Top 10 Best Forex Brokers in Middle East List 2023

filippo ucchino Filippo Ucchino calendar Last Updated: December 2022 timer 11 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 order to rank the best brokers in the Middle East our team has 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
Table of Content


  1. HotForex: best trading features
  2. XM: best Islamic accounts overall
  3. Admirals: best for ECN accounts
  4. IG Markets: best for number of assets
  5. Pepperstone: best for algo-trading
  6. eToro: best for social trading
  7. AvaTrade: best for fixed spreads
  8. OctaFX: best educational tools overall
  9. FBS: best for high-leverage
  10. HYCM: overall trading experience


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


1. HotForex

  • HotForex 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 400 AED on the HotForex premium account.
  • HotForex 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 HotForex premium account type, spreads will start from 0 pips.
  • HotForex 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 HotForex the ratio is higher up to 400:1.

Visit HotForex
(71.04% of retail CFD accounts lose money)[/sc]

2. XM

  • 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.

Visit XM
73.57% of retail CFD accounts lose money

3. Admiral Markets

  • 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 500:1.

Visit Admiral Markets
76% of retail CFD accounts lose money

4. IG Markets

  • 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.

Visit IG Markets
(76% of retail investor accounts lose money)

5. Pepperstone

  • 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.

Visit Pepperstone
(75.9% of retail CFD accounts lose money)

6. eToro

  • 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. Generally, for a Standard account, the minimum deposit is $200 or $50 depending on the location.
  • 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.

Visit eToro
(79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money)

7. AvaTrade

  • 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.

Visit AvaTrade
(79% of retail CFD accounts lose money)

8. OctaFX

  • 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.

Visit OctaFX
74-89% of retail CFD accounts lose money

9. FBS

  • 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.

Visit FBS
74-89% of retail CFD accounts lose money

10. HYCM

  • 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.

Visit HYCM
(58% of retail CFD accounts lose money)

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.

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 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.

About The Author

Filippo Ucchino
Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of 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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Better Informed
Find and Compare The Best
Online Broker For You
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.
ADVERTISER DISCLOSURE: InvestinGoal is completely free to use for all. Though we may receive a commission from brokers we feature, this does not impact the results of our reviews or rankings which are conducted with complete independence and objectivity, following our own impartial methodology. Help us continue to provide the best free broker reviews by opening your account with our links. Please read our Advertiser Disclosure to learn more.
Copyright © 2023 – All rights reserved. / Privacy and Cookie Policy / Basic Terms of Use / Risk Warning / Sitemap