Forex Brokerage

Tadawul FX

When searching for the right Forex brokerage, many traders come across Tadawul FX. Find out what you need to know about this particular foreign exchange broker here.

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Overall Rating: 9/10

Safety of Funds: 9/10

Customer Service: 9/10

Convenience: 10/10

Tools: 8/10

Execution: 9/10

Minimum Account Size: $500

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Forex Broker Review

Tadawul FX is one of the many brokers that is situated in Cypress. They are an STP or straight through processing broker, which is usually a good thing.

This means that your orders will go right through when you place them.

Account Details

You can open an account with only $500, which is a bonus for those who are strapped for cash. You can also trade as small as .05 lots. You can hold your account balance in CHF, EUR, GBP, JPY or USD, so this should be able to accommodate most Forex traders.

Forex Spreads

When choosing a broker to access the Forex market, one of the most important factors for you to consider is the spreads it offers. With Tadawul FX, the Forex spreads they offer are pretty decent. They offer fixed spreads which means, that you will not have to worry about the spread jumping up during an economic announcement.

The downside to their spreads is that they depend on what type of account you open. For example, if you open a mini account, the spread on most pairs is 3 pips. With a standard account, it is 2 pips and with a premium account ($150,000), you can get 1 pip spreads. This means that you'll have to come up with some big money if you want the best spreads.

They do accept clients from the United States, which isn't always the case these days. You can even get leverage of up to 500:1, which is fantastic for some traders.

Depositing money with Tadawul FX is also very simple. You have the standard option of using a bank wire or a credit card and you can also deposit with PayPal. So basically, if you can't use one of those options to deposit, you've got some issues and most brokers would not be able to accommodate you anyway.

The Verdict

Tadawul FX is a pretty good Forex brokerage that you should feel comfortable working with. They are regulated by the CYSEC, which is a solid regulating agency. They are convenient to work with and they have solid spreads. You could definitely do a lot worse than this broker when working in the Forex market.

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