The rise of trading popularity in the Middle East has become so prominent that many notable brokers have registered in the area. Which ones are the most recommended?

Online trading is starting to get massive traction in the Middle East. In fact, according to Chainalysis, there was a 500% increase in the global crypto market from July 2020 to 2021 in the UAE alone, followed by stock market that increased by 14.71% in early 2022. As a result, the Middle East has become one of the top destinations for forex and CFD brokers in the past few years.

Trading in Middle East

Dubai in particular has surged in popularity among financial brokers. Due to its strategic location, Dubai is able to provide a huge opportunity for financial brokerages to expand their operations by building a head office there. Aside from that, other countries like Jordan also showed some interest in online trading by introducing a technology-based financial regulatory approach to attract financial firms around the world, including forex and CFD brokers.

Such development is certainly great for the industry, but it might be a bit overwhelming and confusing for Middle East traders. Finding the right broker is never easy, especially when there are hundreds of seemingly good options to choose from. This is why we've provided a complete list of the most important criteria to follow and some recommendations for the best brokers in the Middle East.

 

What to Look For in a Middle East Broker

Choosing a broker can be a daunting task if you don't know what to look for. Here are some general factors that determine a good Middle East-based broker:

  • The broker's regulation status. The first thing you need to do is to ensure that the broker is legal and trustworthy. You want to sign up with a fully regulated broker because it means that the broker is under the watch of at least one financial regulator, such as the Securities and Commodities Authority (SCA), Dubai Financial Services Authority (DFSA), Abu Dhabi Global Market (ADGM), and Jordan Securities Commission. Regulated brokers must comply with the rules set by the regulator and thus, be able to provide a safer trading environment for their clients.

  • Local office. Aside from being regulated by local authorities, a good broker should also operate in the country and has a local office there. This can strengthen their presence in the area as well as optimize their service for clients who need offline assistance.

  • Islamic swap-free account. If you hold your positions open overnight, most brokers will charge you a small interest called swap fee. Since such interest is considered Haram in the Sharia Law, then you need to find a broker that offers a good swap-free account. This is particularly important for a Middle East broker since the area is notable for its Muslim populations and applies Islamic values as state laws.

  • Products offered. Each broker has a different set of rules and offerings, so it's extremely crucial to figure out what they offer before registering. Make sure that the broker provides access to markets that you are actively investing in.

  • Low spreads. As a trader, it's completely normal to choose brokers with lower fees. By reducing trading costs, you can allocate the money to increase your trading size instead or for other purposes.

Aside from the factors above, it would be even better if the broker supports a Middle East language on their website and allows the use of a Middle East currency as one of their account currencies.

 

Admiral Markets (Jordan)

Since 2001, Admiral Markets have committed to support the financial journey of many traders around the world with attractive trading conditions combined and an outstanding trading ecosystem. As the extension of the Admiral Markets group, Admiral Markets Jordan has almost all the benefits offered by the main company with some adjustments for the Jordan market. One of them is the availability of JOD (Jordanian Dinar) as an account currency.

Here are some details that make Admiral Markets (Jordan) suitable for Middle East traders:

📝Broker NameAdmiral Markets, registered as Admiral Markets AS Jordan Ltd
💼Middle East Regulation StatusJordan Securities Commission (JSC) with registration number 57026
🏢Local OfficeFirst floor, Time Centre Building, Eritrea Street, Um Uthaina, Amman, Jordan
🕋Islamic Account✔️
💵Trading Products
Currency Pairs, Metal CFDs, Energy CFDs, Agriculture CFDs, Index Futures CFDs, Commodity Futures, Cash Index CFDs, Stocks CFDs, ETF CFDs, Bonds CFDs
🔢Spread
From 0 pip

 

eToro

Founded in Tel Aviv back in 2007, eToro is known as one of the best copy and social trading platforms on the market. Millions of clients worldwide have enjoyed the benefits of trading with eToro and generated considerable profit from their trades. eToro offers competitive spreads starting from 1 pip on forex assets and maximum leverage of 1:30 for retail traders and 1:400 for professional traders. In addition, eToro offers an Islamic account type with a minimum deposit of $1,000 for Middle Eastern traders.

Here are some details that make eToro suitable for Middle East traders:

📝Broker NameeToro
💼Middle East Regulation StatusIn-Principle Approval from the Financial Service Regulatory Authority of the Abu Dhabi Global Market (ADGM). 
🏢Local Officex
🕋Islamic Account✔️
💵Trading Products
Cryptocurrencies, Stocks, Commodities, Indices, Currencies, ETFs, NFTs
🔢Spread
From 1 pip

 

XM

XM is a reliable forex and CFD broker that was established in 2009. The company provides services for clients from all around the world, including the Middle East. Over the years, XM has shown great performance in the Middle East and even won an award for the "Best FX Educational Broker in the MENA region" in 2021.

Middle East clients can enjoy many benefits from XM, including a low minimum deposit of only $5 and low spreads on forex starting from 0 pips. You can also change the language of the website to Arabic and fund your account with AED (United Arab Emirates Dirham) through local exchangers. In addition, the broker offers an Islamic account with full compliance with the Sharia Law. However, a flat commission will be charged if you hold your leveraged positions overnight instead of the percentage-based financing rates.

Here are some details that make XM suitable for Middle East traders:

📝Broker NameXM, registered as Trading MENA Limited
💼Middle East Regulation StatusDubai Financial Services Authority (DFSA) with License Number: F003484
🏢Local OfficeUnit S1302, level 13, South Tower, Emirates Financial Tower, Dubai, UAE
🕋Islamic Account✔️
💵Trading Products
Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares
🔢Spread
As low as 0.6 pips

 

HF Markets

HF Markets is a global forex and CFD broker that was founded in 2010. The broker has obtained licenses in various countries, including the UAE. There are several advantages that Middle Eastern clients can enjoy on HotForex, such as a low minimum deposit starting from $5 and spreads starting from 0.3 pips on forex. The broker accepts AED as the account base currency, so it's certainly easier for Middle East traders to make deposits. Users can also open an Islamic account on request and trade without an overnight fee.

Here are some details that make HF Marktes suitable for Middle East traders:

📝Broker NameHF Markets, registered as HF Markets (DIFC) Limited
💼Middle East Regulation StatusDubai Financial Services Authority (DFSA) with License Number: F004885
🏢Local OfficeIndex Tower, floor 11, unit 1106, Dubai, United Arab Emirates
🕋Islamic Account✔️
💵Trading Products
Forex, Metals, Energies, Indices, CFD Stocks, Commodities, Bonds, ETFs, Physical Stocks, Cryptocurrencies
🔢Spread
From 0 pip

 

AvaTrade

Founded in 2006, AvaTrade is the first broker that has obtained a full Category 3A license issued by the ADGM, which enables the company to service both retail and professional clients. It is also the ninth global license that the broker obtained. Its popularity has been widely known among Middle Eastern traders, so it's quite unsurprising that the broker is doing very well in the region. They even got the "Best Retail Broker UAE" award from the Global Business Review Magazine in 2021.

In terms of trading conditions, AvaTrade offers many great advantages. Firstly, AvaTrade supports the Arabic language on the website. There are over 200 tradable assets to choose from and relatively low spreads starting from 0.9 pips.

Here are some details that make AvaTrade suitable for Middle East traders:

📝Broker NameAvaTrade, registered as Ava Trade Middle East Limited
💼Middle East Regulation StatusFull Category 3A license by the Abu Dhabi Global Market with License Number: 190018
🏢Local Office16-117, 16th floor, Al-Khatem Tower, ADGM Square, Al Maryah Island, Abu Dhabi, United Arab Emirates
🕋Islamic Account✔️
💵Trading Products
Forex, CFDs (Commodities, Stocks, Indices, ETFs, Bonds & Treasuries), Vanilla Options, Cryptocurrencies
🔢Spread
From 1.3 pips

 

Pepperstone

Pepperstone is another popular broker that was established in 2010. Middle Eastern clients can open an account with no minimum deposit. The spreads can go as low as 0 pips, and Middle East traders can choose to use the Arabic language on the website.

Here are some details that make Pepperstone suitable for Middle East traders:

📝Broker NamePepperstone, registered as Pepperstone Financial Services (DIFC) Limited
💼Middle East Regulation StatusDubai Financial Services Authority (DFSA) with license number: F004356
🏢Local OfficeCurrency Tower 2, Al Fattan Currency House - unit PL-CT-00-15-OF-2A, level 15, Dubai, United Arab Emirates
🕋Islamic Account✔️
💵Trading Products
Forex, Cryptocurrencies, Shares, ETFs, Indices, Commodities, Currency Indices
🔢Spread
From 0 pips

 

ADSS

Originally known as ADS Securities, ADSS broker has marketed itself as an award-winning MENA broker for several years. Their operation is based in Abu Dhabi, making their service the perfect solution for the Middle East market. In fact, ADSS is the only broker in the UAE that processes transactions via UAEPGS, a wire transfer payment by the Central Bank of the UAE that enables safe and secure funding in only 30 minutes for UAE customers.

Here are some details that make ADSS suitable for Middle East traders:

📝Broker NameADSS, registered as ADS Securities LLC
💼Middle East Regulation Status
  • Regulated by the Securities and Commodities Authority (SCA) in the United Arab Emirates as a trading broker for Over the Counter ("OTC") Derivatives contracts and foreign exchange spot markets.
  • The company is registered with the Department of Economic Development of Abu Dhabi (No. 1190047)
🏢Local OfficeCurrency Tower 2, Al Fattan Currency House - unit PL-CT-00-15-OF-2A, level 15, Dubai, United Arab Emirates
🕋Islamic Account✔️
💵Trading Products
Indices, Forex, Equities, Cryptocurrencies, Commodities
🔢SpreadFrom 0.7 pips

 

IG Markets

IG Markets is a well-known broker that has been around since 1974. In the Middle East, IG Markets operates under the name of IG Limited. In the past couple of years, IG Markets has been operating in the Middle East and helped the population of the UAE to make informed trading decisions, making it one of the most trusted brokers in the region.

IG Markets offers Middle East clients over 17,000 assets and spreads starting from 0.6 pips. The website is also available in Arabic among other languages. Middle Eastern traders can use AED as the base currency and open an account with a minimum deposit of 20,000 AED. Unfortunately, the broker doesn't offer Islamic accounts anymore.

Here are some details that make IG Markets suitable for Middle East traders:

📝Broker NameIG Markets, registered as IG Limited
💼Middle East Regulation StatusDubai Financial Services Authority (DFSA) with license number: F001780
🏢Local OfficeAl Fattan Currency House, level 27, tower 2, Dubai, United Arab Emirates
🕋Islamic Account
💵Trading Products
Forex, Shares, Indices, Commodities, Options trading, Futures trading, Cryptocurrencies, Spot trading
🔢SpreadFrom 0.6 pips

 

HYCM

Established in 1977, HYCM is a trusted broker that's regulated in several countries, including the UK, the EU, the UAE, and the Cayman Islands. HYCM offers one of the best trading conditions for Middle Eastern traders. Aside from supporting the Arabic language on its website, the broker offers one of the lowest spreads in the industry starting from 0.1 pips and the fixed spreads start from 1.5 pips on forex. Not only that, but HYCM also accepts AED deposits and supports AED as a base account currency.

Here is why HYCM is suitable for Middle East traders:

📝Broker NameHYCM, registered as Capital Markets (DIFC) Limited
💼Middle East Regulation StatusDubai Financial Services Authority (DFSA) with license number: F000048
🏢Local OfficeOffice 903, 9th floor, Liberty House, Dubai International Financial Center, Dubai, United Arab Emirates
🕋Islamic Account✔️
💵Trading Products
Forex, Stocks, Indices, Cryptocurrencies, Commodities
🔢SpreadFrom 0.1 pips

 

Final Thoughts

Many Middle East countries and residents are putting a lot of interest in online trading these days as an effort to diversify the economy so that they don't fully rely on oil. Indeed, online trading can be a great alternative to make money, but only if it's done correctly. Choosing the right broker can be a bit overwhelming, but it's actually not that confusing. Through this guide, we've explained everything you need to know about what to look out for when choosing a Middle East-based broker.

It is worth mentioning that while all of the brokers mentioned in this article are fully regulated, you still need to narrow down the option by choosing the one that suits you the most. For instance, if you're a complete beginner, eToro might be the best choice for you as it offers copy trading feature. Meanwhile, if you have some experience already, you can try Admiral Markets or even IG Markets for the overall best trading condition for professional traders.