Best Forex Brokers in United Arab Emirates 2020

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

Swissquote

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.

FP Markets

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.

Plus500

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.

FXTM

FXTM is an ECN/STP broker that was established in 2011 to offer Forex and CFDs and is highly regulated in the UK by the FCA among other regions. They offer the trading of over 250 assets through the MT4 and MT5 platforms.

MT4 is available through WebTrader, download client or mobile. The ECN Zero and ECN accounts on FXTM are operated with MT4 bridge software. Therefore, the same MT4 features are available to traders with these accounts as well as the regular accounts.

FBS

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.

FXCM

FXCM Group is an international online forex and CFD brokerage brand. Founded on 1999, The company is based in the UK. The brokerage firm also maintains offices in several jurisdictions such as Australia and South Africa.

In terms of tradable products, FXCM offers trading in the spot forex markets, cryptocurrencies, Treasury bond (the bund) and Contract for Difference (CFDs) for market indices and commodities. Due to the new ESMA regulation, the maximum leverage offered by FXCM is now restricted to 1:30 for major currency pairs.

eToro

eToro combines social networking and trading to give you a unique and exciting forex experience. Users can interact, copy strategies from others, and share ideas to help each other win in the risky, fast-paced currency marketplace. The latest version of CopyPortfolios uses artificial intelligence and machine learning to identify traders most likely to profit. A demo mode is available once you register an account.

The platform is easy to use and navigate, but you can’t customize views like you can with some other brokers. There are web and mobile platforms, but no desktop app for Windows or Mac. Don’t let that discourage you, however, as eToro’s offerings are excellent. It has been available outside of the US for some time. eToro recently added the United States to its supported countries list.

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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