To come up with this list, we have tested Egypt forex brokers.
We opened a real account and deposited between $4,000 and $6,000 with each broker. We then placed real trades in each popular market to get the accurate picture.
We also reached out to customer support to see how the team solved the problems we had faced. At last, we withdrew our funds to check the withdrawal process.
We handpicked the best Egypt forex brokers based on our trading data and experience as a trader.
Is Forex Trading Legal in Egypt?
Egypt is located in the northeastern corner of Africa. The economy of the country depends highly on agriculture, petroleum imports, natural gas, and tourism. The country’s official currency is the Egyptian Pound.
Traders wonder if forex trading is legal in Egypt. While it is becoming more and more popular in the country, there are still certain restrictions by local laws and regulations. For instance, among the common restrictions is a maximum trade amount or balance in the trading account.
The country’s non-banking financial sector is controlled by The Financial Regulatory Authority (FRA). The body was established in 2009. Its main aim is to supervise and regulate non-banking financial markets, such as capital markets, futures exchanges, insurance activities, and forex.
The official website of The Financial Regulatory Authority is www.fra.gov.eg.
Due to the local laws imposed by the FRA, some brokers might be restricted to open trading accounts for Egypt residents. In that case, the only options might remain offshore or international brokers, so we recommend choosing among brokers with additional regulations and entities in the UK, Australia, etc, and opening accounts under its international entity for safety.
| 🏦Regulator | The Financial Regulatory Authority |
| 🛡️Is It safe to trade | Yes |
| 🔒Negative Balance Protection | No |
| 💰Compensation Scheme | No |
| 📊 Maximum Leverage | 1:30 |
Best Forex Brokers in Egypt
Choosing an Egypt forex broker can be quite difficult. Due to strict regulations present in the country, there may be certain limitations.
We recommend signing only with trustworthy brokers, as money safety goes first. Besides, Muslim traders should check whether the broker offers an Islamic account, as Sharia laws prohibit any Muslim to earn or pay interest.
When choosing a Egypt forex broker, traders are recommended to check the broker’s offerings. It is important to pay attention to the broker’s payment methods and whether they are available in the country. Another important aspect is customer support. Before signing with a broker Egyptian clients should check whether the broker provides help in their preferred language.
To select the best Egypt forex brokers, we have reviewed many reputable forex brokers. Based on our test we have come up with the best Egypt brokers:
- AxiTrader – Best Forex Broker in Egypt Overall
- XM– Best Forex Brokers for Beginners for Egypt
- Vantage FX – Best Copy Trading Forex Brokers in Egypt
- RoboMarkets – Best Egyptian Lowest Spread Forex Brokers
Best Forex Broker in Egypt Overall
We picked AxiTrader as the overall best Egypt forex broker.
Founded in 2007, Axi Trader was rebranded to Axi in 2020. The broker is based in Australia and holds multiple licenses in Australia, the United Kingdom, the UAE, Saint Vincent, and the Grenadines. Axi offers instruments in the following categories: forex pairs, indices, commodities, and cryptocurrencies. There are two main account types: the Standard, and PRO accounts. The broker also offers Islamic accounts to its Muslim clients.
Axi’s spreads are below industry averages. We also noticed that the broker charges extremely low spreads on Bitcoin trades. AxiTrader offers the popular MetaTrader 4 platform. The broker offers various payment methods: bank wires, credit and debit cards, and e-wallets such as Skrill and Neteller. AxiTrader provides in-depth articles and video tutorials to help the traders navigate the platform.
Best Forex Brokers for Beginners for Egypt
We picked XM as the best Egypt forex broker for beginners.
XM is a Forex and CFDs broker founded in 2009. It holds multiple licenses in Australia, the United Kingdom, Cyprus, UAE, and Belize. With XM Egyptian traders have access to forex pairs, indices, stocks, and commodities. Among the broker’s payment methods are bank wires, credit and debit cards, and e-wallets such as Skrill and Neteller.
We have chosen XM as the best Egypt forex broker for beginners. The broker’s education section is excellent, thus it is suitable for beginner traders. XM offers the Tradepedia videos, available for traders all over the world. It also offers other materials, such as weekly webinars and detailed articles.
Best Copy Trading Forex Brokers in Egypt
We picked Vantage FX as the best copy trading Egypt forex broker.
Founded in 2009 Vantage FX is a forex and CFDs broker. The broker is headquartered in Australia, yet it holds licenses in the United Kingdom, Australia, Vanuatu, and The Cayman Islands. It enables traders to have access to forex, indices, commodities, cryptocurrencies and shares CFDs.
The broker offers different account types: Raw ECN, Standard STP, and Pro ECN. Vantage FX does not have its proprietary platform. Instead, it offers the popular MetaTrader 4 and MetaTrader 5 platforms.
We have chosen Vantage FX as the best copy trading Egypt forex broker. It provides its copy trading platform with three third-party service providers: ZuluTrade, MyFXBook Autotrader and DupliTrade.
Best Egyptian Lowest Spread Forex Brokers
We picked RoboMarkets as the best lowest spread Egypt forex broker.
GO Markets is a global forex broker founded in 2009. It is headquartered in Australia. The broker has multiple licenses in Australia, Cyprus, the UAE, and Seychelles. GO Markets offers hundreds of tradable instruments: forex pairs, indices, metals, commodities, and shares. With GO Markets clients can conduct their trades on popular MetaTrader 4 and MetaTrader 5 platforms.
We have chosen Go Markets as the best low spread Egypt forex broker. Its spreads are mostly on the lower side. Spreads on forex and commodity trades are lower than industry averages.
List of Best Forex Companies in Egypt
We have tested many regulated Egypt forex brokers. Although due to local restrictions not all brokers are available in the country, we have come up with a list of available Egypt forex brokers.
| Egypt Forex Broker | About Our Test | Our Review |
|---|---|---|
| AXI (AxiTrader) | Deposit Amount: Over €6,000 Total Trade: 12 trades | AXI Review |
| XM | Deposit Amount: Over €5,000 Total Trade: 12 trades | XM Review |
| Admiral Markets | Deposit Amount: Over €4,500 Total Trade: 12 trades | Admiral Markets Review |
| Vantage FX | Deposit Amount: Over €5,000 Total Trade: 15 trades | Vantage FX Review |
| ThinkMarkets | Deposit Amount: Over €5,000 Total Trade: 15 trades | ThinkMarkets Review |
| GO Markets | Deposit Amount: Over €4,500 Total Trade: 12 trades | GO Markets Review |
| INFINOX | Deposit Amount: Over €4,000 Total Trade: 9 trades | INFINOX Review |
| Amana Capital | Deposit Amount: Over €5,000 Total Trade: 12 trades | Amana Capital Review |
| XTB | Deposit Amount: Over €5,000 Total Trade: 12 trades | XTB Review |
| FXTM | Deposit Amount: Over €6,000 Total Trade: 12 trades | FXTM Review |
| Tickmill | Deposit Amount: Over €8,000 Total Trade: 12 trades | Tickmill Review |
| Trading 212 | Deposit Amount: Over €5,500 Total Trade: 15 trades | Trading 212 Review |
FAQ and More on Forex Trading in Egypt
Traders usually have many concerns related to trading in Egypt. To be helpful we picked and answered some of the most essential queries related to Egypt forex brokers.
How to Verify Egypt Regulated Broker?
Verifying Egypt forex brokers is not really difficult. Traders can look for the information on the official website of the Financial Regulatory Authority.
However, Egypt forex brokers can also be verified on the broker’s website. Generally, all brokers provide information about their availability in certain regions and countries.
Egypt No Deposit Bonus Forex
No deposit bonus is a marketing tactic that brokers use to attract new traders. It is an initial free credit that brokers offer their new traders. Based on our test, we found out that only XM offers no deposit bonus in Egypt.
Islamic Accounts in Egypt
The existence of Islamic accounts in Egypt is very important, as many Egypt forex traders are Muslims and they can conduct trades only by using Islamic accounts.
Based on our trades we chose the following Egypt forex brokers with Islamic accounts:
- AvaTrade
- Amana Capital
- Go Markets
Tax in Egypt for Forex Trading
Egyptian traders are often confused about whether their forex gains are subject to taxation or not. Generally, income from forex trading is not taxed in the country, as due to the local law, income sourced from outside of the country is not subject to taxation.
However, Egyptian traders should be very careful and check the information with the relevant authorities.