Before telling you about forex trading. Let us tell you about Forex trading in Pakistan, whether it is legal and halal or not.
Is Forex trading legal in Pakistan?
Yes, forex trading is legal in Pakistan. and it is regulated by The Securities and Exchange Commission of Pakistan (SECP) is responsible for regulating Forex trading in Pakistan. International brokers do not require a license from the SECP to accept Pakistani Forex traders unless they have a physical office in Pakistan.
Is forex trading halal or haram??
We are not some mufti or anyone but in our view, Forex trading is both halal and haram, depending on the intent and behaviour of the individual investor. Trading with proper knowledge, strategy, research and Islamic account is halal, whereas just putting money without any strategy or preparation is considered gambling and haram.
Now we know it’s legal but why forex? There are many other methods where you can invest your money in crypto, stocks, domain names, real estate etc but you all know Forex trading is one of the most profitable and fastest ways to make money if you do it right. Today we are going to explain the method of How you can do Forex trading in Pakistan with your phone.
What will you need for forex trading?
- A stable internet connection
- A reliable Forex broker
- Trading Capital/Money
How can I invest in Forex trading in Pakistan?
To start trading you will need a Broker just like stocks trading needs a PSX verified broker, through which we are going to deposit and withdraw money.
Best Forex Brokers Pakistan:
Here is our list of the best forex brokers in Pakistan.
- FXTM
- Octa FX
- IG
- Saxo Bank
- Interactive Brokers
- AvaTrade
- Admiral Markets
- IC Markets
- XM Group
After selecting the broker which mostly provides you with online applications, you will need to fill the account applications. Most brokers ask for the following docs
- a copy of the customer ID like CNIC or passport
- one proof of residency
- one electricity bill etc no older than three months.
You need to submit images of these documents through the broker’s app and it usually takes only a few minutes to complete.
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Best Platform For Forex Trading:
Now you will need a platform where we can trade. So there is a number of platforms out there like investing.com, capital.com etc. For Pakistani people, we recommend this app named META TRADER 4 or 5.
You can download it free from the play store. As soon as you open the app you will be given a demo account to practice. Now just connect your broker with the trading platform and start trading.
What are Risks of Forex Trading in Pakistan:
The main risk in forex trading is that if the market falls down a lot you may end up losing all of your money. Forex markets are the most liquid market globally, and nearly $7 trillion exchange hands daily. Therefore, liquidity remains a risk for all traders, but it also brings opportunities.
Some other significant risks in forex trading are
- lack of discipline and patience
- insufficient trading capital/money
- unrealistic expectations
- lack of attention
- and focus.
Before trading with real money it is advised to play and trade with demo money and learn about trading and
different charts from youtube or some experienced person.
Conclusion on Forex Trading:
Pakistan represents a tremendous growth market and upward trend for Forex trading and improving economic conditions can boost the growth rate of online Forex trading in Pakistan. While the potential attracts many new retail traders, it equally does so with scammers.
Therefore, if something sounds too good to be true, especially from an unverified or unregulated source, remain cautious. Conduct proper due diligence when selecting a Forex broker or pick one from our Best Forex Broker in Pakistan list. Before trading with real money it is advised to play and trade with demo money and learn about trading and different charts from youtube or some experienced person.
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