in the country. As a trader, you need to, therefore, search for that broker that is fully regulated by the bank, just like FCA for the UK Forex brokers. Go to the Exchange Policy Department of SBP to find out whether your broker is regulated. Reliable Forex brokers in Pakistan can be hard to find, reliable brokers anywhere can be hard to find actually. However, if you know how to dig deep and do very good research, you will have absolutely no hardship when it comes to finding one.
The fast pace nature of Forex trading is the main reason there is demand for brokers, who are able to give timely and precise service and information to their clients. Brokers around the world often offer 24/5 support. When a broker is basically on the other side of the planet, getting hold of their support team in time is virtually impossible. Therefore it is essential that you look for a broker that is the most comfortable and fast to reach when it comes to your location.
A few years ago finding a reliable Forex broker in Pakistan would’ve been impossible without the help of the government or a knowledgeable local, unlike in Europe, where you can easily find the best European Forex brokers. However, the government has given rights to many international brokers to be able to cover the market, this has made the list a lot bigger and safer. In order to save you some time we decided that a list of the most reliable and trustworthy FX brokers in Pakistan needed to be made. You can choose from the list the best place to do your trading.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
We encourage you to do your own research as well, please make sure that you visit each of the broker’s websites, look at all the information is given to you. However, if you don’t really have time to be surfing around the internet all day you can see a small text on the right side of the small previews that says “review”, those are the reviews that our teams have made about those specific brokers. If you want fast and most important information about those brokers than you are free to give a look and make a decision. With these reviews, you will be able to find the best and regulated Forex brokers in Pakistan.
Some of the largest Forex brokers in Pakistan happen to also do business in other countries. The reason they are able to do this is that of the quality of the regulator they have for themselves.
Best Forex brokers in Pakistan are not constrained a lot when it comes to leverage. They can go up to 3000:1. Many of the brokers don’t go below 200:1. But as you’ve seen every other broker in every other part of the world do, they are legally bound to disclosing the risks trading on and the online platform has for its user. This is the general line that you hear from brokers that they are obligated to tell their clients.
1956 was the year The State Bank of Pakistan was established in order to ensure that the monetary policy of the country was in place and that the Rupee remained stable. The bank also promotes the economic growth of the country. This means that the bank has a lot of topics to worry about on a day-to-day basis. because of this massive issue, the chief executives of the bank were forced to create the Exchange Policy Department which in charge of overseeing all foreign exchange related issues.
The Exchange Policy Department (EPD) is charged with the responsibility of making sure that the foreign exchange market is stable, which means that they need to keep an eye on literally every regulated Forex broker in Pakistan.
Thanks to the EPD’s firmness in regard to Forex regulations, every single trader has the privilege to be able to choose their very own CFD brokers in Pakistan. The country takes into consideration and accepts The Foreign Exchange Act of 1947. The Act is so good that Bangladesh even went ahead and adopted it for itself. Let’s say you’re a Pakistan based broker, what is the one godly rule that you need to adhere to no matter what, no matter how much your losses are you cannot break it. It’s better to lose a bit than lose it all, just follow the FEC guidelines, that’s the king rule. Whether the broker was inside or outside of Pakistan it does not matter. The rules clearly state that the FEC Act is not only observed by the company but their clients as well.
Forex scams in Pakistan are not new. In November 2008 Munaf Kalia and Yusuf Kalia were accused of illegally transferring funds from Pakistan to Afghanistan. For the volume of the charges, the State Bank of Pakistan revoked the license for Khanani and Kalia International to operate its foreign exchange business and forced it to shut its offices. 2011 was the year that the government made the firm close all of its offices within the country, they couldn’t take the risk of having potential scammers operate within their border. However, in an unprecedented turn of events, the court acquitted the Khanani and Kalia CEO and four other bankers charged alongside him of all charges leveled against them. It was mentioned in the judge’s speech that not enough evidence was there to close the case. No matter how many time the supreme court of Pakistan dishes out warnings about how severe the punishment will be for scamming Forex trading, the scammers will still find a way not to be afraid and start scheming for their next hit. So there’s a question to be answered here, can Pakistan become the HQ of Forex scamming?
Pakistan Stock Exchange was founded in 1949. It employs state-of-the-art technology on its platform, which is a big bonus for international traders because there won’t be a learning curve. This makes sure it delivers timely and precise information to those who need it most at any given time of the day. Top Forex brokers in Pakistan should give you access to several types of markets. You can trade in currencies or in CFDs and other derivatives. Pakistan Forex is strictly regulated by the SBP. However, CFD area is generally in a more secure and safe area called the “grey area” for most traders. Forex trading is a remarkable way for people to make money and have financial freedom, no wonder how popular it is getting for Pakistanis. But, everyone right now in the whole world is talking about cryptocurrencies and we are sure that in the near future Pakistan will embrace the hype as well. Brokers in Pakistan are going crazy, offering pretty much every type of trading to their clients and the people are loving it, having the opportunity to trade cryptocurrencies and CFD’s is a godsend for the Pakistani people. Judging by all of this you should have already found out that trading with the best Forex brokers in Pakistan is as diverse as any other country, so what are you waiting for?
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