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Forex Guide · Forex Basics

Forex brokers in Pakistan: how to choose a regulated broker, step by step

We do not recommend or rank any broker, and we earn nothing from any broker. Instead, here is the method we teach our students: how to find a broker that is legal in Pakistan, check it yourself, compare it and open an account without falling for the fake apps that are everywhere on social media.

Qazi Forex Tips
By the Qazi Forex Tips team, led by Dr. Qazi Abdul Basit, Ph.D
Updated 3 November 2026

Step 1: know the rule before you look at any broker

  • The State Bank of Pakistan told banks in May 2022 to stop customer payments to offshore forex, margin and CFD trading platforms.
  • The SECP has warned that offshore trading platforms are not licensed to offer their services in Pakistan.
  • The regulated route is the Pakistan Mercantile Exchange (PMEX), a futures exchange licensed and regulated by the SECP. You trade there through a PMEX broker, which is a futures broker licensed by the SECP.

So for a trader living in Pakistan, the shortlist starts and ends with SECP-licensed PMEX brokers. Read the details in is forex trading legal in Pakistan. This is general information, not legal advice; rules change, so check the latest notices.

Step 2: get the official list

Do not start from an advert, a YouTube video or a WhatsApp message. Start from the regulator's own list:

  • The PMEX website (pmex.com.pk) publishes the list of PMEX licensed futures brokers registered with the SECP. Its August 2024 list had 83 brokers, with each broker's TREC number, active registration number, address, phone, city and whether it offers online account opening.
  • The SECP website (secp.gov.pk) also publishes a register of futures brokers with a valid licence.

Use the newest list you can find, because brokers can be added, suspended or removed.

Step 3: make a shortlist of three to five

From the list, pick a few brokers that fit you:

  • Online account opening: the list shows which brokers allow it, useful if there is no office in your city.
  • City and office: an office you can visit is a plus when there is a problem.
  • What you want to trade: PMEX lists futures such as Gold, Silver and Crude Oil. Check the broker offers the contracts you want.

Step 4: visit each broker's own website

Type the address yourself, or use the link in the official list, never a link sent on WhatsApp. On each website check:

  • The company name and registration number match the PMEX and SECP list exactly.
  • The trading platform and mobile app, and whether you can try it first.
  • Costs: commission per contract, margin required, any account or data fees.
  • Deposits and withdrawals: money should go only to the broker company's own bank account, never to a person's account or a wallet number.
  • Support: phone, office hours, Urdu support, response time.
  • The risk disclosure and account opening documents (CNIC, KYC).

Make a simple table for your shortlist and compare these points side by side.

Step 5: check reviews, carefully

  • Search the broker's exact name on Google reviews, Trustpilot, Facebook and forums, and read the low ratings first.
  • Look for patterns, not single stories: repeated complaints about withdrawals, hidden fees or support that disappears are serious.
  • Be careful in both directions: reviews can be fake, and very small local brokers may have few reviews at all. Reviews are one input, not proof.
  • Ask people you know who have used the broker for some time, and ask how a withdrawal went.

Step 6: start small and test a withdrawal

Open the account, practise on the platform, then deposit a small amount first. Make one small withdrawal early, to see that it arrives in your own bank account in the promised time. Only then add more.

Before your first real trade, have a written plan and a fixed risk per trade: see risk management and the lot size calculator.

Fake brokers and fake apps: the red flags

In November 2025 the SECP warned about an illegal trading app that used the name of a licensed brokerage house, AI-made adverts with celebrities and finfluencers, and WhatsApp groups to collect deposits. The same tricks appear in forex every week. Walk away if you see:

  • An app or website that is not on the PMEX / SECP list, or uses a licensed broker's name with a different web address.
  • Payment to a personal account, a mobile wallet or crypto.
  • Guaranteed or fixed profit, or an "account manager" who trades for you.
  • Pressure to deposit more before you can withdraw, or a "tax" or "fee" to release your money.
  • Contact that starts in a WhatsApp or Telegram group.

If something has gone wrong with a licensed broker, you can file a complaint with the SECP through its complaints service. Learn the general checklist in our video lesson how to choose a forex broker, and read the truth about forex signals.

Khulasa (Roman Urdu / Hindi)

  • Hum kisi broker ki sifarish ya ranking nahi karte, aur kisi broker se koi paisa nahi lete; sirf tareeqa batate hain.
  • Pakistan mein qanooni rasta: SECP se licensed PMEX broker. SBP ne offshore forex/CFD platforms ko payment se rok rakha hai.
  • Qadam 1: qanoon samjhein. Qadam 2: PMEX (pmex.com.pk) ya SECP ki website se licensed brokers ki list lein.
  • Qadam 3: 3–5 brokers short list karein: online account, shehar, aur jo contract aap trade karna chahte hain.
  • Qadam 4: har broker ki apni website khud khol kar dekhein: naam aur registration number list se milta ho, platform, commission, margin, deposit/withdrawal sirf company account mein, support.
  • Qadam 5: Google reviews, Trustpilot, Facebook par khaas tor par kam rating wale reviews parhein; withdrawal ki shikayaten dekhein. Reviews jaali bhi ho sakte hain.
  • Qadam 6: pehle chhota deposit, jaldi chhota withdrawal test karein, phir aage barhein.
  • Khatre ki nishaniyan: list mein naam na ho, personal account ya wallet mein paisa, guaranteed profit, account manager, WhatsApp group se rabta.

Questions

Which is the best forex broker in Pakistan?

We do not rank or recommend brokers, and we earn nothing from any broker. For traders in Pakistan the regulated route is a PMEX broker licensed by the SECP; use the official PMEX or SECP list and compare a shortlist yourself with the steps on this page.

Where can I find the list of licensed brokers in Pakistan?

On the PMEX website (licensed futures brokers registered with the SECP) and on the SECP website (register of futures brokers with a valid licence). Use the latest list.

Is it legal to use an international forex broker from Pakistan?

The SBP has told banks not to process payments to offshore forex, margin or CFD trading platforms, and the SECP says such platforms are not licensed in Pakistan. Check the current rules before sending money anywhere.

How do I know a broker app is not fake?

The company name and registration number must match the PMEX or SECP list, you should reach it from the official list rather than a WhatsApp link, and deposits must go only to the company's own bank account.

Can I trade Gold through a PMEX broker?

Yes, PMEX lists Gold futures among its contracts. Check the broker offers the contract size you want and understand the margin before trading.

Are Trustpilot reviews reliable for brokers?

They are one input. Read the low ratings, look for repeated withdrawal complaints, and remember that reviews can be fake and small local brokers may have few reviews.

Watch the video lessons

Video lesson · 15:28How to select a forex broker: a simple guideVideo lesson · 19:38Forex trading for beginners: risk, demo or real account, and your brokerVideo lesson · 12:19Forex trading myths vs reality

Education only, not financial advice. Trading forex, Gold and CFDs carries a high risk of loss. Contract sizes, spreads and leverage differ by broker; check your own broker's specifications.