Trading forex in the United Arab Emirates is popular. Forex brokers are not required to become authorised by the Securities and Commodities Authority (SCA) to get UEA customers signed up. Regulation is split up into two local regions: Dubai International Financial Centre (DIFC) and the rest of the UAE. The main regulation authority is the Central Bank of United Arab Emirates (CBUAE). Dubai is additionally accountable to its own regulatory body called Dubai Financial Services Authority (DFSA).
If you are a United Arab Emirates, Abu Dhabi or Dubai citizen we recommend to follow the SCA on Twitter: https://twitter.com/sca_uae.
The global Forex (foreign exchange) market is the most actively traded and largest financial market in the world. There are many different factors to choose a broker including: fees, trustworthiness, support, cross-platform trading, software, research and education.
In this article, we reveal the best forex brokers in UAE allowing islamic accounts (or SWAP free accounts)
Best Forex Brokers in UAE and Dubai
This is a list of the best forex brokers in the United Arab Emirates, based on their acceptance of UAE residents as new customers. It is the result of our evaluation process and is ranked by their trust score. Without further ado..
This is our list of the best forex brokers in the United Arab Emirates:
- AVAtrade – best overall offer
- Saxo Bank – best crediting offer
- IQ Option – best for Forex and Binary Options Trading
- eToro – best for Copy Trading
- Pepperstone – best low trading fees
- XM – best technical analysis and tools
- Interactive Brokers – best trading platforms
Best Forex Brokers of 2021 for citizens in United Arab Emirates
|RANK||BROKER||GENERAL||PLATFORM SCORE||BEST FOR||WEBSITE|
|#1||AVAtrade||Best overall offer||4.9/5||Low spreads||Official website|
|#2||Saxo Bank||Best for premium traders||4.8/5||Forex trading||Official website|
|#3||IQ Option||Best for options trading||4.7/5||Options, stocks, forex and crypto||Official website|
|#4||eToro||Best for copy trading||4.9/5||Social Trading||Official website|
|#5||Pepperstone||Lowest trading fees||4.8/5||Low fees||Official website|
|#6||XM||Best for forex trading||4.8/5||Different assets||Official website|
All of the best forex brokers are safe, regulated by the top tier regulators in the United Arab Emirates including the FCA, DFSA and ASIC and all have a long standing trading tradition.
Considering all of the factors, the most important are trading fees and a user friendliness. Trading fee’s should be reasonable and the trading platform should be easy to understand and use.
All of the best forex brokers in the United Arab Emirates offer free demo trading accounts. We recommend beginners who are just starting out to use a demo account where you can’t loose any money. Forex trading is risky and traders can loose money in matter of seconds.
All of the best forex brokers enable CFD trades. This are risky and complex contracts not suitable for beginners traders. Traders can loose all of their investment in seconds.
United Arab Emirates Forex Brokers In Overview
1. AVAtrade – Best Overall Offer
Founded in Dublin in 2006, AvaTrade offers competitive fee spreads and several tradable currency pairs and CFD’s over stocks. AVAtrade offers dozens of cryptocurrencies and a handful of options. They provide several trading platforms, each aimed towards traders with different experience and skill levels.
Deposits and withdrawals are free of charge. The minimum deposit is $100. There are fees for inactivity and overnight financing. A dedicated educational and research site offers several free courses, videos, and market analysis. Customer support is responsive and available through phone, email, and live chat.
Regulated in six jurisdictions, AvaTrade is since 2020 available in the UAE. They are a trusted broker with a long operational history in the Middle East.
2. XM Forex – Best For Forex Trading
XM.com is the best broker for trading forex and CFDs. They offer the best Social Copy Trading opportunities through their full suite of MT4 and MT5 web, desktop, and mobile platforms. XM Forex tools and accounts are suitable for both beginning and experienced traders. They have more than 1.5 million clients in 196 countries.
Their minimum opening fees range from $5 to $100 based on account type. XM Forex supports clients wanting to sample their platform with a Demo account. They provide auto-trading, fast order executions, multiple order types, and no hidden commissions.
Their research group Tradepedia offers courses aimed at all levels. XM Forex customer service group is highly rated with e-mail, phone, and live chat 24/5. XM Forex Global Web-trade is regulated by CySEC, ASIC, IFSC and is considered a safe broker for trading forex and CFDs.
3. IQ Option – Best Binary Options Trading Company
IQ Option is the best online broker for options trading, known for low spreads, a sophisticated trading platform, free demo account options, and responsive customer support.
It is a great platform for traders looking to invest in options on a feature-rich and easy-to-use trading platform. IQ Options is excellent for traders at all levels from beginners to advanced. With nearly 16 million accounts and 3.6 million trades per day, IQ Options offers a transparent trading platform that enables users to trade forex, stocks, binary options, and cryptocurrencies. The trading experience on their proprietary web, desktop, and mobile platforms is smooth. It is an easy to learn and navigate platform suitable for professional and beginning traders. Their trading platform offers a great variety of charting tools that help traders predict future market movements.
IQ Option is a trustworthy online broker subject to the highest standards of regulation and safety in the industry. It is a CySEC authorized company with a 100% clean history.
4. eToro – Best For Social Trading
eToro is a safe online broker regulated by top-tier financial regulators. It is known for its multi-asset, features-rich trading platform, and advanced social copy trading features. This lets users copy trades and portfolios from other traders. Built in a forum-like way, it allows engagement between peers through a comment section.eToro offers a range of CFDs over stocks, currencies, crypto, indices, and commodities.
eToro offers a range of CFDs over stocks, currencies, crypto, indices, and commodities. They have 1,600 financial instruments from which traders can choose. Trading spreads are wide, deposits are free. There are conversion and inactivity fees. eToro provides a comprehensive list of technical tools, charts, and newsfeeds. Their customer support is available through email and live chat.
Established in 2007, eToro is FCA, CySEC and ASIC regulated and has 13 million registered users in more than 100 countries.
05. Pepperstone – Best For Low Trading Fees
Based in Melbourne, Pepperstone is a reliable Forex and CFD broker, known for its diversity of trading platforms, industry-leading pricing, fast account opening, and great support. Pepperstone users can trade many assets including forex, CFDs, cryptocurrencies, indexes, shares, and commodities. This broker is excellent for traders at all levels, from beginners to advanced. Pepperstone offers MetaTrader and cTrader trading platforms with multiple self-developed add-ons. They do not have a proprietary mobile platform, instead use MT4 and cTrader mobile apps.
Pepperstone has a low minimum deposit, great customer support, and an above-average research section, and an award-winning set of educational tools. Their research is better than average. Their customer service is fast and reliable. It is available through 24/5 phone and online chat support plus an extensive FAQ web section, and e-mail.
06. Saxo Bank: Most Tradable Assets
Founded in 1992, Saxo Bank is a low risk, well-regulated bank by the FCA (UK), FINMA (Switzerland), ASIC and FSC (Australia), and JFSA (Japan). They are an excellent forex and CFD broker known for their intuitive SaxoTraderGO platform, competitive pricing, and more than 40,000 trading instruments. The overall user experience is great. The opening deposit is USD 10,000 ( GBP 500 for the UK, SGD 500 for Singapore).
Saxo Bank provides a unique trading platform and competitive pricing. They combine high-quality in-house research with top-tier third-party providers to offer an outstanding research experience. Forex traders like their responsive customer service.
UAE citizens are offered the ability to trade in compliance with Sharia law using an Islamic account. Support is available in the Arabic language by email or directly in the local offices. We recommend this broker to traders at all levels from beginners to advanced.
What are the Most Important Criteria to Look for When Choosing a DFSA Regulated Broker?
There are three categories of criteria to look for including selection of currency pairs, high-quality tools and moderate costs. This goes not only for United Arab Emirates users but every users searching for an online broker in the middle east.
All of the best forex brokers in United Arab Emirates offer a large selection of currency pairs, low account minimums and the highest legal leverage ratio of 50:1. They provide the choice between commission accounts and spread markup accounts. Commission accounts have a fixed commission fee but will in return offer lower bid-ask spreads.
Choose Your Personal Best Forex Broker?
Foreign exchange market, abbreviated as Forex, is a decentralised global market for international currency trading. This market sets the exchange value of different currencies. As it is always done in pairs, the value of a specific currency is relative compared to another specific currency (e.g. 1 US dollar is worth X euros). It is the largest market in the world by volume and it is suitable for intimidated traders.
Every investment carries risk. Forex trading exposure is higher than average.
- One reason is the fast pace of the game. Currency trades happen 24 hours a day, except on weekends. After one market closes, another opens in a different country.
- Forex trading is considered high risk because it offers high leverage ratios. Traders can hold positions much higher than your initial capital. Combining leverage with the rapid pace creates high risk for the investors.
There are other criteria to consider including: platforms, leverage ratios, number of currency pairs on offer, customer service and support, costs of doing business.
These factors differentiate brokers. Users should review and compare what their offer to find what best suits their needs. Brokers charge their costs in two different ways: brokerage commission per trade or the ask price (the price at which you buy a currency), also known as the spread.
Brokers that claim no commissions are charging wider spreads and earn a commission that way. Taking these two different methods into account, a direct costs comparison between best forex brokers is not straightforward.
The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of the best forex brokers. User experience, the mobile experience, customer service, costs and fees, security, the quality of trade executions, the products available on their platforms are all part of our six-month evaluation of a brokers platform.
The rating scale was based on thousands of data points that have been weighted into the scoring system. Brokerages were also required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online brokers we reviewed. Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.
Disclaimer: By trading with securities you are taking a high degree of risk. You can lose all of your investment money. You should start trading only if you are aware of this risk. Business24-7 is not providing any investment advice, we only help you find the best broker based on your needs and preferences. Business24-7 is free for everyone but earns commission from some of the brokers. We get a commission with no additional cost for you.
If you liked this article than also read:
- Saudi Arabia
- 1 Best Forex Brokers in UAE and Dubai
- 2 United Arab Emirates Forex Brokers In Overview
- 2.1 1. AVAtrade – Best Overall Offer
- 2.2 2. XM Forex – Best For Forex Trading
- 2.3 3. IQ Option – Best Binary Options Trading Company
- 2.4 4. eToro – Best For Social Trading
- 2.5 05. Pepperstone – Best For Low Trading Fees
- 2.6 06. Saxo Bank: Most Tradable Assets
- 2.7 What are the Most Important Criteria to Look for When Choosing a DFSA Regulated Broker?
- 2.8 Choose Your Personal Best Forex Broker?