Best Forex Broker UAE/Dubai – Top 5 Forex Trading Platforms Reviewed 2021

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If you live in Dubai or anywhere else in UAE, you perhaps know that there is a huge variety of forex brokers nowadays. But, which one is the best one for you? In this article, we’ve done our due diligence to select the best forex trading platforms in UAE and Dubai and introduce you to the world of forex trading. The next sections break down several important concepts and help you choose the best forex trading platform for your needs.

#1 Forex Broker UAE – eToro

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$50
Our score10
  • Invest in a wide range of cryptocurrencies
  • Ability to copy more experienced investors and their decisions
  • eToro crypto wallet included which makes it beginner-friendly
0% Commissionstart TradingOur score 10

Best Forex Broker UAE – Our Top 5 Best UAE Forex Trading Platforms

Without further ado, here are our top five picks for the best forex brokers in UAE. We have selected them according to cost, features, and ease of use:

  • eToro – Best Overall Forex Broker UAE
  • AvaTrade – Best Forex Broker UAE for MT4 Trading
  • IG Markets – Best Forex Broker UAE for a Customizable Experience
  • FP Markets – Best Forex Broker UAE for Competitive Pricing
  • Plus500 – Best Forex Trading Platform UAE for Technical Traders

67% of retail investor accounts lose money when trading CFDs with this provider.

Best Forex Brokers UAE – In-Depth Reviews

In this section, we will dive deep into details and present you all the main aspects regarding each forex broker, why you may want to consider it for your forex trading needs, and how to benefit from its offerings.

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Recommended Broker

Rating

for $ 100 you get
0.0035BTC
What we like
  • Trade real cryptos and crypto CFDs
  • Licensed broker with deposit insurance
  • Integrated wallet
Fees
Safety
Coin selection
Features
Instant VerificationFor BeginnersWallet ServiceMobile App
Payment methods
Credit CardPaypalSepa TransferSkrillSofort
for $100 you get
0.0035 BTC

CFDs are complex instruments and carry a high risk of losing money quickly through leverage. 75% of retail investor accounts lose money when trading CFDs from this provider.

Rating

for $ 100 you get
0.0035BTC
What we like
  • Careful selection of cryptocurrencies
  • Regulated by CBI and MiFID in Europe
  • No commissions and low spreads
Fees
Safety
Coin selection
Features
For BeginnersMobile App
Payment methods
Credit CardNetellerSkrill
for $100 you get
0.0035 BTC

CFDs are complex instruments and carry a high risk of possible rapid loss of capital due to their leverage. 71% of retail investor accounts lose capital when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take high risk in losing your capital.

Rating

for $ 100 you get
0.0035BTC
What we like
  • Broker vollständig reguliert
  • Zahlreiche Auszeichnungen
  • Libertex Erfahrungen seit mehr als zwanzig Jahren
Fees
Safety
Coin selection
Features
For BeginnersMobile App
Payment methods
Credit CardGiropayNetellerPaypalSepa TransferSkrillSofort
for $100 you get
0.0035 BTC

83% der Konten von Privatinvestoren verlieren beim Trading von CFDs bei diesem Anbieter Geld. Ihr Kapital ist im Risiko

1. eToro – Best Overall Forex Broker UAE

eToro was established in 2007 in Tel Aviv, Israel. Since then, it has grown into one of the most popular brokers on a global level, providing a broad range of assets. As of this writing, eToro has 49 currency pairs available for trade, such as EURUSD, GBPUSD, but also minor pairs like NZDCAD and GBPAUD.

To start trading on eToro, you need at least US$50 – this is both the minimum deposit and the minimum amount required to trade forex. Buying and selling currencies on this trading platform is done via CFDs – which means that you don’t own the actual assets, but rather you use agreements based on the underlying asset (contracts-for-difference). These are a type of derivative that allows you to speculate on the price movement of different currencies and you can use up to 20x leverage.

eToro is popular due to its low-cost structure, too. There is no trading commission charged. However, in the case of trading forex, you should keep in mind that you need to cover the spread – this is a fee built into the price you will see on the trading platform and is as low as 1 pip (0.0001 units of a currency) for most popular currencies, and up to 20-50 pips for less popular pairs, such as USDTRY.

Also, eToro boasts social trading features. This means you can copy successful traders’ portfolios, invest in ready-made portfolios, and keep in touch with other users on the platform, similar to any other social media platform.

eToro Fees

Forex Pair Spread Amount 
EURUSD 1 Pip
USDJPY 1 Pip
GBPUSD 2 Pips
USDCHF 1.5 Pips
NZDUSD 2.5 Pips

 

Pros

  • Only $50 required to place forex orders
  • Up to 49 forex pairs, including majors, minors, and exotics
  • Other assets available, such as stocks and ETFs
  • Social trading features
  • Ready-made thematic portfolios

Cons

  • Experienced traders may prefer more tools and indicators
  • $1,000 minimum required to open an Islamic account

67% of retail investor accounts lose money when trading CFDs with this provider.

2. AvaTrade – Best Forex Broker UAE for MT4 Trading

If you want a forex broker that provides access to the world’s most famous forex trading platform, AvaTrade is perhaps the best choice. It is a trusted forex broker with a one-size-fits-all approach to forex trading. It has one of the most competitive trading platform offerings: apart from MetaTrader 4, you can also sign up with ZuluTrade and DupliTrade (for social copy trading), the proprietary platform known as AvaTrade WebTrader, the proprietary options platform known as AvaOptions, and the mobile trading platform AvaTradeGO.

The price is also highly competitive within the industry. For instance, the EURUSD pair comes with a spread of only 0.9 pip. However, some of the less popular pairs like EUR/ZAR or EURRUB come with quite high spreads of 90 or even 700 pips.

AvaTrade does not score very high on educational content, but the wide array of trading platforms does help to choose the best one according to your skills and knowledge.

The proprietary platform, AvaTrade web platform, comes with “Trading Central”, a section that features analyst views, market buzz, and an economic calendar. Depending on your chosen trading platform provided by AvaTrade, you have access to more or less trading tools and analysis features.

AvaTrade Fees

Forex Pair Spread Amount 
EURUSD 0.9 Pips
USDJPY 1.1 Pips
GBPUSD 1.6 Pips
USDCHF 1.6 Pips
NZDUSD 1.8 Pips

 

Pros

  • Multiple forex trading platforms available
  • Competitive cost structure
  • Ideal for both beginners and experienced traders
  • Multiple forex pairs to choose from
  • Great news section within its proprietary platform (Trading Central)

Cons

  • Lack of a robust educational section
  • 1-2 business days required to open an Islamic account

67% of retail investor accounts lose money when trading CFDs with this provider.

3. IG Markets – Best Forex Broker UAE for a Customizable Experience

IG Markets is a trusted global forex broker with about 20,000 CFDs and approximately 100 forex pairs, making for one of the broadest offerings on the market. Although there is no minimum deposit required for a bank transfer, other payment methods like cards require you to deposit at least US$300, which is significantly higher than the other brokers.

IG comes with a user-friendly proprietary trading platform. It boasts many practical features, endless trading tools, including many features for risk management. However, perhaps the main drawback and advantage at the same time is that the default view is empty in the beginning. On the good side, you can choose how to populate it with your favorite tools and features. On the bad side, you need to spend some time designing your layout. Also, you can save multiple layouts once you create them.

The charting features are also quite advanced. You can choose from nearly a dozen indicators, 30 advanced features, and tools, and you can opt for one of the six chart types. This makes IG Markets the best choice if you are seeking a personalized experience. Traders with a well-defined strategy will find that standard-looking platforms may be less useful if you cannot customize them.

IG Markets Fees (CFDs)

Forex Pair Average Spread Amount 
EURUSD 1.13 Pips
USDJPY 1.26 Pips
GBPUSD 2.38 Pips
USDCHF 2.29 Pips
NZDUSD 2.7 Pips

 

Pros

  • Both CFDs and spread betting available
  • Fully customizable layout
  • Many indicators available
  • Different chart types to choose from
  • Also available on MT4 and L2 Dealer (apart from proprietary platform)

Cons

  • The fee structure is quite complex
  • Islamic account is available only if you live in Dubai

 67% of retail investor accounts lose money when trading CFDs with this provider.

4. FP Markets – Best Forex Broker UAE for Competitive Pricing

For a full forex trading experience, FP Markets clearly stands out from the crowd. It has approximately 130 tradable symbols and a broad choice of CFDs. There are approximately 60 forex pairs to choose from and you can use both the MetaTrader suite and its proprietary Iress platform. However, if you plan to focus on forex, it’s best to use MetaTrader since the Iress platform is geared towards share trading.

It is considered one of the best brokers on MetaTrader 4 despite its fewer tradeable symbols compared to others. One of the main reasons is the range of 12 add-ons you can choose from. Known as the “Trader Toolbox”, this will improve your experience and help you chase returns.

There are more than 50 indicators and chart types available, but traders who use advanced order types like trailing stop may find it a bit lacking. Yet, you can easily find lots of research in the “Traders Hub” on FP Market’s website. Here, you can opt for one of the two analyses available: fundamental or technical.

One of the best aspects when it comes to FP Markets if you choose to trade forex via MT4 or MT5 is the fact that you can actually choose between two different account types, according to your trading objectives and strategy.

The standard account starts at 1 pip spreads for forex and requires a $100 or equivalent minimum deposit. The second type, the raw account, comes with the same minimum required balance, but spreads start at 0 pips. Instead, you will have to pay US$3 per lot. Thus, for small trades, you may want to choose the standard account, while the raw account is ideal if you place large orders. For both accounts, there is a minimum account size of 0.01 lot.

FP Markets Fees

Forex Pair Average Spread Amount 
EURUSD 1.19 Pips
USDJPY 1.46 Pips
GBPUSD 1.59 Pips
USDCHF 1.61 Pips
NZDUSD 1.65 Pips

Pros

  • Both forex and CFD trading
  • Numerous trading symbols and more than 60 forex pairs
  • Competitive pricing
  • Choice of two different accounts, depending on your budget
  • Plenty of news sources from Citibank, Reuters, and others

Cons

  • Educational content is quite poor (no tutorials or guides)
  • Islamic account available only on MetaTrader (no Iress platform)

67% of retail investor accounts lose money when trading CFDs with this provider.

5. Plus500 – Best Forex Trading Platform for Technical Traders

Plus500 is a UK-regulated CFD broker that provides access to numerous financial markets. Available in about 50 countries, the functional platform boasts no commissions and competitive spreads. You can access the platform via your preferred device, including PCs, smartphones, and tablets.

You can create watchlists to keep track of your desired forex pairs, analyze different charts, and monitor your open positions. With more than 100 indicators available, technical traders may want to opt for this platform. These can be applied to numerous chart types, including tick ones.

Unlike MetaTrader 4, for instance, Plus500 does not support automated trading. Social trading features are not available either. Depending on the chosen market, you may be able to place guaranteed stops, but these have a higher spread. Also, you cannot add a guaranteed stop to an order to have already placed.

In terms of cost, Plus500 is not very transparent. Its spreads are variable, but you can see the spread when you open a new position. As of this writing, Plus500 advertises competitive spreads starting from 0.01% on major currency pairs and higher for other pairs, as illustrated below.

Looking for the best CFD brokers? Look no further! We’ve got all the info you need to make an informed decision. With our in-depth reviews, you can find the perfect broker for your needs. So what are you waiting for? Get started today!

Plus500 Fees

Forex Pair Average Spread Amount 
EURUSD 0.01%
USDJPY 0.01%
GBPUSD 0.01%
USDCHF 0.02%
NZDUSD 0.03%

Pros

  • More than 100 technical indicators available
  • Numerous chart types
  • Competitive spreads and no commissions
  • Guaranteed stop orders
  • Easy to use platform

Cons

  • Lacking customer support (i.e., no phone number)
  • Research features are quite poor

67% of retail investor accounts lose money when trading CFDs with this provider.

How to Find the Best Forex Trading Platform Dubai/UAE

If you are looking to trade forex in Dubai or UAE, there are plenty of trading platforms within your reach. However, not all of them are suitable for different trading purposes. Below, you will find the most important aspects to consider when choosing your ideal broker.

Recommended Broker
eToro
Buy now

CFDs are complex instruments and carry a high risk of losing money quickly through leverage. 75% of retail investor accounts lose money when trading CFDs from this provider.

Recommended Broker
AvaTrade
Buy now

CFDs are complex instruments and carry a high risk of possible rapid loss of capital due to their leverage. 71% of retail investor accounts lose capital when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take high risk in losing your capital.

Libertex
Buy now

83% der Konten von Privatinvestoren verlieren beim Trading von CFDs bei diesem Anbieter Geld. Ihr Kapital ist im Risiko

Rating
5.0
4.3
5.0
Mobile App Rating
10/10
9/10
1/10
Mobile App
Wallet
Number of Coins
1341559
Trading Fees
SpreadsN/AN/A
Deposit Fees
N/AN/AN/A
Withdrawal Fees
5 USDN/AN/A
Regulated
N/ACBI and MiFID in EuropeN/A
Min. Deposit
50$$100N/A
Leveraged Trading
N/A1:2 for cryptocurrenciesN/A
Bitcoin
$29930.48$30032.24$30047.20
Ethereum
$2029.22$1998.35$2005.32
XRP
$0.43$0.42$0.42
Tether
$1.00N/AN/A
Litecoin
$71.95$71.03$70.96
Bitcoin Cash
$196.51$195.26$195.36
Chainlink
$7.06$7.16$7.07
Cardano
$0.54N/A$0.53
IOTA
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Binance Coin
$310.84N/A$303.71
Stellar
$0.13$0.13$0.13
Bitcoin SV
$50.78N/A$50.48
USD Coin
$1.01N/AN/A
EOS
$1.34$1.32$1.31
Monero
$164.29N/A$164.94
Credit Card
Paypal
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Giropay