Best UAE Forex Brokers for 2020

Are you based in the UAE and looking to trade forex online? Read our in-depth guide to find a forex broker in the United Arab Emirates.
Kane Pepi
Author: Kane Pepi
Last Updated: 08 April 2020

If you’re based in the UAE and you wish to trade forex online, you’ve got lots of brokers to choose from. Most brokers are regulated by a tier-one licensing body like the FCA, CySEC, or ASIC – meaning that your funds are ringfenced. As such, you can then start thinking about other important metrics prior to choosing a platform. This should include trading fees and commissions, spreads, research, customer support, leverage, and more.

In this article, we explore the ins and outs of what you should look out for in a UAE broker. We also list our top five UAE forex broker picks of 2020.

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    Our recommended UAE broker

    Don’t have the required time to read through our UAE forex broker guide in full? If so, why not consider the merits of the broker listed below? Our top pick caters to UAE residents by offering super-tight spreads, low trading fees, top-notch customer support, and heaps of fundamental and analytical research tools. You can get started right now by clicking on the below link, quickly opening an account and depositing funds, and then placing your first trade!

    Our Recommended Forex Broker 2020

    • Social and Copy Trading Offered
    • Trade Forex, CFDs, Stocks, Crypto and More!
    • $200 Minimum Deposit
    • Accepts Paypal Deposits
    AFSL 491139. High risk to capital.

    Best UAE Forex Brokers for 2020

    Below we have outlined our top five UAE forex broker picks of 2020. Our review process required countless hours of research to get our picks down to just five. This ensures that you are only accustomed to the very best forex platforms. All of the following brokers offer tight spreads, low trading commissions, and dozens of tradable currency pairs.

    Note: Although your local currency is the United Arab Emirates dirham, forex brokers will denominate your account in US dollars. As such – your deposits, profits, losses, and withdrawals will be displayed in USD – as per the figures we discuss in our broker pick reviews.

    1. eToro - Forex Broker with $200 Minimum Deposit

    eToro is an online forex broker that is hugely popular with newbie UAE traders. Firstly, opening an account takes just minutes, as does the verification process. You'll also have access to heaps of everyday payment methods, such as a debit/credit card, a local bank transfer, or an e-wallet like Skrill and Paypal. Deposits are free, although you will need to meet a $200 minimum account balance.

    In terms of the fundamentals, eToro hosts lots of currency pairs across the majors, minors, and exotics. The forex broker also holds a number of regulatory licenses, including that of the UK's FCA and CySEC in Cyprus. What we also like about eToro is its Copy Trading feature, which allows you to mirror the trades of other users of the site. For example, if you come across a trader that has an excellent track record of buying and sell GBP/USD, you can copy their trades at a stake size you feel comfortable with!

    Islamic Swap Account: Yes

    Assets: Cryptocurrencies, Stocks, CFD, Forex, ETFs, Commodities

    Demo Account: Yes

    Educational Material: Great educational material for both beginners and advanced traders

    Fees: $5 Withdrawal Fee, $5 Inactivity Fee, No Account Fee, No Deposit Fee

    Minimum deposit: $200

    MT4/MT5: No

    Special Features: Copy trading and social trading site

    Regulation: CySEC, FCA, ASIC, MiFID

    Payment methods: Credit/debit card, Paypal, Sofort, Rapid transfer, Skrill, Wire transfer, Neteller, WebMoney, UnionPay


    • Social trading leader
    • Best mobile trading site
    • Paypal accepted
    • Limited technical analysis tools
    • Not well-suited for the more advanced investor
    75% of retail investors lose money when trading CFDs with this provider

    2. Plus500 - Trusted Broker with 0% Commissions

    Plus500 has grown to exponential heights in the forex and CFD space in recent years. Although the platform was only launched in 2008, it has amassed a multi-million-user customer base. One of the main reasons for this is the broker's strong regulatory status. For example, it holds licenses with ASIC in Australia, as well as the FCA and CySEC. Moreover, its parent company is listed on the London Stock Exchange, so you should have no concerns with safety. When it comes to trading forex, this particular UAE broker does not charge any commission.

    With that said, minimum spreads do start at 1.8 pips, so be sure to check your preferred currency pair prior to trading. Although Plus500 does not utilize well-known trading software platforms MetaTrader4 (MT4) or MetaTrade5 (MT5), it's proprietary platform is highly intuitive and easy to use. The broker allows you to get started with a minimum deposit of $100, which you can facilitate via a debit/credit card, Paypal, or a local bank transfer. Finally, Plus500 also offers a fully-fledged demo account for those of you that want to practice with paper-money first.

    Islamic Swap Account: No

    Assets: Forex, CFDs

    Demo Account: Yes

    Educational Material: No

    Fees: $10 Inactivity Fee, $0 withdrawal fees Minimum deposit: $100

    MT4/MT5: No

    Special Features: 2,000 trading instruments

    Regulation: CySEC, FCA, ASIC, MAS

    Payment methods: Credit/debit card, Paypal, Bank transfer

    • CySEC & FCA regulated
    • Fantastic forex trading tools
    • Mobile app available
    • Best-suited to advanced forex traders
    • Lack of educational resources
    75% of retail investors lose money when trading CFDs with this provider.

    3. 24Option - Spreads From 0.2 Pips on Major Forex Pairs

    • Spreads from just 0.2 pips
    • Great research tools
    • MT4 supported
    • Minimum deposit of $250
    • Does not support Paypal
    • Only regulated by CySEC

    4. AVATrade - Forex Broker with Multiple Regulatory Licenses

    AVATrade is an additional UAE forex broker that is well worth considering. The broker gives you access to more than 56 individual currency pairs, which covers the majors, minors, and exotics. In the case of major pairs, you can get your spread down to just 0.9 pips, which is very competitive. If you've got an appetite to trade major indices, spreads are further reduced down to just 0.5 pips.

    In terms of the platform's regulatory standing, AVATrade holds multiple licenses. Such licenses are issued by regulatory bodies in South Africa, Japan, Ireland, and the British Virgin Islands. You'll be able to deposit from just $100, with AVATrade supporting debit/credit cards and bank wires. When it comes to trading, AVATrade offers both MT4 and MT5. You can also buy and sell currencies while on the move via the broker's fully-optimized mobile trading arena.

    Islamic Swap Account: Yes

    Assets: Forex, thousands of CFDs, cryptocurrencies

    Demo Account: Yes

    Educational Material: No fundamental news or trading ideas, but trading calculator provided

    Fees: 0.9 pips on most major pairs, no withdrawal fee, monthly inactivity fee

    Minimum deposit: $100

    MT4/MT5: Both

    Special Features: Pricing alerts and notifications

    Regulation: Licenses in Ireland, Japan, South Africa, British Virgin Islands

    Payment methods: Credit/debit card, Bank wire

    • Spreads from just 0.9 pips
    • Multiple licenses
    • Both MT4 and MT5 supported
    • No research features
    • Does not offer 2FA login
    • Only 56 forex pairs supported

    5. FXTM - Regulated Forex Broker with Heaps of Payment Methods

    If you're looking for more flexibility in the payments department, it might be worth checking out FXTM. The online forex broker - which is based in Cyprus, allows you to deposit and withdraw funds with a debit/credit card, e-wallets like Neteller and Skrill, a local bank transfer, and even cryptocurrencies. FXTM is regulated by a number of financial bodies, including that of the UK's FCA and CySEC.

    You'll have access to just 48 currency pairs at the broker, which is lower than the other platforms we have discussed so far. However, if you're only looking to trade major pairs like EUR/USD and GBP/USD, this shouldn't be an issue. In terms of pricing, FXTM offers a number of different account types, so the one you go for will depend on how much you pay. With that said, its ECN account offers a competitive spread of just 0.6 pips on the likes of EUR/USD.

    Islamic Swap Account: Yes

    Assets: Forex, cryptocurrencies, indices, commodities, CFD stocks

    Demo Account: Yes

    Educational Material: Educational videos, step-by-step trading tutorials, frequent analysis publications

    Fees: Major spreads of 0.6 pips via ECN account, €30 withdrawal fee for non-EU bank wires, free e-wallet withdrawals

    Minimum deposit: $500 on ECN accounts

    MT4/MT5: Both

    Payment methods: Credit/debit cards, Bank wire, Skrill, Neteller, Cryptocurrencies

    Our rating

    • Spreads from 0.6 pips
    • Supports e-wallets
    • Reguated by FCA and CySEC
    • Fees charged on most withdrawal options

    How to Choose a UAE Forex Broker

    If you’ve got the time to research a broker yourself, this is the best option available to you. This is because you can check that the broker meets your individual trading preferences. For example, while a broker might support your preferred payment method and offer super-low fees, it won’t be suitable if your favourite currency pair isn’t listed. As such, we would suggest reading through the factors listed below to assist in your search for a UAE forex broker.

    • Islamic Swap-Free Account

    If you’re a follower of the Islamic faith, then it’s likely that you will require a swap-free account. Crucially, this is because holding a forex pair overnight will result in the charging of interest. As such, a swap-free account tailored specifically to Muslim traders ensures the payment and receipt of interest (Riba) does not occur. However, you should check with the broker directly on this before opening an account to ensure the swap-free account is sufficient for your religious beliefs.

    • Licensing

    The most important factor that you need to assess prior to joining a UAE forex broker is with regards to regulation. Crucially, if the broker isn’t regulated you should avoid it at all costs. We only recommend brokers that are regulated by tier-one licensing bodies. This includes bodies such as ASIC (Australia), MAS (Singapore), and the FCA (UK). Most UAE forex brokers will hold multiple licenses so that it can serve several regions.

    • Forex Pairs

    You also need to assess what currency pairs the UAE broker lists. At a minimum, brokers typically offer at least 40-50 pairs, although some host surplus of 80. This usually includes all major currency pairs, most minors, and a number of exotics. Just make sure that your preferred pair is supported prior to signing up!

    • Payment Methods

    You also need to think about the specific payment method that you wish to deposit and withdraw funds with. Most brokers will support debit/credit cards and local bank transfers at a minimum. With that said, some brokers will go one step further by supporting e-wallets like Paypal and Skill, as well as cryptocurrencies. You can check this before opening an account.

    • Spreads and Commissions

    Spreads and commissions will dictate how much you are charged to trade at your chosen UAE forex broker. The spread – which is the difference between the buy and sell price, will vary depending on the currency pair. For example, while majors come with the tightest spreads, exotics are typically much wider.

    In terms of commissions, this is usually charged on the amount that you trade. For example, if the broker charges a commission of 0.5%, and the size of your order is $2,500, you’ll pay $12.5. Ultimately, you’ll want to target UAE forex brokers will tight spreads and if possible – zero commissions.

    • Trading Tools and Research

    You’ll need the assistance of both fundamental and technical research tools to succeed in the world of online forex trading. Regarding the former, this relates to real-world news events that can influence the future price of a currency pair. As such, you’ll want to choose a UAE forex broker that provides relevant news updates in real-time.

    In terms of technical research, your chosen broker should offer dozens of charting tools. This will allow you to research historical pricing trends, and how these trends relate to currency prices. It’s also useful if the platform offers video tutorials, webinars, and expert analysis.

    • Customer Support

    There might come a time where you need help on your account, so you’ll want to choose a UAE forex broker that offers top-notch support. This will likely include live chat, telephone support, and email. Crucially, you’ll want to choose a forex broker that offers support in Arabic, 24/ hours per day. 

    Leverage at United Arab Emirates Forex Brokers

    If you’ve got a slightly higher appetite for risk, then you might be considering a UAE forex broker that offers leverage. All of the brokers listed on this page offer leverage of major, minor, and exotic pairs. However, as a resident of the UAE, you will be limited in how much leverage you can apply. When trading major pairs like GBP/USD and USD/JPY, you will be limited to leverage of 20:1.

    This means a $500 stake would allow you to place orders up to $10,000. If trading minor or exotic currencies, your leverage limits will be reduced to 5:1. This means that a $500 stake would permit a maximum order of $2,500.  Take note, even if your chosen broker is based outside of the UAE, you will still need to comply with the aforementioned limits. This is because forex brokers base their leverage caps on your country of residence.


    If you’ve spent the time reading through our UAE forex broker guide all of the way through, you should now have the required tools to choose a platform that best meets your need. We’ve introduced a range of important metrics that you need to explore further – such as regulation, spreads, commissions, leverage, research tools, and customer support.

    With that said, some of you might not have the required time to research a broker on a DIY basis. If this is the case, we’ve presented our top five UAE forex broker picks of 2020. Each broker has been independently vetted, so we’ve done all of the hard work for you!

    Our Recommended Forex Broker 2020

    • Social and Copy Trading Offered
    • Trade Forex, CFDs, Stocks, Crypto and More!
    • $200 Minimum Deposit
    • Accepts Paypal Deposits
    AFSL 491139. High risk to capital.


    Are UAE forex brokers safe?

    UAE forex brokers must hold at least one regulatory license with a tier-one body. As such, all of the brokers listed on this page are regulated by the likes of ASIC (Australia), FCA (UK) or MAS (Singapore).

    What leverage limits do UAE forex brokers offer?

    If you're based in the UAE and you're classed as a non-professional trade, your leverage limits will be capped to 20:1 (major pairs) and 5:1 (minor and exotic pairs).

    Should I join a commission-free UAE broker?

    This depends. Although some UAE forex brokers allow you to trade commission-free, you might find that the spreads are high. As such, always check this prior to signing up with a commission-free UAE forex broker.

    What is the minimum deposit amount at UAE forex brokers?

    This varies from broker-to-broker. In most cases brokers implement a minimum deposit of $100, although this can be higher.

    What payment methods do UAE forex brokers support?

    Once again, the specific payment methods available to you will vary from broker-to-broker. At a minimum, this generally includes a debit/credit card or local bank transfer. Some brokers will go one step further by supporting e-wallets like Paypal, Skrill, and Neteller, and even cryptocurrencies.

    Forex brokers by country

    Remember, all trading carries risk. Past performance is no guarantee of future results.
    Kane Pepi

    Kane holds academic qualifications in the finance and financial investigation fields. With a passion for all-things finance, he currently writes for a number of publications in the online space.

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