Best Forex Brokers in United Arab Emirates for 2024

Saxo is my pick for the best forex trading platform provider in Dubai in 2024, when considering all forex brokers that are regulated by the Dubai Financial Services Authority (DFSA) and that accept residents from the UAE. Saxo’s platform suite (SaxoTraderGO for web and mobile and SaxoTraderPRO for desktop) strikes a near-perfect balance of ease-of-use and advanced features, creating a rich trading experience for traders of all experience levels. Learn more about why I rate Saxo’s trading platforms so highly by checking out my review of Saxo.

Browse a gallery of screenshots from Saxo's trading platforms, taken by our research team during our product testing.

IG is the best forex broker in the UAE in 2024. When considering all forex brokers regulated by the DFSA in Dubai (and that accept residents of the UAE), IG stands out as the clear favorite. IG delivers excellent trading platforms, a suite of powerful mobile apps, top-notch research, and the highest attainable Trust Score for a forex broker. With its wide range of currency pairs and a truly vast selection of tradeable markets, IG is our top pick for investors based in the UAE and Dubai.

Check out a gallery of screenshots from IG's trading platforms, taken by our research team during our product testing.

Saxo, which is DFSA-regulated in the UAE, is an excellent choice for UAE-based traders and investors who are looking for a superior mobile app. Saxo’s SaxoTraderGO innovative web and mobile trading platforms deliver a superior selection of tools and state-of-the-art research. Saxo’s SaxoTraderGO mobile app is a favorite of mine, and I appreciate how closely Saxo’s flagship mobile app offering mirrors the SaxoTraderGO web-based platform experience. SaxoTraderGO for mobile is intelligently designed, easy to use, and packed with powerful charting and excellent reading tools.

Check out a gallery of screenshots from Saxo's mobile platforms, taken by our research team during our product testing.

Yes, the MetaTrader platform, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), is legal and available to residents of the UAE – provided your forex broker is regulated in Dubai by the DFSA. If you are looking for the best forex broker in Dubai for MetaTrader users, our top pick is Pepperstone.

IG is the best forex broker for beginners in 2024, due to its vast selection of educational resources, which include guided courses that allow you to chart your own progress as you learn about forex and CFD trading. DailyFx – IG’s in-house content developer – produces a healthy variety of informative articles and videos, and IG has even developed its own standalone mobile app (in addition to its award-winning IG Trading app) that is exclusively dedicated to teaching beginners the ins and outs of the financial markets.

Unfortunately, the SCA does not provide a list of authorized forex brokers; however, residents can contact the SCA directly to verify authorisation.

Forex traders in the UAE benefit from a variety of Securities and Commodities Authority (SCA) protections. The SCA has put out numerous warnings for investors to avoid dealing with brokers that aren’t licensed in the UAE, and has taken action against regulated brokers in the case of violations. The SCA also provides a complaints submission mechanism for the public in cases where issues and/or disputes can’t be resolved directly with an SCA-regulated broker.

The UAE operates under a tri-peak regulatory structure. The SCA (the first peak) regulates the financial markets in the United Arab Emirates (UAE) that exist outside of the Dubai International Financial Centre (DIFC). The DIFC is a financial hub in Dubai that is regulated by the Dubai Financial Services Authority (DFSA) (the second peak). The third peak is the Central Bank of the UAE (CBUAE), which regulates UAE monetary policy and the banking industry.

The DFSA regulates 617 financial institutions, including forex brokers, as of June 2023. The SCA regulates 129 active financial institutions including forex brokers that are licensed in the UAE. The SCA has been active in its enforcement of compliance with periodic inspections of at least 125 financial institutions, including 14 brokers – according to its latest annual report from 2021.

Yes, if you reside in Dubai, you can legally trade forex with brokers that are properly licensed and regulated by the DFSA (according to Regulatory Law 2004 as enacted by the ruler of Dubai). Forex brokers (and other financial institutions) that operate outside of the DIFC (i.e. outside of Dubai) are regulated by the Securities and Commodities Authority (SCA). It’s also worth noting that the Central Bank of the UAE regulates the foreign exchange markets and supervises banks and payment providers. Brokers authorized by the CBUAE hold a monetary intermediary license, whereas exchange-traded forex products are regulated by the Securities & Commodities Authority (SCA)

The UAE’S financial markets

Forex traders may recognize the dirham (AED) as the national currency of the United Arab Emirates. Though comprised of seven separate emirates, the main financial centers of the UAE are undisputedly Abu Dhabi and Dubai. As such, the UAE features two primary financial securities exchanges: the Abu Dhabi Securities Exchange (ADX), and the Dubai Financial Market (DFM).

The ADX, based in Abu Dhabi, was established in the year 2000 and operates as a market for trading securities while also being vested with certain supervisory powers. One of the largest markets in the Arab world, the ADX offers shares, bonds, exchange-traded funds (ETFs), and other SCA-approved financial instruments. The DFM, based in Dubai, functions as a secondary market for trading securities, bonds, mutual funds, as well as other local or foreign DFM-approved financial instruments.

Excluding the city of Dubai, the Central Bank of the UAE (CBUAE) is the primary national regulator for all financial services firms in the UAE, including banks and forex brokers. The Securities and Commodities Authority (SCA) is the governmental agency that oversees the local stock and commodity exchanges in Dubai.

Within Dubai exists a unique special economic zone known as the Dubai International Financial Center (DIFC). The primary regulator for the financial services industry within the DIFC is the Dubai Financial Services Authority (DFSA), which enforces licensing and membership compliance for forex brokers in Dubai, and regulates the trading of securities, commodities, investment funds, and derivatives.

According to the data I've gathered, Tickmill is the forex broker that delivers the lowest spreads in the UAE. Tickmill accepts residents from the UAE as clients and offers average spreads that are close to half a pip. Whether you trade on Tickmill's VIP or PRO account, effective spreads are incredibly low thanks in part to low per-trade commissions and low average spreads on major currency pairs (such as the EUR/USD). Tickmill earned the number one spot for Commissions & Fees in our 2024 Annual Awards, further solidifying its position as the best forex broker for low-spread trading across the UAE. Learn more by reading my review of Tickmill.

Check out a gallery of screenshots from Tickmill's trading platforms, taken by our research team during our product testing.

If you want to start trading forex in the United Arab Emirates, it’s important to start by choosing a forex broker that is well-regulated and properly licensed in the UAE by the DFSA or SCA. While this list isn’t meant to be exhaustive (not every trader’s needs are the same), here are five general steps you can take to start on your forex trading journey as a resident of the UAE.

1. Choose a regulated forex broker. Make sure that your broker is regulated with either the SCA or DFSA – depending on whether you live within the DIFC or outside of Dubai. To help reduce your risk of falling victim to a forex scam, you should always make sure your broker is well-regulated, well-capitalized, and financially secure.
2. Use free demo account before trading with real money. Make sure to learn how your broker’s trading software works before placing real trades in your live account. A free demo account is a great way to experiment with managing open orders and placing trades – without risking real money.
3. Develop a trading plan that aligns with your goals and lifestyle. How much do you want to make, and what amount can you risk per trade (or per day, or per week)? What is the ideal trade size and trade duration relative to your balance? These are just a few questions that traders must answer when designing their trading plans.
4. Learn to identify trading opportunities. Whether you are looking at charts and conducting technical analysis, consuming market research or fundamental analysis, or using trading signals, it’s important to learn how to identify the right trading opportunities for your strategy.
5. Test your strategy with real money. Start with an amount of capital that you can afford to lose and test your strategy on a small scale before scaling it to larger amounts of capital.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.