- About Forex Brokers in UAE
- Best Forex Brokers in UAE
- Top UAE Forex Brokers List
- 1. Dukascopy
- 2. ActivTrades
- 3. HFM
- 4. FxPro
- 5. Tickmill
- 6. XTB
- 7. HYCM
- 8. Pepperstone
- 9. Swissquote
- 10. IG
- Comparison of Best Brokers in UAE
- Is Forex Trading Legal in UAE?
- How Do I Trade Forex in UAE?
- Choosing The Best Forex Brokers in UAE
- Pros and Cons of Forex Trading
Today, we live in a world where we exchange goods and services for money. This money is in the form of currency, which mostly varies from country to country. Since the value of one currency does not match with another, the scope for foreign exchange and the foreign exchange market arises. Currency exchange or forex trading platforms enable customers to swap one currency for another. Opening a multi-currency bank account is a simple way to avoid currency conversion expenses. You should decide your investment objectives before entering into any form of business.
A foreign exchange market is needed to determine the value of each foreign currency, thus making it much easier to exchange different trading currencies. It can also be considered a better investment option. Dubai multi-commodities centre offers forex trading, and Dubai Mercantile Exchange offers commodities exchange in the middle east.
Here comes the necessity of top forex brokers in UAE and Dubai who act as a middleman between you and the market (middle east). Forex represents foreign exchange that provides most traders access to a platform for buying and selling foreign currencies. You can choose the best UAE forex broker based on your particular need.
Please note that the information in the below content has been provided with various online research conducted by us to guide you and help you choose the right broker. Before starting, remember trading CFDs carries risk, and you may lose money, so always be careful.
About Forex Brokers in the United Arab Emirates in 2023
The UAE forex regulation is made by National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC) for brokers in the UAE. Dubai Gold and Commodities Exchange regulates the best forex broker. You should find the top broker in the UAE and Dubai who is authorized and has proper knowledge about trading; also, these high liquidity providers enable forex brokerages to fund their trade.
The foreign exchange market is a 24-hour market in most countries, including the UAE. The clients of online forex broker usually include retail currency traders or large financial services firms that want to trade on behalf of investment banks and other customers. A forex broker is compensated either by additional charges or through the bid-ask spread of any major currency pairs. It generally does not charge any interest on the money it invests.
Best Forex Brokers in UAE in 2023
- Dukascopy:- Best For Cryptocurrency Trading
- ActivTrades:- Best For Manual Traders
- HFM:- Best For MetaTrader Platform
- FxPro:- Best For MetaTrader & cTrader Platform Offering
- Tickmill:- Best for Beginners & Experienced Traders
- XTB:- Best For Excellent Trading Experience & Low Cost
- HYCM:- Best For Trading Forex & CFDs
- Pepperstone:- Best For Low-Cost Offerings
- Swissquote:- Best For a Wide Range of Financial Products
- IG:- Best For Trading Platforms Offerings
Top UAE Forex Brokers List
Below is a detailed breakdown of the UAE list that allows forex trading. You can also have a quick look at our comparison table, where we have information regarding its max leverage, regulations, & minimum deposit.
Headquartered in Geneva, it has offices in various countries. Just like many other top forex brokers, it offers both online trading platforms and mobile trading services that include forex trading, e-banking, best trading automation, and forex ECN; as for MT4 MT5, it supports MT4, it also has forex trading platforms that deal in British pounds, provides wider spread but not starting from 0 pips, retail investor accounts, and much more.
Strictly Regulated by the Swiss Financial Market Supervisory Authority (FINMA), it started offering the option of start trading forex in 1999. However,know more about the best forex broker UAE trade platform in detail from our honest Dukascopy review, where we have covered everything.
|Best For||Best For Cryptocurrency Trading|
|Tradable Assets||Forex, Crypto (virtual money), Precious Metals, Bonds, Indexes, Stocks, ETF|
- More than 10,000 traders with mobile trading & online trading for doing the stock exchange.
- Up-to-the-minute quotes are provided for every trading account holder.
- Multiple currency accounts and short selling for UAE traders.
- No swap-free standard accounts.
- Payouts in retail investor accounts & others are delayed.
- The free demo account expires after 14 days.
- Withdrawal fees & deposit fees for the standard account – Yes
- Inactivity fees – Yes
Founded in 2001, ActivTrades, one of the top brokers in the UAE, initially specialized in forex trading. Headquartered in the heart of London, it educates many traders to help them trade better; it offers a demo account for UAE forex traders, which helps clients practice trading, MT4 MT5 support, even for beginner forex traders, it offers tight spreads, lower spreads, competitive spreads, online education, retail investor accounts, mobile trading, & other financial instruments that help new clients know more about their account types choices.
Learn more about the forex trading regulation platform in our ActivTrades review and explore the brokers’ listed features suitable for you, including multiple order types, trading signals, how to open an account, and more.
|Best For||Best For Manual Traders|
|Tradable Assets||Index, Commodity, Bonds, & More|
- Highly authorized & MT4, MT5 support.
- Clear fees report for future reference.
- Good search functions are available for web trading, including trading signals.
- Does not hold banking licenses.
- Inactivity fees for the inactivity process.
- No price alerts for clients.
- The trusted brokers in the UAE are transparent; they have no hidden payment amount, and share commissions start at 0.01%.
- You need to pay market data charges.
- These best forex trading platform also has the tightest spreads.
- Broker charges occur when you start forex trading and using other services.
- Non-trading platforms’ compensation charges include withdrawal and inactivity charges.
- Free demo account.
It’s an award-winning best-overall forex broker; HFM has a good reputation & provides currency trading services for institutional and retail clients. This Dubai forex broker offers various account types to assist forex traders online. Regulated by Dubai Financial Services Authority (DFSA), the HFM Islamic account offers an Islamic account for Muslim faith CFD traders that are compliant with sharia law.
These UAE brokers offers a fixed spread account, a market maker, no commission fees, lowest fees, fast withdrawals, video tutorials, good for beginner traders, raw spread, low spreads, but no 0 pips, and is fit for Muslim traders (Islamic account).
Check out the preferences on a minimum requirement on their website according to the live account type when you make your first deposit on these forex trading platforms. However, we have it covered if you want to explore more detail about the HFM review platform and its features.
|Regulated By||FCA, FSCA, FSA, DFSA Dubai|
|Best For||Best For MetaTrader Platform|
|Tradable Assets||Forex, Metals, Shares, Stock CFDs Indices, Bonds, Commodities, Energies, DMA Stocks, ETFs|
- This multi-regulated broker in the UAE has various types of trading accounts, including Islamic accounts.
- 9 different financial markets for retail traders & has low minimum deposits.
- High trading fees and only one trading platform.
- 24/7 customer support service is not available.
HFM, trusted brokers do not impose any commission on micro accounts and auto accounts, so it is not necessary to pay an additional price for these two account types, commission-free trading with, a competitive fees structure for any trading account. For EUR/USD spread starts from 0.0 pips, raw spread, & low fees. This forex trading platform also has multiple trial demo account support, which is free.
Headquartered in the UK, FxPro offers an extensive range of platforms. However, it also comes in as one of the top best forex brokers in the UK. You can also complete transactions that have no dealing with desk intervention.
The trusted broker, which is also an award-winning platform that assures the best possible trading experience, MT4 MT5 support, fast withdrawals, competitive lowest spreads, master card option, trading accounts, and smooth trade execution with CFD instruments (it is considered that trading CFDs are complex instruments & come with high risk due to leverage), retail CFD accounts lose money due to access leverage beyond capacity. This platform is suited for both beginners and professional traders.
Therefore, avail the best CFD broker, where CFD broker will help you with the trade. Learn more about the best overall broker platform in our FxPro review and explore the broker’s listed features, competitive fees structure & more.
|Regulated By||CySEC FCA FSCA SCB|
|Best For||Best For MetaTrader & cTrader Platform Offering|
|Tradable Assets||Forex, Spot Indices, Spot Metals, Futures, Shares|
- A completely free demo account. They are a good option & most suitable for beginners.
- This safe broker has a fast execution model and master card support with & average spreads.
- The demo account lasts for only 180 days, which beginners may not be able to learn.
- Commission charges are comparatively higher than average compared to other brokers & no low minimum deposit.
- Inactivity fees are being charged.
- No withdrawal and deposit fees are being charged for any trading account.
- This online forex has a low financing rate.
- It is not commission free.
- Lowest fees, but the spread does not start with 0.0 pips.
- Just like many best forex brokers in the market, it supports demo accounts.
Tickmill is a world-renowned platform that offers forex trading. It is one of the most popular online brokers in the UAE. Tickmill was founded in 2007 in Dubai, UAE. Having more than 100,000 customers and providing the best rates to trade paperless with a variety of other financial instruments, such as trading CFDs and trading forex. Recently It has also opened a new office located in the Emirates Financial Towers.
It also has a range of deposit methods to smooth up the task; Tickmill also provides support for Islamic accounts and offers a $30 welcome account for traders. However, read our unbiased Tickmill broker review and learn all the details of this best forex trading platform.
Note: So retail CFD accounts must be carefully handled as accounts lose money, so many factors are to be considered (as trading CFDs are complex instruments). Trading CFD instruments is possible, but as these are complex instruments, retail CFD accounts & cryptocurrencies involve a high risk of losing money due to leverage.
|Regulated By||FCA, DFSA, CySEC, FSCA, FSA|
|Best For||Best for Beginners & Experienced Traders|
|Tradable Assets||Forex, Stocks, Indices, Metals, Commodities, Currency Pairs, Bonds, Cryptos|
- Tickmill gives the fast opening of an account to a trader, with an easy withdrawal funds process.
- Forex traders get 0.1 lot.
- The forex traders’ platform designs are outdated.
- The min deposit is high.
It charges 2 Euros per trade lot as commission. During peak trading hours, the average spread cost is 0 pips.
XTB offers a personalized trading experience for beginner traders and experienced traders, offering a range of instruments. It offers account tiers and multiple account funding options to VIP clients; as for MT4/MT5 support, it offers only MT4 and has trading accounts with the support of mobile trading, deposit methods, & online trading as well. Although, read more about this no-dealing desk broker from our XTB review page and know its services in detail.
Expert Advisors – Despite having a regulatory status, You should be careful while doing CFD trading as some accounts lose money when using any trading platforms of their choice.
|Best For||Best For Excellent Trading Experience & Low Cost|
|Mini Deposit||No Min Deposit|
|Tradable Assets||Financial Instruments Like Forex, Indices, Currency Pair, Stock CFDs & ETF CFDs|
- Best forex brokers offer protection to the client’s accounts.
- Multiple deposit & withdrawal methods, along with Islamic account support.
- No guarantee for stop-loss like other forex companies.
- These mobile trading platforms impose inactivity charges.
The swap charge is the cost of rolling a transaction from one day to the next. No commission charged for standard accounts. If your withdrawal amount is below certain fixed ones, you must pay the amounts based on factors like base currency for trading and the withdrawal method used (low trading fees.).
Inactivity charges must be paid as compensation if there has been no trading activity for over 12 months.
Being a London-based broker, Henyep Capital Markets (HYCM) offers a dedicated educational materials section on its website, MT4 MT5 support, bonus promotions, an economic calendar, fixed spreads, trading CFDs, Islamic account, a smooth trading experience, mobile apps for smooth mobile trading & more.
HYCM is Cysec FCA and DFSA-regulated forex broker Headquartered in Hong Kong & DFSA Dubai, which is (Dubai Financial Services Authority); Henyep Capital Markets got its first license number from UK regulatory bodies. Note: Be careful while trading, as some accounts, lose money.
|Regulated By||FCA, CIMA, CySEC, DFSA Dubai|
|Best For||Best For Trading Forex & CFDs|
|Max Leverage||30:1 (UK & Europe) and 500:1 (Global)|
|Tradable Assets||Financial Instruments Like Forex, Derivatives, Indices, Cryptocurrencies, Currency Pair, CFDs, Trading Stocks, EFTs|
- Variety of educational resources on the website.
- These Dubai forex brokers have an easy and user-friendly account opening.
- Outdated design.
- No customer support on weekends.
- No withdrawal and deposit charges.
- High inactivity charges apply.
- Charges vary depending on account type.
- The best broker offers the lowest fixed spreads as well.
Pepperstone is an online forex and CFD trading platform providing competitive pricing to its clients. Uncomplicated access to the forex markets is ideally suited for traders who want a manageable range of low-cost offerings with multiple account types, a range of such instruments, copy trading, the mobile app, currency pair, swap-free accounts, accept clients worldwide, &, has low variable spreads.
|Regulated By||FCA, ASIC, BaFin, SCB, CMA, DFSA, CySEC|
|Best For||Best For Low-Cost Offerings|
|Max Leverage||30:1 (Forex in ASIC)|
|Tradable Assets||CFDs in FX, Crypto, Currency Pair, Commodities, Indices, Shares|
- This best broker has low forex charges & excellent customer service.
- This Dubai-based forex brokers account opening procedure is fast and completely digital on its website.
- No guaranteed stop loss from their forex companies.
- High bank withdrawal price for clients outside Australia / EU.
- Withdrawals of money depending on the location.
- The withdrawal price is zero, except for international wire transfers.
- No inactivity charges & low forex fee.
- Competitive fee structure by these best forex brokers.
- Reasonable minimum deposit & low spreads.
Swissquote international forex broker is regulated and is used by over 3,00,000 users and traders. It has been there for several years and offers forex trading, swap-free account, MT4 MT5 support, a user-friendly platform, debit card support, currency pair, social trading, copy trading, research tools, segregated account, and other entities.
All these features provide good trading conditions for all CFD products. Check out our Swissquote review, where we cover the services, trading app, & features of this regulated forex broker in more depth.
|Regulated By||FCA, MAS|
|Best For||Best For a Wide Range of Financial Products|
|Minimum Deposit||$1000 (Standard); $10,000 (Premium); $50,000 (Prime)|
|Tradable Assets||Shares, Options & Futures, ETF, Forex, Commodities, Currency Pairs, Bonds, Cryptocurrencies|
- Access to numerous trading products, mutual funds & forex markets, including social trading from their companies.
- Credit and debit cards and wire transfers/bank transfer are available with Swissquote bank.
- These best forex brokers’ certain research tools are not free of cost.
- Charges entity payment for deposits & withdrawal.
- They do not accept any third-party payments.
- No inactivity charges.
- Withdrawal charges are taken.
- Competitive fee structure
- High minimum deposit requirement.
Founded by Stuart Wheeler, the IG Group broker is regulated and has over 1,78,000 clients across five continents and an excellent forex industry reputation, also called IG Markets. It offers U.S. clients leverage across 80 currency pairs and a well-organized website that discloses all the services provided, including the various features, financial instrument, real trading, digital currencies, charting tools, customer support, trading app, technical analysis, and more.
IG forex market has these many available currency pairs are one of its major advantages, including major currency pairs, exotic currency pairs, and minor forex pairs. Persons in the UAE financial market can use copy trading to automatically replicate positions managed by other traders, which is impossible. Although to know more about the forex broker, visit our IG review markets platform, where we provide more details.
|Regulated By||FCA, CFTC, NFA|
|Best For||Best For Trading Platforms Offerings|
|Minimum Deposit||$300 (For Card Payment)|
|Tradable Assets||Forex, Indices, Shares, Currency Pairs, Cryptocurrencies (Virtual Money)|
- Emphasis on extensive research & education, trading tools & copy trading support.
- Offers a range of asset classes to the clients like forex pairs & more, making it a much more reliable broker.
- No backtesting integration in the trading platform.
- No negative balance protection could be a high degree of risk.
Swap charges will apply, which may be subject to currency conversion charges if you trade in a currency other than your account’s supported. IG Markets inactivity charges apply if there is no activity in your trading account for 24 months. For wire withdrawals, $15 will be charged. This international forex is not a free trading platform.
Comparison of Best Brokers in UAE
|Best Broker in UAE||Minimum Deposit||Maximum Leverage||Regulated by SCA||Accepts UAE Citizens|
Is Forex Trading Legal in UAE?
Yes, it is authorized and legal in the United Arab Emirates forex brokers to trade in forex through local brokers regulated by SCA (Securities and Commodities Authority) or any other regulatory authorities. UAE residents can directly contact Securities and Commodities Authority to verify authorisation also. Their official website is https://www.sca.gov.ae/.
Various exchange different platforms like Dubai diamond exchange, Dubai pearl exchange, and forex trading platforms are available in the United Arab Emirates (the largest city). Open your standard account legally, where the trading account can be any investment account containing securities, cash, and much more & help the country’s economic development.
Various legal payment methods are also available for traders to help them choose the best forex brokers in the United Arab Emirates. Some brokers even offer e-wallets, Apple Pay, and Google Pay support to UAE residents (middle east region).
How Do I Trade Forex in UAE?
Since the Dubai forex trading platform went online, it has been very convenient for traders to conduct their business. But, beginners should get advice from advanced traders because they are responsible for their money.
The first and foremost step to start forex trading is to find the top UAE forex brokers or best forex brokers in UAE before you start trading forex pairs. Recheck whether you have chosen the best broker. Nowadays, there are various best online broker UAE that is available for forex trading; even buying at a lower price and selling at a high is not a bad strategy.
You will then need to create a forex trading account and can start the currency pairs of your own choice. Get investment advice from experts the before opening your forex account with the best fx broker in the UAE. Choose an account like demo MT4 MT5 cTrader for better safety as the large volume of trades are done like forex pairs & supported by the local commodities authority; know your financial situation, trade forex &make money, as choosing the wrong brokers in Dubai can result in losing money.
Choosing The Best Forex Brokers in UAE
It is a better opportunity for a UAE trader since there are no taxes involved, and it applies to a few other countries too. The first regulatory body for the UAE forex broker is the Central Bank of the United Arab Emirates. Regulated brokers register with the financial regulatory body of their particular country. Local UAE fx brokers are supervised by the Central Bank of the United Arab Emirates, which is useful for UAE traders.
The forex market has a unique characteristic that many market makers utilize to attract UAE traders. The Dubai forex brokers can buy or sell orders and execute them on the interbank market. Depending upon the dealer, you could encounter several types of commission account, including variable commissions, different from the stock market, and much more. The right forex broker must meet the strict requirements set by regulatory authorities, as most brokers in Dubai do follow, which enables smooth trade execution.
As a UAE citizen, if you want to determine whether your selected broker is licensed, go to their website and read the “About Us” section or footnote – this should include the license number and the financial regulatory authority like UAE regulation DFSA regulated with which it is registered. (DFSA Dubai – Dubai Financial Services Authority)
The basic criteria for choosing a broker in the forex industry are few and simple. The number one priority should be ensuring the safety of your deposit funds, always do your own research, avoid investing unless you fully understand the risks involved (risk warning), and making investment decision carefully by knowing your financial situation & make money; also knowing how instruments work because the high risk of losing is there while trading in the financial markets.
You must pick a safe and reputable broker so that your broker will take care of the finances in a way that there are no avoidable losses (go for DFSA-regulated forex brokers – Dubai Financial Services Authority), and platforms like MT4 MT5 cTrader help ease your planning; even copy trading features be useful which is a good choice to opt for as it allows you to copy trades from advanced traders. Remember that different brokers have different features; thus & choosing the right broker is important.
Support United Arab Emirates Dirham
The United Arab Emirates Dirham is the national currency for UAE residents. The phrase “AED” is the official abbreviation for the Dirham. A rich local population and a good business environment have contributed to a powerful trading market. The United Arab Emirates economy is the second-largest in the Arabic world.
Many forex brokers you select will typically earn money through bid-ask spread cost, commission, and roll overcharges. Other trading charges are:
- Trading volume charges (for high-volume traders)
- Inactivity price
- Third-party trading tools
They are computer programs used to manage and execute market trades. UAE Traders and investors should evaluate both the trading costs and the trading features provided when choosing between platforms (like MT4 MT5 cTrader) and fundamental analysis before diving in. Two financial Dubai Freezone, the Dubai International Financial Centre (DIFC) and the Abu Dhabi Global Market (ADGM) in Abu Dhabi, both these two financial free zones provide forex trading services in most regions of Abu Dhabi.
The technical indicators you need to be aware of while choosing a platform are:-
- Preferable commission
- An authorized platform of Abu Dhabi
- Trading style – advanced trading options can be considered
- UAE-regulated broker.
- Advanced trading strategy.
Good Customer Support
Customer support and service are essential for new traders and many professional traders, as it accept clients from all over the world. They should resolve all the technical problems related to trading products and services. You can speak with the broker’s customer support representatives to know more about their charges; many even provide Arabic language support. The Abu Dhabi best brokers usually have a great customer service support team and Dubai international financial center support.
Pros and Cons of Forex Trading
Most online broker usually has a very low cost of commission. It is possible to afford trading with the help of UAE forex regulation, like buying at a lower price and selling at a high.
More market participants are available than in other financial markets, adding an advantage and more deep liquidity. Also, the use of leverage allows you to control large positions with small-margin deposits (minimum margin requirement).
Various options are available in the market for businesses. The investor can even enter into the spot trade stocks /real stocks or future agreement contracts & many DFSA regulated broker provides that.
There are nearly 28 available currency pairs, including eight major currencies from the forex, as per the information provided on the website. A trader managing volatility can switch to others easily without losing much.
Without more capital investment, it is difficult to trade in other markets (including Abu Dhabi Global Markets), but you can manage in the forex market. A higher leverage factor on margin trading could be one with more benefit, but it may carry its own significant risk. You need to fix the minimum capital amount, where minimum capital denotes how much you can afford to trade with.
Central banks usually interfere in rare cases. Orders are directly placed with the brokers, who then continue the process & even if multiple order types are supported; thus, a smooth foreign exchange takes place.
The involvement of brokerages may sometimes lead to a lack of transparency and more commission charges. Another important point is to find the best forex and CFDs brokers before entering a platform.
Some premium trading features in certain broker platforms need a VIP account, but a VIP account needs a higher amount in certain online brokers.
High-risk factors are involved due to a high level of leverage generally in professional accounts, and uncertainty in the price and rate of currency may lead to a higher profit or greater loss. So trading leveraged products is a risk.
The price may increase or decrease due to market volatility, leading to high risk. Do a thorough market analysis and get advice before entering into trading.
Investors must be very careful about scammers who are ready to loot money. One must check whether the UAE forex trading brokers are registered, always choose a leading forex broker that is regulated, avoid scams and conduct fair trading, also avoid limited regulatory protection, which will lead to limited foreign exchange trade.
Conclusion on Forex Brokers in UAE
Since forex trading is very popular, there is a lot of information available on it. Another advantage is that you can easily start forex trading by downloading free trading platforms and quickly getting in and out of your position. The platform rewards you when you take a long position or short position in a currency pair.
Additionally, the broker uses advanced risk management tools to ensure maximum security and provides trading platforms like MT4 MT5 cTrader.
Yet, one must be careful about choosing the best trading platforms and brokers in the UAE suitable for them. Start trading after getting investment advice from industry experts to reduce the avoidable risk factors. UAE citizens can approach any Dubai Financial Services Authority (DFSA Dubai) regulated broker or the reputable forex broker UAE or Dubai international financial centre or conduct a thorough research about the brokers, including detailed information and ensuring that they are not fake but reliable. Trade Safely!