Best Forex Brokers In UAE

We recommend Pepperstone as the best DFSA-regulated broker overall based on its excellent selection of trading platforms, top execution speeds and extensive range of currency pairs and CFD products to trade.

We particularly like that Pepperstone offers a trading platform for virtually any trading style of experience level. Forex traders can access an upgraded MetaTrader 4 experience with the Smart Trader Tools add-on package. Algorithmic traders have the option to trade with cTrader. For advanced charting, there’s TradingView.

Pepperstone is our top pick for the best forex broker in UAE and is our highest-rated forex broker scoring an impressive 97/100 based on our testing methodology.

PEPPERSTONE HAS THE FASTEST EXECUTION SPEED

Of the DFSA-regulated brokers we tested, Pepperstone has the fastest execution speeds.

Using a third-party script on a demo account to test the average execution speeds, we found that Pepperstone finished 3rd overall (and 1st of the DFSA-regulated brokers) with an average limit-order execution speed of 77 ms, and a market order speed of 90 ms.

PEPPERSTONE HAS 0 PIPS SPREADS 100% OF THE TIME

We tested 15 brokers to find out how often spreads are 0 pips and were surprised to discover that when you exclude the rollover period, you have a high chance of getting a 0 pip trade for the most popular currency pairs. In our tests, Pepperstone has the closest spreads to zero more of the time than any other with this being just about 100% of the time.

LOW FEE TRADING ACCOUNTS

Offering both a Standard spread-only trading account and a commission-based Razor account, Pepperstone offers competitive spreads from 0.1 pips for EUR/USD.

To further reduce your trading costs, we recommend using cTrader on the Razor account as you’ll only pay $6 commissions round-turn compared to $7 using MT4/MT5.

DIVERSE FOREX TRADING PLATFORMS

Pepperstone offers a diverse range of 5 key platforms for UAE traders: MT4, MT5, TradingView and cTrader.

From our testing, we think Pepperstone stands out with its MetaTrader offering, which combines an easy-to-use interface with customizability.

We particularly like the fact that can pre-set your lot size, take profit and stop loss levels in pips, so you don’t have to manually fill the order form. Then, once you have confirmed the one-click execution settings, all you have to do is click the buy or sell button on the chart, and it will execute your orders instantly.

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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.

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.

We recommend AvaTrade for its fixed spread account. It’s a great choice for new traders, offering price stability and predictability. At 0.9 pips, spreads are slightly wider than for the typical Standard account, but the absence of volatility helps control trading expenditures.

We also appreciate that AvaTrade offers access to high leverage. Traders can expand their positions at ratios of 400:1, the maximum allowed by the DFSA. Its range of products also stands out – 1,466 total products, including 55 forex pairs and 44 forex options.

While most DFSA-regulated forex brokers offer variable spreads, AvaTrade offers competitive fixed spreads, which are ideal so you can avoid price spikes during volatile trading times.

COMPETITIVE FIXED SPREADS

Offering fixed spreads from 0.9 pips for EUR/USD on the broker’s Standard account, AvaTrade provides consistently low spreads.

When we tested the top brokers that offer fixed spreads, we found that AvaTrade had the lowest fixed spreads available. Surprisingly, the spreads on the majors are competitive to brokers that provide variable spreads like HF Market’s Premium account discussed earlier, which was 1.4 pips.

Fixed spreads are typically marked up at a higher price to negate the average daily financial market movements, so it is exceptional value for it to be as low as 0.9 pips.

GREAT TRADING PLATFORM RANGE

We scored AvaTrade an 8/10 for its excellent range of trading platforms. Alongside the popular MT4 and MT5, AvaTrade offers its own proprietary AvaTradeGO platform and AvaOptions platform.

From our testing, we liked the simplicity of AvaTradeGO’s mobile app, which has similar features to its web platform. What stood out for us, however, was AvaProtect, a volatility protection feature allowing you to reduce the risk on an open trade by partially hedging your position with a forex market option.

We were also impressed with the broker’s copy trading platforms, which include ZuluTrade, Duplitrade and MetaTrader’s Signals, as well as its own, excellent, AvaSocial platform.

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.

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.

We recommend Axi for traders looking for fast execution. This broker placed in the top 10 overall when we tested independently, with limit order speeds of 90ms and market order speeds of 162 ms. If you’re a scalper or high-volume trader who relies on micro-movements in the market to profit, it’s a solid choice.

Axi focuses its efforts on MetaTrader 4, offering an enhanced MT4 enhancement tool to give you a superior platform experience, combined with fast execution speeds and low spreads.

FAST EXECUTION SPEEDS

Our testing confirmed Axi has some of the fastest execution speeds for a UAE broker.

The broker clocked speeds of 90 milliseconds for limit orders, putting it as the 4th quickest on our list. When testing Virtual Private Servers (VPS) speeds, Axi was the second fastest broker overall, achieving execution speeds of 107 ms for limit orders.

Axi can achieve these speeds by using its own pricing engine, which allows them to directly connect to 20+ liquidity providers to provide the fastest executions with the best price.

COMPETITIVE COMMISSION-FREE SPREADS:

Based on Axi’s published spreads, the broker has competitive spreads of 1.24 pips across the major USD-backed currency pairs for its Standard account (commission-free). Axi didn’t fair as well with its Pro account, as one of the least competitive commission-based accounts out there.

ENHANCED MT4 FEATURES

Overall, Axi’s MT4 user experience was up there with the best we’ve ever tested, on par with Pepperstone. When testing Axi’s MT4 enhancement tool, we particularly loved utilizing the Alarm Manager, which alerted us when our stop loss and take profit orders were approaching.

We recommend IG Group for its low indirect trading trading costs. This broker doesn’t require a minimum deposit to begin trading or charge fees to fund your account or withdraw profits. Muslim traders needn’t worry about interest fees – IG Group offers a swap-free account option.

We also like IG Group for its excellent proprietary trading platform. In addition to many of the same functionalities as the popular MetaTrader platforms, it incorporates additional signals, alerts and charting tools.

IG Group is a reputable and trusted broker, with a wide range of trading products, a beginner-friendly trading platform, and competitive spreads.

LOW MINIMUM DEPOSITS + COMPETITIVE SPREADS

One huge benefit we found when opening an account with IG Group is the broker doesn’t require a minimum deposit if you are funding your account via a bank transfer (it’s $300 using a debit card).

To further lower your trading costs, IG Group’s CFD account has competitive spreads of 1.38 pips for the 5 major currency pairs, from our spread testing analysis of UAE-regulated brokers. This makes IG Group our third-most competitive broker in the UAE.

EASY ACCOUNT OPENING PROCESS

We found IG Group had one of the easiest account opening processes out there. Based on our account opening test, our results show:

• The account opening process was immediate
• It took under 5 minutes to fill in five sections of information
• You can get started with no deposit
• Low minimum deposits via bank transfer

Using a large broker like IG Group means onboarding is fast because they have a solid infrastructure to help with the verification details. Once you have processed your account, you can deposit your funds immediately to start trading.

EXCELLENT PLATFORMS

IG offers the popular MT4 and its own excellent proprietary trading platforms (IG, L2 Dealer, ProRealTime).

We particularly liked the ability to save multiple custom layouts using IG’s Web-based platform. You can display everything from live market prices to news headlines to indicator alerts, in one window.

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.

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.

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.

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.