List of the best Forex brokers in Dubai – Your best options

Dubai’s main financial sectors market regulator is the Dubai Financial Services Authority (DFSA). The DFSA is a renowned regulatory body that licenses and authorizes numerous local and international brokerage companies. The DFSA is a separate organization independent from the government and does not officially monitor the whole market of the United Arab Emirates, it is responsible for the Dubai financial markets only.

The regulatory body of Dubai has been existing for quite some time now and all Dubai regulated Forex brokers are obliged to hold a license from DFSA. DFSA is considered to be one of the most liberal authorities in the world and that is why it often cooperates with many different regulatory bodies worldwide under the bi-lateral Memorandum of Understanding (MoU). DFSA cooperates with famous institutions globally such as the Securities and Exchanges Commission in Cyprus (CySEC), the Securities and Investments Commission in Australia (ASIC), European Securities and Markets Authority in Europe (ESMA), Securities and Exchange Board of India (SEBI) and many others.

Due to its highly liberal approaches to economic and financial sectors, Dubai has no tax obligations for Forex traders in the region. Apart from the exemption from taxation, Forex traders are not limited in leverage levels offered by the brokers. Furthermore, there are numerous payment methods supported with the best Dubai Forex brokers including e-payment platforms like PayPal and Skrill, as well as traditional solutions of bank wire transfers and credit/debit card payments.

However, the national currency of UAE – the United Arab Emirates dirham (AED) is not available for trading as part of the Forex currency pairs. Since AED is not in high demand and is not present in Forex currency pairs portfolios, Dubai Forex traders go for regional currency pairs such as Japanese yen (JPY) or Singapore Dollar (SGD).

List of the best Forex brokers in Dubai

Even though DFSA is the main market regulator in Dubai, many Forex traders of the region trade with international brokerage companies who hold multiple licenses from the regulators within other jurisdictions, as well, such as the United Kingdom, Canada, New Zealand, and so on. However, we recommend that you choose your broker from the below list of the top DFSA regulated Forex brokers.

XM Group

XM Forex Review

Minimum deposit

5$

Regulation

CySEC, FCA, ASIC

Bonus

30$, 50%+20%

Maximum leverage

1:1000

Year founded

2009

Trading platform

MT4, MT5, WebTrader

AvaTrade

Review of AvaTrade – Broker with over 15 years of experience

Minimum deposit

$100

Regulation

CySEC, CBI, FSA, FFAJ, BVI FSC, FSCA, FSRA

Bonus

Maximum leverage

1:400

Year founded

2006

Trading platform

MT4, MT5, WebTrader, AvaTradeGO

SAXO Bank

SAXO Bank Forex Review

Minimum deposit

USD 5,000

Regulation

FINMA, FCA, ASIC, FSA, MAS, AFM

Bonus

N/A

Maximum leverage

1:30

Year founded

1992

Trading platform

SaxoTraderGo, SaxoTraderPro

HotForex

HotForex Review – Trade 1,000+ of Symbols with this Broker

Minimum deposit

$5

Regulation

SVGFSA, FCA, DFSA, FSCA, FSA

Bonus

From 30% to 100%

Maximum leverage

1:1000

Year founded

2010

Trading platform

MT4, MT5

ForexMart

ForexMart Review – High-class trading experience

Minimum deposit

15

Regulation

CySEC

Bonus

30%

Maximum leverage

1:500

Year founded

2015

Trading platform

MT4, WebTrader

CM Trading

CM Trading FX broker review – Is it legit?

Minimum deposit

$250

Regulation

FSCA

Bonus

Maximum leverage

1:200

Year founded

2012

Trading platform

MT4, WebTrader

Plus500

Plus500 Review

Minimum deposit

100$

Regulation

FCA

Bonus

N/A

Maximum leverage

30:1

Year founded

2008

Trading platform

Custom

IQ Option

An in-depth IQ Option Review of fees, opportunities and more

Minimum deposit

$10

Regulation

Risk Warning: YOUR CAPITAL MIGHT BE AT RISK

Bonus

N/A

Maximum leverage

1:1000

Year founded

2013

Trading platform

Proprietary

Exness

Exness Broker Review – Should You Trade With It?

Minimum deposit

10 USD

Regulation

FCA, CySEC, FSA

Bonus

N/A

Maximum leverage

1:Unlimited

Year founded

2008

Trading platform

MT4, MT5, WebTerminal

OspreyFX

OspreyFX review – regulations, features and possibility of OspreyFX scam

Minimum deposit

$10

Regulation

N/A

Bonus

N/A

Maximum leverage

1:500

Year founded

2019

Trading platform

MT4, custom

EagleFX

EagleFX review – Start trading with safe and secure broker

Minimum deposit

$10

Regulation

Bonus

Maximum leverage

1:500

Year founded

Trading platform

MT4

Forex.com

Forex.com Review

Minimum deposit

250$

Regulation

FCA, NFA

Bonus

N/A

Maximum leverage

200:1

Year founded

1999

Trading platform

MT4

easyMarkets

Can You Trust easyMarkets? There Are Things You Need To Know

Minimum deposit

$25

Regulation

ASIC, CySEC, FSA, BVI

Bonus

50%

Maximum leverage

1:400

Year founded

2001

Trading platform

WebTrader, MT4, TradingView

HYCM

Can you trust HYCM Forex broker? What you need to know?

Minimum deposit

100

Regulation

FCA, CySEC, DIFC, CIMA

Bonus

N/A

Maximum leverage

500:1

Year founded

1977

Trading platform

MT4, MT5

FPMarkets

Is FPMarkets reliable broker? Is it licensed to trade?

Minimum deposit

$100 AUD

Regulation

ASIC

Bonus

N/A

Maximum leverage

500:1

Year founded

2005

Trading platform

WebTrader, MT4, MT5, IRESS

Pepperstone

Pepperstone FX Broker – Everything You Need To Know About This Broker?

Minimum deposit

AUD$200

Regulation

ASIC, SCB, CMA, CySEC, FCA, BaFin and DFSA

Bonus

N/A

Maximum leverage

1:400

Year founded

2010

Trading platform

MT4, MT5, cTrader, TradingView

FXRoad

Review of FXRoad – Broker with Superior Islamic Accounts

Minimum deposit

250 EUR

Regulation

FSA (Seychelles)

Bonus

None

Maximum leverage

1:200

Year founded

2023

Trading platform

FXRoad web & mobile platforms

IMGFX

IMGFX Broker Review – Your Best Trading Experience

Minimum deposit

$50

Regulation

N/A

Bonus

N/A

Maximum leverage

1:500

Year founded

2015

Trading platform

MT4

FXOpen

FXOpen Review – The most experienced broker

Minimum deposit

1 USD

Regulation

ASIC, FCA

Bonus

10 USD

Maximum leverage

1:500

Year founded

2005

Trading platform

MT4, MT5, WebTrader

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Who regulates Forex brokers in Dubai?

dfsa regulated forex brokersForex brokers in Dubai are regulated by the Dubai Financial Services Authority (DFSA), which is the main regulatory body in the region. It is an independent regulator within the financial free zone of Dubai. The regulatory framework of the institution covers asset management, banking services, securities, commodities for futures trading, Islamic trading, derivatives exchange, and international equities exchange. Therefore, the regulatory body monitors almost every aspect of various financial sectors within the region. In addition to these regulations, DFSA also licenses Forex brokers in Dubai UAE and sets out standards that these brokerage companies have to follow.

The DFSA also enforces anti-money laundering (AML) laws and actively investigates all cases of fraud, identity theft, and cybercrime in Forex or other securities markets. In contrast to other regulatory authorities in Asia, DFSA is not a strict regulator and does not incorporate restrictions on the usage of leverage, demand margin requirements, or limit the bonus offerings to Forex traders as found in the European Union trading zone.

 Trade with DFSA authorized broker HotForex

How is Forex trading taxed in Dubai?

The best thing about Forex trading in Dubai is the fact that there are no taxes payable on Forex earnings. Dubai is an economic free zone with the main focus on encouraging foreign and local investments, tax-free business operations, and liberalized legal frameworks. Therefore, all Forex traders and investors in the market are exempt from tax fees. Hence, traders can freely engage in online Forex trading in Dubai and retain all earnings and profits that they generate through trading with the currency pairs. It does not matter whether you are trading with DFSA-regulated brokerages or international broker companies, if you are a resident of the United Arab Emirates you do not have to pay for the taxes.

Are local currency pairs available?

best broker in DubaiThe local currency of the United Arab Emirates – The United Arab Emirates dirham (AED) is not available as part of the Forex tradable currency pairs. Even though, AED is a free currency and not pegged to any other currency it does not represent an attractive asset for Forex traders for a simple reason. There is not enough AED in circulation on an international scale and therefore the demand is low. That is why you will hardly find any AED currency pairs within the portfolios of the best Forex, or ECN brokers in Dubai.

However, Forex traders in Dubai have an option to trade with Asian currency pairs such as the Japanese yen (JPY) or the Singapore dollar (SGD). While the latter is an exotic currency found with a limited number of Forex brokers, JPY is part of the major currency pairs in the Forex industry. Almost every top Forex broker Dubai will offer Japanese yen against USD, EUR, GBP, AUD, and so on.

 Trade USD/JPY with 1.7 pips at HotForex

Is there a cap on leverage for Dubai Forex brokers?

The Dubai Financial Services Authority (DFSA) does not restrict the leverage levels with the Forex brokers. Thanks to its liberal policies the brokers have the freedom to set their own leverage limits. If you go through every Forex brokers in Dubai review you will notice that over 80% of them offer maximum leverage limits between 1:500 to 1:1000, which is quite flexible both for beginner and advanced traders. Often, the leverage amounts will depend on the trading account types of the brokers or the size of the trading capital or equity of the trader. However, we do not recommend trading with sky-high leverages as they impose significant risks to your financial resources.

What payment systems are available in Dubai?

Forex brokers in Dubai UAE

Since Dubai is one of the most significant international finance centers the brokers operating there offer almost every kind of payment solution ranging from traditional bank transfers to modern e-payment platforms. You can fund your Forex trading account in Dubai through bank wire transfer, or Visa/Mastercard debit and credit cards if you are in favor of the common traditional payment systems. However, if you have switched to online payments and innovative e-wallet options you can choose to process your payments through Skrill, PayPal, AstroPay, M-Pesa, and similar e-payment platforms.

 Use Skrill for your payments with HotForex

What should you look out for when trading Forex in Dubai?

Dubai had one of the most famous scandals related to Forex scams in recent years. There was a massive fraud that scammed over 6000 investors from Dubai. The combined losses were estimated to exceed 300 million US dollars. The scam brokerage company promised traders to gain more than 120% return on their investment in this Dubai foreign exchange fraud. Obviously, the traders were never able to withdraw their deposits or the profits. The investigation was conducted by the Dubai Financial Services Authority in cooperation with UK-based cybercrime departments.

Even though Dubai is one of the safest places to start trading Forex, there are certain signs where you should try your best to avoid the scam broker. If the broker does not hold any regulation neither from DFSA or any other market regulator that is recognized worldwide you should reject its offer no matter how attractive the promises sound. Furthermore, if you find that the broker reviews are overly negative it is also an alarming sign to leave the broker and look for alternatives.

FAQs on Best Forex brokers in Dubai

Is Forex trading legal in Dubai?

Forex trading is legal in Dubai, United Arab Emirates. Moreover, there is a special regulatory authority that regulates the Foreign exchange market in the region – the Dubai Financial Services Authority (DFSA). The DFSA actively monitors the market, regulates the participants, and provides guidelines for Forex traders in Dubai. The investors in Dubai are exempt from all taxes on their Forex earnings.

Which broker is best for trading in Dubai?

HotForex is the best option for Forex trading in Dubai. The broker holds the official license and authorization from the Dubai Financial Services Authority (DFSA) under license number F004885. Furthermore, HotForex is regulated by three other market regulators in different jurisdictions including FCA in the United Kingdom, FSCA in South Africa, and FSA in Seychelles. XM Trading in Dubai is another brokerage option with a minimum deposit requirement of 5 US dollars and multiple regulatory licenses.

How to start Forex trading in Dubai?

To start trading Forex in Dubai you have to register a retail trading account online with the broker. After registration, you will be required to verify your account details such as your identity and/or residential address. Next, you will have to fund your account according to the minimum deposit requirement of the broker and download the trading platform – MetaTrader 4, MetaTrader 5, or similar software supported by the broker. As soon as your broker activates your account you are ready to start trading currency pairs in Dubai.