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Forex brokers in Pakistan

Although forex and CFD trading in Pakistan is not prohibited, it is also not very clearly regulated.
The Islamic Republic of Pakistan is the sixth-most populous country in the world with a population well exceeding 210 million people. And despite the size of the market, traders in Pakistan mostly rely on the services of international brokers, operating in the country.
The two institutions in Pakistan, regulating the financial and the capital markets, as well as the banking sector are the State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP).
SBP is responsible for the banking industry, including banks, Islamic Banking Institutions, Microfinance Banks, Exchange Companies and the Development Finance Institutions. We should note as well that the State Bank of Pakistan has a dedicated Exchange Policy Department, which is  primarily responsible for defining and regulating Pakistan’s foreign exchange regime, but is also regulating all Authorized Dealers (Ads) and Exchange Companies (Ecs), including local and foreign investors, physically dealing with foreign exchange. Unfortunately, despite its core objective to ensure the overall stability of the foreign exchange market, it does not deal specifically with forex and CFD brokers.
SECP issues licenses to all Investment companies, Asset Management Companies, Mutual Funds and Plans, Pension Funds, Discretionary & Non-Discretionary Portfolios, Real Estate Investment Trust, Leasing Companies,  Modarabas  and Insurance companies.  In order for a company to be registered to trade financial instruments in Pakistan, it should have a minimum equity capital in the amount of 20 million Pakistani Rupee or about 160 000 USD, 10% of which should be kept as a reserve with the State Bank of Pakistan. Also, the company should not conduct any other business than one, which it was licensed for.
However, although the scope of the authority of SECP has been extensively widened since its creation in 1997, it still does not include forex and CFD brokers, which, as we mentioned, operate mostly as subsidiaries of big international brokers, supporting versions of their websites specifically translated into Urdu to serve the Pakistan market. 
The absence of regulation has some positive sides as well - the maximum leverage allowed with forex and CFD trade in Pakistan is not restricted as it is in many other parts of the world, including the EU, USA and Japan. That is the reason many brokers offer local Pakistani customers leverage as high as 3000:1. 
Finally, be aware that scam brokers do operate on the Pakistani market as well and our best advise, as always, is to deal only with brokers, regulated by well respected financial watchdogs, such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).
Below is a list of reliable forex brokers.

Forex brokers in Pakistan

Broker Country Regulation Leverage Min.deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC 1:1000 $10 Review Website
Cyprus, SVG CySEC 1:500 $100 Review Website
Australia, Cyprus ASIC, CySEC 1:500 $100 Review Website
Cyprus, Australia CySec, ASIC 1:500 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA 1:400 $50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB 1:500 $100 Review Website
Cyprus CySEC 1:3000 $1 Review Website
Belize IFSC 1:200 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA 1:1000 $5 Review Website
Cyprus, UK CySEC, FCA 1:30 $1 Review Website
UK FCA 500:1 $100 Review Website
UK FCA $5 Review Website

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