There are many Forex brokers domiciled in Dubai. Most of them are not regulated by any bona fide regulatory organization, which is unfortunate, yet they handle millions of dollars in trades each day. It is not surprising that there are plenty of scams and fraud within the Forex industry in the UAE and traders are advised to be discerning when choosing to open an account with any Dubai-based broker
The UAE is the fastest growing online trading hub second only to Saudi Arabia. The population has a generally high income and includes a large segment who enjoy speculating in financial markets including Forex. This has attracted many Forex brokers to the region. Check out our listing of the top Dubai Forex brokers below before choosing a Dubai Forex broker.
The question of how to choose a Forex broker in Dubai is straightforward. Those few Forex brokers there which are regulated are head and shoulders above the rest and should be at the top of your shortlist. This is because your number one concern as a trader is the security of your deposit. Your money is far less likely to disappear or become somehow inaccessibly tied up in bureaucratic red tape at a regulated Forex broker, even in a country with relatively light regulation such as the U.A.E.
The next thing to do is check the reputation and track records of the regulated Forex brokers. The longer a broker has successfully conducted business, the better run it is likely to be. Longevity is a reliable heuristic here.
Now you’ve got through 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 use this typically “hidden” fee to fleece their customers.
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.