Forex Trading in Pakistan - 7 Best Forex Trading Platforms | AH Blog
The goal of a successful trader is to make the best trades. Money is secondary.
We’re pretty sure you are familiar with “Forex Trading”. Aren’t you?
Let’s have a brief discussion on Forex Trading!
It’s been more than 40 years since forex trading became a leading financial market that was made for the exchange of foreign currencies. A Triennial Survey in 2019 of the Bank for International Settlements (BIS) quoted per day turnover in forex trading of about $6.6 trillion, which is comparatively up from the 2016 survey turnover of $5.1 trillion.
Are you thinking of starting forex trading? Wait! Hold your horses. Without precise knowledge of techniques or trends of the market, you can’t be a successful forex trader and shouldn’t risk it.
So, as always! AH Blog is here to help you out. Below are some key points that every trader needs to go through first before getting started with forex trading.
Below you’ll find a researched guide to forex trading in Pakistan.
Give this article a read and share your thoughts about forex trading and your feedback in the comment section.
Forex Market, basically the place where currencies are traded, is globally famous for being a continuous and nonstop trading market. An interesting part of it is that there is no such building made specifically for trading purposes. For the past few years, the market was managed by some institutional firms and banks who worked on the behalf of buyers and sellers. But in recent years, forex trading in Pakistan has generally increased and become more retail-oriented. A lot of investors have taken part in it by exchanging currencies via forex brokers in Pakistan. Later, in the article, we are also going to talk about the top 7 forex trading platforms that are playing a massive role in promoting the e-commerce industry in Pakistan.
While “Forex” stands for Foreign Exchange, “Trading” in the term means buying and selling. Put together, it means “exchanging or trading currencies from several countries”. There are several reasons for the conversion of currencies; for one, if you are a resident of the USA and want to buy rice from France, you will have to pay the French for it in euros (EUR). So, like that there are a lot more reasons. We hope that now, you have understood the concept of Forex Trading!
There are few terms of forex trading that you need to know before starting. It will be helpful for you in the future because you will hear these terms again and again while trading. Have a look:
These are the three basic terms (lot size, pip, and order) you have to go through daily while practicing forex trading. These terms are called the Forex Terminology. To become a successful forex trader in Pakistan, you have to understand this.
At the beginning of forex trading, there were no such rules and regulations for paying tax. In fact, it was supposed to be one of the best tax-free business ideas in Pakistan. But after some time, new rules were devised by the Federal Bureau of Revenue (FBR) which included the rule that stated every trader has to pay tax on forex trading in Pakistan. The FBR divided tax into two different categories. Take a look at these categories:
There are almost no types of restrictions in forex trading in Pakistan, however, buying and selling cryptocurrencies are not legal. To get started with forex trading you need to follow the below-mentioned steps that beginners are required to understand.
There is a big list of top forex trading platforms in Pakistan. We are going to list down some of them.
You can select any of them after a complete search, and start trading with an authorized platform.
If you have any doubt about your broker’s authorization, no need to worry, we will guide you on how to confirm the SECP authentication of a forex broker.
There is no such rocket science involved in searching for a verified forex broker. The SECP does not provide a complete list of all verified brokers that are working in Pakistan. However, you can simply get in touch with SECP to verify the specific authorization.
If you are good at the below-mentioned points, we bet you can be a successful forex trader.
Forex trade is a business that, even on a small budget, people can afford. It’s all about gaining profit from the foreign currencies exchange even by investing a small amount. In fact, it is said by a lot of business tycoons in Pakistan that forex trading is the future. While many people believe it depends on luck, we don’t necessarily agree with them. Mainly because a person who is sitting in the market knows very well when a currency increases and decreases in value, so he can buy and sell them accordingly. People with a forex trading background will never depend on their luck. So stop waiting for your luck to shine and start investing in forex trading and be your own boss.
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