Best Forex Brokers in Dubai
Today United Arab Emirates can be considered one of the largest financial centers. Forex brokers in Dubai do not only offer their clients attractive environment for online trading, but also provide an impeccable level of reliability. Dubai Forex Brokers are regulated by a number of reputable organizations. You can get acquainted with these financial regulators in the appropriate section of TopBrokers.com. Our list includes the best brokers of the Forex market with offices in major cities (Dubai, Abu Dhabi, Al Ain, etc.).
To be able to trade in the Dubai Forex sector you are going to need to open an investment account with a regulated Forex broker. There are many financial trading instruments on which you can execute a trade and you can pick one in accordance with your trading strategy. You can either trade using local banks or use the many brokers in the vicinity.
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Brief History Of Trading In Dubai
The Forex trading concept is relatively new in Dubai and it has just picked traction in the last few years. Some hurdles presented itself as Dubai is in an Islamic state that has rules against some of the aspects of Forex trading more so in the gaining if interest. The sharia law practiced in most Islamic states prohibits the charging or gaining of interest in a business transaction. This prompted many Forex brokers to come up with the swap-free account option to satisfy this need.
Once this issue was resolved, Forex trading started growing in Dubai and this is mostly owed to its preference by many investors as a good business hub. The growth in the number of investors has made Dubai a very great zone to invest and one of the major sectors presenting itself ready is the Forex sector.
The Forex sector has managed to grow and most of the growth can be observed in the last five years where the number of brokers has increased. Local banks offering Forex trades have also expanded with many traders having a trading account. Regulatory bodies have also come up to help check the trading activities and ensure they are up to standard. Many financial instruments are available for you to trade in and range from currency pairs, indices, commodities, shares and also cryptocurrency units at times.
Requirements And Regulations To Be A Broker In Dubai
In the Middle East Gulf, Dubai is one of the most formidable and greatest financial trading markets. This means it has a large clientele base of traders who want to trade in this market. In order for the trading process to go on smoothly, there is a need for rules and regulations to be set in order to govern all trading activities. This is also going to have an effect on maintaining the integrity of the trading sector. There are some regulatory bodies that have been established in Dubai to govern the Forex trading sector. Among the regulatory bodies that have control over the Forex trading aspect in Dubai are as follows.
- The Dubai Financial Services Authority
The Dubai financial services authority was established in 2004 and was part of the development of the Dubai international finance center. This regulatory body was formed with the main intention of regulating financial services and activities within Dubai.
The Dubai financial services authority is an international level regulatory authority that seeks to upgrade and maintain the financial services integrity to be at par with international standards. It also seeks to provide a level playing field for all players in the trading scene. The DFSA also gives the relevant licenses to DFSA registered Forex Brokers and banks that are offering financial trading activities
The regulatory body is also required to give the brokers a rule book that contains a set of rules that should be adhered to while carrying out its operations. There are very strict guidelines put down that a broker should meet before acquiring a license to run its operations in Dubai. Among the conditions a broker has to meet are as follows.
- Have a sufficient capital base to run its operations effectively.
- In case of a foreign-based Forex broker, a license from its mother country that allows it to operate should be presented.
- Compliance with the set financial laws of the United Arab Emirates.
- Have measures that ensure the security of clients’ funds that have been entrusted to the broker.
Applying for a license is not clearly defined and a broker is going to need ample advice before beginning this step. The interested broker needs to submit an application highlighting their interest in joining the Dubai financial sector. This application will be reviewed by the regulatory body and if the broker meets all requirements, a license is going to be granted. Among the required documents include financial statements to prove the stability of the broker, memorandum of association and articles of association among other documents.
Among the various services that the Dubai financial services authority regulates include the following
- Islamic banking and ensuring swap-free accounts are at par with set regulations.
- Spread betting in the case of brokers with such services on their platforms.
- International equities and currency exchange.
- Commodities and future trading exploits.
- Reinforcing anti-counterfeit money and anti-money laundering policies to prevent instances of fraud
In case of any complaint with a broker, you can file a complaint with the regulatory authority and necessary measures are going to be taken to solve the problem at hand.
Features Of Forex Trading In Dubai
The following are some of the features that you may notice of many brokers in Dubai.
The brokers use some of the most advanced trading platforms as a way to enhance the traders experience while trading. The most common trading platforms are the Meta trader4 and Meta Trader 5 both from Metaquotes. They are preferred as they come with a host of features that make them a great trading companion. Among the features that these trading platforms come with include a mobile and web trading version, automated trading as well as access to real-time trading news.
Other brokers have their own customized trading platforms that also serve to enhance clients’ experience while trading.
The brokers offer a variety of trading accounts that are going to suit respective traders' needs. The trading accounts are offered in accordance with a traders experience and also the amount the trader wants to stake while trading.
The trading account s can either be the demo account, the real or standard account or the professional account. The demo account is mainly suited for novice traders who have little or no experience about trading. The demo account serves as a practice tool that is going to help the trader grasp a concept or two in Forex trading. The real or standard account is the account type that is suitable for both novice and experienced traders. It serves as the perfect trading front for the normal traders in addition to providing necessary exposure to novice traders.
The professional account is meant for professional traders who want to stake a fortune in their trading activities. In most instances, a trader is going to apply to get a professional account. If the trader meets the set conditions he or she is going to be a professional trader.
A good broker knows what its clients want and are always present to answer arising customer queries. Most credible Forex brokers in Dubai keep their customers' needs first and hence have invested in the best customer care personnel. The customer care personnel work with dedication around the clock to ensure all clients' queries are answered and they are satisfied. Occasionally they may offer advisory services in matters related to Forex trading.
Security Of Funds
Al brokers that have been allowed to operate in Dubai and have licenses need to ensure that clients funds entrusted to them are kept safe and sound. Most brokers have come up with measures that ensure these funds are kept secure in a bid to uphold their integrity. The measures include segregation clients’ funds from the company’s funds, negative balance protection and partnering with credible banks among many other measures.
Swap Free Accounts
As earlier indicated, Dubai is in an Islamic state that has rules that govern the financial trading market. Among the laws is one that forbids interest gain. This has led to the introduction of the Islamic account that is swap-free and serves Muslim clients.
The Forex brokers also provide learning resources to its clients so as to help them keep in touch with the various trends emerging in Forex trading. The learning materials come in the demo account, webinars, live sessions and also newsletters that are sent to the clients’ provided email addresses.
You can also benefit from the various promotions that the brokers offer occasionally. These promotions give you a chance to bag some goodies by participating in them.
Also, due to the influx of cryptocurrency units, most brokers are offering cryptocurrency units as financial trading instruments that you can trade on.
Limitations And Comparisons To Other Countries
Dubai’s fore trading sector is still young and is experiencing growth at a steady rate. Many brokers have set up branches in Dubai in order to take advantage of this growth. In the Gulf region and the larger Middle East, Dubai can easily be said to be the financial trading hub with large output and trading volume experienced in a day.
Compared to hubs like the United States of America or the United Kingdom, Dubai still has a long way to go. It has strict measures but its trading volume in comparison to these two hubs. The major limitation can be seen in the slow process it took Dubai to pick up the Forex trading concept.
Dubai is also more conducive for Muslim traders who would like to trade according to their customs and traditions. As compared to regions such as Brazil and India, Dubai can be seen to be playing well at the top and if it keeps up with the pace it is going to be one of the most preferred trading stations in the globe.
Popular Forex Brokers
FXTM is a broker that is headquartered in Cyprus and was founded in 2011 with the major aim of providing unrivaled trading conditions to all interested in trading. Over the few years, it has been in business, FXTM has managed to carve a niche for itself in being one of the most innovative Forex brokers that you can sign up with.
In its growth process, it has managed to expand to many other countries including Dubai. It has its offices in Dubai and it has updated licenses from the Dubai financial services authority making its operation in Dubai legal and compliant to the set laws. FXTM is a good broker that you can sign up with, with a guarantee of a safe and sound trading environment.
Another popular Forex broker that has taken advantage of the booming business in Dubai is AvaTrade. AvaTrade was founded in 2006 and has its headquarters in Dublin in Ireland. It operates on a core set of values in integrity and fairness to all its clients, a factor that is behind its imminent growth.
Its growth has prompted its expansion to many territories so as to take its services closer to its many clients. Among the hubs that AvaTrade has set shop in Dubai. Dubai is a preferred hub owing to its financial vibrancy and the plenty of traders and investors who are glad to engage in trading. AvaTrade prides itself in being innovative and is constantly on the move to improve its services to enhance clients’ experiences while trading.
InstaForex is a great broker form Russia that was established in 2007 and seeks to provide splendid trading services to its clients. Among its large clientele-base worldwide, it has some from Dubai where it has an office with all legal documents permitting its operation.