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The best Forex brokers regulated by the Dubai Financial Services Authority (DFSA), according to our research, are:

  1. HFM
  2. XM
  3. Pepperstone
  4. IG Markets
  5. Axi
  6. XTB
  7. HYCM
  8. Amana Capital

In order to rank these brokers we have taken into consideration a multitude of factors:

  • An active DFSA license
  • The commissions charged on forex
  • The general quality of the broker
  • The deposit/withdrawal currencies accepted
Table of Content

What are the best DFSA forex brokers?


CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.

Below is our curated list and review of the best forex brokers regulated by the DFSA, with details and information about the regulation, the features, and the characteristics.

  • HFM is regulated by DFSA n° F004885 with the trading name HF Markets (DIFC) Limited.
  • Only 3 HFM account types are available. These are the Premium, Premium Pro, and VIP accounts.
  • The minimum deposit under DFSA starts from 0 AED on the HFM premium account.
  • HFM accepts AED as the account base currency under DFSA regulation.
  • HFM charges low spreads on forex starting from 0.3 pips on EUR/USD.
  • An Islamic account is available on request under DFSA for the HFM premium account type, though spreads will start from 0 pips.
  • Leverage is capped at 30:1 due to DFSA regulation but if you qualify as a professional trader with HFM the ratio is higher up to 400:1.
  • The HFM local registered office for DFSA regulation is in Index Tower, Dubai, UAE.
70.51% of retail investor accounts lose money
  • XM is regulated in Dubai as Trading Point MENA Limited by the DFSA, license n° F003484.
  • XM has a physical office in Emirates Financial Towers, Dubai, UAE.
  • AED deposits are available with XM through local exchangers though are not supported as the account currency even when trading under DFSA regulation.
  • XM provides for one of the best Islamic accounts keeping the same trading conditions without any swap under DFSA regulation.
  • XM is able to provide low spreads on forex from 0.6 pips on the EUR/USD pair.
  • XM won the award for the “Best FX Educational Broker in the MENA region” for 2021.
72,82% of retail investor accounts lose money
  • Pepperstone Financial Services (DIFC) Limited is the entity regulated by the DFSA with license n° F004356.
  • Pepperstone’s physical office for the DFSA regulation is in Currency Tower, Dubai, UAE.
  • Pepperstone does not support AED for account currency in the DFSA entity though you can use it for deposits and be liable to conversion fees.
  • Pepperstone is known for the low spreads charged from 0 pips on the forex pair EUR/USD.
  • An Islamic account is available on request though the spread starts from 1 pip on Pepperstone DFSA.
  • The DFSA imposes maximum leverage of 30:1 which can be raised to 500:1 if you qualify as a professional trader with Pepperstone.
  • High-volume traders can join the Pepperstone active trader program to further reduce costs and get other benefits.
74-89% of retail investor accounts lose money when trading CFDs
  • IG Markets operates in the UAE as IG Limited, a DFSA regulated entity with license n° F001780.
  • IG Markets physical office for the DFSA regulation is in Al Fattan Currency House, Dubai, UAE.
  • IG Markets provide access to over 17,000 assets including more than 80 forex pairs with spreads from 0.6 pips on the EUR/USD.
  • If you qualify as a professional trader with IG Markets you can avail of higher leverage up to 222:1 on forex under DFSA oversight.
  • IG Markets no longer offer an Islamic account for swap-free trading even for traders under DFSA regulation.
  • IG Markets supports AED under DFSA and there is a minimum deposit of 20,000 AED to open the account.
69% of retail CFD accounts lose money
  • AxiCorp Financial Services Pty Ltd is regulated by the DFSA with license n° F003742.
  • The Axi physical office registered for DFSA regulation is in Al Fattan Currency House, Dubai, UAE.
  • AED is not available as the base currency so depositing with AED will come with a conversion fee under Axi DFSA.
  • Traders with DFSA have Islamic accounts available with Axi providing more than 140 trading instruments.
  • Axi allows trading on more than 70 forex pairs with low spreads starting from 0.1 pips on EUR/USD.
  • Maximum leverage available is 30:1 on forex under DFSA but it may increase up to 500:1 if you qualify as a professional trader with Axi.
  • Axi collected the “Best Forex Broker in Middle East” award for 2019.
69.6% of retail investor accounts lose money
  • XTB operates in Dubai as XTB MENA Limited which is authorized and licensed by the DFSA, n° F006316.
  • The XTB physical office for DFSA regulation is in Happiness Street, Dubai, United Arab Emirates.
  • XTB allows trading on over 1,900 global markets and 57 forex pairs charging spreads from 0.8 on EUR/USD.
  • Leverage for professional traders under the DFSA entity of XTB is available up to 100:1 on forex majors.
  • AED accounts are not available on XTB though you can still deposit in local money with DFSA oversight.
79% of retail investor accounts lose money
  • HYCM Capital Markets (DIFC) Limited is authorized by the DFSA with a license n° F000048.
  • HYCM registered office for DFSA is in Liberty House, Dubai, UAE.
  • HYCM provides an Islamic account on request for those traders who require no swap fees with DFSA oversight.
  • Spreads with HYCM start from 0.1 pips on the EUR/USD and you can also trade with fixed spreads from 1.5 pips on the EUR/USD.
  • HYCM accepts AED deposits as well as accounts with AED as the base currency with the DFSA regulated entity.
  • HYCM was the winner of the “Best Forex Broker” award in the UAE for 2020.
72% of retail investor accounts lose money
  • Amana Capital is regulated in Dubai by the DFSA, license n° F003269 with the business name Amana Financial Services (Dubai) Limited.
  • The DFSA physical office of Amana Capital is in Central Park Offices, Dubai, UAE.
  • Amana Capital provides access to over 800 CFDs of which 54 are forex pairs where spreads start from 0.1 pips on EUR/USD.
  • Islamic accounts are available on request at Amana Capital DFSA where fees are applied in case trading positions are held open for more than five days.
  • Under DFSA Amana Capital doesn’t support AED as base currency so you will incur conversion fees if used for deposits.
(Your capital is at risk)

How does the DFSA work?

Taking a closer look at exactly how DFSA regulation works, the United Arab Emirates is of course made up of 7 different Emirates. The emirate of Dubai is one of these. Within this region, Dubai is treated as a special economic zone operating with its own laws, entities, courts, and more.

All of this means that if a financial firm wishes to start operating in Dubai, they must be regulated by the DFSA and follow the rules set out by the regulator. The only alternative here is to be regulated by the Central Bank of Dubai which is also acceptable. If you are based outside of Dubai, then standard UAE financial regulation is sufficient.

The DFSA plays several roles when it comes to keeping you safe and secure as a trader. These include having financial oversight in the region, as well as oversight of brokers and any other types of financial firms. The main purpose of this is to promote growth in the region, but also to protect traders and investors in all ways possible.

What are the characteristics and benefits of DFSA?

When you are trading and doing business in Dubai, the first point to be aware of is the seriousness with which these dealings are taken. This means that only reputable major brokers should really be applying for, and receiving regulation in the Emirate.

That regulatory process is stringent and works to ensure 100% compliance with DFSA guidelines. This has trademarked the regulator as one of the best, and most trusted not only among Dubai-based traders, but across the whole Middle East and the rest of the world.

Under DFSA regulation, you can expect that the maximum leverage will be 50:1 which is great, though you should be mindful that both ICF coverage, and negative balance protection are not mandatory in the region.

What are the prohibitions with DFSA?

When considering things that are prohibited under DFSA regulations, there are not too many points to note from the regulation itself. The main prohibitions in the area come from Shariah law. This typically means that spread betting is not allowed, as it is considered to be gambling, which is not permitted according to Sharia law. Another point of the laws is that you should only open swap-free accounts. This is since the swap is an interest that you pay or receive, both of which would not be permitted under the laws.

Differences between DFSA Regulated and DFSA Licensed Brokers

Being a DFSA regulated broker means that you have to pass through an entire regulatory process, which as we have outlined, can be expensive, long, and challenging. On the other hand, if you are a licensed broker, you can operate within that area without the need to complete a lengthy regulation process so long as you respect the local laws.

In Dubai, this can happen with brokers who are regulated by the Central Bank of Dubai. The DFSA recognizes this regulation, and these brokers are licensed to provide services in the region.

How to check if a broker is DFSA regulated

It is always a good idea to double-check that your broker is fully DFSA regulated. In order to do this, you simply need to head over to their official DFSA website and use the search function to input the broker’s business name. This name may be different, though it can often be found at the bottom of the broker’s homepage.

In the case that you want to check if a broker is regulated by the Central Bank of Dubai, all you need to do is contact the authorities there. This can be done by going to the DCB Official website, and inputting the required details. Both processes should take no longer than a few minutes.

How does DFSA intervene in case of financial abuse?

As an independent financial regulator, the DFSA has widespread power to take action against any fraudulent firms within the area. This is evident in their 2019 case against a Deutsche Bank compliance officer who gave misleading information to the DFSA. This resulted in a fine, though there is no record of any banned brokers to date.

How DFSA can help you

If you suspect a case of financial abuse, or other breaches of DFSA regulations, you can report the information to DFSA authorities by visiting their official website. They will take the needed steps to investigate your complaint as quickly as possible.

filippo ucchino

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.

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility.
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