How to start Forex trading in Qatar
Looking to trade forex or cryptocurrencies? living in Doha? well, your fellow countrymen are opening accounts at these firms in droves. You would be happy to know that Qatar is a big player in the retail forex trading industry.
The companies listed in this section provide free registration / account opening for the residents:
- Olymp Trade - Crazy popular
- Doha Bank
- Ahli brokerage
- ADS Securities
- Commercial Bank of Qatar
- Amana Capital
- QNB Financial Services
- One Financial Markets
- XM Markets
- IQ Option
- CMC Markets
Everyday Questions about Forex and Crypto Trading in Qatar
- Make sure your internet connection is fast and stable.
- Open a real or a demo account at a good and regulated forex broker.
- Learn the basics of their trading platform on your laptop or PC; or through their mobile app on your smartphone.
- On your real account, use forex trading signals or allocate your capital to another trader on the social trading platform of your broker.
- Once you notice profitable trades, close them.
- Withdraw funds made on profitable trades to your bank account in Qatar.
Almost all online brokers have demo accounts that can help beginner traders learn to trade the tricky, yet reward worthy foreign exchange markets. As for free deposit bonus, it may be offered on top of your first deposit. Meaning, if you deposit 100 Qatari Rial, your broker may credit your final balance to 150 Qatari Rial, giving you a 50% bonus.
The rapid intraday volatility, packed with stupendous amounts of leverage is what makes forex trading a very risky form of investment - stocks move in an ordered fashion, most of the time. Forex trading is susceptible to large losses of funds. A person can lose her entire balance within minutes, if the position sizing is not set correctly. And even with robust risk management procedures at place, the ability to keep on guessing the right direction of the trade is another momentous feat, that only a select few, very experienced traders, are able to achieve over the course of their lives.
Qatar is home to one of the best and the brightest, when it comes to forex and cryptocurrency trading. Much of it stems from the fact that the financial structure of this country is built on a rock solid foundation. For example, local Qatari banks with their vast amounts of liquid forex reserves are very healthy, and not only provide financial stability to the regional banking sector, but also serve as a good source to support forex operations of banks located in East Asia, Europe and the Americas. This makes Qatar a financial hub for both global brokers and investors.
The best forex traders in the world can only make about 1% to 2% per month, which translates to 12% to 24% per year. Now one can hit a jackpot on a trade, once a while, which might upgrade the take-home pay to more than 100%, but such a scenario doesn't happen often, if at all.
If you make up to 10% per year trading the forex markets, expect yourself to stand among the outliers and one of the best in the business. Yup, it is that hard. Most people do not make any money. Even top-tier banks only make around 4% to 5% on a good year.
For trading currencies, having a broker is better, but sure, forex can be traded directly through a bank account. For example, you can create multiple bank accounts in various currencies, and keep exchanging, or moving them between accounts. A broker however, can make these tasks simpler by consolidating and providing better exchange rates (EUR/USD can even be 0 pips), and also give you lend you additional funds in the form of margin.
An online trading platform enables a person to invest / trade in forex, cryptocurrencies, binary options, stocks, bonds, and CFDs.
Qatar has over 300,000 residents trading forex, cryptocurrencies, binary options, stocks, and bonds online.
Most online forex and crypto brokers provide a trading platform called MetaTrader 4 and MetaTrader 5. This software is used to trade traditional currencies EURUSD, GBPUSD, USDJPY etc. But, bigger brokers with more resources code their own customized trading-platform in order to provide more tailor-made services to their clients.
Individuals will need to open up a trading account to trade and invest in popular currency pairs like EURUSD, GBPUSD, USDJPY, USDCHF etc., and cryptocurrencies like Bitcoin, XRP, Ethereum etc.
Beginner traders are recommended that they start off by downloading demo MT4 or MT5 software in order learn the basics of the foreign exchange markets. Demo forex accounts can help newbies a lot.
There is no single best way to learn to trade the forex markets. You should use a multitude of avenues, such as reading books, watching YouTube videos on this topic; and even attending seminars arranged by prominent brokers in this industry.
Olymp Trade is the best forex trading app in Qatar for the year 2021.
It is broker's responsibility to fullfill all the orders placed on the forex trading platform. This also means that it is responsible for arranging the required liquidity (the money flow) to facilitate its clients.
Investors who have millions of dollars worth of cash at hand, can simply trade forex against the forex dealing desks of their banks. They do not need a broker for such trading activities.
Most Forex trading brokers are market makers. This means that they trade against you; and it is common and completely legal. However, it's not necessary that they do that for every trade. For example, for large buy and sell forex orders, say in the millions, sometimes a retail broker may pass on this risk to a prime broker, or directly to a bank, or a group of banks.
Most forex trading brokers operating in Qatar are based outside the country, but target the local audience in Doha. There are literally dozens of them, however there isn't any specific forex broker that has been sanctioned by the Government of Qatar to provide online retail foreign exchange trading platform in the country.
Forex / cryptocurrency brokers can offer the following type of accounts:
- ECN Accounts: This one is the best as your trades go to institutional dark pools and large banks, that take on the orders.
- Dealing Desk Accounts: The broker takes the risk here. Avoid. Order values over $500k per trade are routinely rejected by the trading platform.
- Straight-Through Processing (STP) Accounts: A mix of DD and ECN; OK for accounts that have less than $30k deposited.
- Standard Accounts: These allows orders to be placed under standard lots of 100,000 units of a currency.
- Mini Accounts: These allow trades in sizes of 10,000 units of a currency.
- Micro Accounts: Again, this one can take orders of 1,000 units of a currency.
- Cent Accounts: You'll be able to place trades as small as 100 units of a currency.
- Zero Spread Accounts: Be careful with such accounts, as brokers offering them take the other side of the trade. Don't put large amounts of money in them.
Most residents of Qatar open a new online forex / cryptocurrency trading account by depositing an average of 2,000 Qatari Riyals; however many brokers may only require a small initial deposit of 40 Qatari Riyals ($10 US Dollars).
Totally up to you.The brokers listed on this website are fairly popular. Perhaps, FXCM is the oldest one of all. But, it's losing its grip over the retail client segment in the past several years. Newer and better players have moved in and taken over.
There's also Saxo Bank from Denmark that is regulated in various jurisdictions - including the MENA region - however they hunt for premium clients only; so expect starting deposit of a minimum of $10,000 US Dollars. Frankly, they don't offer anything special in terms of trading platform or executions that can't be found elsewhere.
The best way to find other people who are also into forex and bitcoin trading in Doha, or anywhere in Qatar, is to make sure to personally attend any local forex seminars or events. This way you should be able to physically meet your peers in the industry, and form friendships, as well as potential partnerships in pooling your funds for more advanced investments in the financial markets.
How much of my hard-earned money should I invest in the Forex and Cryptocurrency markets for trading?
I tend to ask people reading this website to take it slow; if they are new to trading in the financial markets. Don't jump in with a lot of money, regardless of how fancy a broker is. Adjusting your personality to take monetary losses for bad investment decisions - initially - will make you a better investor in the long term. And, it's always a good idea to lose small amounts, when learning the ropes. In fact, according to Investopedia, it's an art.
Yes. This nation is a big center for online forex trading; many local and international brokers make sure to provide local support in Arabic for citizens.
I am an expat living in the country. Can I get guidance from my forex trading broker in my local language?
Majority of brokers provide multilingual support for expatriates living in the country, for example; English, Hindi, Persian, Urdu etc., in addition to Arabic.
Of course you can. But is it a good idea? Any serious forex trader would want to use a bigger screen, bare minimum a laptop, or even better a PC, to get the best experience of the rapid movements of the financial markets. There is a reason, why trading room desks have multiple screens installed all over the place. Bigger is better here.
I am new to trading in the financial markets. Will my broker help me trade; or at least offer me deposit bonuses?
Social trading (auto trading robot, PAMM) platform, demo accounts, free no deposit bonus are available. Many even provide access to free trading signals.
Sure. You can use Telegram for forex. But there are plenty of free and paid trading signal websites, with in-depth analysis and better trade entry points.
There is no Qatari law that states that eToro is illegal in the country, but this also does not mean it's a good social trading broker. There are many better options available.
Online currency trading can be done through currency exchanges, banks and through brokers. Online forex / currency trading (retail forex trading) is one of the most popular method for individual-investors to participate in the financial markets.
Traders can trade tons of pairs on an online trading platform. But here are a few:
A trading platform can provide the ability to invest in a myriad of popular cryptocurrencies. Here are a few examples:
- Bitcoin BTC
- Ethereum ETH
- Tether USDT
- XRP XRP
- Litecoin LTC
- Polkadot DOT
- Bitcoin Cash BCH
Investors living in Qatar wishing to trade in Qatari riyal would need to open a dollar account with their banks, and then perform their currency trades. For example, buy and sell Qatari Riyals against the US dollars. Please note that the government of Qatar keeps a fixed exchange rate; which makes local currency trading feasible only for commercial importers and exporters, commercial banks and currency hedge funds. They buy and sell currency options and non-deliverable forward (NDF) contracts to hedge cross-currency risks. Currency swaps (buying and selling / exchanging the interest rate payments of local corporate debt) are traded for the same purpose.
Be wary of websites promoting AI trading platforms to lure in investors. A lot of such companies have popped into existence nowadays. Primarily, there is no Artificial Intelligence code running in the background. It's all a marketing gimmick. They run the same as your bog standard automated or social trading strats do; what is different is the celebrity style name it's given to attract new people.
Quora and Reddit are excellent resources for answers to questions, that haven't been addressed here. Don't forget to check them out. However, be cautious about sleazy salesman pitches by affiliate marketers lurking there, in particular the ones trying to push you to open an account. If it looks corny, it usually is. So, imprint that down your brain.
Read good books on Forex trading, written by people who have actually traded the financial markets. You can search and then download PDFs of such books for beginner traders right on Google.
Here is the list:
- XE.com - Good for accurate daily rates
- Lulu Exchange
- Travelex Qatar
- Qatar Islamic Bank
- Gulf Exchange
- Al Fardan Exchange
- Al Dar Exchange
- Trust Exchange
- Unimoni Exchange
Trading Cryptocurrencies such as Bitcoin in Qatar
Forex brokers and Crypto exchanges provide the ability to trade cryptocurrencies such as Bitcoin. Cryptocurrencies can be traded online on margin (leverage) by opening up an account with a broker. Bitcoin leads the cryptocurrency market by daily trading volume.
If you trade with a broker or an exchange located outside the country; there should be no problems at all. Tens of thousands of people living in Qatar have holdings in cryptocurrencies.
Cryptocurrencies can be traded on a normal forex trading platform. Most, if not all, forex brokers also support crypto trading.
Qataris can trade cryptocurrencies such as Bitcoin, XRP, Ethereum and many others, and buy and sell them by using margin provided by their online broker.
This section lists the best cryptocurrencies traded by thousands of Qatari residents. Bitcoin and Ethereum are favored by most. Coinmarketcap.com is very popular for checking out technical and fundamental charts, price rates and market capitalization of all the major ones.
Regulation of Forex Trading Brokers in Qatar
Qatar Financial Markets Authority along with the supervision of Qatar Central Bank are responsible for the regulation of local brokerages, insurance companies, banks and asset management financial institutions in the country.
- The Group +974 4448 7222
- Dlala Brokerage +974 4428 4444
- Dlala Islamic +974 4428 5555
- Islamic Financial Securities Company +974 4431 5000
- Gulf Investment Group +974 4465 3030
- International Financial Securities +974 4435 5779
- Qatar Securities Co. +974 4425 5255
- QNB Financial Services +974 4476 6666
- Ahli Brokerage Company +974 4411 0333
- Commercial Bank Financial Services +974 4449 5522
- Al Rayan Financial Brokerage Co +974 4423 7272
- HSBC Bank Middle East Limited +974 4438 2100
- Standard Chartered Bank +974 4424 8484
- Qatar National Bank +974 4407 2184
- QINVEST +974 4405 6666
- Al Rayan Investment +974 4423 5606
- Amwal LLC +974 4452 7777
- PKF Qatar (PKF International) +974 4493 5196
- QNB Capital +974 4497 5111
Qatar Financial Markets Authority (QFMA)
West Bay, QFC Tower(2). P.O. Box 25552 - Doha, Qatar
Tel: (+974) 4428-9999 / Fax: (+974) 4444-1221
E-mail: [email protected]
That's it. I sure hope you appreciate this effort. Visit again!
Investment Disclaimer: The financial markets - forex, stocks, cryptocurrencies, contracts for difference (CFDs), REITs, notes, bonds, derivatives like futures, forwards, options, and swaps - carry inherent risks. Online trading is not suited for everybody. A complete wipe-out of invested capital is a common occurrence, especially for short-term trades. Use of disposable income is highly recommended.
Website updated: 4:27 pm Wednesday, 16 June 2021 (GMT+3)
Time in Doha, Qatar
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