The economy of Oman: general information
The Sultanate of Oman belongs to the high-income group of countries: its economic strength has been tied to oil export, as the country has abundant oil resources. Nevertheless, Oman has reduced its dependence on the commodity over the past few decades due to the economic diversification and inflow of foreign investments. The country capitalizes on its unique advantages such as its centuries-long maritime and trading tradition, adherence to free-market economic principles, and low crime rate. The main goal of the Sultanate is to increase diversification and reduce dependence on oil.
Oman has been able to attract foreign capital because of its geographical location, political stability, security, as well as a solid legal framework. The country’s investment attractiveness was greatly increased by its participation in economic organizations, including the Cooperation Council for the Arab States of the Persian Gulf, the Indian Ocean Rim Association, and the World Trade Organization, as well as close relations with friendly and fraternal countries, the United Arab Emirates, Japan, Saudi Arabia, India, and China being among them.
Forex trading in Oman
Oman is one of the rising stars of the Forex trading world since many Omanis are joining the ranks of traders. Internet access was greatly extended in the Sultanate of Oman in recent years and with it access to the international Forex market for Omani traders. There are many repeatable foreign brokerages that service traders from this country, so local traders have a broad choice of financial instruments, including dozens of currency pairs, commodities, ETFs, indices, Binary options, and Cryptocurrencies.
Omani traders can join reputable brokers licensed by top-tier foreign regulators. Their policies aim to protect consumers and ensure fair trading conditions for all customers, including those based in Oman. Local traders can legally engage in deals with a variety of financial instruments, including Forex currency pairs, stocks, indices, commodities, and CFDs.
OANDA is a multi-regulated online broker offering clients worldwide a wide range of trading instruments including Forex, Indices, Metals, Commodities, and Cryptocurrencies on a friendly and easy-to-use trading platform. Low spreads, low fees, and rapid deal execution make OANDA attractive to traders. The broker offers a variety of convenient funding options and requires just a $1 deposit to open a real account.
OANDA’s trading platforms support mobile trading through iOS and Android apps, making trading even more convenient.
Oil and Gas trading in Oman
Omani exports primarily consist of crude oil, refined products, and gas (as these products are the pillars of Omani prosperity). The Sultanate produces 841 thousand barrels of oil per day, ranking 21st worldwide in terms of oil production and ranks 22nd in the world in terms of natural gas production. The benchmark of oil in Asia is Oman crude oil, equivalent to WTI’s in the US and Brent’s in Europe.
On June 1, 2007, the Dubai DME Exchange launched futures contracts on Omani oil, which became the benchmark for the Middle East and the whole of Asia. In other words, it is not “native” Dubai (Dubai Crude), but oil from a different country that has become the DME standard.
The following reasons explain why Omani oil has become a benchmark in the Middle East:
- Oman is not a member of the Organization of the Petroleum Exporting Countries, its oil production is not subject to OPEC quotas, therefore it is less affected by political factors;
- The oil characteristics are better;
- Oman’s key port is located far from the Strait of Hormuz and is not affected by tensions that regularly arise in connection with the actions of Iran, in particular, threats to block the strait.
XM Group is a well-known international broker operating in nearly 200 countries since 2009. XM Group offers its clients trading in eight asset classes, 16 trading platforms, and more than 1,000 instruments. By opening an account with XM, you can trade Energy CFDs such as oil and natural gas and besides Forex, Cryptocurrencies, Individual Stocks, Commodities, Precious Metals, and Indices.
Here are some of the advantages of XM:
- Volatility – greater price fluctuations;
- Crude oil trading – the world’s most actively traded commodity;
- Select short/long positions according to market trends;
- Can be traded with a minimum margin of US$5;
- No overnight loan in crude oil CFDs;
- No additional fees are applied;
XM brokerage company offers free VPS service and an attractive bonus program: 100% on deposits up to $5000 when trading on a real account. This will give you the opportunity to trade more confidently and to get the maximum profit using bonus money for trading.
Copper trading in Oman
Oman has identified large-scale copper mining as a strategic project and several foreign mining companies are active in Oman. A joint venture with an Australia-based mining firm plans to construct a copper concentration plant that would produce one million metric tons per year. In September 2020, British firm Savannah Resources sold its mining permits for two copper blocks in Oman to Australia-listed mine development company Force Commodities.
Among the main factors that affect copper our experts highlight the following:
- News from major mining companies that they are about to open or close mines;
- Changes in customs duties;
- Economic crises in the world;
- Natural disasters can destroy mines and stop production.
Copper is in the highest demand from November to April, according to statistics. Traders are buying copper at the beginning of this season, confident that it will be in an uptrend until the end.
In making deals with copper, it is not necessary to buy the commodity directly. The following financial instruments are available to traders and investors:
- Copper ETFs,
- Indices for copper.
Plus500 is a trusted broker established in 2008 that holds numerous licenses to work under the global strictest jurisdictions, such as the U.K., EU, Australia, and Singapore. With a leverage ratio of up to 1:20, the broker offers a High-Grade Copper CFD contract with floating spreads.
Furthermore, Plus500 provides CFDs for currency pairs, indices, stocks, commodities, and ETFs. Plus500 clients can take advantage of helpful tools provided by the broker, such as educational materials, technical analysis tools, and real-time quotes.
Gold trading in Oman
Due to the fact that gold value is not subject to short-term market volatility, this trading asset is highly popular among traders who follow traditional trading strategies and Omani traders are not exceptional here. Gold volatility is more evident on a medium and long-term basis: among all precious metals, gold has the highest degree of volatility.
Technical, fundamental, graphical, and candlestick analysis can be applied for gold price forecasts. And if the metal has been in a downward trend for a long time, then there is a very high probability that a reversal will soon occur in the opposite direction. Gold is an excellent indicator of the stability of the global economy. During its growth, all sectors of the economy are activated. At this time, the price of gold falls. Conversely, during a crisis, investors and traders transfer their capital to safe assets.
The main factors that affect the dynamics of gold:
- Macroeconomic indicators;
- Prices for oil, coal, gas, and other energy carriers;
- The geopolitical situation on the world stage (natural disasters, wars, political conflicts, etc.).
When trading gold, you need to consider the following two main patterns:
- When the price of oil rises, then gold is also in an uptrend.
- When the dollar rises, gold falls in price, and vice versa.
HF Markets (former Hot Forex) supports full-fledged gold trading. Moreover, the company offers its Omani clients the chance to trade other precious metals and many other assets such as Crypto, currency pairs, Energies, Indices, ETFs etc. HF Markets employs two of the most popular trading platforms MetaTrader 4 and MetaTrader 5, and their mobile versions.
Those who trade Gold with this company enjoy excellent customer service and exceptional trading conditions, including:
- Flexible Leverage
- Low spreads
- No hidden fees
- Convenient trading hours
- Long or short positions in trading
- Risk management tools
Detailed information on Forex Gold Trading with HF Markets you can find in our article.
HotForex’s Forex bonuses set it apart from other industry players. There is a bonus of up to $5000 on your first deposit, a 100% Supercharged bonus, and an accrual of rebates: a two-dollar-per-lot cash rebate to the trader’s account. The maximum grant here that can be received is $8000. Traders receive up to $50000 in total for their activity on the platform.
Cryptocurrency trading in Oman
In Oman, Crypto trading and other operations related to digital assets are completely legal. Even though the government emphasizes the volatility of the Crypto market, It doesn’t discourage Oman citizens to show interest in Cryptocurrency trading, engaging in active coin trading, or making passive income with Crypto.
With all that, global exchanges and international regulated brokers are present in the country’s market, becoming increasingly popular with the residents willing to invest and trade, multiplying their income.
AvaTrade was one of the first to offer Cryptocurrency trading, such as Bitcoin, Bitcoin Cash, Ethereum, Ripple, Dash, Litecoin, and other digital assets. Nowadays, its clients have access to a wide range of Cryptocurrencies. This brokerage does not charge banking operation commissions and provides the option of trading Crypto in tandem with fiat currencies.
Also, AvaTrade provides Copy Trading feature – your chance to earn some passive income by automatically following the moves of more experienced traders. The combination of AvaTrade’s global reputation with tech-advanced mechanisms gives traders the security of knowing that their trades are in the safe hands of some of the best traders.
Forex trading with Islamic Accounts in Oman
Since most Oman citizens profess the Muslim religion, many brokers that accept local customers offer to trade with Islamic accounts that are fully compliant with Shariah financial laws. Islamic accounts are swap-free meaning that Omani traders are not charged interest for positions left open overnight in line with the principles of the Muslim religion.
eToro was founded in 2007 and has more than 20 million users worldwide. By combining social media with trading, the broker lets you see what other customers are trading and copy their actions immediately. By using this feature, you can be in touch with the best traders on the site. The broker offers hundreds of instruments for trading, such as Forex pairs, Cryptocurrencies, Commodities, Indices, etc.
Those who open an Islamic account with eToro will be offered several benefits: no rollover interest will be applied to any trades lasting over 24 hours, and no fees or commissions will be charged for account management and interest-free leverage.
Binary options trading in Oman
Oman’s new generation of traders is increasingly interested in Binary options trading due to relative trading simplicity and high possible profitability. By trading this instrument, you can profit from forecasts about the price movement of the underlying assets.
The high success rate of the traders in the field of Binary options trading and its ever-growing popularity has led most traders in Oman to look for a trustworthy binary options broker. Choosing one can be complicated and time-consuming for a beginner since it requires knowledge and experience. Therefore, we have selected the most reputable brokerage companies that have a reputation, are regulated by the Forex regulatory organizations, and have millions of loyal customers.
IQ Option in Oman
IQ Option is one of the most popular online brokers for options trading. This broker offers low spreads, a user-friendly trading platform, and free demo account options.
The trading platform is easy to learn and use for both beginners and professionals. They provide traders with a wide variety of charting tools that enable them to predict future market movements. IQ Option is an online broker that adheres to the highest standards of security and regulation. In addition to Binary options, the broker offers trading in stocks, currency pairs, and Cryptocurrency.
ExpertOption in Oman
ExpertOption is a Binary options trading platform that provides more than 100 different financial assets, including currencies, stocks, commodities, and Cryptocurrencies. Having been regulated by reputable institutions, ExpertOption is considered one of the low-risk Forex brokers. It has developed a trading platform for any possible device including a mobile phone, so you can be sure that there will be no lags or delays in the order execution process.
With ExpertOption you can open a demo account without registering and receive a virtual $10000 balance to familiarize yourself with the platform and make sure it works for you. Also, if you top up your account within the first hour after registration, you’ll get a 100% bonus on your deposit.
The Best Forex brokers in Oman
Finding a suitable broker is one of the key factors for successful and secure trading. In order to help you proceed faster, we have compiled a list of the most respected Forex brokers which accept clients from Oman.
Choose any of the brokers we mention in the review, as all of them are time-proven, regulators-verified companies that are the leading in terms of trading conditions and reliability, with millions of users all over the world.
OANDA in Oman
OANDA is a broker with a long history, founded in 1996. Thanks to its great customer service and favorable trading conditions, the company has made remarkable strides.
Over 70 currency pairs, commodities, precious metals, and Cryptocurrencies are available to trade through the MetaTrader 4, Trading View, and Trade Web platforms. OANDA is also known for its MarketPlus trading analytics. The broker offers articles, videos, and webinars on a range of topics for clients new to the industry, letting them learn from the basics to expert trading.
Plus500 in Oman
Plus500 was founded in 2008 and is a multi-regulated and leading online trading broker providing traders with a large range of CFD instruments on an easy-to-use trading platform. Plus500 offers CFDs on Forex, commodities, stocks, shares, indices, metals, energies, options, and ETFs.
A commission-free trading platform, a wide selection of convenient funding options, and 24/7 customer support are all available at this broker.
eToro in Oman
eToro is world-renowned for its easy-to-use copy-trading platform, which allows traders to copy the trades of experienced investors and receive exclusive perks for sharing their own trading strategies. The broker’s clients can trade over 2 000 instruments, including CFDs, Forex, and Crypto. At present, eToro offers over 40 cryptocurrencies for trading, continually improving its trading services to maintain its position in the highly competitive crypto exchange market.
XM Group in Oman
XM Group is one of the best brokers for CFDs and Forex trading, trusted by more than 1.5 million clients in 196 countries.
A trading account can be opened for as little as $5. There are four types of accounts available: Micro, Standard, XM Ultra Low Micro, and XM Ultra Low Standard. The broker provides an opportunity to trade more than 1000 financial instruments, including currency pairs, CFDs, commodities, stock assets, metals, and energy. All owners of real trading accounts are provided with free access to trading signals.
Additionally, XM Group provides its Muslim clients with an Islamic account. The broker doesn’t charge a commission or widen the spread to cover the cost of the lost swap fees, meaning its Islamic account has the same trading conditions as a normal trading account, minus the swap fee.
In addition, XM also offers a multi-level Forex bonus program: there are mainly three bonus types, each with a free VPS and no-fee deposits and withdrawals. With XM, you get up to $5000 as an automatic entry bonus and a transparent referral program is offered by XM: you will receive a $35 bonus for every friend who joins XM.
HF Markets in Oman
HF Markets (former Hot Forex) offers a wide variety of account types that are tailor-made for the needs of a wide range of clients, regardless of their experience level. The broker provides a diverse range of trading assets, high-quality software, favorable trading conditions, and instant execution of orders. Licenses from several regulators prove the broker’s reliability. HotForex, in addition to offering enhanced MetaTrader and high-quality research, also offers a proprietary copy trading platform, HFcopy, and offers a decent selection of over 1000 CFDs and 47 Forex pairs.
Also, it gives a very generous Forex bonus of up to $5000 on your first deposit, cash rebates up to $8000, and also seasonal bonus offerings.
AvaTrade in Oman
AvaTrade is a global CFD and Forex broker founded in 2006, providing multiple trading platforms for web, desktop, and mobile devices, offering Forex and CFDs on numerous asset classes, including cryptocurrencies. AvaTrade has 300,000 registered traders who place more than 3 million trades each month and has executed more than $1.47 trillion in traded value since inception.
AvaTrade holds regulatory licenses in multiple financial hubs around the world, making it a low-risk broker. Customers of AvaTrade can benefit from copy trading instruments, which automatically replicate the strategies of successful traders. Unlike traditional trading, you will not be required to handle the trades yourself. Select a trader you like, and the system will automatically copy the transactions and apply them to your deposit.
Moreover, a feature that further demonstrates the credibility of these regulated international brokers is that they each offer you the chance to open a free demo account before diving into the trading world. To compare different platforms, you can register with a few of them to see if they are suitable for your trading needs.
We’d recommend you explore all the features the brokers have to offer. For instance, you can use bonuses the brokers provide to fund your market research. With some brokers, you can trade on your own while using the Copy Trading feature with others: it will encourage you to keep trading and increase your chances of earning passive income.
Top Forex brokers in Oman - FAQ