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Kazakhstan is a country in Central Asia, with over 18 million population. There are a number of Forex brokers that offer their services in the country, however, because of the lack of regulations, Kazakhstan is not considered to be the safest place for Forex trading. The field of Forex is very much legal in Kazakhstan, however, it still has a long way to go.
However, if you do your research and only trade with internationally regulated and reputable Forex brokers, you will be good to go. In this guide, we will discuss everything about the field of Forex in Kazakhstan and we will try our best to help you find the best Forex brokers in the country, so follow our perfect guide carefully!
What are the best Forex brokers in Kazakhstan?
It is very hard to find the best Forex broker, it takes a lot of time and energy to do so. It is especially hard in countries like Kazakhstan, where the field is not regulated at all. Since we know how hard it can be to start Forex trading, we have decided to come up with a list of the best Forex brokers in Kazakhstan.
We did research and were able to find some of the most trustworthy Forex brokers in the country that you can see in a list below! While doing the research, we made sure to focus on regulations, payment methods, fees, and many other important aspects that make Forex broker the best one.
Licences
FCA, CySEC, IFSC, ASIC, DFSA
Min. depo
$5
Leverage
1:888
Platform
MT4, MT5, WebTrader
XM
Licences
ASIC, FSA, FSCA, FFAJ, FSRA, FSC
Min. depo
100 USD
Leverage
400:1
Platform
MT4, MT5
AvaTrade
Licences
FCA, ASIC, CySEC, FSCA, FMA, MAS
Min. depo
$100
Leverage
1:30
Platform
WebTrader, Windows 10 Trader
Plus500
How to stay safe while trading Forex?
You need to focus on your safety as much as you can when it comes to Forex. We have some tips on how to find the most trustworthy FX broker in Kazakhstan so that you can stay safe:
- First of all, make sure that the broker has some type of license
- It is always better if the broker keeps funds of their clients segregated
- Make sure that the broker accepts payments in your national currency
In addition, we would recommend to always take your time for research. The more you know about a Forex broker, the safer you can be. The internet is full of different forums where you can find information about most of the brokers, so do not just trust any other company.
What are the Forex regulations in Kazakhstan?
The official regulator of the financial sector in Kazakhstan is the National Bank of the country, the central bank. It is responsible for the regulation of all commercial banks in the country, it also takes care of the monetary policy and is responsible for price stability.
Ministry of Finance, on the other hand, controls the securities market of the country. However, neither of these institutions take care of Forex and CFD market. This can make Forex trading very risky in Kazakhstan.
However, in recent years, the government has taken some steps to overcome the challenges that the Forex trading market faces. In particular, the leadership of the country is working to establish some type of regulatory framework in the country. The government of the country and the National Bank have adopted a Plan of Joint Action to Develop the Nation’s Stock Market for 2018-2021. The plan also includes banking all unlicensed FX brokers and revising the regulations and oversight of the field.
If this happens, it can change the environment altogether.
As of today, however, all of the Forex brokers operating in Kazakhstan do so without having a local license. A very interesting thing about FX traidng in the country is that the vast majority of the FX brokers are Russian companies, but at the same time, there are many internationally well-known Forex brokers that own licenses and authorization form official regulatory bodies such as FCA in the UK and many others.
What is the national currency of Kazakhstan and what payment methods are available?
Kazakhstani tenge is the national currency of Kazakhstan, with the official code of KZT. The money is issued and monitored by the National Bank of Kazakhstan and it also takes care of its exchange price. Kazakh Tenge is not that actively used in the world of Forex, however, it is always a good idea to find a Forex broker that accepts payments in your national currency to avoid additional exchanging costs.
The economy of the country and the price of the national currency are heavily dependent on the cure oil prices. Continuous increases in the price of the oil lead to the GDP growth rates nearly 10 percent for much of the 2000s.
The most used payment methods in Kazakhstan are the credit cards and virtual wallets. The most popular credit card issuer is the Kazkom’s Epay, Halyk Bank’s Halykpay, and, recently, a new company emerged, Kaspi. Among the most popular E-Wallets is the Russian payment provider called Qiwi, which is accepted by many Forex brokers worldwide.
A few years ago, PayPal also started cooperation with Kazakhstan’s largest bank, as a result of which the citizens of the country have access to the payment method which is available at most of the FX brokers in Kazakhstan and around the world as well. It is a very nice idea to use a Forex broker that accepts payments in the local currency so that you will not have to spend huge amounts of money on fees for exchanges. While going through the best FX brokers in the county, we came up with some of the best FX brokers that you can see in the list below.
XM
Min. Depo
$5
Licences
FCA, CySEC, IFSC, ASIC, DFSA
Leverage
1:888
Platforms
MT4, MT5, WebTrader
AvaTrade
Min. Depo
100 USD
Licences
ASIC, FSA, FSCA, FFAJ, FSRA, FSC
Leverage
400:1
Platforms
MT4, MT5
Plus500
Min. Depo
$100
Licences
FCA, ASIC, CySEC, FSCA, FMA, MAS
Leverage
1:30
Platforms
WebTrader, Windows 10 Trader
Exness
Min. Depo
$10
Licences
CySEC, FCA, SFSA
Leverage
1:2000
Platforms
MT4, MT5
Forex.com
Min. Depo
$100
Licences
NFA, CFTC, FCA, FSA, IIROC and CIMA
Leverage
1:50
Platforms
WebTrader, MT4, MT5
CMTrading
Min. Depo
250 USD`
Licences
FSCA
Leverage
1:200
Platforms
MT4, WebTrader, Copykat
Is Forex trading in Kazakhstan safe?
As of today, because of the lack of regulations, the country can not be considered as a safe place for Forex trading. There are a number of problems that the country has, and they need to be taken care of as fast as possible. There is some work that is being done by the government, but it seems to be not enough.
However, this does not mean that you should not start trading in the country. Since there are so many internationally regulated companies offering their services to the citizens of Kazakhstan, if you do a good enough research, you will be able to find a trustworthy and safe Forex broker.
In addition, the Kazakh government announced that they are working on a new set of regulations that might come into play very soon and it will ensure that the field of Forex can be very safe in Kazakhstan. As of today, as long as you do your research carefully and double-check the information that is provided by the broker, you will be good to go!