Best Forex Brokers in UAE Dubai (Updated September 2022)

Our team of experts has analysed dozens of retail forex trading brokers.  In this review we compare the best forex brokers in UAE and Dubai based on their mobile trading platforms,  DFSA regulation,  Islamic accounts, forex spreads and fees, min. deposits and withdrawal methods.

Best Forex Brokers in UAE

  • Pepperstone ⇒ Best Forex Broker in UAE Overall
  • eToro  Best for Copy Trading
  • XTB ⇒ Most Trusted DFSA Regulated FX Broker
  • XM ⇒ Best for High Leverage 1:1000
  • Milton Prime
  • AvaTrade
  • IQ Broker
  • FOREX.COM
  • HYCM
  • Saxo Bank

Compare brokers that accept clients from UAE


Pepperstone –  Best Forex Broker Overall

 

Pepperstone is an award winning forex broker located in Dubai UAE, Melbourne Australia and London UK.

This broker 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!

Pepperstone is regulated forex broker in UAE with DFSA license and local 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  $10 (we recommend to start with $200),  you can start trading leveraging their fast trading platforms and choose between MetaTrader 4 or cTrader.

Pros
  • 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
Cons
  • No Bonuses as per regulation

Visit Pepperstone.com


OANDA

Oanda

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.

Pros
  • 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
Cons
  • No CFD on stocks
  • No DFSA license yet

Visit Oanda



How to choose the right regulated forex broker

Booming popularity of forex trading in UAE is unfortunately attracting not only big and serious forex brokerages but also a lot of scammers located in offshore countries without a license!

We recommend you to check the following criteria before you sign up:

  • LOCAL REGULATION in DUBAI or ABU DHABI- Regulation is a huge factor. Our primary goal is to list fully regulated forex companies in UAE that are safe to trade with! You can rest assured all brokerages that you will find in this comparison are regulated by TIER 1 financial regulators.
  • BONUSES – remember that huge forex bonuses for new clients are suspicious and offered by fake scammers. These days with strict forex regulation, solid regulated forex brokers are reluctant to provide huge welcome bonuses. If you want $30 No Deposit Bonus then you can sign up with XM for example.
  • ISLAMIC ACCOUNT –  majority of UAE traders are muslims. As a muslim your trading on the forex markets must be compliant with the Sharia Law. Always look for an islamic account. All forex brokers that we feature in this article have the option for islamic account, which means that will not be charged you with swap fees.
  • LOCAL DEPOSITING METHODS 
  • SAFETY OF YOUR FUNDS – Segregated bank accounts, encrypted servers, security audits, two factor authentication etc. Do not loose your hard earned cash! Always require the highest level of safety.
  • SPREADS & FEES – Thanks to competition, forex companies have been lowering spreads in the recent years. We think average spreads should be below 1 pip. Anything above this level is way too expensive.
  • ENGLISH AND ARABIC LANGUAGE SUPPORT – As a citizen of United Arab Emirates you require local office with Arabic support.

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

  1. Visit DFSA site using this link: www.dfsa.ae/register
  2. Into “Enter a keyword” field write some Dubai or UAE forex trading company name for example Henyep Capital Markets
  3. Click SEARCH
  4. You will get listed the company with their DFSA License number and all details.
  5. 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..
  6. It is important to focus your attention on: Trading Name, Date of License, Address.

Here is the full list of DFSA regulated brokers .

forex regulators in uae
Image Source.GulfNews.com

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?

Forex is halal for traders who trade on Islamic Accounts are buying and selling currencies without paying interest to broker.

 


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