Forex trading is famous among Pakistanis. The forex market is a decentralized market where several assets are traded.
This marketplace sets the values for all currencies. It covers all elements of trading and financial regulations at current or fixed values.
As far as the country is concerned, forex brokers do not need authorization from the financial services authority of Pakistan known as SECP to accept people from Pakistan.
Many brokers allow you to register a brokerage account fast and easily online, and you don’t need much money to do so. Many brokerage firms allow you to start an account with no initial deposit. However, before you can buy investments, you must first fund the account.
So, how are you going to do that?
Well, you can transfer funds through your bank account; however, it is not the only option available. You can deposit funds through payment services like Skrill. So, you don’t need a bank account for forex trading in Pakistan.
Here’s a list of the best brokers through which you can deposit money without a bank account from Pakistan.
1. IG
IG was launched in 1974. It is mainly located in the UK, has over 178,000 regular customers, and trades shares in 19 forex markets. IG also provides strong SIPP and ISA accounts, separating it from competition that also offers lower charges, like DEGIRO, social, and Digital Brokers.
IG charges low costs ranging from £3.00 to £8.00 per transaction by all debts, such as stocks, ETFs, even partnerships. IG offers free trading on US stocks to investors who have generated new deals throughout the preceding month.
Pros
- Excellent online trading platform ;
- Good educational resources ;
- Outstanding money transfer choices.
Cons
- High charges for forex and CFDs.
- Minimum trading products
- Unsatisfactory customer support
2. XM Group
XM Group was launched in 2009. XM Group is a Topline Mt broker around 2021, offering the whole Mt package, including specific enhancements to improve performance and unique analytics.
XM Group’s analytical service is extensive with detail and complexity, beating market champions like IG or Saxo Bank. Cost at XM Group depends primarily on the payment method.
However, the price experts opposed the CMC Options or IG, and the broker does not strike out again for decreased trading.
Pros
- Strict regulations;
- Multiple awards;
- Fast trade execution speed.
Cons
- No fixed spreads;
- Inactivity fees.
3. Tickmill
Tickmill was founded in 2014 as a worldwide FX and Trading broker. Many economic agencies worldwide control the organization, along with the highest Financial Conduct Authority (FCA) inside the U.K. Tickmill is recognized as trustworthy since FCA regulates it.
Pros
- Low forex commissions;
- Account creation is quick and straightforward;
- Investment and refund are both free.
Cons
- Just FX and CFDs ;
- Older trading platforms;
- Outlets of essential information.
4. Saxo Bank
Saxo Markets offers shareholders and dealers an ideal trading platform in such a broad marketplace at a low price. Its authorized retailer pays substantially cheaper fees, unlike its rivals, and provides an excellent experience for users because of its easy-to-use trading platform.
Pros
- Trustworthy brokerage;
- Extensive and detailed inquiry ;
- A diverse range of items (such as fx, almost 19,000 shares, and so on) various exchange pairings are available;
- Demo account available.
Cons
- There is no helpline, and also no user assistance is available;
- Costs for trading bonds are costly;
- High trading fees.
5. AvaTrade
AvaTrade is a foreign-operated international forex and CFD trader that’s been launched in 2006 under AvaFX. It claims to be “dedicated to encouraging users can participate and trade with self-belief.” AvaTrade is designed for newbie traders who want to learn the fundamentals of FX and also CFD trading.
AvaTrade also provides payment protection to its clients through the AvaProtect feature.
Pros
- A wide range of forex, CFD, and bitcoin products are available;
- Factors that are peculiar to online networking;
- Outstanding educational opportunities;
- Checking account security.
Cons
- The FCA does not control it;
- Trading systems need media and professional expertise;
6. Interactive Brokers
Interactive Brokers is ideal for experienced forex managers who often exchange stocks, futures, forex, and price insight on industry research and dealing devices.
The broker may be an excellent choice for people who want to invest in worldwide industries.
Personal and institutional customers may use Interactive Brokers’ dealing, investing, pension, and payment processing tools. Traders may choose between two trading schemes IBKR Lite and also IBKR Pro.
Pros
- Transaction costs are minor;
- Advantages for international trade;
- Sites and instruments enabling aggressive trading;
- There are many account kinds present.
Cons
- IBKR Pro is much expensive for fewer retail managers;
- The webpage might be challenging to browse;
7. IC Markets
Across its fund programs, IC Markets provides superior service to automated trading with a transaction fee. Third-party information and exchanging instrument extensions are primarily available on IC Markets Mt systems, making it our no-one Trading brokerage in 2021.
Pros
- Small forex commissions;
- Account creation is quick and straightforward;
- Investment and refund are both free.
Cons
- Non-EU customers have no investment protection;
- Help over chat section is poor;
- The product range is restricted.
8. Vantage FX
Vantage FX provides the whole Forex platform, including the Expert Trader insert.
Whereas Vantage FX is not a cheap broker over its primary profiles, when you invest $20,000 to get membership towards the PRO ECN program, it provides low efficient rates with commissions close to price competitors.
Pros
- Mobile Application is available;
- There is no registration charge if you have more than one brokerage account;
- There is no transaction cost;
- Various modes of transmission;
- Basic currency choices are available;
- Account registration is completed quickly.
Cons
- It does not offer cryptocurrencies;
- High spreads.
9. OctaFX
OctaFX, which was launched in 2011, is licensed by just one located in a major country (Greece), putting this more significant forex & CFD trader.
OctaFX has fewer than 50 trading instruments. For instance, Saxo Bank, IG, and CMC Markets all provide over 10,000 tradeable instruments.
OctaFX accepts over 50 different payment methods such as Visa, Neteller, Fasapay, and Bitcoin. One of the advantages of using OctaFX is you can deposit the money in PKR.
Pros
- Broker discounted accounts;
- Repaired scatter accounts;
- OctaFX Copy trading app is also available.
Cons
- Risk management & reselling allowed ;
- Limited exchange methods.
10. FxPro
FxPro differentiates with its implementation techniques, including dual brokerage and real economy completion depending upon payment method.
However, FxPro isn’t a cheap broker. It has an engaged user program that may assist high-traffic brokers in lowering their working expenses.
Pros
- Investment and refund are both free;
- Amazing client service;
- Great account registration procedure.
Cons
- Lack of activity fine;
- Many trade CFDs have expensive trading costs;
- Just CFDs and FX are accepted.
Final Verdict
Pakistan is just getting the hang of Forex trading. Therefore, better financial circumstances might increase the speed of expansion for Forex trading in Pakistan.
Setting up a brokerage account is a simple process that can usually be completed online within 15 minutes. Many of the brokers we mentioned above allow you to open an account in PKR, and they provide plenty of payment options.
Even though you do not need a bank account for forex trading in Pakistan, you need a good forex broker who can understand what you want. While choosing a Forex broker, do your study and select the best brokers for forex trading in Pakistan.