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Best FOREX Brokers in the UAE for 2024

With many years of meticulous FOREX broker testing, Arincen stands out as a voice of authority. Our analyses, shaped by exhaustive data collection, are trusted by many. Each year, we gather 120 data points from more than 100 brokers. Our team of more than 20 people collaborate extensively to produce high-quality broker reviews like this one. For a detailed explanation of how we test brokers, navigate to the bottom of this article.

In the world of FOREX trading, the sheer number of new traders has prompted the best online trading platforms to intensify their efforts to improve their products and new brokers to join the scene. In this competitive landscape, newbie traders need to be aware of the risks posed by sub-standard brokers
Recognizing this need, we at Arincen have meticulously compiled a list of the best FOREX brokers operating in the UAE today. This compilation is the result of an exhaustive broker review process. Later in the article, we will share our methodology to give you deeper insights into the rationale behind our recommendations.

Best FOREX Brokers in the UAE

Company name ICM Capital
Regulations
Minimum deposit 500$
Main branch United Arab Emirates
Company name FXDD
Regulations
Minimum deposit $450
Main branch USA
Company name XTB
Regulations
Minimum deposit 500$
Main branch UK
Company name IG
Regulations
Minimum deposit 500$
Main branch UK

Top Tips for Selecting the Best FOREX Brokers in UAE

In the United Arab Emirates, the FOREX landscape is rich with top-notch brokers renowned for offering stellar services. Key elements for selecting a FOREX broker in the UAE include:
Regulatory oversight:
Discover the importance of choosing a broker supervised by a reputable regulatory body, whether local (UAE) or international, to safeguard your investments.
Competitive fee structure:
Selecting a FOREX broker with competitive fees is crucial. Fees can impact your trading outcomes and profitability.
Diverse financial assets:
Your broker should offer a broad range of financial assets for trading. Understand the benefits of having access to multiple markets and instruments.
Responsive customer service:
Prompt and efficient customer service is vital. Quick response times and knowledgeable support teams can enhance your trading experience.
Comprehensive research tools and educational resources:
Having access to research tools and educational resources is crucial, especially for new traders. After reading this article, you will understand how these resources can empower you with knowledge and insights to make informed decisions.

Best 7 FOREX Brokers and Platforms in the UAE for 2024

With so many choices out there, it's tough to select the right broker. In this case, we've done the work for you. Here is a summary of each broker according to specific criteria, along with their pros and cons:
  1. FXDD - 92.15: Best Overall Broker
  2. ICM - Capital 91.10: Best Deposit and Withdrawal Broker
  3. XTB - 85.55: Best Customer Service Broker
  4. IG - 85.45: Best Regulations Broker plus Convenient Platform
  5. Saxo Bank - 80.09: Excellent Private Trading Platform
  6. CMC Markets - 80.07: More than 9,000 Assets
  7. ThinkMarkets - 80.05: Aimed at the Audience of Traders
ICM capital Broker

ICM capital Broker

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.
Broker Evaluation 8.11
Regulatory Bodies
Minimum Deposit 500$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch United Kingdom
Customer Service 24/5
Demo account yes
Trading Platforms MT4 - MT5 - C TRADER -Web Platform

Pros

  • 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 $500.
  • Decent funding options.
  • No swaps.
  • MetaTrader4 (MT4) desktop and mobile download.

Cons

  • 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
FXDD Broker

FXDD Broker

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.
Broker Evaluation 7.22
Regulatory Bodies
Minimum Deposit $450
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch United States of America
Customer Service 24/5
Demo account Yes
Trading Platforms MT4 - MT5 - C TRADER -Web Platform

Pros

  • 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.

Cons

  • Not available to traders in the US.
  • Relatively limited range of instruments.
  • EU-client leverage restricted to 1:30.
XTB Broker

XTB Broker

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.
Broker Evaluation 8.55
Regulatory Bodies
Minimum Deposit 500$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks
Main Branch United Kingdom
Customer Service 24/5
Demo account yes
Trading Platforms MT4 - MT5 -Web Platform

Pros

  • 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.

Cons

  • 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 markets Broker

ig markets Broker

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.
Broker Evaluation 7.54
Regulatory Bodies
Minimum Deposit 250$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks
Main Branch United Kingdom
Customer Service 24/5
Demo account Yes
Trading Platforms Proprietary Platform -MT4 - Web Platform

Pros

  • 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.

Cons

  • 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.
SAXO BANK Broker

SAXO BANK Broker

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.
Broker Evaluation 6.09
Regulatory Bodies
Minimum Deposit 10000$
Islamic Account No
Payment Methods Bank transfer - credit card
Main Branch Copenhagen, Denmark
Customer Service 24/5
Demo account No
Trading Platforms SaxoTrader

Pros

  • 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.

Cons

  • 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 Broker

CMC MARKETS Broker

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.
Broker Evaluation 7.07
Regulatory Bodies
Minimum Deposit 0$
Islamic Account No
Payment Methods Bank transfer - credit card - Electronic Banks
Main Branch United Kingdom
Customer Service 24/5
Demo account not
Trading Platforms Proprietary Platform -MT4 - Web Platform

Pros

  • 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.

Cons

  • 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.
think markets Broker

think markets Broker

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.
Broker Evaluation 8.05
Regulatory Bodies
Minimum Deposit 0$
Islamic Account yes
Payment Methods Bank transfer - credit card - Electronic Banks - Crypto
Main Branch Australia
Customer Service 24/5
Demo account not
Trading Platforms Proprietary Platform -Web platform-mt4- mt5

Pros

  • 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.

Cons

  • 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.

There is a high degree of risk involved in trading securities like FOREX, or CFDs, which are highly complex instruments. As a trader, you could be exposed to excessive leverage, questionable broker tactics, market volatility, and limited regulatory protection. Despite your best trading techniques and risk management strategies, your efforts may not be profitable, and you could suffer losses.

What is FOREX and Why Do We Need a Broker to Trade?

Many of you will already know this, but for those starting out, the FOREX market is the largest financial market in the world, at some six trillion dollars daily and 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.

How Do I Choose the Best FOREX Broker in the UAE?

Regardless of where they are based, the best UAE FOREX brokers must all reach acceptable operating standards before you can begin to choose from them. First, a broker must be well-regulated. This is in your interest. Brokers that top-tier watchdogs regulate 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 robust features, such as a powerful trading platform, deep market access, and fast execution. You can also ask the broker about its levels of liquidity, as this is especially important in the FOREX market. From there, you should check for other essential 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 Shariah trading of FOREX through interest-free accounts.
Best FOREX Brokers in the UAE

Regulation and Licensing in the UAE

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 have transitioned to SCA regulation by July 2022.
Notwithstanding local regulations, it is always important to check if your broker happens to be regulated by overseas tier-1 regulators. The Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySec) are but two premier regulators with which responsible brokers seek to be associated.
FOREX brokers must be regulated by the same regulators that regulate other financial assets, such as crypto, commodities, and indices. If you want to learn more about some of the best-regarded regulators, read our article on regulation here. Remember that you do not have to use a broker with international regulations if your local broker is regulated by a solid local regulator. In the case of the UAE, being regulated by the SCA is enough.
To ensure that your broker is legit, you can follow these steps:

Make sure your broker is regulated by a reputable authority. Not all brokers are regulated by tier-one regulators, but you can still rest easy if your broker works with the regulator in your area. To verify if your broker is registered with a regulator, navigate to the regulator’s official website.

Leverage

Leverage in FOREX trading is a powerful tool that allows traders to control larger positions in the market with a smaller amount of actual capital. The amount of leverage you have access to depends on the regulatory framework within which your broker operates. Several key regulators have introduced specific guidelines to safeguard retail traders.
Let's look at some of these leverage rules set by major regulators:
FCA in the UK:
30:1 for major currency pairs
20:1 for non-major currency pairs, gold, and major indices
10:1 for commodities (excluding gold) and non-major equity indices
5:1 for individual equities and other reference values
2:1 for cryptocurrencies
Australian Securities and Investments Commission (ASIC) Australia:
30:1 for major currency pairs
20:1 for non-major currency pairs, gold, and major stock market indices
10:1 for commodities other than gold and minor stock market indices
5:1 for equities (stocks) and other underlying assets
2:1 for cryptocurrencies
The Cyprus Securities and Exchange Commission (CySEC) in Cyprus:
CySEC regulations fall closely in line with the European Securities and Markets Authority (ESMA) guidelines and the Markets in Financial Instruments Regulation (MiFIR).
30:1 for major currency pairs 
20:1 for non-major currency pairs
10:1 for major indices, such as the S&P 500
5:1 for equities (stocks) and other underlying assets
2:1 for cryptocurrencies 
As far as UAE leverage levels are concerned, you must consult with your broker closely. Brokers in the country have been known to allow leverage as high as 500:1 without breaking any rules. However, with so many regulators in the country, and with their spheres of influence overlapping, there is sometimes some confusion around what leverage is permissible and under what conditions. For example, the SCA does not apply any maximum leverage limitations to traders. However, the DFSA limits leverage to 30:1 on major FOREX pairs and 20:1 on minor pairs.

High leverage can amplify potential profits, but it equally magnifies potential losses. It can put a stop to your trading career if not used carefully. The allure of high returns is tempting, but the risk associated with such strategies is highly dangerous. We strongly urge traders to approach leverage with caution, fully grasping its mechanics and implications.

Stop out

Stop outs are unwelcome events. It is one of the worst things that can happen to a retail FOREX trader. If this happens to you, rest assured that you have not planned your trading activities well In the world of trading. "Stop out" is a term with which you should be familiar. It's the point where your broker automatically closes some or all of your active positions to prevent your account from diving into negative territory. The stop-out level is usually defined as a percentage, representing the margin level at which your broker starts shutting down your open trades.
Let's break down the percentages:
Stop out of 0%
Your broker won't close any of your positions, even if your margin level reaches rock bottom. This is because some brokers allow you to end up in the red, which means you might owe them money if your trades keep losing.
Stop out of 50%
Once your equity dwindles to half of your used margin, the stop-out alarm goes off. Your broker steps in and starts closing your trades, beginning with those least profitable. This continues until your margin level bounces back above the stop-out level.
Stop out of 100%
When your margin level hits 100%, your broker takes the drastic step of automatically closing all your open positions. In some setups where the broker separates margin-call and stop-out levels, the margin call happens at 100% and the stop-out at 50%. If your margin level plunges to 50%, your trading platform springs into action with a stop-out, closing your trade at the market price.
Keep in mind that the specific percentage and the order in which positions get closed can vary from broker to broker. So, traders must know their broker's stop-out policy. It's worth noting that while stop-out measures are designed to shield traders from going into the red, they can also result in substantial losses, especially in volatile markets where positions are swiftly closed automatically, especially if the market suddenly reverses post-stop out. That's why you should always employ protective strategies, like setting stop-loss orders and avoiding excessive leverage.

Commissions and Fees in the UAE

Trading fees can be tricky to keep track of, so it's important to compare them with industry standards. Here are some fees of which to be aware:
Spreads
There are two main kinds of spread, one is fixed and the other is variable. The 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.
The spread refers to the difference between two prices, such as the bid/ask rate in a currency exchange rate. An example of a good spread is 1.4 pips for the EUR/USD (the narrower the better, this means that a spread of 1.4 pips is better than a spread of 2 pips). You can learn more about this concept in this article.
Remember that because brokers catering to UAE clients cannot charge rollover fees as it is against Shariah law, they often seek to make more money through spreads, which are typically higher in markets bound by Islamic law.
Commission
This is the service charge that brokers require for carrying out transactions on behalf of their clients. As for commissions, FOREX trading companies can be placed into three categories. The first offers fixed spreads, while the second offers variable spreads, with a third category of companies offering low-cost spreads, which come with a (relatively high) fixed commission.
Rollover fees: When you leave a trade open overnight, the broker normally charges a rollover fee for the facility of holding your trade open for that period. This is because they assume the risk of the market changing adversely. As we have said, you should know that as a Muslim trader, it is Haram to pay conventional rollover fees. This is why you should only trade with a broker that offers Islamic swap-free trading.
Withdrawal and deposit fees
Some platforms might charge fees for depositing or withdrawing funds. Pay attention to this. It's important to be aware of these and any associated limits or conditions.
Subscription or inactivity fees
Certain platforms have monthly charges or fees for inactive accounts. Ensure you're aware of these potential costs.
To keep track of trading fees, you can follow these steps:
Remember that trading fees can have a significant impact on your trading profits, so it's important to choose a platform that offers competitive fees and suits your trading needs.
Spread Commission Swap Islamic Account
Currencies Starting from 0.4 Pips 0$ No Available
Stocks Starting from 0.04 Pips 0$ Yes Unavailable
Commodities Starting from 0.17 Pips 0$ No Available
Indices Starting from 1.30 Pips 0$ No Available
Spread Commission Swap Islamic Account
Currencies Starting from 1.3 Pips 0$ No Available
Stocks Starting from 18 Pips 0$ Yes Unavailable
Commodities Starting from 2.3 Pips 0$ No Available
Indices Starting from 4 Pips 0$ Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.2 Pips 0$ No Available
Stocks Not Mentioned 0$ Yes Unavailable
Commodities Starting from 8 Pips 0$ No Available
Indices Starting from 4 Pips 0$ Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.6 Pips 0$ Yes Unavailable
Stocks Starting from 2.4 Pips 0$ Yes Unavailable
Commodities Starting from 0.1 Pips 0$ Yes Unavailable
Indices Starting from 0.2 Pips 0$ Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.9 Pips $0 Yes Unavailable
Stocks Starting from $0.02 $6 Yes Unavailable
Commodities Starting from $0.6 $6 Yes Unavailable
Indices Starting from $0.7 $6 Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.5 Pips $0 Yes Unavailable
Stocks Starting from $0.2 $10 Yes Unavailable
Commodities Starting from 0.2 Pips $0 Yes Unavailable
Indices Starting from 0.5 Pips $0 Yes Unavailable
Spread Commission Swap Islamic Account
Currencies Starting from 0.4 Pips $0 Yes Unavailable
Stocks Starting from 0.1% $0 Yes Unavailable
Commodities Starting from $0.19 $0 Yes Unavailable
Indices Starting from 0.4 Pips $0 Yes Unavailable

Tradable Assets and Instruments

Retail trading offers a diverse range of financial instruments, each with its own set of opportunities and challenges. Here are the most common tradable assets and instruments. Also, for Islamic traders, remember that common instruments such as bonds, futures, and CFDs are not open to you because the nature of these assets is to speculate on underlying assets you do not own, or to receive interest, which is Haram. Be sure to check that your broker provides Shariah-compliant trading accounts to trade these financial assets:
With the largest trading volume globally, the FOREX market allows traders to speculate on the future movements of currency prices, trading pairs like EUR/USD, GBP/JPY and many more.
Whether it's precious metals like gold and silver, or energy commodities like oil and natural gas, commodities trading offers a chance to profit from the tangible assets that drive global economies. Be sure to check which ones are Shariah-compliant first.
These represent ownership in a company and constitute one of the most popular avenues for retail traders, given their potential for substantial returns and the thrill of being a part of the corporate world. Remember you cannot, by Shariah finance laws, invest in companies that deal in gambling or alcohol.
These are baskets of stocks representing a particular market or sector, like the S&P 500 or the Nasdaq, giving traders exposure to broader market movements.
Digital coins like Bitcoin, Ethereum, and countless altcoins offer both high rewards and volatility.
Brokers Currency pairs Stocks Indices Commodities Crypto ETFs
FXDD 67 Pairs 1100 Shares 45 Indices 10 Commodity 30 Coins 1200 ETFs
ICM Capital 67 Pairs 89 Shares 17 Indices 12 Commodity 6 Coins Unavailable
XTB 57 Pairs 1848 Shares 36 Indices 22 Commodity 22 Coins 135 ETFs
IG 108 Pairs 20000 Shares 200 Indices 20 Commodity 5 Coins 200 ETFs
Saxo Bank 320 Pairs 22000 Shares 200 Indices 200 Commodity 9 Coins 6700 ETFs
CMC Markets 330 Pairs 8000 Shares 80 Indices 100 Commodity 18 Coins 200 ETFs
Think Markets 46 Pairs 3750 Shares 15 Indices 11 Commodity 21 Coins 350 ETFs

Trading Platforms, Tools, and Features

When choosing a trading platform, you should consider a range of features that cater to both novice and seasoned traders. Here are some elements to keep in mind:
To choose the perfect trading platform, here’s some solid advice:
Remember that the trading platform you choose can have a significant impact on your trading success, so it's important to choose wisely.

Payments, Deposits, and Withdrawals in the UAE

Islamic brokers understand that to remain competitive, matters relating to funding client accounts and withdrawing proceeds need not be unnecessarily complicated or slow.
If 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.
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee $0 $0 + Bank commission 0$ 0$ 0$ Unavailable
Withdrawal fee $30 $30 $30 $30 $30 Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission 1.9% 2.5% Unavailable 3.75%
Withdrawal fee 0$ $15 1% $0 Unavailable 2%
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission 1% 1% Unavailable Unavailable
Withdrawal fee 1.5% 30$ 1% 1% Unavailable Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable 3.4% + fixed fee
Withdrawal fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable 3.4% + fixed fee
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Withdrawal fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Withdrawal fee 0$ $0 + Bank commission Unavailable Unavailable Unavailable Unavailable
Method Credit Card Wire Transfer Skrill Neteller Cryptocurrency PayPal
Deposit fee 0$ $0 + Bank commission 0$ 2.5% Not mentioned Unavailable
Withdrawal fee 0$ $0 + Bank commission 5.50$ 0-7.5% Not mentioned Unavailable

FOREX Trading Customer Service

As timing is key to FOREX trading, you must pick a brokerage firm that can provide good customer support around the clock. This most notably includes the company representatives being easy to reach, fast, and polite, which in turn will spare you from having to worry about problems later. The best FOREX brokers in the UAE for beginners will be able to provide you with the following:
Email Live Chat Phone WhatsApp
Available Available Available Available Available
Quick response Very Fast Very Fast Very Fast Moderate
Email Live Chat Phone WhatsApp
Available Available Available Available Available
Quick response Very Fast Very Fast Very Fast Very Fast
Email Live Chat Phone WhatsApp
Available Available Available Available Not Available
Quick response Very Fast Moderate Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Available Available Not Available
Quick response Very Fast Very Fast Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Not Available Available Not Available
Quick response Slow Not Available Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Not Available Available Not Available
Quick response Moderate Not Available Moderate Not Available
Email Live Chat Phone WhatsApp
Available Available Available Available Not Available
Quick response Moderate Fast Moderate Not Available

Technical Aspects of the Broker’s Website

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 
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. Whichever 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.

Ask Other Traders on Our Network

Arincen’s Website features a powerful social network where traders can learn from each other in a supportive community. Every trader starts 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 traders to make their learning curve less steep and expensive.

Tip: Invest in Your knowledge
For every aspiring retail trader, knowledge is key to a successful trading journey. We invite you to delve into Arincen's goldmine of insights, strategies, and expert analyses. Whether you're just embarking on your trading venture or trying to level up your trading game, our resources are designed to give you all the information you need. Visit our educational resources here.

Is FOREX trading Halal or Haram?

The question of whether FOREX trading is considered halal (permissible) or haram (forbidden) in Islamic law (Shariah) has been a subject of debate among Islamic scholars and financial experts. In general, many experts agree that FOREX trading is Halal, but always take note of these key considerations:
If you are still unsure, seek guidance from a qualified Islamic scholar or a financial expert well-versed in Islamic finance. They can provide specific advice based on your circumstances and help you determine where you stand in terms of abiding by Shariah rules.

How to Open an Islamic Account

For retail traders in Islamic countries, ensuring financial practices adhere to Shariah principles is paramount. To open an Islamic trading account, start by researching reputable brokers that offer Shariah-compliant trading options. These accounts don't accrue interest, which aligns with Islamic finance norms. Once you've chosen a broker, complete their application process, making sure to select the “Islamic Account” option. It may require additional documentation or a declaration of faith. After your account is approved, you can confidently trade, knowing your activities align with your religious values. Always consult with a knowledgeable Islamic finance expert to ensure full compliance.

Which FOREX Broker has the Best Platform?

Many traders who prefer to use third-party platforms swear by the established MT4 platform. However, if you want to try something different and you are interested in a proprietary platform that continually pushes the boundaries of analytics and charting innovation, you can try Saxo Bank’s proprietary platform.

Which FOREX Broker Charges the Lowest Fees?

You will find that FXDD charges the lowest fees in the market on its ECN account.

Which FOREX Broker Offers the Most CFDs?

As a Muslim trader, don't forget that you cannot trade in CFDs because according to Islamic law, you do not have a strong enough stake in the transaction if you do not own the underlying assets. But it's good to know how different brokers compare concerning CFD coverage, which can be a proxy for their overall performance. For brokers that deal in the most CFDs, look no further than CMC Markets and IG, both of which offer extensive CFD selections.

Which is the Best FOREX Broker for the Most Assets?

You will not go wrong by reviewing the wide range of assets offered by CMC and IG, which are both known for their extensive range of asset classes.

Which is the Best FOREX Broker for Professionals?

Professional traders require such services as advanced indicators, access to day trading, and advanced trading orders. If you want to trade at a professional level, look for brokers that offer MT4 and that support advanced indicators like MACD, RSI, Moving Average, Volume, Bollinger Band, Harmonic, and Elliot Waves.

FOREX Trading Scams and How to Avoid Them

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 swindled 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:
It's worth noting that scams are continually evolving and moving with the times. Read your local regulator's website to see which new scams have been detected.

The choice of a regulated broker isn't merely a matter of preference—it's a protective measure. When a broker is regulated, it undergoes stringent assessments to ensure transparency, fair trading practices, and your financial security. Opting for an unregulated broker brings with it significant risks. For a list of the best regulators, read our article here.

The Dos and Don’ts of FOREX Brokers

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:
  1. The FOREX brokerage firm cannot recommend a buy or sell;
  2. The FOREX brokerage firm must not provide price or market expectations (rise/fall);
  3. The FOREX firm cannot control your financial dealings (deposit/withdrawal);
  4. The FOREX brokerage firm should not “manage” your portfolio under any circumstance;
  5. The FOREX brokerage firm cannot grant a client a bonus unless there are clear terms guiding it from beforehand.
  6. The brokerage firm must not use bank accounts not under its name; and
  7. FOREX brokerage firms cannot have or offer the service of account managers.
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 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.

Will Your Money be Protected if Your Broker Becomes Insolvent? 

While the SCA is responsible for licensing brokers and ensuring fair practices, it does not compel brokers to sign up for a trader compensation scheme, as with other regulators. If a broker offers its clients membership to a compensation facility in the event of its 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.”

Who is Arincen and What do We Do?

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 comprehensive suite of services and tools, all in one place, either via a computer or a mobile app. The platform is so rich that you can create your own private portfolio of traders and experts you 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 you need in one place. Our motto: We Meet to Simplify the Trading World.

Conclusion

Now is the best time to get involved in FOREX trading. The best FOREX brokers in the UAE operate in a well-managed and transparent regulatory environment. Remember, the key message to take away from this article is that the FOREX brokerage firm you pick must be legally licensed and well-regulated. In this article, we gave you details of who these regulators are.
Be sure to vet the broker's tools, platforms, and reputation. Make sure that you can get customer service in your local language whenever you need it. If at any stage you are unsure about what steps to take when vetting the best online platforms in the UAE, you can always refer to this article.

Arincen’s Review Methodology

The team at Arincen collected more than 120 pieces of data covering more than 100 licensed FOREX companies. Data collection was done in three ways:
  1. Companies’ Websites.
  2. Other Websites that have ranked FOREX companies.
  3. 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 relative weight. These include licensing, deposits and withdrawals, number of assets, etc.
Afterward, we validated the data by:
  1. Registering with FOREX companies as a secret shopper and/or as Arincen.
  2. Survey number “2,” in which we asked these companies’ customers for important feedback and experience.
The next step saw us evaluate and rank each company, relying on the demanding work of 15 Arincen employees. We were careful to ensure the most accurate assessment possible, including considering 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 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%. To learn more about how we came up with the evaluation, please click here.

Forex Risk Disclaimer
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

FAQ

Is FOREX trading legal in the UAE?

Yes, FOREX trading is legal in the UAE if the broker registers with the necessary authorities and is licensed to operate.

Is FOREX trading halal or haram?

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.

Which is the best Islamic FOREX broker in the UAE?

Please insert chosen broker

What is FOREX trading?

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.

What costs and commissions are associated with FOREX trading?

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.

How important is good customer service in FOREX trading?

Good customer service is especially 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.

Is FOREX trading taxable in the UAE?

No. The UAE is a tax-free zone, therefore there is no taxation on FOREX trading.
Written by
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Adrian Ashley
Adrian Ashley is a seasoned business and finance writer. With a corporate career spanning over 20years, he has developed deep experience in such diverse areas as investing, business, finance,technology and macroeconomics. He is passionate about captu...
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Marwan Kardoosh
The Editorial Department at Arincen makes an important contribution to the world-class content that...
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Bahaa Khateeb
 Bahaa Khateeb is currently the CEO of Arincen, a start-up Fintech company based in Haifa. Baha...
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