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Best Forex Brokers in United Arab Emirates 2020

FX Empire Editorial Board
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At FX Empire, we stick to strict standards of a review process. Learn about our review process. FX Empire may receive compensation. Here’s how we make money.

No matter where you are based finding a good forex broker is hard. If you are located in the UAE you’ll need a broker that caters to you. To make your job easier we have created a list of the very best brokers that offer their services to the UAE. We base our list on research on the service, product and reliability of the companies we review.

The brokers below represent the best Forex Brokers in UAE

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BrokerRatingOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptoCommission on tradesFixed spreadsoffers promotionsOfficial Site
Swissquote Bank
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Your capital is at risk

DFSA, FINMA, SFC

$1000

1:100

Advanced Trader, MT4, MT5

1996

Bank, Dealing Desk, Market Maker, No dealing desk

Visit Broker>

Your capital is at risk

First Prudential Markets Pty Ltd
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Your capital is at risk

ASIC, CySEC

$100

1:500

IRESS, MT4, MT5, webtrader

2005

No dealing desk

Visit Broker>

Your capital is at risk

Moneta Markets
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Trading Forex and CFDs involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. Please read our legal documents and ensure that you fully understand the risks before you make any trading decisions. General Advice Warning The information in this website is of a general nature only and the advice has been prepared without taking account of your objectives, financial situation or needs. Accordingly, before acting on the advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, and after considering the legal documents.

CIMA

$200

1:500

Proprietary

2019

STP

Visit Broker>

Trading Forex and CFDs involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. Please read our legal documents and ensure that you fully understand the risks before you make any trading decisions. General Advice Warning The information in this website is of a general nature only and the advice has been prepared without taking account of your objectives, financial situation or needs. Accordingly, before acting on the advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, and after considering the legal documents.

OctaFX
Visit Broker>

Your capital is at risk

CySEC

$50

1:500

cTrader, MT4, MT5

2011

ECN, STP

Visit Broker>

Your capital is at risk

FBS
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

Plus500
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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

Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.

Here’s a list of Best Forex Brokers in UAE  

Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.

Swissquote

Regulated By:DFSA, FINMA, SFC

Foundation Year:1996

Headquarters:Chemin de la Créteaux 33, 1196 Gland, Switzerland

Min Deposit:$1000

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Your capital is at risk

Swissquote Bank Ltd. is an online forex, CFD and derivatives trading broker that offers what may be called a total trading package that goes beyond forex or CFDs. Swissquote Bank is part of the Swissquote Group Holdings Ltd, and represents the Swiss-based trading division of the company. Swissquote Bank operates from Gland, Switzerland and commenced operations in 1996.

Pros Cons
  • Swissquote Bank is a regulated entity.
  • There is a comprehensive trader education suite.
  • Customer support is very responsive and provides timely service.
  • Investor protection is very strong.
  • Highly diversified asset base, which caters to all kinds of traders.
  • Many countries are excluded from doing business with Swissquote, which prevents traders in those countries from opening trading accounts.
  • Minimum deposit amounts are high.

FP Markets

Regulated By:ASIC, CySEC

Foundation Year:2005

Headquarters:Level 5, Exchange House 10 Bridge St Sydney NSW 2000, Australia

Min Deposit:$100

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Your capital is at risk

FP Markets was founded in 2005 and is regulated by the Australian Securities and Investments Commission (ASIC), offering segregation of client funds and top tier liquidity. FP Markets is a group of companies that includes First Prudential Markets Ltd which is authorised and regulated by the Cyprus Securities and Exchange Commission.

FP Markets also offers a range of education and market analysis resources through the Traders Hub which includes technical analysis and fundamental analysis articles and videos, as well as, trading ebooks and video tutorials. Users can access live support via telephone, email and live chat 24 hours a day, 5 days a week.

Pros: Cons:
  • ASIC regulated.
  • ECN pricing and DMA trading available.
  • 10,000+ tradable financial instruments.
  • Wide range of trading platforms and trading tools available.
  • Excellent customer support and education tools.
  • The volume of choice of markets and accounts may be overwhelming for beginner traders.

Moneta Markets

Regulated By:CIMA

Foundation Year:2019

Headquarters:4th Floor The Harbour Centre, 42 N Church St, George Town, Cayman Islands

Min Deposit:$200

Visit Broker

Trading Forex and CFDs involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. Please read our legal documents and ensure that you fully understand the risks before you make any trading decisions. General Advice Warning The information in this website is of a general nature only and the advice has been prepared without taking account of your objectives, financial situation or needs. Accordingly, before acting on the advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, and after considering the legal documents.

Moneta Markets was founded in 2020 and is a trademark of Vantage International Group Limited which is authorised and regulated by the Cayman Islands Monetary Authority (CIMA).

Users can trade on more than 300+ financial CFD instruments covering Forex, Commodities, Indices, Cryptocurrencies and Shares on the custom-built Moneta Markets Web Trader platform which provides an all-in-one account opening, funds management and trading solution. Users can also trade from the Moneta Markets AppTrader for Android and iOS.

Pros: Cons:
  • 300+ financial CFD instruments to trade on.
  • Segregated client funds held with National Australia Bank.
  • All-in-one Moneta Markets Web Trader platform.
  • Good range of trader research and education tools.
  • Offshore Cayman Islands regulation.
  • No online details regarding trading commissions.

OctaFX

Regulated By:CySEC

Foundation Year:2011

Headquarters:Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines

Min Deposit:$50

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Your capital is at risk

OctaFX was founded in 2011 and offers Forex ECN trading, as well as CFD trading on Indices, Metals and Cryptocurrencies, across the MetaTrader and cTrader suite of trading platforms for Windows Desktop, Web (Windows and Mac) and Mobile (Android and iOS), as well as their own OctaFX Trading App.

The broker’s OctaFX.eu website is an approved domain registered with the Cyprus Securities and Exchange Commission (CySEC) under Octa Markets Cyprus Ltd. This enables users to trade with a broker under European regulatory oversight. The broker’s OctaFX.com website is registered in St. Vincent and the Grenadines and has no restrictions from European regulators, enabling users to take advantage of higher leverage and bonus promotions.

The services and features offered by OctaFX are designed for both beginner and professional traders, with access to Micro, Pro and ECN accounts, as well as the OctaFX Copy Trading programme and an impressive range of education and trading research tools including AutoChartist.

Pros: Cons:
  • Wide range of trading accounts (Micro, ECN, Pro, Sharia) for beginners and advanced traders
  • Can access Forex ECN with 1:500 leverage
  • Trade on MT4, MT5 and cTrader across Desktop, Web and Mobile
  • Access copy trading, bonus promotions and a wide range of research tools
  • Decision between CySEC regulated OctaFX.eu, or St.Vincent and the Grenadines registered OctaFX.com
  • Limited commodity markets, no individual Stock CFDs
  • Limited deposit and withdrawal options – only through Neteller, Skrill or Bitcoin*

*The broker offers additional payment methods for certain GEOs.

FBS

Regulated By:CySEC, IFSC

Foundation Year:2009

Headquarters:N/A

Min Deposit:$1

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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.

Pros Cons
  • Broker is regulated by CySEC and the IFSC
  • Access to investor compensation in case of broker fraud
  • Comprehensive trader education
  • Good variety of research tools
  • Low capital requirements for account opening
  • Spreads are higher than many retail brokers
  • Regulation of global brand is not as robust as the EU brand
  • Leverage offered on global brand is too high (careful risk management is a must)

Plus500

Regulated By:ASIC, CySEC, FCA, FSB, ISA, MAS

Foundation Year:2008

Headquarters:Building 25, MATAM, Haifa, Israel

Min Deposit:$100

Visit Broker

76.4% of retail CFD accounts lose money

Plus500 was founded in 2008 and is the main sponsor of football club Atlético Madrid. The Plus500 trading platform is offered by Plus500 UK Ltd which is authorised and regulated by the UK Financial Conduct Authority and is also a subsidiary of Plus500 Ltd which is a publicly-traded company listed on the London Stock Exchange.

The broker’s trading platform is available in more than 50 countries and is authorised and regulated around the world by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), the Monetary Authority of Singapore (MAS) and the Israel Securities Authority (ISA), among others.

Users can trade commission-free on more than 2,500+ leveraged CFD instruments covering Forex, Commodities, Indices, Shares, Options and Cryptocurrencies on the broker’s own proprietary-based trading platform which is feature-rich and includes advanced risk management tools, including guaranteed stop and trailing stop orders.

Pros: Cons:
  • Multiple regulations from around the world – FCA, CySEC, ASIC, MAS, ISA.
  • More than 2,500+ CFDs to trade on, covering multiple asset classes.
  • Commission-free trading.
  • Simple to use proprietary trading platform.
  • Multilingual customer support 24/7.
  • No phone support offered.
  • Lack of market news and trader education.

How to Choose a Forex Broker in UAE

With the forex market not having a central marketplace, it is necessary for a UAE trader to have a forex broker that serves him. When it comes to choosing the forex broker that is right for you, some of the areas you need to take into consideration are the currency pairs being offered, their overall customer service, the various accounts being offered, their regulatory compliance, and their trading platform. In this article we will look at all of these factors and suggest the brokers that stand up to our criteria.

General Regulation & UAE Regulation

The UAE is subject to a toughly regulated environment. This is comprised from two main local regions, first the Dubai International Financial Centre (DIFC) and then the rest of the UAE.  The UAE has a standalone regulatory system, which accounts to both the Central Bank of Dubai, The Emirates Securities and Commodities Authority (ESCA) and the Ministry of Economy and Planning. At the same time Dubai is accountable to its own regulatory authority the DFSA.

UAE’s authority the SECA maintains oversight over the brokers in the area, so it can maintain a high level of integrity in the industry.

Trading Platform & Software

When it comes to using a trading platform and software, this is your portal to the forex market. It is important to make sure that the software and platform that you are using is easy to use and reliable.

You would hope for a layout that is visually pleasing and for a number of different fundamental analysis and technical tools that you can choose from. All of these features will help simplify the trades that you enter and exit. Some platforms will include a “panic” button that allows you to cancel every position that you currently have open. The standard for a good platform is ‘buy’ and ‘sell’ buttons that are clearly visible. If the interface is poorly designed, it could lead to order entry mistakes that will come with a heavy price tag to pay.

Commissions & Spreads

The commissions and spreads is how a broker generates their income. You have some brokers that don’t charge any commission and instead make their money on the spread (the difference between the buy and sell price), while others will charge a small percentage of the spread along with their commission. It is important to be cautious about those that charge a wider spread, because the size of the spread could greatly reduce the amount of profit that you make from your investment.

Account Types

There are a variety of different account types offered by UAE brokers. They usually start from:

  • Mini account – the account for real beginners, sometimes also offered a micro account.
  • Standard account – usually the most popular type of trading account.
  • VIP account – for institutional or high end traders that create a large volume, often the conditions are much better with this account, such a slower spreads and free VPN to speed up the platform.

In the UAE you will always be able to access the Islamic account too, which is Shariah law compliant. Also you will often find you can start trading with a free demo account.

Customer Service

One of the great benefits about forex trading is that it is happening 24 hours a day, as such you would expect to get customer service whenever you can trade. This includes speaking with a live person and not an automated system.

Funding Your Account

Various brokers will allow you the opportunity to fund your account in a number of ways, such as PayPal, credit card, wire transfer, ACH payment, and business or personal check. Most withdrawals are made by wire transfer or check. A fee may be required for either service.

Additional Services

You can usually expect a variety of additional services. These can include free trade alerts, a trading education centre, daily market news and analysis, sometime news or strategy videos.

Conclusion

As we have gathered there are many factors to consider when choosing a good forex broker in UAE. FXEmpire is here to help save you time and work though, as we have already conducted all of this research on your behalf and come up with the very best broker in the UAE.

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Trade With A Regulated Broker

  • Your capital is at risk
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The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
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