To help you find the best forex brokers for beginners in Qatar in 2022, we first looked at 101 online brokers; then we checked and compared their fees, currency pair selection, charting tools and educational materials.
Our top 5 picks for the best forex brokers for beginners in Qatar in 2022:
- CMC Markets is the winner, the best forex broker for beginners in Qatar in 2022. Low forex fees. Great web and mobile platforms. Advanced research and educational tools.
- Forex.com takes second place. Low forex fees. Great variety of currency pairs. Diverse technical research tools.
- Capital.com rounds out the top three. Low forex CFD fees and commission-free real stocks. Great account opening experience. Excellent email and chat support.
- Swissquote is ranked fourth. Access to many markets and products. No inactivity fee. Rock-solid background.
- Saxo Bank just made it on the list, taking the number five spot. Great trading platform. Outstanding research. Broad product portfolio.
| Broker | Info | Minimum deposit | Forex fee score | |
|---|---|---|---|---|
| #1 | CMC Markets | Global CFD broker | $0 | 3.7 stars |
| #2 | Forex.com | Global CFD and forex broker | $100 | 4.6 stars |
| #3 | Capital.com | Global CFD broker | $20 | 3.7 stars |
| #4 | Swissquote | Swiss investment bank | $0 | 4.2 stars |
| #5 | Saxo Bank | Danish investment bank | $2,000 | 4.2 stars |
What makes a top forex broker for beginners?
- First of all, fair forex fees.
- A lot of currency pairs.
- A great platform with advanced charting.
- Educational tools to guide you through the basics of trading.
If you're a beginner, be careful with forex trading as forex products are complex and risky, therefore not suitable for everyone. You can easily lose all your invested money. If you don't know how forex trading works, take a look at our forex education articles.
If you feel a bit more comfortable with forex trading, we suggest you also check out our overall list of the best forex brokers.
And now, let's see the top forex brokers for beginners in 2022 for Qatari citizens one by one, starting with the winner, CMC Markets.
#1 Best forex brokers for beginners
CMC Markets
CMC Markets is a global CFD and forex broker, founded in 1989. It is regulated by several authorities globally, including the top-tier UK Financial Conduct Authority (FCA). The company is also listed on the London Stock Exchange.
Having a long track record, being listed on a stock exchange and being regulated by top-tier authorities are great signs for CMC Markets' reliability.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Recommended for forex and cfd traders looking for an advanced trading platform with many research tools
#1 CMC Markets
Fees
CMC Markets has low fees when it comes to buying and selling currency pairs.
To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.
| CMC Markets | Forex.com | Capital.com | Swissquote | Saxo Bank | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $8.8 | $5.9 | $8.7 | $7.1 | $7.1 |
| GBPUSD benchmark fee | $5.8 | $3.6 | $6.6 | $5.2 | $5.5 |
| AUDUSD benchmark fee | $8.2 | $5.6 | $6.1 | $6.6 | $5.7 |
| EURCHF benchmark fee | $8.9 | $5.8 | $9.6 | $5.3 | $5.1 |
| EURGBP benchmark fee | $10.2 | $7.1 | $10.9 | $7.6 | $8.7 |
All spreads, commissions and financing rates for opening a position, holding for a week and closing.
| CMC Markets | Forex.com | Capital.com | Swissquote | Saxo Bank | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | Yes | Yes | No | No | Yes |
| Withdrawal fee | $0 | $0 | $0 | $10 | $0 |
#1 CMC Markets
Markets and products
CMC Markets gives access to 338 currency pairs.
| CMC Markets | Forex.com | Capital.com | Swissquote | Saxo Bank | |
|---|---|---|---|---|---|
| Currency pairs (#) | 338 | 91 | 138 | 80 | 182 |
#2 Best forex brokers for beginners
Forex.com
Forex.com is a global FX and CFD broker established in 2001. Forex.com is a brand of StoneX Financial Ltd, whose parent company StoneX Group Inc is listed on the NASDAQ Stock Exchange. The company is regulated by several financial authorities, including the top-tier Financial Conduct Authority (FCA) in the UK and the US Commodity Futures Trading Commission (CFTC).
Forex.com is considered safe because it has a long track record, it is regulated by top-tier financial authorities, and its parent company is listed on a stock exchange.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Recommended for forex traders looking for low fees and great research tools
#2 Forex.com
Fees
Forex.com has low fees when it comes to buying and selling currency pairs.
To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.
| CMC Markets | Forex.com | Capital.com | Swissquote | Saxo Bank | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $8.8 | $5.9 | $8.7 | $7.1 | $7.1 |
| GBPUSD benchmark fee | $5.8 | $3.6 | $6.6 | $5.2 | $5.5 |
| AUDUSD benchmark fee | $8.2 | $5.6 | $6.1 | $6.6 | $5.7 |
| EURCHF benchmark fee | $8.9 | $5.8 | $9.6 | $5.3 | $5.1 |
| EURGBP benchmark fee | $10.2 | $7.1 | $10.9 | $7.6 | $8.7 |
All spreads, commissions and financing rates for opening a position, holding for a week and closing.
| CMC Markets | Forex.com | Capital.com | Swissquote | Saxo Bank | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | Yes | Yes | No | No | Yes |
| Withdrawal fee | $0 | $0 | $0 | $10 | $0 |
#2 Forex.com
Markets and products
Forex.com gives access to 91 currency pairs.
| CMC Markets | Forex.com | Capital.com | Swissquote | Saxo Bank | |
|---|---|---|---|---|---|
| Currency pairs (#) | 338 | 91 | 138 | 80 | 182 |
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#3 Best forex brokers for beginners
Capital.com
Capital.com is a global CFD broker founded in 2016. It has offices located in the United Kingdom, Cyprus, Australia, Seychelles and Gibraltar where each is authorized and regulated locally respectively by the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the Financial Services Authority of Seychelles (FSA).
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.17% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Recommended for investors and cfd traders looking for a great trading platform and excellent customer service
#3 Capital.com
Fees
Capital.com has low fees when it comes to buying and selling currency pairs.
To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.
| CMC Markets | Forex.com | Capital.com | Swissquote | Saxo Bank | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $8.8 | $5.9 | $8.7 | $7.1 | $7.1 |
| GBPUSD benchmark fee | $5.8 | $3.6 | $6.6 | $5.2 | $5.5 |
| AUDUSD benchmark fee | $8.2 | $5.6 | $6.1 | $6.6 | $5.7 |
| EURCHF benchmark fee | $8.9 | $5.8 | $9.6 | $5.3 | $5.1 |
| EURGBP benchmark fee | $10.2 | $7.1 | $10.9 | $7.6 | $8.7 |
All spreads, commissions and financing rates for opening a position, holding for a week and closing.
| CMC Markets | Forex.com | Capital.com | Swissquote | Saxo Bank | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | Yes | Yes | No | No | Yes |
| Withdrawal fee | $0 | $0 | $0 | $10 | $0 |
#3 Capital.com
Markets and products
Capital.com gives access to 138 currency pairs.
| CMC Markets | Forex.com | Capital.com | Swissquote | Saxo Bank | |
|---|---|---|---|---|---|
| Currency pairs (#) | 338 | 91 | 138 | 80 | 182 |
#4 Best forex brokers for beginners
Swissquote
Swissquote is a Swiss investment bank established in 1996. It has three main trading entities:
- Swissquote Bank - it provides all asset classes, including stocks and ETFs. This entity is based in Switzerland and has multiple regulations, including the top-tier Swiss Financial Market Supervisory Authority (FINMA).
- Swissquote Bank Europe - it provides stocks, ETFs, funds, cryptos, forex, and CFD trading. This entity is based in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg's regulator.
- Swissquote LTD - it provides CFD and forex trading. The entity is based in the UK and regulated by the Financial Conduct Authority (FCA).
The fact that Swissquote Bank Ltd has a banking license, is listed on the Swiss stock exchange, discloses detailed financials regularly, and has a long track record are all great signs with respect to Swissquote's safety.
In this review, we focus mainly on the Swiss entity, sometimes referred to as "Swissquote Bank (CH)" and we will refer to the Luxembourg and UK-based entities as "Swissquote Europe (LUX)" and "Swissquote LTD (UK)", respectively.
Recommended for affluent investors who value safety and are ok with higher fees
#4 Swissquote
Fees
Swissquote has low fees when it comes to buying and selling currency pairs.
To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.
| CMC Markets | Forex.com | Capital.com | Swissquote | Saxo Bank | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $8.8 | $5.9 | $8.7 | $7.1 | $7.1 |
| GBPUSD benchmark fee | $5.8 | $3.6 | $6.6 | $5.2 | $5.5 |
| AUDUSD benchmark fee | $8.2 | $5.6 | $6.1 | $6.6 | $5.7 |
| EURCHF benchmark fee | $8.9 | $5.8 | $9.6 | $5.3 | $5.1 |
| EURGBP benchmark fee | $10.2 | $7.1 | $10.9 | $7.6 | $8.7 |
All spreads, commissions and financing rates for opening a position, holding for a week and closing.
| CMC Markets | Forex.com | Capital.com | Swissquote | Saxo Bank | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | Yes | Yes | No | No | Yes |
| Withdrawal fee | $0 | $0 | $0 | $10 | $0 |
#4 Swissquote
Markets and products
Swissquote gives access to 80 currency pairs.
| CMC Markets | Forex.com | Capital.com | Swissquote | Saxo Bank | |
|---|---|---|---|---|---|
| Currency pairs (#) | 338 | 91 | 138 | 80 | 182 |
#5 Best forex brokers for beginners
Saxo Bank
Saxo Bank, a Danish investment bank founded in 1992, provides online trading and investment services. The company is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK's Financial Conduct Authority (FCA).
Saxo Bank is a global service provider and its subsidiaries are present in the form of separate legal entities in different regions of the world. The services offered by the various entities may differ slightly, especially with respect to fees and product portfolios. In this review, we tested Saxo Bank UK.
Being regulated by top-tier financial authorities, and having a long track record and a banking background, are all good signs for Saxo Bank's safety.
HEADS UP: Recent issues with account opening - Saxo Bank seems to have a delay in sending you a crucial URL to start your account opening. For more info, see Saxo Bank account opening issues in the review's Account opening chapter. If you'd like to open an account regardless, click here to read about Saxo Bank alternatives.
Recommended for investors and traders looking for a great trading platform and solid research
#5 Saxo Bank
Fees
Saxo Bank has low fees when it comes to buying and selling currency pairs.
To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.
| CMC Markets | Forex.com | Capital.com | Swissquote | Saxo Bank | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $8.8 | $5.9 | $8.7 | $7.1 | $7.1 |
| GBPUSD benchmark fee | $5.8 | $3.6 | $6.6 | $5.2 | $5.5 |
| AUDUSD benchmark fee | $8.2 | $5.6 | $6.1 | $6.6 | $5.7 |
| EURCHF benchmark fee | $8.9 | $5.8 | $9.6 | $5.3 | $5.1 |
| EURGBP benchmark fee | $10.2 | $7.1 | $10.9 | $7.6 | $8.7 |
All spreads, commissions and financing rates for opening a position, holding for a week and closing.
| CMC Markets | Forex.com | Capital.com | Swissquote | Saxo Bank | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | Yes | Yes | No | No | Yes |
| Withdrawal fee | $0 | $0 | $0 | $10 | $0 |
#5 Saxo Bank
Markets and products
Saxo Bank gives access to 182 currency pairs.
| CMC Markets | Forex.com | Capital.com | Swissquote | Saxo Bank | |
|---|---|---|---|---|---|
| Currency pairs (#) | 338 | 91 | 138 | 80 | 182 |
Best forex brokers for beginners
Forex broker fees
Forex brokers can charge commissions, spreads and financing fees.
When it comes to commissions, there are two different fee structures forex brokers normally use:
- All trading fees are included in the spread except the financing rate. Basically, think of it as the broker giving you a wider spread than it gets from the market.
- You get the market spread, but you pay a commission based on the traded amount. This model is usually used by ECN brokers.
The second version is more transparent, but this doesn't always mean it's more expensive.
When you trade forex on leverage and hold your position overnight, a fee will be charged. This is called financing cost. Financing costs change daily, and can add up if you hold your positions for a longer period.
Best forex brokers for beginners
Bottom line
You saw the details, now let's zoom out. Here are the top forex brokers for beginners in 2022 for citizens in Qatar:
| CMC Markets | Forex.com | Capital.com | Swissquote | Saxo Bank | |
|---|---|---|---|---|---|
| Fees score | 3.6 stars | 3.8 stars | 4.4 stars | 2.3 stars | 3.3 stars |
| Markets and products score | 2.6 stars | 2.4 stars | 3.1 stars | 5.0 stars | 5.0 stars |
| Education score | 5.0 stars | 5.0 stars | 5.0 stars | 5.0 stars | 4.5 stars |
| Charting quality | High | High | High | High | High |
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CMC Markets is our winner, the best forex broker for beginners for Qatari citizens in 2022. Low forex fees. Great web and mobile platforms. Advanced research and educational tools.
If you know enough about forex trading and are comfortable with possible risks, pick your favourite and take the next step in your trading journey. Let us know what you think in the comments section.
Still unsure? Use our broker finder to pick the best broker for you.
