Are you looking to start forex trading in UAE? If so, then you need to be very careful with the selection of a broker. Choosing the right broker can be a difference between your success and failure in the world of forex trading. After a research on more than a dozen brokers during the last two weeks, I’ve selected the four best forex brokers in UAE. In this piece, I review the selected brokers and after that list various factors that should be considered while choosing a broker.
Read: Forex Trading in Dubai
Best Forex Brokers in UAE
#1 Plus500
Plus500 is one the top-rated brokers in UAE. Headquartered in the UK, the broker offers online trading services in currencies, commodities, stocks and cryptocurrencies. The broker has regional offices located in more than fifty countries around the globe.
Plus500 is particularly famous for its low spreads, high leverage, lightning fast trade execution and backing from various regulatory bodies. The broker holds funds of its clients in segregated bank accounts that are maintained with AAA rating banks.
Funds at Plus500 are also secured by the Financial Services Compensation Scheme. The broker offers traditional Mt4 software for desktop and mobile users. The live-chat support offered by the broker is very professional and robust.
- Founded:2008
- Regulation: FCA, ASIC, MAS
- Headquarter: United Kingdom
- Minimum Deposit: $100
- Trading Platforms: Online, Desktop & Mobile
Read: Plus500 Review
| PROS | CONS |
| Faster trade execution Multiple Regulations (ASIC & FCA) Low Spreads Charges no commission on trades Offers funds protection under Financial Service Compensation Scheme | Does not accept US clients No fixed spread account available Slower email support Limited research tools |
#2 VantageFX
VantageFX is a multi-regulated forex broker providing world-class trading services across the globe. Besides four account types, the broker has top-rated trading platforms available for both desktop and hand-held devices. Traders can also sign up for social trading services with the broker.
Multiple deposit and withdrawals options, along with a hassle-free account opening process, are some other prominent features of VantageFX. With the lowest trading costs, 50% welcome bonus, and lightning-fast trade executions, VantageFX has emerged as a major player in the UAE forex industry. The availability of Islamic account makes it more appealing to the Muslim-dominent population of UAE.
VantageFX has recently introduced an ECN account with great trading conditions and a wide range of tradable instruments. In addition to free sentiment indicators and VPS service, the broker also holds promotional programs for its clients. The educational library of the broker has a vast collection of informative resources and tutorial videos to help clients learn the ins and outs of forex trading. VantageFX offers round-the-clock customer support through multiple channels, including phone, email, and webchat.
- Founded:2009
- Regulation: CIMA
- Headquarter: Cayman, Islands
- Minimum Deposit: $200
- Trading Platforms: Online, Desktop & Mobile (ZuluTrade, MyFXBook AutoTrade, DupliTrade)
Read: VantageFX Review
| PROS | CONS |
| Charges low spreads Offers high leverage Rich educational resources Hassle-free account opening process Wide range of trading tools | Limited CFD portfolio US Clients are not accepted It does not offer EAs |
#3 FP Markets
FP Markets is one of the leading brokers, offering online forex and CFD trading for the past fifteen years. The company is famous for its tight spreads and fast execution of trades. Along with the most advanced trading platforms such as MT4 and MT5, the broker also hosts a web-based trading interface. Similarly, to facilitate on the go traders, mobile apps are available for both android and iOS users. With advanced risk management protocols in place, the company also facilitates scalpers and hedge traders. Similarly, with the induction of the Iress account, traders can now enjoy increased liquidity with more transparency.
FP Markets offers a market competitive pricing model. With spreads starting from 0.0 pips, the broker charges a reasonable fee on swaps and rollovers. Having professional customer support round the clock, the broker ensures its availability five days a week.
- Founded:2008
- Regulation: FCA, ASIC
- Headquarter: United Kingdom
- Minimum Deposit: $100
- Trading Platforms: Online, Desktop & Mobile
Read: FP Markets Review
| PROS | CONS |
| Low fee & swap charges Multiple deposit & withdrawal options Fast account opening process Low minimum deposit requirement Supports EAs | Slower customer support High fees on CFDs Fewer tradable products Higher spread for low deposit accounts |
#4 IG
IG is a well-known name in the forex industry that offers cutting-edge trading services in financial derivatives. Besides forex and cryptocurrency, IG enables clients to discover trading opportunities across CFDs and Equity Traded Funds (ETFs). Requiring no balance to open a CFD account, IG keeps the minimum deposit reasonably lower for other types of accounts as well.
The broker also supports algorithmic trading through state of the art MT4 and ProRealTime trading platforms. With reduced minimums, volume-based rebates, and advanced risk management tools, trading becomes more than fun at IG. The company offers complete transparency in fee & spread charging mechanism. The opportunity of trading with high leverage and liquidity makes IG the best place for forex trading. Traders looking to invest in cryptocurrencies can now invest in the crypto10 index as well dozens of other digital currencies available at IG.
Allowing traders to take maximum benefits of educational resources available at IG, the broker also offers a virtually funded demo account. The provision of a demo account helps traders to master their trading skills without losing the hard earning money. Considering the varying needs of traders, the broker offers a comparison tool to compare different platforms available at IG. The comparison tool helps traders to opt for the best trading platform that fits their needs.
- Founded:1974
- Regulation: FCA
- Headquarter: London, UK
- Minimum Deposit: $300
- Trading Platforms: Online, Desktop & Mobile
Read: IG Review
| PROS | CONS |
| User-friendly trading platforms Wide range of payment methods Accepts customers from the US No minimum balance for CFDs Rich educational library | No guaranteed stops for US customers Higher charges for Stocks & CFDs No live support |
#5 HotForex
HotForex is an online broker trusted for its trading services in Forex, CFDs, and digital assets. Employing over 200 professionals around the world, the broker manages nearly 2 million live accounts of traders worldwide. With the award-winning trading platform, HotForex provides advanced trading & risk management tools to help clients trade with confidence. For high volume traders, the facility of DMA accounts is available at HotForex. The company leaves no stone unturned while offering competitive services to its clients. Ranging from the hassle-free account opening process to the first-class customer support round the clock makes HotForex one of the best forex brokers in UAE.
- Founded: 2010
- Regulation: Cysec, FCA, FSA, DFSA,
- Headquarter: Cyprus
- Minimum Deposit: $5 for Micro Account, $100 for Premium Account
- Trading Platforms: Online, Desktop & Mobile (MT4, MT5)
Read: HotForex Review
| PROS | CONS |
| STP Broke rWide range of tradable assets DMA accounts available Competitive spreadsBonus offers & promotions | Charges considerably higher commission No proprietary platformIn efficient customer support Fewer educational resources |
How Did I Select The Above Forex Brokers?
Honestly, when I started forex trading, I didn’t know much about the trading business. I got bitten by various scam brokers and signal providers. After years of trading and going through good and bad experiences, I can now call myself a professional trader who knows every nook and corner of the forex market. After a detailed research on roughly 25 forex brokers, I hand-picked only five that I believe are the best forex brokers in UAE. My basis for the selection of these brokers include regulation & safety standards, types of accounts, trading platforms, fees, and customer services.
Central Bank of UAE
As far as regulations of forex brokers in UAE is concerned, there are several different regulatory bodies in the region. However, the Central Bank of UAE acts as the primary regulator of forex brokers in the UAE. The CBUAE came into existence in 1973. Unlike other countries, UAE has strict regulation policies for all financial intermediaries dealing with public money.
The CBUAE requires all brokers, offering services to the UAE citizens, to have a valid permit from the regulatory body. In case any intermediary or broker doesn’t comply with the pre-defined Standard Operating Procedures (SOPs) of CBUAE, the authority reserves the right to revoke its license with immediate effect.
Factors to Consider When Choosing a Forex Brokers
Given the saturated forex market, finding a good forex broker seems as hard as dodging a bullet. However, if you know what you need to look for while selecting a good forex broker, things become achievable. Given below are some factors that might help you in the selection of the best forex broker.
Regulation
A broker stands no chance to have been considered if it’s a non-regulated one. Always make sure that you open an account with a regulated broker. After all, it’s about your financial viability. Further, a non-regulated broker might not remain committed to following the best operational practices as compared to a regulated broker. Similarly, regulated brokers need to comply with the rules and regulations of a respective regulatory authority to be able to continue business activities.
Security
Concerning security, I refer to the safety measures a broker should have in place to protect both your financial and personal information. There have been many cases when a few renowned brokers and exchanges lost their control after the intrusion of hackers. People had lost their money in such incidents. Therefore, your broker should have fool-proof security measures in place such as web encryption and two-step authentication factor. Further, If the broker offers insurance for your investments in case of bankruptcy, that would even be much better.
Broker Type
Opening an account with a non-dealing desk broker should be your top priority. There are less chances of manipulation if your orders are being processed directly by the liquidity providers. The dealing desk brokers act exactly the opposite way. They mostly have stop loss hunting plugins in place, thus making money while you lose, and vice versa.
Trading Platforms
Most brokers offer user-friendly trading platforms such as Mt4 and Mt5, but not every broker comes with authentic charts. Authentic charts are essential to have accurate trading analysis. There are many brokers that show wrong charts due to inaccurate price feed or presence of Sunday Candle. A good broker should ideally use New York Closing charts with no sunday candle.
Trading Fees
Excessive spread charges and commissions can make your trading experience go upside down. Your broker should offer competitive spreads and commissions. Low spreads become even more important if you are a scalper. You can find out details of spreads and commissions on the official websites of brokers. You can also speak with the broker’s customer support representatives to learn more about the fees.
Customer Support
I can’t overlook the importance of customer support and regard it to be one of main factors when selecting a forex broker. It is very likely that you would need customer support at any point. A good broker should ideally offer support services using all traditional means such as phone, email, and live-chat. Further, if you are not good in English, then you should check if the broker offers support services in your native language. Good brokers usually assign you a relationship manager who speaks your native language.
Verdict
After a thorough research and investigation, I finally found five brokers that in my view are the best forex brokers in UAE. Plus500 tops my list of favorite brokers in UAE because the broker has got everything – ranging from easy account opening process to competitive spreads with the backing of solid regulations.The broker also offers multilingual customer support round the clock. So if you are in the UAE, then Plus500 should be your preference.
