Best Forex Brokers in Kazakhstan for 2024
We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the best Kazakhstan Forex brokers based on our analysis:
- 1
Roboforex - Best broker in Kazakhstan - A variety of trading platforms. Over 12,000 trading assets. Different types of trading accounts. - 2
FxPro - Various trading platforms. A diverse range of available markets and products. Multiple analytics tools. - 3
AMarkets - A wide range of trading assets. Extensive analytical capabilities using modern tools and trading robots. No commissions on many operations. - 4
InstaForex - Large selection of trading instruments. PAMM accounts and the ForexCopy automatic trade copying service for passive income. 24/7 efficient customer support. - 5
Libertex - Regulated Broker. Tight spreads and attractive trading conditions. Wide selection of trading assets. - 6
Alpari - A wide range of trading accounts. Flexible conditions for depositing and withdrawing funds. Diversity of trading platforms. - 7
xChief - A wide range of trading instruments. Availability of cent and PAMM accounts. Tight spreads and low commission per transaction. - 8
- 9
Gerchik & Co - Transparent information about the broker's owners. A large number of trading accounts. Decent services that can help improve Forex trading. - 10NPBFX - A rich selection of analytical tools and resources. Extensive education section. A variety of trading account types.
In 2024, the market offers many trading companies, each with advantages and conditions. Our top list of the best Forex brokers in Kazakhstan, based on strict criteria, will help you choose a platform that supports your trading strategies and ensures the safety of your funds.
Top 10 Best Forex Brokers in Kazakhstan
We have studied dozens of companies and selected those that are most reliable and convenient for trading.
Below, we will review the best Forex brokers in Kazakhstan and help you make the right choice.
Our reviews include each broker's detailed characteristics and honest feedback from traders who have already used their services. If you are starting your journey in the world of Forex, then check out our reviews, which will help you avoid mistakes and choose the best partner for working in the financial markets.
1. RoboForex
RoboForex is recognized as one of the few Forex brokers with an impeccable reputation. The company strictly adheres to its regulations, does not delay payments, and provides fair quotes. RoboForex can be a good choice for both novice and professional traders due to its robust offerings, which include a variety of trading instruments, account types, platforms, and competitive trading conditions. The broker's commitment to transparency and customer service further solidifies its standing in the Forex community.
Pros and Cons of Roboforex
Pros
- A variety of trading platforms.
- Over 12,000 trading assets.
- Different types of trading accounts.
- Competent 24/7 customer support.
- Loyalty programs and bonus offers for clients.
- Low spreads and fees.
Cons
- Regulation in an offshore jurisdiction.
- Beginner traders may find a lack of educational materials.
2. FxPro
FxPro provides a comprehensive range of services and tools for traders. With its variety of trading accounts, platforms, and available markets, it is well-suited to meet the needs of different traders. This broker suits traders looking for a wide selection of markets, diverse platforms, and analytical tools. It is also apt for beginner traders, thanks to the educational materials and experienced traders who value flexible trading conditions.
Pros and Cons of FxPro
Pros
- Various trading platforms.
- A diverse range of available markets and products.
- Multiple analytics tools.
- Extensive educational materials.
Cons
- An inactivity fee.
- Absence of cent accounts and services for copying trades.
3. AMarkets
AMarkets is a versatile broker offering a full range of services in the Forex market. It enables independent trading and investing funds in copy trading with equal success.
Traders can access several accounts with low spreads, permitted scalping, and fast trade execution. Up-to-date analytics, valuable services, and rapid fund withdrawal support a stable technical platform.
Investors who are not keen on engaging in independent trading can still achieve significant profits by copying the trades of successful traders. Building a portfolio is time-efficient and offers the possibility of passive income.
Pros and Cons of AMarkets
Pros
- A wide range of trading assets.
- Extensive analytical capabilities using modern tools and trading robots.
- No commissions on many operations.
- Convenience and simplicity of opening an account and managing it.
Cons
- Not the most extensive educational materials.
- On some assets, spreads are higher than those of competing Forex brokers.
4. InstaForex
InstaForex is a popular broker that offers a wide range of trading instruments and specialized accounts. The unique possibility of accruing interest on the account balance, ForexCopy's automatic transaction copying service, and support for cryptocurrency trading make InstaForex an attractive choice for a variety of traders. Customer support is available round the clock, and account replenishment does not charge any commission, which is a significant plus.
InstaForex is suitable for beginner traders and investors interested in passive income through PAMM accounts, as well as for those looking for innovative features such as cryptocurrency trading and automatic trade copying.
Pros and Cons of InstaForex
Pros
- Large selection of trading instruments.
- PAMM accounts and the ForexCopy automatic trade copying service for passive income.
- 24/7 efficient customer support.
- Wide range of methods for depositing and withdrawing funds.
- Decent analytical section.
Cons
- Trading commissions are above average.
- No trading accounts with market execution of orders (ECN or STP).
- Broker commission on fund withdrawals.
5. Forex Club Libertex
Libertex is an established broker offering various trading instruments and educational resources. With zero commission on deposits and various analytical tools, this broker can appeal to novice and experienced traders.
Pros and Cons of Libertex
Pros
- Regulated Broker.
- Tight spreads and attractive trading conditions.
- Wide selection of trading assets.
- Rich selection of educational materials and analytics.
Cons
- High swaps and inactivity fee.
- No email address provided for support contact and no chat on the website.
6. Alpari
Alpari has established itself as a stable and reliable broker, providing its services on Forex for over 20 years. The broker is widely popular among professional traders due to its wide range of trading accounts and instruments and convenient and practical services for investing—PAMM accounts and portfolios. Beginning traders will find quality support, training courses, and favorable trading conditions at Alpari.
Overall, Alpari is an excellent choice for beginners and professional traders.
Pros and Cons of Alpari
Pros
- A wide range of trading accounts.
- Flexible conditions for depositing and withdrawing funds.
- Diversity of trading platforms.
Cons
- Licensing in the Comoros does not provide the same level of investor protection as in countries with stricter regulators.
- Fees for fund withdrawal and inactivity charges.
- Limited choice in terms of different asset classes.
7. xChief
xChief offers traders a variety of opportunities and services for successful trading in the Forex market. With a wide selection of trading instruments, reliable trading platforms, contests, and educational materials, the broker creates conditions for developing traders of all experience levels.
Pros and Cons of xChief
Pros
- A wide range of trading instruments.
- Availability of cent and PAMM accounts.
- Tight spreads and low commission per transaction.
- Scalping and algorithmic trading allowed.
Cons
- Regulation in an offshore jurisdiction.
- Weak analytical section.
- No educational courses and webinars for beginner traders.
8. Grand Capital
Grand Capital is a broker that offers a wide range of trading instruments and account types, making it an attractive choice for traders with different strategies and experience. Narrow spreads, especially on major currency pairs, ensure competitive trading conditions and the availability of educational materials that support novice and experienced traders in their development. The 24/7 multi-lingual support ensures that assistance is promptly provided.
Grand Capital will suit traders who appreciate a variety of trading tools and account types, as well as those who actively utilize educational resources to enhance their skills. The broker will be especially attractive for those who prefer to use MetaTrader platforms and are not concerned about the potential risks of the lack of strict regulation.
Pros and Cons of Grand Capital
Pros
- Diversity of trading account types.
- Tight spreads.
- A wide range of trading assets.
- Multilingual support 7 days a week, 24 hours a day.
Cons
- It is not regulated by leading financial regulators.
- High swaps.
- Lack of MetaTrader alternatives.
9. Gerchik & Co
Gerchik & Co. serves as a commendable platform for traders of all levels. The wide array of trading instruments and platforms makes this broker attractive to novices and seasoned traders.
The educational materials provided by the broker can be particularly beneficial for beginners and those looking to deepen their knowledge. In addition, the broker offers a variety of technical support communication options, which can be valuable for traders requiring immediate assistance.
This broker is suitable for novice and experienced traders due to its comprehensive approach and attention to detail regarding trading and education.
Pros and Cons of Gerchik & Co
Pros
- Transparent information about the broker's owners.
- A large number of trading accounts.
- Decent services that can help improve Forex trading.
- Educational courses, webinars, analytics.
- Opportunity for passive income on TIMA accounts.
- Contests on demo accounts and broker promotions.
Cons
- High commission for transactions on certain types of accounts.
- The website and personal account area may seem inconvenient (according to reviews).
- High deposit requirements for training or using services.
10. NPBFX
NPBFX is suitable for novice and experienced traders, thanks to its extensive educational program, various account types, and set of trading instruments. The broker is particularly noteworthy for those who value quality technical analysis and a diversity of trading instruments.
Despite certain drawbacks, NPBFX provides quality service and can be used by most traders.
Pros and Cons of NPBFX
Pros
- A rich selection of analytical tools and resources.
- Extensive education section.
- A variety of trading account types.
- Numerous available methods for depositing and withdrawing funds.
Cons
- High commission per trade on the Zero account.
- Lack of alternatives to the MetaTrader 4 platform.
- Regulation in an offshore jurisdiction.
Is Forex Trading Legal in Kazakhstan?
Forex trading in Kazakhstan has only recently become legal. Forex trading with foreign currencies has been present in Kazakhstan since 1999, but until the late 2010s, access was limited to institutional investors. Ordinary people could not participate in such activities. However, at the end of 2019, plans began to be formed to allow non-professional traders access to currency trading. Amendments were made to the 'Securities Market Law,' which legally recognized operations in the currency and stock markets.
Critical Points in the Regulation of Forex Companies
On July 12, 2022, the President of Kazakhstan, Kassym-Jomart Tokayev, approved several legislative acts to curb the activities of illegal financial pyramids. One of these laws ('On Amendments and Additions to Some Legislative Acts of the Republic of Kazakhstan on the Regulation and Development of the Insurance Market and the Securities Market, Banking Activities') regulates the activities of brokers.
As previously reported by Majilis deputy Dania Espaeva, the proposed law on market regulation requires brokers and dealers offering services to individual investors to obtain a license. Thus, citizens must check for a valid license from the Agency for Regulation and Development of the Financial Market (ARDFM) from those who attract funds before investing.
Therefore, Kazakhstani brokers must have a license from the Agency for Regulation and Development of the Financial Market. However, among the major brokerage companies, there are no brokers regulated by ARDFM. So far, it is only known that Forex Club (Libertex) is in the process of obtaining a license.
National Characteristics of the Forex Market in Kazakhstan
Recent surveys show that most Kazakhstanis consider themselves religious. 97% belong to some religion, with 69.3% being Muslim. Consequently, the issue of trading on the Forex market in Kazakhstan is delicate, as Sharia laws prohibit some aspects of this type of trading.
Formal grounds for prohibition:
- Usury, or Riba, is present in the Forex sphere.
- The trading platform violates the principle of direct money transfer between participants.
- Participation in currency operations is a form of gambling.
- Trading on the Forex market harms public welfare.
Spiritual leaders of some communities do not shy away from imposing a ban on trading. Therefore, the most prudent course is to follow the path taken by many wealthy Muslim countries: open an Islamic trading account on Forex. This type of account is permitted by Islamic legislation and does not contradict religious doctrines.
Principles of trading with an Islamic trading account include:
- Immediate transfer of funds from seller to buyer and vice versa.
- Execution of orders without any delays.
- Absence of swaps.
Brokerage companies, whose existence depends on the interest from transactions, usually cannot profit from offering Islamic accounts. To compensate for the lost income, they typically increase spreads. Only a few major currency pairs may be available through an Islamic trading account, and most exotic cross-pairs are inaccessible. However, this information can be obtained by reviewing documentation or contacting customer service.
How to Choose a Reliable Company?
A Forex broker is a financial company that allows traders to trade on the international currency market. However, choosing a reliable broker can be a challenging process. How do you decide on a Forex broker in Kazakhstan?
The most important thing is to determine which parameters interest you. Consider your needs and your trading style to discover not only the outstanding features of a broker but also potential weak spots. Moreover, when choosing a Forex broker, some critical factors must be taken into account:
- Regulation of the broker. It's important to choose only those registered brokers with licenses to operate. In the Kazakhstan market, the supervisory authority is the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market. The National Bank of the Republic of Kazakhstan (NB RK) issues licenses for brokerage activities.
- Types of accounts. Various accounts are suitable for traders with different experience levels and budgets. Check if the broker has the type of account that meets your needs.
- Trading platforms. Check which platforms the broker offers and whether they are convenient for you.
- Trading conditions. Evaluate the trading conditions, including spreads, commissions, minimum deposit, and lots.
- Customer support. Assess the quality of customer support, working hours, and ways to communicate with it.
Considering all these factors, choosing a reliable Forex broker in Kazakhstan will be easier. However, practice on a demo account before opening a real trading account. This way, you can understand whether the broker meets your requirements.
How the List of the Best Forex Brokers in Kazakhstan Was Compiled
The top Forex brokers in Kazakhstan were selected according to the following criteria:
- The broker rankings are based on our independent Forex broker directory.
- Brokers have high ratings according to our methodology.
- Brokers are popular in Kazakhstan and available for Kazakhstani traders.
These criteria ensure that the brokers in the list meet high standards, which is critically important for safety and optimal trading on Forex.
Conclusion
The Forex market in Kazakhstan continues to develop and attract more traders. Today, the market features a comprehensive list of brokers ready to offer their services to beginners and experienced traders. When choosing a broker, factors such as regulation, reputation, trading conditions, and technical support must be considered.
Our list of the best brokers in Kazakhstan will help you choose a reliable and qualified company that can satisfy all your needs. And further, exercise caution and discipline in trading to achieve success and profit from your investments in Forex.
FAQ
What is the best broker in Kazakhstan?
Currently, several brokers provide quality services to traders in Kazakhstan. Among them, RoboForex, AMarkets, and Forex Club stand out for their good reputation, competitive spreads, and a variety of trading instruments. The choice of the best broker depends on your specific needs and preferences.
Who is the most reliable forex broker?
The most reliable forex brokers are those with strict regulatory licenses and a long history of impeccable operation. IC Markets, Oanda, and FxPro are among the top brokers, regulated by authoritative bodies such as ASIC, FCA, and CySEC, ensuring a high level of security for their clients.
How do brokers make money?
Brokers make money in several ways:
- Spreads: The difference between the buy and sell price of a currency pair.
- Commissions: Some brokers charge fixed commissions for each trade.
- Swaps: Interest charges for holding a position overnight.
- Additional services: These include paid analytical tools, signals, and education.
How to distinguish a broker from a scammer?
To distinguish a reliable broker from a scammer, pay attention to the following factors:
- Regulation: Check for licenses from reputable regulators (FCA, ASIC, CySEC).
- Transparency: Reliable brokers publish information about their activities and financial performance.
- Reviews: Research reviews from other traders and ratings on independent platforms.
- Customer support: Reliable brokers provide quality customer support and respond quickly to inquiries.
Is trading allowed in Kazakhstan?
Yes, trading is allowed in Kazakhstan. However, it is important to choose brokers that comply with local and international regulatory requirements to ensure the safety of your investments.
How much money do you need to start trading?
The amount needed to start trading depends on the chosen broker and your trading plan. Many brokers allow starting with minimum deposits ranging from $10 to $100. However, for more comfortable and flexible trading, it is recommended to start with an amount between $500 and $1000.
How is trading income taxed in Kazakhstan?
For individuals who are residents of Kazakhstan and receive income from securities trading both within the country and abroad, they are required to independently calculate and pay individual income tax at a rate of 10%.
