Dubai and other Emirates of UAE are the centers of many forex traders, brokers, and other online trading activities in the Middle East. Here are the top forex brokers in the area.
The United Arab Emirates (UAE) is one of the fastest-growing online trading centers in the world. It may not be as significant as the 4 major financial centers consisting of London, New York, Tokyo, and Sydney, but in general, the advanced development in UAE and its high-income population has generated great potential for trading and investment growth.
A large segment of the population has diversified their investment in financial markets including forex. Hence, there are a variety of local and offshore brokers in these countries offering their services.
There are many forex brokers in UAE especially Dubai. Most of them are not regulated by regulatory organizations, but they manage millions of dollars in trades each day. Therefore, traders are advised to be wise when choosing to open an account with any forex brokers residing in this area.
Forex trading is undoubtedly legal in Dubai. The local brokers are regulated and licensed by the Dubai Financial Services Authority (DFSA). It serves as the financial regulatory agency of the special economic zone, the Dubai International Financial Centre (DIFC).
Note that it is not similar to UAE's federal Securities and Commodities Authority, whose jurisdiction covers the general area of UAE outside the jurisdiction of the DIFC. Although not all forex brokers in Dubai are regulated by the DFSA, some of them have complied to register under the agency. Forex brokers with DFSA license can be found here.
There are a number of local as well as offshore forex brokerage companies in Dubai. They offer forex to citizens or residents of Dubai. More than that, the offshore brokers maintain a presence in Dubai either by working with partner brokerage firms locally or by operating full-fledged regional offices.
Forex brokers in Dubai provide their clients with a range of proprietary and turnkey software for trading. Apart from the MetaTrader 4, they provide other software such as JAVA-based trading software and the NinjaTrader. These platforms are provided on mobile and web-based versions.
Commissions and Spreads
The market makers in Dubai do not charge commissions on forex trading. However, they operate the ECN's model charged commissions on forex and CFD trading. They offer at least 50 forex pairs to trade with many of the major brokerage platforms, and the minimum spread can reach up to 1.5 pips.
Below are some recommended forex brokers in Dubai:
First Prudential (FP) Markets was founded in 2005 and headquartered in Sydney, Australia. It is considered safe because it is regulated by the top-tier Australian Securities and Investments Commission (ASIC) and has a long track record.
This company offers transparent dealing across a wide ion of 10,000 plus assets with a variety of account types for forex and CFDs. Their clients are also able to trade with 0 pips spreads on their ECN trading. It has a MetaTrader 4 platform that you can leverage up to 1:500. Bitcoin has also been added as one of the instrument choices.
Plus500 is a UK-based company with its main offices located in the city of London. The company is authorized and regulated by FCA. For traders who are looking for a broker with top-tier regulators, Plus500 can be the right choice.
Plus500 offers 2,000 instruments to over a million clients. List of instruments available for trading with their CFD service include forex currency pairs, indices, cryptocurrencies, commodities, shares, and ETFs. Traders can choose instruments suitable for their needs.
Regardless, beginners should be extremely cautious while choosing their assets, as it can get daunting, confusing, and inherently risky.
When traders open an account, Plus500 will hold traders' funds on a segregated basis, following FCA's client money rules. Traders do not need to worry about Plus500 using their funds for hedging, as it is strictly prohibited to use clients' funds for this purpose.
Other advantages when trading in Plus500 are tight spreads and no commissions. The company only offers a single type of account, but traders can update the account from Retail to Professional by following some standards.
To apply Professional Accounts, traders have to fulfill at least 2 of the following 3 criteria eligible, such as sufficient trading activity in the last 12 months, financial instrument portfolio of over 500,000 Euro, and relevant experience in the financial services sector.
Plus500 is well-regarded for its services through the market spread, leverage up to of 1:30 for Retail Accounts, and leverage up to of 1:300 for Professional Accounts. Plus500 tries to give a sensible choice of leverage, which not only controls the risk but also helps novice traders to exercise more control over their trading emotions.
Founded in 2008, Plus500 provides almost the same features to both Retail and Professional account, including clients' money protection, negative balance protection, best execution for orders, clear and transparent information, as well as financial services compensation scheme. Still, Professional account is more advanced as it has access to FOS.
Based on the statistics, 76.4% of Retail account owners in Plus500 lose money when trading CFDs. Because of that, Plus500 always warns traders to consider their understanding of how CFDs work and their affordability to take high risk of losing money, before starting a trade in Live Account.
Even so, Plus500 has gained the trust of traders throughout the world. They have around 39 million positions opened, 304,000 active customers, and billions of volume trading processed by their system.
Plus500 always tries to give the best services to their clients. One of the ways to reach their goals is by making clients feel confident in their trading activity. They have a simple and easy-to-use trading platform, with an especially well-designed mobile platform. Traders can access the Plus500 platform via web-trader, iPhone/iPad, and Mobile App.
In their platform, traders will get advanced tools such as stop limit, guaranteed stop, free email and push notifications on market events, and alerts on price movements. All of these tools can help traders to navigate the market with better understanding.
As for payment methods, Plus500 provides various choices like Visa or MasterCard, electronic wallets (PayPal and Skrill), and bank transfer (direct bank to bank funds transfer).
For any concerns, troubles, or trading issues, traders can contact Plus500's customer service that is available 24 hours a day and 7 days a week. The official website of Plus500 can be accessed in 24 languages.
Overall, Plus500 has some advantages and disadvantages. As it has a license from an elite regulator, traders can feel safe when trading in Plus500. It also provides a 24/7 support team to help traders. But, offering leverages up to 1:300 is not suitable for high-risk traders, such as scalpers, who indulge in high-frequency trading that holds positions in the market for a brief period and typically use high leverage.
Plus500 was founded in 2008 and headquartered in Israel. It has a platform that supports real-time analyses in multiple markets like forex, stocks, indices, and cryptocurrencies. Its platform offers fast and commission-free trades with very low spread rates. More than that, this company supports traders with negative balance protection.
Since 2009, the action of FBS Holding Inc. or known as FBS in the world of forex trading has been recognized by various international institutions. With clients reaching 14 million as of 2019, FBS has received the title of Most Transparent Forex Broker 2018, Best Investor Education 2017, Best Customer Service Broker Asia 2016, IB FX Program, and many others.
FBS is regulated by IFSC Belize and CySEC Cyprus. This broker has been trusted by millions of traders and 370 thousand partners from various countries. Based on their data, FBS garners about 7,000 new traders and partner accounts every day. And, 80% of the clients stay in the FBS for a long time. No wonder the broker is growing rapidly due to the incredible growth in the number of clients.
Trading products offered by FBS range from forex, CFD, precious metal, and stock. For forex trading, CySEC-regulated FBS offers leverage up to 1:30 on Cent and Standard Accounts. Clients who want to try higher leverage than that can alternatively register an account under FBS Belize.
In all types of accounts, provided spreads start from 1 pip. On a standard account, volume orders can be made from 0.01 to 500 lots. Therefore, this account is recommended for experienced traders.
Whereas on Cent Accounts, volume orders can be carried out with a maximum of 500 cent lots or the equivalent of 5 standard lots. Cent Accounts involve a different level of risk. FBS recommends Cent Accounts for beginner traders. All account types support the following trading tools: 28 currency pairs and 2 metals.
Before plunging into the real forex market, traders can practice with FBS Demo Account which consists of two types, i.e Standard and Cent.
FBS uses the MetaTrader 4 and MetaTrader 5 platforms. They offer them on Windows and Mac as well as Android and iOS mobile. These platforms provide a trading experience at traders' fingertips, allowing traders to progress as a trader anywhere at any time.
MetaTrader platforms also have a variety of mainstay features, including the possibility to create, buy, and use expert advisors (EA) and scripts, One-click trading and embedded news, technical analysis tools, the possibility to copy deals from other traders, hedging positions, and VPS service support.
Another advantage provided by FBS is a deposit bonus of 100% for clients who fulfill certain requirements. The process of depositing and withdrawing funds can be run easily and quickly. Based on clients' testimonies, each process usually takes no more than 3-4 hours, except on holidays.
To increase the security of client funds, FBS also provides segregated account where 70% of funds can be deposited in the client bank. This broker also presents something unique; a guarantee 10% to 100% of the deposit fund. If a trader loses funds during a transaction but is insured, FBS will refund the trader's funds.
Traders also have the opportunity to develop a side business when trading with FBS, namely as an Introducing Broker (IB) or Affiliate. The FBS partnership system provides partner commissions that are already in 3 level positions. Only by introducing new clients to FBS according to certain procedures, traders can earn extra income.
Traders will also get trading education experience at FBS. They have prepared a comprehensive forex course. The course consists of 4 levels: beginner, elementary, intermediate, and experienced. Traders can take courses that will turn them from newbies to professionals. All materials are well-structured. Besides, FBS provides various forex analyzes, webinars, forex news, and daily market analysis that can be accessed easily on their site.
Traders can access the FBS website with many language choices. Of course, this will increasingly provide comfort for traders. Available languages include English, Dutch, Italian, French, Portuguese, Indonesian, Spanish, and others. Live chat support is also provided 24 hours 7 days a week.
In conclusion, FBS is a widely known broker among retail traders around the world. It continually grows to become a preferred broker because of flexible trading conditions that enable its clients to trade with various instruments, low deposit, and other trading advantages.
FBS was established in 2009 and headquartered in Belize. It is also regulated by Cyprus Securities and Exchange Commission (CySEC) and International Financial Services Commission (IFSC) in Belize. As a retail forex and CFD broker, FBS is quite popular with its 1:3000 maximum leverage and platform ions that include the MetaTrader 4, MetaTrader 5, and FBS copy trading platform. The brand has grown significantly, indicated by its huge number of clients of 12 million traders from over 190 countries (and still counting).
FBS applies the hybrid broker model of Electronic Communications Network (ECN) and Straight Through Processing (STP). They have a comprehensive trading education and a good variety of research tools. Yet, it is quite well-known that FBS' regulation brand is not as robust as the EU brand. Also, the leverage offered on global brand is extremely high, creating an unnecessarily high-risk trading environment for those who can't manage their risks carefully.
eToro established in early 2007, with a mission to make trading accessible to anyone, anywhere, and reduce dependency on traditional financial institutions. The company has head offices in the United Kingdom, Cyprus, USA, and Australia.
eToro (Europe) Ltd operates as a Financial Services Company authorized and regulated by the Cyprus Securities Exchange Commission (CySEC) under license no. #109/10. Meanwhile, eToro (UK) Ltd is authorized and regulated by the Financial Conduct Authority (FCA) under the license FRN 583263.
As for eToro AUS Capital Pty Ltd, the legal standing is acknowledged by the Australian Securities and Investments Commission (ASIC) to provide financial services under Australian Financial Services License 491139.
A broker that belongs to the 4-digit type, eToro offers both short-term options for day traders and long-term options for investors, such as their innovative CopyPortfoliosTM, a fully managed thematic portfolio.
Since 2007, eToro has been at the forefront of the Fintech revolution. The most recent was launched in 2017, which is CopyPortfolios powered by Machine learning Al. Beyond developing CopyPortfolios, the company integrated Microsoft's machine learning technology into Momentum DD.
The new CopyPortfolio investment strategy uses artificial intelligence to find the steadiest traders who are most likely to generate a double-digit return and bundle traders into one fully-managed portfolio. eToro has hundreds of financial assets for trading across several categories including stocks, commodities, crypto assets, currencies, indices, and ETFs. Each asset class has characteristics and can be traded using a variety of investment strategies.
Some positions on eToro involve ownership of underlying assets, such as non-leveraged positions on stocks and cryptos. Employing CFDs will enable a variety of options, such as leveraged trades, short (sell) positions, fractional ownership, and more. For example, traders can invest as little as USD100 in gold, even if a single unit of gold cost USD1,000. Some of eToro's most popular CFD commodities include gold, oil, natural gas, silver, and platinum.
Currencies are traded on eToro only as CFDs. Also, CFDs enable Sell (short) positions and leveraged trade, even for assets that don't offer the option in traditional trading. Some of the popular currencies include EUR/USD, GBP/USD, AUD/USD, USD/JPY, and USD/CAD.
Furthermore, An Exchange-Traded Fund (ETF) is a financial instrument comprising several assets grouped to serve as one tradable fund. After opening an account in eToro, traders can invest as little as USD250 in an ETF that costs USD500. Some of the popular ETFs on eToro include SPY, VXXB, TLT, and HMMJ.
However, eToro also offers additional functions using CFD trading. All leveraged ETF positions in the UK are under FCA regulations. Meanwhile, all CFD positions executed by eToro Australia are under ASIC regulations.
The company has other advantages. In all financial assets that can be traded, eToro does not charge any deposit or trading frees other than spreads.
eToro charges a USD25 fee for withdrawals and the minimum withdrawal amount is USD50. Long (Buy), non-leveraged crypto, stock, and ETF positions are not executed as CFDs and do not incur any fees. eToro does charge overnight or weekend fees for CFDs positions, such as leveraged positions and short (sell) orders.
Fee updates always apply to open positions. Fees are subject to change at any given time and could change daily, without prior notice, depending on market conditions.
As a beginner, trader can use CopyTrading eToro. Different from the features of other brokers, traders can copy the strategies of professional traders without fee or profit-sharing. Therefore, 100% profit is fully owned by traders. For example, while trader A who is copied by trader B, produces a profit of 10% this month, then trader B also gets a profit of 10%.
The company is the world's leading social trading network. Since eToro operates in complete transparency, each trader has valuable information on their eToro profiles, so other traders that are interested to copy their trades can have assistance in creating their best portfolios.
Another feature that is unique to eToro is the personalized, social News Feed. Just like on any social media, traders can post their updates on feed, comment on other's posts, and gradually create a feed that is tailor-fitted to trader's trading and investing interests. On eToro social trading platform, traders will also get notifications when a trader writes a new post and many other important updates.
Formerly known as RetailFX, eToro pioneered online social trading which has become a trend in the present time. As a matter of fact, their social trading platform is a breakthrough that changed the nature of the way beginners can participate in the financial markets. On the plus side, eToro is well regulated by the FCA (UK), CySEC, and ASIC. The broker also presents a wide range of assets to trade with and enables investors to earn a 2% management fee. Still, eToro has some downsides related to the spreads and the absence of MetaTrader platform.
Which one is the best among some of the brokers above? The ultimate choice would depend on your condition as a trader. To make your assessment easier, here is the side by side comparison:
rated by 3346 users
rated by 1407 users
rated by 307 users
rated by 2 users
|💲 Min Deposit||$100||$100||$1||$200|
|⚖ Max Leverage||1:500||1:300||1:3000||1:400|
|💡 Min Position||0.01 lot||0.005 lot||0.01 lot||0.1 lot|
|💳 Payment||Bitcoin, Credit/debit cards, Dash, Dragonpay, Ethereum, FasaPay, Litecoin, Local bank transfer, Neteller, Ripple, Skrill, Tether (USDT), USD Coin (USDC) and Wire transfer||BPAY, Credit/debit cards, giropay, iDEAL, PayPal, Przelewy24, Skrill, SOFORT and Wire transfer||Credit/debit cards, FasaPay, Local bank transfer, Neteller, Perfect Money, Skrill, UnionPay and Wire transfer||Credit/debit cards, Neteller, PayPal, Skrill, UnionPay, WebMoney, Wire transfer and YooMoney|
|🧩 Forex Demo Account|
|📁 Segregated Account|
|🕋 Islamic Account|
|👨💻 PAMM Account|
|📈 Managed Account|
|🇺🇸 US traders are welcome|
|🏆 Trading contests|
|⚡ Automated trading|
|💹 Interest rate on funds|
|💰 Bonus offers|
|📖 Free education|
|👔 Affiliate program|
|📱 Mobile trading|
|💻 Browser-based platform|
|1️⃣ One-click trading|
|⏱ Trailing stop|
|⏳ Pending orders|
|Gold & Silver|
|🗣 Website Languages||Arabic, Chinese, English, French, Indonesian, Italian, Malay, Portuguese, Russian, Spanish, Vietnamese||Arabic, Bulgarian, Chinese, Croatian, Czech, Danish, Dutch, English, Estonian, Finnish, French, German, Greek, Hebrew, Hungarian, Icelandic, Italian, Japanese, Korean, Latvian/Lettish, Lithuanian, Mal||Arabic, Bengali/Bangla, Burmese, Chinese, English, French, German, Indonesian, Italian, Japanese, Korean, Laothian, Malay, Portuguese, Spanish, Thai, Turkish, Urdu, Vietnamese||Arabic, Chinese, Dutch, English, Finnish, French, German, Hungarian, Italian, Norwegian, Polish, Portuguese, Romanian, Russian, Spanish, Swedish|
|📨 Email Support|
|📞 Call Support|
|🎧 Chat Support|
|🚪 Open Account||Open FP Markets||Open Plus500||Open FBS||Open eToro|
You can also compare more forex brokers in this section.