Top 7 Best Forex Brokers in UAE in 2024

In this article we will review the top 7 best Forex brokers in UAE in 2024.

The United Arab Emirates (UAE) has become a popular hub for Forex trading. Its strategic location, coupled with a robust financial infrastructure and supportive regulations, has created a favorable environment for traders.

The potential for significant returns and access to global markets have drawn both experienced and novice traders to this thriving industry.

How to Choose the Best Forex Broker in UAE

Finding the best broker in a developed region like UAE might not sound like a hassle. However, they are different conditions or features to consider before choosing a particular broker to trade with.

Here is a list of things to consider before choosing a particular broker as your best:

1. Regulations

The Securities and Commodities Authority (SCA) regulates Forex trading in the UAE. To safeguard market integrity, protect investors, and ensure compliance, the SCA oversees all financial activities in the sector.

Although recommended, the Securities and Commodities Authority (SCA) does not mandate forex brokers to obtain authorization before accepting clients from the United Arab Emirates. Some brokers with regulations from FSCA can also accept traders from the UAE.

2. Trading Platforms

Powerful choices like MetaTrader 4 (MT4) and MetaTrader 5 (MT5) provide customizable charts, technical indicators, and expert advisors.

Furthermore, these platforms offer mobile trading capabilities, allowing traders to access and manage their accounts from any location with internet connectivity.

3. Trading Tools

Major currency pairs, such as EUR/USD, GBP/USD, and USD/JPY, dominate the market due to their high liquidity and trading volumes, resulting in tight spreads.

In contrast, minor and exotic pairs often exhibit increased volatility and wider spreads, presenting potential opportunities for experienced traders seeking to profit from market fluctuations.

To this effect, any good broker should be able to provide spreads, leverages, good commissions and other analytical trading tools for the traders.

Additionally, the best Forex brokers should have comprehensive educational materials to help the traders expand their knowledge and improve their trading skills.

4. Customer Support

This is necessary to help traders resolve issues that may arise during the period of use. A 24-hour customer support could boost traders’ experience greatly and affect the reputation of the broker itself.

Top 7 Best Forex Brokers in UAE 2024

Here is the list of the best Forex brokers in UAE as of August 2024:

Saxo

Established in 1992, Saxo operates a network of three regulated banks across seven Tier-1 and one Tier-2 jurisdictions and also a regulation by DFSA.

As a specialized multi-asset broker, Saxo stands out for its exceptional research capabilities and a state-of-the-art trading platform. The platform hosts an impressive selection of over 70,000 tradable instruments.

Saxo is recognized as the best web-based trading platform in UAE, with massive number of currency pairs, low withdrawal fee and high-quality charting tools.

Swissquote

Swissquote is a prominent online financial services bank that specializes in forex and CFD brokerage. Established in Gland, Switzerland, in 1996, the company made its debut on the SIX Swiss Exchange in May 2000.

To ensure client protection, especially in UAE, Swissquote operates under the regulations of both the Dubai Financial Services Authority (DFSA) and the top-tier Swiss Federal Financial Market Supervisory Authority (FINMA).

The bank offers traders access to a vast array of over 400 forex and CFD instruments through its proprietary Advanced Trader platform with a leverage of 1:400 and tighter spreads.

Furthermore, traders have the flexibility to choose from multiple base currencies for their accounts, including the United Arab Emirates Dirham (AED), Euro (EUR), Swiss Franc (CHF), and British Pound (GBP).

ADSS

Founded in Abu Dhabi in 2010, ADSS (ADS Securities LLC) has risen to prominence as a leading forex and CFD broker within the Middle East and North African region. The Securities and Commodities Authority (SCA) in the United Arab Emirates regulates this firm.

The broker offers an intuitive platform, coupled with robust educational resources and a diverse range of tradable instruments. While ADSS’s trading fees on its Classic Account align with industry standards, its spreads vary from average to competitive in certain instances.

Moreover, the broker imposes standard swap fees but commendably waives inactivity fees and minimizes non-trading charges.

Plus500

Plus 500 is a multi-asset CFD broker founded in 2008. It is regulated by FSA, Seychelles and other top-tier authorities, which makes it suitable for traders in the UAE.

Plus500 has an intuitive platform, advanced tools and a wide variety of markets too. Traders have access to leverage of up to 1:300 and also research materials.

Also, it is suitable for UAE traders as its platform is available in Arabic, traders can create an exclusive Islamic account and additionally, it has Dirham (AED) as a base currency.

AvaTrade

AvaTrade, a pioneer in the forex and CFD industry, was established in 2006. Since its inception, the Dublin-based broker has expanded significantly.

AvaTrade has solidified its position as a highly trusted global trading platform as it is regulated by multiple international agencies, including ASIC and CySEC.

Notably, the broker is also regulated by the Abu Dhabi Financial Services Regulatory Authority (FRSA) which makes it suitable for UAE traders.

The platform allows creation of Islamic accounts, and offers a large range of trading tools and also copy-trading.

IG

IG is a globally recognized Forex and CFD broker renowned for its robust platform, extensive market coverage, and commitment to trader’s education.

It is considered the best overall and most trusted global broker as it is regulated by Tier-1 jurisdictions, including UK’s Financial Conduct Authority (FCA).

Its user-friendly online platform is available for traders in the UAE. Additionally, it offers a variety of payment methods available in the UAE, making deposits and withdrawals accessible to local traders.

IC Markets

IC Markets, another globally trusted broker, offers low commissions, tight spreads, wide range of currencies and low withdrawal fee.

It is regulated by top-tier regulatory agencies which makes it a pick for traders in UAE.

Conclusion

Beo Forex Academy recommends that you carefully verify a broker’s regulatory status before selecting one in the UAE.

Specifically, ensure the broker is authorized by top-tier regulatory authorities and financial agencies operating within the region.