A growing number of international Forex brokers have opened subsidiaries in Dubai, the financial center of the Middle East and the fastest-growing Forex market there excepting only Saudi Arabia.
We have extensively reviewed both Forex brokers with a local presence and those catering to residents of the U.A.E. to help you decide which brokers are worth considering for opening a Forex account from Dubai, or from outside Dubai where you are looking for an offshore broker in Dubai. We present our results below.
Top Forex Trading in Dubai
- FXTM, Best all-around broker with high floating leverage and fast execution.
- AvaTrade, Highly regulated, choice of fixed or floating spreads.
- BlackBull Markets, Best ECN trading environment, with scalping and hedging.
- FP Markets, ECN trading with leverage up to 1:500.
Best Dubai Brokers Comparison
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Regulators | CMA, CySEC, FCA, FSC Mauritius, FSCA | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID | FMA, FSA | ASIC, CMA, CySEC, FSCA |
Year Established | 2011 | 2006 | 2014 | 2005 |
Execution Type(s) | ECN/STP, Market Maker | Market Maker | ECN/STP, No Dealing Desk | ECN/STP |
Minimum Deposit | ||||
Average Trading Cost EUR/USD | 0.1 pips | 0.9 pips | 1.3 pips | 1.2 pips |
Average Trading Cost GBP/USD | 0.2 pips | 1.5 pips | 2.0 pips | 1.4 pips |
Average Trading Cost Gold | $0.18 | $0.29 | $0.90 | $0.16 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Proprietary platform | Other, MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based+ | MetaTrader 4, MetaTrader 5, cTrader, Trading View | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based |
Islamic Account | ||||
Negative Balance Protection | N/A | |||
| Visit Website | Visit Website | Visit Website | Visit Website |
FXTM
In Summary Best all-around broker with high floating leverage and fast executionDubai forex traders have a number of-top tier forex brokers available to them, allowing for plenty of scope when it comes to trading n forex, CFDs, cryptos and more. FXTM, also known simply as “Forex Time”, has been around since 2011, and offer a fairly broad product range which includes a number of popular cryptocurrencies, 62 currency pairs and crosses, 11 stock index CFDs, 172 stock CFDs, and 3 commodity CFDs. The available bundle includes gold, silver, natural gas and crude oil. In addition, FXTM allows clients to trade in stocks that are not wrapped in CFDs, allowing traders to take direct legal ownership of shares (buying them), just like you’d find with a traditional stockbroker. The FXTM brand is comprised of three main bases of operation: namely FXTM Mauritius, FXTM Cyprus, and FXTM UK.
FXTM Pros & Cons
Pros & Cons
- Excellent commission-based Forex pricing environment and transparency
- Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
- Quality market research and educational content for beginner traders
- A highly regulated broker with a tier-1 license
- No cryptocurrencies and limited choice of commodities
AvaTrade
In Summary Highly regulated, choice of fixed or floating spreadsAvaTrade belongs among the best Forex brokers in the UAE due to its choice of trading platforms. Ava Options, Ava Social, WebTrader, and AvaTradeGO are available alongside MT4/MT5. WebTrader and AvaTradeGO have embedded Trading Central services, providing traders an edge. The Guardian Angel plugin upgrades MT4/MT5, while the fee-based Ava Protect insurance policy protects against losing trades.
Traders get a reasonably priced commission-free cost structure, and the well-balanced asset selection includes options, cryptocurrencies, and ETFs. AvaTrade offers VPS hosting for 24/5 low-latency trading. It serves the UAE from its Abu Dhabi Global Markets Financial Services Regulatory Authority licensed subsidiary.
Pros & Cons
- High quality educational offering via AvaAcademy
- Excellent choice of trading platforms catering to various trading needs
- Broad asset selection and cross-asset diversification opportunities
- Well-regulated and trusted broker with oversight from a central bank
- Trading costs competitive but nothing special
BlackBull Markets
In Summary Best ECN trading environment, with scalping and hedgingBlackBull Markets belongs among the best Forex brokers in the UAE for its institutional-grade trading conditions via Equinix servers co-located in New York (NY4), London (LD5), and Tokyo (TY3), enabling an average order execution speed of less than 75 milliseconds. Ultra-competitive Forex trading fees feature raw spreads from 0.0 pips for a commission between $4.00 and $6.00 per lot, while data feeds of 66+ third-party providers ensure ultra-deep liquidity.
Traders can use MT4/MT5 and cTrader, which support algorithmic trading. Social traders can connect to TradingView, and copy traders can diversify through BlackBull Markets CopyTrader, ZuluTrade, and Myfxbook Autotrade.
Pros & Cons
- ECN/NDD execution model with deep liquidity
- Institution-grade pricing for retail traders via proprietary price aggregation
- ZuluTrade and Myfxbook for social trading
- Leverage of up to 1:500
- Limited deposit options
FP Markets
In Summary ECN trading with leverage up to 1:500There are a number of top forex and CFD brokerage options available to traders in Dubai. This includes the likes of FPMarkets, one of the world’s most popular forex and CFD brokers. Based in Australia and established in 2005, FPMarkets offers the MetaTrader 4 (MT4) as well as the MetaTrader 5 (MT5) trading platforms, alongside WebTrader and IRESS platforms. Clients can enjoy trading in over 10,000 different shares and stocks, as well as over 60 forex pairs and crosses, 5 cryptocurrencies, 11 equity indices, all of the major commodities, and a number of top publicly traded shares traded on both the Sydney and the Hong Kong stock exchanges.
FPMarkets Pros & Cons
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
Top Forex Brokers & Trading Apps in Dubai
Our Rating | 4.5 | 5.0 | 4.5 | 4.5 | 4.5 |
Full Review | |||||
Retail Loss Rate | 70.70% | 77.0% | 71.0% | Undisclosed | Undisclosed |
DFSARegulation | No | No | No | No | No |
Minimum Raw Spreads | 0.0 pips | 0.0 pips | Not Applicable | 0.0 pips | 0.0 pips |
Minimum Standard Spreads | 1.0 pips | 1.5 pips | 0.9 pips | 0.8 pips | 1.0 pips |
Minimum Commission for Forex | $6.00 per Round Lot | $0.80 perRound Lot | Commission-free | $6.00 per Round Lot | $7.00 per Round Lot |
Commission for CFDs/DMA | 0.10% or $0.03 per share | Commission-free | Commission-free | 0.002% | Commission-free |
Commission Rebates | No | No | Not Applicable | Yes | No |
Minimum Deposit | $100 | $50 | $100 | $0 | $100 |
Demo Account | Yes | Yes | Yes | Yes | Yes |
Managed Account | Yes | Yes | No | No | Yes |
Islamic Account | Yes | No | Yes | Yes | No |
Inactivity Fee | No | $5 monthly after six months | $50 monthly after three months | No | No |
Deposit Fee | Third-Party | Third-Party | Third-Party | Third-Party | Third-Party |
Withdrawal Fee | Third-Party | Yes + Third-Party | Third-Party | Third-Party | Third-Party |
Funding Methods | 19 | 47 | 5 | 5 | 13 |
One of the first choices anyone located in Dubai must make when looking for a new broker is whether to go for one which is located and regulated in Dubai or not. Forex brokers regulated in Dubai operate under the oversight of the Dubai Financial Services Authority (DFSA). While the DFSA has a reputation as a light regulator, it ensures a highly competitive as well as relatively secure trading environment for Forex trading in Dubai. It also serves as one of the best jurisdictions for Forex brokers to use as a gateway to the MEASA region, which represents one of the fastest-growing sectors for financial services. Therefore, when you see a Forex broker setting up in Dubai, you usually see one that wants to expand, and as such may be focusing on making a very competitive offering to clients.
Choosing a Forex Broker in Dubai
If you are going to choose a Forex broker physically located in Dubai, we think that an international Forex broker with a regulated subsidiary in Dubai will be likely to be the best choice. This can ensure a track record in other jurisdictions, as many local Dubai Forex brokers have not been in business for a very long time. The longer a broker has successfully conducted business, the better run it is likely to be. Longevity is a reliable heuristic here.
The best Dubai Forex brokers will also maintain deposit and withdrawal options via local payment processors or banks and Arabic language customer support.
Now you’ve got through important safety issues, you can consider what the broker has to offer. Is the cost of trading there competitive or not? Check spreads, commissions, and other incidental fees. Traders who are planning to keep trades open over the New York rollover at the end of the trading day there should also consider the overnight swaps typically offered. Unfortunately, some brokers abuse this typically “hidden” fee.
Finally, examine the “nice to have” elements, such as the range of tradable instruments, quality of customer support, and trading platforms. Going through the process in this order should ensure you end up opening an account with the best Dubai Forex broker for you.
Is Forex Legal in Dubai?
Forex trading is completely legal in Dubai, in fact its hard to think of a place where it is more legal, as Dubai has been a low tax, offshore, trade-friendly financial center for many years. The U.A.E. does not levy income tax on individuals, so if retail traders are able to generate a profit from Forex and CFD trading, they can keep it all. What may be illegal is taking deposits from other retail traders and trading on their behalf without having an appropriate regulatory license to do so.
UAE Forex Regulation
Forex Brokers in Dubai rank among the most trusted and well-regulated ones in the Middle East and have an expanding international footprint. The Central Bank of the United Arab Emirates (CBUAE) is the primary regulator for Forex / CFD brokers. Additionally, each emirate has its financial regulator, with the Dubai Financial Services Authority (DFSA) being the most established.
The CBUAE ensures brokers follow established guidelines, including Sharia law. Requirements for Forex / CFD brokers to obtain a license consist of having a UAE citizen as the intermediary Forex broker, a minimum of 60% of paid-up share capital with local banks and contributed by UAE citizens, and capital requirements between DH1 million and DH3 million, which is approximately $270,000 to $815,000, dependent on the scope of brokerage activities.
Dubai emerged as a global financial center, and many international Forex brokers chose it as their hub for the Middle East and North Africa (MENA), making the Dubai Financial Services Authority (DFSA) the financial regulator of choice. The DFSA maintains a well-trusted and competitive Forex trading environment.
How to Start Trading Forex in Dubai
Dubai serves as a gateway to the MENA region, as Forex brokers in Dubai expand their footprints.
The below steps are necessary to getting started successfully with Forex trading in Dubai:
1. Education remains the most vital aspect of Forex trading, as it is a high-skilled profession. Even traders who wish to copy others or use account management services must have in-depth education, which allows traders to spot scams and fraud.
2. Use this page as a resource to check out the most competitive choices for Dubai Forex traders, providing a competitive edge and a secure trading environment.
3. A suitable Forex trading strategy, annual goals with realistic expectations, and a risk management profile are paramount to successful trading.
4. Demo accounts are popular but can present a trap for beginners, as fully simulating Forex trading in a demo account is impossible as it lacks trading psychology. Demo trading is like playing a sports simulator, which won’t make you a great athlete. Beginners should learn in a live account with a smaller deposit and consider any trading losses as the price of education.
5. Analyzing daily economic, monetary, and political events allows traders to understand and profit from price action.
6. The placement of hard take profit and stop loss levels should be done with each order before entering a trade. This helps protect against impulsive, emotional trading decisions and allows for a more “set and forget” trading approach.
Conclusion
Forex brokers in Dubai provide a gateway to the MENA region, and benefit from a well-trusted regulator which maintains competitive business conditions. Following the regulatory changes in Europe and Australia, namely by the CySEC, the FCA, and the ASIC, the Dubai Financial Services Authority emerged as one of the more preferred jurisdictions for Forex brokers. An increasing number of the best Forex brokers acquire a DFSA license, and the UAE continuously improves business friendliness.
Dubai Forex traders rank among those with higher deposits, making them a core market for many international Forex brokers. The large foreign population in the UAE makes Forex trading an essential part of everyday life.
Beginner traders in Dubai should avoid the rush to trade Forex but focus on in-depth education, which will form the foundation for successful trading. The Forex brokers in Dubai listed here can ensure Dubai Forex traders get a innovative trading environment, competitive costs, Islamic trading accounts if desired, and a secure and trustworthy partner.
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