Best Forex Brokers in Kazakhstan for 2024
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. IC Markets
IC Markets is a reliable and versatile broker that offers a wide range of services and tools for trading in the financial markets. The company provides impressive trading instruments, high-quality trading platforms, advanced analytical tools, and valuable education for traders of all levels.
IC Markets is likely most suitable for experienced traders who value deep liquidity, tight spreads, and advanced trading tools. Beginner traders can also benefit from the educational materials offered by the company, but they should be prepared for some additional expenses and a higher minimum deposit requirement.
Advantages of IC Markets
- Regulation. IC Markets is regulated by two serious financial regulators, ASIC and CySEC, which guarantees client funds protection and trading conditions fairness.
- A wide range of trading instruments. IC Markets clients can trade various assets, including currency pairs, stocks, indices, commodities, and cryptocurrencies.
- Low spreads. IC Markets offers some of the lowest spreads on the market, making trading more accessible and cost-effective.
- MetaTrader, cTrader, and TradingView platforms. These platforms are widely recognized for their advanced trading features and analysis tools.
- Educational materials. The broker offers high-quality training materials suitable for beginners and experienced traders.
- Efficient customer support service. IC Markets clients note the high level of customer support service, which responds quickly and professionally to problems and questions.
Disadvantages of IC Markets
- High minimum deposit. The entry threshold for opening a trading account with IC Markets is relatively high and may be inconvenient for novice traders or those who do not want to invest large sums at once.
- A limited number of withdrawal options. The options for withdrawing funds from IC Markets are limited, which may cause inconvenience, especially for clients who prefer specific payment systems.
2. 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.
Advantages of Roboforex
- A variety of trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, and R StocksTrader.
- Over 12,000 trading instruments, including currency pairs, stocks, indices, ETFs, commodities, metals, and cryptocurrencies.
- Different types of accounts for traders of all experience levels, including accounts with ECN and STP access.
- Competent 24/7 customer support.
- Loyalty programs and bonus offers for clients.
- Low spreads and commissions, as well as the ability to trade with high leverage.
Disadvantages of Roboforex
- Regulation in an offshore jurisdiction.
- Beginner traders may find a lack of educational materials.
3. 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.
Advantages of FxPro
- Various trading platforms, such as MetaTrader 4, MetaTrader 5, cTrader, and FxPro Edge, provide flexibility and convenience in trading.
- A diverse range of available markets and products, including currency pairs, CFDs on indices, stocks, commodities, futures, and cryptocurrencies.
- Analytical tools, including signals from Trading Central and Autochartist functionality.
- Extensive educational materials, including free courses, articles, videos, and webinars, contribute to the development of traders.
Disadvantages of FxPro
- An inactivity fee is charged after six months of no position opening or closing.
- Average trading commissions. FxPro does not have the tightest spreads in the market and not the most minuscule trading commission per transaction.
- Absence of cent accounts and services for copying trades of successful traders.
4. 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.
Advantages of AMarkets
- A wide range of trading instruments, including currencies, stocks, indices, commodities, and cryptocurrencies.
- Extensive analytical capabilities using modern tools and trading robots.
- No commissions on many operations.
- Convenience and simplicity of opening an account and managing it.
Disadvantages of AMarkets
- Not the most extensive educational materials. The broker offers essential resources such as a blog and FAQ but lacks deeper educational content such as webinars, courses, etc.
- The broker does not offer a trading platform, which may disadvantage those seeking a unique trading solution.
- On some assets, spreads are higher than those of competing Forex brokers.
5. Deriv
Deriv is an appealing choice for a wide array of traders, particularly those who are just beginning or are at an intermediate level. Its user-friendly approach, diverse platforms, and low-cost structure make it ideal for individuals seeking a straightforward trading experience. While it may not fully satisfy the needs of highly advanced traders due to some limitations in educational and analytical resources, Deriv's overall offering is solid, making it a reliable and accessible broker for most trading requirements.
Advantages of Deriv
- Relatively reliable with licenses from various global regulators.
- Simple and fast account opening process.
- A wide variety of account types cater to different trading needs.
- Low commission structure.
- A wide range of trading platforms is suitable for traders of different levels.
- High-quality technical support with fast and effective responses.
Disadvantages of Deriv
- Some essential asset classes are absent, and a limited number of CFDs on stocks exist.
- Educational materials are confined to a blog and lack comprehensive learning resources.
6. Oanda
Oanda is an excellent choice for traders seeking a reliable and regulated broker with competitive spreads and various trading assets.
With quality analytics and diverse educational materials, Oanda suits beginners and experienced traders.
Advantages of Oanda
- Strict Regulation. Oanda is regulated by leading financial authorities worldwide, ensuring high security.
- Tight Spreads. Oanda offers competitive and transparent spreads.
- Diverse Markets and Products. The broker provides a wide selection of assets, from Forex and CFDs to indices and commodities.
- Advanced Trading Platforms. Oanda supports MetaTrader 4 and 5 and its proprietary platform, fxTrade.
- Quality Analytics. Automatic pattern recognition, advanced tools for MetaTrader, a currency converter, and other resources are provided.
- Extensive Learning Section. Oanda offers rich educational materials and resources, including webinars, videos, and articles.
Disadvantages of Oanda
- Limited Account Types. Oanda offers only one standard type of account, which may not be suitable for traders with different needs.
- Inactivity Fee. An inactivity fee may be charged if the account is not used for an extended period.
- High Swaps. Oanda has relatively high swap rates, which could reduce the profitability of long-term trades.
7. 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.
Advantages of Libertex
- Reliability and regulation.
- Tight spreads and attractive trading conditions.
- Wide selection of trading instruments.
- Rich selection of educational materials and analytics.
Disadvantages of Libertex
- Absence of specialized accounts - such as Islamic accounts and accounts for passive investing.
- High swaps and inactivity fee.
- No email address provided for support contact and no chat on the website. The only quick way to contact support is by phone, which may be inconvenient for some traders.
8. 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.
Advantages of Alpari
- A wide range of trading accounts. Broker Alpari offers a variety of trading accounts suitable for different types of traders and investors.
- Flexible conditions for depositing and withdrawing funds. Broker Alpari provides flexible and competitive conditions for depositing and withdrawing funds.
- Diversity of trading platforms. Alpari offers a variety of trading platforms that meet the needs of most traders.
- Effective technical support. Alpari provides user support at all stages of service.
Disadvantages of Alpari
- Licensing. 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. Alpari may charge fees for fund withdrawal and inactivity, which can be off-putting for some clients.
- Limited choice in terms of different asset classes. Although broker Alpari offers a wide selection of assets for trading, some competitors offer a greater variety in terms of different asset classes.
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.
Advantages of Gerchik & Co
- 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.
Disadvantages of Gerchik & Co
- 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.
Advantages of NPBFX
- A rich selection of analytical tools and resources, including an exclusive analytical portal and a news feed from Dow Jones.
- Extensive education section, offering various video courses, e-books, and other educational materials.
- A variety of account types cater to the needs of different categories of traders.
- Numerous available methods for depositing and withdrawing funds provide convenience for clients.
Disadvantages of NPBFX
- High commission per trade on the Zero account.
- Lack of alternatives to the MetaTrader 4 platform, which may limit options for some traders.
- Regulation in an offshore jurisdiction, which may pose certain risks for clients.
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.
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.
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.
