Best FOREX Brokers in the UAE for 2022

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FAQ

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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