Best Forex Brokers in UAE and Dubai 2023

In this guide we break down the best forex brokers in the UAE for 2023. Each forex broker is different and users might not have access to the same platforms and options. It is important to know your preferences and style of investing before making a decision.

After analysing and evaluating 174 top forex brokers in 8 different categories this is our list of top choices for UAE traders:

Best Forex Brokers in United Arab Emirates

• AVAtrade –  Best Forex Broker Overall in UAE
• eToro – Best Broker for Beginners
• Capital.com – Best Forex Trading app in UAE
• IC Markets – Best Broker for Day Traders and Scalpers
• Forex.com – Best Forex Trading Platform in UAE
• Saxo Bank – Best Forex Broker for Advanced Traders

Key Features of The Top Forex Broker Compared

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
Capital.com	0.6 pip	138CFDs	$20	Forex CFDs and app
IC Markets	0.0 pip	61	$200	Day traders and scalpers
Forex.com	1.0 pip	91	$100	Forex trading platform
Saxo Bank	0.9 pip	300	$2,000	Advanced traders

6 Best Forex Brokers in UAE Reviewed

Below is a detailed breakdown of all of the best forex brokers in UAE including pros, cons and key takeaways that will help you make the right decision.

1. AVAtrade Is The Best Forex Broker in UAE For Fixed Spreads

AVAtrade is the best UAE forex broker because of their low fixed spreads (from 0.9 pips), 8 different forex trading platforms and access to the full MetaTrader suite (MT4 and MT5). Their platform offers support for different trading styles including short selling, scalping and also allows trader to use Expert Advisors, trading bot scripts, and other trading software for trade automatisation.  

Avatrade Spreads

Avatrade charges a low fixed spread of 0,9 pips (EUR/USD) and no commission on forex CFDs trades.

Avatrade Account Types 

AvaTrade offers 3 main account types: Retail, Standard and Professional. All account types offer demo and islamic account options, different fee and leverage conditions and different minimum deposits. Here is a breakdown of each account type:

• Retail and Standard Account is the basic account allowing access to all asset classes and trading with up to 1:30 leverage
• Professional Account is the professionals account that allows trading with up to 1:400 leverage
• Demo Account allows free practice trading with a $100,000 virtual balance
• Islamic Forex Account is a swap-free account that charges tighter spreads (from 0.3 pips) and allows trading with Halal assets.

Assets

Avatrade offers access to 55 forex currency pairs (major, minor and exotic pairs and 44 forex options). All assets are available as CFDs, meaning traders are not able to invest in real assets.

Avatrade Trading Platforms

AvaTrade selection of platform include 8 proprietary platforms, the full MetaTrader suite (MT4 and MT5) and 3 third party add-ons including TradingView and Trading Central. All platforms allow the usage of Expert Advisors, APIs, and other automated trading software for trade automatisation, which makes Avatrade an interesting options for algorithmic and copy forex traders.

Based on the vast selection of different platforms, casual to advanced trading features and supportiveness for all major trading strategies, AVAtrade was nominated to our list of the most recommended trading platforms for forex trading in UAE.

Customer Service

AvaTrade's customer service is available 24/7 in English and Arabic. Users can get in touch by email, live chat, phone and even through WhatsApp, which is why AVAtrade is among the best forex brokers when it comes to support.

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Key Features for Forex Traders:

• Nr. of forex currency pairs: 55 forex pairs (CFDs) and 44 forex options
• Average spread (EUR/USD): 0.9 pips
• 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

Read the full Avatrade review

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2. eToro: Best Forex Broker For Beginners

eToro is beginner friendly forex broker offering easy to use trading features, access to 49 major currency pairs and the industry largest social/copy trading community. That said, it is easy to understand why eToro is a popular broker to consider for beginners and casual traders.

eToro Spreads and Fees

eToro charges low fixed spreads (from 0.9 pips on EUR/USD) and variable commissions on forex and forex CFD trades.

eToro charges additional trading fees in the way of a $10 monthly inactivity fee and a $5 withdrawal fee every time users withdraw funds from their account. Additional currency conversion fees of 0.1% may apply if you withdraw any other currency than USD, which makes eToro's overall fee structure slightly higher compared to other forex brokers.

eToro Account Types

eToro offers 2 different account types: Retail and Professional. Both account types offer a free demo version, an islamic (swap-free) option and 1:20 leverage on major forex pairs. Here are the different accounts in a detailed break down:

• Professional account: requires users to pass a test for professionals and requires a minimum deposit of $10,000.
• Retail account: is the basic account that allows access to all forex pairs including forex CFDs
• Demo account: is the free account preloaded with virtual money to test your trading strategies
• Islamic swap-free account: is the swap free and Sharia compliant account for Muslim traders

Account opening with this forex broke is easy and straightforward. Deposit and withdrawals are free of charge and minimum deposit starts at 200 AED. Funding is possible using wire transfer, credit card, or e-wallets including 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.

Platforms

eToro offers a proprietary web-based trading platform (Web Trader) and an intuitive mobile app. The platform offers beginner friendly trading features, a social/copy trading extension and risk management tools like stop losses, take profits, and trailing stop losses.

The platform does not support technical indicators, complex order types, or Expert Advisors and isn’t compatible with MetaTrader 4, MetaTrader 5, cTrader, or any other external trading platform. This can be a drawback for advanced forex trader looking for customisation options.

Customer Service

Customer service is available in 16 languages including English and Arabic. Their support team is responsivem professional and is available through email, live chat, or phone. 

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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

Read the full eToro UAE review

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3. Capital.com – Top Rated Forex CFD Broker (Best Forex Trading App in UAE)

With access to 3 different mobile apps (Trading app, Investmate app and MT4), 138 forex CFDs and TradingView integration Capital.com has the top forex trading app in UAE. They also feature an extensive education section, algorithmic trading options and leverage of 1:500 on professional accounts which makes them finish among the best CFD trading platforms in UAE.

Capital.com Spreads and Commissions

Capital.com charges a competitive spread of 0.6 pips (EUR/USD) on forex CFDs.

Capital.com charges additional forex trading fees in the form of overnight fees (2%) and currency conversion fees, which makes their overall costs industry average.

Capital.com Account Types

Capital.com users can choose between 4 different account types: Standard, Plus, Premier, and Invest. All accounts are all available as retail and professional and have different minimum deposits, but the same maximum leverage ratios and spreads.

Capital.com doesn’t offer Islamic accounts, which is a drawback for Muslim traders looking to trade in compliance to Sharia law.

Assets

Capital.com supports over 6,000 tradable symbols including 138 forex CFDs.

Capital.com Forex Trading Apps

Capital.com list of forex trading apps include the Capital.com in-house app, Investmate app and the MT4 app with TradingView integration.

All of the apps provide basic forex trading features (real-time price quotes, dynamic charts, order book information) and risk management tools. Advanced users can make use of conditional orders such as OCO, IOC, and Retry Until Filled or employ algorithmic trading strategies.

Customer Service

Customer support is available 24/7 by email, live chat, phone, WhatsApp, Telegram, and Facebook Messenger in English and Arabic.

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Capital.com Key Features For Forex Traders:

• Nr. of forex currency pairs: 138 forex pairs (CFDs)
• Average spread (EUR/USD): 0.6 pips
• Trading platforms: Proprietary, MT4, TradingView
• Maximum leverage: 1:500
• Regulators: FCA, FSA, ASIC, CySec
• Islamic swap free account: NO
• Micro lot trading: NO
• Recommended experience Level: Average traders
• Supported trading strategies: Algorithmic trading, bot integration

Read the full Capital.com review

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4. IC Markets – Best for Day Traders and Scalpers

With the lowest fees in the industry (0.0 pips), leverage of up to 1:500 and availability of micro lot trading, IC Markets is the best forex broker in UAE for day traders and scalpers. Traders have access to a free Equinix NY4 VPS Server, which reduces latency and guarantees order execution speeds of under 40ms. Social trading is available via ZuluTrade and Myfxbook Autotrade.

IC Markets Spreads and Commissions

With 0.0 pips minimum spread and a fixed commission of 35 per lot, IC markets has the lowest forex trading fees in the industry.

Fees vary based on the account type:

1. 0.6 pips minimum spread and no commission on the standard MetaTrader 4 or 5 account
2. 0.0 pips minimum spread and a fixed commission of 3.5 per lot on the Raw Spread and cTrader Raw Spread accounts

IC Markets Account Types

IC Markets offers 2 account types: Standard Account and Raw Spread Account. Both account types offer a free demo option and Islamic account version. Below are the details in overview:

• Standard Account: is the basic account with a minimum deposit of $200 and spreads from 1.0 pips (EUR/USD) that supports all trading styles
• Raw Spread Account: is the standard trading account with average spreads of 0.0 pips on (EUR/USD) that allows trading with up to 1:500 leverage, and is compatible with MetaTrader 4 and 5 and cTrader.
• Islamic Account: is the swap-free account where holders do not pay or earn any interest
• Demo Account: is the free paper trading account that helps users to familiarise with the brokers trading platform and features

Minimum deposit at IC Markets is $200. Withdrawal and deposits are free of charge and available through credit cards, wire transfers, or e-wallets including PayPal, Neteller, and Skrill.

Assets

IC Markets lists 61 forex CFDs and 4500 tradable symbols overall. This makes them rank among the best broker in the industry for availability of forex currency pairs.

IC Markets Trading Platforms

IC Markets list of platforms include a proprietary web platform (Web Trader) and mobile app, third party platforms (MT4, MT5, cTrader) and automated trading extensions (Myfxbook AutoTrade, and ZuluTrade)

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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

Read the full IC Markets review

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5. Forex.com – Best MetaTrader Forex Broker

Forex.com is a publicly traded forex broker regulated by four tier-one financial regulators. It features a web trading platform with multiple MetaTrader 4 and 5 extensions and other third party integrations (TradingView, Trading Central) that allow traders to employ different forex trading strategies.

Forex.com Spreads and Commissions

Forex.com offers competitive spreads of 0.1pip (EUR/USD) on the pro account and up to 1.0pips (EUR/USD) on the Standard Account.

Forex.com spreads and commission vary based on account type:

• Variable spread of 1.0 pips on (EUR/USD) on the Standard Account
• Variable spreads of 0.2 pips plus a $5 per lot commission on the Commission Account
• Level 2 spread of 0.1 pips plus commission starting at $60 per million traded on the STP Pro account

Forex.com Account Types

Forex.com offers 3 different account types: the Standard, Commission and the Direct Market Access Account. All account types offer a free demo account option, access to financial instruments across all asset classes and leveraged trading with up to 1:30 for retail and up to 1:400 for professional traders. 

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.

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.

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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

Read the full Forex.com review

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6. Saxo Bank: Leading Forex Broker for Professional Traders

Saxo Bank offers access to 200 forex currency pairs, low spreads (starting at 0.7 pips EUR/USD) and advanced forex trading features. With its deep liquidity, fast trade execution and up to 1:500 leverage, Saxo Bank is among the top choices for professional forex traders.

Saxo Bank Spreads

Saxo Bank charges an average spread of 0.7pips (EUR/USD) on classic accounts and a low spread of 0.5pips (EUR/USD) on the VIP account.

Saxo Bank Account Types

Saxo Bank offers 4 different accounts types: Saxo Account, Joint Account, Corporate Account, and the Professional Account.

All accounts guarantee users access to Islamic account option, major asset classes and managed portfolios. While retail accounts offer leverage trading up to 1:30, professional account holder can trade with up to 1:500 leverage.

The minimum deposit required to open a live account is $2,000 and can be funded by credit cards and bank wire transfers.

Saxo Bank Availability of Assets

Saxo Bank allows users to trade on over 60,000 financial instruments including 200 forex spot pairs and 125 forwards. This makes them finish as the best forex brokers for availability of assets.

Saxo Bank Platforms

Saxo Banks list of platforms include two in-house platforms; SaxoTraderGO and SaxoTraderPRO and third party integrations 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 unparalleled and is 24/7 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 from top-tier market strategists. 

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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

Read the full Saxo Bank review

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How To Choose The Right UAE Forex Broker?

The main criteria to consider when choosing the best forex brokers in UAE include: trading platforms, fees, mobile trading, deposits & withdrawals, assets, regulation, research & education and customer support.

Here is a Quick Video Recap

Forex Trading Regulation in UAE

You will want to choose the best forex broker based on their regulatory status and licences. The general regulation of the UAE forex brokers is split up into two local regions: 

1.Dubai International Financial Centre (DIFC) and

2.The rest of the UAE

Forex brokers from in UAE must comply with international norms, and follow regulations from four main entities: 

1. The main regulatory body for the Dubai region is the DIFC, which is a global financial center. As a financial free zone regulated by Dubai Financial Services Authority (DFSA), it offers top-tier financial services. DIFC stands for Dubai International Financial Center, and it is a leading financial services provider. 

Brokers working in the DIFC follow regulations enforced by the DFSA, and operations outside the zone are overseen by the Central Bank, or the Securities and Commodities Authority (SCA).

Please note the SCA is the only regulator for CFD trading in the UAE.

Retail trading operations in the DIFC must follow these rules:

 

The DFSA helps traders in the UAE learn the regulatory status of a broker and helps retail traders avoid scams. DFSA regulated brokers can’t accept US-based clients.

2. The main regulation authority in UAE is the Central Bank of United Arab Emirates (CBUAE).

The CB of the UAE works with the SCA to ensure fair market conditions, and protect traders and investors. It grants licenses to financial firms, including forex brokers. Once licensed, the CB of the UAE ensures that brokerages deliver top-tier services to clients. UAE forex brokers must meet two requirements to gain a license: 

• 1 to 3 million Dirham required as minimum capital, depending on services offered
• 60% or more of total paid-up capital owned by UAE entity

An offshore broker can open a local business to serve traders in the UAE. 

Quick Tips for Beginners

If you are new to forex trading, there are a few things you need to consider before choosing the best forex broker. Signing up with the right broker, with the right trading features and fees, can make the different between you making profit and you constantly loosing money.

Star With a Demo Account

If you have no prior experience with forex trading, always remember that you can start with a forex broker that offers a demo account option. This allows you to get a feel for the platform and to test your trading strategy using virtual money, before diving in with your life savings.

Go For Fixed Spread Instead of Variable Spread Brokers

As a forex trader, you want your broker to charge fixed spreads, because this allows you to know exactly how much your current positions cost. As a beginner you should avoid brokers offering variable spreads, which are sensitive to volatile price movements and can greatly increase your overall trading fees.

Don't Fall For The Leverage Game!

Most of the best forex brokers from our list offer leveraged currency trading to some extend. As promising as it sounds to trade with borrowed money, its nothing that beginners should make use of. Always remember to start small and test what works, before you open bigger positions. A good rule of thumb is setting the limit at 10-15% of you annual income.

Some Features Will Make Your Life Easier

It is important to understand that different brokers offer different features. If you are new to trading you should look out for:

• Simple buy and sell options: make it easy to open and close trades
• Social copy trading features: allow you to copy trades from professional traders with a great trading record
• Responsive customer service: allows you to get support from professionals when needed
• Extensive education materials: give you access to education materials that can step up your game

How to Check SCA Authorisation

UAE forex traders and investors need to contact the SCA directly in order to verify authorisation of the best forex brokers in UAE.

Summary 

Having the lowest fixed spreads, great diversity of platforms and access to third party integrations that support a variety of different trading styles for beginners and advanced, we found that AVAtrade is the best forex brokers in UAE.

Make sure you do your own research before signing up with any of the brokers. Going through our guide is a great starting point to decide which broker is best for you. Remember if you are not sure, always start with a demo account before investing real money.

FAQ

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Methodology
The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of the best forex brokers. Trading platform, fees, mobile trading, payments, assets, regulation,
education and research are all part of our six-month evaluation of a broker's account.The rating scale was based on thousands of data points that have been weighted into the scoring system. Brokerages were 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
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.