22 Best Forex Brokers in UAE and Dubai in 2024

Top 22 UAE Forex Brokers

The below table is the result of brokers' analysis by leading TU experts. Our criteria were the authorisation or regulation in the country or accepting clients from the UAE, as well as favourable trading conditions.

Best Brokers For Forex Trading in UAE

RoboForex

RoboForex Review

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RoboForex is a brokerage company that was founded in 2009. RoboForex is a leading software developer in the Forex industry and one of the best Forex brokers based on client reviews.

RoboForex is recognized as a reliable partner by the most respected financial market experts. The company has won numerous prestigious awards. The RoboForex group of companies has an international license to provide services from FSC Belize (license No. 000138/437).

Exness

Exness Review

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The Exness brand is known worldwide due to its profitable trading conditions, high-security level, and wide range of financial instruments. It focuses on trading CFDs, especially currency pairs. Cryptocurrencies, commodities, stocks, and derivative stock indices are also available. Exness offers account types for novice traders, more experienced traders, and professionals. It allows traders to use a variety of strategies including passive ones, such as copy trading and algorithmic trading. The proprietary Exness platform for social trading is used by over 20,000 investors globally. The broker’s activities are legal and its services are available in over 130 countries. Exness is supervised by 8 financial commissions, including CySEC (Cyprus, 178/12), one of the strictest European regulators, and FCA (UK, 730729), FSA (Seychelles, SD025), FSC (BVI) SIBA/L/20/1133, CBCS (Curacao, 0003LSI), FSCA (South Africa, 51024), and CMA (Kenya, 162). The broker offers demo and cent accounts for novice traders, as well as standard and ECN account types for experienced traders.

FBS

FBS Review

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76.5% of retail accounts lose money when trading ᏟᖴᎠs with this provider.

FBS (fbs.com) is an international broker operating in 190 countries. The brokerage company has been on the market for over 10 years, and during this time it has earned about 40 international awards. It is regulated by the CySEC under license number 331/17 and provides flexible conditions for Forex trading. In addition to classic currency pairs, the company's clients can trade indices, futures contracts, exotic currencies, and metals. FBS is especially popular in Asian countries such as India, Malaysia and Indonesia.

TeleTrade

TeleTrade Review

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TeleTrade was established in 1994. The company won 2018 Traders Union Awards as the Best Broker in Europe. The brokerage company is a member of the Association of Forex Dealers, a self-regulatory organization in the financial market. The company is also regulated by the Cyprus Securities and Exchange Commission (CySEC, 158/11). The European branch of TeleTrade has adopted the brand name Earn.
The broker provides access to trading various currency pairs, as well as metals, stocks, cryptocurrencies, indices, and energies.

Vantage Markets

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Vantage Markets is a multi-asset broker that has been operating since 2009. The company operates under the licenses of four regulators – the UK (FCA, 590299), Australia (ASIC, 428901), Vanuatu (VFSC, 700271), and South Africa (FSCA, 51268). Over the years, Vantage Markets has received numerous accolades and prestigious awards. Read more about Vantage Markets Available Countries.

FxPro

FxPro Review

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The FxPro broker was registered in July 2006 in Cyprus. The company’s activities are licensed by financial regulators: CySEC, 078/07 (Cyprus), Bahamas SCB (SIA-F184), FCA, 509956 (UK), and South African FSCA (45052). FxPro is successfully operating in more than 170 countries for retail and institutional clients. The broker has received more than 85 awards, including “Best Forex Trading Platform” and “Best Trading Platform”. FxPro has become known for providing the best trading tools. With FxPro broker, traders can trade more than 70 currency pairs, futures and stocks (Twitter, Apple, Google). The broker has over 2,100 trading assets in its pool, including cryptocurrencies, which are subject to the account type. The basic set of assets is available on cTrader accounts, the full set is available on accounts opened on MT4 and MT5. FxPro sets high safety standards with the client's funds being kept in large international banks. They are insured and separated from the broker's equity.

Top 3 UAE Forex Trading Platforms for Beginners

When it comes to finding the best UAE brokers for beginners, it’s important to consider several features such as demo accounts, minimal deposits, education, simplicity of the platform, and the availability of passive investment opportunities (i.e. copy trading).

The Forex trading platform you choose should also be simple for a beginner to operate. You should be able to navigate it pretty easily without hassle. If you can’t, then the platform you’re using likely isn’t best for beginners.

It can also be beneficial to look for a forex trading platform that offers passive investment options such as copy trading and a Percentage Allocation Management Module (PAMM). Copy trading allows you to automatically copy positions that other traders open and manage.

Below, we’ve listed the top three UAE forex brokers with these factors in mind.

Is Forex Trading Legit in UAE? Is it Regulated?

Forex trading in UAE is safe and legal. There aren’t any legal limitations to how much money you can earn from forex trading. There’s also no limit to how much you can deposit into your brokerage account as a resident or traveller in the UAE.

Some forex brokers based in the UAE are regulated by the Securities and Commodities Authority (SCA) or the Dubai Financial Services Authority (DFSA).

While the government recommends that forex brokers become authorised by the SCA, brokers aren’t required to follow this recommendation. However, we encourage you as a trader to work with brokers that have local regulation to ensure laws and rules apply to your individual country.

Is Forex Halal?

If you’re concerned about how the exchange of currency associated with forex abides by Islamic law and beliefs, you don’t have to be. That’s because forex is halal, meaning that it’s acceptable within Islamic law.

However, many Muslims believe that forex is gambling. But whether or not forex is halal (acceptable) or haram (forbidden) depends on the intent and behaviour of the individual investor.

If you trade with a proper strategy and Islamic account, then the act is halal. On the other hand, if you trade with a regular interest charging account and no system, the act could be considered gambling and haram.

One way to understand whether or not forex is halal is to know the definition of gambling. Gambling in Islam is where individuals speculate on an event. And they have almost no control over the outcome. So, if you’re constantly making sure the odds are in your favour with forex trading, then you can avoid being a gambler.

Another way to ensure that you keep your activity halal is to use an Islamic forex account. These accounts allow Islamic traders to trade without interest. As a result, Muslim traders can follow Islamic law while trading forex. These Islamic accounts are known as swap-free accounts.

Brokers use the Musharakah (to share) Arrangement in Islam. This means that both parties will benefit from earnings and losses in trades.

Forex Trading Taxes in UAE

Forex trading is 100% legal within the UAE. The country applies little to no restrictions to the activity of trading itself. Earnings that traders make from forex trading are tax-free for UAE residents. That’s because there’s no personal income tax in the UAE. So, residents don’t have to pay taxes on any income they bring in.

However, keep in mind that taxes may apply if you’re trading from another residency on a UAE-based broker. Be sure to consult with a local financial or tax specialist to get detailed advice on the legal aspects of trading.

How to Choose the Best Forex Trading Platform UAE

When it comes to choosing the best forex trading platform in the UAE, there are several factors to consider.

Can I Trade With Internationally Regulated Brokers?

Yes, people in the UAE can trade with internationally regulated brokers, including eToro, Interactive Brokers, RoboForex, IC Markets, AvaTrade, and Admiral Markets.

When it comes to international regulations, ASIC (Australia), FCA (UK), and CySec (Cyprus) are among the most highly regarded financial regulators in the world. These regulatory bodies have strict standards and rigorously enforce regulations to ensure that the brokers they regulate operate fairly and transparently.

By choosing a broker regulated by one of these bodies, you can have peace of mind that your funds and personal information will be protected. You’ll have access to a fair and transparent trading environment. However, it’s still important to thoroughly research the broker and review their terms and conditions before opening an account and making any trades.

What are Forex Trading Hours in UAE?

Forex trading in the UAE is open 24 hours a day, five days a week, as it operates across multiple time zones. Here are the approximate trading hours for the three main Forex sessions in local time:

Asian Session

Asian session (3 PM - 12 AM UAE time): The Asian session forex time in UAE begins in the late afternoon in the UAE and covers the early trading activity in Asia, including countries like Japan, China, and Australia.

London Session

London (European) session (7 AM - 4 PM UAE time): The London session forex time in UAE begins in the early morning in the UAE and covers the main trading activity in Europe, including countries like the UK, Germany, and France.

New York Session

New York session (12 PM - 9 PM UAE time): The New York session forex time in UAE begins in the late morning in the UAE and covers the main trading activity in the Americas, including the US.

Our Methodology

The Traders Union team has compiled a rating based on a variety of factors, including user experience and reviews, costs, research features, and platform testing.

This means that we’ve done extensive research and looked at reviews from various traders to learn about their experience with each platform. This involves looking at how well their needs were satisfied and whether each platform offered a positive user experience.

We also looked at the costs in terms of trading fees, withdrawal fees, commission fees, interest rates, inactivity fees, and more. We know how important it is for traders to maximize their earnings, so we made sure to keep costs in mind when compiling our list.

And last but not least, we tested each platform ourselves to make sure each one met our standards. We also made sure to consider forex brokers that were compatible with traders in the UAE.