The best Forex (Foreign Exchange) brokers in Dubai, according to our research, are:
- HFM
- XM
- Axi
- IG Markets
- HYCM
- AvaTrade
- Swissquote
- Pepperstone
- FBS
In order to select and choose these 9 forex brokers offering their services in Dubai, here’s what was taken into consideration:
- If the DFSA or other regulations of the broker were in place for Dubai clients
- If a registered office was available
- If Arabic language was available on the broker’s website for Dubai clients
- The minimum deposit of the broker for Dubai traders
- If AED was available as a base currency for Dubai clients
- If Islamic accounts were provided by the broker for Dubai traders
- The spreads and leverage in place for Dubai clients
What are the best forex brokers in Dubai?
Below is our curated list and review of the best forex brokers for traders living in Dubai, with details and information about the country laws, the features, and the characteristics.
Warning
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.
HFM
best broker overall for Dubai traders
HFM is regulated by the DFSA in Dubai. HFM provides account types such as Premium and VIP. HFM offers Arabic language support on its website. HFM allows trading without a minimum deposit in AED.
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About HFM
HFM, formerly known as HotForex, is a global multi-asset broker founded in 2010. HFM offers trading on forex, stocks, commodities, indices, and cryptocurrencies through MetaTrader and proprietary platforms. HFM is regulated by multiple authorities including FCA, CySEC, and FSCA. HFM is known for competitive spreads, fast execution, and extensive educational resources. HFM serves over 3.5 million clients worldwide. The HF Markets Group CEO is George Koumantaris.
HFM Features
The features of HFM are listed below.
- HFM is regulated in Dubai by the DFSA (n. F004885) with a registered office in Dubai.
- HFM provides Arabic language on their website.
- HF under the DFSA entity provides 3 account types which are, Premium, Premium Pro and VIP
- The HFM minimum deposit for Dubai clients starts from 0 AED.
- HF Dubai traders find AED as one of their base currencies.
- HF Islamic accounts are available for Dubai traders.
- Dubai clients find spreads from 0 pips on 45 currency pairs with a maximum leverage up to 30:1 (retail) and up to 400:1 (professional).
HFM Pros and Cons
Advantages of HFM
The advantages of HFM are listed below.
- High Leverage Options
- Low Minimum Deposit
- Wide Range of Trading Instruments
Disadvantages of HFM
The disadvantages of HFM are listed below.
- Higher Trading Costs
- Limited Educational Resources
XM
best for beginners
XM is regulated by the DFSA in Dubai. XM features Arabic support. XM accepts a $5 minimum deposit. XM does not offer AED as a base currency but provides swap-free accounts.
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About XM
XM is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. XM provides MetaTrader 4, MetaTrader 5, and proprietary platforms. XM is regulated by multiple authorities including CySEC, ASIC, and IFSC. XM is known for competitive spreads, extensive educational resources, and multilingual customer support. XM serves over 5 million clients from 196 countries. XM offers various account types and a no-requote policy.
XM Features
The features of XM are listed below.
- XM in Dubai is regulated by DFSA (n.F003484) with a registered office in Dubai.
- XM provides Arabic support and language on its site.
- The minimum deposit for XM Dubai traders starts from $5.
- AED is not available as one of XM base currencies.
- Dubai clients of XM will find top Swap Free accounts.
- XM spreads for Dubai clients start from 0 pips on 50+ currency pairs with a maximum retail leverage of 30:1.
XM Pros and Cons
Advantages of XM
The advantages of XM are listed below.
- There’s a wide range of account types
- The demo account at XM is unlimited
- Wide range of educational resources
Disadvantages of XM
The disadvantages of XM are listed below.
- No social trading features available
- The account availability changes depending on the location of the trader
- High minimum deposit to invest in securities ($10000 for the XM Shares account)
Axi
best for fast execution of the orders
Axi operates under DFSA regulation in Dubai. Axi offers Arabic on its site. Axi requires no minimum deposit. Axi does not provide AED as a base currency but offers swap-free accounts.
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About Axi
Axi, formerly known as AxiTrader, is a global forex and CFD broker founded in 2007 and headquartered in Sydney, Australia. Axi offers trading on currencies, commodities, indices, cryptocurrencies, and stocks through MetaTrader 4 and proprietary platforms. Axi is regulated by multiple authorities including ASIC, FCA, and DFSA. Axi is known for competitive spreads, fast execution, and extensive educational resources. Axi serves clients in over 100 countries worldwide. The Axi CEO is Rajesh Yohannan.
Axi Features
The features of Axi are listed below.
- Axi is regulated by the DFSA (n. F000326) to operate in Dubai with a registered office in Dubai.
- Arabic is one of the languages provided on Axi’s site.
- Dubai traders aren’t required to make a minimum deposit to open an Axi account.
- Axi Dubai clients cannot open an account with AED base currency. USD, EUR, GBP, JPY, PLN, and AUD are, among the others, are available.
- Axi provides swapfree accounts for Dubai traders.
- Dubai clients can find Axi spreads from 0 pips on 50+ currency pairs, with leverage up to 30:1 for retail clients and up to 400:1 for professional clients.
Axi Pros and Cons
Advantages of Axi
The advantages of Axi are listed below.
- Low Forex Fees
- No Deposit/Withdrawal Fees
- Regulatory Assurance
Disadvantages of Axi
The disadvantages of Axi are listed below.
- Limited Platform Options
- Lack of Advanced Educational Resources
IG Markets
best for number of assets
IG Markets receives regulation from the DFSA in Dubai. IG Markets offers Arabic language support. IG Markets requires a 20,000 AED minimum deposit. IG Markets does not support AED as a base currency, but offers swap-free accounts.
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About IG Markets
IG Markets is a global online trading provider founded in 1974, offering access to over 17,000 financial markets including forex, stocks, indices, commodities, and cryptocurrencies. IG Markets provides proprietary trading platforms alongside MetaTrader 4 and ProRealTime. IG Markets is regulated by multiple top-tier authorities worldwide, including the FCA and ASIC. IG Markets is known for competitive spreads, extensive educational resources, and innovative features like weekend trading. The IG Markets’ parent company “IG Group” CEO is Breon Corcoran.
IG Markets Features
The features of IG Markets are listed below.
- IG Markets is regulated by DFSA regulation (n.F001780) with a registered office in Dubai.
- Arabic language can be chosen by Dubai clients on the IG’s website.
- Dubai clients will find an IG minimum deposit of 20,000 AED or equivalent.
- AED is not available as an IG base currency for Dubai clients.
- Swapfree accounts can be opened with IG by Dubai traders.
- Dubai IG Markets traders will be charged spreads from 0.6 pips on 80+ currency pairs with a maximum leverage up to 30:1 retail and up to 222:1 (pro).
IG Markets Pros and Cons
Advantages of IG Markets
The advantages of IG Markets are listed below.
- Low spreads from 0.6 pips on Forex
- Wide range of financial instruments
- 40 years of experience in the Forex industry
Disadvantages of IG Markets
The disadvantages of IG Markets are listed below.
- No copy trading features
- No social trading features
HYCM
best for swap-free accounts
HYCM is regulated by the DFSA in Dubai. HYCM provides Arabic language support. HYCM requires a $300 minimum deposit. HYCM offers AED as a base currency for Dubai clients.
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About HYCM
HYCM is a forex and CFD provider with over 40 years of cumulative group experience. HYCM offers trading in various assets through MetaTrader 4, MetaTrader 5, and its proprietary HYCM Trader app. HYCM provides fast order execution, and professional customer support, and is regulated by multiple authorities in Europe and Asia.
HYCM Features
The features of HYCM are listed below.
- HYCM in Dubai is regulated by the DFSA (n. F000048) with a registered office in Dubai.
- The Arabic language is available on the HYCM’s website.
- The HYCM minimum deposit for Dubai clients starts from $300.
- AED is provided as a base currency by HYCM.
- HYCM spreads for Dubai traders start from 0.2 pips (floating) and from 1.5 (fixed) on 22 currency pairs with a max. leverage up to 30:1.
HYCM Pros and Cons
Advantages of HYCM
The advantages of HYCM are listed below.
- Low Trading Fees
- User-Friendly Platforms
- Educational Resources
Disadvantages of HYCM
The disadvantages of HYCM are listed below.
- Limited Product Range
- Inactivity Fee
AvaTrade
best for fixed spreads
AvaTrade operates under Abu Dhabi Global Markets regulation. AvaTrade offers Arabic language options. AvaTrade requires a $100 deposit. AvaTrade supports Islamic accounts for Dubai customers.
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About AvaTrade
AvaTrade is a global forex and CFD broker founded in 2006 and headquartered in Dublin, Ireland. AvaTrade offers trading on currencies, commodities, indices, stocks, bonds, ETFs, and cryptocurrencies. AvaTrade provides proprietary platforms alongside MetaTrader 4 and 5. AvaTrade is regulated by multiple authorities including CySEC, ASIC, and FSA. AvaTrade serves over 300,000 clients worldwide. AvaTrade is known for competitive spreads and extensive educational resources. The AvaTrade CEO is David Dryzin since 2016.
AvaTrade Features
The features of AvaTrade are listed below.
- AvaTrade is regulated by the Abu Dhabi Global Markets FRSA (No.190018) with a registered office in Abu Dhabi.
- AvaTrade has won the ‘Best Retail Broker UAE’ award in 2021.
- Dubai AvaTrade clients can choose Arabic among the languages available.
- Dubai traders have to make an AvaTrade minimum deposit of $100.
- AED is not one of the AvaTrade base currencies.
- AvaTrade Islamic accounts are provided for Dubai clients.
- AvaTrade for Dubai clients charges fixed spreads from 0.9 pips on 60+ forex currency pairs with a maximum leverage of 30:1.
AvaTrade Pros and Cons
Advantages of AvaTrade
The advantages of AvaTrade are listed below.
- Tight fixed spreads from 0.6 pips (0.9 pips for retail traders)
- The mobile apps are well designed
- Can be connected to ZuluTrade and Duplitrade
Disadvantages of AvaTrade
The disadvantages of AvaTrade are listed below.
- High inactivity fees
- The demo account is limited to 30 days
Swissquote
best for algo-trading
Swissquote receives DFSA regulation. Swissquote offers Arabic language options. Swissquote requires a minimum deposit of $1,000. Swissquote provides AED as a base currency and swap-free accounts.
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About Swissquote
Swissquote is a Swiss online banking and trading company founded in 1996. Swissquote offers trading on forex, stocks, CFDs, cryptocurrencies, and other financial instruments. Swissquote provides various trading platforms including MetaTrader and a proprietary platform. Swissquote is regulated by multiple authorities including FINMA and FCA. Swissquote serves over 500,000 clients worldwide and is listed on the SIX Swiss Exchange. The Swissquote CEO is Marc Bürki.
Swissquote Features
The features of Swissquote are listed below.
- Swissquote is DFSA regulated (n. F001438) to operate in Dubai.
- Arabic language is an option on Swissquote’s website.
- Swissquote Dubai clients require a minimum deposit starting from $1,000.
- AED base currency is available for Dubai traders.
- Swapree accounts are offered for Dubai clients of Swissquote.
- Swissquote spreads start from 1.1 pips for Dubai clients on 80+ currency pairs with a maximum retail leverage of 30:1.
Swissquote Pros and Cons
Advantages of Swissquote
The advantages of Swissquote are listed below.
- Regulated and Trusted
- Comprehensive Product Range
- Advanced Trading Platforms
Disadvantages of Swissquote
The disadvantages of Swissquote are listed below.
- High trading Fees
- Complex Pricing Structure
- Steep Minimum Deposit Requirement
Pepperstone
best for cTrader platform
Pepperstone is regulated by the DFSA in Dubai. Pepperstone offers Arabic language options. Pepperstone requires no minimum deposit. Pepperstone does not provide AED as a base currency, but offers Islamic accounts.
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About Pepperstone
Pepperstone is a global forex and CFD broker founded in 2010 in Melbourne, Australia. Pepperstone offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader and cTrader platforms. Pepperstone is regulated by multiple authorities including ASIC, FCA, and CySEC. Pepperstone is known for competitive spreads, fast execution, and extensive educational resources. Pepperstone serves clients in over 160 countries worldwide. The Pepperstone CEO is Tamas Szabo.
Pepperstone Features
The features of Pepperstone are listed below.
- Dubai clients can trade with Pepperstone under the DFSA regulation (n. F004356).
- The broker also has a registered office in Dubai.
- The Arabic language can be chosen on Pepperstone’s website.
- Dubai clients won’t have to make a Pepperstone minimum deposit.
- AED is not available as a base currency for Dubai traders, but you can find EUR, USD, JPY, GBP, SGD, and more.
- Islamic accounts are available for Pepperstone DFSA clients.
- Dubai clients will find spreads starting from 0 pips on 60+ currency pairs with a leverage up to 30:1 (retail) and 500:1 (professional).
Pepperstone Pros and Cons
Advantages of Pepperstone
The advantages of Pepperstone are listed below.
- Stable raw spreads (0,09 pips on EUR/USD on average)
- Caters for algorithmic trading
- Has won over 30 Forex industry awards
Disadvantages of Pepperstone
The disadvantages of Pepperstone are listed below.
- The demo account is not unlimited
FBS
best for lowest spreads
FBS trades under FSC (Belize) regulation. FBS offers Arabic language support. FBS provides Islamic accounts for Dubai clients. FBS requires a $5 minimum deposit. FBS accepts AED local deposits.
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About FBS
FBS is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. FBS provides MetaTrader 4, MetaTrader 5, and proprietary platforms. FBS is regulated by multiple authorities including CySEC, ASIC, and IFSC. FBS serves over 27 million clients in 150+ countries. FBS is known for low minimum deposits, extensive educational resources, and copy trading services.
FBS Features
The features of FBS are listed below.
- Dubai traders can trade under the IFSC entity of FBS (n. 60/230/TS/18).
- The Arabic language is provided by FBS on its site.
- FBS Islamic accounts are available for Dubai clients.
- FBS Dubai clients find a minimum deposit starting from $1.
- AED local deposits are generally accepted by FBS.
- FBS Islamic accounts are provided for Dubai clients.
- The FBS spreads charged to Dubai clients start from 0 pips on 35 forex pairs with leverage up to 3,000:1, all depending on your account type.
FBS Pros and Cons
Advantages of FBS
The advantages of FBS are listed below.
- Low minimum deposit
- User-Friendly Platforms
- 90 international awards
Disadvantages of FBS
The disadvantages of FBS are listed below.
- Limited Financial Instruments
Is Forex Trading legal in Dubai?
The Dubai finance industry has been a cornerstone of its development. Financial activities including forex market trading are regulated by the DFSA (Dubai Financial Services Authority) which is very well-respected globally in terms of forex regulation.
Brokers may also ask the alternative authority in the area, the Central Bank of Dubai to allow them to offer other financial services in the region.
How to trade forex in Dubai
Dubai-based and regulated forex brokers do accept traders from all around the world. With that said, it is recommended that you register under the regulation of the country that you live in.
There are no specific special rules you must follow as a Dubai forex trader though you will still have to follow the general regulations of the broker you choose.
This will mean having your proof of ID in the form of passport or drivers license ready alongside some proof of residence before continuing to fund your trading account.
What should Dubai traders look for in a forex broker?
As a Dubai-based trader, the only trading regulations that you need to keep a close eye out for is leverage in the UAE (including Dubai) which is typically restricted to a maximum leverage of 50:1.
This number can be increased if you hold a professional account though holding this account type will have other requirements. The extension can be up to 400:1 maximum leverage.
The second limitation is in the case of spread betting. This is considered betting and so, it is both Haram under Islamic trading rule, and likely illegal within the country as a whole.
To ensure you choose the best broker possible, here are three tips to help you in your search and selection:
1. Look for regulated forex brokers
Regulation is always key in choosing a top forex broker in the forex trading sector worldwide. Since you are based in Dubai, it makes a lot of sense and will give you the best protection to find a broker that is regulated by the DFSA as they are one of the most respected bodies in the region.
If you are going for regulation outside of Dubai then your best bet will most likely be CySEC, FCA, and ASIC as top regulators. Any ESMA-regulated broker is also a great and secure choice.
2. Choose the best swap-free account
Naturally, trading from Dubai, you will want to follow local laws and also trade in the most compliant way possible if you are an Islamic trader. This means following Sharia law and opening an Islamic account in most cases.
Thinking of that then, you should choose the best, Islamic trading or swap-free account available and try to be mindful of the fees that a broker may impose in the place of a swap fee.
If you want to know more about Islamic accounts, which assets are halal, which ones are not, and more information about Islamic trading, check our Swap-free broker guide.
3. Look for brokers that make your trading life easier
AED is a currency that is not often featured among top forex brokers as a base currency. This means you will often have to pay a conversion fee on your deposits.
With that in mind then, if you can, you should choose a top broker that does allow for AED deposits or at leastkeeps these fees to a minimum.
How to verify if a forex broker is regulated in Dubai
That can be simply done by checking out the DFSA official website and looking for the public register.
First, you will need to find the business name of your broker. Typically this can be noted from the bottom of your selected forex brokers homepage. Once you have found this, simply type it into the search bar and you should generate a result if the broker is regulated by the DFSA in Dubai.
Is forex trading taxable in Dubai?
Within the UAE, it is important to note that each Emirate acts autonomously when it comes to tax. With that said, Dubai is one of the few global tax-free locations and so, they do not apply a Capital Gains Tax.
In theory, this means your forex trading gains should be tax-free although you should always be careful to double-check with a professional tax advisor since the UAE takes a very strict stance on tax evasion.
We strongly suggest you contacting Dubai or UAE authorities if you don’t know how to manage this aspect
DISCLOSURE
InvestinGoal.com may receive a monetary compensations from the brokerage companies listed above.