Why Compare Forex Brokers Before You Trade?
As a United Arab Emirates (UAE) trader, there are many considerations when deciding on a forex broker. First of all, it must be mentioned that forex trading in the UAE is legal, with multiple regulators that monitor trading activity within the UAE. As such, we have made sure to pick forex and CFD brokers that accept residents from any part of the UAE.
Then there are the all-important trading factors that any broker should have, no matter where you live. Key factors taken into consideration include trading fees (such as commissions and spreads) account types, trading platforms, and the range of tradeable products. It’s also important to consider secondary factors that add to your overall trading experience. These include social or copy trading platforms, charting tools, market research for further education, and customer support.
In addition to regulations, there are also factors specific to UAE residents to consider like maximum leverage and the availability of an Islamic account. Maximum leverage is dictated by the broker’s regulator, which we have explained in more detail below. In terms of an Islamic account, with the UAE being a predominantly Muslim country, most brokers that accept UAE traders offer an Islamic account. An Islamic account is swap-free for those traders that can’t pay or receive interest (or Riba) due to religious reasons.
Weighing up all of the above factors together to choose a broker is tough and we understand that. That’s why the knowledgeable team at Compare Forex Brokers has done all of the complex analysis so you can make an informed choice. Every single review is also specific to the UAE so they apply directly to your needs as a trader.