Best Forex trading signals in Pakistan
Best free Forex signal providers in Pakistan - RoboForex
Best free Forex signal providers in Pakistan are:
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RoboForex Copyfx - best for beginners
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AvaTrade copy trading - best for ZuluTrade signals
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eToro - biggest copy trading platform in the world
Forex trading has seen a sharp rise in momentum within Pakistan over recent years. As more traders look to profit from currency fluctuations, an increasing number are choosing to supplement their strategies with actionable trading signals and insightful market analysis.
Forex signals provide timely insights into emerging trends, giving traders an edge to potentially spot opportunities and make informed decisions. By leveraging the expertise of skilled analysts through signal services, it's now easier than ever for both budding and experienced Pakistani traders to gain a market overview and trade with greater confidence.
In this article we'll discuss the best free and paid signal providers and how to incorporate their recommendations safely and effectively.
Key points from the article
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SECP regulates Forex trading to ensure it is legal and safe.
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Forex trading itself is considered halal by some as long as swap-free or Islamic accounts are used that avoid interest.
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Some of the best free Forex signal providers for Pakistan are RoboForex CopyFX, AvaTrade copy trading on ZuluTrade, and eToro Copy Trader. These allow traders to copy signals from experienced traders.
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Other ways to get Forex signals in Pakistan include following signals on Telegram groups or using Forex trading indicators.
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Traders need to carefully research any signal provider before relying on them, as signals may not always be accurate. Free signals carry more risks than paid subscriptions.
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SECP regulates brokers but signals themselves are not heavily regulated, so traders need to be aware of potential scam risks. Copying trusted traders can mitigate some risks.
Are Forex trading halal?
Forex trading is declared halal. In Islamic law, anything is halal if the Holy Qur'an says so. Haram is the Arabic term for something that violates the Holy Qur'an. Two banned activities in the Holy Qur'an are gambling and riba, often known as usury and interest. Forex swaps are related to usury and interest. Thus, many scholars have argued that Forex trading is haram according to the teachings of the Holy Qur'an. They have classified Forex trading as haram activity, and any Muslim who profits from it is getting haram revenue.
However, many have claimed that not all Forex trading accounts are forbidden by Islamic law. There are swap-free Forex trading accounts available. No interest is charged when a trader chooses to hold a position overnight in a swap-free account. Islamic Forex trading accounts are swap-free accounts. Some believe that swap-free accounts, also known as Islamic Forex trading accounts, are halal since they do not collect interest, which Islamic teachings forbid.
Besides, Forex trading signals are halal too. Forex trading signals do not have an interest or usury purpose, as they only let traders know about future trends in the market.
Is Forex Trading Halal or Haram?Best free Forex signal providers in Pakistan
There are several good Forex signal providers in Pakistan. The Traders Union has listed a few below.
RoboForex
RoboForex is one of the best Forex signal providers in Pakistan. It's regulated by the Cyprus Securities Exchange Commission and has more than 400,000 active clients from around 150 countries.
This broker offers a service called CopyFX, which sends live signals, fundamental analysis, and market updates to its clients. The firm also offers Forex trading and other financial market training courses.
If you have funds but need more time to be ready to trade, RoboForex CopyFX is an excellent option for you. You can subscribe to a trader's signals and copy their trades on your own account. Signal providers are thoroughly checked; if their results are not good, they may not be included in the service.
AvaTrade Copy Trading on ZuluTrade
Like RoboForex, AvaTrade lets its users buy, sell, and trade different types of financial assets. It provides a copy trading opportunity, which enables traders to copy other traders' trades. The copy trading option in AvaTrade provides signals to traders and helps them make profitable trades.
The sources AvaTrade uses for its copy trading are of the highest quality. These sources include skilled traders from around the world. By copying their trades and trading with AvaTrade, you may be able to take advantage of their experience and knowledge.
eToro Copy Trader
eToro is another platform that offers copy trading services and provides traders with the best Forex trading signals in Pakistan. Copy Trader provides traders with charts, graphs, newsfeeds, and more to make better decisions. Furthermore, the platform is mobile and desktop compatible, making it convenient for traders to use.
Rules and Regulation
Licensing in Pakistan
The Securities and Exchange Commission of Pakistan (SECP) oversees the regulation of Forex brokers and trading platforms in Pakistan. Forex brokers operating in the country are required to obtain licenses from the SECP to offer their services legally. The licensing process typically involves meeting certain criteria and complying with regulatory requirements set by the SECP.
Investor protection in Pakistan
The SECP implements various measures to protect Forex investors in Pakistan:
- regulatory oversight. The SECP monitors Forex brokers' activities to ensure compliance with regulatory requirements and investigate any cases of misconduct or fraud.
- disclosure requirements. Forex brokers are required to provide clear and accurate information to investors about the risks associated with Forex trading, including potential losses and leverage risks.
- client fund protection. Licensed Forex brokers are typically required to segregate client funds from their own operational funds. This segregation helps protect investor funds in the event of broker’s insolvency.
Taxation in Pakistan
Income derived from Forex trading is generally subject to taxation in Pakistan. Profits from Forex trading are usually treated as capital gains and are subject to capital gains tax. The tax rate may vary depending on the holding period and other factors.
Forex traders are required to report their trading activities and pay taxes on their profits to the Federal Board of Revenue (FBR). Taxpayers should maintain accurate records of their Forex transactions for tax reporting purposes.
How can I get Forex signals in Pakistan?
There are several ways a trader can get Forex signals in Pakistan. Below, the Traders Union has mentioned a few.
Copy trading signals
Copy trading is simply copying the trades of other experienced traders. They are thought to be one of the best Forex trading signals because traders can copy the trades of professionals. You can follow all or just the profitable traders of others. Some of the platforms mentioned above allow copy trading.
Forex signals on Telegram
Telegram groups are a great source of free Forex signals for your trades. You can get free and reliable Forex trading signals through Telegram channels, which will help you trade. However, choosing a trustworthy one is still a challenging task.
Forex indicators
Forex indicators collect data from trading history by analyzing price, volume, and market performance and then show how the market will behave in the future. It predicts which trends a market will follow in the future. Traders can use indicators to get signals in Pakistan.
FAQs
What is the best time frame for Forex signals?
Shorter time frames like 5-15 minutes capture more signals but carry greater risks. Hourly or 4hr+ time frames are lower risk but fewer signals. It depends on individual risk tolerance and trading strategy.
How much do paid Forex signals cost?
Paid signal subscription plans range widely from $30-500 per month depending on the provider. More expensive providers may offer additional features or have a proven track record of higher win rates.
Can WhatsApp signals be trusted?
While some WhatsApp signal groups provide value, often there is no way to verify performance or credentials. Stick to properly registered & established brands for more reliability and consumer protection.
Are managed Forex accounts better than signals?
Both have pros and cons. Managed accounts allow professional management but have higher minimum deposits. Signals maintain full control and lower costs but require active self-management and trade execution.
Team that worked on the article
Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses who want to improve their Google search rankings to compete with their competition.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).