How to choose the Best Forex Broker in Oman
1) Check broker’s reputation
It is essential to check the broker’s reputation before opening an account with it. A broker with a good reputation ensures the best practices and remains fair while dealing with its clients. That means you can rest assured about funds security and instant order processing with a reputed broker. You can check the reputation of your prospective broker with different independent review websites, such as Trust Pilot. Personal references and clientele feedback may also help you decide if you can trust a broker or not.
2) Check the regulation of a broker
There is no harm in cross-checking a broker who claims to have been authorized by a specific regulatory authority. Regulation makes brokers follow certain SOPs. For example, regulated brokers need to maintain enough capital funds to ensure liquidity. Also, regulated brokers are required by law to keep clients’ funds in segregated bank accounts and ensure the security of clients’ confidential information. The main forex regulatory bodies in Oman include;
- The Bank of Oman
- Capital Market Authority Sultanate of Oman
However, clients are not required to sign-up with the locally regulated brokers only.
3) Check deposit and withdrawal process
Do not forget to check the time your broker takes to process your deposits and withdrawals. Some brokers accept payments fast but fail to release your funds on time. Therefore, try making smaller deposits with your prospective broker and place funds withdrawal requests with them.
4) Select a broker who is serving the industry for more than three years.
Try to sign up with a well-established broker. That means a broker who has been in the industry for at least three years or more. Opening an account with a novice broker always carries excessive risk. In addition to the security of funds, you also don’t know whether a broker is likely to be a going concern or not. A low-standard broker may not survive the market ups and downs for more than a couple of years.
5) International Presence
A broker with an international presence is likely to be more competent than a broker serving domestically. To continue operations across the border, a broker passes through various security and regulatory checks. Therefore, if your broker holds multiple regulations, then it can be the right choice.
6) Customer support
A company cannot prosper without considering clientele feedback. Reputable brokers consider customer support as an integral part of their services. Try to communicate with the customer support staff of your prospective brokers to check their professionalism. Remember, you will need to contact customer support concerning different issues. Therefore, a broker with poor customer service is not worth your investment.
Best Forex Brokers In Oman
- XM – It offers low spreads
- Exness -Low Spreads and Reliable broker
- HYCM – It offers swap-free Islamic accounts
- AvaTrade – It offers multiple trading tools and indicators
- Easy Markets – It holds multiple regulations
How did we select the best forex brokers in Oman?
Given below are some factors that we considered while searching for the best forex brokers in Oman
1) Checked regulation
We have verified the regulation status of all the brokers listed above. It took us a couple of days to confirm if these brokers are genuinely authorized by different regulatory bodies around the world. After finding the company’s registration numbers from web portals of brokers we cross-checked them on the concerned regulatory authority’s websites and found that all of the brokers listed above hold a valid license.
2) Confirmed reputation
We have also confirmed the reputation of each of the brokers listed above. We searched for information about our listed brokers on the internet. Besides reading customer reviews on Reddit and Quora, we also checked the rating of our listed brokers with independent review websites such as ForexPeaceArmy and TrustPilot. We ensured not to include any over-rated broker in the list of our best forex brokers in Oman.
3) Checked deposit and withdrawal
We have also checked the lead time each broker takes to process payments. We deposited different amounts with our brokers and initiated withdrawal requests subsequently. We experienced prompt services from all our listed brokers. Our brokers do not only process payments fast but also fee competitive processing fee. .
4) Checked services and features
Realizing our responsibility to provide you with correct information, we checked different services and features of our listed brokers, such as spread, leverage, available account types, trading tools, and indicators. We found our brokers are quite competitive in every aspect.
5) Checked trading platforms
We also checked the trading platforms of our listed brokers. We wanted to see how easy it is for newbies to navigate through these trading platforms. We also confirmed if our brokers’ trading platforms have all the necessary tools available required for successful trading. Honestly, all our brokers offer user-friendly intuitive trading platforms and have all basic and advanced trading tools available.
6) Checked mobile trading platforms
We also checked mobile trading platforms with each of our listed brokers and found them as effective as a desktop or web-trading platform. Using mobile trading platforms offered by our listed brokers, traders can access the market on their mobile screens. Clients can download supported versions of the mobile trading platforms from Google Play Store and App Store on their mac and android based mobile phones.
7) Contacted customer support
We also interacted with the customer support staff of our listed brokers. Not only we asked several queries but also logged a couple of complaints. We wanted to check how long our brokers would take to respond to our queries and resolve our complaints. We were happy to see our listed brokers have professional customer support staff. We received a proper resolution to our queries and complaints within the stipulated time.
Forex Brokers in Oman– FAQs
Is forex trading legal in Oman?
Yes, forex trading is legal in Oman.
Do forex traders pay tax in Oman?
No, traders do not have to pay taxes on their forex earnings in Oman.
Who regulates forex trading in Oman?
The Capital Market Authority Sultanate of Oman regulates forex trading in Oman.
How many forex traders are there in Oman?
Information concerning the exact number of traders in Oman is not available on the internet.
Can Oman residents sign up with a forex broker from abroad?
Yes, they can. Oman doesn’t hold any restriction for its residents to sign up with international brokers.
Despite having the least regulatory restrictions and no tax implications, the numbers of forex brokers having physical offices in the country are near to none. Therefore, traders have to rely upon international forex brokers. You can consider any of the brokers listed above since they are the best forex brokers in Oman.