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Forex trading in Qatar is legal, but not regulated. That means anybody residing in Qatar can freely choose to trade with brokers, regulated by reliable institutions such as the Financial Conduct Authority in the UK, the Australian Securities and Investments Commission (ASIC) or basically any financial authority in the EU, including the Cyprus Securities and Exchange Commission (CySEC), where your funds will be secure, because of the strictly applied rules and the existence of client compensation funds.
Forex accounts can be funded, with the local currency – the Qatari Riyal, which is freely convertible. Still, because of the recent tensions between Qatar and the Saudi Arabia, and the economic and financial sanctions, imposed by Saudi Arabia and its allies, traders in Qatar report some issues with funding their accounts with offshore brokers.
The Qatar Monetary Agency, formerly known as Qatar Dubai Currency Board, became a central bank in 1973 with the creation of the national currency the Qatari Riyal. This is the only financial authority in the country and its responsibilities lie with the preservation of the value of the Real and the monetary stability as a whole.
The bank has also regulatory functions – to supervise and control all the services, business, markets and financial activities in Qatar. As we mentioned earlier, however, the central bank still does not pay attention to the developing retail forex and CFD market in the country.