Compare Brokers
Vs.
By Stefano Treviso , Updated on: Apr 07 2023.
Here’s our selection of the 5 United Arab Emirates (UAE) Forex brokers for the year 2023:
| 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.
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 |
|
| Minimum Deposit | $200 |
| Financial Regulators | BaFin, FCA, ASIC, DFSA, CySec, SCB, CMA. |
| 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 |
|---|---|
|
|
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.
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 | None |
| Minimum Deposit | $100 |
| Financial Regulators | ASIC, FFAJ, CBI, IIROC, CySec, FSCA, ADGM, ISA. |
| 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 |
|---|---|
|
|
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.
IG is a global broker established in 1974 that holds 8 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 | 80 |
| EUR/USD Spread | Dynamic - From 0.6 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 | From $10 to $450. |
| Financial Regulators | ASIC, FMA, FCA, NFA, ADGM, FINMA, MAS, FFAJ, FSCA, BMA. |
| 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 |
|---|---|
|
|
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.
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, CySec, ADGM. |
| 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 |
|---|---|
|
|
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.
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 | Dynamic - From 0.4 to 0.8 Pips |
| 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 up to $2,000 |
| Financial Regulators | ASIC, HKMA, ADGM, FINMA, MAS, FFAJ, AFM. |
| MT4 | No |
| MT5 | No |
| cTrader | No |
| TradingView | Yes |
| 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 |
|---|---|
|
|
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.
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