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Best Forex Trading Platforms In The United Arab Emirates In 2024

Written By

Michael MacKenzie

Written By

Michael MacKenzie

Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.

» Michael MacKenzie Profile Page

Fact Checked By

James Barra

Fact Checked By

James Barra

James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Updated

Apr 29, 2024

The United Arab Emirates (UAE) has emerged as a significant forex trading hub, experiencing a 9% rise in the number of FX/CFD traders in 2023, alongside 18,500 retail investors placing their first trades. This expansion means the UAE’s chief federal regulator, the Securities and Commodities Authority (SCA), now oversees a growing number of forex trading platforms.

Explore our selection of the best forex brokers in the UAE to find the platforms that excel for their range of currency pairs, charting tools, trading fees, and convenient account funding, including e-wallets like Alipay which is rising in popularity among Emirati residents.

Top 5 Forex Trading Platforms In The United Arab Emirates

Our hands-on tests and exhaustive analysis of hundreds of brokers show these to be the top 5 platforms for forex traders in the UAE:

1. Alpari - Alpari traders can access 60+ currency pairs and crosses via CFDs on the MT4 and MT5 platforms. The broker offers very competitive pricing, especially on the ECN Pro account which is commission free. Significant leverage up to 1:1000 is available.
2. FXTM - FXTM offers a strong range of 60+ currency pairs - more than many competitors including AvaTrade. There’s also 6 currency indices for day traders looking to diversify their forex portfolios. The brand’s ECN account offers competitively low spreads from 0 pips, with equally low commissions up to $2 per lot.
3. Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
4. IC Markets - IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
5. AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.

Best Forex Trading Platforms In The United Arab Emirates In 2024 Comparison

Best Forex Trading Platforms In The United Arab Emirates In 2024 Comparison

Broker	Forex Assets	EUR/USD Spread	Forex App Rating	Minimum Deposit	Regulator	Visit
	50+	0.4	3.3 / 5	$5	FSC, SEBI, JFSA	Visit
	50+	0.1	4.5 / 5	$10	CySEC, FCA, FSCA, FSC	Visit
	55+	0.0	4 / 5	$50	FCA, ASIC, FSCA, VFSC	Visit
	75	0.02	4.8 / 5	$200	ASIC, CySEC, FSA	Visit
	50+	0.9	4.3 / 5	$100	ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM	Visit
	80+	1.2	4.9 / 5	$100	NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA	Visit
	100+	0.1	4.7 / 5	$0	FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB	Visit
	55+	1.6	4.7 / 5	$5	ASIC, CySEC, DFSA, FSC, FSCA	Visit
	50+	0.0	3.6 / 5	$100	ASIC, FCA, xCySEC, SCB	Visit
	45+	Variable	3 / 5	$0	-	Visit
	60+	14 pips	4.5 / 5	$10	-	Visit
	80+	0.8	4.9 / 5	$0	FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA	Visit
	70+	1.58 pips (Ave)	2.5 / 5	$100	FCA, CySEC, FSCA, SCB, FSC	Visit
	70+	0.2	3.4 / 5	$0	CySEC	Visit
	70+	1.0	4.8 / 5	$0	FCA, CySEC, KNF, CNMV, DFSA, FSC	Visit

#1 - Alpari

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Review

Why We Chose Alpari

Alpari traders can access 60+ currency pairs and crosses via CFDs on the MT4 and MT5 platforms. The broker offers very competitive pricing, especially on the ECN Pro account which is commission free. Significant leverage up to 1:1000 is available.

"Alpari will suit short-term binary options traders with a low $5 deposit, powerful charting terminals, and a rebate scheme. Forex traders also get very high leverage with tight spreads while the broker's PAMM service will appeal to hands-off investors."

- DayTrading Review Team

• GBPUSD Spread: 0.7
• EURUSD Spread: 0.4
• EURGBP Spread: 0.6
• Total Assets: 50+
• Leverage: 1:1000
• Platforms: MT4, MT5

About Alpari

Alpari is an offshore multi-asset broker that offers traders a wide range of forex trading opportunities as well as stock, index and commodity CFDs. The broker also offers fixed costs with payouts known upfront. Trading takes place on the reliable MT4 and MT5 platforms, plus the brand's mobile app. Alpari offers tight ECN spreads which will serve active day traders.

Pros

• Cashback schemes are available for high-volume traders
• There's an excellent choice of funding options with no fees
• The broker offers high leverage up to 1:1000 for experienced clients

Cons

• The lack of educational resources is disappointing compared to alternatives
• The market analysis and research tools are limited
• There are fairly high charges for strategy manager copy trading tools

Visit Alpari

#2 - FXTM

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Review

Why We Chose FXTM

FXTM offers a strong range of 60+ currency pairs - more than many competitors including AvaTrade. There’s also 6 currency indices for day traders looking to diversify their forex portfolios. The brand’s ECN account offers competitively low spreads from 0 pips, with equally low commissions up to $2 per lot.

"FXTM is a good pick for day traders seeking low forex commissions on the MetaTrader 4 platform. That said, the range of other assets is not extensive for those looking to diversify, especially stocks and cryptocurrencies."

- DayTrading Review Team

• GBPUSD Spread: 0.2
• EURUSD Spread: 0.1
• EURGBP Spread: 0.6
• Total Assets: 50+
• Leverage: 1:2000
• Platforms: FXTM App, MT4, MT5

About FXTM

FXTM is a top-rated forex and CFD broker established in 2011 and operating across 4 continents. The company is secure and regulated by leading authorities, including the FCA and CySEC. Offering 1000+ day trading markets and three account types, they cater to all levels of trader.

Pros

• FXTM offers free VPS hosting for active day traders looking for 24/7 uninterrupted connection with up to 99.9% uptime
• Negative Balance Protection is available to clients registering with the EU and UK entities
• The broker has a good reputation with multiple industry awards and oversight from top-tier regulators like the CySEC

Cons

• Spreads are mediocre in the commission-free accounts, with typical EUR/USD spreads around 1.9 pips - the industry average is around 1.2 pips
• It’s a shame that ETFs and bond products are not available, and the selection of stocks is not extensive compared to competitors like AvaTrade
• Withdrawal fees apply, including a 30 EUR fee on bank wire withdrawals

Visit FXTM

#3 - Vantage

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Review

Why We Chose Vantage

Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.

"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."

- DayTrading Review Team

• GBPUSD Spread: 0.5
• EURUSD Spread: 0.0
• EURGBP Spread: 0.5
• Total Assets: 55+
• Leverage: 1:500
• Platforms: ProTrader, MT4, MT5, TradingView, DupliTrade

About Vantage

Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.

Pros

• The broker has recently made efforts to expand its suite of CFDs providing further trading opportunities
• It’s quick and easy to open a live account – taking less than 2 minutes
• The ECN accounts are very competitive with spreads from 0.0 pips and a $1.50 commission per side

Cons

• The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
• It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
• Unfortunately, cryptos are only available for Australian clients

Visit Vantage

#4 - IC Markets

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Review

Why We Chose IC Markets

IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.

"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."

- DayTrading Review Team

• GBPUSD Spread: 0.23
• EURUSD Spread: 0.02
• EURGBP Spread: 0.27
• Total Assets: 75
• Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
• Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade

About IC Markets

IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.

Pros

• IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
• You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
• With ultra-fast execution speeds averaging 35 milliseconds and deep liquidity, IC Markets provides an optimal trading environment for scalpers, hedgers, and algorithmic traders.

Cons

• Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
• While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
• There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.

Visit IC Markets

#5 - AvaTrade

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Review

Why We Chose AvaTrade

AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.

"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."

- DayTrading Review Team

• GBPUSD Spread: 1.5
• EURUSD Spread: 0.9
• EURGBP Spread: 1.5
• Total Assets: 50+
• Leverage: 1:30 (Retail) 1:400 (Pro)
• Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade

About AvaTrade

AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.

Pros

• WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
• The broker offers reliable 24/5 multilingual customer support with fast response times during testing
• Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools

Cons

• There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
• There is no ECN account with raw spreads
• A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners

Visit AvaTrade

How We Rate Forex Trading Platforms In The United Arab Emirates

Trust

Our recommended forex brokers have earned our trust through a balance of their regulatory credentials, our direct experiences on their platforms, and their reputation among our experts, who have over 25 years of industry experience.

This helps protect traders from predatory forex fraudsters that the Emirati law firm Raya al Ameri warns “continue to pose a threat to investors” by luring them in with “aggressive marketing techniques”.

The Dubai Financial Services Authority (DFSA), a prominent regulator in the region, has also issued helpful advice on avoiding forex trading scams, including verifying the broker’s regulatory details on the agency’s website and ensuring emails match the company’s official website.

Account Funding

Support for accessible, affordable payment methods is key, so we looked for platforms that make it easy to deposit using UAE dirhams (AED). Many forex platforms even offer AED accounts, ensuring a smooth trading experience while minimizing conversion fees.

Statista has also noted the rise in digital payments in the UAE, which they forecast to be fully cashless by 2030, so we highly rate brokers that support popular online payment methods in the region like Alipay and Klarna.

Currency Pairs

Our analysis shows that the majority of online forex platforms do not offer trading on the AED (د.إ), despite it playing a vital role in facilitating economic development in the Middle East, especially in key industries like tourism, financial services, and oil.

That said, the top forex trading platforms offer at least 50 currency pairs, providing opportunities to speculate on the currencies of major countries.

Some brokers also excel with upwards of 80 currency pairs, notably many exotics with high volatility that can offer profit potential for skilled traders.

Platforms & Tools

We prioritize brokers that support high-quality trading platforms that deliver an optimal environment for forex traders, sporting intuitive interfaces and useful tools for analyzing foreign exchange markets, such as heatmaps and market sentiment.

After years of testing and reviewing forex brokers in the UAE, we’ve found the established MetaTrader 4 and MetaTrader 5 to be most popular among seasoned traders, which offer customizable interfaces with one-click trading, powerful charting tools with multiple timeframes and support for algorithmic trading.

However nowadays, more modern third-party options like TradingView as well as bespoke in-house platforms have made inroads thanks to slick and eye-catching designs that we’ve found appeal to newer forex traders while still delivering sophisticated tools.

Pricing

Choosing a broker with excellent pricing is an important step towards profiting from the forex markets because trading fees can quickly pile up when you’re day trading in the UAE.

For short-term traders, the most significant expense often comes from the spread – the difference between the bid and ask price – so we evaluate a broker’s pricing by rating the spreads of the most popular currency pairs like the EUR/USD, EUR/GBP and GBP/USD.

Commission charges can also factor in, especially if you opt for a raw-spread account, though many top forex platforms offer commission-free trading with affordable spreads on currency pairs.

We also evaluate non-trading fees such as deposit and withdrawal charges, conversion costs when transferring in AED, plus additional fees for tools and data.

Methodology

To identify the top forex brokers for the United Arab Emirates, we shortlisted platforms accepting Emirate traders and evaluated them based on their comprehensive rating. This rating includes:

FAQ

Is Forex Trading Legal In The UAE?

Forex trading is legal in the UAE and also on the rise, with an increasing number of retail investors speculating on currencies online.

Forex day traders in the UAE also have the advantage that capital gains aren’t taxed, so traders can keep 100% of any profits.

Who Regulates Forex Trading In The UAE?

The UAE is a federal state that includes several different Emirates with their own authorities. The federal regulators that oversee the financial markets, such as forex trading, include the Securities and Commodities Authority (SCA) and Central Bank of the UAE, while Dubai has its own Financial Services Authority (DFSA) and Abu Dhabi has the Financial Services Regulatory Authority (FSRA).

How Much Money Do I Need To Start Trading Forex In The UAE?

Our years of testing forex brokers accepting traders from the UAE show that platforms are becoming increasingly accessible, with minimum deposits typically ranging from 0 to 250 USD, around 0 to 920 AED.

Having said that, some forex trading platforms excel with no minimum investment, notably Pepperstone, making it an excellent option for budget traders.

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