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Best Forex Broker In Uae (2018 Update) - Highly Recommended And Secure

It is interesting to note that even Islamic countries have embraced the forex market in a big way. And the best part about this change is that even the global forex players are making these countries come on their radar. The United Arab Emirates, in particular, is home to several forex brokers of repute. Being a truly global market, forex has its presence felt across many countries in the world. And now, the UAE has caught the bug of this new phenomenon.


Not so long ago, the Western world had a preconceived notion of the Arab nations as being limiting and too strict in more than one ways. Then all of a sudden Dubai emerged and the notion started to disappear in the thin air! It is, therefore, not hard to imagine someone being surprised that the forex market is being accepted with both arms in the Islamic world.

The economy of the United Arab Emirates largely relies on oil for its revenues. In fact, nearly 80% of the export from the country is oil! Therefore, with the exception of Dubai, the country isn’t yet fully diversified. Also, the economy of the UAE is the second largest in the Arab world, next only to Saudi Arabia. What this means is that the country’s economy is fully geared up to provide normal conditions for forex traders.

In the UAE, the forex market has been making developments steadily. Furthermore, in Islamic countries like the UAE, finances are handled quite differently and in accordance with Islamic banking practices. For example, positions that are held overnight do not attract rollover-fee. It is worth noting here that Islamic finances are largely focused on social and economic development, instead of profit.

In fact, all the rules in the financial sector are related to Sharia laws that states gains must contribute to the Islamic community. Prohibition of gambling, high risks, and high interest rates are among important features of Islamic finances. Taking into consideration all these factors, it is not surprising to see the ease with which the forex market took off in the Islamic world, especially in the UAE. Nonetheless, there are some adjustments made as per the financial law to enable both national and international traders to trade freely and securely under the supervision of SCA.

With so many forex brokers calling the UAE their second home, it can be intriguing for prospective traders to choose the best one for their trading needs. We have, however, simplified their task a bit with our research. Therefore, if you’ve been looking for the best forex broker in UAE, then this guide is surely going to help.
Best Forex Broker in UAE:

1. XM
Earlier known as XEMarkets, XM is based in Cyprus and is the trading name of Trading Point Holdings Ltd. It is regulated by FCA in the UK, FSP in New Zealand, ASIC in Australia, and CySEC in Cyprus. In using XM’s platform, traders can access CFDs, currency trading, energies, precious metals, and equity indices.
XM has made rapid progress in the recent years and has emerged as a leading force in the forex world and is committed to protecting the interests of traders. Time and again, XM introduces super bonuses through which traders can look forward to some kind of rewards on making certain deposits.


Features:
XM management takes a lot of pride in its accomplishments and rich history that can be traced back to 2011. The management team of the broker has made a trip to over 120 cities and has interacted with clients there to take their feedback about the services and offerings. This only shows how much committed and passionate they’re about their work!
According to an estimate, the broker already has customers from over 196 countries and nearly 150,000,000 trades have already been executed without a single rejection or re-quote! As of today, XM lets you choose from 100 financial instruments to trade with and has no hidden fees or commissions.

Accounts:
XM has two trading accounts for you to choose from. While the Standard account is suitable for experienced traders that are willing to take risks, the Micro account is for the beginners that cannot afford to take risks and have little or no knowledge of the forex market. The Standard account’s contract size is 100,000 while that of Micro’s is 1000. However, the leverage of both the accounts is 1:1 to 1:888. One can open either account with a minimum deposit of $5.

Customer Support:
The support desk of XM is available for help 24/7 and during trading hours. Representatives of the broker are able to converse in different languages, including English, Italian, Chinese, Spanish, Hungarian, French, Russian, and others. Traders can also reach out to the support staff via telephone and e-mail.

Pros:
Choice of platforms
Islamic accounts are offered to traders
Customer service is available in multiple languages
Is well regulated by various agencies across the globe

Cons:
Only a couple of trading account types are available
Does not accept clients from Israel, Canada, and the US

Read about the best islamic forex broker.


2. HotForex
100% SuperCharged BonusHotForex is a Mauritius-based forex broker that is owned and operated under the name of HF Markets Ltd. It is regulated in the Republic of Mauritius by the FSC (Financial Services Commission).
With HotForex, it is easy to fund your account. In fact, there are different options available to you – wire transfers, cash deposit, online payment plans, and credit cards. The same methods can be used for withdrawals.




Features:
There are plenty of useful and exciting features available for traders with HotForex. While on one hand there’s a choice of so many trading accounts, the bonuses and promotions that the broker provides on a regular basis too are worthy to be considered seriously. The demo account can be used by novice traders to participate in various competitions and earn money.
The educational tools provided by the broker too are impressive and exhaustive in nature. From fundamental analysis provided on a daily basis to technical insights provided by industry leaders, there is so much the traders can look forward to.

Accounts:
As compared to other brokers, HotForex provides a wide array of account types to its customers. All these account types are designed to meet different trading conditions and demands of traders.
With as little as $5 you can open a Micro account whereas you need $500 to open a Premium account with the broker. However, the maximum leverages for both these account types are 1:1000 and 1:500 respectively.
Then there’s a Zero account that can be opened for $100 and has a leverage of 1:200. For experienced retail traders, there’s the Currenex account that can be opened for $500. This account uses the MT4 platform.

Customer Support:
HotForex account holders can contact the support staff of the company via various means like live chat, e-mail, or phone. There’s also an online contact form that can be filled to get in touch with the HotForex personnel. The website of HotForex is accessible in different languages like English, Italian, Polish, Chinese, Spanish, French, Hindi, Indonesian, Russian, and others.

Pros:
A wide variety of accounts
Promotions and generous bonuses
Lots of trading tools
Minimum deposit of $5
Segregates client funds


3. Markets.com
Owned and operated by Safecap Investments Limited, Markets.com is one of the major players in the forex market. In South Africa, all the activities of Markets.com are regulated by FSB. Also, in Cyprus, it is regulated by CySEC. Furthermore, the company has its offices spread across the world, including Cyprus, South Africa, and Australia. Over the years, the broker has received several prestigious awards, in recognition with the outstanding forex services it has been providing to its customers and various innovative practices it has been indulging in. Some of these awards include ‘Best Broker in Customer Service Europe 2012’ and ‘Best Customer Service 2012’.


Features:
There are plenty of useful features available with Markets.com that in using them, traders can immensely benefit from the forex market. From indicators and oscillators to chart analysis and other alerts, Markets.com provides a wide variety of assessments of the financial markets to its customers. This way they’re able to accurately predict the direction in which their assets are heading based on different market conditions.

Markets.com allows its customers to self-activate their account, without the need of help from any of its customer support agents. Customers are, in fact, provided with messages and walk-through tips wherever required and are often provided with additional bonuses.
Different payment methods are allowed on Markets.com, including PayPal, credit cards, wire transfer, Neteller, Skrill, and others.
Plenty of useful educational guides are provided by Markets.com. Therefore, for those wishing to get started on CFDs and Forex, there are plenty of materials available for gaining knowledge. The website as such can be accessed in 15 different languages like Swedish, French, Portuguese, Arabic, Norwegian, German, Polish, German, and others.

Accounts:
If you’re choosing a broker to assist you to wade through the waters of the forex world, then Markets.com is not a bad choice for you. The broker, in fact, allows trading in stocks, currencies, CFDs, commodities, oil, gold, and equities. Also, across different asset classes, more than 2,000 CFDs are offered.
Also, once traders provide all relevant documents by uploading them on the website, the Standard account can be set up in a matter of minutes. The broker also has the distinction of having zero fees and commission-free trading with competitive spreads.

Customer Support:
The support services of Markets.com are available to all customers via their offices that are spread across 21 locations. Furthermore, their representatives are available to assist you via live chat and e-mail 24/5. Alternatively, customers can use an online form to get in touch with the broker.

Pros:
Variety of trading platforms
Availability of demo account
Brilliant customer support

Cons:
One trading account
Telephone support is not available

See also: forex brokers in qatar


4. FXTM
Founded in 2011, Forex Time or FXTM is a relative newcomer in the world of forex trading. However, in the short span of time, it has been on the market, it has been able to carve a niche for itself and how! For the rapid growth it has made, the broker has been duly recognized with several industry awards, including ‘Fastest Growing Forex Broker’ and ‘Best Newcomer 2013’. Today, FXTM has its offices spread across the globe and is regulated in various jurisdictions.




Features:
It is not just forex pairs; FXTM also excels in providing other financial services like CFDs on spot metals and CFDs on Commodity Futures. Besides these options, FXTM has quite recently started providing services related to trading currency pairs.
FXTM is also committed to helping traders optimize their time through its Invest Program. Through this program, traders are able to better manage their portfolios through Strategy Managers. Also, depending on their risk appetite, investors can choose from a wide range of strategy managers. For professional traders though, there is a feature called Multi-Account Manager through multiple accounts can be handled efficiently and simultaneously.
Different modes of deposits that are allowed in FXTM are wire transfers, CashU, debit cards, credit cards, e-wallets, Skrill, Neteller.

Accounts:
Two major trading account types are available with FXTM – ECN and Standard. The account type depends on the minimum deposit to be made. The Standard account is further classified into Standard, Shares, and Cent account, with different minimum deposits and contract specifications for each of them. The ECN account, on the other hand, is divided into ECN, FXTMPro, and ECN Zero accounts, with each of them having different commissions or spreads.

Customer Support:
Different channels of customer support are available with FXTM, including Chat, Social Media (WhatsApp, Facebook, Viber, and Telegram), Skype, and Telephone. Furthermore, the website can be accessed in 18 different languages, including Spanish, English, Malaysian, Indonesian, French, Chinese, and others.

Pros:
Availability of Demo Account
Choice of Accounts
A website that is user-friendly
PAMM accounts
High Leverage
Tight Spreads
Auto trading through FXTM Invest
Regulated through competent agencies in several jurisdictions

Cons:
US traders are not accepted
Low max order size
Few markets are segmented across account types

5. Easy Markets
Domiciled in Cyprus, Easy Markets formerly operated under the name ‘easy-forex’. It came into existence in 2001 and has since forayed into several global markets and has only one simple trading account on offer to its customers. The company is regulated by CySEC in Cyprus and is licensed by ASIC in Australia and MiFid in Europe. It currently has offices in Sydney, Shanghai, and Warsaw.





Features:
Risk-free trading is one of the main features of Easy Markets. In fact, the broker allows traders to cancel their trade within 60 minutes if they see markets going against their move! For those traders that wish to see how the markets behave before they make a decision, this feature comes as a big relief. Furthermore, the broker offers one simple platform for allowing traders to have their asset classes traded in a hassle-free way. The platform also offers multi-lingual support 24/5, low fixed spreads, and free training.

Accounts:
The minimum trading amount with the only account that is available with Easy Markets is $100. Traders having an Islamic account, on the other hand, are allowed to extend their trade to the next day and for this, no fee is charged. However, rolling fees are charged for trading currencies. This all depends on how long one wished to hold the trade. A life-long demo account is available on the broker’s proprietary platform. Not many brokers have this type of account on offer these days.

Customer Support:
If you’re a trader with Easy Markets, then you can easily contact one of their representatives by telephone. You’ll be assisted through their offices in Sydney, Warsaw, and Limassol. Alternatively, you can fill out an online form. Also, during office hours, you can have a live chat with a representative.

Pros:
Innovative features
Demo and Islamic accounts
Lots of educational tools

Cons:
Availability of one trading account
Only 4 languages are supported

6. AvaTrade
AvaTrade came into existence in 2006 and is already amongst top five forex brokers on the market. Currently, the forex broker has its offices spread across different cities, including New York, Tokyo, Dublin, Milan, Sydney, and others. Also, besides being licensed by MiFID and regulated by the Central Bank of Ireland in the European Union, it is also regulated by BVI.FSC in the British Virgin Islands, FSC in Japan, and ASIC in Australia.

Features:
CFD trading on stocks, indices, and commodities were not a thing before AvaTrade burst onto the scene. Interestingly, the broker was also amongst the first to have introduced digital currency trading. In a way, this facilitated the entry of ordinary retail traders into the Bitcoin market.
Also, unlike most other forex brokers, AvaTrade does all its activities in a more transparent way which is refreshing for all kinds of traders trying their luck on the market.
AvaTrade also provides several interesting features that are generally not available with other brokers. The website as such is clearly tabbed and is easy to navigate. Furthermore, it can be accessed in multiple languages like English, French, Chinese, Russian, Spanish, Taiwanese, Portuguese, German, Arabic, and others.

Accounts:
You need to make a minimum deposit of $100 to open a standard account with AvaTrade. For this account, the leverage offered to you is 1:400. Also, starting with 0.9 pips, AvaTrade offers you floating or variable and fixed spread. These spreads are amongst the most competitive ones you’ll find with forex brokers these days.
Furthermore, AvaTrade offers different types of orders to its customers, including Stop Loss, Entry Limits, Limit orders, Market orders, etc. Spread betting is available for the UK and Ireland-based customers. For those traders that are just starting out with trading, AvaTrade has a 21-day demo account.

Customer Support:
The customer support features of AvaTrade to one and all through the trading hours. The multi-language support that the broker has is an award-winning one and is available to serve you through live chat and e-mail. The support team can also be reached via phone, Read about the forex brokers in saudi arabia.

Pros:
Availability of Fixed and Variable spreads
Demo account
The website can be accessed in different languages and is easy to use
Secure platform
Cross-platform trading

Cons:
One standard account
Doesn’t offer VPS

Conclusion
The expansion of forex trading in the Arab world, especially in the UAE has meant the traders of this region can look forward to many possibilities. And with so many options available to them now in the form of brokers, it is possible for UAE traders to make the most of the situation. Also, with the forex market expanding rapidly with each passing day, the traders can only hope for good things to come in the future.

Comments

RISK:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.