The best Forex brokers in the United Arab Emirates are not just about offering various currency pairs or low fees – the right broker should provide swap-free account options and low spreads.
Checking all these boxes and then some more, Libertex is our number one top pick today.
This FX broker has managed to grow into one of the most trusted and reputable brands in the UAE, having been a market leader for well over 20 years.
But there's more to explore beyond our top pick. Let’s dive right in!
Best Forex Brokers UAE
Libertex: Best overall
Eightcap: Lowest spreads
EagleFX: 55+ currency pairs to trade
TradersUnion: Beginner-friendly broker
Just Markets: Best web trader
Moby: Excellent negative balance protection
Want to know what each of these platforms has in store for you? Keep reading for our individual reviews of the best Forex brokers in the United Arab Emirates!
1. Libertex – Best Forex Broker in the UAE Overall
Minimum deposit: $10
Fees: up to 0.3%
Average Spread (EUR/USD): 0.2 pips
Number of Currency Pairs: 50+
Regulators: CySEC, FSA of SVG
Year established: 1997
Demo: Yes
Overall Rating: 4.95/5
Libertex is a long-running Forex trading platform that has built a reputation as a trustworthy brand among traders in Dubai.
It offers competitive spreads, low fees, a diverse range of payment methods, and more than 50+ Forex currency pairs – no wonder it’s our #1 pick today!
Forex Trading: 5/5
Apart from its own dedicated trading app, it features two of the most well-known platforms – MetaTrader 4 and MetaTrader 5.
In total, we counted over 50 Forex currency pairs here.
When it comes to major pairs, Libertex covers EUR/USD, GBP/USD, USD/JPY, AUD/USD, USD/CHF, and NZD/USD. It also features popular crosses like GBP/CHF or EUR/AUD, as well as a broad range of exotic pairs such as USD/SEK, USD/NOK, SGD/JPY, and USD/ZAR.
Average spreads for major Forex currency pairs start as low as 0.2, which is very low.
Payment Methods and Trading Fees: 5/5
Libertex offers a broad range of payment methods, from credit & debit cards to online banking to e-wallets and international bank wire transfers.
PayPal is arguably the most popular payment method at Libertex, followed by Skrill and Neteller. Classic credit cards like Visa and Mastercard are also supported, offering quick and secure payments.
This Forex broker does not charge any fees on deposits, but similar to most of its competitors, some withdrawal methods carry small processing fees.
User Experience: 4.95/5
Virtually everything about the Libertex platform is as streamlined as possible.
The graphs are simple and easy to read; the shortcuts are self-explanatory, and navigating the chosen platform (Libertex Proprietary or MetaTrader) is both intuitive and beginner-friendly.
Moreover, Libertex launched native apps for both iOS and Android devices, which are available for free download on its official website as well as the App Store and Play Store.
>> Trade Forex with the lowest fees at Libertex
2. Eightcap – Best UAE Forex Broker with Low Spreads
Minimum deposit: $100
Fees: Up to 0-0.9%
Average Spread (EUR/USD): 0.1
Number of Currency Pairs: 40+
Regulators: SCB, ASFL, FCA, CySEC
Year established: 2009
Demo: Yes
Overall Rating: 4.85/5
Founded back in 2009, Eightcap is one of the most tightly regulated Forex brokers available to UAE traders.
The platform is regulated by SCB, ASFL, FCA, and CySEC, offering 40+ FX pairs, loads of cryptos, and some of the lowest spreads – starting at just 0.1 for major Forex pairs.
Forex Trading: 4.95/5
All major pairs are available at Eightcap, including EUR/USD, GBP/USD, AUD/USD, and USD/JPY, with tight spreads ranging from starting at 0.1.
This trading platform covers more than 40+ major and exotic Forex pairs and features a built-in searching tool that allows users to quickly locate preferred assets.
You can use various platforms at this broker, including MetaTrader 4 and MetaTrader 5. It also features TradingView, an excellent tool for market analysis.
Payment Methods and Trading Fees: 4.85/5
Similar to Libertex, Eightcap supports numerous e-wallets and credit cards, as well as major cryptocurrencies.
You can use everything from Visa, Mastercard, Wire Transfer, and PayPal to lesser-known options like BPay, Union Pay, Pix, DragonPay, and more.
The majority of payment methods come with zero fees.
User Experience: 4.55/5
A host of sophisticated tools and modern technologies have been integrated into the Eightcap platform, allowing for a seamless, time-efficient Forex trading experience.
Apart from integrating well-known trading platforms, it also packs a few unique additions that set it apart from its competitors.
Namely, Capitalise.ai, which is automated trading software backed by advanced artificial intelligence algorithms. It saves Eightcap users time by allowing them to fully automate tasks.
>> Start trading currency pairs with tight spreads at EightCap
3. EagleFX – Most Currency Pairs of all Forex Brokers in Dubai
Minimum deposit: $10
Fees: up to 0%
Average Spread (EUR/USD): 0.5-0.7
Number of Currency Pairs: 55+
Regulators: The Commonwealth of Dominica
Year established: 2019
Demo: Yes
Overall Rating: 4.75/5
EagleFX is a relatively new Forex trading app and a rising star among the United Arab Emirates traders.
It supports 55+ currency pairs, has a beautiful app for web and mobile devices, and heaps of powerful tools for trading.
Forex Trading: 4.75/5
With more than 55 Forex currency pairs, EagleFX is the best-rounded Forex trading platform out there. Compared to Libertex and Eightcap, this Forex broker has the most currency pairs – no wonder it’s one of the best Forex brokers we could find!
EagleFX spreads are fairly competitive, slightly higher than what you’ll find on Eightcap, but still very competitive.
Payment Methods and Trading Fees: 4.75/5
EagleFX offers somewhat less flexible paying options than Libertex and Eightcap. Still, it supports options like Wire Transfers for deposits and PayPal. You can also use Bitcoin with zero fees.
For added security, they offer crypto deposits via Coinbase, a well-known crypto exchange.
User Experience: 4.85/5
The Thoroughly customizable dashboard complete with instant shortcuts to multiple trading platforms, live-updating Forex charts, and multiple support channels, makes EagleFX one of the best Forex apps for beginners, but it’s equally good for more seasoned traders.
Besides boasting sleek apps for Android and iOS devices, EagleFX also boasts a beautifully designed web trading application seamlessly integrated with MetaTrader 4.
>> Trade over 55 FX pairs at EagleFX
4. TradersUnion – Best Forex Broker in the United Arab Emirates for Beginners
Minimum deposit: N/A
Fees: up to 0%
Average Spread (EUR/USD): N/A
Number of Currency Pairs: N/A
Regulators: N/A
Year established: 2010
Demo: Yes
Overall Rating: 4.65/5
Just getting started and want a beginner-friendly broker? Then you should have a look at TradersUnion!
Forex Trading: 4.75/5
When it comes to Traders Union, we have to say that it’s a very different platform from our other picks.
Here, you don’t necessarily trade – you can use it for market analysis, and according to your findings, you can make your way to a different Forex broker and open positions there. It’s very much like TradingView, another well-known tool for market analysis.
What Traders Union can do for you is help pinpoint the best trading opportunities based on your individual preferences and needs.
Payment Methods and Trading Fees: 4.75/5
When it comes to payment methods and fees, TradersUnion does things a bit differently.
Namely, it’s a free-to-use app designed to help you find the best traders in the Forex space, complete with the best broker reviews, price predictions, trader recommendations by country, and extensive guides.
User Experience: 4.45/5
TradersUnion has an interesting web design that seamlessly meshes an FX blog page with dedicated inbuilt tools.
The site features numerous shortcuts, self-explanatory sections that dive deep into reviews/recommendations, and tools that can give you an edge, such as broker comparison or the latest price prediction tools.
>> Get started at TradersUnion
5. JustMarkets – Best Web Trader of all FX Brokers in the UAE
Minimum deposit: $10
Fees: 0%
Average Spread (EUR/USD): 0.01-0.3
Number of Currency Pairs: 60+
Regulators: CySEC
Year established: 2012
Demo: Yes
Overall Rating: 4.55/5
JustMarkets is a high-quality CySEC-licensed FX broker launched in 2012.
It offers over 60+ currency pairs, a solid selection of payment methods, zero fees, and a beginner-friendly platform for web and mobile users.
Forex Trading: 4.65/5
This Forex broker offers more than 60+ Forex currency pairs and a variety of educational material meant to help beginners learn more about trading.
The platform does a great job keeping you safe while trading Forex, with negative balance protection, trailing stops, plus full support for swap-free accounts and cent accounts.
Payment Methods and Trading Fees: 4.5/5
JustMarkets offers excellent payment methods for UAE Forex traders.
From worldwide-accepted credit cards and bank transfer systems to e-wallets and beyond, it covers popular systems like Visa, Mastercard, Bank Transfer, Perfect Money, and more.
On the downside, JustMarkets currently doesn’t support any cryptocurrencies, and most of its methods have fairly low payment limits.
User Experience: 4.55/5
Sleek, easy to use, and available for both Android and iOS users, the JustMarkets app is one of the best ways to experience everything this FX broker has to offer.
The web trading platform is also excellent, boasting integrations with the latest MetaTrader while supporting both social and copytrading.
Ranking Methodology for the Best UAE Forex Brokers
Forex Trading Experience
When working on our list of the best Forex brokers UAE has to offer, we first considered the available trading markets. We looked for different currency pairs, including major, minor, and exotic ones.
In addition, we also considered the availability of other assets, such as CFDs, cryptos, and more.
Payment Options and Trading Fees
Brokers that let you pay your way, using local methods like UAE Dirhams (AED) without losing money on currency exchange, are a big plus.
User Experience
Last but not least, we considered the user-friendliness of our top picks. Every single site that we ranked offers users an easy-to-use interface and integrates some of the best-known trading platforms for seamless trading and market analysis.
Many of our top picks include the best MetaTrader 5 Forex brokers, also offering other trading platforms.
Why Is Libertex the Best Forex Broker Dubai Has to Offer?
Let's now explain why Libertex is the king of UAE trading platforms and how it stands out from other Forex brokers.
In Business Since 1997: Libertex has been around for over 25 years. It is fully licensed, regulated, and rehttps://r.outlookindia.com/t/280962putable. It won multiple awards along the way, including accolades from World Finance, FX Report, and the Ultimate Fintech Awards.
Low Fees and Spreads: The fees at Libertex don't cross 0.3%, and the average EUR/USD spread is 0.2 pips.
Wide Range of Payment Methods: The list of banking options at Libertex is massive. Skrill, Neteller, eService, Blik, P24, Multibanco, Giropay, Trustly, iDeal, classic cards – you name it!
Navigating Sharia-Compliant FX Trading: Things to Know
One of the first things you need to do when trading Forex in the United Arab Emirates is to make sure your account is swap-free.
Many brokers, recognizing the importance of this to Muslim traders, offer these specific accounts. It's about keeping your trading activities free from Riba (interest) and ensuring they're Halal.
Now, Forex trading platforms can be Halal, provided they stick to certain guidelines. Immediate execution of trades, immediate transaction settlements, and zero interest policies are part of making Forex trading Sharia-compliant – much like in regular banking, with no interest rates at all!
In most cases, you’ll be required to pay a fixed fee instead of the swap.
It's about respecting the principles of fair and ethical trading and avoiding any form of exploitation or unjust gain.
Most Popular Forex Trading Pairs Among UAE Traders
When it comes to Forex trading in the UAE, certain currency pairs catch the eye of traders more than others. Let’s talk more.
EUR/USD: Known as the 'Fiber,' the EUR/USD pair is a Forex market titan. It’s no surprise, considering the significant economic relationship between the Eurozone and the United States.
USD/JPY: The 'Gopher' finds its place among the favored pairs by representing the two powerhouse economies – the United States and Japan. This pair is appealing due to its pronounced trends and responsiveness to geopolitical events.
GBP/USD: The 'Cable' connects traders in the UAE to the intricacies of the British and American economies. With the UK's historical ties to the UAE and significant trade relations, movements in the GBP/USD pair are closely watched by traders in the region.
AUD/USD: The 'Aussie' holds a special place in the trading strategies of UAE traders, given Australia's role as a major commodity exporter. This pair often mirrors the fluctuations in commodity prices, especially gold.
EUR/AED: The EUR/AED pair offers direct insights into the relationship between the Eurozone's economy and the UAE's financial health. Trading this pair requires a deep understanding of local economic policies, oil price fluctuations, and the broader Eurozone economic climate.
USD/AED: While the dirham is pegged to the US dollar, making fluctuations less pronounced, the USD/AED pair still garners attention from traders looking to hedge or take positions based on anticipated policy changes or economic announcements from either the UAE or the US.
Oil Prices and Forex Market: How It Affects Your Trading
If you're looking to make moves in the UAE Forex market, think of oil prices as your secret playbook.
A spike in oil prices? The Dirham might just be gearing up for a strong performance. Are oil prices dropping? Time to strategize and maybe look at some defensive plays.
So, how do you use this info to your advantage? First off, stay updated on oil prices like your morning coffee. Whether it's news alerts or financial blogs, make sure you're in the loop.
Also, tailor your trading strategies to match the current oil trend. High oil prices? Look for opportunities where the dirham could shine. Are oil prices taking a hit? Maybe it's time to play it a bit more cautiously.
Best Forex Brokers UAE: FAQs
Are UAE Forex Brokers Regulated?
Yes, UAE Forex brokers are strictly regulated.
They fall under the oversight of prominent regulatory bodies such as the Securities and Commodities Authority (SCA) and the Dubai Financial Services Authority (DFSA). This creates a safe and transparent environment for Forex and CFD trading.
What Is the Best UAE Forex Trading Broker?
Libertex is the No. 1 UAE Forex trading platform in our book. It was launched in 1997, requires a minimum deposit, and is 100% beginner-friendly. The site has low spreads and offers demo accounts for beginners and professional traders alike.
Do Forex Traders Pay Tax in the United Arab Emirates (UAE)?
No, they don’t. Traders in UAE enjoy a tax-free status on their capital gains from Forex trading. This policy applies across Dubai and other Emirates, making Forex trading financially appealing in the region.
Are Forex Trading Platforms in the United Arab Emirates Safe?
Yes, Forex trading platforms in the United Arab Emirates are safe. The UAE has robust regulatory frameworks in place, overseen by authorities such as the Securities and Commodities Authority (SCA), ensuring that Forex trading activities are well-regulated.
Traders can confidently engage with platforms that comply with these regulations, including popular ones like MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Always ensure you're dealing with a broker regulated within the UAE to guarantee the safety of your trades and investments.
Comparing Top 5 Best Brokers in UAE for Forex Trading
Libertex: The best trading platform UAE Forex traders can join. Launched in 1997, this broker has low spreads that start at 0, with fees never crossing the 0.3% mark. You can trade over 5 dozen Forex pairs.
Eightcap: Our number 2 top pick, EightCap, comes with the lowest spreads – starting at just 0.1 pips. You can trade over 40 currency pairs, and demo accounts are readily available to all users.
EagleFX: The best Forex broker UAE has to offer with 55+ currency pairs, offering a minimum deposit of just $10. The platform has a highly intuitive app and works like a charm on all mobile devices.
TradersUnion: Just getting started? Make sure to have a look at TradersUnion. Offering advanced filtering functions for beginner and experienced traders, it’s a great tool for everyone.
Just Markets: Don’t want to download any applications on your device? Then have a look at Just Markets – it features an excellent WebTrader full of exclusive trading tools.
How to Start Trading Forex in UAE
Joining the Forex market in the United Arab Emirates isn't all that difficult. Here's a quick guide you can apply to register at any of the top Forex brokers in UAE.
Step 1: Register for a New Account
Click the sign-up button
Provide the info required in the sign-up form
Accept the Terms & Conditions
Step 2: Verify Your Forex Trading Account
Click the verification link in the email the Forex broker sent you
Provide any required docs to confirm your ID
Step 3: Fund Your Account
Open your new account
Enter the cashier and choose your payment methods
Make the minimum deposit required for trading Forex
Step 4: Start Forex Trading in Dubai
Get acquainted with the site and check the financial markets and major Forex pairs
Try the demo account and check what advanced traders are doing
When ready, set your first real money trade and execute it
Finding the Best Trading Strategy With UAE Forex Brokers
Trading accounts in the United Arab Emirates (UAE) are different.
From terms like swap-free accounts to the fact that the country's currency has been pegged to USD by the Central Bank since 1997, there are things you need to know before you start trading.
AED/USD Focused Strategies: The peg of the UAE Dirham (AED) to the US Dollar (USD) can be leveraged by taking advantage of minor fluctuations driven by oil prices, US economic indicators, or major global events. Trading brokers that allow high leverage, like the 1:999 option at Libertex, are worth considering.
Oil Price Correlation Trading: The UAE's economy is significantly influenced by oil prices. Traders can develop strategies based on the correlation between oil prices and currency pairs like CAD/AED, considering Canada's status as a major oil exporter.
Trading During Ramadan: Trading during Ramadan is different. Forex trading hours and volatility might change due to the altered schedule of financial institutions.
This can help tailor trading strategies that respect local customs while navigating potential market shifts.
Swap-Free Forex Trading: Adhering to Sharia law, many traders in the UAE utilize swap-free accounts.
As the name suggests, a swap-free account will not incur swap or rollover interest on overnight positions. Strategies here might focus on day trading or scalping to avoid holding positions open overnight.
So, What Are the Best Forex Brokers in the United Arab Emirates?
We hope you are now more familiar with the Forex market in the UAE!
If you're interested in getting started at the best Forex brokers UAE has to offer, go with Libertex – it offers some of the lowest fees, various currency pairs to trade, and so much more.
Before you do anything, please have another look at our list of top Forex brokers, and don't hesitate to register multiple trading accounts to start your journey.
Contact customer support if you need additional guidelines; start with a demo account so you're on the safe side, and trade responsibly!
DISCLAIMER: The information provided in this guide is for educational purposes only. We do not offer financial advice and brokerage services nor recommend readers to buy or sell cryptocurrencies, stocks, or securities. Online trading is risky, so make sure to approach it with caution.
Disclaimer: The above is a contributor post, the views expressed are those of the contributor and do not represent the stand and views of Outlook Editorial.
