Best trading platforms in UAE are: AVAtrade, eToro, IQ Option, Pepperstone, Saxo Bank and XM. In our evaluation process, we are focusing on 7 factors: traders score, commodities traded, platforms, funding methods, Islamic account enabled, minimum deposit, and welcome bonus. Here are our profiles of the 6 best trading platforms in UAE and Dubai for 2021:
6 Best Online Trading Platforms in UAE & Dubai
This is our list of the best online trading platforms and brokers in UAE and Dubai:
- AVAtrade – Best Overall Broker
- eToro – Best for Social and Copy Trading
- IQ Option – Best for Binary Options Trading and CFD’s
- Pepperstone – Best for Beginner Traders
- Saxo Bank– Best for Advanced Traders
- XM – Best for forex trading
Best Online Brokers UAE & Dubai 2021
|RANK||BROKER||GENERAL||PLATFORM SCORE||BEST FOR||WEBSITE|
|#1||AVAtrade||Best web trading platform||4.9/5||Low spreads||Official website|
|#2||eToro||Best for copy trading||4.9/5||Social Trading||Official website|
|#3||IQ Option||Best stock broker in UAE||4.8/5||Options, stocks, forex and crypto||Official website|
|#4||Pepperstone||Lowest trading fees||4.8/5||Low fees||Official website|
|#5||Saxo Bank||Best for premium traders||4.8/5||Different assets||Official website|
|#6||XM||Best for forex trading||4.8/5||Forex trading||Official website|
Top Online Trading Platforms, Brokers and Apps in Overview:
01. AVA Trade: Best Online Trading Platform
Founded in Dublin in 2006, AvaTrade offers average-to-competitive fee spreads and several tradable currency pairs and CFD’s over stocks. They provide several online 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. AvaTrade is regulated in six jurisdictions and available since 2021 in the UAE. They are regarded as the best online broker with a long operational history.
02. eToro: Best For Social Trading
eToro is a safe online trading platform regulated by top-tier financial regulators. It is known for commission-free trades, 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. Trading spreads are wide, deposits are free and account minimum is low. 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.
03. IQ Option: Best Trading App UAE
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 platform.
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 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.
04. XM Trade: Best for forex trading
XM.com is the best online broker for forex and CFD trading. They offer the best Social Copy trading tools 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.
05. Pepperstone: Lowest Trading Fees
Based in Melbourne, Pepperstone is a reliable Forex and CFD online broker, known for its diversity of trading platforms, low margin rates, fast account opening, and great trading tools. Pepperstone users can trade many assets including forex, CFDs, cryptocurrencies, indexes, shares, and commodities. Pepperstone is the best trading platform for professional and active traders.
Pepperstone offers MetaTrader and cTrader with multiple self-developed add-ons. They do not have a proprietary mobile platform, instead use MT4 and cTrader mobile apps. It has a low minimum deposit, great customer support, and an above-average research section, and an award-winning set of educational tools.
06. Saxo Bank: Best Online Broker Overall
Founded in 1992, Saxo Bank is a low risk online broker, well-regulated bank by the FCA (UK), FINMA (Switzerland), ASIC, FSC (Australia), and JFSA (Japan). Saxo Bank is the best trading platform for forex and CFD broker known for their intuitive SaxoTraderGO platform, competitive margin rates, 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 platform and competitive pricing. They combine high-quality in-house research with top-tier third-party providers to offer an outstanding research experience. Their customer service is outstanding. 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.
What Is a Trading Platform?
A trading platform is the bundled software that enables investors to place, cancel and monitor trades through financial brokers. Users choose between desktop trading platforms, mobile trading apps, web based platforms and customised in house platforms.
The UAE Financial Market
The UAE is a diverse landscape made up of seven unique emirates. There are two financial centres of the country that lead the way for investors; Dubai and Abu Dhabi. Before oil discovery in the 1950s, the country’s economy was from pearl diving, fishing, nomadic farming, and date palm cultivation. The economy is growing dramatically. In the 2019 Economic Report, UAE GDP was £330 billion. Today, it is $382.6 billion.
The two main financial security exchange platforms are Dubai Financial Market, (DFM), and Abu Dhabi Securities Exchange, (ADX). Both operate under Securities and Commodities Authority (SCA) regulations. Through these exchanges, UAE residents trade several financial products. These include futures, equities, securities, commodities, metals, derivatives, gemstones, and more.
Founded in 2000, the ADX sits in the heart of Abu Dhabi. They aim to deliver new investment opportunities and funds to UAE. The DFM opened as a public institution and became a Public Joint Stock company in 2005.
The pioneering DFM was the first of its kind in the region and the first financial trading market to comply with Sharia rules. They deal debt instruments, ETFs, equity instruments, and lending of securities.
Besides those two Dubai has 7 additional online trading platforms and UAE trading apps :
- NASDAQ Dubai
- The Dubai International Financial Centre
- The Dubai Multi Commodities Centre
- The Dubai Pearl Exchange
- The Dubai Diamond Exchange
- The Dubai Gold and Commodities Exchange
- The Dubai Mercantile Exchange
UAE securities markets are Securities and Commodities Authority (SCA) regulated. The SCA improves investment awareness through objective studies and recommendations. The Dubai Financial Services Authority (DFSA) regulates and supervises 624 entities and 490 authorized firms. Most online brokers are controlled by the DFSA and use a UAE trading app.
The dirham (AED) is the most recognizable UAE currency. The currency, leveraged against the USD since 1978, has a fixed rate of 3.6725 AED since 1997. It remains very stable with only minor rate fluctuations. National property and oil prices are the main economic elements of UAE’s economy.
National property and oil prices are the main things moving the UAE economy. Despite a rather significant fall of 25% in the Dubai stock market, and a glut within the real-estate spate for 2018, non-oil GDP remained similar to the previous year. The Abu-Dhabi stock index achieved a strong performance throughout 2021.
The financial securities market in the UAE operates under the regulation of the Securities and Commodities Authority (SCA). Founded during 2000, this group offers Emiratis a chance to invest funds and savings alike into commodities and securities supporting the national economy. The agency also secures the integrity and accuracy of transactions that determine fair prices in the market. As a regulator, they are committed to improving investment awareness through objective studies and recommendations.
Another regulatory group – the DFSA, or Dubai Financial Services Authority – regulates and supervises 624 entities alongside 490 authorised firms. Online brokers are controlled by the DFSA.
How Can I Trade Online in UAE and Dubai?
To trade online in UAE and Dubai you need to: find a regulated online broker, open a trading account, deposit money and buy tradable assets.
For trading in UAE investors must apply for a NIN investor number when trading listed securities in the Dubai Financial Market. This lets them trade on the ADX and DFM exchanges. After obtaining a NIN number, they must find a broker from either exchange. Securities transactions in UAE are settled in AED. Trading in UAE is fast, simple and takes place in English language.
Online Trading in UAE
Online trading in UAE became more popular over the past months because of the rally of the GameStop stock and other similar stories which revealed the simplicity, safety and availability of online trading to common people. GameStop investors showed the world that they can beat the “big guys” from Wall Street using simple trading platforms and apps available for everyone.
This story did not remain undiscovered in the UAE, where we see a big increase in sign ups and online trading volume since then. Beside online trading being fully regulated and safe in UAE, it also offers many other benefits for investors. These include a supportive regulatory environment, low tax rate, and political stability. Cryptocurrency exchanges call UAE a home, due to its growing Fintech sector. UAE is a leader in initial coin offerings (ICOs) and online trading opportunities in general.
UAE ranks favorably among many Middle Eastern Countries, ranked 1st and 7th on the World Bank’s ‘best countries to conduct business in’ list. UAE ranks 25th best for starting a business, and 15th for finding and protecting minority investors.
Challenges of Online Trading in the UAE
There are as many online trading opportunities in the UAE as challenges. Their 5 percent VAT reduces consumer spending. Disputes between UAE and Qatar have a significant impact on both economies. UAE has credit availability issues. It ranks 44th in the world for credit application success and 98th for cross border trading. This presents challenges for businesses in the import/export business.
Stock Trading UAE
Stock trading UAE regulation is confusing. There are two primary regulatory schemes: the UAE federal law and the the DIFC. The DIFC and the ADGM manage the capital markets for all transactions involving the Central Bank. The Emirates Securities and Commodities Authority is the primary regulator of the capital markets in the UAE. The SCA regulates trustworthy stock brokers.
How to Trade Stocks in UAE?
Step 1: Register for a investors number (NIN)
You can apply for NIN number online here
Step 2: Find a Stock broker
After you get your NIN number you will need to open a brokerage account at one of the broker who have a valid trading licence in UAE. You can find a list of the best stock brokers in UAE here.
Step 3: Start Trading
After you open a trading account at one of the licensed brokers you can start stock trading UAE.
Trading in UAE offers a range of opportunities for investors looking to diversify their investment portfolio through real estate, stocks, derivatives, forex, and more. There are challenges to every financial market, welcome changes in UAE stocks, CFD and cryptocurrency markets lead the way. The government also continues to make UAE more attractive for cryptocurrency exchanges.
The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of online 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.
Business24-7 maintains high editorial standards and provides the best advice and recommendations. The products and companies that we review may compensate us when you click on the links on this website. Click below to find out more about our review process and methodology.
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 6 Best Online Trading Platforms in UAE & Dubai
- 2 Top Online Trading Platforms, Brokers and Apps in Overview:
- 2.1 01. AVA Trade: Best Online Trading Platform
- 2.2 02. eToro: Best For Social Trading
- 2.3 03. IQ Option: Best Trading App UAE
- 2.4 04. XM Trade: Best for forex trading
- 2.5 05. Pepperstone: Lowest Trading Fees
- 2.6 06. Saxo Bank: Best Online Broker Overall
- 2.7 What Is a Trading Platform?
- 2.8 The UAE Financial Market
- 2.9 Investment Opportunities
- 2.10 Trading Specialties
- 2.11 How Can I Trade Online in UAE and Dubai?
- 3 Online Trading in UAE