If you're interested in trading Forex in Saudi Arabia, you probably want to know whether or not it is illegal. After all, with your capital at risk, the last thing you want is trouble with the law. Lucky for you, we've researched the legislation, and found that it is 100% safe and secure for you to trade Forex in Saudi Arabia.
Trading Forex in Saudi Arabia is supervised by the Saudi Arabian Monetary Authority (SAMA). It describes itself as the following:
"... the central bank of the Kingdom of Saudi Arabia ... has been entrusted with performing many functions pursuant to several laws and regulations"1
SAMA regulates the "Finance Companies Control Law", an important piece of legislation for those who want to know the legality of trading Forex in Saudi Arabia. It states that an "unlicensed person may not, by any means, indicate, explicitly or implicitly, the engagement in finance activities as specified under this Law".2
Unfortunately, none of the best online Forex trading platforms are licensed by SAMA. This is probably because of the high costs and unrealistic requirements they have set for online operators. If you want to trade with low fees and minimal restrictions, you will need to find a trading platform that is regulated somewhere else. CySec, ASIC, and FSC are a few of most common regulators for top Forex platforms.
Now that you have a better understanding of the legality of trading Forex in Saudi Arabia, it's time for you to choose a trading platform to make an investment with. We have created a list of the top Forex trading brokers for Saudi Arabia. Have look at that, and feel free to contact if you have any questions or concerns.
Sources:
1. SAMA’s Functions
2. Finance Companies Control Law
Last updated: 05/30/2017 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
