10 Best Forex Brokers for beginners in Egypt 2022

The best forex brokers for traders in Egypt offer licensed and regulated by Top-tier authorities.  They offer competitive spreads, sophisticated trading platforms, advanced trading tools, up-to-date market analysis, educational material and good customer support. Only forex and CFDs brokers that are regulated by Top-tier authorities in Africa and Europe are recommended.

Choose your quick section of our best Forex Brokers in Egypt below

Our 10 Best Handpicked Forex Brokers in Egypt Revealed:

Below are our Top 10 pick of the best brokers that accept forex traders in Nigeria.

Avatrade

Founded                              2006

Regulated                           ASIC, BVI, CBI, CySEC, FSA(JP), FSC, FSCA

Headquarters                    Ireland

Tradeable assets               Currencies, commodities, indices, stocks, bonds, crypto, futures

Trading platform              AvaOptions, AvaSocial, AvaTradeGo, MT4, MT5

Trading desk                      Market Maker

Minimum deposit            $100

Best for                                Multiple trading platform options

AvaTrade is a multi-regulated global forex and CFDs broker who accepts traders in Egypt. The brokerage offers access to a wide range of financial instruments on variety of trading platforms, including MT4, MT5 and AvaTrade’s proprietary web-based platforms for social trading.

Established in 2006, the brokerage is one of the oldest and most well-established online brokers in the forex market. AvaTrade is licensed and regulated across all six continents, including the CBI, BVI FSC, ASIC, FSCA, FSA and ADGM.

AvaTrade clients have the choice of several types of accounts, including a Retail commission-free account and Professional, spreadbetting and options commission-based accounts.

AvaTrade publishes an extensive array of research and market commentary as well as educational material, including basic-to-expert trading videos and trading guidelines. AvaTrade supports Trading Central which provides valuable market insights and intelligence through WebTrader and AvaTradeGO.

Does AvaTrade offer an Islamic account?

Yes, AvaTrade offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee. 

Exness

Founded                              2008

Regulated                           CySEC, FCA, FSA(SC), FSCA

Headquarters                    Cyprus

Tradeable assets               Currencies, commodities, indices, stocks, crypto

Trading platform              MT$, MT%

Trading desk                      Market Maker, NDD

Minimum deposit            $10

Exness is a multi-regulated global forex and CFDs broker that accepts traders in Egypt. Founded in 2008, Exness is licensed and regulated by several Top-tier authorities, including the FCA, CySEC, FSCA and FSA.  Exness.com is operated by Nymstar Limited which is a securities dealer authorised and regulated by the Seychelles Financial Services Authority (FSA). Exness is a Market Maker and NDD forex broker.

Exness provides access to a wide range of asset classes on the MT4 and MT5 trading platforms as well as the Exness Web Terminal, with the choice of 5 different trading accounts.

Trading costs for Exness vary depending on the account type opened and the market being traded. The Standard and Standard Cent (MT4 only) accounts offer commission-free trading with spreads starting from 0.3 pips. The professional Pro Account offers commission-free trading with spreads starting from 0.1 pips; and the Professional Raw Spread and Zero accounts offer commission-based trading from 3.5 USD per lot/per side with spreads starting from 0 pips.

Exness publishes an extensive array of educational material via online articles, videos, webinars and online trading courses. Exness provides up-to-date live market analysis and advanced trading tools such as an Economic Calendar, WebTV and trading calculators. Exness customer support is offered in 13 languages via Live Chat and email.

Does Exness offer an Islamic account?

Yes, Exness offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee.

FxPro

Founded                              200

Regulated                           CySEC, FCA, FSCA, SCB

Headquarters                    United Kingdom

Tradeable assets               Currencies, commodities, indices, stocks, futures

Trading platform              cTrader, MT4, MT5, Proprietary

Trading desk                      No dealing desk (NDD)

Minimum deposit            $100

FxPro is a global,  multi-regulated forex and CFDs broker that accepts traders in Egypt. The brokerage offers access to a wide range of asset classes on the MT4, MT5 and cTrader platforms. FxPro also has its own award-winning proprietary trading platform.

The firm is No Dealer Desk (NDD) broker so order execution is fast, with most orders filled in under 15 minutes. This also means there is no conflict of interest or problems with slippage and re-quotes. FxPro is regulated by several Top-tier authorities, including the FCA, CySEC and FSCA.

FxPro offers the Micro, Premium, VIP and No Commission account which supports commission-free trading. The FxPro Zero Fixed and Zero Spread accounts support commission-based trading. FxPro offers a mixture of live floating spread accounts and live fixed spread accounts.

FxPro supports a wide range of trading tools and market analysis on its trading platforms and publishes an array of educational material for beginner forex brokers. Customer service is excellent and you have access to FxPro support 24-hours a day/5-days a week via Live Chat, email and call-back.

Does FxPro offer an Islamic account?

Yes, FxPro offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee. 

FXTM

Founded                              2011

Regulated                           FCA, CySEC, FSCA, FSC (Mauritius)

Headquarters                    Cyprus

Tradeable assets               Currencies, commodities, spot metals, stocks, indices, crypto

Trading platform              MT4, MT5

Trading desk                      Market Maker

Minimum deposit            $10

FXTM is a global, multi-regulated forex and CFDs broker that accepts traders in Egypt. The brokerage is also known as ForexTime. FXTM provides access to a wide range of asset classes on the MT4 trading platform and its proprietary FXTM Trader App. Founded in 2011, FXTM is regulated by Top-tier authorities, including FCA, CySEC, FSC and FSC.

FXTM offers six main types under two categories; the Standard commission-free account and the ECN commission based account. Accounts can be funded in USD, GBP or EUR and starting spreads are low.

FXTM publishes a vast array of trader research and educational material, including market analysis videos, research article, trading courses, educational videos, seminars, webinars and eBooks. FXTM customer service is supported by Live Chat, email and Telegram.

Does FXTM offer an Islamic account?

Yes, FXTM offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee. 

IC Markets

Founded                              2007

Regulated                           ASIC, CySEC, FSA(SC)

Headquarters                    Sydney, Australia

Tradeable assets               Currencies, commodities, indices, stocks, bonds, crypto, futures

Trading platform              cTrader, MT4, MT5

Trading desk                      NDD, ECN

Minimum deposit            $200

Best for                                High volume traders, scalpers and trading algos

IC Markets is a leading, Australian-based forex and CFDs broker that accepts traders in Egypt. IC Markets offers access to a wide range of financial markets on MT4/MT5 for retail traders and cTrader for institutional clients.

IC Markets offers three core trading accounts; Standard commission-free account and the commission-based Raw Spread with MetaTrader and Raw Spread with cTrader. The forex broker also offers a free demo trading account and Islamic swap-free account.

IC Markets caters for beginner traders but it’s more suited for advanced and institutional traders. It’s the preferred forex broker in Australia for high volume traders, scalpers and trading algos due to their New York Equinix NY4 data centre which processes over 500 000 trades per day. IC Markets supports additional trading platforms for copy trading, including ZuluTrade and MyFXbook.

Does IC Markets offer an Islamic account?

Yes, IC Markets offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee. 

IronFX

Founded                              2010      

Regulated                           ASIC, CySEC, FCA             

Headquarters                    Cyprus

Tradeable assets               Currencies, Commodities, Indices, Stocks, Crypto, Futures

Trading platform              MT4

Trading desk                      STP, ECN, Bank

Minimum deposit            $100

IronFX is a well-established global forex and CFDs broker that accepts traders in Egypt. IronFX was founded in 2010 and is the trade name of Notesco Limited which is a company based in Bermuda.

IronFX offers access to a wide range of asset classes on the MT4 trading platform. Clients have a choice of 7 different types of accounts. This includes the commission-free Micro, Premium, VIP and Zero Fixed accounts which combine live floating and fixed spreads. The No Commission, Zero Spread and Absolute Zero accounts support commission-based ECN/STP trading.

MT4 provides IronFX clients with a host of advanced trading tools and a user-friendly interface. IronFX don’t publish much in the way of educational material but they do provide a Market Insights blog and Daily Market Outlook videos on the IronFX YouTube channel. Clients have access to Trading Central features which includes technical analysis and on-demand educational videos.

Does IronFX offer an Islamic account?

Yes, IronFX offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee.

Pepperstone

Founded                              2010      

Regulated                           ASIC, BaFin, CySEC, DFSA, FCA, SCB          

Headquarters                    Australia

Tradeable assets               Currencies, commodities, indices, stocks, crypto, futures

Trading platform              cTrader, MT4, MT5

Trading desk                      Bank, DMA, ECN, NDD, STP

Minimum deposit            $150

Best for                                Impressive trader research and educational resources

Pepperstone is a globally-regulated forex and CFDs brokerage based in Australia, offering clients access to a wide range of financial instruments on the MT4, MT5 and cTrader trading platforms. Clients have the choice of three types of accounts which includes the Standard commission-free account, the commission-based Razor account and the commission-free, swap-free Islamic account.

Pepperstone publishes an impressive range of trader research and educational material, including Market Analysis, Economic Calendar, trading guides, webinars and daily market news. It supports additional trading tools such as Smart Trader Tools, VPS hosting and Autochartist.

Does Pepperstone offer an Islamic account?

Yes, Pepperstone offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee.

Plus500

Founded                              2008      

Regulated                           ASIC, CySEC, FCA, FSB, ISA, MAS

Headquarters                    Israel

Tradeable assets               Currencies, commodities, indices, stocks, crypto, futures, options

Trading platform              Plus500 proprietary

Trading desk                      No Dealing Desk (NDD)

Minimum deposit            $100

Plus500 is a global, multi-regulated forex and CFDs broker that accepts traders in Egypt. The brokerage provides access to a wide range of asset classes on its own Plus500 trading platform which supports advanced trading tools and customised features for risk management.

Founded in 2008, Plus500 is well-established and internationally recognised for being regulatory compliant and safe to use. It is regulated by several Top-tier authorities, including the FCA in the UK which is the leading regulation authority in the world. Plus500 is a subsidiary of Plus500 Ltd which is a publicly-traded company listed on the London Stock Exchange.

Plus500 provides limited market analysis and no trader educational material. It does support an in-built Economic Calendar and provides a few videos on forex trading for beginners in the Plus500 Trader’s Guide.

Does Plus500 offer an Islamic account?

Yes, Plus500 offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee.

Tickmill

Founded                              2014

Regulated                           CySEC, FCA, FSA(SC), FSCA, Labuan FSA

Headquarters                    United Kingdom

Tradeable assets               Currencies, commodities, indices, bonds, futures

Trading platform              MT4

Trading desk                      No Dealing Desk (NDD)

Minimum deposit            $100

Tickmill is a global, multi-regulated forex and CFDs broker that accepts traders in Egypt. Tickmill was founded in 2014 and offers access to a wide range of asset classes on the MT4 trading platform. Tickmill is regulated by several Top-tier authorities, including the FCA, CySEC, FSCA and FSA.

Clients have a choice of four core trading accounts which are the Classic, Pro, VIP and Futures accounts. Tickmill also offers a free demo account and swap-free Islamic account. The firm is a No Dealer Desk (NDD) broker and makes money mainly through spreads and swaps on certain tradeable classes, and commissions on certain trading accounts.

Tickmill publishes a wide range of research and educational material, including video tutorials, eBooks and news articles. It also hosts regular webinars and seminars for forex training for beginner and advanced traders.

Does Tickmill offer an Islamic account?

Yes, Tickmill offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee. 

XTB

Founded                              2002      

Regulated                           CNMV in Spain, CySEC, FCA, IFSC, KNF    

Headquarters                    Poland

Tradeable assets               Currencies, commodities, indices, stocks, bonds, crypto, futures

Trading platform              MT4, xStation 5

Trading desk                      MM, STP

Minimum deposit            $0

XTB is a leading global forex and CFDs broker that accepts traders in Egypt. XTB offers access to a wide range of asset classes on the MT4 trading platform as well as it’s own proprietary trading platform, xStation 5. XTB was founded in 2002, is based in Poland and is regulated by several Top-tier authorities, including the world-leading authority FCA in the UK.

Clients of XTB have the choice of two core trading accounts; the Standard commission-free account and Pro commission-based account. The brokerage also offers a free demo account and swap-free Islamic account. XTB is a Market Maker broker and supports a STP trading account.

The XTB Trading Academy is an excellent resource for beginner traders for a variety of trading topics and educational material. XTB also run an online trading Master Class which is live streamed on their YouTube Channel. Ten expert share their forex trading strategies and offer traders 24/5 customer support.

Does XTB offer an Islamic account?

Yes, XTB offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee.

FAQs about forex trading in Egypt

Who regulates forex brokers in Egypt?

The Egyptian Financial Supervisory Authority (EFSA) is in charge of regulating the forex trading market in Egypt. The EFSA was established in 2009 and is a government public body that regulates and monitors all non-banking financial transactions and markets, including capital markets, derivative markets, commodities, insurance, mortgage finance, financial leasing and factoring. 

Is it legal to trade forex in Egypt?

Yes, it is legal to trade forex in Egypt if you trade for your own personal benefit. Forex trading in Egypt is restricted by certain laws and regulations. Under Egyptian law, only banks and licensed currency exchange brokers are authorised to trade in foreign currency. Traders are required by law to declare earnings when submitting their tax returns.

Is it safe to trade forex in Egypt?

Yes, it is safe to trade forex in Egypt if you understand the risks involved in trading this asset class and you are vigilant about choosing a legitimate and honest brokerage.

Forex trading is the largest and one of the most liquid financial markets in the world. With developments in electronic trading platforms, it’s now possible to trade forex online anywhere in the world and at any time.

The forex market naturally attracts its fair share of unscrupulous forex brokers and criminal forex scams. The best way to safeguard your money is to only trade forex through a well-established, licensed and regulated forex broker. If anything goes wrong, you have recourse through the regulator in that jurisdiction. The more you understand about the risks of trading forex, the better off you are.

Why these forex brokers are best for beginner traders in Egypt

These forex brokers are best for beginner traders in Egypt because they offer four essential benefits:

How to open a live forex trading account in Egypt

Register for a live trading account with a forex broker you can trust. It’s recommended you only use a broker that is licensed and regulated by a Top-tier authority.

Follow the steps required to complete the sign-up process. You’ll receive an email upon sign up with your platform details. Upload the details the broker requires and then the account will be authenticated.

When your account is live; deposit funds, set up your charts on the trading platform and familiarise yourself with the advanced trading tools such as the Economic Calendar, Trading Calculator and AutoChartist. You’re now ready to place your first order; remember to use the tools available to manage your risk, including limit orders and stop loss orders.

What payment options are available for forex traders in Egypt?

All traditional payment methods are available for forex traders in Egypt when you use a legitimate brokerage. This includes direct bank transfers, banking cards and e-wallets such as PayPal, Skrill and Neteller.

When is the forex market open for trading in Egypt?

The forex market operates 24-hours a day, five days a week. The market closes at 22h00 GMT on Friday and opens again at 22h00 on a Sunday. Egypt is 1 hour ahead of the United Kingdom and six hours ahead of New York.

What is the best time to trade forex in Egypt?

The best time to trade forex in Egypt is during the overlap between the London and New York trading sessions. This is between 14h00 and 22h00 Egyptian time (GMT+1).

Egypt is one hour ahead of London which is the global center of the foreign exchange market. The London and New York trading sessions are the two most liquid trading sessions and the volume of trading the major currency pairs like EUR/USD and GBP/USD is at its highest at this time.

The afternoon to late night trading period in Egypt is perfect for beginner traders who have not given up their day jobs to trade forex.

What is the best trading platform for forex traders in Egypt?

The best forex trading platform for beginner traders in Egypt is MetaTrader 4 (MT4). It’s the most popular trading platform in the world and almost every forex broker offers it to access the forex market.

MetaTrader 4 (MT4) is an easy-to-use electronic platform that provides instant access to the forex market. It’s used to analyse movements on currency pairs and use Expert Advisors (EAs). MT4 offers millions of forex traders with a range of trading experience to perform algorithmic trading. Signals and Markets are additional services on MT4 that allow you to copy trades of other traders and use EAs and technical indicators.

Is forex trading popular in Egypt?

Foreign exchange is becoming one of the most popular asset classes to trade in Egypt. Forex trading is growing steadily in Egypt, particularly among young beginner traders who can trade currency pairs with their Smartphones and a good Internet connection. The best forex traders for Egypt beginner traders require a small minimum deposit and offer competitive spreads.

Is forex trading risky?

The forex market is one of the most risky asset classes to trade because of ease of access to leverage. It’s important that you manage the risk by using trading tools like limit orders and stop loss orders. It’s also important to use leverage with caution and not to overleverage on forex positions.

Forex Trading Africa Disclaimer

Forex is a complex instruments and trading forex involves a high risk of losing money rapidly due to leverage. You need to understand how forex trading works and decide whether you can afford to take the risk of losing money on trade orders that do not go your way.

Forex Trading Africa annually reviews brokers regarded as the best in the world and provides information on the products, fee structure, market analysis and service they offer. We aim to provide important information for you to base your decisions on when choosing the right forex broker for your needs.

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