Best Forex Brokers in United Arab Emirates for 2022

filippo ucchino Filippo Ucchino calendar Last Updated: October 2022 timer 12 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 Emirates brokers, we took several factors into consideration including:

  • UAE forex license
  • Available languages
  • The general quality of the broker
  • Forex commissions
Table of Content

Round-up

  1. HFM: best for trading features
  2. XM: no requotes
  3. FxPro: great customer service
  4. IG Markets: total number of assets
  5. XTB: educational resources
  6. HYCM: overall trading experience
  7. AvaTrade: fixed spread trading
  8. Pepperstone: day traders & scalpers
  9. Oanda: beginner traders
  10. GO Markets: ECN execution

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

Review

Here are the top 10 brokers that we have identified for your choosing as an Emirati forex trader:

1. HFM

  • HFM provides services in the UAE as it is authorized and regulated in the UAE by the DFSA with a local office at Index Tower, Dubai.
  • HFM is known as one of the UAE region’s top brokers and also has Arabic language support available.
  • In the UAE you can choose from 3 HFM account types. These arePremium, Premium Pro, and VIP accounts.
  • The HFM minimum deposit in the UAE is 400 AED with the currency available for your account and deposits.
  • Trading forex with HFM you will have around 50 currency pairs available in the UAE with a starting spread from 0.3 pips on EUR/USD and leverage up to 50:1 for retail clients and up to 400:1 for professional clients.
  • Islamic accounts in the UAE are available with HFM even though there is a higher spread from 1 pip.

Visit HFM
(71,32% of retail CFD accounts lose money)

2. XM

  • XM operates in the UAE as it is regulated in the UAE by the DFSA with license n° F003484 and they have a local office in the Emirates Financial Towers, Dubai.
  • Trading with XM you’ll find a top Islamic account and Arab language support in the United Arab Emirates.
  • AED currency deposits may be available in the UAE through local bank transfer though to open an XM account you have to rely on other base currencies such as USD, EUR, or GBP.
  • Regarding forex trading in the UAE, XM provides access to more than 55 forex pairs and charges a low spread starting from 0.6 pips on the EUR/USD pair.
  • XM was awarded the “Best FX Educational Broker in the MENA region“ at the Dubai Expo 2021.

Visit XM
73.57% of retail CFD accounts lose money

3. FxPro

  • FxPro is active in the Emirates as FxPro Global Markets MENA Limited and regulated by the DFSA with license n° F003333 and a UAE branch in Index Tower, Dubai.
  • AED deposits may be available in the UAE via local bank transfer even though you can’t open an FxPro account in Dirham.
  • FxPro offers more than 70 forex pairs to trade with spreads available both as floating and fixed in the UAE starting from 0.2 pips and 1.6 pips respectively on EUR/USD.
  • An Islamic account is available on request at the FxPro customer support, available also in Arabic language in the UAE.

Visit FxPro
72.87% of retail CFD accounts lose money

4. IG Markets

  • IG Limited is the entity regulated in the UAE by the DFSA through license n° F001780 and the broker has a physical office situated in Al Fattan Currency House, Dubai.
  • IG Markets makes Arabic language assistance available along with English in the UAE.
  • To open an IG Markets account in the UAE there is a minimum deposit of 20,000 AED.
  • Trading forex with IG Markets in the UAE there are more than 80 pairs available and spreads start from 0.6 EUR/USD.
  • Traders in the UAE are limited to a leverage of up to 30:1 for retail clients or up to 222:1 for professional clients with IG Markets.
  • Islamic traders with IG Markets can no longer open swap-free accounts under DFSA regulation.

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

5. XTB

  • XTB provides its services in the UAE through XTB MENA Limited under DFSA regulation, license n° F006316, and they also have a local office in Happiness Street, Dubai.
  • UAE traders have both English and Arabic available at XTB.
  • Deposit in AED may be available through local bank transfer in the UAE though XTB accounts can be opened only in USD.
  • Among the 1,900 CFDs available in the UAE, XTB offers around 50 forex pairs at low spreads from 0.1 pips on EUR/USD.
  • Leverage on forex has a maximum of 30:1 for retail clients while professional clients in the UAE have access to higher leverage up to 100:1 with XTB.

Visit XTB
79% of retail CFD accounts lose money

6. HYCM

  • HYCM is regulated in the Emirates by the DFSA as HYCM Capital Markets (DIFC) Limited under license n° F000048 and the local branch of HYCM is located in the Dubai International Financial Center.
  • Accounts with HYCM support AED as the base currency and deposits are available via bank transfers and credit/debit cards in the UAE.
  • For Islamic traders in the UAE, HYCM provides swap-free accounts on request.
  • HYCM charges a floating spread on forex trading from 0.2 pips on EUR/USD or a fixed spread from 1.5 pips depending on the account type chosen.
  • HYCM was awarded the “Best Forex Broker” accolade in the UAE for 2020.

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

7. AvaTrade

  • AvaTrade operates in the UAE as Ava Trade Middle East Ltd with a license from the FRSA of Abu Dhabi n° 190018 and has a registered local office in Al Maryah Island, Abu Dhabi.
  • AvaTrade is able to provide support in both English and Arabic languages in the UAE.
  • AED is not a supported base currency for the AvaTrade account but AED deposits are available with local UAE options.
  • For religious purposes, in the UAE it is possible to open an AvaTrade Islamic account charging no swap fees.
  • AvaTrade provides access to more than 50 forex pairs with fixed spread only starting at 0.9 pips on EUR/USD.

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

8. Pepperstone

  • Pepperstone is DFSA regulated in the Emirates holding license n° F004356 and trading as Pepperstone Financial Services (DIFC) Limited with a physical office in the UAE located in Al Fattan Currency House, Dubai.
  • AED currency is not supported to open your Pepperstone account though you can use it for depositing your funds in the UAE.
  • Pepperstone allows trading on over 60 forex pairs and provides excellent spreads from 0 pips on EUR/USD depending on the account selected.
  • Pepperstone provides swap-free accounts in the UAE even though spreads charged here are slightly higher.
  • Leverage in the UAE is limited to 30:1 due to DFSA regulation but if you qualify as a professional trader with Pepperstone then leverage is up to 500:1 on forex.

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

9. Oanda

  • Oanda is not directly regulated in the UAE but is able to accept traders from the UAE under its international entity regulated by the FSC of the British Virgin Islands n° SIBA/L/20/1130.
  • AED currency is unavailable as both account base currency and deposit options in the UAE so you are likely to be liable for a conversion fee from Oanda’s side.
  • Oanda offers more than 70 forex pairs to trade for residents in the UAE with spreads from 0.8 pips on EUR/USD.
  • By contacting the Oanda customer support UAE residents can switch the standard trading account to a swap-free account.
  • The maximum leverage available in the UAE is limited to 30:1 for retail clients and 100:1 for Oanda professional clients.

Visit Oanda
73.5% of retail CFD accounts lose money

10. GO Markets

  • GO Markets holds a UAE license from the local Securities & Commodities Authority (SCA), even though residents in the UAE have to apply with the entity regulated by the FSC of Mauritius.
  • AED accounts are unavailable for traders in the UAE but GO Markets enable AED deposits via credit/debit cards.
  • GO Markets provides trading in EUR/USD and 50 other currency pairs with low spreads from 0.1 pips.
  • The maximum leverage available in the UAE for GO Markets traders on forex is up to 500:1.
  • Islamic accounts in the UAE are available on both GO Markets account types offered.

Visit GO Markets
62% of retail CFD accounts lose money

Is forex trading legal in the UAE?

Forex trading is legal and permitted in the United Arab Emirates which comprises 7 independent Emirates.

Typically UAE forex brokers will register in Dubai since it is a special economic area within the UAE and home to one of the area’s most respected regulators the DFSA. Outside of that, you can look for regulation by the SCA which is the UAE’s Federal and Securities Commission Authority, or the Central Bank of Dubai.

In any case, the most commonly found and trusted regulation for UAE brokers is from the DFSA.

How to trade forex in UAE

Due to the common point of typically being registered in Dubai, you will have to follow DFSA regulations when starting to forex trade in the UAE.

This is generally simple and should only require proof of your identity and residence prior to funding your account.

UAE trader? Here’s what to look for in a forex broker

As a UAE trader, there are a few country-specific points to look out for when you are getting into forex trading. It is also helpful to know that 50:1 leverage will typically be available unless you are a professional trader in which case 400:1 will be open to you.

You should also remember that although it may be offered, spread betting is considered Haram and thus not legal within the Emirates.

Here are three more top tips when considering a UAE broker:

1. Look for UAE regulated brokers

Regulation in forex is always a key issue. For this reason, and to ensure you are with the most trusted brokers, you should always seek out the best approved regional regulation. In this case, that means DFSA brokers or those regulated by the Central Bank of Dubai.

If you want to trade with an international broker under ESMA, CySEC, or FCA regulations, this may be available to you although depending on where in the UAE you are based, it makes sense that you should verify with local authorities first.

2. Look for Sharia-compliant accounts if you need it

As a Muslim area, this point will be key. Overnight, or swap fees are considered to be interest and therefore against Sharia law. You should do everything you can to ensure the broker you choose provides for a fully compliant rollover-free trading account.

If you want to know more about Islamic accounts, which assets are halal, which ones are not, and more information about Islamic trading, check out our post on the best swap-free trading brokers.

3. Look for brokers that make your trading life easier

Convenience is key. Since the AED is rarely supported as a forex broker base currency, this is one more thing you should check for. It is very likely then that you will be paying a conversion fee every time you deposit or withdraw cash from your account. You should try to make sure that these fees are at the very least competitive in order to bring down your cost of trading overall.

How to verify if a forex broker is regulated in the UAE

As mentioned, within the UAE, there are 3 specific regulators that can be used. These are the DFSA, the Central Bank of Dubai, and the SCA. With the DFSA, simply head over to their DFSA official website and use the search function to input the broker’s business name (You will often find this at the bottom of the broker homepage).

In the case of SCA and the Central Bank, all you need to do is contact them through their official websites which we have conveniently linked above for you.

Is forex trading taxable in the UAE?

Although each Emirate acts independently when it comes to tax matters, this is one of the few tax-free regions in the world. Given that they do not apply any capital gains tax at all then, your forex trading should be tax-free.

With that said, there may well be some other types of tax to consider like VAT or something else, and given the UAE has a very strict approach in this regard, you would be well-advised to contact a tax professional on those issues.

DISCLOSURE

InvestinGoal.com may receive monetary compensation 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.

Leave a Reply

Your email address will not be published.

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 © 2022 InvestinGoal.com – All rights reserved. / Privacy and Cookie Policy / Basic Terms of Use / Risk Warning / Sitemap