Brokers With SAR Accounts

The Saudi Riyal (SAR) is one of the most popular currencies in the Middle East. As a result, traders from Saudi Arabia and beyond aim to invest at brokers with SAR accounts. Importantly, accounts denominated in the Saudi Riyal help keep conversion costs down and offer straightforward account management capabilities.

In this guide, we explain how SAR trading accounts work, alongside the benefits and drawbacks. We also list the best brokers with SAR accounts in 2024.

Brokers With SAR Accounts

These are the 2 best brokers that offer accounts with SAR as the base currency:

Brokers With SAR Accounts Comparison

Brokers With SAR Accounts Comparison
Broker Minimum Deposit Instruments Platforms Visit
Exness logo
$10 CFDs, Forex, Stocks, Indices, Commodities, Crypto Exness Trade App, MT4, MT5, TradingCentral Visit
OKX logo
10 USDT Spot, futures, perpetual swaps, options AlgoTrader Visit

#1 - Exness

Why We Chose Exness

Exness is a Cyprus-based forex and CFD brokerage established in 2008. With over 260,000 clients, several awards and reputable licensing, the broker has maintained its position as a highly respected global brand. Active day traders can access the popular MT4 and MT5 platforms, raw spreads and multiple account types.

"Exness remains an accessible broker for all experience levels, though experienced day traders will particularly appreciate the ultra-low commission rates, fast withdrawals and high-quality charting software."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, Indices, Commodities, Crypto
  • Regulator: FSA, CySEC, FCA, FSCA, FSC, CBCS
  • Platforms: Exness Trade App, MT4, MT5, TradingCentral
  • Minimum Deposit: $10
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:2000

Pros

  • There's excellent 24/7 multilingual customer support via telephone, email and live chat
  • Experienced strategy providers can open social trading accounts, with monthly commissions up to 50%
  • There's a strong range of account types for all experience levels and requirements, including Cent, Pro and Raw spread solutions

Cons

  • There are several regional restrictions for retail traders including the USA, Europe and the UK
  • Unlike most competitors, Exness doesn't provide its own education section
  • There are no promotional deals or loyalty schemes for high-volume day traders

#2 - OKX

Why We Chose OKX

OKX is a respected cryptocurrency firm, established in 2017, that offers a large suite of products, from mining pools to NFTs. Traders can access over 400 crypto tokens via OTC trading and derivatives. With an excellent web platform, developer tools and dynamic charts, OKX is a popular choice for technical traders.

"OKX is a top pick for crypto traders looking for emerging coins and crypto projects to invest in. Traders can also make use of the broker's copy trading service and automated bots."

- DayTrading Review Team
  • Instruments: Spot, futures, perpetual swaps, options
  • Regulator: VARA
  • Platforms: AlgoTrader
  • Minimum Deposit: 10 USDT
  • Minimum Trade: Variable

Pros

  • There's an impressive range of blockchain products, including DeFi services, NFTs and games, alongside 400+ established and emerging coins
  • You can access a wide range of trading products, including futures, options and perpetual swaps via a mobile app or desktop platform
  • There's a vast developer lab plus access to a marketplace of pre-built trading bots with auto-arbitrage

Cons

  • The quality of customer support was inconsistent based on testing
  • The broker's platform and features may be complex for novices
  • The firm offers limited regulatory oversight, though this is common among crypto brokers

How SAR Accounts Work

A SAR account is where the base currency is set to the Saudi Riyal. This means that account balances are displayed in SAR and that local investors can deposit and withdraw without currency conversion fees. All account finances and management are conducted in the Saudi Riyal, including 30-, 60- or 90-days reports. Everything from money deposited to receivable turnover will be listed in the Middle Eastern currency.

Brokers with SAR accounts also list assets for purchase and sale in the currency too, making entry and exit price points easier to digest. For example, share-dealing platforms may list stock prices in SAR while crypto exchanges could list the value of XRP or XLM in the Saudi Arabian currency. The result is less time spent on PDF downloads and conversion guides.

When you set up a profile at brokers with SAR accounts, you will typically fill out a form and list personal details. Requirements normally include an email address and password to which the account will be linked to. Some firms also require traders to complete know-your-customer (KYC) verification which can include providing proof of identity and address. Importantly, traders should also be allowed to select the base currency, for example, Saudi Riyal. Note, most platforms do not allow you to change your base currency in settings once you have created a live account.

While brokers with SAR accounts are most popular with traders from Saudi Arabia, they can still be a good choice for investors in other countries. These broker-dealers are often available and open online in India, the USA, the UK, Canada, Kenya, Pakistan and Zimbabwe, among other locations and can be used for different reasons by traders. For example, you may regularly trade SAR currency pairs, such as the USD/SAR and EUR/SAR.

SAR Currency Explained

The Saudi Riyal is the official currency of Saudi Arabia. The Riyal subdivides into 100 Halal or 20 Ghirsh and is often abbreviated to SAR or SR. The Riyal has been the currency of Saudi Arabia since the Kingdom of Hejaz (of which the Riyal was the currency beforehand) and the Sultanate of Nejd decided to group together to form the country in 1932. Like many currencies, the system used to be based on metals, specifically the British gold sovereign and silver Riyal, then in 1959, a fiat-based system was created.

From June 1986 onwards, the Saudi Riyal has been pegged to the US dollar. The exchange rate is fixed at 1 US dollar to 3.75 Riyals. There was a brief period in the Autumn of 2007 when the Saudi Central Bank (SAMA), previously known as the Saudi Arabian Monetary Authority, chose not to follow a US cut in interest rates, though the Riyal returned to its peg at the end of the same year.

Brokers with SAR accounts definition

The Saudi Riyal remains one of the most important currencies in the Middle East and many investors like to trade forex and other assets relating to it. As such, there are several brokers with SAR accounts who look to take advantage of customers’ interest in the currency.

Benefits Of Brokers With SAR Accounts

Advantages of trading with brokers that offer SAR accounts include:

How To Check A Broker Offers A SAR Account

Brokers with SAR accounts do not always make it clear on their homepage. So, if you are unsure whether a broker supports the Riyal as a base currency, head to the accounts section of their website, or visit the sign-up page. Another good indicator is to check whether they accept local payment methods. Finally, if it is still unclear, contact the customer support team.

Comparing Brokers With SAR Accounts

If you want to start trading at online brokers with SAR accounts, consider the following comparison points:

Brokers with SAR accounts restricted

Final Word On Brokers With SAR Accounts

Brokers with SAR accounts are popular among traders in Saudi Arabia and neighbouring countries. The Saudi Riyal is the most used and stable currency in the Middle East and can enable fee-free deposits and withdrawals at popular brokers. These accounts also tend to list Saudi assets, including currency pairs and Tadawul stocks. Use our list of the best SAR brokers in 2024 to get started today.

FAQs

Do Brokers Offer SAR Accounts?

Yes – several top brokers provide SAR trading accounts. These accounts feature the Saudi Riyal as the base currency, meaning you can deposit directly and trade with no conversion fees.

Are Brokers With SAR Accounts Safe?

Trading is inherently risky. Some investments, like cryptos, carry more risk than others. Importantly, you should always employ risk management strategies when speculating on financial markets.

Can I Have Multiple Profiles At Brokers With SAR Accounts?

Some online brokers let you open multiple trading accounts. This means forex investors could hold a SAR account, plus accounts in USD or EUR, for example.

Should I Have Investments At Brokers With SAR Accounts?

If you live in Saudi Arabia or use the Riyal, a SAR account could save you money on conversion fees. These trading solutions can also make it easier to manage your investment portfolio in your native currency.

Do I Have To Complete Verification At Brokers With SAR Accounts?

Some brokers with SAR accounts do have verification requirements. This could include know-your-customer (KYC) checks where you may have to provide proof of identity and address. Note, registration requirements vary between trading platforms.