10 Best Forex Brokers in the UAE of 2024 (Curated Picks)

The foreign exchange market, also known as forex, is a decentralized global market where currencies are traded. The United Arab Emirates (UAE) is a hub for forex trading, with a large number of brokers offering their services to traders. 

To help traders find the best forex broker for their needs, it is important to consider various factors such as regulation, trading platforms, and customer support. In this article, we will discuss the best forex brokers in the UAE based on these factors.

A list of Top Forex Broker in the UAE

Here is a list of the top 10 Forex brokers in the UAE, based on factors such as reputation, regulations, trading experience, customer support, and market offerings

Here is the list of the top 10 forex brokers in the UAE

• Icmarkets
• Pepperstone
• Etoro
• XM
• Exness
• Oanda
• FBS
• Hotforex 
• Eightcap
• FXTM

Comparison of Best forex Brokers in the UAE

Best Forex Brokers in UAE Reviewed

ICmarkets.com – Best for Tight Spread

IC Market is a regulated broker based in Australia, established in 2017. It is renowned for its tight spreads and offers the popular MT4, MT5, cTrader, Web, and Mobile trading platforms. IC Market is ideal for all kinds of traders, from beginner to experienced, offering a wide range of services and features to suit everyone’s needs.

IC Markets is a great choice for traders looking for a wide variety of instruments to trade. It offers over 60 currency pairs, 10+ cryptos, and over 1600 CFDs, plus all the additional facilities like MAM account and Zulutrade Social Trading. Furthermore, the trading conditions are quite favorable, as scalping and news trading are allowed and EAs are supported. All in all, IC Markets is an excellent choice for traders of all levels.

Our Ratings

Pros

• Low spreads and competitive pricing. 
• Regulated by the Australian Securities and Investments Commission (ASIC). 
• Fast and reliable execution. 
• Variety of trading instruments including Forex, Indices, and Cryptocurrencies. 5. High leverage up to 500:1. 

Cons

• Limited customer service options. 
• No bonus or loyalty program.

Pepperstone.com — For Islamic Account

Pepperstone is a regulated broker based in Australia that was established in 2010. They offer a variety of trading platforms, including MT4, MT5, cTrader, DupliTrade, and TradingView. They also offer an Islamic Account to their customers, allowing them to access their services in a Sharia-compliant manner. Pepperstone provides a secure and reliable trading environment for traders of all levels, making them an ideal choice for those looking to trade with a regulated broker.

Pepperstone is a renowned broker offering a wide range of trading instruments including over 60 currencies, 20 cryptos and 1200+ CFDs. It also offers attractive trading conditions such as allowing EAs, scalping and news trading. Moreover, traders can access additional facilities like MAM and PAMM accounts, as well as copy trading. This makes Pepperstone an ideal choice for both beginner and experienced traders.

Our Ratings

Pros

• Low fees and spreads – Pepperstone offers some of the lowest fees and tight spreads available in the market. 
• Regulated – Pepperstone is regulated by multiple regulatory bodies worldwide, which provides an extra layer of security for its clients. 
• Platforms – Pepperstone offers a variety of platforms including MetaTrader 4 & 5, cTrader, and its own web-based platform. 
• Variety of account types – Pepperstone offers different account types, such as Razor, Standard, and Swap-free, to suit different trading styles.
• Education & Research – Pepperstone provides a variety of educational resources and research tools to help traders make informed decisions. 

Cons

• Limited Cryptocurrency Offerings – Pepperstone does not offer trading in cryptocurrencies. 
• Limited Leverage – Pepperstone has limited leverage options, which may not be suitable for some traders.

Etoro.com – Best for Social Copy Trading

Etoro is an online broker based in the United Kingdom established in 2007. It is a regulated broker best known for its social copy trading feature. This makes it a great choice for investors who want to copy successful traders and increase their chances of making money. The eToro trading platform is user-friendly and offers a wide range of features, including real-time market analysis, detailed charting tools, and a wide selection of trading instruments. With its social features, traders can also connect with each other and share ideas and strategies.

Etoro is a great broker for all types of traders, offering a wide range of trading instruments including 45+ currencies, 55+ cryptos, and 2815+ CFDs. It does not allow the use of EAs or robots, but does offer a great copy trading feature. This feature allows traders to copy the strategies of more experienced traders, giving them the chance to learn from the best. Etoro is a great broker for all types of traders, offering something for everyone.

Our Ratings

Pros:

• Comprehensive trading platform with advanced features 
• Low fees and commissions 
• Wide selection of markets to trade 
• Excellent customer service 
• Variety of educational resources 

Cons:

• Lack of automated trading options 
• Limited account funding options

XM.Com – For Flexible trading

XM is a regulated broker based in Cyprus, established in 2009. It offers flexible trading options through its two popular platforms, MT4 and MT5. XM is known for providing high quality services, tight spreads and fast execution speeds. It also offers a wide range of trading instruments, including a variety of Forex, CFDs and commodities. XM also provides a range of payment methods and customer support services to ensure its customers have a pleasant trading experience.

XM is a broker that offers a wide range of trading instruments and conditions. They offer over 55 currency pairs, 30+ cryptos, and 940+ CFDs, allowing traders to diversify their portfolios. They also allow the use of EAs and robots, as well as scalping and news trading. Additional facilities include MAM accounts, although they do not offer PAMM accounts. However, they do offer Zulutrade Social Trading.

Our Ratings

Pros:

• Low minimum deposit requirement of only $5 
• Variety of trading platforms and tools 3. Competitive spreads and leverage 
• Wide range of assets to choose from 
• 24/5 customer support 

Cons:

• Limited range of trading instruments 
• No guaranteed stop loss feature

Exness.com — For Instant withdrawal

Exness is a regulated broker based in Seychelles, established in 2008. It is best known for its instant withdrawal feature, making it fast and easy to withdraw funds when needed. Exness offers a range of trading platforms, including MT4 and MT5, to suit traders of all levels and experience. With its reliable services and user-friendly interface, Exness is a great choice for those looking for a dependable broker.

Exness is a leading broker offering a wide range of trading instruments, including 95+ currencies, 5+ cryptos, and 130+ CFDs. It offers a range of trading conditions, allowing EAs and robots, scalping, and news trading. It also provides additional facilities such as copy trading for those who want to trade with the help of others. With an intuitive platform and low spreads, Exness is the perfect choice for traders of all levels.

Pros

• Low minimum deposit of $1 
• A wide range of trading instruments, including cryptocurrencies 
• Offers competitive spreads 
• Easy to use trading platform 
• Regulated by the Financial Commission 

Cons

• Limited educational resources 
• Limited customer service options

Oanda.com — Most Trusted

Oanda is one of the most trusted and regulated brokers in the United States. Established in 1996, it has been providing top-notch trading services for more than two decades. It offers multiple trading platforms, including MT4, MT5, WebTrader, NinjaTrader, MotiveWave, MultiCharts, and TradingView. All of these platforms are easy to use and offer great features. Oanda is an ideal choice for anyone looking for a reliable and safe broker.

Oanda is a broker that offers a wide range of trading instruments such as over 70 currencies, 4 cryptos, and 50+ CFDs. Trading conditions such as Ea or Robots, Scalping, and News Trading are all allowed, as well as additional facilities such as ZuluTrade. Oanda is an excellent choice for traders looking for a broad selection of trading instruments and favorable trading conditions.

Our Ratings

Pros

• Low cost of trading – Oanda offers competitive spreads and low commissions for trading, making them attractive to traders with small or large capital. 
• Wide range of currency pairs – As one of the leading forex brokers, Oanda offers a wide range of currency pairs and instruments, including major, minor and exotic pairs.
• Variety of platforms – Oanda offers a variety of platforms, including a web-based platform, mobile apps, and a MetaTrader 4 platform. 
• Excellent customer service – Oanda provides a wide range of customer support options, including live chat, phone, and email. 
• Highly regulated – Oanda is regulated by several international financial authorities, making it a safe and secure choice for traders. 

Cons

• Limited leverage – Oanda limits leverage to 50:1, which is significantly lower than many other brokers. 
• No bonuses or promotions – Oanda does not offer any bonuses or promotions, which could put them at a disadvantage to other brokers.

FBS.com —- For High Leverage

FBS is a regulated broker based in Belize, established in 2009. It is best known for its high leverage trading, allowing traders to increase their potential profits. It is suitable for both experienced and novice traders alike, thanks to its wide range of trading platforms, including MT4, MT5, and its own FBS Trader platform. It also offers a variety of trading options, such as forex, stocks, indices, commodities and cryptocurrencies. FBS is an excellent choice for those looking for a reliable and secure broker.

FBS is an online broker providing a wide range of trading instruments, including over 35+ currencies and 3 CFDs. Trading with FBS is advantageous as they provide competitive trading conditions, allowing traders to use EAs and robots, scalping and news trading. As a broker, FBS is committed to providing a secure and reliable trading environment.

Our Ratings

Pros:

• FBS offers competitive trading conditions and tight spreads. 
• It is highly regulated and provides a safe trading environment for its traders. 
• FBS provides a user-friendly platform with a wide range of technical analysis tools. 
• The broker offers a wide selection of trading instruments, from currencies to commodities. 
• FBS offers great customer support with 24/7 live chat and phone support. 

Cons:

• FBS does not offer copy trading or social trading. 
• The minimum deposit of $100 is relatively high when compared to other brokers.

Hotforex.com — For Trading instruments

Hotforex is a regulated broker based in Saint Vincent And Grenadines, established in 2010. It offers a wide range of trading instruments and is supported by the popular MT4 and MT5 trading platforms. Hotforex ensures a safe and secure trading environment, making it the go-to broker for traders around the globe. Its user-friendly platform and competitive trading fees make it one of the most sought-after brokers in the marke

Hotforex is a great broker for trading a variety of instruments. It offers 45+ currencies, 5+ cryptos, and 5+ CFDs. Hotforex also allows scalping, news trading, and use of Ea or Robots. For more advanced traders, Hotforex also offers a MAM account. With Hotforex, you can easily access a wide range of trading instruments, with the flexibility to trade in a variety of ways.

Our Ratings

Pros:

• Low minimum deposit requirement 
• Interface is user-friendly and intuitive 
• Offers multiple platforms for trading 
• Offers a range of different account types 
• Competitive spreads 

Cons:

• Limited educational resources 
• Limited customer support

Eightcap.com — Best for Trading Support

Eightcap is a regulated broker based in Australia, established in 2009. It provides excellent trading support and is best known for its MT4, MT5 and TradingView platforms. As a regulated broker, Eightcap offers a secure and reliable trading environment for its clients. The broker is committed to providing the best possible service and has a team of experienced professionals ready to help traders with any queries they may have. Eightcap is a great choice for those looking for a reliable and secure broker.

Eightcap is a well-known broker that provides traders with a wide range of trading instruments. They offer traders over 45 currencies, 300+ cryptos, and 800+ CFDs. These all have competitive trading conditions, allowing traders to use expert advisors and robots, as well as scalping. Additionally, Eightcap also provides traders with PAMM and MAM accounts, allowing them to manage their portfolio in a more efficient way. All in all, Eightcap is a great broker for traders looking for a wide range of trading instruments and options.

Our Ratings

Pros:

• Regulated by the Australian Securities and Investments Commission (ASIC) 
• Offers competitive spreads and low commissions 
• Offers a wide range of trading platforms, including MetaTrader 4 and 5 4. Offers a variety of trading instruments, including forex, indices, commodities, and cryptocurrencies 
• 24/7 customer support 

Cons:

• Limited number of payment methods 
• Limited educational materials and resources

FXTM.com — Best For Trading Conditions

FXTM is a regulated online broker based in Mauritius, established in 2011. It is best known for its competitive trading conditions and is a great choice for traders looking to maximize their profits. FXTM offers a variety of trading platforms, including MT4, MT5 and WebTrader, giving traders access to a wide range of markets and instruments. The broker also has a wide range of tools, such as automated trading, Expert Advisors, and a range of educational materials to help traders reach their trading goals.

FXTM is a great broker for traders who are looking to trade a variety of instruments. With over 55 currency pairs, 4 cryptos, and 190 CFDs to choose from, there is something for everyone. Additionally, the broker allows for the use of EAs and robots, scalping, and news trading. For those looking for additional management facilities, the broker also offers a MAM account. All in all, FXTM is an excellent choice for any trader.

Our Ratings

Pros:

• Low trading fees and spreads. 
• Offers a wide range of trading products and instruments. 
• Fast and secure deposit and withdrawal options. 
• Comprehensive customer support in multiple languages. 
• Offers a demo trading account. 

Cons:

• Limited educational resources. 
• Limited research tools and features.

What is a Forex Broker?

A Forex broker is a specialized financial intermediary critical for individuals and businesses navigating currency trading within the expansive global foreign exchange market. Serving as a pivotal connection between traders and the dynamic realm of forex, these brokers provide online platforms for buying and selling various currencies. Opting for a reputable and regulated Forex broker is paramount for ensuring a secure and efficient trading experience. This choice is complemented by the availability of essential tools and analysis, empowering traders to skillfully navigate the intricacies of currency transactions within the ever-evolving forex landscape.

Learn More : A Simple Explanation of a Forex Broker

What are the Most Trusted Forex Brokers in the UAE ?

According to our research and broker ratings, Pepperstone, IC Markets, XM, and FBS emerge as the most reliable forex brokers for trading in the UAE . These brokers are highly regulated by top regulators including FCA, ASIC, CySEC, BaFIN, DFSA, SCB and so on.  They also offer segregated client fund accounts with tire 1 banks. for example. Here are our trust score for the following brokers 

• Pepperstone : 9.4 
• IC Markets    : 9.3
• XM                : 9.3 
• FBS              : 9

What is the No 1 Forex Brokers in the UAE ?

Based on our in-depth research and ratings, Pepperstone is the number 1 forex broker in the UAE . The broker is not only popular in the UAE  but also globally. Additionally, the broker is regulated under top-tier regulators worldwide, including FCA, ASIC, CySEC, and others. Pepperstone secures a score of 9.4 out of 10, the highest in our research

What are the Best MT4 Forex Brokers in the UAE ?

Based on our in-depth research and test results, the best MT4 forex brokers in the UAE are:

• IC Markets
• Pepperstone
• Eightcap
• Tickmill
• XM
• FBS

They offer thousands of trading instruments, including forex, crypto CFDs, stock CFDs, and indices.

What are the Best MT5 Forex Brokers in the UAE ?

MT5 a multi-asset trading platform by MetaQuotes. It is second most popular forex trading platform in the world. Most of the forex brokers in the UAE  offer MT5 Trading Platforms. According to our brokers research and ratings, the best MT5 Forex Brokers in the UAE are 

• Pepperstone
• IC Markets 
• FBS 

MT5 perform allows traders to perform  technical analysis and trading operations in the Forex market

What are the Best ECN Forex Brokers in the UAE?

Our findings and broker ratings show that the best ECN Forex brokers in the UAE are 

•  Pepperstone 
•  IC Markets 
•  XM
•  FXTM 
•  Hotforex 

These brokers offer low trading fees. They also offer seamless deposit and withdrawal processing. Among the brokers, Pepperstone we ranked Pepperstone as No 1 forex brokers in the world

Which Forex Brokers are Best for Beginners in the UAE ?

From our research, analysis, testing, and experience; XM, hotforex, FBS, and Exness are the best brokers for beginners in the UAE . They all provide comprehensive training resources for newbies and also demo accounts for practice. When the newbies are ready for live trading, these brokers offer micro accounts which they can use to start experimenting with live trades at very little risk.

Which Forex Brokers Offer Copy Trading Platforms in the UAE ?

The best forex brokers offering copy trading platforms in the UAE include eToro, Pepperstone, IC Markets, and FBS, among others. Among these, eToro is renowned for its social copy trading. Moreover, you can use almost all forex brokers for copy trading purposes if they allow EA trading

Which Forex Brokers offer High Leverage in the UAE?

FBS is one of the highest-leverage forex brokers that offers services worldwide, including in the UAE. FBS provides a 1:3000 leverage, allowing for up to $3000 in trading capital for every $1 risked. However, the leverage in the EU and the USA is fixed. In the EU and Australia, retail traders can take up to a 1:30 leverage, while US regulators allow a maximum 1:50 leverage for retail forex traders. Many brokers have multiple entities for traders in different countries. Here is a list of the highest-leverage forex brokers:

FBS.com : 1:3000

Exness.com : 1:2000

Hotforex : 1:1000 

How Can I Trade Forex in the UAE?

Learn the basics of Forex trading: Before you start trading Forex, you need to understand the basic principles of the Forex market. You can find plenty of online resources to learn about Forex trading, including video tutorials, webinars, and e-books.

Choose a Forex broker:

Next, you need to choose a Forex broker that is regulated by the UAE regulatory body, the Dubai Financial Services Authority (DFSA). Look for a broker that offers a user-friendly trading platform, competitive spreads, and low commission fees.

Open a trading account:

Once you have selected a Forex broker, you need to open a trading account with them. Fill out the registration form on their website and provide the required documents, such as ID proof and address proof.

Fund your trading account:

After opening a trading account, you need to fund it with money. You can use various payment methods, such as credit/debit cards, bank transfers, and e-wallets, depending on the options offered by your broker.

Choose a trading strategy:

You need to decide on a trading strategy that suits your trading style and risk tolerance. You can choose from a variety of strategies, including day trading, swing trading, and position trading.

Analyze the market:

To make informed trading decisions, you need to analyze the market using technical and fundamental analysis tools. Technical analysis involves studying charts and patterns, while fundamental analysis involves analyzing economic data and news events.

Place your trades:

Once you have analyzed the market, you can place your trades using your broker’s trading platform. You can buy or sell currency pairs based on your trading strategy and market analysis.

Monitor your trades:

After placing your trades, you need to monitor them regularly to see how they are performing. You can use stop loss and take profit orders to manage your risk and maximize your profits.

Close your trades:

When you have achieved your trading goals or if the market conditions change, you can close your trades and take your profits or losses.

Different Types of Forex Brokers in the UAE ?

Dealing Desk Brokers:

1. Market Maker: A Market Maker is a dealing desk broker who takes the opposite side of their clients’ trades. They create their own market by setting their own bid and ask prices, which can sometimes result in conflicts of interest between the broker and their clients.

No Dealing Desk Brokers:

2. ECN (Electronic Communication Network): ECN brokers are no dealing desk brokers who use electronic communication networks to connect their clients to liquidity providers such as banks, hedge funds, and other traders. They offer transparent pricing and allow clients to access deep liquidity pools for better execution.

3. STP (Straight Through Processing): STP brokers are also no dealing desk brokers who use technology to route their clients’ orders directly to liquidity providers without any intervention from the broker. This allows for faster order execution and better pricing.

Types of Trading Platforms in UAE ?

There are various trading platforms available in the UAE for Forex traders. Here are some of the most common types of trading platforms:

MetaTrader 4/5:

MetaTrader is a popular trading platform used by many Forex brokers in the UAE. It offers advanced charting tools, technical indicators, and the ability to automate trading using Expert Advisors (EAs). MetaTrader 5 is the newer version with added features such as depth of market and a built-in economic calendar.

cTrader:

cTrader is a trading platform offered by some Forex brokers in the UAE. It offers advanced charting tools, technical indicators, and the ability to trade multiple assets, including Forex, commodities, and indices. It also has a built-in economic calendar and supports automated trading.

Web-based platforms:

Some Forex brokers offer web-based trading platforms that can be accessed from any device with an internet connection. These platforms offer basic charting tools and trade execution features.

Mobile trading apps:

Mobile trading apps allow traders to access the Forex market from their smartphones and tablets. They offer basic charting tools and trade execution features, and some also offer advanced features such as push notifications and real-time news alerts.

Proprietary platforms:

Some Forex brokers offer their own proprietary trading platforms that are specifically designed for their clients. These platforms may offer unique features and tools that are not available on other platforms.

How to Choose the Best Forex Brokers in the UAE ?

When choosing the best forex broker in the UAE, it is important to consider the following factors in detail:

Regulation:

The broker you choose should be regulated by a reputable financial authority such as the Central Bank of the UAE or the Dubai Financial Services Authority. This ensures that your funds are secure and that the broker follows strict rules and regulations. The regulatory body provides a level of protection for your funds and ensures that the broker operates in a transparent manner.

Trading platforms:

The trading platform offered by the broker should be reliable and user-friendly. It should have all the necessary tools and features to help you make informed trading decisions. Some of the features you should look for include charting tools, technical indicators, and news feeds. The platform should also be accessible from multiple devices and should have a fast and responsive interface

Customer support:

A good broker should have a responsive customer support team that is available 24/7. This will ensure that you have access to assistance when you need it. The customer support team should be knowledgeable and able to answer any questions you may have. You should also be able to contact the support team via multiple channels such as email, phone, and live chat.

Fees and spreads:

When comparing brokers, it is important to consider the fees and spreads they charge. Some brokers may charge high fees for certain services, so it is important to understand what you are paying for. The spread is the difference between the bid and ask price of a currency pair and can have a significant impact on your profits. Look for a broker that offers competitive spreads and low fees to maximize your profits.

Reputation:

The reputation of the broker is important because it reflects the level of trust and confidence that other traders have in the broker. You can check the reputation of the broker by reading online reviews and forums. Look for a broker that has a history of providing good service to its clients and has positive feedback from other traders.

Availability of educational resources:

A good broker should provide educational resources such as tutorials, webinars, and market analysis to help you develop your trading skills. These resources should be accessible to all traders, regardless of their experience level. By improving your knowledge of the forex market, you can make more informed trading decisions.

Leverage

is the amount of money a broker will lend you to trade. Higher leverage can increase your potential profits, but it can also increase your risk. Consider the leverage offered by the broker and choose a broker that offers a level of leverage that is appropriate for your trading style and risk tolerance.

Frequently Asked Question (FAQs)

Is Forex Trading Legal in the UAE ? 

Yes, forex trading is legal in the UAE, but any entity engaged in forex trading must have a valid license to operate. In order to start a forex company in the UAE, it’s important to understand the regulatory requirements and obtain the necessary licenses. 

Why is regulation important when choosing a forex broker?

Regulation is important because it provides a level of protection for your funds and ensures that the broker operates in a transparent manner. A regulated broker must follow strict rules and regulations set by the regulatory body, which helps to protect your funds and ensure that the broker operates in a fair and transparent manner.

What should I look for in a trading platform?

A good trading platform should be reliable and user-friendly. It should have all the necessary tools and features to help you make informed trading decisions. Some of the features you should look for include charting tools, technical indicators, and news feeds. The platform should also be accessible from multiple devices and should have a fast and responsive interface.

What is the spread in forex trading?

The spread is the difference between the bid and ask price of a currency pair. It is the difference between the price at which you can buy a currency and the price at which you can sell it. The spread can have a significant impact on your profits, so it is important to choose a broker that offers competitive spreads.

How can I check the reputation of a forex broker?

You can check the reputation of a forex broker by reading online reviews and forums. Look for a broker that has a history of providing good service to its clients and has positive feedback from other traders.

Why is leverage important in forex trading?

Leverage is the amount of money a broker will lend you to trade. Higher leverage can increase your potential profits, but it can also increase your risk. Consider the leverage offered by the broker and choose a broker that offers a level of leverage that is appropriate for your trading style and risk tolerance.

How can educational resources help me in forex trading?

Educational resources such as tutorials, webinars, and market analysis can help you develop your trading skills. By improving your knowledge of the forex market, you can make more informed trading decisions and increase your chances of success.

Conclusion

Choosing the best forex broker in the UAE requires careful consideration of several important factors. You should look for a broker that is regulated by a reputable financial authority, offers a reliable and user-friendly trading platform, has a responsive customer support team, charges competitive fees and spreads, has a good reputation, provides educational resources, and offers an appropriate level of leverage. By taking the time to evaluate these factors, you can choose a forex broker that meets your needs and helps you reach your trading goals. Remember to always do your own research and never invest more than you can afford to lose.