Forex trading in Dubai requires a DFSA-regulated forex broker based in the UAE. We compared the best forex brokers in Dubai including Islamic accounts based on April 2024 spreads, and trading platforms for forex.
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The Best DFSA Regulated Forex Brokers For Dubai And UAE Traders:
| Broker | Our Rating | Regulation | Standard EUR/USD Spread |
Standard GBP/USD Spread |
Standard AUD/USD Spread |
Raw EUR/USD Spread |
Raw GBP/USD Spread |
Raw AUD/USD Spread |
Commissions (USD Base) |
MetaTrader 4 | MetaTrader 5 | cTrader | Execution Speed | Minimum Deposit | Currency Pairs | Crypto CFDs | Retail Leverage | Prof. Leverage | Read Full Review |
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Read review ›
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98 |
ASIC,DFSA, FCA,CySEC BaFin,CMA,SCB |
1.12 | 1.69 | 1.22 | 0.17 | 0.59 | 0.24 | $3.50 |
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77ms | $0 | 62+ | 12+ | 30:1 | 500:1 |
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Read review ›
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64 |
ASIC, FSCA CBI, KNF, CIRO ADGM, FSC-BVI |
- | - | - | - | - | - | - |
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160ms | $100 | 55+ | 15+ | 30:1 | 400:1 |
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Read review ›
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71 |
ASIC, FCA, BaFin FINMA, NFA/CFTC, MAS CySEC, DFSA, FMA JFSA, BMA, FSCA |
1.13 | 1.66 | 1.01 | 0.16 | 0.59 | 0.29 | $6.00 |
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174ms | $450 | 100+ | 12+ | 30:1 | 200:1 |
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Read review ›
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43 |
ASIC, CySEC, MFSA FCA, FSA, FINRA GFSC |
1.0 | 2.0 | 1.0 | - | - | - | - |
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130ms | $200 (Australia), $50-$100 (EU) | 49+ | 46+ | 30:1 | 400:1 |
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Read review ›
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55 |
ASIC, FCA CYSEC, DFSA, IFSC |
1.6 | 1.9 | 1.6 | 0.10 | 0.20 | 0.40 | $3.50 |
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148ms | $5-$100 | 57+ | - | 30:1 | 400:1 |
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Read review ›
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62 |
FCA, FSCA, CySEC FSCM, CMA |
1.9 | 2 | 2 | 0.0 | 0.0 | 0.5 | $2.00 |
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160ms | $500 | 63+ | - | 30:1 | 300:1 |
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Read review ›
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61 |
DFSA, FCA CySEC, CIMA |
1.2 | 1.3 | 1.3 | 0.1 | 0.4 | 0.3 | $4.00 |
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170ms | $100 | 69+ | 14+ | 30:1 | 500:1 |
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Read review ›
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64 | FCA, CYSEC, DFSA, FSA-S, Labuan FSA, FSCA | 1.6 | 1.6 | 1.6 | 0.1 | 0.3 | 0.1 | $2.00 |
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125ms | $100 | 60+ | - | 30:1 | 500:1 |
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Read review ›
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54 |
ASIC, FINMA FCA, MAS |
1.20 | 1.8 | 0.9 | - | - | - | - |
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135ms | $2000 | 209+ | 9+ | 50:1 | 50:1 |
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Read review ›
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67 |
ASIC,FCA ,DFSA,FMA |
1.2 | 1.3 | 1.3 | 0.44 | 0.85 | 0.42 | $3.50 |
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90ms | $0 | 72+ | 11+ | 30:1 | 400:1 |
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Forex Panel Score
Average Spread
EUR/USD = 1.12
GBP/USD = 1.69
AUD/USD = 1.22
Trading Platforms
MT4, MT5, cTrader, TradingView
Minimum Deposit
$0
Why We Recommend Pepperstone
From our analysis of various forex brokers, Pepperstone is undeniably one of the best forex brokers in the UAE.
From ultra-low spreads to fast execution speeds and robust tier-1 regulation, Pepperstone has many attractive features that make it a competitive option for traders of all experience levels.
The broker offers a wide range of financial instruments and CFDs, particularly in equities, and boasts a range of platforms including MetaTrader 4, MetaTrader 5, cTrader and TradingView.
These platforms are enhanced with advanced tools which are ideal for forex traders looking to undertake comprehensive technical analysis.
Pros & Cons
Broker Details
Competitive Spreads
Once a month we capture the average spreads from brokers and we found that with an average spread of 0.1 pips for the EUR/USD pair, Pepperstone has some of the the lowest no-commission spreads of any broker we’ve reviewed.
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RAW Account Spread Comparison
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0.10 | 0.20 | 0.60 | 0.40 | 1.00 |
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0.10 | 0.40 | 0.12 | 0.30 | 0.40 |
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0.17 | 0.30 | N/A | 0.54 | 0.68 |
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0.10 | 0.40 | 0.60 | 0.50 | 0.40 |
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0.10 | 0.50 | 1.10 | 0.60 | 0.80 |
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0.52 | 0.80 | 1.41 | 0.86 | 1.11 |
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0.30 | 0.50 | 0.60 | 0.50 | 0.50 |
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0.44 | 0.42 | 0.50 | 0.40 | 0.30 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
Out of Pepperstone’s two accounts, we think the Standard (commission-free) account is suited for beginners and the Razor Account (commission-based) will be more suitable for you as an experienced trader, especially those trading with larger volumes to keep your trading costs down.
Execution Speed
To get a better feel of Pepperstone’s ECN order execution speed, we used a MetaTrader 4 script to verify the quality of trade execution. We found Pepperstone recorded an impressive execution speed of 77 milliseconds for limit orders and 100 milliseconds for market orders.
Below you can view a full trade execution speed comparison among Dubai forex brokers using limit orders.
DIVERSE RANGE OF PLATFORMS
Pepperstone has a diverse range of platforms that includes MetaTrader 4, MetaTrader 5, cTrader, Capitalise.ai and TradingView.
From our testing, we particularly like Pepperstone’s offering of Smart Trader Tools for MT4 and MT5 which are a collection of expert advisors and indicators to help with your trading. Our favourite tool was the mini terminal, which allowed us to save an order template with stop loss, take profit and trailing stop levels to streamline our future trades.
Broker Screenshots
Forex Panel Score
Average Spread
EUR/USD = 0.9
GBP/USD = 1.5
AUD/USD = 1.1
Trading Platforms
MT4, MT5, AvaTradeGo, AvaOptions
Minimum Deposit
$100
Why We Recommend AvaTrade
In our view, AvaTrade is one of the most reputable and beginner-friendly online brokers available in the UAE. Not only are they regulated by multiple tier-1 regulators across 6 different countries, but they also have a large product offering.
Ross Collins from the CompareForexBrokers team analysed how many markets each broker had available and found that AvaTrade has one of the most on offer with over 50 forex pairs, shares, indices, and a large collection of cryptocurrencies.
They have Islamic accounts available for Muslim traders, demo accounts and interesting social and copy trading features that provide you with access to DupliTrade (with MT4) and ZuluTrade.
Pros & Cons
Broker Details
STABLE SPREADS FOR DAY TRADING
The consistency of AvaTrade’s spreads was a real highlight for us. Based on our testing, AvaTrade averaged consistently low spreads of 0.9 pips for EUR/USD which will suit day trading and scalping strategies. While wider than typical standard accounts, they are more stable and fixed at different part of the day.
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Top Fixed Spread Brokers
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0.90 | 1.10 | 1.50 | 1.80 | 1.50 |
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0.70 | 1.20 | 1.50 | 1.80 | 1.30 |
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4.00 | 4.00 | 3.00 | 5.00 | 5.00 |
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3.00 | 3.00 | 3.00 | 3.00 | 3.00 |
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1.94 | 2.36 | 2.11 | 2.24 | 2.05 |
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1.60 | 1.90 | 1.70 | 2.40 | 2.10 |
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1.50 | 1.80 | 2.00 | 2.00 | 2.00 |
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2.00 | 3.00 | 2.00 | 3.00 | 3.00 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
EXCELLENT PROPRIETARY PLATFORMS
We constantly check which platforms brokers are integrated with and AvaTrade performs well in this regard, scoring 8/10 in this category. In addition to the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5), AvaTrade offers its own proprietary AvaTradeGO platform, and specialty AvaOptions platform.
While we enjoyed the simplicity of AvaTrade’s mobile apps, what stood out from our testing of the platforms was the broker’s extensive range of copy trading platforms, from popular third-party platforms, ZuluTrade, Duplitrade and MetaTrader’s Signals, to its own, AvaSocial platform.
AVAPROTECT
AvaProtect is a unique feature that stands out to us and is worthy of mention. For a small fee, it provides you with the opportunity to protect your trades from losses for a specified period. Just make sure you are using AvaTradeGo or AvaOptions.
Broker Screenshots
Forex Panel Score
Average Spread
EUR/USD = 1.13
GBP/USD = 1.66
AUD/USD = 1.01
Trading Platforms
MT4, IG Trading Platform, L2 Dealer, ProRealTime
Minimum Deposit
$0
Why We Recommend IG
IG is one of the world’s largest DFSA-regulated forex brokers and ranks as the best forex broker for safety and security. This is important given there are numerous scams in the industry.
We conduct extensive research into each broker, including reading disclaimers, to determine which regulators they are regulated by. We can confirm that IG is regulated by several tier-one regulatory bodies and has been around for over 45 years with a global presence across 16 offices.
In this time, IG Group has managed to establish itself as a reputable and leading name within the industry. From our assessment, their proprietary trading platform is world-class and they boast one of the largest ranges of markets in the industry.
For this reason, we gave IG Group a score of 71/100.
Pros & Cons
Broker Details
HUGE RANGE OF MARKETS
IG Group offers over 10,000 markets to trade in the UAE, the largest we’ve seen, spanning forex, crypto, shares, and options which places the broker among the top-tier. We like that they have products not usually found with other major CFD brokers such as options, futures and interest rates.
| Products | Volume |
|---|---|
| Forex Pairs | 80+ |
| CFD Shares | 12,000+ |
| Indices | 130 |
| Energies | 7 |
| Metals | 11 |
| Soft Commodities | 23 |
| Bonds | 14 |
| ETFs | 6000+ |
| Cryptocurrencies | 15 |
| Options | 7000+ |
| Futures | Yes |
| Interest Rates | Yes |
| Spot Trading | Yes |
| Sectors | Yes |
ACCOUNTS, SPREADS AND RISK MANAGEMENT
Of IG’s retail investor accounts, its CFD account has reasonably competitive spreads from our testing of UAE-regulated brokers. Spreads are 1.13 pips for EUR/USD, 1.01 for AUD/USD and 1.12 for USD/JPY however we thought 1.66 pips for GBP/USD and 1.98 pips for USD/CAD was a bit high.
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Standard Account Spreads
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1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
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1.10 | 1.20 | 1.40 | 1.40 | 1.40 |
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1.00 | 1.00 | 1.50 | 2.00 | 1.00 |
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0.90 | 1.10 | 1.50 | 1.50 | 1.00 |
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0.90 | 1.30 | 1.40 | 1.40 | 1.40 |
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1.32 | 1.95 | 1.37 | 1.70 | 1.40 |
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1.60 | 1.60 | 1.60 | 1.60 | 1.60 |
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1.60 | 1.60 | 1.80 | 1.90 | 1.50 |
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1.70 | 1.40 | 1.70 | 2.30 | 1.90 |
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1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 04/01/2024
Additionally, we like that IG offers negative balance protection on standard IG trading accounts while you get guaranteed stop-loss orders on the limited-risk account.
GREAT PLATFORM EXPERIENCE
IG offers a diverse range of proprietary trading platforms (IG Trading Platform, L2 Dealer, ProRealTime) which are all robust and highly suitable for experienced traders. You can also use MetaTrader 4 if you’re more accustomed to this platform.
If you have the patience, we recommend you try IG’s Web-based platform. We particularly loved that you can save a custom layout where you can display everything from live market prices to news headlines to indicator alerts, in an uncluttered way.
Broker Screenshots
Forex Panel Score
Average Spread
EUR/USD = 1
GBP/USD = 2
AUD/USD = 1
Trading Platforms
eToro Trading Platform
Minimum Deposit
$50
Why We Recommend eToro
eToro is undeniably unique because of its social trading and copy trading functionality which allows you to browse traders and automatically copy their trading strategies.
You can use various filters to find the trading style you want to copy including by location, risk score, and strategy type.
Another unique aspect is eToro’s social trading feeds which create the ability for traders to interact with other traders.
Pros & Cons
Broker Details
SOCIAL TRADING PLATFORM
eToro offers one of the most simple and easy trading platforms we’ve tested, which is uniquely designed for copy trading. However, there is no integration with MetaTrader which might be an issue for those accustomed to the popular third-party platform.
While there is a lack of functionality and features such as guaranteed stops and customisable charting, we did enjoy the ability to search for the most copied traders (along with their performance stats) with a simple filter toggle at the top of the window.
COMMISSION-FREE SPREADS
From our testing, eToro had the lowest Standard-account spreads in the UAE for EUR/USD, averaging 1 pip spreads.
As a market maker, eToro also doesn’t charge commission fees, keeping your trading costs low. Additionally, there is no management fee when you copy other traders, which we particularly liked.
Broker Screenshots
Forex Panel Score
Average Spread
EUR/USD = 1.6
GBP/USD = 1.9
AUD/USD = 1.6
Trading Platforms
MT4, MT5, XM App/Tablet
Minimum Deposit
$5
Why We Recommend XM
XM offers various account structures including the best swap-free Islamic account we’ve seen in the market.
If you’re a trader of the Muslim faith, the account provides you with access to the markets with no interest charges on positions held open for longer than a day.
Additionally, XM doesn’t widen the spreads offered to Islamic account holders, and no commissions are charged.
Pros & Cons
Broker Details
GOOD RANGE OF ACCOUNTS
In addition to the swap-free Islamic account, XM has 2 types of commission-free accounts for UAE traders: the Micro and Standard accounts.
From our analysis, the spreads on both the Micro and Standard Accounts are fairly expensive, starting from an average of 1.72 pips on major pairs, offsetting some (if not all) of the benefit from having no commissions.
DIVERSE MARKETS
We like that XM offers a diverse range of markets that are accessible for all investor accounts with over 1,250 CFD trading products.
Whether you want to focus on the most commonly traded currency pair (EUR/USD) or develop strategies using minor and exotic FX pairs, the XM group offers great access to forex markets with no commission fees and low spreads.
Forex Panel Score
Average Spread
EUR/USD = 1.9
GBP/USD = 2
AUD/USD = 2
Trading Platforms
MT4, MT5
Minimum Deposit
$10
Why We Recommend FXTM
FXTM is a global broker that is regulated by tier-1 financial authorities, including the UK’s FCA.
Unlike many other top brokers, FXTM offers a Micro Account, specifically designed for micro trading on MetaTrader 4.
Pros & Cons
Broker Details
From our testing, a standout feature of FXTM is its impressive account offering. There are three account types to choose from (Micro, Advantage and Advantage Plus), each providing access to different asset classes, pricing models, and commissions, giving you a diversity of options.
PLATFORMS
Focusing exclusively on the MT4 and MT5 platforms, FXTM offers a solid (if not ground-breaking) trading experience with all the standard trading tools we’ve come to expect from MetaTrader.
EXCELLENT COPY TRADING
Platform-wise, where FXTM stands out, however, is FXTM Invest, which is a copy trading service similar to the setup at eToro. You follow the FXTM traders, known as strategy managers in this case, with the risk management principles and system that align with your expectations.
If you’re a risk-tolerant trader, then choose a high-risk system. If you want short-term results, then choose a scalping system. The choice is entirely up to you.
Forex Panel Score
Average Spread
EUR/USD = 1.2
GBP/USD = 1.3
AUD/USD = 1.3
Trading Platforms
MT4, MT5
Minimum Deposit
$100
Why We Recommend HYCM
HYCM is one of the oldest forex brokers in the industry and offers some of the best-fixed spreads available, starting from 1.2 pips on EUR/USD.
They have a worldwide presence and are regulated by numerous tier-1 regulators including the FCA, CYSEC, and DFCA in Dubai.
Pros & Cons
Broker Details
TIGHT SPREADS
From our testing, HYCM offers tight spreads of 1.24 pips for its Classic (commission-free) account and 0.26 pips for its RAW account across the 5 major USD-backed forex pairs.
Similar to classic accounts, on a RAW account, you can trade with the use of Expert Advisors and can set this account to run either on MetaTrader 4 or MetaTrader 5.
PROPRIETARY MOBILE APP
In addition to integration with both MetaTrader platforms, HYCM offers a proprietary mobile app, HYCM Trader, which we like for its simple design and integration with market news and analysis.
Forex Panel Score
Average Spread
EUR/USD = 1.2
GBP/USD = 1.8
AUD/USD = 0.9
Trading Platforms
MT4, TradingView, SaxoTraderGo, SaxoTrader Pro
Minimum Deposit
$0
Why We Recommend Saxo Markets
Saxo is an advanced broker that we think is better suited for professional traders. It provides you with an extensive range of markets to trade on its proprietary trading platform which has social and copy trading features available.
Pros & Cons
Broker Details
ACCOUNTS + PERKS FOR PROFESSIONALS
While Saxo Bank offers multiple accounts, its main retail investor account is the commission-free Classic account with average spreads of 1.2 pips for EUR/USD from our testing.
If you’re a professional trader seeking extra perks, Saxo Bank’s VIP trading account offers discounted pricing and exclusive benefits (for the princely sum of 3.5 million dirham).
LARGE RANGE OF MARKETS
Saxo Capital Markets offers a large range of more than 9,000 CFD instruments including stocks, ETFs, crypto, commodities, and more. You can trade these markets on Saxo Bank’s highly sophisticated proprietary platforms (SaxoTraderGO and SaxoTraderPRO).
TRUSTED BROKER
Saxo Bank is a multi-regulated broker that operates in the UAE under DFSA oversight. It is also regulated by ASIC in Australia, the FCA in the UK, and many other tier-1 regulators. As such, we scored Saxo Bank a high 86/100 for trust.
Broker Screenshots
Forex Panel Score
Average Spread
EUR/USD = 1.6
GBP/USD = 1.6
AUD/USD = 1.6
Trading Platforms
MT4, MT5, CQG
Minimum Deposit
$100
Why We Recommend Tickmill
We like Tickmill for various reasons including the fact that they have the lowest commissions that we have seen for the UAE.
From our analysis, the average commission rate per side for each broker is $3.48, but TickMill comes in substantially lower at $2 for USD pairs, £2 for GBP pairs and €2 for euro pairs. This positions them very favourably as far as commissions go.
It’s important to note however that their markets outside of forex are somewhat limited, with only 2 metals, 4 bonds, and no crypto or shares.
Pros & Cons
Broker Details
COMPETITIVE RAW SPREADS
From our testing, Tickmill offers the most competitive spreads for its Pro (commission-based) account with 0.16 pips across the 5 major currency pairs.
When you combine the commissions of USD 4 per round-turn trade and low average spreads of 0.16 pips, this keeps your trading costs even lower.
The Classic Account, however, offers significantly higher average spreads which is why we recommend the Pro account for the lowest trading costs.
METATRADER SPECIALIST
Tickmill is a MetaTrader specialist, offering both MT4 and MT5 as well as a Tickmill app for account management only.
From our testing, Tickmill offers a standard MT4/MT5 platform experience (reliable but not spectacular), which will suit most traders.
Broker Screenshots
Forex Panel Score
Average Spread
EUR/USD = 1.2
GBP/USD = 1.3
AUD/USD = 1.3
Trading Platforms
MT4
Minimum Deposit
$0
Why We Recommend Axi
We like Axi because they offer ECN-style tight spreads for a range of markets, making them a great MetaTrader 4 forex broker.
Via this platform, you can access 140+ currency pairs for forex trading, a $0 minimum deposit, fast execution, award-winning customer support and other CFD products including cryptocurrencies like Bitcoin.
Pros & Cons
Broker Details
ENHANCED MT4 FEATURES
From our testing, Axi has the MT4 enhancement tool which gave us several benefits including an Alarm Manager which alerted us when a trigger was reached, an economic calendar with RSS news, and market correlation tools.
ADVANCED TECHNOLOGY FOR FASTER EXECUTION
Axi’s MT4 offering is based on superior network technology, which allows for considerable latency reduction. This means slippage is reduced significantly, lowering your trading costs compared to a standard connection.
Our testing backed this up, as Axi boasted a 90-millisecond execution speed for limit orders, putting it as the 4th quickest on our list.
Note: The below testings were conducted using a third-party MetaTrader 4 script on a demo account using market orders.
FAST VPS SPEEDS
When we tested Virtual Private Servers (VPS) speeds, Axi was the second fastest broker overall, achieving speeds of 107 ms for limit orders.
Broker Screenshots
Based on our broker review validation process, Pepperstone was selected as the best forex broker in the UAE.
Pepperstone stands out due to its range of trading platforms, lower average spreads and commissions, lightning-fast trade execution speed, and access to a deep liquidity pool.
In addition, our team did a CFD broker comparison to rate the top UAE broker based on categories such as:
To choose a Forex broker and start trading in the UAE, you need to look at several important factors including:
The UAE has several regulators – the DFSA is the regulator of the Dubai free trade zone, in much the same way the ADGM is the regulator of the Abu Dhabi free trade zone.
Regulators on the mainland (outside the free trade zone) include the Central Bank of UAE and SCA (Securities and Commodities Authority).
The Securities and Commodities Authority (SCA) is a federal financial regulatory agency in the UAE and is responsible for supervising and monitoring financial markets in the country, excluding the Dubai and Abu Dhabi free economic zones.
The Dubai Financial Services Authority (DFSA) is the financial regulatory agency of the special economic zone, the Dubai International Financial Centre (DIFC), in Dubai, United Arab Emirates.
It is distinct from the UAE’s federal Securities and Commodities Authority, whose jurisdiction covers the wider UAE outside the boundaries of the DIFC.
It operates only within the special economic zone and is tasked with providing a regulatory environment of international standards.
The Abu Dhabi Global Market is one of the UAE’s international financial centres and is regulated by various entities including the Financial Services Regulatory Authority (FSRA).
Together, the ADGM and FSRA operate in line with international best practices, promoting Abu Dhabi’s economic and financial growth.
| Regulator in UAE | Common Name | Region |
| Abu Dhabi Global Markets | ADGM | Abu Dhabi |
| Dubai Financial Services Authority | DFSA | Dubai |
| Securities and Commodities Authority | SCA | All UAE |
Verifying whether a broker is regulated in the UAE is crucial to ensure the legitimacy and safety of your capital. To check whether a broker is regulated, visit the licensed companies registry on the Securities and Commodities Authority.
Yes, forex trading is quite popular in the United Arab Emirates (UAE). The UAE has a well-established and growing financial market, and forex trading has gained traction among both individual and institutional investors in the region.
Choosing the right Forex broker is a crucial decision that you need to make as you get started in your trading career and we have outlined several important considerations for you below.
When it comes to variable and fixed spreads, it’s important to consider how these costs might impact your profitability.
For example, fixed spreads offer you greater stability and predictability relative to variable spreads, but they could be more costly.
Market makers are brokers that create a market for their clients whereas No Dealing Desk brokers route orders to liquidity providers including banks and other financial institutions.
Advantages of market makers include fixed spreads and quick execution whereas advantages for No Dealing Desks include enhanced transparency and no conflict of interest.
When it comes to forex trading, account types may vary among brokers with each type serving different trading needs. Micro-lot, Commission, and RAW are terms associated with specific features in trading accounts.
A micro-lot account is designed typically for beginner traders and requires lower capital amounts for you to get started. With a commission account, the broker charges a separate commission fee for each trade, in addition to the spread. RAW accounts often have very tight spreads but come with a commission
Social trading, copy trading, and automation are important features to consider as they provide you with access to a greater range of strategies.
Social trading
This approach involves the integration of social media and trading platforms, allowing you to interact, share insights, and follow the strategies of other traders.
Copy trading
Copy trading allows you to automatically replicate the trades of a chosen strategy provider which could be an institution or another individual.
Automation
Automation in trading involves the use of algorithms or computer programs to execute trading strategies. Algorithmic trading, also known as algo trading, relies on predefined criteria and mathematical models to automatically generate and execute trades.
IG is the best broker for beginners, this is because the broker has no commission trading, 24/5 customer service and good education resources. If you use the IG Trading Platform, you can use a guaranteed stop loss.
We recommend Pepperstone as the best CFD platform. This is because they have low spreads (from 0.1 pip), 4 trading platforms (including MT4), 3rd part copy trading tools and over 60 currency pairs.
We think Axi offers the best MT4 trading platform because they offer MT4 enhancement tools, providing you with several benefits including an Alarm Manager which alerts you when a trigger is reached, an economic calendar with RSS news, and market correlation tools.
Pepperstone is the broker with the lowest spreads, as tests found the broker’s Razor account has average spreads of 0.10 pips for the EUR/USD, which places them among the top brokers.
Like all the best brokers in the UAE with low spreads, Pepperstone is a No Dealing Broker (NDD) that uses ECN or STP trading execution tools and will typically offer the lowest spreads.
Disclaimer: Leverage is a high-risk instrument that can result in rapid losses. Please be aware of the high risk of losing your money.
There are several steps you can take to determine if a broker is trustworthy including whether the broker is regulated by the relevant regulator in your jurisdiction and checking third-party reviews.
Forex trading is legal in the United Arab Emirates (UAE). The UAE has a well-established financial infrastructure, and trading in the Forex market is allowed within certain regulatory frameworks.
Leverage for Forex can be 30:1 for retail traders and 500:1 for professional traders. These limits are set by the DFSA and ADGM and are in line with major regulators such as FCA in the UK and CySEC in Europe.
The forex market operates 24 hours a day, five days a week, allowing for continuous trading across different time zones including within the UAE.
A Swap-Free Islamic Account, also known as an interest-free account, is a type of financial account offered by certain brokers to cater to the needs of Muslim traders who adhere to Islamic finance principles.
Islamic finance prohibits the giving or receiving of interest (riba) and discourages engaging in transactions that involve excessive uncertainty.
Some Forex brokers offer Sharia-compliant accounts that adhere to Islamic principles. These accounts eliminate interest payments (swap) and may have specific guidelines to make trading more in line with Islamic finance principles.
Ask an Expert
Is the DFSA the only regulator in the UAE?
The UAE has a number of regulators – the DFSA is the regulator of the Dubai free trade zone, in much the same way the ADGM is the regulator of the Abu Dhabi free trade zone. Regulators on the mainland (outside the free trade zone) include the Central Bank of UAE and SCA (Securities and Commodities Authority)
Can i use DFSA regulated broker if i am in Abu Dhabi?
Yes, being in the UAE you can use a DFSA regulated broker throughout the region
I heard the DFSA are making changed later this year. Will this impact my trading conditions?
That is correct, On the 4th of December 2021, the DFSA tightened leverage conditions when trading. While retail traders could previously trade major forex pairs, gold and major indices at 50:1, it is not restricted to 20:1. Minor forex pairs and minor indices are now 10:1 after previously being 20:1. Other leverage changes include oil, now 20:1 (previously 50:1), commodities (excluding gold and oil) 10:1 (previously 20:1), shares 5:1 (previously 10:1), cryptocurrencies 2:1 (was 5:1). Bonds remain 20:1 and all other markets are now to 5:1.
All retail traders will also receive negative balance protection meaning you cannot lose more than your deposit. A margin close out will occur when the equity in your trading account drops below 50% which means traders using a guaranteed stop loss should check how margin close out rules will affect them with their broker.
I there any objection from the uae bank…for withdrawing and depositing money to forex broker ..or before starting a forex trading in UAE we have to get permission from Bank?
Hi Jamsheer, you will need to contact your local bank but technically you are not trading your money to the forex broker. If you are using a UAE regulated broker then the broker must have a segregated account in your name and this is where your money will be transferred to. This segregated account will most likely be with a UAE authorised bank. Since the account is segregated, the forex broker cannot touch the funding. Just make sure you are using a UAE regulated broker (i.e. DFSA, ADGM or CBUAE regulated).