Affiliate DisclosureDailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.
Huzefa Hamid
A growing number of international Forex brokers have opened subsidiaries in Dubai, the financial center of the Middle East and the fastest-growing Forex market there excepting only Saudi Arabia. We have extensively reviewed both Forex brokers with a local presence and those catering to residents of the U.A.E. to help you decide which brokers are worth considering for opening a Forex account from Dubai, or from outside Dubai where you are looking for an offshore broker in Dubai. We present our results below.
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Solid broker for scalping and hedging
Institutional-style trading opportunities for retail traders
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
High level regulation in multiple jurisdictions
Impressive range of tradeable assets including vanilla options and gold options
There are a number of top forex and CFD brokerage options available to traders in Dubai. This includes the likes of FPMarkets, one of the world’s most popular forex and CFD brokers. Based in Australia and established in 2005, FPMarkets offers the MetaTrader 4 (MT4) as well as the MetaTrader 5 (MT5) trading platforms, alongside WebTrader and IRESS platforms. Clients can enjoy trading in over 10,000 different shares and stocks, as well as over 60 forex pairs and crosses, 5 cryptocurrencies, 11 equity indices, all of the major commodities, and a number of top publicly traded shares traded on both the Sydney and the Hong Kong stock exchanges.
FPMarkets Pros & Cons
Pros
Choice of trading platforms and auxiliary trading tools
Very competitive cost structure and excellent asset selection
Low minimum deposit requirement and leverage of up to 1:500
Best all-around broker with high floating leverage and fast execution
Dubai forex traders have a number of-top tier forex brokers available to them, allowing for plenty of scope when it comes to trading n forex, CFDs, cryptos and more. FXTM, also known simply as “Forex Time”, has been around since 2011, and offer a fairly broad product range which includes a number of popular cryptocurrencies, 62 currency pairs and crosses, 11 stock index CFDs, 172 stock CFDs, and 3 commodity CFDs. The available bundle includes gold, silver, natural gas and crude oil. In addition, FXTM allows clients to trade in stocks that are not wrapped in CFDs, allowing traders to take direct legal ownership of shares (buying them), just like you’d find with a traditional stockbroker. The FXTM brand is comprised of three main bases of operation: namely FXTM Mauritius, FXTM Cyprus, and FXTM UK.
FXTM Pros & Cons
Pros
Excellent commission-based Forex pricing environment and transparency
Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
Quality market research and educational content for beginner traders
Proprietary copy trading platform, low minimum deposit, and high leverage
Cons
Limited choice of cryptocurrencies and commodities
Based in Australia, EightCap is a leading forex and CFD broker with over ten years of experience in the industry. Also sometimes referred to as 8Cap, this broker was established in 2009, and is considered reliable and trustworthy, based on several factors including regulatory licensing. EightCap is licensed through several top regulators including the much-respected Australian Securities and Investments Commission (ASIC), with additional licensing via the Vanuatu Financial Services Commission. EightCap offers one of the lowest forex fees out of all Australian forex brokers. This is especially true for clients that open a Raw account. For example, USD/EUR account fees are low with a $3.5 commission: with an average spread during peak trading hours of 0.1 pips.
EightCap Pros & Cons
Pros
Low minimum deposit and high leverage of up to 1:500
Competitive cost structure
Excellent technology infrastructure and seasoned management team
Best ECN trading environment, with scalping and hedging
BlackBull Markets was founded in 2014 in New Zealand. Like many antipodean Forex brokers, BlackBull Markets is an ECN broker, offering raw spreads and commissions. They are regulated in New Zealand by the Financial Services Providers Register (FSPR) and offer a maximum leverage on some Forex currency pairs as high as 500 to 1. In addition to their global headquarters in New Zealand, BlackBull Markets also has presences in the form of branch offices in New York and Malaysia. BlackBull Markets offers a relatively tight range of tradable assets: 27 Forex currency pairs and crosses, gold, silver, crude oil, natural gas, and 6 major equity indices. That should be sufficient for those traders with more focused strategies not requiring wide diversification.
BlackBull Markets Pros & Cons
Pros
ECN/NDD execution model with deep liquidity
Institution-grade pricing for retail traders via proprietary price aggregation
Highly regulated, choice of fixed or floating spreads
AvaTrade is one of the largest forex brokers in the world and is an ECN/STP broker based in Dublin Ireland. Established in 2006, AvaTrade is one of the leading CFD and forex brokers in the world and currently offers over 250 instruments which includes 66 individual stocks and shares, 17 commodities, 55 forex currency pairs, 20 equity indices, 6 ETFs, 2 bonds, and 14 cryptocurrencies, making them one of the more diverse brokerage firms on the market today. Available platforms include both MT4 and MT5 trading platforms, web trading, AvaTradeGO for mobile trading, Mac trading, automated trading, AvaOptions, and AvaSocial for social trading. New traders in Dubai can take advantage of a free demo account before converting to a live (real) account.
AvaTrade Pros & Cons
Pros
High-quality educational offering via SharpTrader
Excellent choice of trading platforms catering to various trading needs
Broad asset selection and cross-asset diversification opportunities
Well-regulated and trusted broker with oversight from a central bank
One of the first choices anyone located in Dubai must make when looking for a new broker is whether to go for one which is located and regulated in Dubai or not. Forex brokers regulated in Dubai operate under the oversight of the Dubai Financial Services Authority (DFSA). While the DFSA has a reputation as a light regulator, it ensures a highly competitive as well as relatively secure trading environment for Forex trading in Dubai. It also serves as one of the best jurisdictions for Forex brokers to use as a gateway to the MEASA region, which represents one of the fastest-growing sectors for financial services. Therefore, when you see a Forex broker setting up in Dubai, you usually see one that wants to expand, and as such may be focusing on making a very competitive offering to clients.
Choosing a Forex Broker in Dubai
If you are going to choose a Forex broker physically located in Dubai, we think that an international Forex broker with a regulated subsidiary in Dubai will be likely to be the best choice. This can ensure a track record in other jurisdictions, as many local Dubai Forex brokers have not been in business for a very long time. The longer a broker has successfully conducted business, the better run it is likely to be. Longevity is a reliable heuristic here.
The best Dubai Forex brokers will also maintain deposit and withdrawal options via local payment processors or banks and Arabic language customer support.
Now you’ve got through important safety issues, you can consider what the broker has to offer. Is the cost of trading there competitive or not? Check spreads, commissions, and other incidental fees. Traders who are planning to keep trades open over the New York rollover at the end of the trading day there should also consider the overnight swaps typically offered. Unfortunately, some brokers abuse this typically “hidden” fee.
Finally, examine the “nice to have” elements, such as the range of tradable instruments, quality of customer support, and trading platforms. Going through the process in this order should ensure you end up opening an account with the best Dubai Forex broker for you.
Is Forex Legal in Dubai?
Forex trading is completely legal in Dubai, in fact its hard to think of a place where it is more legal, as Dubai has been a low tax, offshore, trade-friendly financial center for many years. The U.A.E. does not levy income tax on individuals, so if retail traders are able to generate a profit from Forex and CFD trading, they can keep it all. What may be illegal is taking deposits from other retail traders and trading on their behalf without having an appropriate regulatory license to do so.
UAE Forex Regulation
Forex Brokers in Dubai rank among the most trusted and well-regulated ones in the Middle East and have an expanding international footprint. The Central Bank of the United Arab Emirates (CBUAE) is the primary regulator for Forex / CFD brokers. Additionally, each emirate has its financial regulator, with the Dubai Financial Services Authority (DFSA) being the most established.
The CBUAE ensures brokers follow established guidelines, including Sharia law. Requirements for Forex / CFD brokers to obtain a license consist of having a UAE citizen as the intermediary Forex broker, a minimum of 60% of paid-up share capital with local banks and contributed by UAE citizens, and capital requirements between DH1 million and DH3 million, which is approximately $270,000 to $815,000, dependent on the scope of brokerage activities.
Dubai emerged as a global financial center, and many international Forex brokers chose it as their hub for the Middle East and North Africa (MENA), making the Dubai Financial Services Authority (DFSA) the financial regulator of choice. The DFSA maintains a well-trusted and competitive Forex trading environment.
How to Start Trading Forex in Dubai
Dubai serves as a gateway to the MENA region, as Forex brokers in Dubai expand their footprints.
The below steps are necessary to getting started successfully with Forex trading in Dubai:
1. Education remains the most vital aspect of Forex trading, as it is a high-skilled profession. Even traders who wish to copy others or use account management services must have in-depth education, which allows traders to spot scams and fraud.
2. Use this page as a resource to check out the most competitive choices for Dubai Forex traders, providing a competitive edge and a secure trading environment.
3. A suitable Forex trading strategy, annual goals with realistic expectations, and a risk management profile are paramount to successful trading.
4. Demo accounts are popular but can present a trap for beginners, as fully simulating Forex trading in a demo account is impossible as it lacks trading psychology. Demo trading is like playing a sports simulator, which won’t make you a great athlete. Beginners should learn in a live account with a smaller deposit and consider any trading losses as the price of education.
5. Analyzing daily economic, monetary, and political events allows traders to understand and profit from price action.
6. The placement of hard take profit and stop loss levels should be done with each order before entering a trade. This helps protect against impulsive, emotional trading decisions and allows for a more “set and forget” trading approach.
Conclusion
Forex brokers in Dubai provide a gateway to the MENA region, and benefit from a well-trusted regulator which maintains competitive business conditions. Following the regulatory changes in Europe and Australia, namely by the CySEC, the FCA, and the ASIC, the Dubai Financial Services Authority emerged as one of the more preferred jurisdictions for Forex brokers. An increasing number of the best Forex brokers acquire a DFSA license, and the UAE continuously improves business friendliness.
Dubai Forex traders rank among those with higher deposits, making them a core market for many international Forex brokers. The large foreign population in the UAE makes Forex trading an essential part of everyday life.
Beginner traders in Dubai should avoid the rush to trade Forex but focus on in-depth education, which will form the foundation for successful trading. The Forex brokers in Dubai listed here can ensure Dubai Forex traders get a innovative trading environment, competitive costs, Islamic trading accounts if desired, and a secure and trustworthy partner.
FAQs
Is Dubai good for Forex trading?
Dubai provides an excellent Forex trading environment and is the hub for the MENA region, with many international Forex brokers acquiring a license from the Dubai Financial Services Authority.
How can I open a Forex account in Dubai?
All Forex brokers in Dubai offer a swift online application. Mandatory account verification to satisfy AML/KYC requirements as demanded by the DFSA completes the account opening.
Which Forex broker is best in Dubai?
It depends on individual preferences and requirements. The Forex brokers in Dubai listed here all provide traders with a cutting-edge and secure trading environment, making them market leaders.
Do Forex traders pay tax in the UAE?
The UAE is a tax-free country. Forex trading is not subject to a capital gains tax, but UAE Forex traders should consult a licensed professional to ensure compliance with local rules and regulations.
Do I need a license to trade Forex in Dubai?
Retail Forex traders who use their capital to trade Forex do not require a license. Forex brokers and account managers must obtain a DFSA license.
How to choose a DFSA-regulated Forex broker?
Our review lists the most competitive Forex Brokers in Dubai, catering to various strategies. Individual preferences will make the final determination, and Forex traders can check the DFSA database to ensure their brokers has a license. Forex brokers with a DFSA license will provide it on their website, either in the footer or in their section covering regulation.
I’m a trader and manage my own capital. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. Today, I am also a Senior Analyst for DailyForex.com. I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. The 1990s were a bull market, so naturally, I made money. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.
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