Top 10 Best Forex Brokers in Dubai for 2022

filippo ucchino Filippo Ucchino calendar Last Updated: May 2022 timer 8 min read

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.

In this article, you will find top forex brokers offering their services in Dubai. In order to select and choose the following 9 brokers, 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
Table of contents

Round-Up

  1. HotForex: best broker overall for Dubai traders
  2. XM: best for beginners
  3. Axi: best for fast execution of the orders
  4. IG Markets: best for number of assets
  5. HYCM: best for swap-free accounts
  6. AvaTrade: best for fixed spreads
  7. Swissquote: best for algo-trading
  8. Pepperstone: best for cTrader platform
  9. FBS: best for lowest spreads

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

Top 9 Best Forex Brokers in Dubai: 2022 Review

Here are 9 of the top forex brokers in Dubai that we have found for your consideration.

1. HotForex

  • HotForex is regulated in Dubai by the DFSA (n. F004885) with a registered office in Dubai.
  • HotForex provides Arabic language on their website.
  • HF under the DFSA entity provides 3 account types which are, Premium, Premium Pro and VIP
  • The HotForex minimum deposit for Dubai clients starts from 400 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).

2. XM

  • 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 or a much higher maximum professional leverage.

3. Axi

  • 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.

4. IG Markets

  • 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).

5. HYCM

  • 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.

6. AvaTrade

  • 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.

7. Swissquote

  • 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.

8. Pepperstone

  • 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).

9. FBS

  • 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.

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.

Dubai trader? Here’s what to 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.

 


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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