KWD Trading Account
By Stéphane on 29/10/2023
Do you wonder which broker offers a KWD account? Look no more. We've reached out to 20+ Forex brokers, and found the following brokers with a KWD trading account.
- Flexible leverage up to 1:3000.
- All trading strategies and EAs are allowed on MT4/5.
- You can also trade on raw spreads, plus commission.
- Daily Forex market commentary.
- No fees on deposits or withdrawals.
- No access to an investor compensation fund as this broker is incorporated in the Seychelles.
- Customer support is underwhelming.
You may also open a KWD trading account with JustMarkets.com and fund it with Visa, Mastercard, Skrill, Neteller or Sticpay. However, as none of these funding methods supports the Kuwaiti dinar as a payment currency, you may incur foreign exchange fees when moving money in and out of your trading account.
Not eligible: clients from the USA, the EU and EEA, the UK, Australia, Canada and sanctioned countries.
What other brokers say
For completeness, we wanted to give you a feel for a few of the other brokers we contacted, in the process of drafting this article. Unfortunately, none of them support the Kuwaiti Dinar as an account currency.
- AvaTrade KWD account: AvaTrade.com doesn't offer a trading account with KWD a base currency. AvaTrade supports AUD, EUR, GBP and USD as account base currencies. The currencies and funding methods available to you will depend on your home country.
- HF Markets KWD account: HFM.com (formerly HotForex) doesn't support KWD as an account base currencies in any of its entities. If you live in Kuwait and open an account with HF Markets, you'll be given a choice between USD and EUR for your account currency.
- eToro KWD account: USD is eToro's only account base currency. This means that any deposits and withdrawals you make from KWD into USD will be subject to eToro's 0.50% currency conversion fee. This amounts to a 1% haircut on money coming in and out of your account. Whenever possible, open an account in your own currency to avoid unnecessary currency conversion fees.
- XM KWD account: XM supports a wide range of account currencies but KWD isn't one of them. The range of currencies will depend on your account type.
About the Kuwaiti Dinar
The Kuwaiti Dinar, abbreviated as KWD or KD, is the official currency of the State of Kuwait, an oil-rich Emirate bordering the Persian gulf. The Dinar was first issued in 1961 in replacement of then circulating Indian rupee(1).
Since 2007, the Dinar has been pegged to an undisclosed basket of international currencies, whose relative weights reflect Kuwait's largest trading partners(2). Prior to that, the Kuwaiti Dinar was briefly pegged to the US Dollar. Throughout 2022, 1 KWD was equal to 3.0625 US Dollars, on average.
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About the author
I'm Stéphane, a trader and an entrepreneur. My mission with TrustedBrokers is to help you find the right broker for you, whether you're a beginner or a pro. I've personally used and tested the brokers on our service, opening and funding real-money accounts, contacting customer service and placing trades. I started my career in investment banking in London.
- 1. Central Bank of Kuwait. First Issue. https://www.cbk.gov.kw/en/banknotes-and-coins/banknotes/first-issue
- 2. Central Bank of Kuwait. Exchange Rate Policy. https://www.cbk.gov.kw/en/monetary-policy/exchange-rate-policy