Best Forex Brokers United Arab Emirates 2022
May 09, 2022
Last modified May 20, 2022
When most people think of the United Arab Emirates (UAE), they likely picture Dubai and its world-famous Burj Khalifa tower – currently the tallest building in the world by a long shot (half a mile tall!).
Look beyond the staggering cityscapes and the mind-boggling artificial islands that flank its most famous city, and you’ll find that the UAE is a regional financial powerhouse.
Here at BrokerNotes, we conducted extensive research and data collection on the top forex brokers, as well as local regulatory agencies, stock exchanges, and UAE monetary policy to create this guide to help you pick the best forex broker for trading in the UAE.
Choosing a forex broker in the UAE
Whether you are an active trader with deep forex experience, or a beginner who is just getting their start in the forex world, choosing a well-regulated forex broker is crucial if you want to steer clear of forex scams. Not all regulatory licenses carry the same weight, however, and regulatory environments can vary widely from country to country.
Our Trust Score, a proprietary algorithm, ranks regulatory agencies and their respective countries into three groups, with Tier 1 indicating the most stringent (which is good) and Tier 3 the least. We collect comprehensive data on each broker, which results in a ranking from 1 to 99 of the broker’s overall trust (the higher a broker’s Trust Score, the better). Learn more about Trust Score at our sister site, ForexBrokers.com.
Excluding the city of Dubai, the Central Bank of the UAE (CBUAE) is the primary national regulator for all financial services firms in the UAE, including banks and forex brokers. The Securities and Commodities Authority (SCA) is the governmental agency that oversees the local stock and commodity exchanges in Dubai.
Within Dubai exists a unique special economic zone known as the Dubai International Financial Center (DIFC). The primary regulator for the financial services industry within the DIFC is the Dubai Financial Services Authority (DFSA), which enforces licensing and membership compliance for forex brokers in Dubai, and regulates the trading of securities, commodities, investment funds, and derivatives.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Best forex brokers for trading in the UAE
To help you find the best forex brokers, we curated a list of every broker that accepts new clients from the UAE. We conducted meticulous research on those brokers, using over 100 data-driven variables (including our proprietary Trust Score), resulting in this list of the overall best brokers in the UAE:
- IG - 9.7/10 Overall
- Saxo Bank - 9.5/10 Overall
- Interactive Brokers - 9.2/10 Overall
- FOREX.com - 8.7/10 Overall
- XTB - 8.7/10 Overall
- AvaTrade - 8.2/10 Overall
- Admiral Markets - 8.1/10 Overall
- Markets.com - 8.1/10 Overall
- XM Group - 8/10 Overall
Trust Score
Highly Trusted
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.828 (September 2021) |
| All-in Cost EUR/USD - Active | 0.365 (May 2020) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | No |
| Visa/Mastercard (Credit/Debit) | Yes |
Trust Score
Highly Trusted
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.8 (August 2020) |
| All-in Cost EUR/USD - Active | 0.6 (August 2020) |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | No |
| Visa/Mastercard (Credit/Debit) | Yes |
Trust Score
Highly Trusted
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.6 (From 09/25/21 - 10/02/21) |
| All-in Cost EUR/USD - Active | 0.6 (From 09/25/21 - 10/02/21) |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | No |
| Visa/Mastercard (Credit/Debit) | No |
Trust Score
Highly Trusted
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 1.1 (US August 2021) |
| All-in Cost EUR/USD - Active | 1.1 (US August 2021) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | No |
| Visa/Mastercard (Credit/Debit) | Yes |
Trust Score
Highly Trusted
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.9 (Q3 2021) |
| All-in Cost EUR/USD - Active | 0.9 (Q3 2021) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Trust Score
Highly Trusted
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.91 (Aug 2020) |
| All-in Cost EUR/USD - Active | 0.61 (Aug 2020) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.8 (July 2021) |
| All-in Cost EUR/USD - Active | 0.7 (July 2021) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 1.9 (as of Oct 2019) |
| All-in Cost EUR/USD - Active | 1.9 (as of May 2019) |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 1.6 (Aug 2020) |
| All-in Cost EUR/USD - Active | 0.8 (Aug 2021) |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
The UAE’S financial markets
Forex traders may recognize the dirham (AED) as the national currency of the United Arab Emirates. The dirham is affected by the local monetary policy and economy of the UAE, relative to international currency markets.
Though comprised of seven separate emirates, the main financial centers of the UAE are undisputedly Abu Dhabi and Dubai. As such, the UAE features two primary financial securities exchanges: the Abu Dhabi Securities Exchange (ADX), and the Dubai Financial Market (DFM).
The ADX, based in Abu Dhabi, was established in the year 2000 and operates as a market for trading securities while also being vested with certain supervisory powers. One of the largest markets in the Arab world, the ADX offers shares, bonds, exchange-traded funds (ETFs), and other SCA-approved financial instruments.
The DFM, based in Dubai, functions as a secondary market for trading securities, bonds, mutual funds, as well as other local or foreign DFM-approved financial instruments.
FAQs
Is forex trading legal in UAE?
Yes, forex trading is legal in the UAE, according to Regulatory Law 2004 as enacted by the ruler of Dubai. Trading CFDs and forex falls under the jurisdiction of the DFSA within the Dubai International Financial Center (DIFC), and forex and CFD brokers themselves are licensed by the DFSA.
Outside of the DIFC, the Central Bank of the UAE (CBUAE) licenses forex brokers for the rest of the UAE. Brokers authorized by the CBUAE hold a monetary intermediary license, whereas exchange-traded forex products are regulated by the Securities & Commodities Authority (SCA), which oversees the local stock and commodities exchanges.
What is the best broker in Dubai?
IG is the best forex broker in the UAE in 2022. When considering all forex brokers regulated by the DFSA in Dubai (and accept residents of the UAE), IG stands out as the clear favorite here at BrokerNotes. IG delivers excellent trading platforms, a suite of powerful mobile apps, top-notch research, and the highest attainable Trust Score for a forex broker. With its wide range of currency pairs and a truly vast selection of tradeable markets, IG is our top pick for investors based in the UAE and Dubai.
Which broker has the best mobile app?
Saxo Bank, which is DFSA-regulated in the UAE, is an excellent choice for UAE-based traders and investors who are looking for a superior mobile app. Saxo Bank’s SaxoTraderGO innovative web and mobile trading platforms deliver a superior selection of tools and state-of-the-art research.
Well-matched with Saxo Bank is IG, which won the award for Best Smartphone App in 2022 at our sister site, ForexBrokers.com. With its IG Trading app, IG delivers a user-friendly, intuitive platform that is chock-full of powerful features such as alerts, superb charting capabilities, and top-tier integrated research.
Can I use MetaTrader in the UAE?
Yes, the MetaTrader platform, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), is legal and available to residents of the UAE – provided your forex broker is regulated in Dubai by the DFSA.
If you are looking for the best forex broker in Dubai for MetaTrader users, our top pick is Pepperstone. If you want to read more about the best MetaTrader forex brokers, feel free to check out our MetaTrader 4 guide.
Which broker is best for beginners?
IG is the best forex broker for beginners in 2022, due to its vast selection of educational resources, which include guided courses that allow you to chart your own progress as you learn about forex and CFD trading. DailyFx – IG’s in-house content developer – produces a healthy variety of informative articles and videos, and IG has even developed its own standalone mobile app (in addition to its award-winning IG Trading app) that is exclusively dedicated to teaching beginners the ins and outs of the financial markets.
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Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more.
About the Author
Steven Hatzakis
Steven is the Lead Writer and Director of Research at BrokerNotes since 2021, and at ForexBrokers.com since 2016.
Steven has been gathering accolades and credentials in the finance industry for over 20 years. He’s served as a registered commodity futures representative for both domestic and internationally regulated brokerages, and he’s held a Series III license in the U.S. as a Commodity Trading Advisor (CTA) for over ten years.
He’s published over 1,000 articles covering the forex industry, and he has been writing about Bitcoin and cryptocurrency for almost ten years. Steven continues to contribute to open-source technology, consumer education, and self-regulatory initiatives.
