Ways to Pick the Top UAE Forex Brokers
The Middle East contains one of the fascinating economies in the world. The oil exports boost the team to become one of the tops. However, relying on exports, the United Arab Emirates never focused on retail forex trading. But, recently the advancement of tech and the internet, UAE is thinking about forex trading widely. They already started UAE forex brokers to operate at the retail level. As a result, the demand for forex trading in UAE has been growing.
To meet the increased demand, many local and international brokers have been growing, so finding the best forex broker in UAE gets difficult. To do your job easier, we have completed keen research to give you a guideline to treasure the best forex broker.
Forex Regulations in United Arab Emirates
UAE forex regulation is somewhat easygoing for both traders and brokers. Although UAE consists of multiple regulations, they don’t impose any unnecessary forex laws. On the other hand, UAE regulation is slightly different than other countries because UAE is a Muslim region. And, UAE forex brokers need to follow the Islamic shariah law.
The Arab Emirates doesn’t discriminate amongst the traders. So, anyone can invest regardless of their investment size. However, the Central Bank of Arab Emirates is the supreme authority, but the Securities and Commodities Authority (SCA) will approve the license. UAE forex brokers can get the license upon meeting some specific criteria. Besides the SCA, Dubai Financial Services Authority is another organization that also regulates Emirates brokers. However, they only observe the local brokers.
Best Forex Brokers in Middle East
- 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
Ways to Pick the best UAE Forex Brokers
There is no alternative to choosing the best forex broker to initiate your forex trading. But, you can not get to select the broker easily as there are many brokers that claim to be the best broker. That is why you will need to understand a broker and how good they are in the respective field. Here we have brought out some important notes that are reverent while choosing a forex broker.
- DFSA verification: Whether you are a newbie or an experienced trader, you always should check the broker with the regulatory body. If you are new in forex trading, you may think it difficult to check. But the truth is that it is like a piece of cake. You can simply put the broker’s license number in the respective field on the DFSA website, which will return you with the result. However, if the result shows information about the broker, it is affirmed that the broker is regulated and listed on DFSA.
On the other hand, if you don’t get to see any info, the broker should be unregulated. Therefore you should avoid and report to the DFSA. Although, highly unlikely you face this kind of situation.
- Execution speed: A lightning-fast execution speed will definitely give you some benefits. High trading speed will get you profit as you will place the order when you see the rise in the price. So, speedy trading will get you the maximum profile, while a slow server might minimize profit. However, the best forex broker in UAE should have the fastest server to complete trading. However, as a new broker, you may not be aware of the benefits of speed and may not be able to choose a speedy broker.
In that case, you can go through the forex broker reviews we have provided on our website and choose the one that complies with your other needs.
- Pricing and fees: Checking the fees and pricing are highly essential as these may indirectly affect your profit. Usually, brokers earn money through different fees they take from the traders. UAE regulated forex brokers’ fees may vary as different brokers have different rules and strategies. So, it is highly recommended that you understand the respective broker’s pricing strategy before signing up with that.
- Offered instruments: UAE forex brokers offer a wide range of instruments which includes forex, crypto, stock, indices, commodities, and more. However, there are some exceptions, too, as some brokers may offer only popular instruments. If you have any preference for instruments, you should check with the selected broker if they offer those.
- Trading platforms: Forex trading platforms are essential to have an excellent trading experience. Although there are numerous trading platforms available in the industry, very few of them earned popularity due to the best service. MetaTrader 4 and MetaTrader 5 are some of those top forex trading platforms. While looking for UAE brokers, you can choose either MetaTrader 4 forex brokers or MetaTrader 5 forex brokers for your convenience.
- Transactions: The ease of deposit and withdrawal is highly necessary. Usually, UAE central bank regulated brokers offer a variety of transaction methods, including wire transfer, credit or debit card, digital money transfers, and so on. On the other hand, some UAE brokers may offer only one or two transaction methods. So, check out the broker’s transaction methods whether it is feasible or not.
- Swap-free account: A swap-free account provides interest-free trading opportunities. As the UAE is a Muslim region, so forex trading in UAE offers swap-free accounts alongside the regular forex account. So, it is definitely your call whether you want to trade with the swap free account or a regular account. However, to access the swap-free account, you will need to mention it while registering.
- Customer support: Whenever you face any obstacle with the platform and trading, prompt feedback is needed as you are dealing with real money. Therefore, you should know the respective broker’s customer support facilities. And for that, you can check our suggestions on UAE’s top 10 forex brokers to get a clear view of Arab Emirates customer service.
- Education opportunity: As a recent trend broker offers education platforms for their users. Therefore, any registered broker can learn forex trading right from the platform. It would be great if your selected broker offers an educational opportunity. So, you may check that out if you think you need that.
Checking these criteria will surely help you pick the best forex broker in UAE. However, you may add some other criteria, too, if we missed out on any.
For the middle east residents, UAE forex brokers provide a vast range of features, which are accessible for both new and experienced traders. However, each UAE broker may not offer the ranges of opportunities, but the top-rated brokers offer for sure.
However, the methods we have mentioned earlier in this article could be a great guideline for all regardless of the experience, and you can easily get the best forex broker in UAE.