Best Dubai Forex Brokers for 2020

Are you based in Dubai and looking to trade forex online? Read our in-depth guide to find a Dubai forex broker today.
Author: Kane Pepi
Last Updated: 29 September 2020

If you’re based in Dubai and you want to trade forex, you’ll be pleased to know that the UAE is home to heaps of brokers. This allows you to choose a Dubai forex broker that best meets your needs. However, with so many platforms now in operation, knowing which broker to go with can be challenging.

In this guide, we review the top Dubai forex brokers by spread, fees, commissions, tradable currencies, customer support, and more.

On this Page:

Contents [show]

    Our recommended Dubai forex broker

    Our top choice for customers based in Dubai looking to trade the foreign exchange markets is the broker below. We found it to have the best trading platform, usability, reputation and fees. Click the link below to get started or read on to find out what makes this our recommended platform.

    Our Recommended Forex Broker 2021

    • Social and Copy Trading Offered
    • Trade Forex, CFDs, Stocks, Crypto and More!
    • $200 Minimum Deposit
    • Accepts Paypal Deposits
    67% of retail investor accounts lose money. Invest responsibly.

    Best Dubai Forex Brokers for 2020

    We always recommend researching a broker on a DIY basis. This ensures that you are able to find a forex broker in Dubai that best meets your needs. With that said, if you don’t have the required time to research a broker yourself, we have listed our top five picks below. All of the brokers meet the criteria stipulated in the section above, so rest assured we only recommend the very best platforms.

    Note: Most Dubai forex brokers allow you to open a demo account. This allows you to learn how buy and sell orders work before risking your own money.

    1. eToro - Forex Broker with $200 Minimum Deposit

    eToro is an online broker that specializes in stocks, CFDs, cryptocurrencies and forex. The forex department itself allows you to buy and sell currencies without paying any fees or commissions. Instead, the only fee that you need to look out for is the spread. You'll have access to heaps of major, minor, and exotic pairs - all of which can be traded 24 hours per day.

    What we really like about eToro is that the trading platform has been tailored to newbies. For example, its 'Copy Trading' feature allows you to copy the trades of other users. This is ideal if you have no experience in the forex space, as trades will be placed on your behalf. We also like eToro as it allows you to open an account in less than 5 minutes.

    Once you do, you'll be able to deposit funds with a range of payment methods, such as a debit/credit card, PayPal, Skrill, and a bank transfer. Apart from the bank account option, all deposits and free and instant. Finally, eToro is heavily regulated. It holds licenses with both the FCA and CySEC in Cyprus, so your funds are safe at all times.

    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. FinmaxFX - Forex Broker with $250 Minimum Deposit

    FinmaxFX is one of the best CFD and forex brokers in UAE. It holds a certificate from the International Financial Market Relations Center (IFMRRC) and the Vanuatu Financial Services Commission (VFSC).

    It offers a wide range of asset classes, which all are in the form of CFDs. These include indices and stocks, bonds, gold, cryptocurrencies and oil. Moreover, it offers over 50 major, minor and exotic currency pairs, and all can be traded on leverage.

    FinmaxFX comes with several stand-out selling points. Traders in the UAE can get access to its numerous assets via its mobile, desktop or web-browser trading platforms. It also allows its users to trade on a commission-free basis. Furthermore, FinmaxFX gives traders fully-fledged access to the MetaTrader5 trading platform alongside other informative analytical and educational resources, including online webinars.

    Another great advantage of using FinmaxFX is that it offers comparatively high leverage levels, even up to 1:3000 and a spread of 3 pips on the EUR/USD currency pair. The minimum deposit it requires is AED 918 ($250). Depending on the payment method you use, its withdrawal fees range from 0.9% to 7%.

    Assets: Cryptocurrencies, Stocks, CFDs, Indices, Forex stocks, Bonds, Gold, Oil

    Demo Account: Yes

    Educational Materials: Analytical and Educational for both new and experienced traders

    Fees: Up to $200 inactivity fee, No Deposit Fee, No Account Fee, Withdrawal Fees, Inactivity Fee, At least 3 pips on major currency pairs

    Minimum Deposit: AED 918 ($250)

    MT4/MT5: MT5 only

    Special Features: Forwards, Spot trades, Great Customer Support, Charts and Indicators

    Payment Methods: Credit Card, Webmoney, Neteller, Skrill, ePayments, Bank Transfer, QiWi Wallet, Yandex Money

    Regulation: IFMRRC, VFSC

    Our Rating

    • Wide variety of payment methods
    • MT5 trading platform is supported
    • Multiple CFDs, including cryptocurrencies
    • High fixed spreads

    3. AVATrade - Forex Broker with Multiple Regulatory Licenses

    AVATrade is another option worth considering in your hunt for the best forex broker in Dubai. One of the broker's standout selling points is that it holds several regulatory licenses. This includes regulatory bodies based in Ireland, Japan, South Africa, the British Virgin Islands, and more.

    When it comes to trading forex, you will have access to 56 individual pairs. This covers all major pairs, most minors, and some exotics. Spreads are also competitive, with the majors trading at 0.9 pips. If you've got an appetite to trade major indices like the S&P 500, spreads are reduced even further - down to just 0.5 pips.

    In terms of the trading platform itself, you can choose from both MT4 and MT5. These are the best trading platforms that are globally recognized , and trade execution times are in the micro-seconds. Deposits are accepted from just $100, and you can choose from a bank wire or debit/credit card. You'll need to opt for the former if you're after instant deposits. Our only gripe with AVATrade is that its research department is weak, so you'll need to obtain key market data externally.

    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

    4. Forex.Com - FCA Regulated Forex Broker is among the most well-established UAE forex brokers. It is focused on forex trading but it also offers a good number of CFDs and cryptocurrencies. The account opening process takes here around 10 minutes but the verification process can take longer than a majority of other brokers. Additional documents like your National ID card or utility bill might have to be submitted for account verification.

    This UAE forex boasts over 80 currency pairs as well as indices, shares and commodities. In addition, aside from developing its own forex trading platform, it also offers the MetaTrader4 trading platform, allowing its users to access to the world’s best currency pairs. is a trusted financial service provider as it’s regulated US financial bodies such as such as the FCM, RFED, CFTC and NFA. Also, its parent company, GAIN Capital Holding, is listed on the NYSE. It has a minimum initial deposit requirement capped at AED 186 ($50).). Its traders may enjoy leverage of up to 1:400. The withdrawals and deposits are free of charge.

    Assets: Cryptocurrencies, Stocks, CFDs, Indices, Forex

    Demo Account: Yes

    Educational Materials: Detailed educational materials for both new and experienced traders

    Fees: 1.2 pips on major pairs, $40 Withdrawal Fee, $15 Monthly Inactivity Fee

    Minimum Deposit: AED 186 ($50)

    MT4/MT5: MT4 only

    Special Features: Direct Market Access, Forwards, Spot trades

    Payment Methods: Credit/Debit Cards, Bank Transfer

    Regulation: US regulators such as FCM, RFED, CFTC, NFA


    • No fees attached on withdrawals and deposits
    • MetaTrader 4 trading platform is available
    • Over 80 currency pairs
    • No protection for a negative balance

    5. IG - Forex Broker Supporting 17,000+ Assets

    Our Rating

    • Spreads from just 0.6 pips
    • Regulated by MAS
    • Instant account activation for Singapore citizens
    • 1% deposit fee on Visa cards
    • MT5 not supported
    • MT5 not supported

    6. 24 Option - Spreads From 0.2 Pips on Major Forex Pairs

    If your main priority is to keep your forex trading costs to an absolute minimum, we would suggest checking out 24Option. The platform - which is based in Cyprus, offers spreads from just 0.2 pips. This makes the broker one of the most competitive in the online forex space.

    Take note, you'll need to be trading major pairs like GBP/USD to get your spreads this low, and be trading during standard market hours. What we also like about 24Option is that it offers a top-notch research department. The platform utilizes the technical and fundamental analysis data provided by Trading Central, so there is no need to obtain key market information from other sources.

    24Option is regulated by CySEC, so you'll always have a watchful eye to ensure your funds remain safe at all times. In terms of payments, you will need to fund your account with at least $250, which you can do via a debit/credit card, Skrill, or a bank wire. Unfortunately, the platform charges a 3.5% and 2% fee is using a credit card or Skrill, respectively.

    Islamic Swap Account: No

    Assets: Forex, CFDs in the form of stocks, indices, commodities, cryptocurrencies

    Demo Account: Yes

    Educational Material: Trading Central's research tool

    Fees: 0.2 pips on major pairs like GBP/USD, withdrawal fee of 3.5% (credit cards) and 2% (Skrill)

    Minimum deposit: $250

    MT4/MT5: MT4

    Special Features: Free mobile trading app via Google Play and Apple Store

    Regulation: CySEC

    Payment methods: Credit/debit card, Bank wire

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

    How to Choose a Dubai Forex Broker

    Although we have vetted the five recommended brokers on this page and thus – they should cover the needs of most forex traders, there might come a time when you come across a new platform that you’re thinking about joining. If this is the case, we would suggest making a range of considerations to ensure the broker is credible. This should include the following:

    • 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

    At an absolute minimum, you need to ensure that your chosen broker is regulated. Although Dubai forex brokers do not need to be regulated by a UAE body, they do need to hold a license with at least one tier-one issuer. This will include the likes of the FCA in the UK, ASIC in Australia, or MAS of Singapore. It’s always a good idea to go with a Dubai broker that holds multiple licenses. In doing so, you’ll have regulatory oversight on several fronts.

    • Forex Pairs

    Most forex brokers will host at least 50 pairs, which should be enough to cover the currencies that you wish to trade. This typically includes all major pairs like GBP/USD and EUR/USD, and several minors. However, if you’re looking to trade emerging currencies like the Turkish Lira or Kenyan Shilling, then you’ll need to use a Dubai forex broker that offers heaps of exotics. You can usually verify what pairs are listed before signing up, so be sure to check!

    • Payment Methods

    You also need to explore what payment methods the Dubai forex broker supports. In the vast majority of cases, brokers will give you the option of depositing funds with a debit/credit card or bank wire. A number of brokers also facilitate deposits via an e-wallet like PayPal and Skrill. If they do, you’ll benefit from instant and free deposits.

    • Spreads and Commissions

    Regardless of which Dubai forex broker you decide to join, you will need to pay fees to trade. At the forefront of this is the spread. This is the difference between the buy and sell price of a particular forex pair, so you’ll want to go with a broker that offers super-low spreads.

    You also need to find out what commissions the Dubai broker in question charges. This is usually charged as a percentage of your total order size, and it’s charged at both ends of your trade. The good news is that there are a number of Dubai forex brokers that allow you to trade on a commission-free basis, so the only fee you need to pay is via the spread.

    • Trading Tools and Research

    If you’re looking to make long-term gains in the online forex space, you’ll need the assistance of research tools. Fundamental research refers to real-time news events that can impact the value of a currency. As such, you’ll want to go with a platform that offers relevant news as soon as it hits the markets. You’ll also want access to technical indicator tools like the RSI and Exponential Moving Averages. This will allow you to analyze historical pricing patterns.

    • Customer Support

    You should explore what customer support channels the Dubai forex broker offers. It’s best to go with brokers that offer 24/7 support, so you can receive assistance throughout the day. The easiest way to contact the customer service team is via live chat, although a number of brokers also offer telephone and email support.  

    Leverage at Dubai Forex Brokers

    As noted above, you will be limited in how much leverage you can apply to your trades when using a Dubai forex broker. To clarify, this amounts to leverage of 20:1 on major pairs, and 5:1 on minors and exotics. This isn’t determined by the forex broker itself, but the laws governing those based in the UAE.  For example, let’s say that your chosen broker advertises leverage limits of 25:1 on GBP/USD.

    Although other traders at the platform will be able to get leverage up to 25:1, you will still be limited to 20:1. This is because your limits are determined on the country of residence that you state when you register an account. The only way that you will be able to get higher limits is if you are deemed to be a professional trader. If you are, you’ll need to provide supporting documentation to validate this.


    By reading this page all of the way through, you should now know how to find a Dubai forex broker that best meets your needs. Crucially, your search should include key metrics such as regulation, fees, spreads, pairs, and payments.

    If you don’t have time to research a broker yourself, we’ve also provided our top five Dubai forex broker picks of 2020. Ultimately, whichever broker you do decide to join, just make sure that you install sensible stop-losses to ensure you mitigate your risks!

    Our Recommended Forex Broker 2021

    • Social and Copy Trading Offered
    • Trade Forex, CFDs, Stocks, Crypto and More!
    • $200 Minimum Deposit
    • Accepts Paypal Deposits
    67% of retail investor accounts lose money. Invest responsibly.


    Are Dubai forex brokers safe?

    All Dubai forex brokers are required to hold at least one regulatory license, such as those issued by the UK's FCA or ASIC in Australia.

    What leverage limits do Dubai forex brokers offer?

    Retail traders based in Dubai are capped to leverage limits of 20:1 on major pairs, and 5:1 on minors and exotics..

    Should I join a commission-free Dubai broker?

    Commission-free brokers are well worth considering, however just be sure to explore what spreads the platform charges on your preffered forex pairs.

    What is the minimum deposit amount at Dubai forex brokers?

    This will vary depending on the broker, albeit, this usualy starts with a minimum deposit of $100.

    What payment methods do Dubai forex brokers support?

    Forex brokers in Dubai usually give you the option of deposting funds with a debit/credit card, bank wire, or e-wallet. .

    Forex brokers by country

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

    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.

    Leave a Reply

    Your email address will not be published. Required fields are marked *