Trading forex (currencies) in the United Arab Emirates is popular among residents. While recommended, forex brokers are not required to become authorised by the Securities and Commodities Authority (SCA) or Dubai Financial Services Authority (DFSA) to accept residents of the United Arab Emirates as customers.

Best Forex Brokers United Arab Emirates

To find the best forex brokers in the United Arab Emirates, we created a list of all brokers that accept residents of the United Arab Emirates as new clients. We then ranked brokers by their Overall ranking.

Here is our list of the best forex brokers in the United Arab Emirates:

Plus500

General Info

• Min Deposit: $100
• Max Leverage: 30:1
• Platforms: Plus500 app, Webtrader
• Inactivity Fee: Yes

Average Spread

• EURUSD: 1.3
• USDJPY: 1.7
• GBPUSD: 2.0
• GOLD: 0.3

XTB

General Info

• Min Deposit: $0
• Max Leverage: 500:1
• Platforms: xStation 5, MT4
• Inactivity Fee: No

Average Spread

• EURUSD: 0.9
• USDJPY: 1.5
• GBPUSD: 1.5
• GOLD: 0.3

ActivTrades

General Info

• Min Deposit: $10
• Max Leverage: 200:1
• Platforms: MT4/5, TVC, ActivTrader
• Inactivity Fee: Yes

Average Spread

• EURUSD: 1.5
• USDJPY: 1.7
• GBPUSD: 1.6
• GOLD: 0.4

IG

General Info

• Min Deposit: $450
• Max Leverage: 30:1
• Platforms: MT4, IG app, Webtrader
• Inactivity Fee: Yes

Average Spread

• EURUSD: 0.7
• USDJPY: 1.1
• GBPUSD: 1.0
• GOLD: 0.4

Pepperstone

General Info

• Min Deposit: $0
• Max Leverage: 30:1
• Platforms: MT4/5, TVC, cTrader, Mobile app
• Inactivity Fee: No

Average Spread

• EURUSD: 1.0
• USDJPY: 1.2
• GBPUSD: 1.3
• GOLD: 0.2

FxPro

General Info

• Min Deposit: $100
• Max Leverage: 200:1
• Platforms: FxPro App, MT4, MT5, cTrader
• Inactivity Fee: Yes

Average Spread

• EURUSD: 1.2
• USDJPY: 1.3
• GBPUSD: 1.5
• GOLD: 0.23

Multibank

General Info

• Min Deposit: $50
• Max Leverage: 500:1
• Platforms: MultiBank Trader4/5, MT4, MT5
• Inactivity Fee: Yes

Average Spread

• EURUSD: 0.8
• USDJPY: 0.7
• GBPUSD: 1
• GOLD: 0.20

Markets.com

General Info

• Min Deposit: $100
• Max Leverage: 500:1
• Platforms: Markets.com App, Webtrader, MT4, MT5
• Inactivity Fee: Yes

Average Spread

• EURUSD: 0.6
• USDJPY: 1
• GBPUSD: 1.5
• GOLD: 0.3

What protection does the SCA provide forex traders?

Forex traders in the UAE benefit from a variety of Securities and Commodities Authority (SCA) protections. The SCA has put out numerous warnings for investors to avoid dealing with brokers that aren’t licensed in the UAE, and has taken action against regulated brokers in the case of violations. The SCA also provides a complaints submission mechanism for the public in cases where issues and/or disputes can’t be resolved directly with an SCA-regulated broker.

The UAE operates under a tri-peak regulatory structure. The SCA (the first peak) regulates the financial markets in the United Arab Emirates (UAE) that exist outside of the Dubai International Financial Centre (DIFC). The DIFC is a financial hub in Dubai that is regulated by the Dubai Financial Services Authority (DFSA) (the second peak). The third peak is the Central Bank of the UAE (CBUAE), which regulates UAE monetary policy and the banking industry.

The DFSA regulates 617 financial institutions, including forex brokers, as of June 2023. The SCA regulates 129 active financial institutions including forex brokers that are licensed in the UAE. The SCA has been active in its enforcement of compliance with periodic inspections of at least 125 financial institutions, including 14 brokers – according to its latest annual report from 2021.

Is forex trading legal in Dubai?

Yes, if you reside in Dubai, you can legally trade forex with brokers that are properly licensed and regulated by the DFSA (according to Regulatory Law 2004 as enacted by the ruler of Dubai). Forex brokers (and other financial institutions) that operate outside of the DIFC (i.e. outside of Dubai) are regulated by the Securities and Commodities Authority (SCA). It’s also worth noting that the Central Bank of the UAE regulates the foreign exchange markets and supervises banks and payment providers. Brokers authorized by the CBUAE hold a monetary intermediary license, whereas exchange-traded forex products are regulated by the Securities & Commodities Authority (SCA)

The UAE’S financial markets

Forex traders may recognize the dirham (AED) as the national currency of the United Arab Emirates. Though comprised of seven separate emirates, the main financial centers of the UAE are undisputedly Abu Dhabi and Dubai. As such, the UAE features two primary financial securities exchanges: the Abu Dhabi Securities Exchange (ADX), and the Dubai Financial Market (DFM).

The ADX, based in Abu Dhabi, was established in the year 2000 and operates as a market for trading securities while also being vested with certain supervisory powers. One of the largest markets in the Arab world, the ADX offers shares, bonds, exchange-traded funds (ETFs), and other SCA-approved financial instruments. The DFM, based in Dubai, functions as a secondary market for trading securities, bonds, mutual funds, as well as other local or foreign DFM-approved financial instruments.

Excluding the city of Dubai, the Central Bank of the UAE (CBUAE) is the primary national regulator for all financial services firms in the UAE, including banks and forex brokers. The Securities and Commodities Authority (SCA) is the governmental agency that oversees the local stock and commodity exchanges in Dubai.

Within Dubai exists a unique special economic zone known as the Dubai International Financial Center (DIFC). The primary regulator for the financial services industry within the DIFC is the Dubai Financial Services Authority (DFSA), which enforces licensing and membership compliance for forex brokers in Dubai, and regulates the trading of securities, commodities, investment funds, and derivatives.

How do you get started trading forex in the United Arab Emirates?

If you want to start trading forex in the United Arab Emirates, it’s important to start by choosing a forex broker that is well-regulated and properly licensed in the UAE by the DFSA or SCA. While this list isn’t meant to be exhaustive (not every trader’s needs are the same), here are five general steps you can take to start on your forex trading journey as a resident of the UAE.

1. Choose a regulated forex broker. Make sure that your broker is regulated with either the SCA or DFSA – depending on whether you live within the DIFC or outside of Dubai. To help reduce your risk of falling victim to a forex scam, you should always make sure your broker is well-regulated, well-capitalized, and financially secure.
2. Use free demo account before trading with real money. Make sure to learn how your broker’s trading software works before placing real trades in your live account. A free demo account is a great way to experiment with managing open orders and placing trades – without risking real money.
3. Develop a trading plan that aligns with your goals and lifestyle. How much do you want to make, and what amount can you risk per trade (or per day, or per week)? What is the ideal trade size and trade duration relative to your balance? These are just a few questions that traders must answer when designing their trading plans.
4. Learn to identify trading opportunities. Whether you are looking at charts and conducting technical analysis, consuming market research or fundamental analysis, or using trading signals, it’s important to learn how to identify the right trading opportunities for your strategy.
5. Test your strategy with real money. Start with an amount of capital that you can afford to lose and test your strategy on a small scale before scaling it to larger amounts of capital.