Forex markets are generally known for their high liquidity and easy accessibility. Nevertheless, traders will still need to find a reliable broker to execute their plans.
This guide reviews the best forex brokers in the UAE for 2024. We will also explain how to set up an account and start trading forex in less than five minutes.
The 10 Best Forex Brokers in the UAE
The forex market in the UAE is saturated with different providers. After careful consideration, we have narrowed down our list to the top nine forex brokers in the UAE – which are listed below:
- Plus500 – Top CFD Broker Offering Tight Spreads
- Capital.com – Leading CFD Broker for Beginner and Professional Traders
- Libertex – Popular CFD Broker with Zero Spreads
- AvaTrade – Heavily-Regulated FX Broker with MT4/MT5 Support
- Pepperstone – Forex Broker for Advanced Traders
- FOREX.com – Specialist Forex Broker for UAE Traders
- XM – Trade Forex with Leverage of Up to 1:1000
- HotForex – Leading Forex Broker in Dubai
- IG Markets – Access Over 80 Forex Pairs
- Interactive Brokers – Top Forex Broker for Tight Spreads and Deep Liquidity
We have included detailed reviews of each of these forex brokers in the next section.
Best Forex Brokers Dubai Reviewed
To help our readers choose the best forex broker in the UAE, we tested and compared the top providers in the market. We paid particular attention to the number of forex pairs available, fees, features, and security.
So, let’s explore the best forex trading platforms in the UAE.
1. Plus500 – Top CFD Broker Offering Tight Spreads
The next top broker to consider in the UAE is Plus500, a well-known CFD trading platform that allows investors to trade over 60 forex pairs. Besides forex trading, Plus500 enables investors to trade global stocks, commodities, ETFs, indices, and more. The platform has a solid reputation and is part of the FTSE-250 index.
After creating an account with Plus500 in just a few minutes, users can access over 100 financial markets. Unlike many other platforms, there are no additional subscription fees for trading.
Supporting multiple payment options, Plus500 lets investors make payments with VISA and Mastercard credit cards. Members can also use wire transfers and e-wallets such as Skrill and Neteller.
Regarding fees, Plus500 charges no commission on trades and offers free deposits and withdrawals. There is an inactivity fee charged, but to avoid this, all you need to do is log in to the platform.
Our Plus500 review found that beginners can benefit from using the demo account provided to practice FX trading and it comes pre-loaded with virtual funds. A safe trading platform to use, Plus500 uses SSL (Secure Sockets Layer) encryption technology to protect all the user’s deposits. Furthermore, this CFD broker is regulated in multiple jurisdictions. In the UAE, Plus500 is authorized and regulated by the Dubai Finacial Services Authority. Client funds are always segregated, too.
Plus500 can be accessed online through a desktop and is supported on Android and iOS mobile devices.
No. Forex Pairs | 60+ |
Commission | 0% commission |
EUR/USD Spread | Starting at 0.8 pips |
Min. Deposit | $100 |
Top 3 Features | 1:300 leverage / Demo account |
What We Like
CFD Service. Regulated by the DFSA. Trading carries risk
2. Capital.com – Excellent CFD Broker For Beginners and Advanced Traders
Capital.com is a popular forex and CFD platform for beginners and seasoned traders. Those who are just starting out can try the platform and its tools with a risk-free demo account. Capital.com also provides free basic online courses as well as trading guides for CFDs, forex, commodities, and shares.
Once you complete these courses, there are advanced courses for technical analysis tools and trading psychology. Regardless of your skill level, you’ll find an excellent mobile app that has the same functionalities as the desktop platform, allowing you to trade on the go.
Seasoned traders will feel at home with the TradingView integration, which offers some of the best technical charts in the industry. In case you get stuck, there’s 24/7 customer support in over 10 languages.
Capital.com offers no deposit or withdrawal fees, which is ideal as it doesn’t eat your profits. Minimum deposit and withdrawals are $20.
Moreover, there’s no trading commission at all. The main “cost” you pay is in the form of spread which is the difference between the bid and ask prices.
No. Forex Pairs | 112+ |
Commission | 0% commission |
EUR/USD Spread | Starting at 0.6 pips |
Min. Deposit | $20 |
Top 3 Features | 1:30 leverage / Demo account |
What We Like
70% of retail investor accounts lose money when trading spread bets and CFDs with this provider
3. Libertex – Popular CFD Broker with Zero Spreads
Founded in 1997, Libertex has over two decades of experience in the financial market scene. It is primarily a CFD broker and supports the trading of forex, stocks, cryptocurrencies, metals, indices, agricultural products, oil, and gas.
The broker offers UAE residents access to a variety of major, cross, and exotic currency pairs. Customers of Libertex also have several tools at their disposal in order to devise their trading strategy. For instance, it provides trading ideas, forex signals, charting tools, market news, and more.
On top of this, Libertex is also a great MT5 forex broker accessible to UAE residents. Libertex customers will be able to add money to their account using a bank transfer for free – if they are willing to wait for two to five days for the deposit to process. The other instant deposit methods available include credit/debit card, Neteller, and Skrill.
In terms of trading fees, Libertex does not charge any spread at all. Instead, it charges a floating commission, that varies depending on market conditions. Moreover, Libertex also offers high leverage of up to 1:1000 on major forex pairs when trading via the MT4.
Number of forex pairs | 50+ |
Commission | From 0.03% per trade |
Spread for EUR/USD
|
0.0 pips |
Min deposit | $20 (around 75 AED) |
Top 3 features | Access to MT4 and MT5, over 50+ forex pairs, trading signals and ideas |
What We Like
Your capital is at risk. 70.8% of retail investor accounts lose money when trading CFDs with this provider.
4. AvaTrade – Heavily-Regulated FX Broker with MT4/MT5 Support
AvaTrade is one of the few online brokers that is regulated by the Financial Services Regulatory Authority of Abu Dhabi. Other than this, the broker also holds licenses from several other top governing bodies, such as the FSA, ASIC, FSCA, and more. UAE residents can open a forex mini account with AvaTrade and start trading with as less as $100 (around 360 AED).
This broker provides access to the forex market through CFDs and vanilla options. Users can trade over 50 currency pairs via AvaTrade without paying any commissions. Furthermore, AvaTrade is also highly preferred by advanced traders, as it integrates with both MT4 as well as MT5.
However, the spread for forex trading tends to be relatively high here, starting at 0.9 pips. Avatrade accepts payments via debit/credit card, wire transfer, and e-wallets such as Neteller, Skrill, and WebMoney. UAE residents will also be able to use AvaTrade to set up an Islamic account, which operates under Sharia Law.
Number of forex pairs | 50+ |
Commission | 0% commissions |
Spread for EUR/USD
|
From 0.9 pips |
Min deposit | $100 (around 360 AED) |
Top 3 features | Access to MT4 and MT5, Islamic account, supports vanilla options for forex |
What We Like
5. Pepperstone – Forex Broker for Advanced Traders
Pepperstone is a prominent forex broker that is regulated by the DFSA, ASIC, FCA, and SCB. It comes with support for multiple trading platforms – including the MT4, MT5, and CTrader. All these are advanced, meaning, Pepperstone might not be the most suitable broker out there for beginners.
The platform lists over 60 currency pairs, which includes 14 majors. Pepperstone also sends market analysis and insights regularly to its users. If needed, traders can subscribe to Daily Fix, to receive direct updates from Pepperstone’s research department.
When signing up, individuals can choose between a razor or a standard account. The former is spread-free, whereas the second provides support for 0%-commission forex trading. Pepperstone allows its customers to deposit funds to their account with Visa, Mastercard, or via bank transfer.
Number of forex pairs | 60+ |
Commission | From $0.04 per slide |
Spread for EUR/USD
|
0.0 pips for razor accounts, from 0.6 pips for standard accounts |
Min deposit | Recommended minimum is around 500 AED |
Top 3 features | Access to MT4, MT5, CTrader, direct market research updates, spread-free accounts |
What We Like
6. FOREX.com – Specialist Forex Broker for UAE Traders
FOREX.com is another established global online broker that caters to individuals seeking access to the FX and CFD markets. It comes with two different account types – the first for commission-based trading, and the second for DMAs.
With a commission account, users will be trading CFDs on low variable spreads plus a flat $5 fee per 100K lot. On the other hand, when using a DMA account, customers will not have to pay a spread.
Instead, FOREX.com charges a commission – and users will also benefit from volume discounts of up to 67%. Regardless of which account type is selected, FOREX.com gives access to over 80 currency pairs.
FOREX.com comes with sophisticated trading platforms with integrated charting tools, technical indicators, and market insights. Users will also be able to exchange currencies via MT4 and MT5 with a FOREX.com account.
Finally, FOREX.com is also considered the best trading app in the UAE – as it supports order alerts, TradingView tools, and lighting-fast execution.
Number of forex pairs | 80+ |
Commission | $5 flat |
Spread for EUR/USD
|
From 0.8 pips |
Min deposit | $100 (around 360 AED) |
Top 3 features | Access to MT4 and MT5, SMART trading signals, High liquidity via DMAs |
What We Like
7. XM – Trade Forex with Leverage of Up to 1:1000
With over 55+ currency pairs and leverage of up to 1:1000, XM is one of the best forex brokers in the UAE to consider right now. It gives users access to majors, minors, and exotics. The platform facilitates commission-free forex trading and offers competitive spreads.
XM lets its users open an Islamic account in order to receive swap-free status. In addition to this, individuals can also set up an ultra-low account, which offers swap-free trading for a wide selection of major currency pairs such as EUR/USD, USD/JPY, EUR/JPY, and GBP/USD. This account also comes with spreads as low as 0.6 pips.
Customers of XM are also offered free access to forex market research, daily webinars, and even trading signals. To get started, users need to make a minimum deposit of only $5. Those new to currency trading can also benefit from XM’s demo account, which comes pre-funded with $100,000 in paper money.
Number of forex pairs | 55+ |
Commission | 0% commissions |
Spread for EUR/USD
|
From 0.6 pips |
Min deposit | $5 (around 20 AED) |
Top 3 features | Islamic account, forex trading signals, leverage of 1:1000 |
What We Like
8. HotForex – Leading Forex Broker in Dubai
HotForex is one of the best forex brokers in Dubai, as it is regulated by the DFSA. Additionally, the platform also carries licenses from the FCA in the UK, FSCA in South Africa, and the FSA in Seychelles.
Put otherwise, security-wire, HotForex is a reputable platform to consider for currency trading in the UAE. At the time of writing, this platform lists over 50 forex pairs, which includes a handful of minors and exotics.
And what’s more, users will be able to access leverage of up to 1:1000 when trading currencies. The platform also offers an extremely competitive spread – which starts as low as 0.1 pip.
Not only that, HotForex supports over 15 payment methods and charges no deposit fees. The minimum requirement for the initial deposit is $200, but – the subsequent payment can be as low as $5.
HotForex also integrates seamlessly with MT4 and MT5 – through a web browser, iPad, mobile, and desktop software.
Number of forex pairs | 50+ |
Commission | 0% commissions |
Spread for EUR/USD
|
$0.03 per 1K lot |
Min deposit | $200 (around 750 AED) opening deposit |
Top 3 features | Access to MT4 and MT5, 15 deposit methods, low spread |
What We Like
9. IG Markets – Access Over 80 Forex Pairs
IG Markets is an international brokerage platform that supports multi-asset investing and trading. It allows its users to trade forex using CFDs as well as DMAs – like FOREX.com. The DMA mechanism displays the best bid available for a particular forex pair so that customers have the option to choose the price they want.
This means that users of IG Markets can access greater liquidity with DMAs – through primary exchanges, brokers, and MTF dark pools. No matter which approach is selected, IG Markets offer access to forex trading through its mobile app and advanced web platforms.
However, while forex CFDs are commission-free, trading with DMAs comes with variable charges. The spread, however, can be high and averages 1.04 pips. IG Markets also require an initial deposit of 20,000 AED from its users. Once set up, traders will have access to over 80 forex pairs via this broker, with leverage of up to 1:30.
Number of forex pairs | 80+ |
Commission | 0% commissions, variable fees for DMAs |
Spread for EUR/USD
|
Average 1.04 pips |
Min deposit | 20,000 AED for first deposit, $300 (around 1,100 AED) |
Top 3 features | Access DMAs, over 80 forex pairs, high liquidity |
What We Like
10. Interactive Brokers – Top Forex Broker for Tight Spreads and Deep Liquidity
Interactive Brokers, commonly known as IBKR, has a staggering range of tradable products. It is often deemed as one of the best forex trading platforms in the UAE, in terms of the number of markets listed.
Users of IBKR can trade over 100 currency pairs. The platform provides deep liquidity and real-time quotes from different FX dealers.
It also comes with professional tools that are specially designed for forex trading – such as up and down indicators, average price trends, multiple order types, and more.
Interactive Brokers also provides competitive fees and does not charge anything extra for processing deposits. The provider levies low commissions – ranging between 0.08 to 0.20 bps. Other than this, there are no hidden spreads or markups.
Number of forex pairs | 100+ |
Commission | 0% commissions |
Spread for EUR/USD
|
From 0.08 bps (basis points) |
Min deposit | $100 (around 360 AED) |
Top 3 features | High liquidity, no spread, advanced FXTrader platform |
What We Like
Top UAE Forex Trading Brokers Compared
Wondering how to choose the best forex broker in the UAE?
Refer to our comparison table below to make an informed decision.
Forex brokers | Number of forex pairs | Commission | Spread for EUR/USD | Min deposit | Top 3 features |
Plus500 | 60+ | 0% commission | From 0.8 pips | $100 (around 370 AED) | No commissions, demo account, No deposit or withdrawal fees |
Capital.com | 112+ | 0% commission | From 0.6 pips | $20 (around 75 AED) | No commissions, demo account, No deposit or withdrawal fees |
Libertex | 50+ | From 0.03% per trade | 0.0 pips | $20 (around 75 AED) | Access to MT4 and MT5, over 50+ forex pairs, trading signals, and ideas |
AvaTrade | 50+ | 0% commission | From 0.9 pips | $100 (around 360 AED) | Access to MT4 and MT5, Islamic account, supports vanilla options for forex |
Pepperstone | 60+ | From $0.04 per slide | 0.0 pips for razor accounts, from 0.6 pips for standard accounts | $0, recommended minimum is around 500 AED | Access to MT4, MT5, CTrader, direct market research updates, spread-free accounts |
Forex.com | 80+ | $5 flat | From 0.8 pips | $100 (around 360 AED) | Access to MT4 and MT5, SMART trading signals, High liquidity via DMAs |
XM | 55+ | 0% commission | From 0.6 pips | $5 (around 20 AED) | Islamic account, forex trading signals, leverage of 1:1000 |
HotForex | 50+ | 0% commission | $0.03 per 1K lot | $200 (around 750AED) opening deposit | Access to MT4 and MT5, 15 deposit methods, low spread |
IG Markets | 80+ | 0% commission, variable fees for DMAs | Average 1.04 pips | 20,000 AED for first deposit, $300 (around 1,100 AED) | Access DMAs, over 80 forex pairs, high liquidity |
Interactive Brokers | 100+ | 0% commission | From 0.08 bps (basis points) | $100 (around 360 AED) | High liquidity, no spread, advanced FXTrader platform |
How we Select the Best UAE Forex Brokers
Choosing the right forex broker is one of the most challenging decisions that a currency investor can make. With a long and growing list of available options, it can be daunting to find a platform that fits a trader's unique needs.
With this in mind, we thoroughly researched the online investment space to identify the best forex brokers in the UAE.
We compared and contrasted different features - which we list below. Our readers can also consider the same metrics when selecting a forex broker for themselves.
Regulation
When researching the best forex trading platforms in the UAE, we placed the greatest emphasis on security. All the brokers we listed here are regulated by top financial authorities.
A few platforms hold licenses from the DFSC in Dubai and the FSRA in Abu Dhabi - two of the esteemed governing bodies in the UAE.
Users will be able to easily find the regulatory status of a forex broker by visiting the website of the provider.
On top of this, brokers have implemented the best data protection measures for the safety of users. The platform also holds clients' money in highly secure bank accounts in Europe and has them separated from its operational funds.
Range of pairs
When choosing the best forex broker in the UAE, special attention should be paid to the currency pairs offered by the provider. Some only provide the basic currency pairings and nothing more.
However, we made sure that all the forex brokers reviewed today list a decent mix of majors, minors, and exotics. This is crucial for a trader looking to diversify their portfolio.
In addition to this, the majority of the forex brokers on this page also offer access to other asset classes - such as stocks, commodities, and cryptocurrencies.
Fees
Even the best forex broker in the UAE will charge some kind of fees - after all, the provider is in the business to make money.
When it comes to forex trading, there are two different types of fees that users need to be aware of - which are as follows.
Commissions
Commissions are charged by brokers for facilitating transactions. This is often calculated as a percentage against the size of the trade.
Take a look at this example:
- Suppose a broker charges a commission of 1% on forex trades.
- A user decides to stake $1,000 on the pair EUR/USD.
- When opening the trade, the user will have to pay $10 (which is 1% of $1,000).
- Then again, when closing the trade, the commission will be charged again.
- So, suppose at the time of closing, the position is worth $2,000.
- The commission will be 1% of $2,000 - which is $20.
- This means that the total commission on this trade comes to $30.
Those looking for low trading fees should consider a commission-free broker. In doing so, users only need to consider the spread.
Spreads
Most forex brokers in the UAE do not charge commissions. Instead, when executing trades, they deduct the cost of the spread.
- The spread is the difference between the buy and ask price of the chosen forex pair - quoted by the broker.
- Due to the market volatility, each broker will quote a slightly different price for the same currency pair.
- As such, the spread will also vary from one broker to another.
- Ideally, users should be looking for platforms that offer low spreads.
- That being said, there are also brokers that facilitate spread-free forex trading.
- However, in this case, users will be required to pay a commission.
Looking for the best app for forex trading with low fees? Below, we have included a summary of the spread and commission charged by the best forex brokers in the UAE.
Brokers | Commission | Spread for EUR/USD |
Plus500 | 0% per trade | 0.8 pips |
Capital.com | 0% per trade | 0.6 pips |
Libertex | From 0.03% per trade | 0.0 pips |
AvaTrade | 0% commission | From 0.9 pips |
Pepperstone | From $0.04 per slide | 0.0 pips for razor accounts, from 0.6 pips for standard accounts |
Forex.com | $5 flat | From 0.8 pips |
XM | 0% commission | From 0.6 pips |
HotForex | 0% commission | $0.03 per 1K lot |
IG Markets | 0% commission, variable fees for DMAs | Averages 1.04 pips |
Interactive Brokers | 0% commission | From 0.08 bps (basis points) |
Non-Trading Fees
Aside from the spread and commission, some brokers might also charge fees for processing deposits, withdrawals, and for general account maintenance.
Crucially, if trading CFDs and buying stocks, individuals should also keep an eye out for overnight fees. Also known as 'swap fees', these charges are applicable if traders hold a CFD position open overnight.
Tools & Analysis
A good broker is not only a middleman to execute trades. Some of the best UAE forex trading platforms also offer a wide selection of tools to assist users with their decision-making process.
Moreover, they also integrate tools that can be immensely helpful for traders to conduct quality research.
Moreover, brokers can go one step further by providing an extensive library of educational materials. Users of this platform can access webinars, take courses, and learn to trade using its free demo account.
Minimum Deposit
We found that the best forex brokers in the UAE also have very low minimum deposit requirements.
In fact, on the majority of platforms, individuals can get started with as little as $10-$20.
That said, the minimum deposit requirement might vary depending on the chosen payment method.
Demo Account
Beginners searching for the best forex trading apps in the UAE might want to prioritize those that come with access to a demo account.
For first-time users, it might take a bit of time to get used to the many different features available and learn how to make the most of them. This is where a demo account comes in handy.
Additionally, as demo accounts come funded with virtual money, individuals can also practice trading in real-market conditions, without taking any risk. Users will also be able to switch between the demo and live accounts as needed.
Payment Methods
Individuals now have different options at their disposal when it comes to funding a brokerage account. The best forex brokers in the UAE accept payments through not only bank transfers, but also through Visa and MasterCard.
Some providers also allow users to move funds from e-wallets such as PayPal, Neteller, and Skrill. We have ensured that all the best brokers discussed today support multiple convenient payment methods.
Mobile App
We also considered which is the best trading app in the UAE in terms of swift execution, integration of features, and convenience of use. After all, a complicated interface can make it challenging to place orders through a mobile screen.
The majority of the top forex brokers in the UAE come with their own mobile apps.
Customer Service
It is also important to consider what level of customer support is provided by a broker. All the best forex trading apps in the UAE come with excellent customer support.
Best Forex Signals UAE
Beginners entering the forex space might be confused about how to make the right trading decisions. For many newbies, it might not be feasible to spend hours researching the market before making a move.
However, forex signals can help investors make smart choices without having to do any groundwork. In simple terms, forex signals are trading suggestions curated by experts or algorithms.
A forex signal will include a currency pair and the specific price at which the trade has to be executed.
There are several forex signal providers that cater to investors in the UAE. Learn2Trade is a prominent platform that offers the best forex signals in the UAE.
It sends up to three forex signals for free per week - which includes information such as the currency pair, whether to go long/short and even a stop-loss and take-profit order suggestion.
With a premium account, users will receive up to three signals daily. Learn2Trade sends its signals via Telegram, and users from the UAE will be able to access them by connecting their devices to one of the best VPNs available in the country.
After receiving the signal, investors can review them and execute the order via their chosen forex broker.
Your capital is at risk. There is no guarantee that you will make money when using this signal provider.
Conclusion
From our research, we found that the UAE hosts a number of top-notch forex brokers. Most offer support for dozens of currency pairs and feature excellent trading platforms.