Best UAE Forex Brokers 2024

Best Forex Brokers in the UAE

 As it stands, the UAE is already a major center for forex trading. The country's regulations, which are overseen by the Dubai Financial Services Authority (DFSA) and Abu Dhabi Global Market (ADGM), are designed to attract foreign investment. The UAE central bank has taken steps to ensure that its currency, the dirham, is fully convertible. This makes the UAE an attractive destination for both individual and institutional investors. Considering all these factors, it is no wonder that the UAE is one of the leading centers in the world for forex trading

The best UAE forex brokers offer a variety of features and services. These can include tight spreads, regulation, low commissions, and advanced trading platforms

Best Forex Brokers in Dubai and Abu Dhabi 

When choosing a forex broker for Dubai and Abu Dhabi, it's important to consider factors such as the broker's spread (the difference between the bid and ask prices), regulation, and Islamic accounts (accounts that comply with Sharia law).

Finally, traders should make sure that the UAE forex broker offers a trading platform that's user-friendly and packed with features. 

Choosing a broker can be daunting, but by keeping these things in mind, UAE traders can narrow down their options and find the best forex broker for their needs. 

Please find below our UAE forex brokers list to help you find the right broker.

  1. Eightcap - Best Overall Broker in the UAE
  2. AvaTrade - Best trading platform for beginners
  3. FXNovus – Top regulated broker
  4. Pepperstone  – Best Regulated Platform in Dubai 
  5. ModMount – The best WebTrader Platform

#1. Eightcap - Best Overall Broker in the UAE

eightcap logo black

Based in Melbourne, Australia since 2009, Eightcap It is a CFD brokerage institution regulated by several bodies (Australian Securities and Investments Commission, Financial Conduct Authority, Bahamas Securities Commission, Cyprus Securities and Exchange Commission), with offices spread throughout Europe, the United Kingdom, Australia, The Bahamas, and Latin America. Eightcap offers the best trading options for Forex (Currency), Cryptocurrency CFDs, Commodities, Stocks and Indices with discounted prices on the MetaTrader 4 and MetaTrader 5 and TradingView platforms.

With thousands of clients served in over 100 countries worldwide - it's no surprise why this award-winning brokerage is trusted by many UAE traders and investors around the World.

Eightcap fees and spreads

EURUSDUSDJPYGoldBitcoin
0.0 *0.1*0.12 *12$ *
*Minimum spreads (Raw)
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Pros

  • Multi-regulated broker.
  • Low minimum deposit of $100.
  • Spreads as low as 0.0 pips (Raw account).
  • Free demo account.
  • + 200 cryptocurrencies CFDs.
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Cons

  • No bonuses or promotions. 

77.78% of retail investor accounts lose money when trading CFDs with this provider


#2. AvaTradeBest trading platform for beginners

 AvaTrade is one of the oldest and most reputable brokers in the industry, with over ten years of experience. They offer about a thousand different asset classes to choose from including forex (which has been available since 2006), bond commodities or cryptocurrencies – making it an excellent choice for traders who want complete control of their investments without being restricted to traditional markets like Bitcoin! 

avatrade 240

AvaTrade offers the most competitive tight spreads in town, fast execution speeds, and powerful tools like Trading Central to help you trade wisely. 

They also have plenty of resources available for copy traders who want an easier life when it's time to take risks in the markets! in review AvaTrade We will consider everything that is good about this broker - from the 24/5 superb customer service as well as the office and regulations here in Abu Dhabi.

AvaTrade fees and spreads

EURUSDUSDJPYGoldBitcoin
0.6*0.6*0.23*0.20%
*Pro account
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Pros

  • Deposit Bonus up to $10,000
  • Cryptocurrency trading
  • Islamic account
  • More than 1250 financial instruments
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Cons

  • High inactivity fees

#3. FXNovus Top regulated broker

fxnovus logo

FXNovus is a regulated trading platform offering CFD trading to UAE traders on various financial instruments, from Forex to cryptocurrencies. Their platform is trusted by traders around the world, providing a secure and rewarding trading experience.

With their cutting-edge technology and user-friendly interface, you'll have access to over 160 assets, along with 20+ analysis tools to enhance your trading strategies. Plus, their dedicated support team in English and Arabic is available 24/7 to assist you every step of the way.

They are licensed by the FSCA in South Africa. Start trading with FXNovus today and unlock your potential in the financial markets.

FXNovus fees and spreads

EURUSDUSDJPYGoldBitcoin
from 0.9*Check FXNovus website from 1.4*Check FXNovus website
*average spreads (VIP account)
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Pros

  • Broker regulated by the FSCA (South Africa).
  • Trade CFDs on +160 assets.
  • 24/7 support in 11 languages including Arabic.
  • Free demo account.
  • Competitive spreads.
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Cons

  • The broker could charge a maintenance fee.

Trading CFDs and Forex Options involves risks and may result in the loss of your capital


#4. Pepperstone – Best regulated platform in Dubai 

pepperstone 250

Pepperstone, one of the largest Forex brokers in global trading with operations across multiple continents and under different licenses from Australia to UAE has achieved another milestone.
The company processed a whopping USD 125 billion worth orders last year, which makes them both popular and profitable too! To honor their success, they have chosen this location for future developments -Dubai's Financial Centre will soon become home base when it comes to electronic devices or anything related to trade-related business such us currency transactions etc., so if you want better rates than anywhere else around town, then look no further because here at Pepper stone

Pepperstone fees and spreads

EURUSDUSDJPYGoldBitcoin
0.4 *1 *0.28 *30 *
*variable spreads
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Pros

  • Broker regulated by ASIC, FCA and DFSA
  • Cryptocurrency trading
  • Spreads as low as 0.0 pips
  • Award-winning broker
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Cons

  • No bonuses or promotions.

Between 74-89 % of retail investor accounts lose money when trading CFDs


#5. ModMount The best WebTrader Platform

Modmount logo rank

Established in 2022 and standing tall with a licence from the esteemed Financial Services Authority (FSA) of Seychelles, ModMount offers UAE traders an opportunity to engage with the dynamism of global markets. With access to a diverse portfolio of over CFDs on 160+ assets encompassing forex, indices, precious metals, energies, an array of stocks, cryptocurrencies, and commodities, ModMount caters to the depth and breadth of every trading strategy. UAE traders can amplify their market potential with up to 1:400 leverage while safeguarding their financial tranquillity through the security net of negative balance protection. Welcome to ModMount, where trade execution meets visionary regulation.

ModMount fees and spreads

EURUSDUSDJPYGoldBitcoin
0.9*1.4*Check ModMount websiteCheck ModMount website
*VIP account
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Pros

  • Broker licensed by the Financial Services Authority (FSA)
  • Trade CFDs on over 160 assets
  • Competitive spreads starting from 0.9 (EUR/USD)
  • Free demo account.
  • Leverage up to 1:400.
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Cons

  • No Metatrader 4/5 platform.

Trading CFDs and Forex Options involves risks and may result in the loss of your capital


#6. HYCM - Best Forex Broker and CFD Trading 

HYCM

HYCM is a multi-licensed platform that has been around for decades. They were established in 1998 and their services come highly recommended because they have had one of the most rigorous regulations during this time period, which are still applicable today!
You'll find over 300 trading instruments across six asset classes including cryptocurrencies with raw spreads average at 0 .2 pips on everything you invest; not only do we offer excellent customer service but also 24/5 support whether it be in Arabic or English language too, so your needs will always get met with HYCM.

HYCM fees and spreads

EURUSDUSDJPYGoldBitcoin
0.1 + $4 per round *0.2 + $4 per round *17 + $5 per round *76.5 *
*RAW account
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Pros

  • HYCM office in Dubai
  • Low spreads
  • Provide a free demo account
  • Low minimum deposit of $20
  • licensed broker
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Cons

  • No promotions

Your capital is at risk


#7. eToro Best Broker for Social Trading and Crypto Investing

etoro

 eToro is a social trading platform that offers over 100 crypto assets, ETFs, and stocks to trade. The minimum deposit for the account starts from 200 USD with no commission on stock trades; However, there may be some restrictions depending on your location (some countries do not allow investing money in financial products like this). In addition, e-toro also offers a demo account so you can test different strategies before risking any real money!

eToro Fees and Spreads

EURUSDUSDJPYGoldBitcoin
1 pip*1 pip*45 pips *0.75%
*variable spreads
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Pros

  • Practice trading with $100K
  • Popular social trading platform
  • exchange and wallet
  • More than 65 different cryptocurrencies
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Cons

  • High spreads.

Your capital is at risk



UAE Forex brokers Comparison 

Compare here the top regulated CFD and forex brokers that accept residents from the UAE

- Multi-regulated broker
- Minimum deposit of $100
 - Free demo account
 - + 200 cryptocurrencies CFDs

5.0
77.78% of retail investor accounts lose money when trading CFDs with this provider

- Bonus up to $10,000
 - Crypto trading
 - Islamic account
 - More than 1250 financial instruments

4.8

Trading CFDs and Forex Options involves risks and may result in the loss of your capital

- FSCA-regulated broker
- Trade CFDs on +160 assets.
  - Competitive spreads.
  - Free demo account.

4.8
Trading CFDs and Forex Options involves risks and may result in the loss of your capital

- Broker regulated by ASIC, FCA and DFSA (Dubai)
- Crypto trading
- Spreads as low as 0.0 pips

4.8

Between 74-89 % of retail investor accounts lose money when trading CFDs

- Broker licensed by the Financial Services Authority (FSA)
- Trade CFDs on +160 assets.
  - Negative balance protection.
  - Free demo account.

4.8
Trading CFDs and Forex Options involves risks and may result in the loss of your capital

- Low Spreads
- Free demo account
 - Trading Platform since 1998
- Multi-Regulated Broker

5.0

Your capital is at risk

- Practice trading with $100,000
 - World's leading social trading platform
 - Exchange and wallet
 - Over 65 different cryptocurrencies to trade

4.8

Your capital is at risk

- Starting from 0.0 pips 
- $100 Min. Deposit
- Follow and copy the best performing traders
- More than 10,000 financial instruments

4.5

Your capital is at risk

- 20% Deposit Bonus
- Free $10,000 demo account.
 Up to 1.500 leverage.
 - Islamic accounts.

5.0

Trading CFDs and Forex Options involves risks and may result in the loss of your capital

 About the Dubai Financial Services Authority

 Dubai is a bustling metropolis in the United Arab Emirates (UAE) that is known for its luxury hotels, towering skyline, and sunny beaches. It is also home to the Dubai Financial Services Authority (DFSA), which is the regulator for financial services in the Dubai International Financial Centre (DIFC).

 The DFSA's mission is to safeguard and enhance the reputation of Dubai as a leading international financial centre. The DFSA regulates banks, insurers, investment firms, and other financial institutions in the DIFC. It also enforces rules and regulations to ensure that these companies operate in a fair, transparent, and efficient manner. The DFSA is committed to protecting investors and promoting market confidence. 

Dubai Financial Services Authority (DFSA) website: www.dfsa.ae

 About the Abu Dhabi Global Market (ADGM)

Abu Dhabi Global Market (ADGM), located in the capital city of the United Arab Emirates, is a free zone and an international financial centre meant to boost Abu Dhabi's economy and establish the city as a regional financial hub.

The ADGM was established in 2013 by Abu Dhabi's ruler, Sheikh Khalifa bin Zayed Al Nahyan, with the goal of attracting foreign direct investment and promoting Abu Dhabi as an international finance centre. To achieve this, the ADGM offers a number of benefits to businesses, including tax-free status, 100% foreign ownership, and a liberal visa regime.

 In addition, businesses can choose to be regulated by either the Abu Dhabi UAE Financial Services Regulatory Authority or the UK Financial Conduct Authority.

 The ADGM is also home to a number of prestigious financial institutions, such as HSBC and Citigroup. With its many advantages, it is no surprise that the ADGM is quickly becoming a leading financial centre in the Middle East.

AGDM website: www.agdm.com

FAQs

Is forex trading legal in the UAE?

Forex trading is indeed legal in the UAE. There are a number of licensed brokers where you can trade forex currency pairs, commodities, and CFDs. You can find more information on the website of the UAE Central Bank. However, before you start trading, it is important to educate yourself about the risks involved and to have a solid trading plan. Otherwise, you could end up making some costly mistakes.

Is forex halal in Islam?

There is a debate among Muslim scholars about whether forex trading is riba (usury or prohibited interest). Most scholars say that it is not because the exchange of currencies does not involve the lending and borrowing of money. However, there are some scholars who argue that forex trading is riba, because it involves the taking of risk in order to make a profit.
Whether or not forex trading is haram (prohibited) depends on your interpretation of Islamic law. Some Muslims believe that any form of gambling or speculation is haram, while others believe that only certain forms of gambling are haram. So it's up to each individual trader to decide what they believe and to abide by their own personal interpretations of Islamic

What is the minimum trading amount in the UAE? 

There are a few different answers to this question, as it depends on the broker you choose and the type of account you open. For example, Oanda requires a minimum deposit of $1 to open an account, while bdswiss requires a minimum deposit of $10. Overall, the average minimum deposit required to trade forex is around $100-$200