Pakistan
Starting a brokerage from Pakistan
A founder in Karachi or Lahore planning a brokerage deals with two regulators that do different jobs. The SECP licenses futures brokers and warns the public about unlicensed platforms. The State Bank of Pakistan decides whether money may leave the country at all, and on offshore forex it has said no. This page takes each in turn, then the onshore exchange route and how founders who choose a licence outside Pakistan set things up.
Two regulators, two jobsFrom this guide's sources
- SECPFutures broker licencea minimum net worth of PKR 10 million
- PMEXCommodity futures exchangethe country's only SECP-licensed commodity futures exchange
- State BankPayments to offshore forex platformsnot allowed
Figures and rows from this guide's own sources. Sample market data, sample clients and sample brands. "Your Brand" stands for your own name and logo.
What the SECP has said about offshore platforms
In a press release dated 9 April 2025, the Securities and Exchange Commission of Pakistan cautioned the public against illegal offshore trading and investment platforms. It described entities, typically based offshore, that facilitate trading in forex, securities, commodities, options and other speculative instruments while operating without licensing or oversight from any Pakistani regulatory authority.
A later release, on 22 May 2025, stated the positive rule: trading in listed securities and commodities in Pakistan can only be carried out through SECP-licensed securities and futures market brokers, whose names are published on the PSX and PMEX websites.
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Who holds whatIllustration
- Licence
- Client relationship
- Client money
- Trading accounts
Illustration.
On your platform
How the platform fits this route
One deployment on your brand, domain and database: the terminal your clients trade on, and the CRM your team runs.
Sample market data and sample clients. "Your Brand" stands for your own name and logo.
The State Bank has closed the payment channel
The sharper constraint is money.
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The State Bank of Pakistan's EPD Circular Letter No. 08 of 2022, dated 18 May 2022, says that sending foreign exchange abroad, directly or indirectly, to offshore forex, margin trading or CFD apps, websites or platforms through any payment channel is not allowed. It adds that residents who buy products from such platforms breach section 4(1) of the Foreign Exchange Regulation Act, 1947, and it instructs banks to warn customers and to identify and block these platforms.
The State Bank's press release of the same day says such buying by any person resident in Pakistan is prohibited, and that the platforms are regulated by neither the State Bank nor the SECP.
The Foreign Exchange Manual does not change this. Its general permission for individuals to make portfolio investments abroad covers only shares of listed companies, up to USD 25,000 a calendar year through a designated bank, and none of its chapters mentions forex, margin or CFD trading.
The onshore route: PMEX and licensed futures brokers
Pakistan does have a regulated venue with currency exposure.
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PMEX describes itself as the country's only SECP-licensed commodity futures exchange, and it lists gold futures in milli-ounces quoted in seven currencies, all cash-settled in rupees. Its Composite Order Trading System pairs two of those contracts so the gold cancels out and a net currency position, such as EUR/USD, remains. PMEX sets the margins and changes them often.
Access runs through a futures broker. Under regulation 3 of the Futures Brokers (Licensing and Operations) Regulations, 2018, nobody may act as one without an SECP licence, and regulation 7 sets a minimum net worth of PKR 10 million. That is an exchange brokerage, a different business from an offshore broker that fills orders in-house.
Sources (3)
- PMEX, homepage notice: Trade Safely! Avoid Unregulated Platforms (accessed 24 September 2026)
- PMEX, Gold (Milli Ounce) futures and the Composite Order Trading System (accessed 24 September 2026)
- SECP, Futures Brokers (Licensing and Operations) Regulations, 2018, PMEX consolidated copy (to 12 December 2025)
How founders set up with a licence outside Pakistan
Founders who want the offshore model generally establish a licensed entity outside Pakistan, take clients only from countries where both that licence and the clients' own local law allow it, and exclude Pakistani residents in the client terms.
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Sending your own capital out of Pakistan to fund that entity, and bringing profits back, are foreign-exchange questions as well, so counsel should settle those along with where each line falls. A plan that depends on rupees reaching an offshore platform runs straight into the State Bank circular.
Test the payment side before registering anywhere: our guide on why you should put the payment questions first lists what to ask each provider in writing, and our breakdown of licence, capital and running costs helps size the budget. None of this is legal advice; for that you need a lawyer who practises in Pakistan.
What the software covers
Your brokerage runs on its own deployment and database, with a client terminal and a back office for your sales and compliance staff where KYC documents are reviewed before any withdrawal and introducing brokers are paid per lot across up to five levels.
KYC review
Sample data and sample clients.
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Each client's orders are kept in-house or covered with a liquidity provider, as you choose, and we can introduce you to providers.
Common questions
Anything else? Our team answers 24/7.
Is online forex trading with foreign brokers legal in Pakistan?
The State Bank of Pakistan says buying products from offshore forex, margin or CFD platforms by a resident is prohibited and breaches the Foreign Exchange Regulation Act, and the SECP has warned that such platforms operate without any Pakistani licence. Ask your own lawyer what that means for your plans.
Is there a regulated way to trade currencies in Pakistan?
Through PMEX. Its gold futures in seven currencies, paired through the Composite Order Trading System, leave a net currency position, and they are traded through SECP-licensed futures brokers.
Can a Pakistani bank send money to an offshore forex or CFD platform?
No. The State Bank's circular of 18 May 2022 says remitting foreign exchange to offshore forex, margin or CFD platforms through any payment channel is not allowed, and it tells banks to identify and block those platforms.
How quickly can the technology be ready?
Once you are happy with the demo, the branded platform is set up within a week. Legal structuring and payment onboarding take longer and should start first.
Get the technology question settled early
Book a demo and see your brand on the platform your clients would install, before you commit to anything.