As more FOREX traders enter the trading market, FOREX brokers are in a scramble to improve their customer retention, thereby maintaining revenues and ensuring continued profitability. New traders are rightly worried about the risks involved in FOREX trading and are always ready to accept good advice on how to steer clear of questionable brokers. To support traders, we have created a list of the best FOREX companies in the UAE today. This list is the result of a detailed broker review process carried out by Arincen. We have gone one step further to include our research methodology so traders can grasp why we made the suggestions we did.
Company name | Regulations | Minimum deposit | Main branch | Open account |
---|---|---|---|---|
![]() FXDD |
FCA | $450 | United States of America | |
![]() ICM capital |
FCA | 500$ | United Kingdom | |
![]() XTB |
FCA | 400$ | United Kingdom | |
![]() ig markets |
FCA | 250$ | United Kingdom |
Company name | FXDD |
Regulations | FCA |
Minimum deposit | $450 |
Main branch | United States of America |
Company name | ICM capital |
Regulations | FCA |
Minimum deposit | 500$ |
Main branch | United Kingdom |
Company name | XTB |
Regulations | FCA |
Minimum deposit | 400$ |
Main branch | United Kingdom |
Company name | ig markets |
Regulations | FCA |
Minimum deposit | 250$ |
Main branch | United Kingdom |
The FOREX market is the largest financial market in the world, at some six trillion dollars daily, only followed by the credit market. The market operates 24 hours a day and five days a week (Monday through Friday), except international holidays. Brokerage firms play a key role in this regard by enabling clients to buy and sell through a trading platform. This could be done either on a personal computer (PC) or by using a smartphone.
Regardless of where they are based, FOREX brokers must all reach a level of acceptable operating standards before you can begin to choose among them. First, a broker must be well regulated. This is in your own interest. Brokers that are regulated by top-tier watchdogs are compelled to protect your affairs, notably by offering you access to a compensation scheme in the event they go under.
Next, the broker must have a robust set of features, such as a powerful trading platform, deep access to markets, and fast execution. You can also ask the broker about their levels of liquidity as this is especially important in the FOREX market. From there, you should check for other important elements, like customer support, trader-friendly account deposit and withdrawal methods, and access to educational materials.
Naturally, in the case of UAE brokers, you will need to ensure that the broker allows for Sharia trading of FOREX through interest-free accounts.
It is legal to trade FOREX in the UAE, but the broker must be regulated by the required financial authorities. Interestingly, brokers setting up shop in the UAE have a choice between a few different regulatory bodies. Some choose to subscribe to all these bodies while others choose to concentrate on being regulated by one or two.
In the UAE, there are four main financial regulators. These are:
Most UAE-based brokers are regulated by the SCA, as it is the starting point for FOREX licensing. The SCA governs all non-banking financial activities and one of its major roles is to enhance capital markets in the region and stimulate economic growth. Importantly, some older brokers are still only regulated by the CBUAE, but according to recent legislation, they must transition to SCA regulation by July 2022.
When choosing a Sharia-compliant broker, it helps to know that since interest cannot be charged on open orders overnight, brokers load their FOREX spreads to make up for this loss of revenue. This means that spreads are one of the best ways to compare which brokers are more cost-effective.
Commissions also come into play, but mainly on Electronic Communication Network (ECN) accounts. If you choose to trade on basic, no-commission Market Maker accounts, then you can save money on commissions, but if you have advanced execution speed requirements and need ECN trading facilities, then commissions become a factor.
To keep on the right side of Sharia finance laws, traders must ensure they understand which tradable assets are halal (permitted), and which are haram (not permitted). Brokers in the UAE understand these distinctions and will create their service offering accordingly.
FOREX trading is halal under Sharia law, as the practice allows the trader to improve their personal financial situation, a key tenet of Islamic teachings. As we have mentioned, as long as the trader does not earn or pay interest, then FOREX trading is allowed.
Islamic traders can safely invest in other financial instruments, such as indices, commodities and shares. Regarding share trading, according to Islamic principles, it is permitted to buy shares in a company as long as it does not carry out haram activities, such as gambling and the brewing of alcohol.
Islamic traders cannot trade in bonds and treasury bills, as these financial instruments are created with the sole intention of allowing investors to make a profit from interest earned over time. Sharia-compliant brokers understand this and do not offer these instruments to Islamic traders.
Islamic brokers understand that in order to remain competitive, matters relating to funding client accounts and withdrawing proceeds need not be unnecessarily complicated or slow.
As long as a financial transaction does not include interest, then there is no reason a broker may delay it. Therefore, deposits and withdrawals carried out with UAE-based brokers resemble those of brokers elsewhere in terms of speed and convenience. Of course, waiting times for deposits or withdrawals may be delayed by the banking system of the region, but this is no fault of the broker.
As timing is key to FOREX trading, you must pick a brokerage firm that is able to provide good customer support around the clock. This most notable includes the company representatives being easy to reach, fast and polite, which will, in turn, spare you of having to worry about problems down the road.
Brokers in the UAE must offer the same level of technical proficiency as any other broker in the world. This means that the broker’s Website must be visually appealing, easily navigable and highly functional. Orders must be processed as swiftly as possible with minimal lag that could cause slippage.
Brokers in the UAE can use the popular MetaTrader suite of tools or their own proprietary platforms. Whatever they choose, brokers operate in a highly competitive marketplace, where technical fundamentals are increasingly important as traders demand faster speeds and more advanced analysis tools.
Arincen’s Website features a powerful social network where traders can learn from each other in a supportive community. Every trader starts out as a novice, and it helps to be able to watch and study the trades of other more experienced investors. This important feature has allowed many a trader to make their learning curve less steep and expensive.
At the get-go, it is important to learn more about regulatory bodies and their role in the FOREX market. These are government entities charged with regulating the sector. Their role is two-fold:
1. Observing and regulating the work environment in the FOREX market; and
2. Protecting investors and their funds.
FOREX firms must at least obtain one license from a relevant regulatory authority. Otherwise, they should be avoided at all times. In this context, we present the five most important FOREX market regulatory bodies from around the world.
1. The Financial Conduct Authority (FCA), UK;
2. The Swiss Financial Market Supervisory Authority (FINMA);
3. The Australian Securities and Investments Commission (ASIC);
4. The Financial Markets Authority, New Zealand; and
5. The National Futures Association (NFA), US.
While FOREX market regulatory bodies exist in almost every country, these are the most important five and also the most strict. To learn more about other regulatory bodies, please visit Arincen.com, where you will find a comprehensive global database.
While the SCA does not provide a list of authorized FOREX brokers, residents and others can contact the CBR directly to verify authorization.
In this introduction, we took a look at the best FOREX brokers in the UAE. We began by identifying the best five FOREX brokers in the country, listing and ranking them by their Arincen Trustscore. We then briefly described the regulatory environment governing these companies (more on this later in the article). Finally, we advised readers how they should go about ensuring that the broker into which they are looking is licensed by a tier-1 regulator, such as the FCA, and, therefore, deemed trustworthy.
Many online trading scams involve fake online trading platforms that offer attractive, not-to-be-missed trading promotions and packages. Often, these deals are too good to be true, and this is proven when traders invest money and the Website administrators disappear with their funds.
The best way to avoid being scammed is to check that the broker you are using is regulated by a trustworthy regulator. It is not enough to check if these brokers are registered companies alone, as the most sophisticated criminal syndicates often go to the lengths of registering their fraudulent companies with a company registration authority.
In general, you should keep a keen eye for red flags, such as:
While the SCA is responsible for licensing brokers and ensuring fair practices, it does not compel brokers to sign up to a trader compensation scheme, as does other regulators. If a broker offers its clients membership to a compensation facility in the event of their insolvency, the broker is doing this on its own accord.
The SCA’s guidelines are somewhat vague in the area of investor protection and only instruct brokers to “Practice the licensed activity while exerting care and prudence…and observe the business norms in this regard and the principles of trust, fairness, equality and care for the interests of clients.”
One of the first things a new FOREX trader ought to do is to check the extent to which the FOREX company abides by the rules and regulations governing its operation. Emphasis must be placed on what it can and cannot do.
There are seven things brokerage firms cannot do:
In short, the role of brokerage firms is strictly confined to facilitating buyers and sellers to come together toward an agreed-upon commission. FOREX brokerage firms that violate any of the seven rules aforementioned should be avoided. However, should the trader wish to receive any of the above-mentioned services, our advice is to seek an expert website, like Arincen, something we will delve into toward the end of this article.
A first step in FOREX trading is identifying the spread differential, defined as the difference between the bid (sell) price and the ask (buy) price of a currency pair. While most FOREX currency pairs are traded without commission, the spread is one “cost” that applies to any trade that you place. This is, indeed, the biggest source of profit for the FOREX company. Good companies typically offer a EUR-USD spread of three basis points.
As for commissions, FOREX trading companies can be placed into three categories. The first offer fixed spreads, while the second tender variable spreads with a third category of companies offering low-cost spreads, but that come with a (relatively high) fixed commission.
When it comes to sharing sensitive personal information online, such as a credit card, cyber security is paramount. You should, therefore, always look out for SSL certification and two-factor authentication (especially when registering with a new site). To provide our users with peace of mind, we at Arincen have introduced the “Company Checker,” which is an online tool directly linked to an international Website called Scamadviser. The latter is an independent site that checks the countries in which these FOREX Websites are managed, where the server is located, in addition to other security and informational aspects. It ranks FOREX firms by granting them a score ranging from 0% to 100%, with the best FOREX firms usually receiving a score of 90% and above. Any company that has achieved a score lower than 85% should thus be avoided. Simultaneously, when looking for a new FOREX company, users must ensure its Website is fast, modern and user-friendly.
Best Broker and Platform in the UAE
FXDD received the highest score in our survey (92.15). One of the first FOREX companies to offer a credit card in order to allow traders to withdraw their profits, this New York-based company has the UK's FCA license under its belt. It also has a rich portfolio of assets, offers a relatively low spread, in addition to the MetaTrader4 (MT4) platform. Further, it has excellent and fast customer service, and also offers traders a variety of ways to deposit money. Established in 2002. Segregated client funds. Low minimum deposits. No commissions on the Standard Account. A choice of two account jurisdictions. Multiple platform support and comprehensive market data and analysis. A good range of currency pairs and other assets to trade. Not available to traders in the US. Relatively limited range of instruments. EU-client leverage restricted to 1:30. ICM Capital is considered the industry leader in deposits and withdrawals, whereby each withdrawal does not take more than five business days. Moreover, the company offers its customers a handy credit card to withdraw their profits, in addition to enabling customers to use various deposit methods. The company, which is licensed by the UK's FCA, has several branches around the world. Among other things, it has a rich portfolio of assets, especially stocks, offers a low spread, as well as the ability to use MT4. Segregated client funds. Regulated by the UK’s FCA. Established in 2009. More than 10,000 ICM Capital users and traders. Reasonable minimum deposit from $200. Decent funding options. No swaps. MetaTrader4 (MT4) desktop and mobile download. Does not allow scalping. Not ASIC-regulated. Relatively limited range of instruments. Slow live-chat service. Relatively high trading fees. Limited range of trading tools and resources What distinguishes XTB is the fact that it offers the best customer experience among all the companies we have surveyed. Indeed, it boasts the fastest response rate from all the companies under investigation. This is especially relevant, since the market is always on-the-go, and so you need to act fast. XTB offers lots of asset classes, as well as the ability to use the MT4 trading platform. Finally, it maintains a relatively low spread, which is suitable for quick deals. Long history of operation. Globally recognized, having won multiple awards. Some of the lowest FOREX spreads in the market. Regulated by the FCA (UK). Offers protection for client accounts. Emphasis on customer service. Excellent support, learning and research tools. Does not accept US clients. Non-FOREX spread costs are relatively high. No GSLO. No back-testing or automated trading capabilities. Conditions vary according to regulation and entity. IG is arguably the best broker when it comes to security and trust, boasting, as it does, licenses from 10 regulatory bodies, including the all-important FCA from the UK. The company is also a bank and is a publicly traded company in London. It is known for offering more than 10,000 asset classes of currencies, commodities, future contracts, ETFs, indices, cryptocurrencies etc. Further, it has its own state-of-the-art trading platform and offers a relatively low spread. Easy-to-navigate platform that is simple for beginners to master. Margin rates are easy to understand and affordable. Mobile and tablet platforms offer full functionality of the desktop version. Accepts US clients. Access to more than 100 currency pairs. Emphasis on education and research. Regulated by the FCA (UK), as well as the CFTC and the NFA (US). Offers protection for UK/EU client accounts. US traders can currently only trade FOREX. No GSLO for US-based traders. No account protection for US clients. Relatively high share-CFD fees. No copy trading or back-testing integration on IG platform. Saxobank is considered one of the best investment banks in the area of financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spread is very low and, as such, suitable for short-term deals; and it offers a large number of asset classes, including currencies, commodities, indices etc. Finally, its customer service is excellent and very responsive to traders' needs. Extensive range of offerings. Regulated by the FCA (UK) and other top regulators. Great trading platform. Among the industry’s best research. Superior user interface. Offers protection for client accounts. High bond, options and futures fees. Lack of emphasis on customer service. Confusing instrument fee structures. High minimum deposit. Does not accept US clients. No MT4. Lacks live chat. CMC Markets is thought of as one the best companies, offering some 9,000 asset classes that encompass currencies, commodities, indices, cryptocurrencies, bonds and stocks. The company offers a relatively low spread, the MT4 platform, and fast customer service. It is most suited for traders looking for diversity in asset classes. Extensive range of offerings. Regulated by the FCA (UK). Low FOREX fees Emphasis on education and customer service. Great Web and mobile platforms. Offers protection for client accounts. Research amenities are industry leading. Does not accept US clients. Limited product portfolio. High stock CFD fees. High CFD spreads for certain indices. Differences between Next Generation and MT4. Complicated account verification. No back-testing or automated trading capabilities. Originally founded in New Zealand in 2010, and moving to Australia within the space of their first two years, Think Markets is a global online brokerage focusing on FOREX and CFD trading. In addition to a range of major and minor currency pairs. Think Markets has an array of CFDs on offer. This includes indices, as well as hard and soft commodities. Beginner assistance offered through 24/6 channels. Spreads are as low as 0.0 pips. 24/7 expert customer service. CFD shares and indices come at no extra fee. Zero broker fees for FOREX trading. Technical analysis and quality market information. Percentage allocation management module (PAMM) and Multi-account manager (MAM) accounts available. Direct share trading is on a separate platform. No binary options offered. Commissions charged for two account types. After a strong early start, ThinkTrader user ratings have slid to 3.4 stars. No US, Canada or Japan clients allowed. Forex.com is the oldest brokerage house in the world. A US-based company, it also allows Americans to trade, given it has obtained NFA licensing. The company is known for its excellent educational courses. Further, it offers traders the ability to use MT4, a relatively low spread, and excellent customer service. Wide range of product offerings. Regulated by the FCA (UK) and the CFTC (US), along with the NFA (also in the US). TradingView charts are built into the Web platform. Rebates for high-volume traders. Offers protection for UK/EU client accounts. Sub-par Website maintenance. No account protection or GSLO for US clients. FXCM is considered one of the most important FOREX broker companies in the world. With branches spread out all over the world, it is the first company in the world to utilize a marketing plan to take hold of several markets around the globe. It is one of the first companies in the world to offer the MT4 trading platform, a relatively low spread and good customer service. Good regulation by relevant authorities in its chosen markets. Quality educational material. Dependable desktop and Web trading platforms. Availability of demo accounts for testing. Access to several AI-driven algorithmic tools. Excellent liquidity partners. Access to five asset classes for investment. Competitive and transparent pricing. Low minimum deposits needed. Spread betting for UK and Ireland clients. Relatively small product portfolio. Does not offer managed accounts. Does not deal with certain key markets, including the US, New Zealand and Singapore. Fined by the FCA for defrauding customers. Swissquote is considered a very unique company, offering traders a state-of-the-art experience. It is noteworthy for being the sponsor for Manchester United FC. The company offers a relatively high spread, the MT4 trading platform, and excellent customer service. Swiss accounts receive the benefit of funds held in Swiss tier-1 bank accounts, with an IBAN for seamless international trading. Many platform types, including Autochartist, allow members access to more market opportunities. Assorted plugins help give traders new functionality for charting, order types, technical analysis and indicators. Zero-commission and from 0.0 spreads accounts options are cost-effective for trading. Great educational resources are a comfort for novices. Large, somewhat confusing array of services might confuse beginners. Average spreads are somewhat higher in Swiss accounts than in EU accounts. Somewhat high minimum deposit amounts, even on the lowest account type.FXDD Broker
Mediator Rating
Regulators
FCA
Minimum Deposit:
$450
Islamic account
yes
Payment Methods
Bank transfer - credit card - Electronic Banks - Crypto
Main Branch:
United States of America
Customer support
24/5
Demo account
yes
Trading Platforms
MT4 - MT5 - C TRADER -Web Platform
Pros
Cons
ICM capital Broker
Mediator Rating
Regulators
FCA
Minimum Deposit:
500$
Islamic account
yes
Payment Methods
Bank transfer - credit card - Electronic Banks - Crypto
Main Branch:
United Kingdom
Customer support
24/5
Demo account
not
Trading Platforms
MT4 - MT5 - C TRADER -Web Platform
Pros
Cons
XTB Broker
Mediator Rating
Regulators
FCA
Minimum Deposit:
400$
Islamic account
yes
Payment Methods
Bank transfer - credit card - Electronic Banks
Main Branch:
United Kingdom
Customer support
24/5
Demo account
yes
Trading Platforms
MT4 - MT5 -Web Platform
Pros
Cons
ig markets Broker
Mediator Rating
Regulators
FCA
Minimum Deposit:
250$
Islamic account
yes
Payment Methods
Bank transfer - credit card - Electronic Banks
Main Branch:
United Kingdom
Customer support
24/5
Demo account
not
Trading Platforms
Proprietary Platform -MT4 - Web Platform
Pros
Cons
SAXO BANK Broker
Mediator Rating
Regulators
FCA
Minimum Deposit:
10000$
Islamic account
No
Payment Methods
Bank transfer - credit card
Main Branch:
Copenhagen, Denmark
Customer support
24/5
Demo account
not
Trading Platforms
SaxoTrader
Pros
Cons
CMC MARKETS Broker
Mediator Rating
Regulators
FCA
Minimum Deposit:
0$
Islamic account
No
Payment Methods
Bank transfer - credit card - Electronic Banks
Main Branch:
United Kingdom
Customer support
24/5
Demo account
not
Trading Platforms
Proprietary Platform -MT4 - Web Platform
Pros
Cons
think markets Broker
Mediator Rating
Regulators
FCA
Minimum Deposit:
0$
Islamic account
yes
Payment Methods
Bank transfer - credit card - Electronic Banks - Crypto
Main Branch:
Australia
Customer support
24/5
Demo account
not
Trading Platforms
Proprietary Platform -Web platform-mt4- mt5
Pros
Cons
forex Broker
Mediator Rating
Regulators
FCA
Minimum Deposit:
100$
Islamic account
yes
Payment Methods
Bank transfer - credit card - Electronic Banks
Main Branch:
United States of America
Customer support
24/5
Demo account
not
Trading Platforms
Proprietary Platform -Web platform-mt4- mt5
Pros
Cons
FXCM Broker
Mediator Rating
Regulators
FCA
Minimum Deposit:
300$
Islamic account
yes
Payment Methods
Bank transfer - credit card - Electronic Banks
Main Branch:
United States of America
Customer support
24/5
Demo account
not
Trading Platforms
Proprietary Platform -MT4 - Web Platform
Pros
Cons
swissquote Broker
Mediator Rating
Regulators
FCA
Minimum Deposit:
1000$
Islamic account
yes
Payment Methods
Bank transfer - credit card - Electronic Banks
Main Branch:
Switzerland
Customer support
24/5
Demo account
not
Trading Platforms
Proprietary Platform -Web platform-mt4- mt5
Pros
Cons
Put simply, Arincen is a social networking platform that brings together traders and experts to exchange expertise and ideas. Together, we evaluate the best FOREX companies in the world while offering a compressive suite of services and tools, all in one place, either via a computer or a mobile app. The platform is so rich, one can create his own private portfolio of traders and experts they like and, at the same time, follow their recommendations and investment sentiments. Further, thanks to Arincen, users can keep an eye on market-price developments, as well as the latest news. Users can also benefit from the network’s educational courses on offer, to say nothing of exciting Webinars – all done in a modern and fast-paced work environment. Get all of what you need in one place, not less, not more. In short. Arincen: We Meet to Simplify the Trading World.
The team at Arincen collected more than 120 pieces of data covering in excess of 100 licensed FOREX companies. Data collection was done in three ways:
Companies’ Websites.
Other Websites that have ranked FOREX companies.
Survey questionnaire (referred to here as Survey “1”) we had sent to the companies invited to participate in the exercise. We have identified 13 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets etc.
Afterward we validated the data by:
Registering with FOREX companies as a secret shopper and/or as Arincen.
Survey number “2,” in which we asked these companies’ customers for important feedback and past experience.
The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including taking into account different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung etc.
To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies to evaluate our own research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%.
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Yes, FOREX trading is legal in the UAE as long as the broker registers with the necessary authorities and is licensed to operate.
FOREX trading is halal as according to the teachings of Islam, as traders are allowed to carry out activities for the betterment of their financial situation. They should not earn or pay interest, which is why swap-free or interest-free accounts are available to Islamic traders.
The FOREX market is the largest financial market in the world, at some six trillion dollars daily, only followed by the credit market. The market operates 24 hours a day and five days a week (Monday through Friday), except international holidays.
A first step in FOREX trading is identifying the spread differential, defined as the difference between the bid (sell) price and the ask (buy) price of a currency pair. While most FOREX currency pairs are traded without commission, the spread is one “cost” that applies to any trade that you place. This is, indeed, the biggest source of profit for the FOREX company. Good companies typically offer a EUR-USD spread of three basis points. As for commissions, FOREX trading companies can be placed in three categories. The first offer fixed spreads, while the second tender variable spreads with a third category of companies offering low-cost spreads, but that come with a (relatively high) fixed commission.
Good customer service is very important in FOREX trading. Clients often need to contact a customer service desk to resolve account queries and to request important trading information. The best brokers offers multi-lingual customer service across multiple time zones.
No. The UAE is a tax-free zone, therefore there is no taxation on FOREX trading.
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