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Forex Trading In Dubai

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If you are new to forex than you are in the right place. In this article we reveal everything you need to know about trading with forex in Dubai, best trading platforms supporting islamic accounts and other useful information you need to know.

Which Is The Best Broker to Trade in Dubai?

This is our list of the best online trading platforms for Dubai traders allowing islamic accounts. We have compared only the most trusted brokers based on several factors: traders score, commodities you can trade, trading platforms, funding methods, islamic account enabled, minimum deposit and welcome bonus.

TRADING PLATFORMSWHAT CAN YOU TRADE?TRADING PLATFORMFUNDING METHODSMINIMUM DEPOSITOPEN A DEMO ACCOUNT

- Forex
- Indices
- ETF's
- Crypto
- Gold
+ Mobile App
+ Web Trader
- Credit Card
- Wire Transfer
- Skrill, Tiwi
$10

- CFD's+ Mobile App
+ Web Trader
- Credit cards/debit cards
- Paypal
- Bank
$100

Your capital is at risk

- Forex
- Indices
- Crypto
- ETF's
+ Mobile App
+ Web Trader

- MT4
- Credit cards
- Paypal
- Bank transfers
$200
olymp-trade-logo
- Forex
- Indices
- Stocks
- Crypto
- Commodities
+ Mobile App
+ Web Trader
- Credit /debit cards
- Paypal
- Bank transfers
$1

Our top choices in review

1. IQ Options (Best Binary Options Trading Company)

 

 

IQ Options has a long trading services history. The company started operating in 2013. Having their main quarters in Limassol, Cyprus, they are authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) only. IQOPTION LTD is registered at St. Vincent and Grenadines, this entity is not regulated.

IQ Options index brand has been recently updated to make sure the UAE clients get the same advanced tools and platforms, internationally available to other customers. They provide an improved in-house advantage platform different from the most known Metatrader 4/5 platform.

Those powerful tools are available without any risk – you can open a demo account with no limitations. $10,000 in virtual currency is also provided for you to practice with and is not limited in any way.

IQ Options has won many awards due to the quality of their services. IF you are looking for a solid platform you don’t have to look any further.

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

2. eToro (Best Social Trading Platform)

 

 

etoro-review-social-trading-winner

 

 

eToro is an established social trading company, operating since 2007. It is an FCA regulated entity when operating in the UK, an Australian entity in Australia, and a Cypriot entity for international customers.

eToro is considered to be a trustworthy platform as it is regulated by an established regulator while being a well-recognized startup as well. Its main operation is based around CFDs. CFDs are complex instruments that include leverage, so they come with a higher risk.  

eToro has been awarded as the best social trading platform – social trading means you can follow other traders and copy their investment strategies.

pros-and-cons

  • Great support in Arabic language: Monday till Friday 24h/day
  • Copy trading feature – copy the best trading secrets
  • Solid online trading platforms (mobile app, web trader MT4)
  • Safe and fast deposit options and withdrawals
  • Strong regulations and security by FCA (UK)/ ASIC (AUS)/CySEC (EU)
  • 47+ currency pairs available
  • Trade: FX, Stocks, Cryptocurrencies, Commodities, Indices, ETF’s
  • Competitive spreads

3. Plus 500 (Recommended for experienced traders looking for an easy-to-use platform, with great user experience)

 

 

Plus 500 is a quality CFD’s provider and operates around the world via its subsidiaries: Plus500AU, AFSL #417727 issued by ASIC, Derivatives issuer licence in New Zealand for NZ clients, FSP No. 486026; Financial Services Provider # 47546 in South Africa. Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909).

Plus500 CY Ltd authorised and regulated by the Cyprus Securities and Exchange Commission (Licence No. 250/14).
Plus500SG Pte Ltd (UEN 201422211Z) holds a capital markets services license from the Monetary Authority of Singapore for dealing in capital markets products (License No. CMS100648-1).

Client Money is held on trust, separated from Business Money. Should Plus500 go into liquidation client money would attract all the legal protections afforded to trust money.

Plus 500 has one of the most user-friendly platforms that allow instant access to variousmarkets, including commodities, indices, shares, andoptions. Every asset is availableto buy or sell as CFD’s, with leverage up to 1:300, commission-free.

Many other featuressuch as stop, limit, andtrailing stop are all present on the platform. Customers can also enjoy trading in a free unrestricted demo account that imitates real action. The platform has a lot of news, market information, training tools and comes with solid customer support. Everything is available in the Arabiclanguage, including customersupport.

What Are The Specialties About Dubai You need To Know About?

Dubai-forex-trading-overview

Many factors must be considered when selecting a Forex broker in the UAE. Security, fees, spread, deposit methods, safety, and the trustworthiness of your broker are all essential aspects to consider. When you are new to trading, it’s probably a good idea to avoid new brokers because they do not have a proven track record. Choosing from a list of forex brokers who have been in business for at least three years helps reduce unnecessary risk. The most trustworthy brokers comply with regulators from the European Union or the United Kingdom, and a few of those have registered services with UAE authorities. For more information check our list of the most recommended brokers in UAE here

One of the benefits of investing with a Forex broker in Dubai is that they offer local telephone support in the Arabic language. Many of these brokers offer free demo trading accounts where you can familiarise yourself with the trading platform and all of the features provided by that broker. Experimenting with the demo account helps you decide if you should open an account with that broker or move on to a different brokerage.

FX Trading in Dubai

Many individuals deal with Forex in Dubai, including part-time traders, ex-pats, medium-sized businesses, and large investment firms. It seems to be most popular with younger traders because of the close tie between Forex and use of online-based trading platforms. The majority of Forex traders in the UAE are from Dubai because it is an international center for financial exchange.

Legality 

One of the most asked questions in the United Arab Emirates about Forex is, “Is trading FX legal here?” The short answer is, “Yes.” 

However, you should be aware that income from Forex trading is subject to local taxes. This is another reason to choose a Forex brokerage with a minimum three-year history of success because this usually means they have been able to navigate the tax liability requirements unique to the UAE. Be sure to discuss your specific financial situation with a registered UAE financial consultant for any legal advice related to any kind of trading in the UAE. In Dubai, there are some Forex brokers that are registered with the Dubai International Financial Centre (DIFC).

Currency Movements

Currency prices change almost every second. This continuous change causes variations between currencies that can be taken advantage of by currency traders to generate income. These changes in price can be caused by many different things, including geopolitical events, economic factors, currency interventions, news cycles, governmental monetary policy changes, and even natural disasters.

when-to-buy-and-when-to-sell

Earning Potential

While there is potential and making money with Forex, there’s also significant risk. Many experts state their concern about amateur traders losing their capital due to inexperience. As the world Forex market is in continuous change, it is nearly impossible for an unsupported individual to predict currency prices reliably.

While there are many Forex brokers in Dubai, the key to success in Forex this education and training, this requires a significant investment of time by the trader practicing with demo accounts, watching webinars, reading guides, reviewing books, and following investment tutorials. Also, remember, the key to successful investing is never to lose more money than you can afford.

How do new Forex traders get started in Dubai?

The fastest way to get started in Forex trading in Dubai is by opening a demo account with an established and regulated broker. 

The next step is to talk with a financial advisor to make sure you understand the risk and that you’re fulfilling your tax obligations.

After that, you should immerse yourself in extensive training and practical experience through practice with your demo account.

The last step is always to continue researching and reading as well as creating personal relationships with other investors and advisors who can guide you on your path of trading different currencies.

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