Do You Know Why Forex Trading is Rapidly Growing in Pakistan? — [A Brief Discussion]

by MD Tanjib Forex Trading Author

You might be amazed that in Pakistan, forex trading growing so rapidly.

How? Why? When?

But, it’s true. So the most common question that hit’s in mind that — Is forex trading legal in Pakistan?

Contrary to popular belief, it’s completely legal to trade forex as a resident of Pakistan. As Pakistan’s economy continues to grow and change, more and more Pakistani traders are turning to the forex market for its near-limitless potential.

So, confession is clear. Let’s know some brokers who are popular in Pakistan —

IG — Best overall broker 2021, most trusted
AVATrade — Multiple trading platform options
XM Group — Well-rounded offering
FP Markets — Excellent pricing, great for MetaTrader
IC Markets — Best MetaTrader Broker 2021

The people of Pakistan are Muslim mostly. So, there is a question among Muslim people that…

Is forex trading allowed in Islam?

Forex trading is halal (lawful) and not haram (forbidden) when traders use swap free trading accounts because riba or interest element doesn’t exist in that case. Most CFD brokers offer Islamic swap free trading accounts that do not charge or pay overnight interest (no repayment with interest) on the open positions.

Now, how much money do you need to start trading in forex?

Starting out with at least $500 gives you flexibility in how you can trade that an account with only $100 in it does not have. Starting with $5,000 or more is even better because it can help you produce a reasonable amount of income that will compensate you for the time you’re spending on trading. But, remember one thing that, without forex market analysis, it will be tough for making money through forex.

In Pakistan, the currency rate — Latest currency rates in Pakistan according to the Forex Association on 17 February 2021 are US Dollar: PKR 160.00, Euro: PKR 194.00, British Pound: PKR 222.00, Saudi Riyal: PKR 42.70, UAE Dirham: PKR 43.75, Australian Dollar: PKR 124.00.

The Bottom Line

Trading in Pakistan is very difficult though the country is not quite developed. But, nowadays trends are changing. So, hope that people are moving towards it and making huge changes in Pakistan’s economy.

Gratitude!