This guide helps to compare and find the best forex brokers in UAE. Currency trading is a popular investment for beginners and advanced traders in UAE to achieve financial gains. However, with 174 local and offshore online brokers available in UAE offering different trading conditions, it is tough to select the ideal option for individual needs.
To help beginners and advanced traders make the right choice, the services of available providers have been assessed considering: the range of forex trading instruments, fees, accessibility, trading tools & platforms, research & education materials, islamic accounts availability and customer support.
This guide compares 174 providers for users to review and find the ideal forex broker for their needs. To help them make an informed decision, a list of the best forex brokers in UAE is shared below, followed by in-depth reviews and comparisons.
Page Summary
Best Forex Brokers in United Arab Emirates
- AVAtrade – Overall Best Forex Broker in UAE
- eToro – Best Beginners Broker
- Pepperstone – Best Forex CFD Broker
- Saxo Bank – Best Advanced Forex Broker
- IC Markets – Lowest Spread Forex Broker
- Forex.com – Best Trading Platform and App Broker
The Top UAE Forex Brokers Compared
Key features of the best forex brokers in UAE are compared in the table below.
| Broker | AvaTrade | eToro | Pepperstone | Saxo Bank | IC Markets | Forex.com |
| Nr. of Forex Pairs | 65 | 49 | 60+ | 190+ | 61 | 91 |
| Leverage | 1:400 | 1:400 | 1:400 | 1:30 | 1:500 | 1:400 |
| Min. Deposit | $100 (370 AED) | $50 (185 AED) | $0 (0 AED) | $2000 (7,345 AED) | $200 (735 AED) | $100 (370 AED) |
| Trading Platforms | MT4 MT5 WebTrader AvaGo | eTorro app | MT4 MT5 TradingView cTrader | SaxoTraderGo SaxoTraderPro TradingView MultiCharts UpData | MT4 MT5 cTrader | Forex.com MT5 |
| Copy Trading Tools | Ava Social DupliTrade Mql5.com | CopyTrader | N/A | IC Social ZuluTrade Myfxbook AutoTrade Mql5.com | Mql5.com | Mql5.com |
| Algorithmic Trading | YES | NO | YES | YES | YES | YES |
Forex Spreads and Commissions Compared
Spreads and commissions of top choices are compared in the table below.
| Broker |
EUR/USD spread (standard) |
GBP/USD spread (standard) |
AUD/USD spread (standard) |
|||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AVAtrade | ||||||||||||||||||
| eToro | ||||||||||||||||||
| Pepperstone | ||||||||||||||||||
| Saxo Bank | ||||||||||||||||||
| IC Markets | ||||||||||||||||||
| Forex.com |
6 Best Forex Brokers in UAE Reviewed
The best forex brokers in UAE are reviewed below including key features.
1. AVAtrade – Overall Best Forex Broker in UAE
BEST FOR: Low Fixed Spreads
LEVEL: Average & advanced
FX PAIRS: 55 forex & 44 options
MAX LEVERAGE: 1:400
AVAtrade is the best forex broker in UAE. They charge low fixed spreads of 0.6 pips on most forex pairs. Users can trade on a wide range of currencies including 55 forex CFDs and 44 forex options.
Avatrade’s trading platform has an intuitively designed trading dashboard. It supports a wide range of third party integrations including MT4, MT5, TradingView, DupliTrade, Zulutrade and Capitalise.ai. It also offers implementation of Expert Advisors, trading bot scripts and APIs for trade automatisation.
Avatrade Spreads
Avatrade charges a low fixed spread of 0,9 pips (EUR/USD). Avatrade does not charge any commission on forex trades.
| Broker | AvaTrade | Pepperstone | eToro | IG | IC Markets | Saxo Bank | Forex.com | XM |
| EUR/USD | 0,9 | 0,6 | 0,9 | 0,8 | 0,3 | 0,9 | 1,1 | 1,7 |
| USD/JPY | 1,0 | 1,2 | 0,9 | 0,7 | 0,4 | 1,0 | 1,5 | 1,6 |
| GBP/USD | 1,5 | 1,3 | 2,0 | 0,9 | 0,8 | 1,1 | 1,5 | 2,1 |
| AUD/USD | 1,1 | 0,6 | 1,0 | 0,8 | 0,6 | 0,8 | 1,4 | 1,8 |
| Min. Deposit | $100 | $20 | $50 | $5,445 | $200 | $2,000 | $100 | $5 |
| Swap Free Account | Yes | Yes | Yes | No | Yes | No | Yes | Yes |
| Inactivity Fee | Yes | No | Yes | Yes | No | Yes | Yes | Yes |
| Funding Fee | No | No | Yes | No | No | No | No | No |
Avatrade Account Types
AvaTrade have 3 account types: Retail, Standard and Professional.
- Retail and Standard Account – is the basic account with access to all asset classes. It allows trading with up to 1:30 leverage
- Professional Account – access to 1:400 leverage
- Demo Account – allows practice trading with $100,000 virtual balance
- Islamic Forex (Swap-free) Account – charges low spreads of 0.3 pips
All account types have a demo and islamic account option.
Avatrade Forex Pairs
Avatrade offers access to 800+ CFDs including 55 forex currency pairs (major, minor and exotic) and 44 forex options.
Avatrade Trading Platforms
The 5 trading platforms available on Avatrade are listed below.
- WebTrader – web based platform
- AvaTradeGo – mobile trading app
- AVAoptions – options platform
- AVAsocial – social copy trading app
- Mac Trading – MAC trading app
All trading platforms offer a wide range of trading tools such as: Trading calculator, Avaprotect, fundamental and technical analysis tools and advanced order types.
The platforms also support different trading styles including short selling, scalping, swing and automated trading.
Customer Service
AvaTrade’s customer service is available 24/7 by email, live chat, phone and even WhatsApp in English and Arabic.
Key Features for Forex Traders:
- Nr. of forex currency pairs: 55 forex pairs (CFDs) and 44 forex options
- Average spread (EUR/USD): 0.6 pips (EUR/USD)
- Trading platforms: Proprietary, MT4, MT5, TradingView, ZuluTrade, DupliTrade
- Maximum leverage: 1:400
- Regulators: ASIC, CySEC, FCA, ADGM, FRSA
- Islamic swap free account: YES
- Micro lot trading: YES
- Recommended experience Level: Average to advanced
- Supported trading strategies: Automated trading, short selling, scalping
- Nominated: Recommended trading platforms for forex trading in UAE
71% of retail CFD accounts lose money
2. eToro – Best Forex Broker For Beginners
BEST FOR: Social & Copy Trading
LEVEL: Beginner
FX PAIRS: 49 major, minor, exotic
MAX LEVERAGE: 1:20
77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. eToro AUS Capital Limited AFSL 491139. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. OTC Derivatives are speculative and leveraged. Not suitable for all investors. See PDS and TMD. Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
eToro is an investment company founded in 2007. They offer access to 49 major forex currency pairs as CFDs. eToro charges low fixed spreads of 0.9 pips on EUR/USD and variable commissions.
Their trading platform has an easy to use interface for starters. It offers a wide range of beginner trading tools including easy buy/sell options, copy trading and risk management tools. Users can access the platform through a web (WebTrader) and mobile app (Android and iOS).
eToro Spreads and Fees
eToro charges a fixed spread of 0.9 pips on EUR/USD. An extra variable commission is applied on forex CFD trades.
eToro also charges a $10 monthly inactivity fee, a $5 withdrawal fee and a currency conversion fee of 0.1%.
eToro Account Types
eToro has 2 different forex account types: Retail and Professional.
- Retail account: is the basic account that allows access to all forex pairs including forex CFDs
- Professional account: requires users to pass a test for professionals and requires a minimum deposit of $10,000.
Both accounts offer a free demo and an islamic (swap-free) account option.
Deposit and withdrawals are free of charge. Deposits and withdrawals are available through: wire transfer, credit card, or e-wallets (PayPal, Neteller, or Skrill)
Assets
eToro offers access to 49 forex currency pairs including all major, minor and exotic pairs. All assets are available as real assets and as CFDs.
eToro Platforms
eToro has two trading platforms: a web-based platform (WebTrader) and an intuitive mobile app.
The platform does not support common trading tools like technical indicators, complex order types, or Expert Advisors. This can be a drawback for advanced forex trader looking for customisation options.
Customer Service
Their support team is responsive. It is available through email, live chat, or phone.
Key Features For Forex Traders:
- Nr. of forex currency pairs: 49 forex pairs (CFDs)
- Average spread (EUR/USD): 0.9 pips
- Trading platforms: Proprietary Web Trader and CopyTrader
- Maximum leverage: 1:20
- Regulators: FCA, ASIC, CySECA, ADGM
- Islamic swap free account: YES
- Micro lot trading: NO
- Recommended experience Level: Beginner
- Supported trading strategies: Social/copy trading
77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. eToro AUS Capital Limited AFSL 491139. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. OTC Derivatives are speculative and leveraged. Not suitable for all investors. See PDS and TMD. Cryptoassets are highly volatile and unregulated in the UK. No consumer protection. Tax on profits may apply.
3. Pepperstone – Top Forex CFD Broker (Best Forex Trading App in UAE)
BEST FOR: Forex CFDs
LEVEL: Average & advanced
FX PAIRS: 60 major, minor, exotic
MAX LEVERAGE: 1:400
Pepperstone is a reputable forex CFD broker with a license from the DFSA. They offer access to 60+ forex pairs and 700+ different CFDs. Pepperstone charges 0.0 spreads on most forex pairs and a fixed commission of $3,50. High liquidity is provided at 99.72% fill rate.
Pepperstone list of trading platforms include MetaTrader 4, MetaTrader 5, Tradingview and cTrader. Users can integrate a variety of third party add-ons including Capitalise.ai, AutoChartist, cTrader Automation, and VPS hosting. The trading interface is easy to use for starters and advanced.
Pepperstone Spreads and Commissions
Pepperstone charges low spreads of 0.0 pips on most forex pairs including EUR/USD, GBP/USD, USD/JPY. They charge a variable commission from $3,5 depending on the underlying currency pair and account type.
Pepperstone Account Types
Pepperstone has 2 forex account types: Standard and Razor:
- Standard account: charges average spread of 1.1pips EUR/USD
- Razor account: charges an average spread of 0.0 – 0.3 pips EUR/USD plus a $2.60 commission.
Both account types have a free demo account. Users can trade on both with up to 1.30 leverage.
Pepperstone does not charge any deposit or withdrawal fees.
| Features | Standard | Plus | Premier | Invest |
| Minimum Deposit | 70AED | 11,000AED | 36,000AED | 70AED |
| Spreads | 0.6 pips | 0.6 pips | 0.6 pips | 0.6 pips |
| Webinars & Events | No | No | Yes | No |
| Leverage | 1:30 | 1:30 | 1:30 | 1:30 |
Pepperstone Currency Pairs:
Pepperstone offers access to 1,200 instruments including 60+ forex currency pairs. All assets are available as real assets and as CFDs.
Pepperstone Trading Platforms
Forex trading platforms available on Pepperstone are listed below.
- MetaTrader 4
- MetaTrader 5
- Tradingview and
- cTrader
Users can integrate a variety of third party add-ons including Capitalise.ai, AutoChartist, cTrader Automation, and VPS hosting.
Pepperstone offers a wide range of trading tools. The most important are listed below.
- TradingView integration
- Real-time price quotes
- Fast order execution
- Deep liquidity
- Expert advisors
- Robo – advisors
Customer Service
Pepperstone’s customer support is available 24/7 in English and Arabic. They are reachable through email, live chat, and phone.
Pepperstone Key Features For Forex Traders:
- Nr. of forex currency pairs: 60+ Forex pairs and 700+ different CFDs
- Average spread (EUR/USD): 0.0 pips
- Trading platforms: MetaTrader 4, MetaTrader 5, cTrader
- Maximum leverage: 1:400
- Regulators: FCA, FSA, ASIC, CySec
- Islamic swap free account: YES
- Micro lot trading: YES
- Recommended experience Level: Average and experienced traders
- Supported trading strategies: Day trading, Algorithmic trading, Swing trading, Scalping
- Nominated: best CFD trading platforms in UAE
74-89% of retail CFD accounts lose money
4. Saxo Bank – Leading Forex Broker for Professional Traders
BEST FOR: High Volume Trading
LEVEL: Advanced
FX PAIRS: 200 spot, 125 forwards
MAX LEVERAGE: 1:500
69% of retail investor accounts lose money when trading CFDs with this provider.
Saxo Bank is a Danish investment bank, founded in 1992. With 200 currencies, they have the biggest selection of forex pairs. They charge average spreads of 0.7 pips EUR/USD. High liquidity is provided through 99.01% fill rate.
Saxo Bank’s trading platform has a variety of advanced trading tools including enhanced trading tickets, extensive charting tools, options chains and fundamental & technical analysis tools. Users can implement third party integrations such as MultiCharts, TradingView, Updata and Dynamic Trend.
Saxo Bank Spreads and Commission
Saxo Bank’s spreads vary based on account type. Spreads charges on two main Saxo Bank accounts are compared below.
- An average spread of 0.7pips (EUR/USD) on classic account
- An average spread of 0.5pips (EUR/USD) on the VIP account
Saxo Bank Account Types
Saxo Bank’s accounts types are listed below.
- Saxo Account
- Joint Account
- Corporate Account
- Professional Account
All accounts have access to an Islamic account option. Minimum deposit required to open a live account is $2,000. Deposit and withdrawals are available through credit cards and bank wire transfers.
Saxo Bank Availability of Assets
Saxo Bank offers access tp 60,000 financial instruments including 200 forex spot pairs and 125 forwards. This makes them finish as the best forex brokers for availability of forex currency pairs.
| Broker | Saxo Bank | AvaTrade | Capital.com | eToro | IG | IC Markets | Forex.com | XM |
| Forex | 200 | 59 | 138 | 49 | 80 | 61 | 91 | 55 |
| CFD Stocks | 60,000 | 100 | 3600 | 2800 | 16,000 | 730 | 9500 | 1286 |
| CFD Indices & ETFs | 50 | 29 | 130 | 250 | 80 | 25 | 17 | 14 |
| CFD Commodities | 50 | 15 | 33 | 54 | 6 | 22 | 22 | 14 |
| CFD Bonds | 4200 | 0 | 0 | 12 | 12 | 11 | 0 | 0 |
| CFD Crypto | 6 | 14 | 207 | 10 | 10 | 18 | 8 | 5 |
| Max. Leverage | 1:30 | 1:400 | 1:500 | 1:30 | 1:500 | 1:500 | 1:400 | 1:888 |
Saxo Bank Platforms
Saxo Banks has two proprietary trading platforms: SaxoTraderGO and SaxoTraderPRO. All platforms allow integration of third party extensions including: MultiCharts, TradingView, Updata and Dynamic Trend. Saxo Banks’s Fix and Open APIs allow algorithmic traders to deploy Expert Advisors and other automated trading software.
Customer Service
Saxo Bank customer service is available by phone, email, and live chat in English, Arabic and over 20 other languages. VIP clients have access to personal expert meetups, exclusive events, and 1:1 strategy advice.
Saxo Bank Key Features For Forex Traders:
- Nr. of forex currency pairs: 200 forex spot pairs and 125 forwards
- Average spread (EUR/USD): 0.7 pips
- Trading platforms: Proprietary, MultiCharts, TradingView, Updata, Dynamic Trend
- Maximum leverage: 1:500
- Regulators: ASIC, SFC, JFSA, MAS, FINMA, FCA
- Islamic swap free account: YES
- Micro lot trading: YES
- Recommended experience Level: Advanced traders
- Supported trading strategies: Day trading, scalping, high volume trading
69% of retail investor accounts lose money when trading CFDs with this provider.
5. IC Markets – Best for Day Traders and Scalpers
BEST FOR: Day Trading, Scalping
LEVEL: Average & advanced
FX PAIRS: 61 spot pairs
MAX LEVERAGE: 1:500
IC Markets is an Australian brokerage with a license from the FCA, FSA, ASIC and CySec. With average spreads of 0.0 pips, they have the lowest fees in the industry. Users have access to 4500 tradable symbols including 61 forex pairs as CFDs.
IC Markets trading platform is available as a web version (Web Trader) and mobile app (iOS and Android). Traders can implement third party platforms including MT4, MT5, cTrader, Myfxbook AutoTrade, and ZuluTrade. The platform guarantees fast order execution speeds of under 40ms.
IC Markets Spreads and Commissions
IC Markets charges low spreads of 0.0 pips (EUR/USD) and a fixed commission of $3,5.
Different trading account charge different spreads. Spreads of the two IC Markets accounts are listed below.
- MetaTrader 4 and 5 accounts charge a minimum spread of 0.6 pips (EUR/USD)
- Raw Spread and cTrader Raw Spread accounts charge 0.0 pips (EUR/USD) minimum spread and a fixed commission of $3.5 per lot.
IC Markets Account Types
IC Markets have 2 account types: Standard Account and Raw Spread Account.
- Standard Account: charges spreads from 1.0 pips (EUR/USD). The account minimum is $200.
- Raw Spread Account: charges an average spread of 0.0 pips (EUR/USD). It allows up to 1:500 leverage, and is compatible with MetaTrader 4 and 5 and cTrader.
Both account types have a free demo and Islamic account option.
Deposits and withdrawals are available through credit cards, wire transfers and e-wallets (PayPal, Neteller and Skrill). The account minimum deposit is $200.
IC Markets Forex Currency Pairs
IC Markets offers access to 4,500 tradable symbols including 61 forex CFDs.
IC Markets Trading Platforms
IC Markets list of forex trading platforms include: a proprietary web platform (Web Trader), mobile app and third party platforms (MT4, MT5, cTrader, Myfxbook AutoTrade, and ZuluTrade). Trading platforms are accessible as a web and mobile version. Their user interface is intuitive.
IC Markets Key Features for Forex Traders:
- Nr. of forex currency pairs: 61 forex pairs (CFDs)
- Average spread (EUR/USD): 0.0 pips
- Trading platforms: Proprietary, MT4, MT5, cTrader, ZuluTrade, Myfxbook
- Maximum leverage: 1:500
- Regulators: FCA, FSA, ASIC, CySec
- Islamic swap free account: YES
- Micro lot trading: YES
- Recommended experience Level: Average traders
- Supported trading strategies: Day trading, scalping, swing trading
73.59% of retail CFD accounts lose money
6. Forex.com – Best MetaTrader Forex Broker
BEST FOR: MetaTrader
LEVEL: Beginners & advanced
FX PAIRS: 91 spot pairs
MAX LEVERAGE: 1:400
Forex.com is a publicly traded forex broker regulated by four tier-one financial regulators. Their trading platforms has multiple third party extensions including MT4, MT5, TradingView and Trading Central. Users have access through a web, desktop and mobile app.
Forex.com Spreads and Commissions
Forex.com offers competitive spreads of 0.1pip (EUR/USD) on the pro account.
Spreads charged on main Forex.com accounts are listed below.
- Standard Account charges a variable spread of 1.0 pips on (EUR/USD)
- Commission Account charges a variable spreads of 0.2 pips and $5 commission
Forex.com Account Types
Forex.com has 3 different account types: the Standard, Commission and the Direct Market Access Account.
All account types offer a free demo account option and leverage of up to 1:400.
Forex. Com Assets
Forex.com allows users to trade on over 9500 financial instruments including 91 forex currency pairs.
Forex.com Platforms
Forex.com selection of platforms include a proprietary (web, mobile and desktop) platform, the full MetaTrader suite (4 & 5) and TradingView integration. This makes Forex.com supportive for different forex trading strategies.
Web Trading Platform – is the web trading platform which is accessible from all browsers and offers seamless account management and basic trading features.
Advanced Trading Platform – is the desktop version and offers advanced trading features including customisable dashboards, dynamic charting features, over 80 technical indicators, and the possibility to integrate trading strategies from predefined templates.
Forex.com app – is the mobile version and reassembles both desktop platforms in look and feel. Its available on both Android and iOS devices.
Research and Education
The research and education section features daily market news and analysis in real-time, an economic calendar and the weekly Week Ahead Report, making this the go to broker for trader seeking new knowledge.
| Research & Education features | Ava Trade | Capital.com | eTorro | IG Trading | IC Markets | Saxo Bank | Forex.com | XM |
| Trading Signals | No | No | No | Yes | No | No | Yes | Yes |
| Educational Resources | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Webinars | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| In-depth Market analysis | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Personal Training and Trading room | No | No | No | No | No | Yes | No | Yes |
Forex.com Key Features For Forex Traders:
- Nr. of forex currency pairs: 91 forex pairs (CFDs)
- Average spread (EUR/USD): 1.0 pips
- Trading platforms: Proprietary, MT4, MT5, TradingView
- Maximum leverage: 1:400
- Regulators: FCA and CFTC
- Islamic swap free account: NO
- Micro lot trading: YES
- Recommended experience Level: Average traders
- Supported trading strategies: Algorithmic trading, bot integration
80% of retail CFD accounts lose money
How To Find The Ideal Broker and Forex Trading Platform in UAE?
Criteria that help selecting the best forex broker and forex trading platform in UAE are listed below.
- Availability of forex trading instruments. Brokers with access to a wide range of forex instruments should be preferred. They allow deverzification, flexibility and hedging which increases chances for profit. The most common instruments are forex currency pairs, forex derivatives (forex CFDs, options, futures), ETFs and currency swaps, micro lots etc.
- Fees. There are two types of fees to be considered: trading fees (spreads, commissions) and non-trading fees (overnights, conversion fees, deposit and withdrawal fees). Brokers with low overall fees should be preferred.
- Forex Trading Platforms and Third Party Integrations. A wide range of platforms and integrations are offered by brokers. Some of the most popular forex platforms are: MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, TradingView. Knowledge level, trading style and trading goals consideration will help traders select the right forex trading platform.
- Reputation. Choosing a reputable broker helps avoiding scams. The following criteria build a brokers reputation: number of users, number of positive user feedback, number of tier-one licences.
- Experience level. Brokers offer trading features and tools for different experience levels (beginners, intermediate and advanced). Traders knowledge level needs to betaken into account.
- Personal Preferences. Preferences that need to be to considered when choosing a broker include: Religion (Islamic account options), Language (Arabic, English), Trading style (automated trading, swing trading, day trading, algorithmic trading, leverage)
There are a few things to be considered before choosing the best forex broker. Signing up with the right broker ( with the right trading features and fees), can make the different between making profit and loosing money.
Popularity and Trade Execution Of Top Choices Compared
Number of users and trade execution speed of the top choices are compared in the table below.
| Broker |
Popularity of broker |
Execution speed |
||
|---|---|---|---|---|
| AVAtrade | ||||
| eToro | ||||
| Pepperstone | ||||
| Saxo Bank | ||||
| IC Markets | ||||
| Forex.com |
What To Consider Before Starting With Forex Trading in UAE?
Characteristics to be considered by forex traders in UAE are listed and explained below.
Usage Of Demo, Micro-Lot and Cent Accounts
The usage of demo accounts (paper trading accounts), should be considered by beginners (unexperienced traders). These accounts allow users to test trading strategies without the risk of loosing money. They increase overall chances for profitable trading and prevent unnecessary looses. Micro lot accounts and cent accounts can be used instead of demo accounts.
Fixed Spread VS Variable Spread Brokers
Variable spreads change based on current market conditions (they are sensitive to volatile price movements) and can unexpectedly increase overall trading costs. Fixed spreads on the other hand allow forex traders to know exactly how much their current positions cost. To avoid unexpected increases of trading costs, fixed spread broker should be preferred (especially by high volume traders and day traders).
Trading Courses and Mentors
Forex trading courses and trading mentors help users expending their knowledge on trading. Better education of traders helps choosing the right broker, avoiding scams and making better investment choices. Courses and mentors to follow as a UAE trader are listed in this article.
Trading With Leverage
Trading with leverage (borrowed money from the broker) allows traders to amplify their trading position. While it increases potential profits, it also amplifies the risk of potential losses. Trading with leverage should be avoided by beginner traders because of the greater chances of loosing money.
Forex Trading Hours in UAE
Forex trading in UAE follows trading hours of the global forex markets. The forex market is open 24 hours a day, five days a week (from Sunday evening until Friday evening). The forex market has four major trading sessions: the Sydney session (5:00 AM to 2:00 PM UAE time), the Tokyo session (7:00 AM to 4:00 PM UAE time), the London session (11:00 AM to 8:00 PM UAE time), and the New York session (8:00 PM to 5:00 AM UAE time).
How Is Forex Trading Regulated in the UAE?
The United Arab Emirates (UAE) is a federation of seven emirates (Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah, and Fujairah). Forex trading regulation in UAE has two regions: the Dubai International Financial Centre (DIFC) and the rest of the UAE.
Dubai International Financial Centre (DIFC) is an economic free zone in Dubai, founded in 2002. It is regulated by the Dubai Financial Service Authority (DFSA). The DFSA oversees all financial activities in the area, including forex trading, licensing and monitoring activities.
The rest of the UAE is regulated by the Securities and Commodities Authority (SCA). The SCA is a federal government agency established in 2000. It is issues licences to forex brokers in UAE that meet their regulatory requirements including minimum capitalisation, risk management, client fund segregation, reporting and disclosure. The SCA overseas financial activities on security and commodity markets (exchanges) in UAE including the Dubai Financial Market (DFM), the Abu Dhabi Securities Exchange (ADX) and NASDAQ Dubai.
Forex Brokers do not require a licence from the SCA to accept clients from the United Arab Emirates. Broker authorisation can be verified by contacting the SCA support.
Video Summary
Watch a short recap of the top rated broker in the video below.
Conclusion
It can be difficult and time intensive to compare and evaluate services of different brokers in UAE to find the ideal option. Users need to collect and evaluate relevant information in order to make the optimal choice for their needs.
This guide does the hard work for our readers by comparing and evaluating the top choices for different types of traders and trading goals. The results of our analysis of the best forex broker in UAE are summed up in the table below.
| BROKER | AVG. SPREAD (EUR/USD) | NR. OF FOREX PAIRS | MIN. DEPOSIT | BEST FOR |
| AVAtrade | 0.9 pip | 59 | $100 | Low fix spreads |
| eToro | 0.9 pip | 49 | $200 | Beginners |
| Pepperstone | 0.6 pip | 138CFDs | $20 | Forex CFDs and app |
| Saxo Bank | 0.9 pip | 300 | $2,000 | Advanced traders |
| IC Markets | 0.0 pip | 61 | $200 | Day traders and scalpers |
| Forex.com | 1.0 pip | 91 | $100 | MT4 platform |
FAQ
How To Know If A Forex Broker Is Trustworthy?
Trustworthy broker are licensed by top-tier financial authorities and have a scam free history record. Top tier regulators in UAE include the SCA, DFSA and FSRA.
How to check If a broker is licensed by the SCA?
To check if a brokers is licensed by the SCA, residents need to contact their support. The SCA does not provide a public list of regulated brokers.
Is forex trading legal in the UAE?
Yes, trading forex in the UAE is legal, and citizens have access to both domestic and offshore forex brokers.
What Is The Difference Between A Dealing Desk And An Agency Broker?
A dealing desk broker processes forex trades on his own, while an agency broker routes their clients trades to another dealer.
What kind of forex brokers have the lowest spreads?
No Dealing Desk Brokers (NDD) and Electronic Communications Network brokers (ECN) offer the lowest spreads.
Is forex trading Halal?
Forex trading is considered halal if a swap free account and a trading strategy are used.
How are profits made with forex trading taxed in UAE?
Profits of UAE citizens and companies generated though forex trading are not subject to income tax. Profits of expats and tourists living in the UAE are subject to tax laws of their country of residence.
Are UAE citizens and expats allowed to trade with international (offshore brokers)?
Yes, both UAE citizens and expats are allowed to trade with offshore brokers that accept clients from the UAE.
Which forex platforms allow direct AED (Dirham) deposits?
Platforms that allow direct AED deposits include eToro, IBKR and AvaTrade.
Disclaimer
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
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Stefan Grasic (Dipl.-Jur) is the owner of Business24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active stock, CFD, crypto and general investment researcher, advising blockchain companies such as Blockbird, GoCrypto, Hive Terminal at their start up level. Stefan began trading in 2010 as a college student. Money was tight,…
Where can I trade currency pair AED/USD?
Hey Muhammad,
the currency pair you are mentioning is labeled as an exotic pair and as of now is only offered by Saxo Bank!
Hey,
which of the brokers you are listing on your site has the overall lowest fees?
Tnx
Hey Yara,
this is really hard to say because the fees vary based on the account type, trading volume, currency pair etc.
If you let us know which currency pair you are thinking of trading with we can get you the broker with the lowest fees for this pair.
How much does it normally takes to get my account approved by the broker??
Hey Amir,
this depends on the brokers if they have KYC requirements in place. Overall this should not take longer than 2-3 days.
eToro has in general the shortest on-boarding times and Saxo Bank has the longest.
Hope that helps
Do I need permission from a UAE bank for withdrawing and depositing money to a forex broker ..or before starting forex trading as UAE citizen?
Hi Jamsheer,
yes, we recommend you contact your UAE bank – not because you would need to do that, but just to make sure the bank does not out a dispute on your account. Technically you are not trading money to the Forex broker so you should be all good, but in order to avoid any complications it works best to contact them upfront.
Also If you are using a regulated broker from the UAE the broker will need to open an account for you and store your funding in that same account. It’s a segregated account and the broker will not be able to operate with that account. So if you want to be on the safe side make sure you are using a regulated broker (DFSA) or (SCA) and you should be fine.