Online Forex Trading Brokers In Pakistan

Online forex trading brokers in pakistan


I teach at a Uni and this is my take on the forex markets

I'm an Assistant Professor of Economics at a well-known government university in the country. Being part of the regular faculty, I teach various classes relating to economics and operations of the financial markets.

Best Pakistan Brokers Guide

Not going to name myself (to protect my privacy), and I have also tried to use simple English words instead of complex jargon, that is usually associated with finance. Hopefully, it should provide useful information to folks out there.

The following brokers are well liked by Pakistanis

Brand names have been sorted according to their popularity. Certain number of banks can also provide brokerage services for foreign exchange buying and selling (mainly for exporters and importers).

Broker NameBroker Name
Olymp Trade - TrendingIQ Option
BinomoSamba Bank
easyMarkets (easy forex)ForexTime
Forex.comEquiti Group
Bank AL HabibADS Securities
Al Baraka BankBank Alfalah
AlpariMeezan Bank
XM MarketsLiteForex
Windsor BrokersOrbex
IC MarketsAdmiral Markets
Standard CharteredXTrade

The brokers mentioned above are generally very honest in their dealings, when it comes to fast or instant funds withdrawals, lowest spread commission cost (0.1 pips), Metatrader 4 mobile app, ECN order executions, trader education and mentoring.

Clients can invest online using their social trading (auto trading robot, PAMM) platform, test demo accounts, avail free no deposit bonus; or do the right thing by opening a real account by depositing a minimum amount of Rs.


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So, what does the word "forex broker" mean?

A forex broker [the best one] provides its clients the ability to trade popular currencies such as the US dollar, Pound Sterling, Japanese Yen and the Euro in order for them to make a profit.

It's similar to stock trading, just that instead of stocks, users utilize a trading platform to invest in the forex markets.

A good forex broker has the following qualities:

  • Operational history of at least 2 years.
  • Management's background experience in the real trading for forex instruments.
  • A reasonable sized client support call center with staff no less than 20 people.
  • Ability to hire people from various locations in the world who can better communicate with client's local language; full support for the Urdu language is important here.
  • Regulation from a jurisdiction that can hold a broker responsible for its misgivings; or at best play an arbitration role in case of bigger disputes.
  • Ability to get deposits and withdrawals processed within 2 to 3 days; this holds true even further for withdrawals of funds.
  • International presence in multiple countries; this includes local seminar presentations from time to time.

In essence to Forex Brokers that are specifically looking to on-board Pakistanis; the following is a must:

  • Hiring of people from within Pakistan who can directly deal with the locals
  • Website in Urdu can be beneficial; but, not extremely important
  • Local Pakistani bank deposits and withdrawals
  • Ability to deposit and withdraw funds using Visa and Mastercard (debit and credit cards)

The scope of trading forex online in Pakistan

Foreign Exchange Markets (Forex, FX) determine the exchange rate of currencies.

Millions of people (Forex Traders) trade these markets on a daily basis.

A recent study report from the SECP (Securities and Exchange Commission of Pakistan) suggests that there are dozens of foreign-registered forex brokers operating in the country.

  • An initial forex broker deposit of Rs.10,000 is recommended; though one can open an account with as little as five thousand rupees.
  • Online forex trading involves risk.

    Don't invest more than you can afford to lose.

  • Use of free forex trading signals is encouraged for beginners.

Over 2 million (20 Lakh) Pakistanis trade forex online; with numbers increasing at an annual rate of 15% to 20%. Investing in foreign exchange markets through binary options platforms is the fastest growing online trading activity in the country.

Websites like Quora and Reddit are riddled with Pakistanis reading answers and asking questions around this rapidly growing investment avenue.

Online forex trading can be profitable, but it requires a person to login every day, and spend at least two months trading a "live real account" before he or she can even expect to start earning money.

What price does a company typicall ipo at

With patience and hard work, every individual can become a good trader, and increase his / her forex earnings. However, experts suggest not to use demo accounts, because a virtual trading environment doesn't reflect the true nature of foreign exchange market conditions.

Forex / Currency trading is sometimes equated to gambling due to the uncertain nature of how erratic currencies can behave, especially during news days.

Opponents of this assertion argue that all forms of investment can be considered a soft form of gambling, because the future pricing of tradable assets cannot be accurately determined by their current status. At best, an effort can be made to limit leverage use; and adopt advanced trading strategies and money management techniques to gain a trading edge in the financial market system.

Majority of the forex traders in Pakistan reside in Lahore, Karachi and Islamabad.

But, other cities in Punjab, KP, Sindh and Baluchistan (Quetta) are picking up quickly. Forex trading is also popular in Faisalabad, Rawalpindi, Gujranwala, Peshawar, Multan, Hyderabad, Attock, Abbottabad, Murree, Bahawalpur, Sargodha, Sialkot, Sukkur, Jhang, Larkana, Dera Ghazi Khan, Shekhupura, Kasur, Rahim Yar Khan, Gujrat, Mardan, Sahiwal, Okara, Taxila, and Wah Cantonment.

Forex Regulation in Pakistan

Online forex trading is legal in Pakistan.

According to the State Bank of Pakistan rules; foreign exchange can be physically transferred and traded by banks and money exchangers. There is no law that forbids (ban) Pakistanis from trading forex online. This puts Pakistan in a grey area - anyone can trade forex online; but don't expect the SBP or the SECP to help if anything goes wrong. Beware of Forex ponzi schemes.

There are many forex trading gurus that simply run away with clients' money. The FIA (Federal Investigation Agency) busts such forex trading frauds from time to time.

Online Forex trading is different from exchanges. Physical currency exchanges are regulated by the State Bank of Pakistan. The Exchange Policy Department of the SBP issues "authorized money changers license."  Issuance fee of a fresh Category A - Authorized Money Changers having more than one branch license is Rs.

300,000 per year (renewal Rs. 50,000). For category B - Authorized Money Changers having a single office is Rs. 50,000 per year (renewal Rs. 10,000). Call U.A.N.: 111-727-111 to contact State Bank of Pakistan.

Pakistan Mercantile Exchange Limited (PMEX) provides a centralized and regulated place for commodity futures trading, and is regulated by Securities and Exchange Commission of Pakistan.

At the moment, its member brokers are legally allowed to provide trading services for gold, silver, crude oil WTI, commodities, American Index futures (S&P 500, NASDAQ 100), and currencies (CHF/PKR, EUR/PKR, GBP/PKR, JPY/PKR) contracts.

Forex Trading in Islam

Forex trading is fully permitted (Halal) in Islam (Sunni and Shia).

It is not Haram to trade forex online. There is no fatwa against transactions of currencies, or on forex trading. Buying and selling of currencies is permitted in Islam.

Millions of Pakistanis working in the Middle East (Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, Oman) send millions of Dirhams and Riyals back home every year.

They are all doing physical forex trading through their currency exchange dealers (brokers) and banks. For example, when a remittance is received from Dubai, the beneficiary has the option to get foreign currency exchanged through an open market dealer, or through his / her bank.

Commercial banks use interbank exchange rate, while currency dealers use the open market exchange rate. In both cases, forex is being traded. In Pakistan, most incoming and outgoing remittances/ Telex / TT / international wire transfers are settled in US dollars.

Open market currency exchanges do keep currency notes of many countries for cash settlement.

As a matter of fact; the largest centers of online forex, oil and gold trading in the Middle East and Asian regions are Saudi Arabia, Kuwait, Bahrain, Qatar, UAE, India, Malaysia, Singapore, Indonesia, South Korea, China, Hong Kong, and Japan.

It's estimated that 1% (20 Lakh) of the 200 million people living in Pakistan have an online forex trading account; or have traded online in the past one year, either themselves or through their investment managers. This figure does not include people who use physical currency exchange services, or PSX stock trading.

Therefore, feel free to trade forex and earn money online.

Forex Trading Types

Foreign exchange trading can be done in a variety of ways.

Spot: The most common type of cash transaction that is settled within two days (except for US dollar, Canadian dollar, Turkish lira, euro and Russian ruble, that settle the next business day). This type of transaction involves two parties, and usually interest in not charged. A broker charges a fee to facilitate trades among the parties.

If the FX position is kept overnight, an identical transaction is created by the broker, and a swap fee is charged. Most MT4 brokers provide online currency trading platforms specifically dealing in spot transactions.

Forward contract: A popular method of currency trading used by large investors is to agree to a particular exchange rate and exchange the currencies at a future date.

This helps investors buy a currency cheap, or save on other transactional costs.

Non-deliverable forward (NDF): Forex brokers, banks, ECNs, prime brokers use NDF contracts. In this method the currency is not actually transferred except for its value at a future set date.

Foreign exchange swap: In order to save on interest rate costs, two parties can exchange currencies temporarily to reverse the transaction at a later date. These type of forex trading transactions are common among large importer and exporters.

Currency Futures: They usually expire in 3 months, and used by Multi-national corporations and speculators to buy and sell large quantities of a currency.

Currency futures work on the same principle as the forward contracts, and are traded in exchanges.

Foreign exchange option: Currency options are used to hedge currency risks or to speculate. FX options are derivatives where the owner has the right but not the obligation to exchange money denominated in one currency into another currency at a pre-agreed exchange rate on a specified date.

They are risky, but FX options hold the position being the largest in terms of liquidity compared to other standard stock options markets.

Binary Options: Binary options are all-or-nothing options and can be used to trade forex. There are many brokers that offer forex trading through a binary options platform.

Forex Trading Account Types

There are many types of forex trading broker accounts. Clients can use these forex accounts to trade and invest in popular currency pairs like EURUSD, GBPUSD, USDJPY, USDCHF etc.,and cryptocurrencies like Bitcoin, XRP, Ethereum etc.

ECN Accounts: Electronic Communication Network (ECN) accounts give traders the ability to direct their orders directly to foreign exchange banks, dark pools, and non-bank forex liquidity providers.

ECN brokers do not charge any commission on trades. Most forex orders are filled at a zero pip spread (0 pips).

Dealing Desk Accounts: Large banks and high touch prime brokers have direct dealing desks to manually process forex orders.

There are many brokers, foreign currency exchanges, and banks that offer dealing desk order executions.

Straight-Through Processing (STP) Accounts: The orders placed through these accounts skip the forex dealing rooms and go straight to the bank without any human intervention.

Standard Accounts: Most brokers offer standard accounts where minimum order amount is 100,000 units of a currency.

Mini Accounts: They allow traders to place orders for 10,000 units of a currency.

Micro Accounts: Under this type, the traders can buy and sell currencies in the units of 1000.

Cent Accounts: This type of account can allow traders to buy and sell currencies in the units of 100.

Zero Account: This type should not be confused with an ECN account, where pip commission cost is usually around 0.1 pips.

A zero account does not charge any commission. The broker adjusts its fee within the total currency order value. The pip spread cost per forex trade on a zero account is 0 pip.

PAMM Accounts: These broker accounts allow clients to attach their deposited funds to another trader on the network, who in turn manages his / her own money plus the money of the investors.

PAMM accounts are popular with foreign exchange (forex) brokers. PAMM stands for percent allocation management module, and sometimes also referred as percent allocation money management. These accounts are seen as an affordable alternative to hedge funds; that may only accept ultra high net worth individuals and institutions as clients.

Forex traders / investors using PAMM accounts can disable and enable PAMM managers, allocate various amounts to different providers for management in order to gain better control over their overall portfolio and exposure in the foreign exchange markets.

PAMM accounts differ from hedge funds, such that the funds remain under the legal custody of the broker.

Investors have direct live access to their account balances in real time, which includes total trades made in their accounts along with their profits and losses; an attractive feature that is not available when investing in traditional hedge funds, mutual funds and index funds.

Deposit Amount: Depending upon the broker, a forex account can be opened online with a minimum deposit of $10, $25, $100, $250, $1000 and $5,000.

VIP account holders can deposit up to $50,000 US Dollars or more.

Most people open an account with a $25 deposit (Rs. 3000 PKR); however, a typical three months (90 days) average deposit from Pakistan is Rs. 2 Lakhs per client.

Cryptocurrency Trading

Forex brokers and Crypto exchanges provide the ability to trade cryptocurrencies such as Bitcoin.

Online forex trading brokers in pakistan

Cryptocurrencies can be traded online on margin (leverage) by opening up an account with a broker. Bitcoin leads the cryptocurrency market by daily trading volume.

Even though many exchanges might initially take clients from Pakistan; when it comes to processing client withdrawals, almost all of them will "reject" verification.

This is due to the money laundering restrictions placed on them by their banks, that discourage doing business with Pakistan. Most American and UK origin cryptocurrency exchanges will create verification problems for Pakistani citizens. The reasonable course of action is to open an account with an exchange located in Hong Kong, or Russia. It's always a good idea to contact the exchange before opening an account.

Or, another way to fix this dilemma is buy them directly from other Pakistanis; and credit them payments through local banks / cash payments, face to face meetings etc.

Use for this purpose.

It is sort of illegal to buy and sell bitcoins or other virtual currencies, however there are a few developments in the country, that must be viewed in their precise context.

On April 1 2019, the government of Pakistan officially introduced regulations on cryptocurrencies keeping in view the demands set by the Financial Action Task Force (FATF).

According to BPRD Circular No. 03 of 2018 released April 6, 2018 by the Banking Policy & Regulations Department of the State Bank of Pakistan; Virtual Currencies (VCs) like Bitcoin, Litecoin, Pakcoin, OneCoin, DasCoin, Pay Diamond etc.

or Initial Coin Offerings (ICO) tokens are not legal tender; and hence not guaranteed by the government.

Banks in Pakistan are not allowed to buy and sell in Bitcoin or other cryptocurrencies, until the government comes up with a comprehensive plan to formulate ecurrency transactions.

There was a recent news in the media to completely legalize Bitcoin in the country, and put it under the realm of investments; however this report was later denied.

Best Websites for Cryptocurrency Price Charts, Market Cap and News,,,,,,,, and are good websites to check for the latest quoted prices (value of cryptocurrency), interactive technical charts, total market capitalization data, and latest breaking news.

Forex Trading Books (Guide)

One of the best ways to learn forex trading for beginners is through reading books, ebooks, or wiki (,

Hdfc bank forex plus login

Most of them teach forex trading courses, have tutorials on trading strategies, and methods. Download their PDF online.

  1. Infographical Forex: Complex Forex Concepts and Strategies Simplified with ... Book by Salman Shariff
  2. The Currency Trader's Handbook Book by Rob Booker
  3. International finance Textbook by Piet Sercu
  4. FX Options and Structured Products Book by Uwe Wystup
  5. Getting Started in Currency Trading Book by Michael Archer
  6. Forex Conquered: High Probability Systems and Strategies for Active Traders Book by John L.


  7. Technical Analysis of the Currency Market: Classic Techniques for Profiting ... Book by Boris Schlossberg
  8. Forex Made Easy Book by James Dicks
  9. Turning Losing Forex Trades Into Winners: Proven Techniques to Reverse ...Book by Gerald E. Greene
  10. Inside the Currency Market: Mechanics, Valuation and Strategies Book by Brian Twomey
  11. Forex Essentials in 15 Trades: The Global‑ Guide to Successful ...

    Book by Jay M. Meisler, John Bland, and Michael Archer

  12. FX Derivatives Trader School Book by Giles Jewitt
  13. Kathleen Brooks on Forex: A Simple Approach to Trading Foreign Exchange Using ... Book by Kathleen Brooks
  14. Selective Forex Trading: How to Achieve Over 100 Trades in a Row Without a Loss Book by Don Snellgrove
  15. A Beginner's Guide to Forex: The Deep Psychology of Success Book by Jill Harris
  16. Sentiment in the Forex Market: Indicators and Strategies To Profit from ...Book by Jamie Saettele
  17. Beat the Odds in Forex Trading: How to Identify and Profit from High Percentage ...

    Book by Igor R. Toshchakov

  18. Forex on Five Hours a Week: How to Make Money Trading on Your Own Time Book by Raghee Horner
  19. The Forex Options Course: A Self-Study Guide to Trading Currency Options Book by Abe Cofnas
  20. The Foreign Exchange Matrix: A new framework for understanding currency ...

    Book by Barbara Rockefeller and Vicki Schmelzer

  21. The FX Bootcamp Guide to Strategic and Tactical Forex Trading Book by Wayne McDonell
  22. Forex Trading Secrets: Trading Strategies for the Forex Market Book by James Dicks
  23. 7 Winning Strategies for Trading Forex: Real and Actionable Techniques for ...

    Book by Grace Cheng

  24. Forex for Beginners: A Comprehensive Guide to Profiting from the Global ... Book by Adam Kritzer
  25. Forex Black Book Book by David Evans
  26. Profiting with forex Book by John Jagerson
  27. Attacking Currency Trends: How to Anticipate and Trade Big Moves in the Forex ... Book by Greg Michalowski
  28. FX Trading: A Guide to Trading Foreign Exchange Book by Alex Douglas, Larry Lovrencic, and Peter Pontikis
  29. Forex for Ambitious Beginners: A Guide to Successful Currency Trading Book by Jelle Peters
  30. 17 Proven Currency Trading Strategies: How to Profit in the Forex Market Book by Mario Singh
  31. Forex Patterns and Probabilities: Trading Strategies for Trending and ...

    Top Pakistan Brokers for 2020

    Book by Ed Ponsi

  32. Adventures of a Currency Trader: A Fable about Trading, Courage, and ... Book by Rob Booker
  33. ForeX Trading for Maximum Profit: The Best Kept Secret Off Wall Street Book by Raghee Horner
  34. Forex Made Simple: A Beginner's Guide to Foreign Exchange Success Book by Kel Butcher
  35. Currency Trading and Intermarket Analysis: How to Profit from the Shifting ...

    Book by Ashraf Laidi

  36. All About Forex Trading Book by John Jagerson and S. Wade Hansen
  37. Beat the Forex Dealer: An Insider's Look Into Trading Today's Foreign Exchange ... Book by Agustin Silvani
  38. Thirty Days of FOREX Trading: Trades, Tactics, and Techniques Book by Raghee Horner
  39. The 10 Essentials of Forex Trading: The Rules for Turning Trading Patterns ...

    Book by Jared Martinez

  40. The Sensible Guide to Forex: Safer, Smarter Ways to Survive and Prosper from ... Book by Cliff Wachtel
  41. A Three Dimensional Approach to Forex Trading Book by Anna Coulling
  42. How to Make a Living Trading Foreign Exchange: A Guaranteed Income for Life Book by Courtney Smith
  43. Naked Forex: High-Probability Techniques for Trading Without Indicators Book by Alex Nekritin and Walter Peters
  44. The Little Book of Currency Trading: How to Make Big Profits in the World of Forex Book by Kathy Lien
  45. Forex Trading: The Basics Explained in Simple Terms, Plus Free Bonus Trading ...

    Book by Jim Brown

  46. Forex for Beginners: What You Need to Know to Get Started...and Everything in ... Book by Anna Coulling
  47. Day trading and swing trading the currency market Book by Kathy Lien
  48. Currency Trading for Dummies Book by Brian Dolan

In Pakistan, websites like,, (Dr.

Zia-al-Hassan),,,, and (Raheel Nawaz), list or offer forex trading training courses and strategies in Urdu to students.

For forex trading jobs, websites like,,,,,,, and are popular in Pakistan.

Technical Analysis

Pioneers of analysis techniques include Charles Dow, Ralph Nelson Elliott, William Delbert Gann and Richard Wyckoff.

Forex traders can use pricing patterns to enter or exit a trade. Patterns such as head and shoulders, double top/bottom, technical indicators, moving averages, flags, pennants, balance days and cup and handle are popular.

Lots of popular forex trading strategies based on technical analysis include the use of moving average, relative strength index, and MACD, Put/Call ratios, bull/bear ratios, short interest, Implied Volatility etc.

Technical concepts: Average true range, Breakout, Chart pattern, Cycles, Dead cat bounce, Elliott wave principle and the golden ratio, Momentum, Point and figure analysis, Resistance, Support, and Trends.

Type of Charts: Candlestick chart, Line chart, Open-high-low-close chart � OHLC charts, Point and figure chart.

Overlays: Bollinger bands, Channel , Ichimoku kinko hyo, Moving average, Parabolic SAR � Wilder's, Pivot point , Resistance, Support, Trend line, and Zig Zag.

Similarly, certain traders add multiple indicators, such as MACD & Average directional index, MACD & Super Trend, MACD & Moving average, MACD & RSI, and MACD & Moving Averages.

Breadth indicators: Advance�decline line, McClellan Oscillator, and McClellan Summation Index.

Price-based indicators: Average directional index, Commodity Channel Index, MACD � moving average convergence/divergence, Momentum, Relative strength index (RSI) oscillator, Relative Vigor Index (RVI),
Stochastic oscillator, and Trix .

Volume-based indicators: Accumulation/distribution index, Money Flow, and On-balance volume.

Related Trading Concepts: Forex traders should also read on concepts such as Algorithmic trading, Apophenia, Behavioral finance, Chartered Market Technician, Clustering illusion, Financial signal processing, , Market analysis, Market timing, Mathematical finance, Multimedia information retrieval, Multiple comparisons problem, Overfitting, Price action trading, Texas sharpshooter fallacy, and Robert Nurock.

Fundamental Analysis

This accounts for a more passive approach of looking at currencies through GDP, retail sales, monetary policy, interest rates, and employment numbers.

In the stock markets, financial statements such as balance sheets, income statements, cash flows etc. matter for fundamental analysis.

A combination of both fundamental and technical analysis is utilized by professional forex traders to achieve profitability.

Traders looking to learn about fundamental analysis should read on topics about: Balance of trade, Currency codes, Currency strength, Foreign currency mortgage, Foreign exchange controls, Foreign exchange hedge, Foreign-exchange reserves, Foreign exchange derivative, Money market, Nonfarm payrolls, Tobin tax, World currency, Leads and lags, Derivatives (Credit derivative Futures exchange Hybrid security), Bond valuation, Corporate bond, Fixed income, Government bond, High-yield debt, Municipal bond, Securitization, Currency band and Exchange rate.

Auto Trading

Auto trading scripts are also known as auto trading robots.

Many online brokers provide auto trading facilities.

Auto trading (Auto Trading Robots) is a term used when a computer program automatically trades on behalf of the investor. This program uses a pre-set trading strategy that is coded into it. Most auto trading forex scripts are based on technical analysis.

Auto trading robots are also called Expert Advisors (EA).

Investors can download and activate forex EA on MetaTrader 4 (MT4 EA), and Metatrader 5 (MT5 EA) trading platforms in order to automate order executions, coded on known technical or proprietary trading strategies.

The programming languages used for coding Expert Advisors for MetaQuotes' MT4 and MT5, are called MQL4 and MQL5 respectively.

MQL4 and MQL5 are programming languages used to create trading robots, technical market indicators, scripts and function libraries within the MetaTrader software.

EA for MT4 can be generated online for free or by paying a fee (MT4 Programming Service).

Popular websites for generating MT4 Expert Advisors are:


Many brokers have their own custom-built trading platform, and provide auto trading robots for their clients for free.

Algorithmic trading is similar to auto trading such that the forex program uses methods to break down large orders into smaller chunks to cater to for variables such as time, price, and volume.

High frequency traders (HFT) use complex algorithms to maintain profitability in the markets.

Forex auto trading robots can trade both traditional currencies (EUR/USD, GBP/USD etc.) and e-currencies (Bitcoin, Ethereum etc.).

Most forex EAs and auto trading robots claim to really make money fast for home traders; however in the long run (six months to one year), majority of these auto trading scripts lose money.

Social Trading

Social trading also known as copy trading/mirror trading allows investors to follow, share and replicate the trading strategy of expert traders automatically.

They are useful for beginner forex traders, or people who'd rather have a managed forex account.

Social forex trading platforms and apps
Olymp Trade
IQ Option
Myfxbook Autotrade
FX Junction
NAGA Trader
Spiking (mobile app)

Trading Signals and Forecasts

These are buy and sell signals and forecasts offered by expert traders or automated trading scripts.

An investor can choose to subscribe to receive buy and sell signals through forex trading groups on whatsapp, instagram, facebook, twitter, telegram, and linkedin. Alternatively, the entire system can be automated through the use of auto trading robots.

A few of these providers also have android and iphone apps for dispersing live forex signals.

Many websites claim to provide accurate free and paid forex trading signals online.

They use both fundamental and technical analysis to predict the future price direction of the currencies. Trading signals for crypto-currencies (Bitcoin) are also offered along with forecasts on standard currency pairs (EURUSD, USDCHF, GBPUSD, USDJPY, etc.).

Free and Paid Forex Signal Providers
ActionForex Pivot Points FPA - (@signalfactory)

Trading Software Platforms

Forex is traded by using a trading platform that is available through a downloadable desktop software, web-based terminal, and a mobile app.

Many brokers have their own built-in custom trading software platform. However, MetaTrader 4, Metatrader 5, cTrader are very popular among retail forex traders.

Many traders specifically search for good "MT4 brokers" to open a forex trading account.

MetaTrader 4 and 5 trading platform is created by MetaQuotes Software Corp., a financial software company headquartered in Limassol, Cyprus.

It was founded in 2000, is privately held, and has over 50 employees. MetaQuotes does not share the details of its revenues to the public.

MetaQuotes has offices in Cyprus, China, Singapore, Australia, Turkey, UAE, Pakistan, Thailand, Japan, and Bulgaria.

Residents of Pakistan; who are interested in setting up a new forex / commodities brokerage services business can contact MetaQuotes's sales office by calling +92 42 37309586 and +92 42 37309587.

Their office address is: Building # 285, FF Commercial, Phase 4, DHA, Lahore.

Forex, Stocks, Options, Bonds and other financial instruments need a trading platform / software for order executions, technical and fundamental analysis, deposits and withdrawals, historical price charts, interactive charts etc. Most brokers use third party software vendors; but a few might have their own in-house built custom trading platform.

Trading Software (Platform)Parent Company
MetaTrader 4 and MetaTrader 5MetaQuotes Software
cTrader Spotware Systems Ltd.
Worden TC2000Worden Brothers, Inc.
eSignalICE Data Services
MultiChartsMultiCharts, LLC
Sierra ChartSierra Chart
Wealth LabMS123, LLC
NinjaTraderNinjaTrader Group, LLC
ThinkorswimTD Ameritrade
Wave59 PRO2Wave59 Technologies
EquityFeed WorkstationEquityFeed Corporation
ProfitSourceHUBB Financial
VectorVestVectorVest Inc.
INO, Inc.
TD AmeritradeTD Ameritrade, Inc.
TradeStationMonex Group, Inc.
FXCM trading StationJefferies Financial Group
Bloomberg TerminalBloomberg L.P.
Capital IQS&P Global
EikonThomson Reuters
Free Stock
Yahoo financeYahoo!

Forex Meaning

Forex, FX, or the currency markets is a global decentralized (OTC) market for trading currencies.

This market determines the daily exchange rates. In a foreign exchange transaction, one party pays a certain amount of currency in exchange for another.

A currency is the money that is used to exchange goods and services.

All sovereign states have their own currencies. Currencies can be traded against each other for imports, exports, raising finance through issuing debt, international payments etc. Such activities are known as foreign exchange transactions.

PKR Rupees, US dollars, British pounds, Australian dollars, European euros, Russian ruble etc., are all currencies.

A currency acts as a medium of exchange (bank notes and coins). A banknote (bill, paper money) is a promissory note payable to the bearer on demand. A coin is a government-minted round piece of metal used as a legal tender to exchange goods and services.

Currencies can be sorted into two monetary systems: fiat money and commodity money.

Fiat money is a currency without intrinsic value that has been marked as money by countries.

The State / Federal banks can manage the supply of fiat money in the economy through buying and selling of bonds, printing more money, or raising / decreasing interest rates.

Gold, silver, copper, salt, peppercorns, tea, Rai stones, decorated belts, shells, alcohol, cigarettes, cannabis, silk, candy, nails, cocoa beans, cowries and barley are examples of commodity money.

In the modern times, commodity money can act as a back up medium of exchange or investments, during times of financial crisis

Decentralized markets are not overseen by governments. OTC means Over The Counter; it's a type of trading done between two parties without the oversight of an exchange. An exchange (bourse) is a regulated trading venue that facilitates the buying and selling of stocks (securities), options, futures, foreign exchange and commodities.

Securities include: debt securities, equity securities, derivatives (forwards, futures, options, and swaps). Options include: Stock options, Bond options, Stock market index options, Options on futures contracts, Callable bull/bear contract.

Futures contracts are pre-determined contracts to buy or sell a security at a price in the future. These include: currency futures, interest rate futures and stock market index future. Commodities include: sugar, wheat, rice, gold, silver, oil, gas, coal etc.

There is no clearing house for forex trading transactions.

A clearing house facilitates the exchange (i.e., clearance) of payments, securities, or derivatives transactions. Governments, Central Banks, Institutional Investors, Commercial Businesses (Commodity Traders), Commercial Banks, and Individuals can all trade forex.

Large banks (Citi, JP Morgan, UBS, Deutsche Bank, Bank of America Merrill Lynch, Barclays, Goldman Sachs, HSBC, XTX Markets, Morgan Stanley) make up the majority of the trading in the forex markets.

They provide liquidity to "dealers." Many banks are themselves the dealers of currencies, and trade against each other (Interbank Market). An interbank market is a top level market where banks trade currencies among each other. They use Electronic Broking Services (EBS) and Thomson Reuters as forex dealing platforms. Each trade can be worth millions of dollars.

Foreign exchange markets are essential for global trade.

For example, the United States and the European Union exchange Euros and Dollars to do imports and exports.

These activities also support currency speculation (carry trade). A carry trade occurs when investors borrow low-yielding currencies and lend (invest in) high-yielding currencies.

It is also known as Uncovered interest arbitrage; a trading strategy that profits on interest rate differential between two countries. Arbitrage in forex trading means to take advantage of the interest rate differences between two sovereign currencies.

Modern forex trading started in the 70s.

Initially, currency transactions were tightly managed by Bretton Woods system, but in the last 30 years, many countries have moved on to floating exchange rates. Bretton Woods system is a monetary management system adopted by United States, Canada, Western Europe, Australia, and Japan after the 1944 (World War 2).

Countries follow an exchange rate regime, that constitutes floating exchange rate and fixed exchange rate. The dollar, euro, yen, and British pound all are floating currencies. Floating exchange rates include Pegged float (Crawling bands, Crawling pegs, Pegged with horizontal bands). A currency board manages fixed rate and is backed by country's Foreign-exchange reserves (also called forex reserves or FX reserves).

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Forex reserves are assets (US dollars) held by a central bank or other monetary authority.

Forex markets operate 24 hours a day except weekends. From 22:00 GMT on Sunday (Sydney) until 22:00 GMT Friday (New York).

Due to low margins of profit, traders of forex use leverage to enhance their profits.

In finance, leverage means to trade assets on borrowed funds. Leverage in forex means to borrow funds from the broker to trade the markets. Most brokers provide up to 1:200 leverage. For every dollar of deposit, an investor can borrow $200 from the brokerage.

Currencies are traded in pairs, which base currency vs quote currency (counter currency).

Base currencies include Euro, Pound sterling, Australian dollar, New Zealand dollar, United States dollar, Canadian dollar, Swiss franc, Japanese yen.

Most of the currency trading operates around Majors: EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CHF, NZD/USD and USD/CAD.

Together these major currencies make up 85% of the foreign exchange market trading. The quoted currency's official rate at a given time is called the Spot Price.

Nicknames: GBP/USD (Cable) - GBP also called Quid, EUR/CHF (Swissy, Euro-Swissy), EUR/USD (Fiber), EUR/GBP (Chunnel), USD/CAD (Loonie, The Funds), AUD/USD (Aussie), USD/JPY (Gopher), GBP/JPY (Guppy), EUR/JPY (Guppy), NZD/USD (Kiwi, The Bird), EUR/JPY (Yuppy), USD/RUB (Barney), EUR/RUB (Betty).

These names may vary depending upon location. For example, in London markets 'Betty' is used as cockney slang for Cable (GBP/USD).

Pips in Forex: The smallest unit of change in the exchange rate of a currency pair is called percentage in point or price interest point (pip).

The term PIP should not be confused with the smallest movement in the stock quotation, or "Tick Size."

For example; if the forex open or interbank market quoted price of the EUR/USD currency pair trades from 1.3000 to 1.3010 - it can be said that, the price has moved up by 10 pips. Notice the last two digits.

Japanese Yen is priced at four decimal places; for dollar currencies this is to 1/100th of a cent. For the yen, a pip is one unit of the second decimal point, because the yen is much closer in value to one hundredth of other major currencies.

Electronic trading platforms that provide institutional liquidity for the foreign exchange markets offer fractional pip pricing.

The fractional pip prices for currency exchange quotes offered by prime and prime of prime (PoP) forex trading brokers can go as low as 1/10 pip.

Prime and Prime of Prime foreign exchange brokers offer micro-contract trades; which in turn means the ability for the trader to use more margin (leverage), and also more risk.

Units: A lot is a specific amount of currency that is exchanged among traders. A standard lot is 100,000 units of currency.

Many brokers also support trading in Mini Lot (10,000) and Micro Lot (1000) for small position sizes.

Day Trading: It involves buying and selling of currencies, stocks, bonds and other forms of financial instruments within a span of the day.

In the past, only large banks and high-net worth individuals were allowed to day trade. Today, due to the easy access to margin trading, day trading has become a popular method to trade the financial markets by retail traders.

Day trading comes under the category of short-tem trading. Another popular type of short term day trading method is scalping; where traders buy and sell financial instruments (forex, bonds, stocks, options) in under 1 minute.

Front running is a related form of trading that involves buying and selling of financial assets within the span of a few milliseconds.

Swing Trading: It is also known as medium-term trading, and involves holding currencies, options, stocks, bonds and other financial instruments anywhere between two days (overnight hold) to up to two weeks.

Traders usually apply medium-term trend following strategies to gain profits.

Long Term Trading: It involves buying securities, currencies, options etc., and keeping them for months to many years. It comes under the category of long term investments. Traders / Investors can use long term trend following and value investing principles to gain an upper edge in the financial markets.

Forex Market Size

Forex markets have the highest liquidity.

A market is considered liquid when individuals and firms can buy and sell assets without making a major impact on their prices.

Forex is the largest market by volume. In finance trading volume is defined by the amount of financial instrument traded at a particular time (typically per day). Forex markets are followed by credit markets in terms of trading volumes.

A credit market (bond market, debt market) is a financial market where participants can issue new debt (primary market) and buy and sell debt securities (secondary market). Bonds, notes and bills form the bond (credit) markets. Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets Activity show that trading in foreign exchange markets average $5.09 trillion per day in volume.

Most traded currencies by value: United States dollar USD (US$), Euro EUR (�), Japanese yen JPY (�), Pound sterling GBP (�), Australian dollar AUD (A$), Canadian dollar CAD (C$), Swiss franc CHF (Fr), Renminbi
CNY, Swedish krona SEK (kr), New Zealand dollar NZD (NZ$), Mexican peso MXN ($), Singapore dollar SGD (S$), Hong Kong dollar HKD (HK$), Norwegian krone NOK (kr), South Korean won KRW, Turkish lira
TRY, Russian ruble RUB, Indian rupee INR (₹), Brazilian real BRL (R$), and South African rand ZAR (R).

Bank for International Settlements breaks down the $5.09 trillion a day market into $1.654 trillion in spot transactions, $700 billion in outright forwards, $2.383 trillion in foreign exchange swaps, $96 billion currency swaps and $254 billion in options.

Bank for International Settlements (BIS) was established in 1930 and is owned by central banks and to keep records of majoring movements of foreign exchange throughout the world. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.

The UK accounts for 40%; the US 19%, Japan 6% and Hong Kong 6% of all global foreign exchange trades.

In 2013, Singapore exceeded Japan in daily forex trading volume with $383 billion per day. London is the global headquarters for currency trading. The International Monetary Fund calculates the value of Special Drawing Rights based on the forex quotes at London market prices.

Special drawing rights (XDR, SDR); a unit of account of the IMF, represents the foreign exchange reserves held by it. SDRs are made up of five currencies: U.S. dollar 41.73%, Euro 30.93%, Renminbi (Chinese yuan) 10.92%, Japanese yen 8.33%, British pound 8.09%.

Exchange-traded foreign exchange futures and options did $166 billion of trading volume in 2010.

Right now, exchange-traded currency derivatives (futures and options on futures) make up more than 2% of worldwide currency exchange turnover. Foreign exchange futures contracts, regulated by Chicago Mercantile Exchange do more currency futures contracts compared to all others. The Chicago Mercantile Exchange (CME) trades several types of financial instruments: interest rates, equities, currencies, and commodities.

Due to capital controls, certain emerging markets do not allow foreign exchange derivative products. Argentina, Brazil, China, India, Indonesia, Mexico, Poland, South Africa, South Korea, Turkey, Egypt, Iran, Nigeria, Pakistan, Russia, Saudi Arabia, Taiwan, and Thailand are major emerging markets.

South Korea, South Africa, and India have currency futures exchanges but do have capital controls in place.

They restrict very large currency orders from being traded.

Forex trading volumes have nearly doubled since 2004. The emergence of high frequency and retail forex traders has contributed a lot. High-frequency trading (HFT) involves high speeds, high turnover rates, and high order-to-trade ratios. Retail investors are individuals who participate in the financial markets, but with lower levels of investment.

They can invest in stocks, bonds and foreign exchange products.

Electronic execution trading platforms, reduced transaction costs, high liquidity has helped with the increased trading volumes. Online electronic trading platforms (MetaTrader 4,5) via retail brokers has made it easy to buy and sell currencies online. Spot transactions turnover from retail forex traders accounted for 10% or $150 billion per day in 2010.

History of Forex

Humans have always used a medium of exchange.

Apart from barter, the earliest forms of currency exchange services were provided by money exchangers in the Holy Land during Biblical times. The people living in Byzantine (4th century) traded currencies. Coin exchanges were common in Ancient Egypt.

The Medici family acted on behalf of textile merchants and opened banks to exchange currencies in remote locations in the 15th century.

House of Medici is an Italian banking family that founded Medici Bank in 1397. It introduced nostro and vostro accounts ('ours' and 'yours' in Italian); used for currency exchange accounting.

Amsterdam had an active currency trading market in the 17th century; when currency agents traded forex on behalf of Kingdom of England and the County of Holland.


Brown & Sons was the first investment bank in the United States. It traded currencies in 1850. Banco Esp�rito Santo (BES) was a Portuguese bank that got a currency trading license in 1880. This same year the Gold standard began to be used by many countries. A gold standard is a monetary system that utilizes the standard economic unit of account is based on a fixed quantity of gold.

In a monetary system, the government oversees the money supply in the country through national treasury, the mint, central bank and commercial banks. Gold Standard types include: gold specie, gold bullion , and gold exchange. After World War 2, most countries abandoned the Gold Standard.

The holdings of foreign currency reserves by countries saw an increase of 10.8% from 1899 to 1913. Gold holdings increased at 6.3% from 1903 to 1913.

Pound Sterling ruled the international currency exchange at the end of 1913.

Apart from foreign banks, London had over 40 currency exchange brokers by 1940. Other major cities for currency trading included Paris, New York City and Berlin.

In 1920s, Kleinwort Benson, Japheth, Montagu & Co. and Seligman were leading forex traders. After the passing of Foreign Exchange Bank Law, the Bank of Tokyo became the leader of currency trading in 1954.

In 1944, the Bretton Woods Accord allowed the currencies to fluctuate in value by �1% from their base exchange rate.

U.S. President, Richard Nixon ended this accord in 1971, which brought about Free Floating Exchange Rate. The Smithsonian Agreement was put in place that allowed the currencies to move around within the �2% range.

Forex markets remained closed at various occasions in 1972 and 1973 due to the failure of Bretton Woods Accord and the European Joint Float.

This was due to the West German government's purchase of $3 Billion Dollars, which the markets could not handle.

Reuters brought in computer-based forex quotations in 1973.

In most western countries, the currency markets were decentralized in 1973.

The first retail forex trade made by private individuals was in 1982 in the United States.

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In 1978, the People's Bank of China started trading it. South Korea allowed trading forex in 1981.

In the 80s, more than one quarter of forex trades originated in the UK, followed by the US. On 27 February 1985, Deutsche Bundesbank attempted to intervene in the forex markets.

Iran used oil-barter for commerce after their sanctions, but decided to trade forex markets in 1991 to settle payments for imports.

Forex Market Players

The largest participants of the forex markets are commercial banks and securities dealers. They trade between each other. This market is known as the interbank foreign exchange market.

Account Type

Retail traders do not have direct access to this prime of prime liquidity. Top tier interbank market comprises of 51% of all forex transactions.

The spreads (bid and ask price) that commercial banks and dealers pay are very tiny, compared to retail forex traders, where it can go up to 1 to 10 pips per trade depending upon the market volatility.

Retail forex brokers also act like market makers, but on a small scale.

A market maker in forex is a company (broker) that quotes both sell and buy price of forex trading pairs. It earns its commission through the difference between the bid (person buying a currency) and ask (person selling a currency) price. Ask price is usually higher than the bid price. In highly liquid interbank markets, the bid and ask prices may have the same value, thus providing costless entry for large banks to trade billions of dollars worth of currency on daily basis.

Other forex participants include hedge funds, corporate firms, pension funds, insurance companies.

Commercial Companies: Multi-national companies buy and sell currency futures to protect themselves for pricing risks.

Central Banks: The main purpose central banks (state banks) participate in the forex markets to manage money supply, inflation, and interest rates. Most central banks do not make profits through FX trading.

Foreign Exchange Fixing: This involves central banks entering the forex markets to keep the exchange rate at a fixed price. Pakistan State Bank adopts this policy. It does market actions on daily basis to keep the rate stable to prevent inflation and loss of Pak Rupee worth.

Stable exchange rates help banks, dealers, exporters, importers, but can reduce the forex reserves of the country during high debt environments.

Investment Management (Hedge Funds): Investment management firms offer asset management for investors in order to achieve market returns.

Many hedge funds invest in the currency markets to generate alpha for their clients. Currency overlay is a common trading strategy employed by investment firms to reduce large currency exposure risks for commodity trading companies, pension funds, insurance companies and endowments.

Non-bank foreign exchange companies: They sell currency exchange services to private individuals and businesses.

Also known as foreign exchange brokers, they don't offer online trading platforms, but pure currency exchange with physical delivery in many cases. Around 15% of UK currency transfers are made through these forex companies. They offer better rates for currency conversion than traditional banks. In Pakistan, the State Bank offers licenses for currency exchanges, but there are a large number of unlicensed forex exchanges operating in the country.

Foreign Exchange Companies (bureau de change): Omani riyal, Canadian Dollar, Euro, Saudi Riyal, Qatari Dinar, UAE Dirham, Bahraini Dinar, Malaysian Ringgit, UK Pound Sterling and the US Dollar are the most exchanged currencies in Pakistan.

Most foreign exchange companies in Pakistan also provide money transfer (remittance) services. Western Union, World Remit, Transferwise, UAE Exchange, Travelex, XE Money Transfer, Moneygram,, Ria Money Transfer, Revolut are the largest money transfer companies in the world.

Currency Exchange CompanyCurrency Exchange CompanyCurrency Exchange Company

















Commercial Banks for Foreign Exchange: Foreign currency deposit accounts can be opened at almost all commercial banks operating in the country. The minimum deposit to open a foreign currency account in Pakistan is $100.

What is straight through processing forex

Accounts can be opened in Dollars, Pounds, Euros, Japanese Yen, Renminbi (Chinese yuan). Investors can use these currency accounts to convert Pakistani rupees into foreign currency and at a later date, back into Rupees; thus, taking positions against the bank, and effectively trading the currency markets.

The most commonly traded currency pair using this method is PKR/USD.

FCY stands for foreign currency bank account. Currency / Forex trading can also be done using banks. All banks can open a foreign currency account (FCY). This type of currency trading is suitable for large deposits (over $1 Million Dollars); since banks do not offer margin lending facility on their FCY accounts.

Retail Forex Traders: Online retail forex trading is very popular in Pakistan.

They trade forex online through brokers and in certain cases banks. There is currently no regulation on online retail forex trading in Pakistan. Regulation in the US is monitored by Commodity Futures Trading Commission and National Futures Association.

Financial Services Authority oversees forex brokers, including companies operating in the contracts for difference and financial spread betting segments.

Forex brokers mainly deal in speculative currency trading and can be divided into two groups: brokers, and market makers/dealers. Brokers take orders from clients and seek the best price, while market makers/dealers take direct risk against the retail customer; or may pass it on to a bank or a non-bank foreign exchange liquidity provider.

Majority of retail forex brokers are market makers.

Online forex trading brokers in pakistan

This means that they take the other side of the trade. Their clients are trading against their own broker. Market making is very common and completely legal.

A market maker / liquidity provider buys and sells assets to traders / investors.

It earns from the difference in the bid and ask prices of the quoted currencies, stocks, bonds, commodities. It is mandatory for the market maker to make sure that adequate liquidity is present in the market during distress selling or hyped buying of the assets during trading sessions.

In many cases market makers have contracts with other liquidity providers such as commercial banks, hedge funds, dark pools, in order maintain the stability of the pricing of the assets.

Speculation in Forex Trading

Speculators can play both a positive and a negative role in making an impact on the pricing of a given currency.

Milton Friedman - (July 31, 1912 � November 16, 2006) was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy - supported the idea of speculation the financial markets, calling them a stabilizing or rationalizing factor.

Joseph Eugene Stiglitz - (February 9, 1943) is an American economist, public policy analyst, and a professor at Columbia University - considers this connected to politics and free market economy than economics.

Large hedge funds and currency speculators are better at steering or calculating the valuation of currencies compared to smaller traders, though traders with small capital have collectively gained a lot of influence in the past 10 years, thanks to the emergence of retail forex brokers.

Certain countries consider currency speculation as gambling that can create problem for the country's economic policies.

Mahathir Mohamad, one of the former Prime Ministers of Malaysia, became an ardent critic of George Soros - billionaire currency speculator -  and blamed him for the devaluation of the Malaysian ringgit in 1997.

Gregory Millman - financial markets journalist - supports the idea of having speculators as they help rationalize the over-buying or over-selling of assets. According to him, speculators can help curtail economic bubbles from forming, by selling assets (currencies, stocks, bonds, futures); if, and when they become too over-valued.

Currency Market Mechanics

Forex market fluctuations can happen for a variety of reasons.

Relative Parity Conditions: This includes incoming and outgoing monetary flows, gross domestic product (GDP) growth, inflation (relative purchasing power parity), interest rates (interest rate parity, Domestic Fisher effect, International Fisher effect), budget and trade deficits or surpluses, large cross-border M&A deals and other macroeconomic conditions.

Balance of Payments: The record of all economic transactions made by the country's importers and exporters.

Online forex trading brokers in pakistan

Overall inflows and outflows of forex reserves can cause local currency to lose or gain value. This model impacts countries that have a large import bill (Pakistan) and less exports. Significant devaluation of local currency can occur during a balance of payment crisis.

Asset Market Model: It's the model of exchange rate determination states that �the exchange rate between two currencies represents the price that just balances the relative supplies of, and demand for, assets denominated in those currencies.� When currencies are held or sold in large quantities with an intention to make a profit; it can cause ripples in the demand and supply of a given currency, and hence readjusted pricing.

Unfortunately, none of the currency pricing models can explain the demand and supply fluctuations on a longer time frame.

Economic Factors that impact Currency Valuation

The demand and supply movements of currencies can be attributed to the following:

Economic policies: The government's interest rate, monetary and fiscal policy.

Budget Deficits and Surpluses: A country's budget deficits can negatively impact the value of a currency.

Deficit occurs when a country's expenditures exceed its revenue collection (taxes). In a budget surplus; the opposite happens, where the government's revenues far exceeds its costs.

Trade Deficits and Surpluses: Trade deficits can negatively impact the currency and occurs when the country imports more than it exports.

Similarly, in a trade surplus economic environment, the country exports more and imports less.

Inflation: High inflationary trends can gradually reduce the purchasing power of a country's residents; hence eroding the demand for its currency.

Economy's Health: GDP, employment levels, retail sales, capacity utilization can move currencies in and out of favor. Strong economies have a high demand for their respective currencies.

Productivity: Productive economies have stronger positive inflow of foreign capital, thus, increasing the demand for domestic currency.

Political Conditions and Currencies

Certain countries are prone to unstable political environments that can make their currencies suffer accordingly.

Pakistan is an example. The value of Pak Rupee is closely linked to the stability of the political atmosphere in the country.

Market Psychology

Market psychology is part of Behavioral economics, and can play an important role in currency pricing.

Flight to Quality: During erratic world events, investors typically start parking their cash and other assets into safe havens. For example, the US Dollar, Swiss Franc, Gold are seen as safe havens during political and economic challenges being faced by countries.

This is also called Risk aversion, as investors are always looking to protect their capital. The option to move capital into Safe Haven Currencies can help retain investor trust in the financial markets.

Business Cycles: Long term business cycles (industry shifts) can produce visible trends for currencies. This can serve as a tool to depict the future of a currency value.

Buy the rumor, sell the fact: An irrefutable measure of how the crowds behave when making financial decisions.

Known facts are ignored and investors tend to focus on rumor mills to pressurize the currencies into unneeded devaluation or over-valuation. Cognitive biases and a concept called anchoring can play a part in it.

Economic Numbers: GDP, employment levels, retail sales etc., can play a part for speculation in currencies, at least in the short term.

Technical Trading: Investors and traders can use technical trading methods (technical strategies) to look for patterns to enter and exit a currency, thus making an impact on its final end of day pricing.

Forex Trading Regulators

In Pakistan the SBP and SECP are responsible for forex trading related regulation, but they do not have any particular rules or laws concerning online forex trading.

SECP Contact: Securities & Exchange Commission of Pakistan - SECP.

NIC Building, 63-Jinnah Avenue, Blue Area, Islamabad. Phone: (051) 9207091.

PakistanSecurities & Exchange Commission of Pakistan, State Bank of Pakistan
AustraliaAustralian Securities and Investments Commission ASIC
Belize International Financial Services Commission IFSC
Canada Investment Industry Regulatory Organization of Canada IIROC
France Financial Markets Authority AMF
Hong KongThe Securities and Futures Commission SFC
Qatar Qatar Central Bank QCB
Saudi ArabiaCapital Market Authority CMA
United Arab EmiratesDubai Financial Services Authority DFSA, Central Bank of the U.A.E, Emirates Securities and Commodities Authority SCA
Vanuatu Financial Services Commission VFSC
Saint Vincent and the GrenadinesFinancial Services Authority FSA
Cyprus Cyprus Securities and Exchange Commission CySEC
United Kingdom The Financial Conduct Authority FCA
United States National Futures Association NFA, U.S.

Commodity Futures Trading Commission CFTC, Securities and Exchange Commission SEC

Forex Account Deposits and Withdrawals

Funds can be deposited and withdrawn from a broker in many ways: Visa, Mastercard, Neteller, Skrill (Moneybookers), Crypto-currencies (Bitcoin BTC), Dixipay, Cashu, UnionPay Debit Card, Perfect Money PM, Bank Wire Transfer.

Brokers require an account to be verified (scan of ID Card, Proof of Address) before the funds can be withdrawn.

Forex Account Verification

An online trading account may need to be verified by a customer services executive before it is activated.

Forex Brokers in Pakistan

Few brokers permit an account to be opened without verification; but for funds withdrawal, minimal submission of documentation may still be required.

In order to verify an account, a client is asked to submit a scanned copy of NADRA National ID Card, or a Passport along with the proof of address (Bank Statement, Utility Bill).

There aren't many regulated trustworthy forex brokers that will give out free deposit bonuses on new accounts without verification; for example, a valid phone number, or an email address will still be required to activate the bonus.

Online Stock Trading

Karachi Stock Exchange, Lahore Stock Exchange (Sialkot Trading Floor as a branch), Islamabad Stock Exchange were merged on January 11, 2016 to form Pakistan Stock Exchange (PSX).

The Securities & Exchange Commission of Pakistan (SECP) regulates all stock brokerages in the country.

It also operates an investor education program called Jamapunji.

The Central Depository Company (CDC) handles the electronic (paperless) settlement of transactions carried out at the Pakistan Stock Exchange.

KSE 100 Index, KSE-30 Index, and KMI 30 Index are stock indices acting as a performance benchmark for Pakistan Stock Exchange (PSX).

In Pakistan, the wealth management departments of banks offer mutual funds and index investment products to their clients. There are 400 regulated stock brokerage houses who are members of Pakistan Stock Exchange.

The country has over 220,000 retail stock traders (private individual investors). In addition; it has 1,886 foreign (hedge funds, index funds, governments), and 883 local (banks, insurance firms, provincial / federal governments, pension funds, large businesses) institutional investors buying and selling stocks in Pakistan Stock Exchange (PSX).

As of February 23, 2018, PSX has 559 publicly-traded companies listed on its exchange.

Depending upon the day of the week; the average share trading daily volume of PSX is anywhere between $50 Million to a $100 Million US Dollars (traded in PKR).

Brokers for trading stocks and commodities

Stock Brokerage Stock Brokerage Stock Brokerage
AKD SecuritiesIGI SecuritiesSCSTrade
AZEE SecuritiesArif Habib Online TradingZafar Stocks

Securities (Pvt.) Limited

BIPL Securities Alfalah Securities (AFS)
Taurus SecuritiesIntermarket Securities LimitedBMA Trade
BankIslami Scrips Equity TradingAskari Securities LimitedJS Global Capital Ltd
Foundation SecuritiesTopline Securities (PVT.) LTD.Invest & Finance Securities Limited
Ismail Iqbal SecuritiesAsian SecuritiesMayari Securities (Private) Limited
Darson Securities Private LimitedRafi SecuritiesOptimus Capital Management
Diyanah Islamic Financial ServicesAbbasi Securities Pvt LtdStandard Capital Securities

Managed Forex Trading Accounts

Managed forex account is a type of foreign exchange (FX) account, where the deposited money of the client is traded by experienced money managers.

Forex Hedge Funds are popular form of money management offered by trading advisors. These money managers charge a fee, which can range from 20% to 50% of the total profits and on high-water mark, which ensures that fee is paid on profits only.

A 2% non-refundable management / administrative fee may be charged.

Management fees are calculated as a percentage of the fund's net asset value (NAV) and typically range from 1% to 4% per annum, with 2% being standard. Most hedge funds work on Two and Twenty formula for total assets under management (AUM).

Many brokers offer managed forex accounts to facilitate new / beginner investors, or people who are disinterested in trading the foreign exchange markets on their own.

Managed forex funds attract a high degree of fraud.

Investors should only deposit money with trusted and regulated trading advisors. In Pakistan, managed forex funds are not regulated, therefore investors should make sure to do due diligence (background checks, references). Investing in such funds should be avoided, unless they are regulated by the SECP, or the State Bank of Pakistan.

Stock equity funds (Mutual Funds, Index Funds) are regulated form of money management offered by large commercial banks and brokers.

Open End Schemes, Dedicated Equity Funds, Voluntary Pension Funds and Close End Schemes are popular among the masses.

Money market funds resemble managed forex accounts in Pakistan, because their money managers invest in overnight treasury bills, currency swaps, Pakistan Investment Bonds (PIB), and provide Interbank liquidity.

These funds earn their income from interest payments paid by other Banks, and the Federal and Provincial Governments of Pakistan.

Regulated Managed Investment Funds (Money Market, Mutual, Equity, Pension, Open/Close Schemes)

  • ABL Cash Fund
  • AKD Cash Fund
  • Alfalah GHP Cash Fund
  • Alfalah GHP Money Market Fund
  • Askari Sovereign Cash Fund
  • Atlas Money Market Fund
  • Atlas Sovereign Fund
  • BMA Empress Cash Fund
  • Faysal Money Market Fund
  • First Habib Cash Fund
  • HBL Cash Fund
  • HBL Money Market Fund
  • JS Cash Fund
  • Lakson Money Market Fund
  • MCB Cash Management Optimizer
  • NAFA Government Securities Liquid Fund
  • NAFA Money Market Fund
  • NIT Money Market Fund (Formerly: NIT Government Treasury Fund)
  • PIML Daily Reserve Fund
  • Pakistan Cash Management Fund
  • UBL Liquidity Plus Fund
  • UBL Money Market Fund
  • ABL Government Securities Fund
  • BMA Chundrigar Road Savings Fund
  • Askari High Yield Scheme
  • First Dawood Mutual Fund
  • Unit Trust of Pakistan
  • Pakistan Capital Market Fund
  • National Investment Unit Trust
  • HBL Islamic Money Market Fund
  • Meezan Cash Fund
  • Al Ameen Islamic Cash Fund
  • Alhamra Daily Dividend Fund
  • Faysal Islamic Savings Growth Fund
  • Atlas Islamic Income Fund
  • Pak Oman Advantage Islamic Income Fund

Best Sites for Currency Rates and News

This sections lists the top websites to check live open market currency rates, news, interactive technical charts, on daily basis.

Check live remittance currency exchange rate for Pakistani Rupee (PKR) against the US Dollar DD, US Dollar TT, Australian Dollar AUD, Bahrain Dinar BHD, Canadian Dollar CAD, China Yuan CNY, Danish Krone DKK, Euro EUR, Hong Kong Dollar, Indian Rupee INR, Japanese Yen JPY, Kuwaiti Dinar, Malaysian Ringgit, NewZealand Dollar NZD, Norwegian Krone NOK, Omani Riyal OMR, Qatari Riyal QAR, Saudi Riyal SAR, Singapore Dollar SGD, Swedish Korona SEK, Swiss Franc CHF, Thai Bhat THB, U.A.E Dirham AED, UK Pound Sterling GBP, etc.

Site Name
netdania quotelist

Pakistan Foreign Exchange Reserves

Foreign-exchange reserves (also called forex reserves or FX reserves) is money or other assets held by the State Bank of Pakistan and Commercial banks to pay for its international trade, balance of payments, import bills, foreign debt payments, sovereign bond coupon payments, interest payment for money raised through Eurobonds, interest rate currency swap etc.

This section lists the total foreign exchange reserves (foreign currencies) held by Pakistan (State Bank of Pakistan and Commercial Banks) at the end of the month. The all time high forex reserves held by Pakistan were $24.025 Billion Dollars in October 2016. The record lowest level recorded was $1.783 Billion US Dollars in December of 1999.

Richest and the Most Successful Traders

This section lists the best traders / investors of the world.

These traders and hedge fund investment managers invest in currencies, options, stocks, bonds, and commodities (oil, gold, gas etc.). Most of them are billionaires.

  • George Soros (Soros Fund Management) - Net worth 8.3 billion USD
  • Stanley Druckenmiller (Duquesne Capital) - Net Worth 4.8 billion USD
  • Andrew Krieger (Former Partner Soros Fund Management) - Net Worth $300 million
  • Bill Lipschutz (Hathersage Capital Management)- Net Worth $300 million dollars
  • Bruce Kovner (Caxton Associates) - Net Worth 5.2 billion USD
  • Michael Marcus (Forex Trader and Author) - Net Worth $80 million
  • Paul Tudor Jones (Tudor Investment Corporation) - Net Worth $4.7 billion USD
  • Joe Lewis (Tavistock Group) - Net Worth 5 billion USD
  • Urs Schwarzenbach (Private Currency Trader) - Net Worth USD 1 billion
  • Michael Steinhardt (WisdomTree Investments) - Net Worth 1.1 billion USD
  • Steve Cohen (Point72 Asset Management) - Net Worth 12.8 billion USD
  • Ray Dalio (Bridgewater Associates) - Net Worth 18.1 billion USD
  • William Ackman (Pershing Square Capital Management) - Net Worth US$1.09 billion
  • Ken Griffin (Citadel LLC) - Net Worth 9.9 billion USD
  • James Simons (Renaissance Technologies) - Net Worth $15.5 billion
  • Larry Robbins (Glenview Capital Management) - Net Worth 2.3 billion USD
  • Andreas Halvorsen (Viking Global Investors) - Net Worth 3.7 billion USD
  • David Elliot Shaw (D.

    Top Best 3 Forex Trading Broker In Pakistan and India - Brokers Review by Tani Forex In Urdu & Hindi

    E. Shaw & Co.) - Net Worth $4 billion

  • David Tepper (Appaloosa Management) - Net Worth $11 billion
  • Warren Buffett (Berkshire Hathaway) - Net Worth $86 billion
  • Carl Icahn (Icahn Enterprises) - Net Worth 17.9 billion USD

In Pakistan; Mr. Aqeel Karim Dhedhi, the head of AKD Group (AKD Securities) is considered the richest man when it comes to investments in the financial industry (market making, investment funds). He's estimated to be worth US $500 million (Over PKR 60 Billion Rupees).

Prize Bonds in Pakistan

Thousands of Pakistanis invest in prize bonds on monthly basis.

In Pakistan, a Prize Bond is a lottery bond, profit bearing (1.5% per year) security issued on behalf of the government that is looking to raise finance for developmental projects in the country, or run its day to day operations. They are regulated and issued by Government of Pakistan, Central Directorate of National Savings in Islamabad.,,, and are popular websites that list the results of the latest draws.

Prize bond investors can contact National Savings at: 23-N, Savings House, G-6 Markaz, Civic Centre, Islamabad.

Pakistan - 051-111-267-268

Banks in Pakistan

The Pakistani rupee (sign: Rs; code: PKR) is the official currency of Pakistan.

The issuance and overall supply of Pakistani rupee in the country is the responsibility of the State Bank of Pakistan.

The State Bank of Pakistan is the central bank of Pakistan, that oversees the money supply, printing, and managing of interest rate policy in the country.

Banks provide two main types of deposit accounts: current account, savings account.

Current Account: This type does not produce any interest income for the account holder, but provides the bank full access to client's funds; which it uses to in various ways to generate a profit for itself.

Activities such as overnight interbank lending is common.

Savings Account: Account holders of savings accounts are given an interest on monthly, bi-annual, or yearly final balances. Bank uses the deposit money and invests in short term to long term lending, giving out car or business loans, project financing, buying and selling of government bonds etc.

It shares the profits it earns, with the client.

In Pakistan, Zakat is charged once a year for savings account holders. Clients can submit a Zakat Declaration Form to their banks to prevent them from deducting Zakat from their account balances.

Islamic Banking: It's a form of banking that follows the instructions of the Sharia law. It involves the bank not engaging in financial activities that could force it to disperse or accept interest payments (riba).

The term Islamic Banking is disputed by many circles with most claiming that without accepting interest or issuing debt, a bank cannot make profits. Many believe that the term is used as a Marketing tactic to gain more retail and commercial depositors, and the bank already adjusts its profit markup before signing the final financing agreement with its customer.

Mudarabah is an agreement with an Islamic bank where it issues out financing for a purchase but does not charge interest.

It's more like rent-to-own kind of agreement found in the western banking system.

Musharakah is a profit and loss sharing business partnership with an Islamic bank, where the financing comes from both the bank and the client.

In turn, they share profits, losses, including the post-dissolution liabilities of the their joint venture.

State Bank of Pakistan regulated banks operating in Pakistan

Bank NameBank NameBank Name
Al Baraka Bank (Pakistan) Limited.Citi Bank N.A.Habib Bank Limited.


Allied Bank Limited.Deutsche Bank A.G.Standard Chartered Bank (Pakistan) Limited.
Askari Bank Limited.The Bank of Tokyo-Mitsubishi UFJHabib Metropolitan Bank Limited.
Bank Alfalah Limited.Dubai Islamic Bank Pakistan Limited.Industrial and Commercial Bank of China
Bank Al-Habib Limited.Faysal Bank Limited.Industrial Development Bank of Pakistan.
BankIslami Pakistan Limited.First Women Bank Limited.JS Bank Limited.
MCB Islamic Bank Limited.Meezan Bank Limited.National Bank of Pakistan

Bank Limited.

Samba Bank Limited.Silk Bank Limited
Sindh Bank Limited.The Bank of Khyber.Zarai Taraqiati Bank Limited.
Soneri Bank Limited.The Bank of Punjab.Bank of China
Summit Bank Limited.The Punjab Provincial Cooperative Bank Limited.United Bank Limited. (UBL)

Contracts for Difference CFDs

All online forex brokers offer share trading through Contracts for Difference (CFDs).

CFD vs Forex: CFDs are used to trade a wide range of financial markets, such as company shares, indices, energy (oil, gas), metals (gold, silver); while forex involves only currency trading.

CFDs are popular among forex traders and were introduced in the late 1990s.

Most online platforms support CFDs and Forex trading combined.

In finance, a contract for difference (CFD) is a derivative trading contract between two traders, say a "buyer" and a "seller", deciding that the seller will pay to the buyer the difference between the current value of an asset (shares, gold, oil) and its value at contract time (if the difference is negative, then the buyer pays instead to the seller).

Retail traders use NetTradeX and MetaTrader 4 / 5 to trade CFDs online.

Brokers may also offer CFDs through their own proprietary trading platform.

Between 70 to 90% of retail investor accounts lose money when trading CFDs.

CFD Trading Brokers
IG markets
CMC Markets
TD Ameritrade
Saxo Bank
City Index
London Capital Group
ETX Capital
24 Option
Interactive Brokers
Spread EX
XTB Online Trading
FxPro UK

CFD vs Stock Trading: The major difference is that when trading a CFD, the investor does not own shares, but just bets on the direction of the trade; whereas in a standard stock buying trade, the underlying asset is fully owned by the trader.

CFD and financial spread betting are popular alternatives to share trading in the UK, because of their Capital Gains Tax exemption status.

At the moment, Pakistanis can trade CFDs and participate in Financial Spread Betting by opening up accounts with any retail forex broker located outside the country.

No local broker in Pakistan offers CFD trading.

CFD trading is similar to share and forex trading and is not prohibited (haram) in Islam (Sharia law); in both Sunni and Shia sects.

It is permitted (halal) to trade CFDs online.

Forex Brokerage Industry News and Opinions

This section lists the best websites to visit for latest news, opinions, revenues, office expansions, regulatory warnings and other analysis of online retail forex brokers, and the foreign exchange trading industry (B2B).


Forex traders looking to do due diligence (regulator notices, revenues, total client base) on their brokers are recommended to visit

Pakistan Mercantile Exchange Limited (PMEX)

Originally founded in 2002, PMEX become operational in 2007.

It is Pakistan's first demutualized commodities futures trading exchange and regulated by Securities and Exchange Commission of Pakistan (SECP).

PMEX is owned by National Bank of Pakistan Limited (33.98%), Pakistan Stock Exchange Limited (28.41%), ISE Towers REIT Management Limited (17.76%), LSE Financial Service Limited (7.25%), Pak Brunei Investment Company Limited (6.80%), Zarai Taraqiati Bank Limited (2.90%), Pak Kuwait Investment Company Limited (2.90%), Individuals (0.0001%).

It is a member of Association of Futures Markets (AFM), Futures Industry Association (FIA); and has strategic ties with Borsa Istanbul, Izmir Commodity Exchange (ICE), Dubai Gold & Commodities Exchange (DGCX), Iran Mercantile Exchange (IME), Dalian Commodity Exchange (DCE), Belarusian Universal Commodity Exchange (BUCE).

PMEX offers Shariah Compliant MetaTrader MT4 / MT5 Trading Platform.

Most member brokers require a minimum deposit of Rs. 25,000 to open a new account.

Average monthly volume of contracts traded at PMEX is PKR 306.066 Billion, as of October 2018.

But, their highest ever daily trading volume of PKR 105.619 billion, was witnessed on August 07, 2019 [subject to change].

Entrepreneurs wishing to start a commodities brokerage house in Pakistan under the regulation of PMEX should email them.

Status of the Company: Unlisted Public Limited Company

Company Registration Number: 0043602

National Taxation Number:1457095-5

Auditor of the Company: Deloitte Yousuf Adil Chartered Accountants

Legal Advisors: MCAS&W Law Associates

PMEX Regulated Brokers

Regulation of commodities exchanges in Pakistan is established under Futures Markets Act 2016; whereas licensing of brokers is covered by Commodities Exchange and Futures Contracts (CEFC) Rules 2005.

Reviews, Offers and Guides in one place

The SECP oversees the activities conducted by Pakistan Mercantile Exchange (PMEX).

As of November 2018, there are a total of 126 PMEX brokers operating inside Pakistan.

  1. Abbasi & Company (Pvt.) Limited
  2. Security Investment Bank Limited
  3. Raziki (Pvt.) Limited
  4. Darson Securities (Pvt.) Limited
  5. Metro Securities (Pvt.) Limited
  6. Prime Commodities (Pvt.) Limited
  7. Adam Securities (Pvt.) Limited
  8. IGI Finex Securities Limited
  9. BMA Capital Management Limited
  10. Abbasi Securities (Pvt.) Limited
  11. KASB Securities Limited
  12. Zahid Latif Khan Securities (Pvt.) Ltd.
  13. Fortune Securities Limited
  14. Summit Capital (Pvt.) Limited
  15. Dalal Securities (Pvt.) Limited
  16. Multiple Investment Management Limited
  17. Garibsons Commodities (Pvt.) Limited
  18. H.

    M. Idrees H.

    Online forex trading brokers in pakistan

    Adam (SMC-Pvt.) Limited

  19. Universal Brokers (Pvt.) Limited
  20. JS Abamco Commodities Limited
  21. Foundation Securities (Pvt.) Limited
  22. Elixir Securities Pakistan (Pvt.) Limited
  23. Invest and Finance Securities Limited
  24. M.

    M Securities (Pvt.) Limited

  25. Hunza Ghee Industries(Pvt.) Limited
  26. Pirani Trading Company (Pvt.) Limited
  27. JS Global Capital Limited
  28. Credit and Commerce Consultants (Pvt.) Limited
  29. Easy Way Commodities (Pvt.) Limited
  30. ACM Gold (Pvt.) Limited
  31. Invest Capital Markets Limited
  32. Zafar Securities (Pvt.) Limited
  33. Fawad Yousuf Securities (Pvt.) Limited
  34. Shajar Capital Pakistan (Pvt.) Limited
  35. Millennium Brokerage (SMC-Pvt.) Limited
  36. JSK Securities Limited
  37. Westbury (Pvt.) Limited
  38. Naveed H.

    M. Idrees (SMC-Pvt.) Limited

  39. Asian Securities Limited
  40. Ample Securities (Pvt) Limited
  41. Dr. Arsalan Razaque Securities (SMC-Pvt) Limited
  42. Rahat Securities Limited
  43. Amanah Investment Limited
  44. Sherman Securities (Pvt) Limited
  45. AKD Commodities (Pvt.) Limited
  46. Cassim Investments (Pvt.) Limited
  47. Interactive Securities (Pvt.) Ltd.
  48. Pine Commodities (Pvt.) Limited
  49. Ali Hussain Rajabali Limited
  50. WE Commodities (Pvt) Limited
  51. Agromet Commodities (Pvt.) Limited
  52. Bawa Securities (Pvt.) Limited
  53. Memon Securities (Pvt.) Limited
  54. Sakarwala Capital Securities (Pvt.) Limited
  55. MAN Securities (Pvt.) Limited
  56. Irfan Mazhar Securities (Pvt.) Limited
  57. Jahanzaib Commodities (Pvt.) Ltd.
  58. Amigo Commodities (Pvt.) Limited
  59. Polani�s (Pvt.) Limited
  60. Enrichers (Pvt.) Limited
  61. ICON Capital Management (Pvt.) Limited
  62. Vector Capital (Pvt.) Limited
  63. SAZ Capital Securities (Pvt.) Limited
  64. RAH Securities (Pvt.) Limited
  65. Friendly Securities (Pvt.) Limited
  66. Foresight Investments Pakistan (Pvt.) Limited
  67. Arif Latif Securities (Pvt.) Ltd.
  68. Askari Securities Limited
  69. Vision Commodities (Pvt.) Limited
  70. Mustafa & Murtaza (Pvt.) Ltd.
  71. Alfa Adhi Securities (Pvt.) Limited
  72. Zillion Capital Securities (Pvt.) Limited
  73. First Commodities (Pvt.) Limited
  74. Saya Weaving Mills (Pvt.) Limited
  75. Polani Securities (Pvt.) Limited
  76. Rang Commodities (Pvt.) Limited
  77. Adam Commodities (Pvt.) Limited
  78. Zafar Moti Capital Securities (Pvt.)
  79. Arif Habib Commodities (Pvt.) Limited
  80. Azee Securities (Pvt.) Limited
  81. Paramount Commodities (Pvt.) Limited
  82. MAS Capital Securities (Pvt.) Limited
  83. Z.

    A. Ghaffar Securities (Pvt.) Limited PMEX

  84. Shaffi Securities (Pvt.) Limited
  85. Mayari Securities (Pvt.) Limited
  86. C & M Management (Pvt.) Limited
  87. Muhammad Hussain Ismail Securities (Pvt.) Limited
  88. Absolute Commodities (Pvt.) Limited
  89. GMI Capital Securities (Pvt.) Limited
  90. La Mercancia (Pvt.) Limited
  91. Dosslani's Securities (Pvt.) Limited
  92. Salman Majeed Securities (SMC-Pvt.) Limited
  93. Khawaja Securities (Pvt.) Limited
  94. H.

    G. Markets (Pvt.) Limited

  95. Khadija Commodities (Pvt.) Limited
  96. Continental Capital Management (Pvt.) Limited
  97. Chenab Commodities (Pvt.) Limited
  98. Value Stock & Commodities (Pvt.) Limited
  99. Floret Commodities (Pvt.) Ltd.
  100. General Investment & Securities (Pvt.) Limited
  101. Arsh Commodities (Pvt.) Limited
  102. Goldman Commodities (Pvt.) Limited
  103. Blink Capital Management Limited
  104. Market 786 (Pvt.) Limited
  105. Goodluck Commodities (Pvt.) Limited
  106. Azam Gold Trading (SMC-Pvt.) Ltd.
  107. Murtaza Trading Grid (Pvt.) Limited
  108. TopLine Securities Ltd.
  109. Amaan Capital (Pvt.) Ltd.
  110. Royal Securities (Private) Limited
  111. MHB Markets (Pvt.) Ltd.
  112. A.

    Q. Investments (Pvt.) Ltd.

  113. Abdullah Commodities (SMC-Pvt.) Ltd.
  114. Markets & Futures (Private) Ltd.