Trading forex in the United Arab Emirates has never been easier. There are so many brokers to choose from. But which one is the best?
We compared and reviewed top forex brokers in UAE.
10 Best Forex Brokers UAE
- eToro ⇒ Best Overall Forex Broker in UAE
- Pepperstone ⇒ Best for Lowest Spreads & Fees
- OANDA ⇒ Best Broker for Beginners
- XM ⇒ Lowest Spread Forex Broker in United Arab Emirates
- XTB ⇒ Best CFD FX Platform in the World
- HotForex ⇒ Best High Leverage MT4/MT5 Brokerage
- AvaTrade ⇒ Highly Regulated Forex Broker
- IQ Broker ⇒ Great for all Trading Activities
- FOREX.COM ⇒ Trusted FX Brand
- HYCM Henyep Markets
Forex Brokers for residents in United Arab Emirates
Compare regulated brokers that accept clients from UAE:
#1. Pepperstone – Awarded Best Forex Broker Overall
Pepperstone comes with one of the lowest spreads on the forex market. If you want to be profitable trader, you need to keep trading costs at minimum! This is the real UAE reputable forex broker with DFSA regulation local and offices in Dubai. No gimmicks, no fake marketing, we think that this broker is the right choice for those who are serious about FX trading. With a minimum deposit of just $200, you can start trading leveraging their fast trading platforms and choose between Metatrader or cTrader.
- Competitive spreads starting from 0.0 Pips
- 60+ currency pairs available
- Perfect for both beginners and advanced traders
- UAE Forex Broker (DFSA) + London (FCA), Australian ASIC
- Metatrader4 (MT4 / MT5), cTrader
- Best Islamic forex account
- 24/5 Monday-Friday Arabic language customer support
- $200 Minimum deposit
- Safe deposits in segregated accounts + fast withdrawals
- No Bonuses as per regulation
#2. OANDA – Best UAE Forex Broker For Beginners
Even if you are just starting out with trading forex, you have probably already heard of Oanda. This online brokerage with Canadian origin is very well known among traders.
With low minimum deposits of $1, wide range of forex trading platforms like MT4/MT5 Metatrader, online trading broker Oanda is one of the best choices for beginners from Dubai and Emirates.
When it comes to safety, Oanda is probably the safest forex broker with regulation in USA, Canada, Europe and BVI you can rest assured your money is safe.
- High Quality non-dealing desk broker
- Excellent reputation
- Leverage up to 1:200 (under BVI license)
- Minimum deposit just $1
- 45+ currency pairs available
- Low spreads from 1 Pips
- Fast trade execution
- Scalping/Hedging is allowed
- MT4 / MT5, cTrader, Webtrader
- Account currencies: USD, SGD, HKD, EURO
- No CFD on stocks
- No DFSA license yet
How To Choose the Right Broker as UAE Trader
Booming popularity of forex trading in UAE is unfortunately attracting not only big and serious forex brokerages but also a lot of scammer companies which are located in offshore countries without license!
It is strongly advisable to deposit your cash only with UAE regulated brokers who offer islamic forex accounts!
Our primary goal is to list fully regulated forex companies in UAE that are safe to trade with!
All brokers listed on this website meet the following strict criteria:
- SWAP free islamic forex accounts for UAE residents
- generous forex bonuses for new clients
- oversight by strict regulators (DFSA, FCA UK, Cysec etc…)
- your deposits are safe and is kept in the best banks
- have thousands of satisfied forex traders (not only from Dubai but worldwide)
- high quality client support in Arabic language
Forex Trading Regulation in UAE
The main regulatory authority with finance market oversight in UAE is Central Bank of United Arab Emirates or shortly just CBUAE. The Securities and Commodities Authority (SCA) is yet another financial regulatory agency in the UAE.
In Dubai emirate of UAE there is Dubai Financial Services Authority (DFSA) state regulatory body which is responsible to regulate all forex trading platforms and companies located in Dubai.
How to check if a broker is regulated by DFSA Dubai
- Visit DFSA site using this link: www.dfsa.ae/register
- Into “Enter a keyword” field write some Dubai or UAE forex trading company name for example Henyep Capital Markets
- Click SEARCH
- You will get listed the company with their DFSA License number and all details.
- In case you get no results, it means either that brokerage has no DFSA license OR you searched for a wrong company name. Most companies have different company name and brand name..
- It is important to focus your attention on: Trading Name, Date of License, Address.
Here is the full list of DFSA regulated brokers .
Overview of the UAE Financial Markets
First and foremost, the country’s local currency is United Arab Emirates dirham (AED). In case you want to speculate on AED against USD, we will dissapoint you as AED has been pegged against USD since 1997 at the exchange rate of 3.6725.
With the GDP per capita reaching $40.698 (2017) according to the World Bank, UAE is indeed the main financial center in the Middle East and the whole Gulf region. Consisting of 7 Emirates, the most important hubs are without doubt the Emirates of Abu Dhabi and Dubai which host the two most important financial securities exchanges in the country.
The leading exchanges are without doubt ADX (The Abu Dhabi’s Securities Exchange – www.adx.ae) and DFM (Dubai Financial Market www.dfm.ae).
Besides the above two, there are also seven exchanges located directly in the city of Dubai:
- NASDAQ Dubai technology exchange – www.nasdaqdubai.com
- The Dubai Mercantile Exchange (DME) – www.dubaimerc.com
- The Dubai Gold & Commodities Exchange (DGCX) – www.dgcx.ae
- The Dubai Diamond Exchange (DDE) – www.dmcc.ae
- The Dubai Pearl Exchange (DPE) –
- The Dubai Multi Commodities Centre (DMCC)
- The Dubai International Financial Centre (DIFC) – www.difc.ae
FAQ – Frequently Asked Questions:
Q: Is forex trading legal in Dubai ?
Yes currency trading is perfectly 100% legal in the UAE! Actually since forex trading became completely legal in Emirates, more and more retail investors living in this country invest their money in this very lucrative and dynamic field.
Q: What is the minimum capital to start forex with?
Many novice fx traders ask us, how much capital to start trading on Forex. In general, an absolute minimum capital $500 is more than recommended.
I will explain you why $500….
This minimum capital depends on the minimum size of the position that you want to trade (lot, mini lot or micro lot) and financial leverage that is available, so that even with such a small capital, you could risk only 1-3% of your account per trade, as many professional traders do.
However the optimum start-up capital is $10,000 and more. With $10k you can allocate 1% on a single trade which is $100 per trade, use leverage say 1:200 and open $20.000 position which is 0.2 Standard Lot. That way 1 Pip up/down will make you $2 Profit/Loss.
Based on your financial situation you decide how much you can afford to deposit. We strongly recommend to first deposit small amount, and when you are happy with the service, then go and despoit more.
Q: What is forex demo account?
Forex Demo account is a practice trading account, you have real prices, real charts but virtual money. You can test your forex strategies and play with it.
Q: How can I open forex demo account ?
It is quite simple. Just click here and you open it within 30 seconds.
Q: What are forex trading platforms
Forex trading platform is an online software that connects a trader with counter party on the foreign exchange market. It allows forex traders to deposit real money into trading account and place trades.
Q: How can I open real trading account ?
The process of opening a forex trading account is quite straightforward. First of all you will need to open an account with a UAE regulated broker via Internet. This is quite simply and it takes just a few clicks. Then you will need to verify the account identity. This may take longer, a trader needs to provide at least two documents. One that verifies your identity (passport or drivers license, identity card etc.) and secondly Utility Bill that verifies your address of residence.
Q: Is Forex Trading Halal?
When it comes to Forex trading, there is much debate as to whether it is halal or haram. Some people argue that it is halal because you are simply buying and selling currencies, while others say that it is haram because of the interest that is earned on the trade.
The truth is that there is no right or wrong answer, as it all depends on your personal belief system. If you trade properly on the Islamic accounts, it will be considered as Halal. If you trade without any system, the act is still known as gambling.
However, if you are looking for a definitive answer, then you will need to ask a scholar who is knowledgeable in Islamic law.
Risk Alert: Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when CFD trading with their company.