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10 Best Forex Brokers for beginners in Morocco 2023

 

The best forex brokers for beginner traders in Morocco are 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, Australia and Europe are recommended.

 

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

 

10 Best Forex Brokers in South Africa for 2023

Rank

Broker

Review

Regulators

Min Deposit

Official Site

#1

4.8/5

User Score

#2

4.7/5

User Score

#3

4.5/5

User Score

#4

4.4/5

User Score

#5

4.7/5

User Score

#6

4.6/5

User Score

#7

4.7/5

User Score

#8

4.8/5

User Score

#9

4.7/5

User Score

#10

4.7/5

User Score

 

Our 10 Best Handpicked Best Forex Brokers in Morocco Revealed:

 

Avatrade

 

Overall Rating

4.8/5

Rated #1 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

ASIC, FSA

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

60

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

AvaTrade is a multi-regulated global forex and CFDs broker who accepts traders in Morocco. 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

 

Overall Rating

4.9/5

Rated #2 of 
Recommended FX Brokers

💰Minimum Deposit

USD 10.00

🌐 Regulators

FSCA, FSA, CySEC, FCA, CBCS, FSC (BVI), FSC (Mauritius)

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

107

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Exness is a multi-regulated global forex and CFDs broker that accepts traders in Morocco. 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.

 

FP Markets

 

Overall Rating

4.7/5

Rated #23 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

ASIC, CySEC, FSCA

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

63

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

fpmarkets is an Australian-based forex and CFDs broker who accepts traders in Morocco. The global forex broker offers five core trading accounts called Standard MT4-MT5, Raw MT4-MT5, IRESS Standard, IRESS Platinum and IRESS Premier. fpmarkets also offers Islamic swap-free trading accounts and a free demo trading account.

 

fpmarkets publishes a range of market analysis and education resources through the Traders Hub, including technical and fundamental analysis, video tutorials and trading eBooks. Clients have access to live support via telephone, email and live chat 24-hours/5-days a week.

 

Does fpmarkets offer an Islamic account?

Yes, fpmarkets 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

 

Overall Rating

4.7/5

Rated #202 of
Recommended FX Brokers

💰Minimum Deposit

🌐 Regulators

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FxPro is a global,  multi-regulated forex and CFDs broker that accepts traders in Morocco. 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

 

Overall Rating

4.6/5

Rated #32 of
Recommended FX Brokers

💰Minimum Deposit

USD 10

🌐 Regulators

CySec, FSCA 

📱 Trading Desk

MetaTrader4, Metatrader 5

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FXTM is a global, multi-regulated forex and CFDs broker that accepts traders in Morocco. 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.

 

HFM

 

Overall Rating

4.8/5

Rated #6 of
Recommended FX Brokers

💰Minimum Deposit

USD 5

🌐 Regulators

CySEC, FSC, FSCA

📱 Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

📈 Total Pairs

50+

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

HotForex is a global, multi-regulated forex and CFDs broker that accepts traders in Morocco. Founded in 2010, HotForex and HF Markets fall under the HF Markets Groups which operates in multiple jurisdictions.

 

HotForex offers access to a wide range of asset classes on the MT4 and MT5 trading platform with six core trading accounts. Every type of account offers commission-free trading for currency pairs; the Zero Spread account is commission-based with spreads from 0 pips on forex.

 

HotForex has a team of in-house analysts who regularly publish Market News, analysis and outlook reports. The team also publish a wide range of research and educational material and the trading platforms support advance trading tools such as AutoChartist, a Trading Calculator and Economic Calendar as well as the Traders’ Board.

 

Does HotForex offer an Islamic account?

Yes, HotForex 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

 

Overall Rating

4.9/5

Rated #54 of
Recommended FX Brokers

💰Minimum Deposit

USD 10

🌐 Regulators

FCA, SCB, CMA, ASIC, DFSA, CySEC, BaFIN

📱 Trading Desk

MetaTrader 4, MetaTrader 5, cTrader and TradeView

Crypto

Yes – CFDs

📈 Total Pairs

70

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Pepperstone is a globally-regulated forex and CFDs brokerage that accepts beginner traders in Morocco. Pepperstone was founded in 2010, its headquarters are based in Australia and the brokerage is regulated by several Top-tier authorities, including the FCA in the UK and ASIC in Australia.

 

Pepperstone offers 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

 

Overall Rating

4.9/5

Rated #55 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

CySEC, FCA, ASIC, FMA, FSB, MAS

📱 Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

📈 Total Pairs

70

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Plus500 is a global, multi-regulated forex and CFDs broker that accepts beginner traders in Morocco. 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

 

Overall Rating

4.5/5

Rated #68 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

IFSC, CySec, ASIC

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

55

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

XM

 

Tickmill is a global, multi-regulated forex and CFDs broker that accepts traders in Morocco. 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

 

Overall Rating

4.6/5

Rated #69 of
Recommended FX Brokers

💰Minimum Deposit

USD 250

🌐 Regulators

FCA, CySEC, IFSC, KNF

📱 Trading Desk

No Trading Desk

Crypto

Yes

📈 Total Pairs

48

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

XTB

 

XTB is a global, multi-regulated forex and CFDs broker that accepts beginner traders in Morocco. XTB was founded in 2002 and offers access to a wide range of asset classes on the MT4 trading platform. It also has a feature-rich proprietary trading app called XTB xStation which provides users with access to award-winning analysis and research as well as XTB Market Sentiment indicators.

 

A major benefit of XTB is the brokerage is licensed and regulated by multiple Top-tier authorities, including authority bodies in the UK, Cyprus, Poland and Spain.

 

XTB offers two core trading accounts; a Standard commission-free account and Pro commission-based account. XTB publishes a variety of course topics for beginners and advanced forex traders on its site and runs an online Trading Masterclass live stream event on its YouTube channel. Ten speakers share their trading strategies and offer 24/5 trading 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 Morocco

Who regulates forex brokers in Morocco?

The Autorité Marocaine du Marché des Capitaux (AMMC) regulates the financial sector in the Kingdom of Morocco. The forex market in Morocco is not formally regulated by an independent public body but all activities of non-banking institutions must comply by regulatory guidelines set and monitored by the AMMC.

 

The AMMC controls financial transactions involving the sale or purchase of financial instruments on an organised market or over the counter; is responsible for ensuring the protection of deposits invested in financial instruments, the equal treatment of investors, the transparency and integrity of the capital market and the provision of information to investors; and ensures compliance with existing money laundering laws.

 

Is it legal to trade forex in Morocco?

Yes, it is legal to trade forex in Morocco if you trade for your own personal benefit. Forex trading in Morocco is restricted by certain laws and regulations. Under Moroccan law, only banks and licensed currency exchange brokers are authorised to trade in foreign currency for government and business use. Retail traders are allowed to buy and sell major currencies through a broker trading platform.

 

Morocco has a relatively liberal economy which is governed by the law of supply and demand. The country has followed a policy of privatisation of certain economic sectors since 1993. Morocco is the fifth-largest economy in Africa by GDP and is a major player in African economic affairs.

 

Is it safe to trade forex in Morocco?

Yes, it is safe to trade forex in Morocco if you understand the risks involved in trading this asset class and you are vigilant about choosing a legitimate and honest forex broker that is licensed and regulated by a Top-tier authority in one of the major global jurisdictions.

 

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 Morocco

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

 

How to open a live forex trading account in Morocco

Register for a live trading account with a forex broker you can trust. It’s recommended you only use an online retail 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 Morocco?

All traditional payment methods are available for forex traders in Morocco 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 Morocco?

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. There is no time difference between Morocco and London.

 

What is the best time to trade forex in Morocco?

The best time to trade forex in Morocco is during the overlap between the London and New York trading sessions.

 

Most beginner traders favour the London and New York trading sessions because they are the most liquid trading sessions and the volume of trading the major currency pairs like EUR/USD and GBP/USD is at its highest when the two sessions overlap.

 

The London and New York trading overlap in Morocco is between 13h00 and 17h00.

 

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

The best forex trading platform for beginner traders in Morocco 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 around the world with an automated trading platform 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 Morocco?

Yes, forex trading is popular in Morocco. Foreign exchange is becoming one of the most popular asset classes to trade in Morocco and forex trading is growing steadily in the country, particularly among young beginner traders who can trade currency pairs with their Smartphones and a good Internet connection.

 

The best forex brokers for beginner traders require a small minimum deposit and offer competitive spreads which makes it one of the easiest asset classes for beginners to trade.

 

Is forex trading risky?

Yes, forex trading is 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 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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