Find out the best Forex brokers operating in Oman. Oman is far from one of the most popular countries when it comes to foreign exchange trading, but this doesn’t mean that you are not able to start your forex career there. Before doing so, it is essential for you to learn a couple of things regarding the currency rates of the nation.
Before 1940, the Maria Theresa Thaler(also known locally as rial) and the Indian rupee were the main currencies that were circulating in Oman. However, a couple of years later, the coints were introduced in Oman. On the other hand, the Indian rupee continued circulating through the country.
The situation changed in 1970 when for official currency twas made the rial Saidi. It was actually equal to the British pound and replaced the rupee with approximate rate of 21 rupees to rial. Back in 1973 up to 1986 the rial was pegged to the US dollar and the currency pair was set to 1 rial = 2.85 dollars. However, a couple of years ago this amount was denominated.
The central bank in Oman has the most important regulatory functions ever since it was established. It is important to know that its main goal is to make the inflation as low as possible by making the economy grow as much as possible.
Actually the current political and economic situation in Oman is not that bad and the foreign exchange market is preferred by many novice forex traders because of its steady fluctuations. Therefore, the market is not really suitable for risky players who are in need of high stakes and huge volatility.
Below we will post a list of brokers that every person can take a look at. Remember that it is always better to open a demo account first and try some strategies until you learn how to trade properly.
Otherwise, if you start trading on your own with real money and no experience, then you will not last much – you can be sure of that. Usually the Oman rial is tied to the Indian rupee and this is why this currency pair is really popular among traders there.
However, here is the promised list of forex brokers that you can use in the country. Keep in mind that all of them have been tried and are completely reliable.