Best Dubai Forex Brokers for 2023
Investors in Dubai are very active in the forex market. In fact, there are a lot of foreign investors who are also setting up Dubai-based accounts in order to avail of the vast benefits that Dubai forex brokers can give, primarily because the UAE does not charge taxes from forex trading profits.
In This Guide
Top Brokers That Accept Dubai Clients
VFSC, CySEC
100% bonus
$100
500:1
ASIC, VFSC
N/A
$100
500:1
FCA, ASIC, CIMA, SIBL
up to 50% bonus
$100
500:1
ASIC, CBI, BVI, FSCA, IIROC, FFAJ, JFSA, ADGM FRSA
up to 40% bonus
$100
400:1
CySec, ASIC, BVI
up to 50% bonus
$100
400:1
VFSC, FSC, IBFC
N/A
$5
1000:1
ASIC, VFSC
$10 000 demo
$50
500:1
What to Look for in a Forex Broker
By nature, forex trading is a very risky business, not only in Dubai but in any other place in the world. For this reason, it is extremely important to consider your options very carefully when picking from the best Dubai forex brokers so as to minimize the risks and to get the most profits out of your trades. Here are some of the most crucial factors at which you should take a look.
Trustworthiness and Security
The best way to determine whether a broker is trustworthy or not is by checking their regulation. If they are licensed under the top forex regulatory bodies in the world, then that would be a good indication that you can trust them and that your funds and transactions would be safe under them.
Fund Transfer Methods
Ease of transferring funds is crucial especially during crunch time. You don’t want to look at precious minutes of trading time because the transfer is taking too long.
Fees and Commissions
Naturally, you want to save as much as you can on fees and pour your funds on your actual trades instead. Compare the spreads and fees charged by each broker to find out the most competitive one.
Customer Support
Having 24/7 customer support is very helpful especially if you encounter crucial problems outside of office hours. Dubai forex brokers have customer support in both Arabic and English but if you need a different language, you should check this before signing up with them.
5 Best Dubai Forex Brokers Reviewed
All of the Dubai forex brokers that we are recommending are duly licensed under the DFSA, but many of them are also regulated under some of the other top-tier forex regulatory bodies in other countries, which further increases their trustworthiness and reliability.
eToro
Rated by experts as the best social trading platform in Dubai for 2021, eToro has consistently shown the best performance when it comes to copy trading. With more than 56 currency pairs to choose from and a minimum deposit requirement of only $50, it is certainly the most highly recommended broker for forex newcomers.
eToro has been around since 2007 and has since grown into one of the favorite brokers in international forex trading. They are known for their hassle-free fund transfers and very easy to use trading platforms, both on the web and on mobile. Aside from the DFSA, eToro is also regulated by CySEC, FCA, and ASIC.
Min $200 Deposit
Regulated By: FCA, ASIC, CySEC
Foundation Year: 2006
Headquarters: London, United Kningdom
XM
The standout feature of XM is their very competitive spreads that start at 0 pips and generous leverage of as much as 888:1. This makes them one of the most desirable Dubai forex brokers for traders in the country. XM offers a swap-free Islamic account and international quality Arabic and English support, as well as more than 20 other languages
The minimum deposit at XM is only $5 and they also offer competitive bonuses for subscribers. Forex traders will have more than 56 currency pairs to choose from, which they can buy and sell on feature-rich MT4 and MT5 trading platforms. XM is regulated by FCA, CySEC and ASIC.
Min $5 Deposit
Regulated By: ASIC, IFSC, DFSA, CySEC
Foundation Year: 2009
Headquarters: Limassol, Cyprus
OANDA
OANDA is a non-dealing desk broker, which translates to faster trade executions and less hassle for the trader. They offer more than 45 currency pairs to their traders at very competitive spreads that start at 1 pip. They also offer high leverage of up to 200.
OANDA is definitely one of the most trustworthy Dubai forex brokers, being regulated in more than 6 jurisdictions in different countries, including the US, Canada, the UK, Singapore, Australia and Japan.
Min $0 Deposit
Regulated By: ASIC, IIROC, JFSA, MAS, FCA, CFTC
Foundation Year: 1995
Headquarters: New York, United States
Pepperstone
Consistently touted as one of the best Dubai forex brokers across the different areas of brokerage, Pepperstone has more than 80 currency pairs, very competitive spreads starting at 0.0 pips, and multiple deposit and withdrawal options. They certainly have an Islamic account and excellent customer support in Arabic and English, plus a support team that is actually based in the UAE. The minimum deposit is somewhat higher than the others at $200.
XTB
Another standout DFSA-regulated broker, XTB only requires traders to deposit $1 to begin trading. Spreads across the more than 49 currency pairs that they offer are all very competitive. In addition to DFSA, XTB is also regulated by the FCA of the UK and FSCA of South Africa. They are notable for being one of the fastest Dubai forex brokers when it comes to trade execution, and they also have a superior demo account with 10,000 virtual dollars that you can use for practice.
Min Deposit: N/A
Min Deposit: N/A
Regulated By: FCA, CySEC, CNMV, KNF, IFSC
Foundation Year: 2002
Headquarters: Poland
Conclusion
As one of the more active countries in the business of forex trading, Dubai certainly has its share of really good forex brokers that investors like you can choose from. But if you want to maximize your chances of trading successfully, it is strongly advised that you choose only from the top Dubai forex brokers. By making the right choice and practicing solid trading skills, you can definitely have a very profitable forex trading experience.
Before forex brokers can accept the United Arab Emirates based cleints, they must become authorised by THE INDEPENDENT REGULATOR OF FINANCIAL SERVICES(DFSA) and the Securities and Commodities Authority(SCA) United Arab Emirates financial regulatory body. We recommend United Arab Emirates traders to follow the SCA twitter page, @sca_uae to stay updated. Also check out the SCA webpage on Wikipedia.
FAQs About Dubai Forex Brokers
Forex trading in Dubai comes with a lot of benefits and opportunities. Before you start buying and selling though, here are the answers to some of the questions that may be in your mind as you contemplate this exciting financial venture.
Is forex trading legal in Dubai?
It is perfectly legal to trade forex in all the emirates of the UAE, which includes Dubai.
Who regulates the activities of Dubai forex brokers?
The Dubai Financial Services Authority or DFSA is the primary regulatory body for all forex trading within the Dubai International Financial Centre or DIFC. Outside this economic zone, forex trading is regulated by the UAE’s Securities and Commodities Authority.
Is it necessary for Dubai forex brokers to be licensed under the DFSA?
Traders in Dubai can only buy and sell foreign currencies in the country under a DFSA regulated broker. Therefore, brokers need to secure their license if they wish to operate properly in Dubai.
Are forex profits in Dubai taxable?
The United Arab Emirates currently does not charge any taxes on profits from online trading, which includes forex trading.
When can you trade forex in Dubai?
Dubai has an open forex market during the weekdays. Thus, Dubai forex brokers are always available to provide service to traders 24 hours 5 days a week.