Best Forex Brokers in United Arab Emirates 2021
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
| 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> Trading involves risks. Products and services of Swissquote are only intended for those permitted to receive them under local law. | DFSA, FCA, FINMA, MAS, MFSA, SFC | $1000 | 100 | Advanced Trader, MT4, MT5 | 1996 | Bank, Dealing Desk, Market Maker, No dealing desk | Visit Broker> Trading involves risks. Products and services of Swissquote are only intended for those permitted to receive them under local law. | |||||||||||
Visit Broker> 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 | |||||||||||
Visit Broker> Your capital is at risk. | ASIC, CySEC, SVGFSA, VFSC | $50 | 500 | MT4 | 2006 | ECN, STP | Visit Broker> Your capital is at risk. | |||||||||||
Visit Broker> Your capital is at risk | SVGFSA | $50 | 1:500 | cTrader, MT4, MT5 | 2011 | ECN, STP | Visit Broker> Your capital is at risk | |||||||||||
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> 72% of retail CFD accounts lose money | ASIC, CySEC, FCA, FSB, ISA, MAS | $100 | 1:30 | Plus500 | 2008 | No dealing desk | Visit Broker> 72% of retail CFD accounts lose money |
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Swissquote
Regulated By:DFSA, FCA, FINMA, MAS, MFSA, SFC
Foundation Year:1996
Headquarters:Chemin de la Créteaux 33, 1196 Gland, Switzerland
Min Deposit:$1000
Trading involves risks. Products and services of Swissquote are only intended for those permitted to receive them under local law.
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.
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FP Markets
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Regulated By:ASIC, CySEC
Foundation Year:2005
Headquarters:Level 5, Exchange House 10 Bridge St Sydney NSW 2000, Australia
Min Deposit:$100
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.
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Royal
Regulated By:ASIC, CySEC, SVGFSA, VFSC
Foundation Year:2006
Headquarters:4 Vista St, Sans Souci, NSW 2219, Australia
Min Deposit:$50
Your capital is at risk.
Royal was founded in 2006 in Australia and is regulated by the Australian Securities & Investments Commission (ASIC) for wholesale clients only, the Cyprus Securities & Exchange Commission (CySEC), Lebanese Capital Markets Authority (CMA) and the Vanuatu Financial Services Commission (VFSC). The brand also operates as an International Business Company registered in St. Vincent and the Grenadines which is not unregulated.
Royal offers clients access to trade on more than 250+ financial instruments covering Forex, Commodities, Indices, Crypto and Shares all through the globally popular MetaTrader 4 platform and the broker’s own web-based platform. The broker also offers a Mac version of MetaTrader 4 which can be downloaded on Apple computers.
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OctaFX
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Regulated By:SVGFSA
Foundation Year:2011
Headquarters:Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines
Min Deposit:$50
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.
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*The broker offers additional payment methods for certain GEOs.
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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Plus500
Regulated By:ASIC, CySEC, FCA, FSB, ISA, MAS
Foundation Year:2008
Headquarters:Building 25, MATAM, Haifa, Israel
Min Deposit:$100
72% 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.
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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.