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How to Start Forex Trading in Pakistan (2026)

Updated
Verified 2026-09-21 Tim Morris

Starting forex trading in Pakistan begins with a fact most guides skip: no online forex broker is licensed to serve the Pakistani public. Not one. The Securities and Exchange Commission of Pakistan (SECP) licenses stockbrokers on the PSX and futures brokers on the Pakistan Mercantile Exchange (PMEX) — there is no licence category for online margin forex or CFDs, so nobody holds one. The State Bank of Pakistan (SBP) controls foreign exchange under the Foreign Exchange Regulation Act, 1947, and its May 2022 advisory told residents plainly that buying the products of offshore forex platforms is prohibited and that remitting money to them exposes the sender to FERA proceedings. Meanwhile, a very large number of Pakistanis trade with offshore brokers anyway.

This guide gives you the whole picture in the order you will meet it: what each regulator actually says, what PMEX offers instead, how to choose an offshore broker if that is the route you take, how Easypaisa and JazzCash funding really works, and which bonus offers name Pakistan in their own terms. Every broker figure comes from our Broker & Bonus Matrix, re-verified against published terms on 7 August 2026. Nothing here is legal, tax or financial advice.

Availability note: forex bonuses are banned for retail clients in the EU, UK, Australia and the United States. Pakistan has no equivalent bonus ban, so the offers described here are directed at Pakistani residents and other eligible markets — not at readers in those four regions.

Step 1: Understand the Two-Sided Regulatory Perimeter

Two regulators split the territory, and the split explains every warning you have read.

SECP regulates securities and futures markets under the Securities Act, 2015 and the Futures Market Act, 2016. It has never licensed any entity to run an online margin-forex or CFD platform for the Pakistani public. When SECP calls a platform “unauthorized,” that is what it means — not that the platform is necessarily fraudulent, but that the licence it would need does not exist here. SECP warned publicly against unauthorized online trading platforms in April 2025 and against broker-impersonation scams in December 2025, and it directs the public to the PSX and PMEX broker registers as the only lists that confirm authorization.

SBP controls the movement of foreign exchange itself under FERA 1947. Residents may buy foreign currency only through authorized channels for permitted purposes, and funding a margin-trading account with an offshore platform is not a permitted purpose. That is the legal hook in the May 2022 advisory — and it applies to the trader, not just the platform. Banks and authorized dealers were instructed to prevent customer payments to such platforms, which is exactly why Pakistani cards commonly fail on offshore broker cashiers.

Three sober observations about how this has played out since:

  1. The liability is real on paper and rarely enforced against small traders in practice. Publicly reported FERA proceedings against ordinary retail forex traders remain rare; enforcement energy has gone into platforms, payment channels and promoters. Rare is not never, and this is exactly the kind of exposure that can tighten without warning.
  2. The payment instruction has teeth. The card route mostly does not work, which is why the local market runs on wallets and third-party payment routes — real, functional, and outside any formal protection.
  3. Being named by a regulator is a statement about authorization, not a fraud finding. OctaFX was named alongside Easy Forex in the SBP advisory. That is not a verdict on the broker’s honesty; judge any broker separately on its licences and withdrawal record.

The sourcing for the above: the SBP’s May 2022 advisory as reported by Dawn (19 May 2022) and Business Recorder; SECP’s April 2025 warning as reported by Mettis Global (9 April 2025); and SECP’s December 2025 warning as reported by Profit / Pakistan Today (9 December 2025). Every one of those links, with the quoted passages and our access dates, is in our Pakistan forex regulation guide — the full legal picture. Read it before you open anything.

Step 2: Choose Your Path — PMEX or Offshore

PMEX is the only route with no legal asterisk. The Pakistan Mercantile Exchange is the country’s only SECP-licensed futures exchange. Through an SECP-licensed PMEX broker you can trade currency-pair futures on pairs such as EUR/USD and GBP/USD in a regulated, exchange-cleared environment, alongside metals, energy, agriculture and equity indices. You fund in PKR through Pakistani banks. If a dispute arises, you have an SECP-regulated broker and Pakistani jurisdiction.

The offshore route is what most Pakistani retail traders actually use. Here is the honest comparison:

FactorPMEX currency futuresOffshore forex brokers
Legal status for residentsFully licensed (SECP)Unauthorized; funding them carries FERA exposure
LeverageExchange-set margins, far lowerCommonly 1:500 to 1:1000+
InstrumentsCurrency-pair futures plus commoditiesFull FX board, metals, indices, crypto CFDs
Minimum to startBroker-set, materially higher$1 to $50
FundingPKR through Pakistani banksWallets and third-party routes; cards usually fail
Recourse in a disputeSECP-regulated broker, Pakistani courtsOffshore regulator only
BonusesNoneThe entire offer market is offshore

If legal clarity is your priority, choose PMEX and accept the narrower product set as its price. If you take the offshore route, do it with both eyes open: FERA exposure on funding, grey-channel payments, and zero recourse in Pakistan. The rest of this guide is about doing the offshore route as carefully as it can be done.

Step 3: Choose a Broker That Genuinely Serves Pakistan

Three tests separate a broker that serves Pakistan from one that merely accepts Pakistani sign-ups: a licence you can verify on a regulator’s own register, a cashier that shows working Pakistani funding options, and offer terms that name Pakistan rather than leaving eligibility to a support ticket.

These are the vetted brokers in our Matrix whose active offers list Pakistan as eligible, or whose exclusion lists do not name it. All figures verified 7 August 2026.

BrokerMin depositPlatformsRegulation (headline)Offer Pakistan can claimKey conditionOpen
XM$5MT4, MT5CySEC, Belize FSC, DFSA, FSCA$50 no deposit bonus; 50% up to $500 then 20% up to $4,500 deposit bonusNDB: 10 micro lots + 5 round-turn trades. Deposit bonus: Zero and Ultra Low accounts not eligibleVisit XM
HFM$5MT4, MT5FSCA, FCA, CySEC, DFSA, FSA Seychelles20% Top-Up Bonus up to $5,000; Return on Free Margin at 2%–3% annualisedTop-Up: no volume requirement in T&C v2026/03; forfeited after 60 days inactivity. ROFM: 5+ lots a monthVisit HFM
FXGT$5MT4, MT5FSA Seychelles (SD019), VFSC Vanuatu, FSCA (its CySEC entity serves institutional clients only)30% Milestone Bonus up to $600; 3-level Loyalty Bonus (20% / 22% / 25%)Milestone needs 3 qualified GTLots; Loyalty tiers at 6 / 20 / 50 lifetime QGTLotsVisit FXGT
InstaForex$1MT4, MT5BVI FSC30% on every deposit; tiered 100% / 50% / 30% campaign30%: X×3 InstaForex lots (1 market lot = 10 InstaForex lots). Tiered: no lot requirement, but any withdrawal cancels itVisit InstaForex
RoboForex$10MT4, MT5, R StocksTraderFSC Belize$30 Welcome Bonus; per-lot cashback; up to 10% annual interest on balanceWelcome: no volume requirement in the current rules, but it needs a $10 bank card deposit — the step most likely to fail from PakistanVisit RoboForex
JustMarkets$10MT4, MT5CySEC, FSA Seychelles, FSCA, FSC MauritiusNo bonus we can verify. The 50% / 100% / 120% tiers are no longer published on JustMarkets’ site (checked 18 August 2026)Last verified terms (3 June 2026): bonus ÷ 2 in lots; orders under 5.9 pips of profit do not count; 30 days (90 on Double Benefit). Do not plan around themVisit JustMarkets
LiteFinance$10MT4, MT5, cTraderCySEC, FSC Mauritius$50 no deposit bonus (code Welcome); 60% deposit bonus up to $10,000 (code LIKE)NDB: 1 month, real deposit required before any withdrawal. 60%: min $100, 50 trades + 30% of bonus in lotsVisit LiteFinance
FreshForex$10MT4, MT5SVGFSA (not a recognised major regulator)300% on deposits from $100, max $5,000 active bonus; 101% and 15% variants; up to $20/lot cashback300%: closed lots must reach 35% of the bonus amount; promotion period ends 30 September 2026. The 101% and 15% offers are scheduled to end 31 August 2026; the cashback runs to 30 October 2026Visit FreshForex
Vantage$50MT4, MT5, TradingViewASIC, FCA, VFSC150% first deposit up to $1,500 + 25% subsequent, credit capped at $50,000No volume requirement; credit deducted pro rata on any withdrawal. Opt-in plus facial verification. Runs to 31 Dec 2026Visit Vantage
Exness$10MT4, MT5, Exness TerminalFCA, CySEC, FSA Seychelles, FSCANo bonus programme at allListed because it is widely used in Pakistan — any “Exness bonus” advert is not an Exness offerVisit Exness

Full rankings with scores are on best forex brokers for Pakistan, and our FBS Pakistan guide shows how we cover a single broker for this market in depth.

A note on FreshForex. Its 300% headline is the largest number available to Pakistani traders, and its only licence is SVGFSA, which our Matrix records as not a recognised major regulator. That combination — the biggest bonus and the weakest oversight — is not a coincidence, and it is the trade-off to weigh consciously rather than by headline.

Step 4: Open and Verify Your Account

Pakistani KYC is simple if you do it on day one instead of at your first withdrawal.

  • Identity: CNIC is the standard document; a passport is accepted everywhere above.
  • Address: a utility bill or bank statement, generally dated within the last three months.
  • Name matching decides whether your money comes back. The wallet or bank account you fund from must be in exactly the name on your CNIC and your trading account. A deposit sent from a relative’s or an agent’s Easypaisa account will usually clear on the way in and block the withdrawal on the way out.

Several offers add verification of their own: XM’s $50 no deposit bonus requires SMS and/or voice verification, HFM’s Top-Up requires phone verification, RoboForex requires full identity, address and phone verification, and Vantage’s 150% bonus requires facial verification plus an explicit opt-in.

Step 5: Fund in PKR — Easypaisa, JazzCash and What Actually Works

International brokers rarely connect to a wallet like Easypaisa directly. They plug into local payment service providers that bundle Pakistani rails — wallets, local bank transfer, sometimes cards — into a single “local methods” option inside the cashier. Which rails appear on a given day depends on the broker’s current processor arrangements, the entity you registered under, and the country detected on your profile. That is why one trader sees a wallet option and another does not, and it is why no honest site publishes a permanent “supports Easypaisa: yes/no” column.

What we can tell you is what to expect and how to check.

Easypaisa, run by Telenor Microfinance Bank, and JazzCash, run by Mobilink Microfinance Bank, are the two dominant wallets. They suit how Pakistani retail traders actually operate: mobile-first, modest starting capital, an agent network instead of a branch relationship. They usually reach the broker through an aggregator rather than natively.

Bank transfer from HBL, UBL, MCB and others is the most universally supported route across international brokers, at 1–3 business days plus a PKR-to-USD conversion.

Cards issued by Pakistani banks generally fail on offshore broker cashiers, because the SBP instructed banks to prevent customer payments to those platforms. Plan around this rather than being surprised by it — and note the specific consequence for bonuses: RoboForex’s $30 Welcome Bonus requires a minimum $10 deposit by bank card, so the card problem can block the offer itself even though Pakistan is not on its exclusion list.

Crypto bypasses the banking channel entirely at some brokers. The regulatory position of cryptocurrency in Pakistan has been subject to evolving SBP guidance, so confirm the current position before relying on it, and note that some promotions exclude crypto-funded deposits.

The practical method: registration is free everywhere above, so open the deposit screen before you fund and see the live Pakistan menu for yourself. It takes five minutes and it is the only current source. Then check the withdrawal menu, which is usually narrower than the deposit menu — confirm your exit route before money goes in, not after. Our Easypaisa forex brokers guide documents the mechanics and the failure modes broker by broker.

The PKR conversion cost

Almost every offshore broker denominates accounts in USD. Every deposit and withdrawal crosses a PKR/USD conversion at the processor’s or intermediary bank’s rate, which differs from the official SBP rate — and you pay it twice on a round trip, even when the cashier’s fee line reads zero. Compare the PKR amount quoted against the rate you can look up; the gap is your real funding cost. The rupee’s volatility in recent years adds a second layer: a balance held in USD moves in PKR terms whether or not you place a single trade.

Step 6: Know Which Offers Pakistan Can Actually Claim

An offer being advertised by a broker that accepts Pakistani clients does not mean Pakistani clients can claim it. Every offer in our Matrix carries eligible-countries and excluded-countries lists drawn from its own governing terms. Here is where Pakistan (PK) falls.

Confirmed available to Pakistani traders:

  • XM $50 no deposit bonus. Issued by XM Global Ltd under Belize FSC licence 000261/158. Condition: 10 micro lots (0.1 standard lots) across at least five round-turn trades. The governing $50 terms contain no profit cap and no claim window or expiry — the “claim within 30 days” rule that circulates online belongs to the separate XM (SC) $100 variant document. Withdrawing funds removes the bonus proportionally rather than cancelling it. Shares accounts excluded. Honest caveat: XM publishes no official country list for this promotion, so Pakistani eligibility is recorded from third-party sources and flagged for re-verification — confirm it on your own registration screen.
  • XM deposit bonus, 50% up to $500 on the first deposit then 20% up to $4,500 on subsequent deposits, ceiling $5,000, on a $5 minimum. Zero and Ultra Low accounts are not eligible.
  • LiteFinance $50 no deposit bonus (code Welcome), valid one month, on MT4-CLASSIC, MT4-CLASSIC2, MT4-CENT and MT4-CENT2. No explicit lot requirement, but no bonus or bonus-derived profit can be withdrawn until you have made a real deposit. At last check the promo page showed “Activations left: 0” with no closure banner — ambiguous, so treat availability as unconfirmed until the credit appears.
  • RoboForex $30 Welcome Bonus. The current official rules contain no trading-volume requirement and no profit cap — the “2 standard lots in 30 days” and “$100 profit cap” figures still repeated on other sites are from a retired version. The activation code is valid 30 days and a $10 bank-card deposit is required, which is the practical obstacle from Pakistan.
  • RoboForex cashback and interest. The cashback programme lists Pakistan explicitly; the interest-on-balance scheme publishes no eligible-country list and does not exclude Pakistan. Cashback: per-lot rebates on Pro/ProCent and 5%/7%/10% of commission on ECN by monthly volume tier, from a 10-lot monthly minimum. Interest: 2.5%/5%/10% a year on balance by monthly lots traded (from a 1-lot monthly minimum). Both pay real, unrestricted funds — not bonus credit.
  • InstaForex 30% welcome bonus on every deposit (volume: bonus × 3 InstaForex lots, where one market lot equals ten InstaForex lots) and the tiered 100% / 50% / 30% campaign, which has no lot requirement but is cancelled by any withdrawal.
  • HFM’s 20% Top-Up and Return on Free Margin, FXGT’s Milestone and Loyalty bonuses, LiteFinance’s 60%, Vantage’s 150%, FreshForex’s 300% (stated period to 30 September 2026), 101% and 15% (both to 31 August 2026) and its per-lot cashback (to 30 October 2026), Windsor’s tiered deposit bonus and loyalty scheme, and Traders Trust’s daily cashback (from 10 round-turn lots a day, credited as withdrawable funds the next working day).

We could not verify these are running (18 August 2026):

  • JustMarkets’ 50% / 100% / 120% deposit tiers and its $30 Welcome Account. Nothing in their terms excluded Pakistan, but the offers are no longer published on JustMarkets’ site: the recorded promotion URLs return 404, justmarkets.com/trading/promotions redirects to a homepage with no promotions section, and none of them appear in the broker’s own sitemaps (951 and 140 URLs). A sitemap is served identically to every visitor, so this is not geo-suppression of a Pakistani view. JustMarkets has not said the offers are withdrawn, and they may still exist inside the client portal — but we cannot confirm they are running, so treat them as unavailable until you see the credit terms on your own registration screen. JustMarkets itself is operating normally and still accepts Pakistani clients; only the bonuses are in question.

Not available in Pakistan, whatever a listicle tells you:

  • FBS deposit bonus. Its published eligible list runs South Africa, Cameroon, Argentina, Kenya, Brazil, Malaysia, Philippines, Nigeria, Thailand and Turkey. Pakistan is not on it.
  • Windsor Brokers $30 no deposit bonus. Pakistan is excluded under clause 20 of the terms — even though Windsor’s deposit bonus is available.
  • Tickmill $30 Welcome Account. Pakistan is in the excluded-countries list.
  • Traders Trust $200 no deposit bonus and its deposit bonus — both withdrawn, verified 7 August 2026. HFM’s 100% Supercharged Bonus — withdrawn, replaced by the 20% Top-Up. Both FreshForex no deposit bonuses — expired.
  • Exness runs no bonus programme. Any “Exness bonus Pakistan” promotion is not an Exness offer.

Eligible but not confirmed at country level: FBS’s $100 Quick Start bonus, InstaForex’s StartUp Bonus and FXGT’s no deposit bonus all list Pakistan but sit at unverified status in our Matrix, meaning we could not confirm their terms from a source document and publish no figures for them. JustMarkets’ $30 Welcome Account was in this group too — its last verified terms (3 June 2026: 5 lots in 30 days, cumulative result above 60 pips, $30 profit cap, max 0.01 lots per position, EAs prohibited, $100 live deposit before profits transfer) describe eligibility only by region, excluding Nigeria, South Africa and Vietnam without naming Pakistan either way — but as of 18 August 2026 the offer is not published on JustMarkets’ site at all, so it now sits in the unverified group above.

Compare the current verified list on no deposit bonuses for Pakistan and deposit bonuses for Pakistan, and model the lot requirement in the turnover calculator before accepting credit you cannot convert.

Matching offers to a realistic Pakistani account size

  • Under $50: XM’s and LiteFinance’s no deposit bonuses, and InstaForex’s 30% (no stated minimum).
  • $50–$99: Vantage’s 150% first-deposit bonus opens at its $50 minimum.
  • $100–$499: LiteFinance’s 60%, Windsor’s tiered deposit bonus, HFM’s 20% Top-Up, FreshForex’s 300% from $100 and — until its stated 31 August 2026 end date — its 101% from $101.
  • $500+: XM’s full 50%/20% structure.

JustMarkets’ tiers used to fill three of those brackets on a $10, $100 and $500 deposit respectively; they are excluded here because we could not verify they are still running.

For an active trader, the recurring programmes often beat the one-off credit. RoboForex’s cashback plus interest on balance, HFM’s Return on Free Margin, FreshForex’s per-lot rebates and Traders Trust’s daily cashback all pay real withdrawable funds rather than restricted credit. Compare them on our cashback page.

Step 7: Demo First, Then Trade Small

Open a free demo account and spend two to four weeks on it before funding anything. Learn to place market and limit orders, set a stop-loss, and watch what leverage does to your margin under real conditions.

When you go live:

  • Trade micro lots (0.01) — roughly $0.10 a pip on EUR/USD. Cent accounts, offered by several brokers above, let you go smaller still.
  • Set a stop-loss before you enter and leave it alone.
  • Risk 1–2% of the account per trade. On a $100 account that is $1–$2.
  • Cap your effective leverage at 1:10 to 1:50 while you learn, whatever the broker allows. A 1:500 position means a 0.2% adverse move takes your whole margin.
  • Test a withdrawal in your first week with a small amount, back to the same wallet or account you funded from. Do not deposit again until you have seen money arrive.
  • Keep a journal — entry reason, exit, lesson. It is free and it works.

Common Mistakes in the Pakistani Market

  1. Believing a platform that claims to be “SECP-regulated” for forex. No such licence exists. A broker advertising one is misrepresenting itself, which is a red flag in itself.
  2. Funding from a relative’s Easypaisa or JazzCash wallet. It clears on deposit and blocks the withdrawal. Fund only from an account in your own CNIC name.
  3. Assuming a card will work. It usually will not, and for RoboForex’s Welcome Bonus the card requirement is part of the offer’s own terms.
  4. Chasing the biggest headline percentage. FreshForex’s 300% requires closed lots equal to 35% of the bonus and comes with the weakest licence on this page. HFM’s 20% has no volume requirement at all. Compare the condition, not the number.
  5. Trusting Telegram and social-media “signal” groups. The scams SECP keeps warning about — fabricated dashboards, impersonation of licensed brokers, fixed-daily-return promises — have cost Pakistanis far more than FERA proceedings ever have. A real broker never messages you promising fixed returns. See forex social media scams and how to spot a scam forex broker.
  6. Ignoring the currency layer. A USD balance moves in rupee terms with no trades placed at all. Size your account accordingly.

Tax and Record-Keeping

Profits from trading may be taxable in Pakistan; the Federal Board of Revenue is the relevant authority. The specific treatment of retail forex profits earned through offshore brokers is not always clearly defined in practice, which makes records the important part: export your full trade history and every deposit and withdrawal record from the platform, and keep them. Consult a qualified Pakistani tax professional about your own position. This is not tax advice.

Where to Go Next

This guide is educational. Forex and CFD trading carries significant risk and most retail traders lose money. Nothing here is financial, legal or tax advice. All broker figures were verified against published terms on 7 August 2026 — confirm current terms on the broker’s own site before claiming anything.

Frequently Asked Questions

Through the licensed channel, yes: currency-pair futures on PMEX via an SECP-licensed broker are fully legal. Outside that channel, no online forex broker is authorized to serve the Pakistani public, and the SBP’s May 2022 advisory states that residents who remit foreign exchange to offshore trading platforms expose themselves to proceedings under FERA 1947. Enforcement against individual retail traders has been rare — enforcement energy has gone into platforms, promoters and payment channels — but the prohibition is on the books and it applies to the resident, not only the platform.

How much money do I need to start forex trading in Pakistan?

Offshore brokers accepting Pakistani clients start from $1 (InstaForex), $5 (XM, HFM, FXGT), $10 (Exness, RoboForex, JustMarkets, LiteFinance, FreshForex) and $50 (Vantage). Two no deposit bonuses — XM’s $50 and LiteFinance’s $50 — let you start without depositing your own funds, though LiteFinance requires a real deposit before any profit can be withdrawn. PMEX brokers set materially higher minimums. A practical starting range for a beginner is the rupee equivalent of $25 to $100, trading micro or cent lots so a single mistake does not end the account.

Can I use Easypaisa or JazzCash to fund a forex account?

Often, but not reliably enough for anyone to promise it. Brokers do not connect to these wallets directly; they use local payment service providers that bundle Pakistani rails into a “local methods” option, and which rails appear depends on the broker’s current processor arrangements and your registered entity. Cards issued by Pakistani banks generally fail, because the SBP instructed banks to block payments to offshore trading platforms. Registration is free at every broker we list, so open the deposit screen and check the live menu — then check the withdrawal menu too, which is usually narrower.

Which forex bonuses are actually available to Pakistani traders?

Confirmed eligible: XM’s $50 no deposit bonus and its 50%/20% deposit bonus, LiteFinance’s $50 no deposit bonus and 60% deposit bonus, RoboForex’s $30 Welcome Bonus plus its cashback and interest programmes, InstaForex’s 30% and tiered deposit bonuses, HFM’s 20% Top-Up and Return on Free Margin, FXGT’s Milestone and Loyalty bonuses, Vantage’s 150%, FreshForex’s 300%, 101% and 15% deposit bonuses and its cashback (each carries its own stated end date — the 101% and 15% run only to 31 August 2026), Windsor’s deposit bonus and Traders Trust’s daily cashback. Not available: FBS’s deposit bonus does not list Pakistan among its ten eligible countries, Windsor’s $30 no deposit bonus excludes Pakistan under clause 20, Tickmill’s $30 Welcome Account excludes Pakistan, Traders Trust’s no deposit and deposit bonuses are withdrawn, and Exness runs no bonus programme at all. Unverified: JustMarkets’ 50%/100%/120% tiers and its $30 Welcome Account are no longer published on the broker’s site (checked 18 August 2026), so we cannot confirm they are running — do not count on them.

Is OctaFX banned in Pakistan?

OctaFX was named, alongside Easy Forex, in the SBP’s May 2022 advisory as an example of an offshore platform whose products Pakistani residents are prohibited from buying, and banks were instructed to block payments to such platforms. “Banned” in that sense means unauthorized and payment-blocked — it is not a fraud verdict against the broker, which holds licences offshore. The same logic applies to every offshore broker serving Pakistan: none is authorized here. Our assessment of that specific broker’s regulatory standing is in is OctaFX legit.

What documents do I need to open a forex trading account from Pakistan?

A CNIC or passport for identity, and a utility bill or bank statement for address, generally dated within the last three months. Most brokers verify within a few hours to one business day. The detail that matters more than the documents is name matching: the wallet or bank account you fund from must be in the same name as your verified trading account. Deposits sent from a family member’s or an agent’s account typically clear on the way in and block the withdrawal on the way out, which is the most common reason Pakistani traders find their money stuck.

Are PMEX currency futures a real alternative to offshore forex?

For legal clarity, yes — it is the only route without a legal asterisk, and PMEX lists currency-pair futures on majors such as EUR/USD and GBP/USD alongside metals, energy, agriculture and equity indices, all exchange-cleared through an SECP-licensed broker with PKR funding. What you give up is leverage (exchange-set margins are far lower than offshore), instrument breadth, and promotions — PMEX brokers offer no deposit bonuses of any kind, because the entire bonus market for Pakistan is offshore. Which side of that trade-off is right depends on how much the legal certainty is worth to you.