Best Forex Brokers in Dubai 2020
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.
The brokers below represent the best forex brokers for trading in Dubai.
| Broker | Rating | Official Site | Regulations | Min Deposit | Max Leverage | Trading Platforms | Foundation Year | Publicly Traded | Trading Desk Type | Currencies | Commodities | Indices | Stocks | Crypto | Commission on trades | Fixed spreads | offers promotions | Official Site |
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Visit Broker> 76.4% of retail CFD accounts lose money | ASIC, CySEC, FCA, FSB, ISA, MAS | $100 | 1:30 | Plus500 | 2008 | No dealing desk | Visit Broker> 76.4% of retail CFD accounts lose money | |||||||||||
Visit Broker> Your capital is at risk | CySEC, IFSC | $1 | 1:3000 | MT4, MT5 | 2009 | ECN, No dealing desk, STP | Visit Broker> Your capital is at risk | |||||||||||
Visit Broker> 75% of retail CFD investors lose money | ASIC, CySEC, FCA, MiFID | $200 | 1:30 | cTrader, Currenex, eToro Platform, Keystone, Marketspulse, Mirror Trader, MT4, MT5, Tradologic, Zulutrade | 2007 | Market Maker, No dealing desk, STP | Visit Broker> 75% of retail CFD investors lose money |
Plus500
Regulated By:ASIC, CySEC, FCA, FSB, ISA, MAS
Foundation Year:2008
Headquarters:Building 25, MATAM, Haifa, Israel
Min Deposit:$100
76.4% of retail CFD accounts lose money
Plus500 is a leading CFD trading platform with support for stocks, indices, cryptocurrencies, and Forex. This commission-free brokerage charges very low spread-rates and offers fast trades on a great platform. Plus500 supports complex trades, includes negative balance protection, and makes trading an educational and hopefully profitable venture.
You can start with a free demo account to test the platform and any trading strategy. Real money accounts offer leverage of up to 300:1. This broker is based in Israel and regulated by the Financial Conduct Authority (FCA) in the UK.
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FBS
Regulated By:CySEC, IFSC
Foundation Year:2009
Headquarters:N/A
Min Deposit:$1
Your capital is at risk
FBS is a Forex ECN and CFD broker which was established in 2009 and is regulated by the IFSC in Belize and the CySEC in Cyprus. Since then, the brand has grown in size, capacity and technology and now supports 12 million traders from over 190 countries trading across Forex, Commodities, Metals, Cryptocurrencies and more.
FBS uses the hybrid broker model of Straight Through Processing (STP) and an Electronic Communications Network (ECN). There is no dealing desk as orders are passed directly into the systems of the liquidity providers at the actual market prices.
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eToro
Regulated By:ASIC, CySEC, FCA, MiFID
Foundation Year:2007
Headquarters:Kanika International Business Center 7th Floor, 4 Profiti Ilia Street Germasogeia, Limassol, Cyprus
Min Deposit:$200
75% of retail CFD investors lose money
eToro is an online trading platform that was founded in 2007 by the Assia siblings and their friend David Ring in Tel Aviv, Israel. Formerly known as RetailFX, eToro is the pioneering online broker for social trading. Their Openbook social trading platform, in fact, changed the nature of the way beginner online traders can trade the financial markets. It made the markets accessible to everyone, no matter their level of experience by creating a user-friendly environment and allowing traders to copy the trades of other traders’ strategies automatically.
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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.
Account Types
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.
Customer Service
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.
Additional Services
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.
FAQ’s
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Is Forex trading legal in Dubai?
Yes, forex trading is legal in Dubai.
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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.
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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.
Conclusion
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.