Here’s our selection of the 5 United Arab Emirates (UAE) Forex brokers for the year 2022:
| Broker |
Reason |
| Pepperstone |
Best overall choice (low commissions and platform variety) |
| AvaTrade |
Best for trading options on currencies |
IG
|
Best in most currency pairs offered |
| XM |
Best no commissions forex broker |
| Saxo Bank |
Best in regulatory framework for high net worth traders |
All the above brokers are required to possess a financial license from ADGM (Abu Dhabi Global Market) or DFSA (Dubai Financial Services Authority). This grants United Arab Emirates forex traders a great layer of protection in the event of any dispute as complaints can be dealt with locally.
Each one of these brokers was analysed using our proprietary methodology along with the TTBTrust score (our proprietary safety scoring system) prior to being ranked using our comparison tool.
1. Pepperstone - Best overall choice (low commissions and platform variety)
Visit74-89% of retail CFD accounts lose money.
Pepperstone is an Australian broker founded in 2010 with the aim of providing a professional trading experience with low fees and tight spreads. Currently Pepperstone counts with 7 financial licenses and operates in almost every country around the world.
| Key data |
| Currency Pairs | 60 |
| EUR/USD Spread | Dynamic - From 0 to 0.77 Pips |
| Commissions |
- For Standard account : All fees included in the spread
- For Razor account: From $7 per Lot round turn
|
| Minimum Deposit | $200 |
| Financial Regulators |
- BaFin (Germany)
- FCA (UK)
- ASIC (Australia)
- DFSA (United Arab Emirates)
- CySec (Cyprus)
- SCB (Bahamas)
- CMA (Kenya)
|
| MT4 | Yes |
| MT5 | Yes |
| cTrader | Yes |
| TradingView | Yes |
| Proprietary Platform | No |
Pepperstone’s regulatory framework consists of 7 financial licenses from which 4 belong to high tier financial regulators (being one of them DFSA).
| The Good | The Bad |
|---|
- Well regulated on several jurisdictions
- Low latency, fast execution under 30ms
- Competitive spreads and low commissions from 0.0 pips on their Razor account
|
- Avaliable asset offering is not that comprehensive
- No ability to purchase real stocks or cryptocurrencies, only CFDs
|
Pepperstone is one of the best brokers worldwide when it comes to currency trading. They provide a multi-platform environment (MetaTrader 4 & 5, cTrader and TradingView) along with RAW spreads accounts with very low commissions and execution under 30ms. For intermediate to experienced currency traders, Pepperstone is definitely a great choice.
2. AvaTrade - Best for trading options on currencies
Visit71% of retail CFD accounts lose money.
AvaTrade is a top-tier multinational broker with more than 7 financial regulators specialising in FX and options trading with their own proprietary platforms.
| Key data |
| Currency Pairs | 55 |
| EUR/USD Spread | Dynamic - From 0.9 Pips |
| Commissions | No |
| Minimum Deposit | $, €, £ - 100 |
| Financial Regulators |
- ASIC (Australia)
- FFAJ (Japan)
- CBI (Ireland)
- IIROC (Canada)
- CySec (Cyprus)
- FSCA (South Africa)
- ADGM (United Arab Emirates)
- ISA (Israel)
|
| MT4 | Yes |
| MT5 | Yes |
| cTrader | No |
| TradingView | No |
| Proprietary Platform | Yes |
AvaTrade holds 8 financial licenses from which 6 belong to high tier financial institutions (being one of them ADGM).
| The Good | The Bad |
|---|
- AvaProtect feature for negative trades payback
- Great variety of platforms (proprietary ones, MT4 & MT5)
- Smooth platform experiences and easy account management
- Custom Options trading platform
|
- Lack of variety in stocks, ETFs and bonds
- Expensive inactivity fees
- No multi-chart tools
- High trade minimums in all assets except forex
|
The biggest selling point of AvaTrade is their proprietary currency options trading platform. Experienced traders know the value in options as an instrument to speculate under a high risk-reward environment or as a hedge against adverse market conditions in diversified currency portfolios. If you’re very well experienced in currencies and options, AvaTrade is one of the best options for you.
3. IG - Best in most currency pairs offered
Visit73% of retail CFD accounts lose money.
IG is a global broker established in 1974 that holds 10 reputable financial licenses and provides CFD trading on stocks, commodities, ETFs, indices, cryptocurrencies, bonds, futures, options along with real stocks through their share dealing account.
| Key data |
| Currency Pairs | 210 |
| EUR/USD Spread | Dynamic - From 0.9 Pips |
| Commissions | Yes, they charge depending on the client’s account base currency and exchange location of the shares being traded. For example, for some clients US shares can have a minimum charge of $10 in-and-out. |
| Minimum Deposit | 0 for Bank Transfers, 300 € for Paypal and Debit / Credit cards. |
| Financial Regulators |
- ASIC (Australia)
- FCA (UK)
- NFA (United States)
- ADGM (United Arab Emirates)
- FINMA (Switzerland)
- MAS (Singapore)
- FFAJ (Japan)
- FSCA (South Africa)
|
| MT4 | Yes |
| MT5 | No |
| cTrader | No |
| TradingView | No |
| Proprietary Platform | Yes |
IG is amongst the world’s most popular and well regulated forex brokers. They hold 8 financial licenses from which 7 belong to reputable financial regulators (being one of them ADGM).
| The Good | The Bad |
|---|
- Broad platform offering with high customisability and integrated news feeds
- Comprehensive asset offering with more than 10,000 + CFDs or real stocks and ETFs
|
- There are too many small costs such as custody, in-and-out-commissions in some cases, management fees, etc
- Their standard contracts can be too large some times for low volume traders
|
IG boasts an asset offering of over 10,000+ instruments from which 210 are currency pairs. If you’re looking for variety in the forex department, they’ve got you covered.
A very important point to note about IG is that their standard contract sizes are usually large and this can be discouraging or confusing for beginner traders so if you’re new to trading, we recommend you to check other brokerage services providers.
4. XM - Best no commissions forex broker
Visit74.07% of retail CFD accounts lose money.
XM is an international broker headquartered in Cyprus which offers MetaTrader 4 & 5 and over 1500 + tradable assets.
| Key data |
| Currency Pairs | 57 |
| EUR/USD Spread | Dynamic - From 1.7 Pips |
| Commissions | Yes on Zero accounts ($7 per lot round turn). |
| Minimum Deposit | €, £, $ - 5 |
| Financial Regulators |
- ASIC (Australia)
- CySec (Cyprus)
- ADGM (United Arab Emirates)
|
| MT4 | Yes |
| MT5 | Yes |
| cTrader | No |
| TradingView | No |
| Proprietary Platform | No |
XM holds 3 financial licenses from which 2 belong to high value financial regulators (ASIC and ADGM). When compared to their competitors they’re definitely under regulated yet they have managed to acquire a solid reputation in the forex industry.
| The Good | The Bad |
|---|
- Competitive commissions on their Zero account
- Modest asset offering of 1500+ tradable instruments (similar to competitors in the same range)
|
- No proprietary platforms or technology
- Expensive spreads and trading fees
- Lack of asset variety when compared to other brokers in the same range
|
When it comes to XM’s offer, the best part is their different account types (micro, standard, ultra low and shares) which gives traders ideal conditions under a no commission environment and a predictable spread. In their Ultra Low account, the average spread on all major pairs is as low as 0.6 Pips and the minimum deposit is $5.
If you are an intermediate trader looking for a MetaTrader broker with no commissions, XM can be a great choice for you.
5. Saxo Bank - Best regulatory framework for high net worth traders
Visit65% of retail CFD accounts lose money.
Saxo Bank is a Danish investment bank operating since 1992. It is one of the most regulated brokerages in the world with an exceptional selection of financial instruments.
| Key data |
| Currency Pairs | 182 |
| EUR/USD Spread | 0.8 Pips average - 0.4 for VIPs |
| Commissions | $0.02/share (min $10) for US Stocks, from 0.10% (min €10) for other equity markets, €4 per futures contract |
| Minimum Deposit | From 500 € to 2,000 € depending on residence |
| Financial Regulators |
- ASIC (Australia)
- HKMA (Hong Kong)
- ADGM (United Arab Emirates)
- FINMA (Switzerland)
- MAS (Singapore)
- FFAJ (Japan)
- AFM (Netherlands)
|
| MT4 | No |
| MT5 | No |
| cTrader | No |
| TradingView | Yes (through API) |
| Proprietary Platform | Yes |
Saxo Bank holds 7 financial licenses from reputable financial regulators (being one of them ADGM). They are amongst the most prestigious choices for high net worth individuals due to their great asset variety and proprietary platforms.
| The Good | The Bad |
|---|
- Exceptional selection of financial instruments at one place
- 2 highly-customizable proprietary trading platforms
- API integration for 3rd party services like Excel or TradingView
|
- High minimum deposit for certain countries
- Withdrawals via bank transfer only
- High fees on options and futures
|
Saxo Bank is one of the most expensive choices out there (due to fees and minimum deposit requirements). We think of them as a great choice for traders of high net worth that need that financial peace of mind coming from having a global and highly regulated broker that gives them access to a great pool of financial instruments.
