The Middle East refers to a region comprising several countries in Western Asia and parts of North Africa, known for its significant oil reserves and emerging financial hubs like Dubai and Abu Dhabi.
The region doesn’t have a unified currency; instead, each country has its own, such as the Saudi Riyal, UAE Dirham, and the Qatari Riyal, among others.
When it comes to retail forex trading activity, regulatory oversight varies by nation. While there isn’t a single regulatory body for the entire Middle East, individual countries have their own regulatory agencies. For example, in the UAE, the Securities and Commodities Authority (SCA) and the Dubai Financial Services Authority (DFSA) oversee forex trading. These agencies aim to protect investors, ensure fair trading practices, and maintain the overall integrity of the financial markets in their respective jurisdictions.
In order to rank the best brokers in the Middle East we have taken into consideration the following factors:
- An active license in the Middle East
- The commissions charged on forex
- The deposit/withdrawal currencies accepted
- The general quality of the broker overall
What are the best forex brokers in Middle East?
Below is our curated list of the best forex brokers for traders living in the Middle East, with details and information about the country laws, the features, and the characteristics.
HFM
best trading features
HFM operates in the Middle East under DFSA regulation, offering Middle East clients AED account options, low forex spreads, and leverage up to 400:1 for professionals.
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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 in the Middle East is regulated by DFSA (n° F004885) with the trading name HF Markets (DIFC) Limited with a local registered office in Index Tower, Dubai, UAE.
- The minimum deposit under DFSA for Middle East traders starts from 0 AED on the HFM premium account.
- HFM accepts AED as the account base currency under DFSA regulation for Middle East clients.
- Middle East clients can open an HF Islamic account on request. For the HFM premium account type, spreads will start from 0 pips.
- HFM charges low spreads on forex starting at 0.3 pips.
- HF Middle East clients can access leverage of up to 30:1 under DFSA regulation but if you qualify as a professional trader with HFM the ratio is higher up to 400:1.
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 Islamic accounts overall
XM provides Middle East traders with DFSA-regulated operations, AED deposit options through local exchangers, and fully Sharia-Law compliant Islamic accounts starting with a $5 minimum deposit.
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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 is regulated in the Middle East as Trading Point MENA Limited by the DFSA license (n° F003484), with an office in the Emirates Financial Towers, Dubai, UAE.
- Arabic language is available on the XM website.
- Middle East clients of XM find AED deposits available through local exchangers though AED is not supported as the account currency.
- Middle East clients can start with as low as a $5 XM minimum deposit.
- XM provides Islamic accounts for Middle East clients which are fully Sharia-Law compliant.
- XM charges low spreads on forex from 0 pips.
- XM has a great reputation in the Middle East: it won the award “Best FX Educational Broker in the MENA region” for 2021.
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)
Admirals
best for ECN accounts
Admirals serves Middle East clients through JSC regulation, offering Arabic language support, JOD and AED base currencies, and Islamic accounts compliant with Sharia Law.
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About Admirals
Admirals, formerly Admiral Markets, is a global forex and CFD broker founded in 2001. Admirals offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader platforms. Admirals is regulated by multiple authorities including CySEC and FCA. Admirals is known for competitive spreads and extensive educational resources. Admirals recently halted onboarding of new EU clients to comply with regulatory standards. The co-founder of Admirals and CEO of Admirals Group is Alexander Tsikhilov.
Admirals Features
The features of Admirals are listed below.
- Admirals is regulated in the Middle East by JSC under the name Admiral Markets AS Jordan Limited (n°. 57026), with an office in Umm Uthaina, Amman.
- The Arabic language can be found on Admirals website.
- Middle East clients of Admirals will find JOD and EAD as available base currencies.
- The Admirals minimum deposit requested by Middle East traders is 25 JOD or 100 AED.
- Fully Sharia Law compliant Admirals Islamic accounts are in place for Middle East clients
- Admirals charges low spreads on forex from 0 pips with a maximum leverage up to 100:1.
Admirals Pros and Cons
Advantages of Admirals
The advantages of Admirals are listed below.
- Extensive Forex Options
- Strong Regulatory Framework
- Advanced Educational Resources
Disadvantages of Admirals
The disadvantages of Admirals are listed below.
- Charges Inactivity Fee
- Mobile App Limitations
- Higher Average Spreads for Some Assets
IG Markets
best for number of assets
IG Markets in the Middle East operates under DFSA regulation, provides AED base currency with a 20,000 AED minimum deposit, and access to 17,000 assets but no longer offers Islamic 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 in the Middle East is available under the name of IG Limited, a DFSA regulated entity with license (n° F001780), with an office in Al Fattan Currency House, Dubai, UAE.
- Arabic language is supported on IG’s website.
- IG Markets supports AED and there is a minimum deposit of 20,000 AED for Middle East clients who wish to open an account.
- IG Markets provides Middle East clients access to over 17,000 assets with spreads starting from 0.6 pips.
- Middle East clients find IG Markets leverage up to 30:1 on forex, but they can qualify as professional traders to get higher leverage up to 222:1 on forex.
- IG Markets doesn’t offer Islamic accounts anymore for Middle East traders under DFSA.
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
Pepperstone
best for algo-trading
Pepperstone operates in the Middle East under DFSA regulation, supports Arabic language, offers no minimum deposit requirement, and provides Islamic accounts with high leverage options up to 500:1.
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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.
- Pepperstone in the Middle East is available for traders under the name Pepperstone Financial Services (DIFC) Limited, regulated by DFSA (n° F004356), with a registered office in Tower 2, Dubai, UAE.
- Arabic language is supported on Pepperstone’s website.
- No minimum deposit is requested by Pepperstone for Middle East clients.
- AED is not supported as a base currency. Anyway, traders in the Middle East can find Pepperstone account currencies includingUSD, EUR, JPY, GBP, NZD, and more.
- Islamic accounts can be opened from Middle East traders under Pepperstone.
- The spreads charged in the Middle East start from 0 pips with leverage up to 30:1 (retail) and 500:1 (professional) on Pepperstone major forex.
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
eToro
best for social trading
eToro offers Middle East clients USD accounts, regulated options including ASIC and CySEC, Islamic accounts with a minimum deposit of $1,000, and advanced social trading features.
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About eToro
eToro is a global multi-asset investment platform founded in 2007, offering trading on stocks, ETFs, Crypto CFDs, commodities, and forex. eToro provides a proprietary web and mobile platform with social trading features. eToro is regulated by multiple authorities including FCA, ASIC, and CySEC. eToro is known for its user-friendly interface, copy trading functionality, and commission-free stock trading. eToro serves over 30 million users worldwide. The eToro CEO and co-founder is Yoni Assia.
eToro Features
The features of eToro are listed below.
- Middle East clients can trade with eToro under respected regulation, such as ASIC (n°491139), FCA (n°583263), and CySEC (n°109/10).
- eToro’s only base currency is USD for all traders, including in the Middle East.
- eToro offers Islamic accounts, with a minimum deposit of $1,000.
- Middle East clients have access to eToro spreads from 1 pip on forex with leverage up to 30:1 (retail) and up to 400:1 (professional).
- eToro is the best copy and social trading platform out there. Middle East clients can benefit from copying expert clients’ trade and engage with other traders.
eToro Pros and Cons
Advantages of eToro
The advantages of eToro are listed below.
- Great copy trading and social trading features
- Wide range of asset classes
- It allows to buy fractional stocks from $10
Disadvantages of eToro
The disadvantages of eToro are listed below.
- The eToro spreads can be high
- Offers only USD accounts
- Transferring cryptocurrencies to other platforms can be hard
AvaTrade
best for fixed spreads
AvaTrade under ADGM regulation provides Arabic language support, $100 minimum deposit for Middle East accounts, EUR and USD base currencies, and offers fixed spreads and Islamic accounts.
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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.
- AVA Trade Middle East Ltd. is regulated by ADGM regulation (n° 190018), with a physical office in Abu Dhabi, UAE.
- AvaTrade supports the Arabic language on the website.
- The minimum deposit to open an account for a Middle East client is $100.
- AvaTrade supports EUR and USD as base currencies.Middle East clients can open accounts with those.
- AvaTrade Middle East traders can open Islamic accounts which are fully Sharia-Law compliant.
- Middle East clients can avail of fixed spreads from 0.9 pips on 200+ assets.
- AvaTrade got the ‘Best Retail Broker UAE’ award for the Global Business Review Magazine in 2021.
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
OctaFX
best educational tools overall
OctaFX operates under Saint Vincent regulation, does not support Arabic, offers USD and EUR as base currencies, and provides Islamic accounts and leverage up to 500:1 for Middle East clients.
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About OctaFX
Octa, formerly known as OctaFX, is a global forex and CFD broker founded in 2011. Octa offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader 4, MetaTrader 5, and proprietary platforms. Octa is regulated by multiple authorities including CySEC. Octa is known for competitive spreads, extensive educational resources, and copy trading services. Octa serves clients in over 100 countries worldwide.
OctaFX Features
The features of OctaFX are listed below.
- Middle East clients can trade with OctaFX under the entity regulated by Saint Vincent and Grenadines (n° 19776).
- The Arabic language is not supported by OctaFX.
- OctaFX has won several awards in Asia, including the ‘Best Broker in Asia’ award from the Global Banking and Finance Review.
- Middle East clients can use USD and EUR as OctaFX account base currencies.
- The OctaFX minimum deposit requested for Middle East clients is $25.
- OctaFX Islamic accounts are available on all account types fully compliant with Sharia law.
- Middle East traders have access to OctaFX spreads from 0.2 pips on forex with leverage up to 500:1.
- OctaFX Middle East Clients can avail of a 50% bonus and demo contests.
OctaFX Pros and Cons
Advantages of OctaFX
The advantages of OctaFX are listed below.
- Low Trading Costs
- Robust Educational Resources
- Multiple Trading Platforms
Disadvantages of OctaFX
The disadvantages of OctaFX are listed below.
- Limited Asset Range
- No VIP Discounts
- Restrictions on High-Frequency Trading
FBS
best for high-leverage
FBS offers Middle East traders low minimum deposits from $1, Islamic accounts with 0 pips spreads, and leverage up to 3000:1 under IFSC regulation, but lacks Arabic language support.
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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.
- Middle East clients can trade under FBS Markets Inc. regulated by IFSC in Belize (n. IFSC/000102/310);
- The Arabic language is not available on the FBS website.
- Middle East clients will find USD and EUR base currencies.
- The FBS minimum deposit in place for Middle East traders starts from $1
- FBS Swap-free accounts are offered to Middle East traders, fully in line with local regulations.
- FBS charges Middle East clients very low spreads from 0 pips on forex, with leverage up to 3000:1 depending on the account.
- Middle East clients under IFSC can benefit from several bonuses.
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
HYCM
overall trading experience
HYCM operates under DFSA with Arabic language support, offers Islamic accounts, accepts AED as base currency, and features competitive spreads starting from 0.1 pips for Middle East 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 Capital Markets (DIFC) Limited is authorized by the DFSA with a license n° F000048, with an office in Liberty House, Dubai.
- Arabic language is supported on the broker’s website for Middle East clients.
- HYCM provides an Islamic account on request for Middle East traders who may want to open one.
- Spreads with HYCM start from 0.1 pips, as well as fixed spreads from 1.5 pip on forex.
- HYCM accepts AED deposits and accounts with AED as the base currency.
- HYCM was the winner of the “Best Forex Broker” award in the UAE for 2020.
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
Is forex trading legal in the Middle East?
Throughout the Middle East, forex trading is generally legal. With that said, each country has its own regulators. The most well-known of these is the DFSA of Dubai which 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 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.
What should Middle Eastern traders 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 broker’s 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 dependent 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.