Forex trading is very popular in Pakistan. A large number of apps are now offering forex trading in Pakistan. But many of us don’t know how they can trade in forex. Well, we are here to explain and break down all the steps you will need to trade or invest in forex.
Steps for Forex Trading:
Just like investing in stocks or mutual funds, you will need a broker through which you will open an account and that broker will provide you with a trading platform where you will deposit your money and invest or use that money to buy or sell trading pairs.
Now, what are trading pairs?
In forex, you invest or in simple words buy or sell a commodity or currency which are usually in the form of pairs. Like GOLD is paired with USD which in apps looks like (XAU/USD), SILVERS pair with USD, OR EURO, or USD pair with EURO or PKR. Almost all currencies, commodities and other products in forex are traded in pairs.
Now you know about the trading pairs. Let’s discuss what brokers are available and what brokers you should select.
Best Forex Broker in Pakistan:
You will find plenty of forex brokers which offer services in Pakistan. Brokers like IQ Options or OctaFX are also present and very popular among people but they are scams mostly and we will suggest you stay away from these apps. They will make the depositing of money very easy in their apps but when the time comes for withdrawing they make your life hell and don’t allow you to withdraw your money.
Top 3 Best forex brokers in Pakistan:
Instead, I will suggest you top 3 best forex brokers in Pakistan.
- XM Global
- Exness Trade
- MetaTrader5 (trading platform not a broker)
All these 3 apps are very trusted and work completely fine in Pakistan. The first two are brokers and the third one is the trading platform.
Create Account With Broker:
XM global and Exness Trade are two very popular forex brokers in Pakistan. Select whichever you like and open an account with that broker. Note that almost all broker has a minimum deposit. It is usually min deposit of $10 or $50.
They usually ask you for documents like CNIC etc for account registration and the process is quite simple. After creating the account some apps provide you with trading platforms within the same app.
If you open an account with XM Global then they provide you with a username and password when you open the MetaTrader5 app and there you can connect XM global with MetaTrader5 using the username and password.
Invest in Forex:
The process for investing in forex is very simple. In the first step, you can deposit money using a credit or debit card in your account with a broker. That money will be shown on your trading platform. You can then use that money to buy or sell trading pairs.
It is suggested that these apps provide you with a demo account where they give you demo money and you can use that money to practice trading. Before investing any money open a demo account with these brokers and practice there. After enough practising and when you are confident they invest your real money.