Benchmarks to Choose the Best Forex Broker in Dubai
Today the United Arab Emirates is considered one of the significant financial hubs in the world. It attracts tourists and investors from all over the world. As a result, many forex brokers put their anchor in Dubai to establish their brokerage business. Over the past few years, many renowned brokers opened their business in Dubai and kept continuing their excellent service. Nonetheless, they are considered as best forex broker in Dubai.
However, scam brokers are also active in Dubai, which means you have to be careful while choosing the best forex broker in Dubai. Being said that, you will have to look for the best forex broker available in Dubai to avoid scammers.
As you go through the article, you will be enlightened about choosing the forex trading brokers in Dubai.
Best Forex Brokers in Dubai
- 200+ tradable assets
- Choose between 4 trading platforms
- Competitive spread pricing on raw account
- Mobile Trading: Available
- ECN: Available
- Currencies: 45+
- Axi Mobile Trading: Available
- Currencies: 80+
- Web Trading: Available
Choosing the Best Forex Broker in Dubai
It is not too long; Dubai joined the forex trading world. After 2015 most of the top forex brokers started their service in Dubai. As the new brokerage firms are joining the list, it may become difficult to filter out the top 10 forex brokers in the UAE market. But if you follow some benchmarks, you can filter out the best brokerage company in Dubai. Following are the benchmarks you can stick to, to choose the best ones.
Dubai Financial Services Authority (DFSA) controls the forex market in Dubai. So, DFSA regulated forex brokers in Dubai should be your only priority while choosing a broker. However, you will find many brokers with lucrative offerings, which can be scams sometimes. So, it is highly essential to look over the regulatory status of a broker.
To check the regulatory condition of a broker, you can put the broker’s information on the DFSA website to see its license status.
Forex Trading Platforms
Platforms are an important aspect to conduct any forex trading alongside the trading of other instruments. However, most of the top brokers offer their service via MT4 and MT5 platforms. And they are also the most demanded platform by the traders. So, you should take these into consideration and look for MetaTrader 4 forex brokers and MetaTrader 5 forex brokers.
However, some brokers may also provide other platforms, which are also useful. But, before choosing a broker with an unknown platform, we would suggest you research forex broker reviews on that specific broker from different sources.
Forex Trading Accounts
Dubai brokers offer separate trading accounts depending on the trader’s experience level. So, having proper knowledge of account types will help you to choose your desired account. Besides, your investment is also a crucial factor in choosing the account types.
So, a good understanding of trading accounts will definitely boost your trading experience. To understand the features of accounts offered by the forex brokers in Dubai, the best thing you can do is open a demo account.
Commissions and Spreads Structure
A broker’s commission and spread structure determine the profitability of a trader. Therefore, you will need to get a clear understanding of spreads and commissions. Some brokers may offer no commission with high spreads while others may offer high commission with low spreads.
On the other hand, some brokerage firms in Dubai may also offer tight spreads. We will suggest choosing the broker with the lowest spreads as well as the lowest commissions.
Dubai forex brokers provide access to different markets such as forex, crypto, shares, indices, and more. However, market offerings may vary from broker to broker. So, you should go through the markets list offered by the forex broker in Dubai before choosing one. Our suggestion will be to choose a broker that offers most market instruments.
Swap Free Accounts
Dubai is a Muslim-dominated country, which means trading with a swap-free account is mandatory. However, the best forex broker in Dubai offers a swap free account. So, you don’t need to ask for a swap free account separately.
Although, it is not a prime concern if you have enough time. On the other hand, if you are a professional trader and want an instant transaction feature, you should search for this feature on your selected broker. Besides, you also choose the best forex broker that offers an easy deposit and withdrawal method.
Last but not the least, speedy customer service is necessary. Though, trading with the best forex broker in Dubai may not require contacting customer service. But it is better to choose a broker with top-notch customer service.
Best Forex Brokers in Dubai
FP Markets Dubai
FP Markets is a global broker. However, they run in Dubai with the DFSA license. As a result, they became one of the safest and trustworthy brokers in Dubai. FP Markets Dubai provides a variety of instruments such as forex, CFDs, indices, futures, equities, crypto, and commodities.
However, you don’t need to open a separate account to trade these instruments separately. Instead, you can do everything from a single account.
FP Markets Dubai aims to please the trades, which tends to offer high execution, cutting edge platform, variety of products, customer support, market analysis, and more. These are the most valuable elements of FP Markets.
The presence of 80+ countries proves their reliability. Furthermore, FP Markets adopt the technologies whenever possible to offer splendid service.
FxPro is one of the biggest brokerage services in the world that provide services to more than 170 countries in the world. FxPro started its Dubai wing in 2017 to provide the best brokerage service in Dubai.
FxPro Dubai provides six different instruments for its traders such as forex, futures, indices, shares, metals, and energies. The four separate platforms makes the trading life easier. The platforms include-
- MetaTrader 4
- MetaTrader 5
- FxPro Trading Platform
- cTrader Platform.
With these platforms’ help, you can easily do the market analysis, which may help you take trading decisions.
FxPro Dubai’s service is safe and transparent as the client’s funds are kept in a segregated account in international banks.
FxPro offers two types of accounts: VIP trading account and professional trading account. Further, these accounts are categorized based on different commissions and spread structures. For example, Fixed spreads and instant execution, Floating spreads and market execution, Floating spreads and instant execution through and separate accounts via cTrader platform, which focus on floating spreads and market execution.
AxiTrder changed their name to Axi last year as they went more global. However, it was created by a group of traders, so they offer everything from a trader’s perspective instead of a broker’s perspective. However, AxiTrader Dubai focuses on the fastest execution feature and tight spreads.
Additionally, the best trading tool is their core competency, which also follows the proper regulation. The customer service offered by AxiTrader Dubai is another great reason to choose them as a broker.
Axi is user-friendly, which makes it easier for any type of trader without having any prior experience.
AxiTrader usually grabs the new tech and offers them to the traders to give them the best experience. Axi started its operation in Dubai in 2016. In terms of the Dubai market, Axi is relatively new, even though they started operation in 2007 in Australia.
With 30,000+ active traders worldwide, Axi is one of the best forex brokers in Dubai. With Axi, you can trade forex, commodities, cryptocurrencies, indices, gold, and silver via the MT4 trading platform.
In addition to that, they offer education services to their registered traders for free through video tutorials, newsletters, seminars, webinars., blogs, eBooks, etc.
As we have said earlier, forex trading is a new addition in Dubai. Most of the traders are still in the introduction phase. Still, a few best forex broker in Dubai have started operating and traders are taking them positively.
As a newbie, it is okay to get confused while looking at the list of registered forex brokers in Dubai. But, if you follow our guidelines, choosing top forex brokers in Dubai would be a piece of cake.