6 minute read
Is JustMarkets Legal in Saudi Arabia? A Clear and Detailed Answer
from JustMarkets
by Exness_India
The question many Saudi-based traders are asking is straightforward: Is JustMarkets legal in Saudi Arabia? The clear answer is no — JustMarkets is not legally authorized or regulated to operate within the Kingdom of Saudi Arabia. While traders in Saudi Arabia might still access the platform, doing so involves potential legal and financial risks due to the lack of local regulatory approval. In this comprehensive review, we explore why JustMarkets is not legal in Saudi Arabia, the regulatory landscape, and what traders should consider before using offshore brokers.
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Understanding the Legal and Regulatory Landscape in Saudi Arabia
To fully grasp why JustMarkets is not legal in Saudi Arabia, it's important to understand the country's strict approach to financial services and forex trading. The Saudi Capital Market Authority (CMA) is the primary body responsible for regulating and supervising financial markets in the Kingdom. The CMA enforces tight control over who can offer financial services, including forex trading, to protect investors and ensure compliance with Islamic financial principles.
In Saudi Arabia, only companies that have obtained an official license from the CMA are allowed to legally provide forex and CFD trading services to residents. Any brokerage, regardless of its reputation or international standing, that operates without this license is considered illegal.
As of the time of writing, JustMarkets does not hold a CMA license. This immediately puts the platform outside of legal boundaries for offering its services to traders in Saudi Arabia.
What Is JustMarkets and Where Is It Regulated?
JustMarkets is a global online forex and CFD broker that offers access to various financial instruments including currencies, indices, stocks, and cryptocurrencies. It is operated by Just Global Markets Ltd., a company registered in Seychelles and regulated by the Financial Services Authority (FSA) of Seychelles.
While this regulation allows JustMarkets to operate in certain international jurisdictions, it does not meet the regulatory requirements of Saudi Arabia. The FSA in Seychelles is considered a light-touch regulator and is not recognized by the CMA for legal operation in the Kingdom.
Why JustMarkets Is Not Legal in Saudi Arabia
Here are the key reasons why JustMarkets is not legally allowed to operate in Saudi Arabia:
No CMA License: JustMarkets has not secured the mandatory license from the Capital Market Authority in Saudi Arabia, making it unauthorized to operate.
Offshore Regulation: The broker is regulated in Seychelles — a jurisdiction not considered robust or transparent enough by Saudi standards.
Strict Regulatory Environment: Saudi Arabia has stringent rules for protecting retail investors and preventing money laundering or fraudulent activity. Unlicensed offshore brokers fall outside these protections.
Shariah Compliance Concerns: Saudi Arabia enforces Shariah law in its financial system. While JustMarkets does offer Islamic (swap-free) accounts, the platform’s services are not vetted by Saudi regulators for compliance with Islamic finance principles.
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Can You Still Access JustMarkets in Saudi Arabia?
Yes, technically, you can still access and create an account on JustMarkets from Saudi Arabia, as the platform does not geoblock users from the Kingdom. However, this access is not a sign of legality. The absence of legal enforcement tools does not equate to regulatory approval.
Using an unlicensed broker can have serious consequences:
Lack of legal protection: If you face withdrawal issues or platform abuse, Saudi authorities will not be able to assist you.
Risk of penalties: While rare, engaging with unauthorized brokers could lead to fines or other consequences depending on local enforcement.
No investor compensation: Unlike brokers regulated in the EU or UK, JustMarkets is not part of any investor protection schemes.
What Are the Alternatives for Saudi Traders?
If you are a Saudi trader looking for legal and safe trading options, it is crucial to choose brokers that are regulated by the CMA or operate in partnership with locally licensed institutions. Some international brokers have secured partnerships with Saudi banks or financial entities to ensure compliance. Others have gone through the long and costly process of securing a CMA license.
Here’s what to look for in a legal forex broker in Saudi Arabia:
CMA licensing: Always verify whether the broker is listed on the official CMA website.
Shariah-compliant accounts: Ensure the platform offers true Islamic accounts that are certified by Islamic scholars.
Local support: Some legal brokers offer Arabic-language support and services tailored to Saudi residents.
Banking integration: Look for brokers that allow deposits and withdrawals via local Saudi banks for ease and transparency.
Risks of Using Unregulated or Offshore Brokers
Choosing to trade with an unregulated or offshore broker such as JustMarkets in a country like Saudi Arabia brings with it significant risks. Here are a few:
Scams and fraud: Offshore brokers are more likely to be involved in fraudulent schemes due to weak oversight.
Hidden fees: Some offshore brokers lure traders with tight spreads or bonuses, then surprise them with fees or withdrawal limitations.
Platform manipulation: Without regulatory scrutiny, some brokers might manipulate prices or interfere with trades.
No recourse: If your funds are frozen or lost, there’s no legal recourse in Saudi courts for recovery.
Final Verdict: Avoid JustMarkets in Saudi Arabia
To conclude: JustMarkets is not legal in Saudi Arabia. It is not authorized by the Capital Market Authority, and operating with an unlicensed broker goes against the Kingdom’s strict regulatory framework. Although you might be able to access the platform, it is a legal gray area that exposes you to unnecessary risk.
If you're serious about forex or CFD trading in Saudi Arabia, the best approach is to choose a CMA-regulated broker that meets both local laws and Islamic financial standards. This not only ensures legality but also protects your capital and gives you peace of mind.
Final Thoughts
The world of online trading is filled with opportunities, but also with pitfalls — especially in jurisdictions with strict financial regulations like Saudi Arabia. JustMarkets may offer attractive spreads and trading conditions, but legality and safety should always come first. Before depositing a single riyal, verify whether your broker is approved by the CMA and understand the full regulatory implications of your trading activity.
In the end, trading legally in Saudi Arabia means trading smart — and that means avoiding unlicensed platforms like JustMarkets, no matter how tempting they may appear.
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