Top 10 Best Forex Brokers in Middle East List 2021

logomark Filippo Ucchino calendar Last Updated: November 2021 timer 11 min read
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At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories. A final rating is produced for each forex broker based on a total of 187 data points. Learn more about our review process and methodology.

So, you are based in the Middle East and want to find out what is the best forex broker in the Middle East.

You are in the right place!

In this post, we will take a look at all the important points of choosing a top broker in the region. This means not only those with the best forex trading platform but a whole host of other features.

As well as choosing 10 of the best MENA region forex brokers, we will also look at all the surrounding details you need to know such as local regulations, and taxes.

With that in mind, let’s get straight into the top 10.

Table of contents

Top 10 Best Forex Brokers in the Middle East

Here is a closer look at the top forex brokers if you are trading in the Middle East:

Visit Broker
71.64% of retail investor accounts lose money

1. HotForex

HotForex is one of the best forex brokers in the Middle East and around the world if you are looking for a great reputation, accessibility, and low trading costs combined. They are one of the most popular choices among traders in the MENA for these reasons.

At HotForex you will be able to get started with a very low minimum deposit of just $5. This makes trading accessible no matter if you are experienced or brand new to forex trading. Selecting assets to trade you will have a choice of more than 120 in total and of these, 45 forex pairs are available.

Importantly, the broker supports the Arabic language so you will not have any concerns in that regard. The cost of trading is also kept very low which makes them a highly competitive choice. You can expect a spread that starts from 0 pips, and you will have the USD available as a base currency.

81
Rated: Excellent
Security 94
Cost 86
Trading 69
Education 70

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web Regulations: MIFID-ESMA, CYSEC, Offshore, FSC (Mauritius) Minimum Deposit: 5
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73.57% of retail investor accounts lose money

2. XM

XM is our next choice as a best forex broker in the Middle East. They offer more than 300 assets a total of which 50 are forex currency pairs. They also offer the best Islamic Account in the business for you to use. This account type comes with no additional fees and the very same spread you will find on the other accounts.

With a wide range of account types available from XM, you are sure to find one that suits your needs. Many also start with a hugely accessible minimum deposit from only $5. Language support is also available from this popular worldwide broker. They provide the Arabic language as well as others.

On trading costs, you can also bank on the most competitive low-fee trading environment at XM. This includes the spreads where you will find most starting from rock bottom at 0 pips when you are trading major markets.

77
Rated: Excellent
Security 94
Cost 74
Trading 65
Education 68

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, ASIC, CYSEC Minimum Deposit: 5
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75.54% of retail investor accounts lose money

3. FxPro

The next top Middle East FX broker to feature in our listing is the well-known and reputed FxPro. They are a UK broker that has expanded all around the world in a long and decorated history within the industry. Having won more than 70 awards worldwide, the feeling of the sector and other traders is clear when it comes to this choice.

As a trader in the Middle East, you will feel very much supported by FxPro with Arabic language support easily available throughout your trading experience. This is no all. The broker also provides an excellent swap-free account for your use if needed. This account is completely Shariah Law compliant and a popular choice among the trader base.

Trading at FxPro is kept extremely accessible with a low minimum deposit which starts from only $100 and allows you to trade on a choice of excellent trading platforms. These are MetaTrader and cTrader platforms, the latter of which is perfect for scalping. Spreads are kept as low as possible too. These start from the very bottom at 0 pips.

80
Rated: Excellent
Security 95
Cost 58
Trading 76
Education 83

Platforms: cTrader desktop, cTrader web, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: FCA, MIFID-ESMA, FSCA, CYSEC, Offshore Minimum Deposit: 100
Visit Broker
76% of retail CFD accounts lose money

4. IG Markets

IG Markets are next up as a top choice as a top 10 best forex broker in the Middle East. They too are among the biggest brokers in the world. They are based in the UK but have expanded all around the world and now boast office locations in 15 countries including one in Dubai.

At IG Markets you will find a tremendously expansive range of assets that you can trade in. There are 17,000 in total and a great swap-free account that is fully compliant with all local regulations is available if you need it. Arabic language support is also provided by this dedicated broker.

To match the excellent range of assets that are tradable, the costs remain as low as possible too. This means a starting spread on major forex currency pairs from just 0.6 pips. You can open an account at IG Markets with a minimum deposit of $300 which may be slightly more than others, but it provides access to so many more assets through the broker.

90
Rated: Excellent
Security 98
Cost 62
Trading 100
Education 84

Platforms: Proprietary Web Platform, MAC Platforms Regulations: FSA, MAS, FINMA, FCA, CFTC, MIFID-ESMA, ASIC, FMA, FSCA, DFSA Minimum Deposit: 300
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74-89% of retail CFD accounts lose money

5. ADSS

ADS Securities is next to feature in our selection of the top Middle East forex brokers and the broker itself was founded in Dubai where it is still based today. From that base, they have grown to become a very well-respected operator in the industry and are an all-around broker offering both investing and trading services.

Naturally, they provide full Arabic language support and they also have a wonderful range of more than 800 assets available for you to trade. This range includes a large number of forex pairs, 50 in total. Opening an account remains convenient too with a low minimum deposit from just $100 depending on account type.

While trading with ADS Securities you will also find an excellent spread that remains as low as possible through the full range of assets. This spread starts from as low as 0.1 pips when you are trading major FX trading pairs.

79
Rated: Excellent
Security 93
Cost 75
Trading 73
Education 62

Platforms: Proprietary Web Platform Regulations: FCA, SFC, DFSA Minimum Deposit: 100
Visit Broker
68% of retail investor accounts lose money

6. eToro

eToro is renowned as the best social and copy trading broker in the world. For that reason, if you are looking to get involved with this type of trading in the Middle East, then they will be the perfect choice for you. Their trading platform is one of the most user-friendly in the business and you will have hundreds of assets to choose from.

This great range of tradable assets includes forex pairs and a competitively low spread that starts from only 1 pip on major pairs. Combine this with a largely fee-free environment laden with features, and you can see why they are a popular choice.

eToro does only offer one standard type of account that you can open but it is made accessible with a $200 minimum deposit which is good value considering everything they offer. The one thing not on offer are bonuses, but the depth of other benefits including a great active trader program can make up for this.

78
Rated: Excellent
Security 94
Cost 71
Trading 69
Education 63

Platforms: Proprietary Web Platform Regulations: FCA, CFTC, MIFID-ESMA, ASIC, CYSEC Minimum Deposit: 200
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79% of retail investor accounts lose money

7. AvaTrade

AvaTrade is the next best forex broker with a global reputation to feature among our top choices for traders in the Middle East. They are a very well-established Irish broker that has managed to expand to a now worldwide operation.

They offer multiple account types for you to choose from and are one of the only top forex brokers to provide fixed spreads. These can start from 0.9 pips if you are a retail trader or 0.6 pips as a professional with more than 200 assets available. The broker also offers good Arabic language support.

You will find it very convenient to get started with AvaTrade. They have a minimum deposit that starts from only $100 and makes it easy for traders of all levels to get started anywhere. As an important feature in the Middle East and around the world, they also offer an excellent swap-free account that is fully compliant with Shariah Law.

82
Rated: Excellent
Security 94
Cost 78
Trading 75
Education 72

Platforms: Mirror Trader, ZuluTrade, MT4 Web, MT5 Web, Proprietary Web Platform, MAC Platforms Regulations: FSA, MIFID-ESMA, ASIC, IIROC, FSCA, Offshore, FSC (British) Minimum Deposit: 100
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74-89% of retail CFD accounts lose money

8. OctaFX

OctaFX is another broker that is trustworthy and growing in popularity around the world. This includes with traders in the Middle East. They are an ECN broker which means you can often rely on some of the best prices and speeds of execution found in the sector.

OctaFX makes it really easy to get started trading with a minimum deposit of just $100 and one of the best swap-free accounts of all brokers. This account type is fully compliant with all the required rules under Shariah law and is a popular choice. Unfortunately though, they do not provide Arabic language support at the moment.

You will also find a limited selection of assets available to trade with just a little of 40 to choose from. Still, the broker offers plenty of other great features to balance this out and they are still growing. The spreads here are really low too and start out from rock bottom at 0 pips on major markets.

79
Rated: Excellent
Security 94
Cost 79
Trading 69
Education 59

Platforms: cTrader desktop, cTrader web, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, CYSEC Minimum Deposit: 5
Visit Broker
74-89% of retail CFD accounts lose money

9. FBS

FBS is the next top broker to make our listing as one of the best for trading in the Middle East. They too have an excellent global reputation. This is especially true for new traders thanks to the low-risk cent account they offer. You will also find a really low minimum deposit from $1 at this ECN/STP broker.

One of the most unique features of FBS is that they offer a zero spread account where the spread can actually be fixed at 0 pips on some assets. They also offer a good range of other account types where the spreads typically start from 0.5 pips.

If you are looking for a swap-free account this is also offered and is fully in line with local regulations and requirements should you need one. Beyond that, you will also find copy-trading on offer at FBS if you are interested to try it out with a well-respected broker.

80
Rated: Excellent
Security 93
Cost 86
Trading 68
Education 60

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, ASIC, FSCA, CYSEC, Offshore Minimum Deposit: 1
Visit Broker
72% of retail investor accounts lose money

10. HYCM

Last but not least on our listing as a best forex broker in the Middle East, HYCM is regulated by the DFSA in Dubai under regulation number F000048 and offer a wide selection of 4 different account types that positions them well to offer excellent trading opportunities in the MENA region.

The four account types have minimum deposits ranging from $100 all the way up to $10,000 depending on your needs and level. This can make HYCM a popular choice with diverse groups of new and experienced traders. You will also find a great swap-free account available and AED deposits accepted through wire transfer or credit card.

The spreads here remain very competitive too. These start from only 0.2 pips o major pairs and you can even have access to leverage of up to 50:1 if needed for trading on certain major FX currency pairs.

70
Rated: Medium
Security 94
Cost 40
Trading 63
Education 68

Platforms: MT5 Desktop Regulations: CFTC, MIFID-ESMA, SFC, CYSEC Minimum Deposit: 100

Is Forex Trading legal in the Middle East?

This is a key question and one that we can help you answer. Throughout the Middle East, forex trading is generally legal. With that said, each country has its own regulations. The most well-known of these, and generally the most popular area, as well as being the most trusted and ensuring compliance is the DFSA of Dubai that has great regulations in place.

Of course, there are still a few places in the region that do not generally permit or offer forex trading. These are Iran, Iraq, Yemen, and Syria where you will find no broker services available.

How to trade forex in the Middle East

How to trade forex in the middle east will really depend a lot on the country you are registering from, so you should first check that the broker is available there by contacting their customer support.

Once you have done this, the process is pretty much the same as everywhere else. You will have to provide proof of identity in the form of a passport along with your proof of residence when registering with the broker to verify your account. Once you are verified you may then be asked to fund your account before you begin trading, but you will be ready to go.

Middle Eastern trader? Here’s what to look for in a forex broker

As mentioned, many things like limitations and regulations will vary by country. Here though are a few general tips on the key points to look out for when making your choice.

1. Look for regulated forex brokers

This is a primary thing to look out for. You want to sign up with a well-regulated broker. Even if your country does not regulate the forex market you can still choose a broker that is well-regulated by a top-tier body such as Dubai (DFSA), UK (FCA), Europe (ESMA) or Australia (ASIC). Overall, these regulated brokers are more trustworthy.

2. Choose the best swap-free account

If you are trading leveraged assets or CFDs as offered by many brokers, and you choose to hold these positions open overnight, you will pay (or receive), a small interest on these positions.

Since interest is Haram according to Shariah law, you will want to find a good swap-free account if needed. These are also known as Islamic Accounts, and no interest is charged though it is sometimes replaced by a fixed fee charged after a certain period.

If you want to know more about Islamic accounts, halal assets, and Islamic trading in general, then feel free to check our best swap-free Islamic accounts.

3. If you’re not an expert, look for the best broker for beginners

As a new trader, you will want to find a suitable broker that offers an unlimited demo account as a great place to hone your skills, a low minimum deposit, and possibly lower-risk lot sizes like trading in nano lots which gives you a great entry point. Also, make sure they offer negative balance protection to avoid ever losing more than you deposit.

How to verify if a forex broker is regulated in the Middle East

The broker regulation in the Middle East and around the world will depend on the country the broker is operating in but there are many local regulatory bodies you can check with.

In Dubai, you can take a look at the DFSA official website to double-check the regulation, while in the EU the ESMA (EU) firms register can be a place to look. Here you can select the country the broker says to be registered in, and check if it is really registered in the country.

In the UK, the FCA official website is the place to start double-checking your brokers regulatory status, while the ASIC official website serves this purpose for that body.

Is forex trading taxable in the Middle East?

Forex trading is taxable in the Middle East. Again though, this is dependant upon the country you are trading from since many countries particularly Gulf countries in the region are generally forex tax-free.

Still, we strongly recommend that you contact a professional local tax advisor on matters of tax as a priority when trading.


About the Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

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