Best Forex Brokers in Dubai 2018
Dubai is a major financial hub in the Middle East with a variety of local and offshore brokers offering their services there. So how do you choose the best Dubai forex broker for you? Here’s how, choose from the recommended brokers which we have conducted due diligence on, to narrow down your selection.
How to Choose a Forex Broker (as a Dubai trader)
General Regulation & Regulation
Regulation of forex trading in Dubai is carried out by the Central Bank of UAE, and licensing of brokers is performed by the Securities and Commodities Authority (SCA). The SCA was established in 2000 and has a collaborative reporting mechanism to several international regulatory and tax organizations.
Dubai has a number of local as well as offshore forex brokerage companies offering forex to citizens and residents of Dubai. There are also offshore brokers which maintain a presence in Dubai, either by operating full-fledged regional offices or by working with partner firms based locally.
Trading Platform & Software
What kinds of trading platforms and software will you have access to as a Dubai forex trader? Dubai forex brokers provide their clients with a range of turnkey and proprietary software for trading. Apart from the MT4, other software such as the NinjaTrader and JAVA-based trading software are provided. Some of these platforms come with mobile and web-based versions as well.
Commissions & Spreads
Dubai forex brokers who function as market makers do not charge commissions on forex trades. However, Dubai forex brokers who operate the ECN model charge commissions on forex trades. Both categories of forex brokers charge commissions on CFD trading. Traders are offered at least 50 forex pairs to trade with on many of the major brokerage platforms, with minimum spread of 1.5 pips. Spreads can be as high as 100 pips on exotic pairs such as the USD/MXN or USD/ZAR.
Some Dubai forex brokers will provide trading account stratification to accommodate different types of traders. Traders will have access to beginner-level accounts, intermediate accounts as well as VIP account types.
Dubai is an international hub. Therefore, in addition to the locally spoken Arabic language, Dubai forex brokers offer highly efficient and knowledgeable customer service in different international languages such as English, French, Spanish, German, Portuguese, and Mandarin.
The competition among Dubai forex brokers is high, and many will provide extra services to traders such as managed account services, forex VPS services, social trading services and account funding bonuses.
Is Forex trading legal in Dubai?
Yes, forex trading is legal in Dubai.
Does Dubai regulate forex trading?
Dubai regulates and licenses forex brokers. The Central Bank of UAE provides regulation of the forex market, while the SCA licenses each individual forex brokerage.
Can Dubai forex traders trade with brokers in other EU countries?
Yes, if those brokers are MiFID compliant.
Here we have a list of the most recommended Dubai forex brokers that can provide you with reliable forex brokerage services as well as a wide range of instruments and markets to trade.
There are very valid options to choose from when it comes to Dubai forex brokers. You can trade with local brokers who are licensed by the SCA, or you can trade with licensed offshore brokers that offer their services to Dubai citizens and residents.
- New Zealand
- South Africa
- South Korea
- Hong Kong
- United Arab Emirates
- Russian Federation
List of Brokers
|BROKER||USER RATING||REGULATED BY||HEADQUARTERS||MIN. DEPOSIT||OFFICIAL SITE|
|ASIC, CySEC, FCA||Israel||$100||Open Account|
|ASIC, BVI, FSA(JP), FSB, MiFID||Ireland||$100||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|CySEC, FSB||Cyprus||$100||Open Account|
|BaFin, FCA||United Kingdom||$300||Open Account|