Best Forex Brokers in United Arab Emirates

Is FOREX.com currency trading legal in the UAE?

Yes it is legal to trade FX on FOREX.com in the UAE as they are regulated by the DFSA and have a local office in Dubai.

FOREX.com has excellent forex trading signals including Performance Analytics to help UAE traders improve strategy. They offer a robust forex trading platform with lots of forex pairs, 25 commodities, indices and spreads as low as 0.8 for gold trading and 0.3 for crude oil.

For UAE forex traders, Forex.com’s trading signals, platform and trading performance data make it one of the best platforms for currency trading.

• DFSA Reference Number: F000542
• UAE Address: Forex.com (StoneX): Office 48D Almas Tower Jumeirah Lakes Towers PO Box 125942 Dubai, UAE

Is Pepperstone legal in the UAE for forex trading?

Yes, it is legal for Pepperstone to offer forex trading in the UAE as they are regulated by the DFSA and have a local office in Dubai.

Pepperstone is a good choice for UAE traders who want to automate their forex trading strategies through MT4. As far as MT4 brokers they are one of the biggest and best and offer a very good set of “expert indicators” on the currency markets.

• DFSA Reference Number: F004356
• UAE Address: Pepperstone Financial Services (DIFC) Limited – Office 1502, Al Fattan Currency House, Tower 2 – Dubai – United Arab Emirates

Is Plus500 a good broker?

Yes, Plus500’s trading platform has evolved nicely over the years from a simple interface to an intuitive execution venue for CFDs on the major markets and stocks.

Pricing: It’s dynamic so moves with the market for minimum spreads
Market Access: Very good, Plus500 are always first to try new asset classes
Platform & Apps: Basic execution, but it does the job well
Customer Service: Plus500 doesn’t have a phone option, but its live chat is sufficient
Research & Analysis: Some sentiment, but limited education and analysis.

Overall, Plus500 is a good online trading platform for traders who do not want to do anything more complicated than buy and sell CFDs. The broker does provide sentiment indicators and are quite transparent with costs and fees. In summary:

• Plus500 is a trading platform that offers CFDs.
• You can trade a range of assets on Plus500 including stocks, indices, and currencies.
• There are no commissions when placing a CFD trade on the Plus500 platform but there are some other fees to be aware of.
• The platform offers a range of features including a demo account, alerts, market news, and an economic calendar.
• There are platforms that offer more markets than Plus500.

Is Capital.com any good for trading?

Capital.com has a user friendly and intuitive trading platform and app, that gives access to the most popular financial markets with competitive spreads with the ability to reduce risk by decreasing your leverage. Trading via the app has always been capital.com’s forte, and in 202, it won our award for “best trading app” not in part due to the fact that the company CTO has extensive experience in building engaging apps like Candy Crush.

What makes Capital.com different? Thumbs up, literally

Do you know what one of the most impressive thing about Capital.com is? They put the buy and sell buttons at the bottom of the app.

I don’t mean that in a facetious way, it’s genuinely a brilliant feature.

This may not sound like much but it’s a good example of how Capital.com has integrated decades of analytics, experience, feedback and customer data into creating a very easy-to-use intuitive trading app from scratch.

When Capital.com first became authorised by the FCA back in 2018, I visited their offices in London to have a chat about what they offer. The two main things we discussed were button placement and AI.

Trading App

But anyway, if you’ve updated your iPhone to the latest iOS you’ll notice that Apple has started moving things to the bottom of the screen, the search bar for instance. This is because, phones are getting bigger, and your thumb can’t reach the top of the screen if you are holding it with one hand. This is something that Capital.com figured out would make trading easier 5 years ago. I’ve just been through a bunch of other trading apps on my phone and still, amazingly enough, none of the other brokers have done this yet.

Capital.com was also the first to integrate artificial intelligence to help you improve your trading, they say, based on the Martingale theory. When I spoke to Chris Demetriou, the head of sales in the UK, he said that the system should give you prompts based on your previous trades. So for example, if you are about to do a trade that is similar to ones you have constantly lost on before, you should get a “are you sure you want to do this” notification.

Leverage Control

Everybody knows, that one of the main reasons people lose money when trading is overleverage. This could be either from not having enough free cash on account to give your position breathing space, or simply putting on trades that are too risky. One really good feature is that you can change your leverage based on asset class. The default leverage is the max that retail traders in the UK are permitted, but you can change this to 1:1 so you need to fully pay up for positions. A sensible thing to do if you are just getting started, which can help reduce excessive losses. As your experience grows you can increase your leverage accordingly.

Hedging

You can also set the platform to put on hedging positions, so you can be long and short the same thing at the same time. Why you ask? Well, it can help you run longer-term positions and short-term hedges. This in fact is the very point of CFDs. They were originally hedging tools, and still a good way to protect your long-term investment portfolio against short-term market corrections without having to close off your positions.

Customer Support

Customer support is pretty good too, you can get in touch via the chat widget on the platform, whatsapp or telegram. When I tested it I got a response within a minute and the issue I had was dealt with quickly (uploading ID to verify my account if you must know).

TradingView

You can’t trade from the charts, but when you have open positions they are overlayed along with your stops and limits, which you can move by dragging and dropping. But, if charting is your thing, you can join the other 78,000 Capital.com customers using and trading from TradingView.

Proprietory Tech

One thing I quite like though is that instead of relying on third-party software, the Capital.com trading platform is built in-house, and if you want something you can ask for it. For example, previously on the app you could see where an asset is as a percentage relative to the daily range. But, a customer asked, if you could see it in points too. So, that was quickly integrated so that you can now toggle between percentages and points. A small thing, but indicative of a broker that can do things and does do things, rather than just logging a helpdesk ticket.

Refinitiv

There are no trading signals on the platform or app, but you do get access to Refinitiv reports on US stocks, which give you a good overview of historic and potential future financial health. A good feature for those looking at slightly longer-term positions.

Overnight funding

Talking of long positions, or longer long positions, Capital.com also display quite clearly what your overnight financing rates are going to be on a daily basis. I’m sure this is a regulatory obligation anyway, but it’s done in a way that you can actually see what the price is, rather than an opaque formula. It gives a bit more transparency about how much a position is going to cost you.

Investmate

If you are new to trading, they have a stand-alone app called Investmate, which puts you through a series of bitesize courses that explain the financial markets. Capital.com also own currency.com if you fancy a punt on crypto, and shares.com so we can expect to see more comprehensive physical investing options soon.

Can you trade forex with IG in the UAE?

Yes, you can trade forex in the UAE with IG as they are regulated by the DFSA and have a local office in Dubai.

IG is a good choice as IG stands out through deep liquidity, high market range and excellent added value such as trading tools and analysis.

• DFSA Reference Number: F001780
• UAE Address: IG Limited – Level 27, Currency House – Tower 2, Dubai International Financial Centre, Dubai, 506968, United Arab Emirates

Can you trust CMC Markets for forex trading in the UAE?

Yes, it is fine to trade forex in the UAE with CMC Markets as they have a local office in Dubai and are regulated by the DFSA.

CMC Markets is one of the best UAE trading platforms for high-frequency and active FX traders. It’s a good choice for those who want to trade currency on tight spreads, with a platform built on exceptional tech.

• DFSA Reference Number: F002740
• UAE Address: CMC Markets Middle East Limited. Unit 2903, Level 29, ICD Brookfield Place, DIFC, PO Box 507183, Dubai, UAE

Is Saxo regulated for forex trading in the UAE?

Yes, you can trade forex with Saxo in the UAE as they are regulated for FX CFDs and DMA currency futures trading. Saxo has a local forex trading office in Dubai and is regulated by the DFSA. What makes Saxo Markets one of the best forex trading platforms in the UAE is the ability to trade OTC FX as well as on-exchange currency futures and options. However, one disadvantage is you cannot work automated trading strategies as they do not offer MT4 trading in the UAE.

Saxo is a good choice for more sophisticated UAE traders. The platform, analysis, and direct market access may be too complicated for beginners. But, for experienced traders its coverage, commissions and research are unrivalled.

• DFSA Reference Number: F001014
• UAE Address: Saxo Bank (Dubai) Ltd. Boulevard Plaza – Tower 1 30th floor, office 3002 Dubai Downtown, Burj Khalifa area Dubai, UAE