10 Best Forex Brokers UAE & Dubai Reviewed

Forex markets are generally known for their high liquidity and easy accessibility. Nevertheless, traders will still need to find a reliable broker to execute their plans.

This guide reviews the best forex brokers in the UAE for 2023. We will also explain how to set up an account and start trading forex in less than five minutes.

Your capital is at risk. 78% of retail investor accounts lose money when trading CFDs with this provider.

We have included detailed reviews of each of these forex brokers in the next section.

Best Forex Brokers Dubai Reviewed 

To help our readers choose the best forex broker in the UAE, we tested and compared the top providers in the market. We paid particular attention to the number of forex pairs available, fees, features, and security.

So, let’s explore the best forex trading platforms in the UAE.

1. eToro – Overall Best Forex Broker in the UAE

For those who prefer to trade on the go, eToro offers the best trading app in the UAE – with support for the forex, stock, and commodity markets. Its trading app is highly intuitive and makes it incredibly easy to place orders. It is also one of the best crypto exchanges for UAE residents to buy and sell digital assets, such as Bitcoin, Ethereum, and Dogecoin. 

Furthermore, this broker is also one of the heavily regulated forex trading platforms out there – with licenses from the FCA, SEC, CySEC, and ASIC. Crucially, eToro features an Islamic account, which is an important factor for many UAE residents. It is also beginner-friendly, while, still providing all the standard brokerage features sought out by experienced traders.

When it comes to forex trading, eToro lists close to 50 markets. And users will be able to access all of them on a spread-only basis – which starts from just 1 pip per slide. eToro also offers support for both major and minor forex pairs.

The eToro platform comes with a good selection of standard trading tools, like price alerts, news feeds, market updates, and customized charts. Moreover, retail clients can leverage their forex trades on major currency pairs by up to 1:30. For minors, however, the leverage is limited to 1:20.

The standout feature of this broker is its unique passive and automated trading tools. On eToro, users can duplicate the forex trading strategies of other leading investors, like-for-like, on their portfolios. eToro also has a premium portfolio management product that allows its customers to diversify into multiple stocks and cryptocurrencies with just one click.

eToro stipulates a minimum deposit of $50 from its users in the UAE – which comes to around 180 AED. Traders can fund their account with credit/debit card, e-wallets, or by making a bank transfer. The fees for processing the deposits come to 0.5% for UAE residents.

Top UAE Forex Trading Brokers Compared 

Wondering how to choose the best forex broker in the UAE?

Refer to our comparison table below to make an informed decision.

How we Select the Best UAE Forex Brokers

Choosing the right forex broker is one of the most challenging decisions that a currency investor can make. With a long and growing list of available options, it can be daunting to find a platform that fits a trader's unique needs.

With this in mind, we thoroughly researched the online investment space to identify the best forex brokers in the UAE.

We compared and contrasted different features - which we list below. Our readers can also consider the same metrics when selecting a forex broker for themselves.

Regulation

When researching the best forex trading platforms in the UAE, we placed the greatest emphasis on security. All the brokers we listed here are regulated by top financial authorities.

A few platforms hold licenses from the DFSC in Dubai and the FSRA in Abu Dhabi - two of the esteemed governing bodies in the UAE.

Users will be able to easily find the regulatory status of a forex broker by visiting the website of the provider.

On top of this, brokers such as eToro have implemented the best data protection measures for the safety of users. The platform also holds clients' money in highly secure bank accounts in Europe and has them separated from its operational funds.

Range of pairs

When choosing the best forex broker in the UAE, special attention should be paid to the currency pairs offered by the provider. Some only provide the basic currency pairings and nothing more.

However, we made sure that all the forex brokers reviewed today list a decent mix of majors, minors, and exotics. This is crucial for a trader looking to diversify their portfolio.

In addition to this, the majority of the forex brokers on this page also offer access to other asset classes - such as stocks, commodities, and cryptocurrencies.

For instance, UAE residents can access eToro to buy Bitcoin, altcoins, commodities, stocks, and more.

Fees 

Even the best forex broker in the UAE will charge some kind of fees - after all, the provider is in the business to make money.

When it comes to forex trading, there are two different types of fees that users need to be aware of - which are as follows.

Commissions

Commissions are charged by brokers for facilitating transactions. This is often calculated as a percentage against the size of the trade.

Take a look at this example:

• Suppose a broker charges a commission of 1% on forex trades.
• A user decides to stake $1,000 on the pair EUR/USD.
• When opening the trade, the user will have to pay $10 (which is 1% of $1,000).
• Then again, when closing the trade, the commission will be charged again.
• So, suppose at the time of closing, the position is worth $2,000.
• The commission will be 1% of $2,000 - which is $20.
• This means that the total commission on this trade comes to $30.

Those looking for low trading fees should consider a commission-free broker like eToro. In doing so, users only need to consider the spread.

Spreads

Most forex brokers in the UAE do not charge commissions. Instead, when executing trades, they deduct the cost of the spread.

• The spread is the difference between the buy and ask price of the chosen forex pair - quoted by the broker.
• Due to the market volatility, each broker will quote a slightly different price for the same currency pair.
• As such, the spread will also vary from one broker to another.
• Ideally, users should be looking for platforms that offer low spreads.
• That being said, there are also brokers that facilitate spread-free forex trading.
• However, in this case, users will be required to pay a commission.

Looking for the best app for forex trading with low fees? Below, we have included a summary of the spread and commission charged by the best forex brokers in the UAE.

Non-Trading Fees

Aside from the spread and commission, some brokers might also charge fees for processing deposits, withdrawals, and for general account maintenance.

Crucially, if trading CFDs and buying stocks, individuals should also keep an eye out for overnight fees. Also known as 'swap fees', these charges are applicable if traders hold a CFD position open overnight.

Tools & Analysis

A good broker is not only a middleman to execute trades. Some of the best UAE forex trading platforms also offer a wide selection of tools to assist users with their decision-making process.

Moreover, they also integrate tools that can be immensely helpful for traders to conduct quality research.

Moreover, brokers such as eToro go one step further by providing an extensive library of educational materials. Users of this platform can access webinars, take courses, and learn to trade using its free demo account.

Minimum Deposit

We found that the best forex brokers in the UAE also have very low minimum deposit requirements.

In fact, on the majority of platforms, individuals can get started with as little as $10-$20.

That said, the minimum deposit requirement might vary depending on the chosen payment method.

Demo Account

Beginners searching for the best forex trading apps in the UAE might want to prioritize those that come with access to a demo account.

This is why we encourage our readers to consider the likes of eToro.

For first-time users, it might take a bit of time to get used to the many different features available and learn how to make the most of them. This is where a demo account comes in handy.

Additionally, as demo accounts come funded with virtual money, individuals can also practice trading in real-market conditions, without taking any risk. Users will also be able to switch between the demo and live accounts as needed.

Payment Methods

Individuals now have different options at their disposal when it comes to funding a brokerage account. The best forex brokers in the UAE accept payments through not only bank transfers, but also through Visa and MasterCard.

Some providers also allow users to move funds from e-wallets such as PayPal, Neteller, and Skrill. We have ensured that all the best brokers discussed today support multiple convenient payment methods.

Mobile App

We also considered which is the best trading app in the UAE in terms of swift execution, integration of features, and convenience of use. After all, a complicated interface can make it challenging to place orders through a mobile screen.

The majority of the top forex brokers in the UAE come with their own mobile apps.

After considering the different options in this market, eToro came across as the best app for forex trading in the UAE - for advanced traders and beginners, respectively.

Customer Service 

It is also important to consider what level of customer support is provided by a broker. All the best forex trading apps in the UAE come with excellent customer support.

On eToro, users can contact a customer representative via live chat. It is also possible to send direct emails to the support team. Moreover, the platform also has a help center that caters to the most common FAQs.

Best Forex Signals UAE

Beginners entering the forex space might be confused about how to make the right trading decisions. For many newbies, it might not be feasible to spend hours researching the market before making a move.

However, forex signals can help investors make smart choices without having to do any groundwork. In simple terms, forex signals are trading suggestions curated by experts or algorithms.

A forex signal will include a currency pair and the specific price at which the trade has to be executed.

There are several forex signal providers that cater to investors in the UAE. Learn2Trade is a prominent platform that offers the best forex signals in the UAE.

It sends up to three forex signals for free per week - which includes information such as the currency pair, whether to go long/short and even a stop-loss and take-profit order suggestion.

With a premium account, users will receive up to three signals daily. Learn2Trade sends its signals via Telegram, and users from the UAE will be able to access them by connecting their devices to one of the best VPNs available in the country.

After receiving the signal, investors can review them and execute the order via their chosen forex broker.

Your capital is at risk. There is no guarantee that you will make money when using this signal provider. 

How to Start Forex Trading in the UAE

Ready to get started with a forex trading account?

Below, we have included a detailed breakdown of how to set up an account and start trading with the best forex broker in the UAE - eToro.

Step 1: Open an eToro Trading Account 

To sign up for a new account, go to the eToro website and tap on 'Trade Now'. Next, fill out the email address and password fields before clicking on the 'Continue' button to proceed.

Then, new users will have to provide some personal information, such as a full name, date of birth, and address.

New users will then be prompted to upload their documents for identification purposes. For instance, eToro requires documents that can verify the identity and address of a user.

This can be a passport or a driver's license. Individuals will also need to upload a utility bill or a bank statement in order to verify the address they have submitted.

Step 2: Deposit Funds

Before trading forex, users will have to make a deposit into their account. They can do this with a debit/credit card or bank wire transfer.

Users can also use several methods to make instant deposits. The minimum deposit for debit/credit card and e-wallet payments is $10.

That said, customers of eToro do not need to deposit any money to get started with the demo account.

Step 3: Search Forex Pair

Next, users can look for the forex pair they want to trade in the 'Discover' tab of the trading platform.

Alternatively, simply enter the trading pair in the search bar to find it.

Step 4: Trade Forex

To start trading, click on the forex pair and choose the type of order that has to be placed. As eToro deals with CFDs, users can speculate in both directions.

To go long, individuals can open their position with a 'buy' order.

If going short, a 'sell' order needs to be placed.

To open a position, simply enter the stake amount and click on the 'Buy' or 'Sell' button based on the respective trading strategy.

The trade can be found in the 'Portfolio' section of the account.

Conclusion

From our research, we found that the UAE hosts a number of top-notch forex brokers. Most offer support for dozens of currency pairs and feature excellent trading platforms.

After considering factors such as security, fees, and functionality - we consider eToro as the best forex broker in the UAE.

It comes with a demo account and facilitates advanced trading through its feature-rich platform. Moreover, eToro is commission-free and does not charge any deposit fees.

Your capital is at risk. 78% of retail investor accounts lose money when trading CFDs with this provider

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