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xCube Review 2024

Written By

William Berg

Written By

William Berg

William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

» William Berg Profile Page

Fact Checked By

Tobias Robinson

Fact Checked By

Tobias Robinson

Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.

» Tobias Robinson Profile Page

Updated

Jun 23, 2024

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Overall Rating

2 / 5

xCube is #144 in our broker rankings.

Customer Reviews (1)

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Customer Reviews

Minimum Deposit $0

Trading Platforms Own

Instruments Stocks, Futures, IPOs

Regulators UAE Securities and Commodities Authority, DFM

Account Currencies AED

Payment Options Credit Card, Visa, Mastercard, American Express, Wire Transfer

Pros

• Competitive fees and margin rates with no commission on futures
• Authorized by the Securities & Commodities Authority
• Beginner-friendly app with daily news and watchlists

Cons

• Narrow range of products with limited global assets
• App lacks advanced charts and analysis tools
• Available to investors in the UAE only

xCube is an app-based investing platform built for traders in the United Arab Emirates. Users can invest in leading Dubai Financial Market (DFM) stocks and futures and subscribe to upcoming IPOs to purchase equities as soon as they are released. In this review, we assess the accounts available, the firm’s safety and regulation status, and the fees you can expect to pay.

Quick Take

• Fees are low with no commission on futures and registration for IPOs
• The xCube platform lacks the advanced analysis and research tools found on the best apps
• Leading alternatives, such as Moomoo, offer access to the iShares MSCI UAE ETF, which follows the performance of an index comprised of UAE stocks, providing portfolio diversification while spreading risk

Markets & Assets

The broker caters to both short-term traders and long-term investors, allowing clients to purchase stocks with capital or on margin.

On the downside, the selection of assets is narrow compared to leading brokers that facilitate access to the UAE as well as other popular financial hubs, such as the US, Europe and Asia.

Stocks

xCube provides clients with access to all 178 stocks listed on the Dubai Financial Market. However, stock trading through xCube is limited to long positions only – instead, investors must trade futures to take short positions.

We appreciated that you can view upcoming IPOs via the trading platform and pre-allocate capital to automatically invest once an equity is released to the market. This is a notable bonus over some alternatives.

Futures

In addition to stocks, xCube also offers futures on a range of Dubai-centric products. Traders can go long or short on several assets such as Oman oil futures, whole-index futures and selected single-stock futures.

Importantly, when we used xCube we found that futures have to be traded in a margin account, where investors can access leverage. Each individual product has its own maximum leverage amount up to 1:2 (50% margin), though some equities are not available for margin trading.

Account Types

There are two accounts available to xCube investors – the cash account and the margin account.

An xCube cash account allows clients to purchase DFM equities using deposited cash and low commissions. We were pleased to see there is no minimum deposit requirement to open a cash account, which will appeal to beginners.

Upgrading to a margin account allows investors to trade futures as well as equities, also unlocking the ability to trade with leverage. There is also no minimum deposit or additional fees to open a margin account – xCube only charges for the margin that clients actively use to trade.

How To Open An xCube Account

I found the registration process fast and intuitive, with Dubai residents able to use their Emirates ID or passport to verify their identity, though you will also need a proof of address document to hand.

To open an account:

1. Download the xCube app on either an iOS or Android mobile device
2. You will be guided through the registration process within the app, being prompted to supply verification documents and personal details at various stages
3. You will be asked to make an initial deposit, though there is no requirement that you do so until you wish to make a trade

Fees

While using xCube, our team found trading fees to be one of the broker’s strongest areas, with competitive charges for stock purchases and futures trading.

When investing in equities, the broker also offers a handy calculator on its website to calculate charges. The fee structure entails a broker commission of 0.1% of the total trade value, a variable value market commission (10 AED/ $3 minimum) and a small VAT charge.

To put these charges into perspective, if an investor purchased 1000 AED/ $280 of stock, there would be a 13.1 AED/ $3.50 commission charge.

For futures trading, the broker omits the commission entirely while offering highly competitive margin rates.

Payment Methods

xCube supports a good range of payment options, with credit cards from Visa, MasterCard and Amex all accepted.

Investors can also make online banking transfers from select UAE banks as well as manual bank transfers. We found that this really reduced the time between opening an account and starting to invest.

Another plus is that the broker does not levy any fees for deposits and withdrawals, though some payment methods such as bank transfers may incur separate charges.

xCube App

On the negative side, there is only one trading platform supported by xCube, which is its proprietary trading app.

I thought the application had several helpful trading tools, such as customisable watchlists, clear price charts and integrated daily financial news. I also liked being able to easily trade on-the-go, with a quick login and deposit process.

However, more experienced investors may prefer a more capable, computer-based platform – especially when day or swing trading using leverage.

For those that would benefit from additional tools or features, such as level two data, multi-asset charting and trading indicators, I would recommend a broker that supports third-party trading platforms such as MetaTrader 5.

Security & Regulation

Due to its royal ownership, we judge xCube to be unlikely to be fraudulent. The broker is also regulated by the UAE Securities and Commodities Authority and the DFM. These are both good indications that the firm is legitimate.

Our experts also found that the app itself can be secured by a biometric login or passcode, though full login details are required to access an xCube account on a new device.

On the downside, xCube is less upfront about where client funds are held. Another drawback for us is the lack of information about any fund protection or insurance measures in place.

Company Background

xCube LLC was launched in early 2022 by Dubai royal family member and current deputy ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum.

The platform aims to provide easy access to Dubai’s financial markets for investors, as well as to function as a market maker and enhance overall DFM liquidity.

xCube is regulated by the UAE Securities & Commodities Authority and is available as a mobile app for Android and Apple devices.

The broker is only open to investors from the UAE, with an Emirates ID or local passport required for account creation.

Trading Hours

xCube follows the Dubai Financial Market trading hours, though investors can access their accounts, view assets and make payments at any time.

The DFM market hours run on Gulf Standard Time (GMT+4) and have a pre-market session from 9:30 am until 10 am, a main session from 10 am until 2:45 pm and then a market close session from 2:45 pm until 3 pm.

xCube Verdict

For UAE-based beginner investors looking to speculate on DFM products, xCube is an attractive option. The brand offers competitive commissions, solid security and a handy mobile app.

However, for those that want more advanced trading opportunities, brokers with more sophisticated platforms and non-UAE assets are a better choice.

FAQs

Is xCube A Good Investing App?

xCube offers a no-frills investing app for traders that want to speculate on the Dubai Financial Market with low fees. However, the platform lacks the sophisticated analysis features of other apps and market access is limited to the UAE.

Is xCube Trustworthy?

xCube is authorized by the UAE Securities and Commodities Authority and the DFM, which is a good sign that the company is legitimate. However, the firm’s track record is limited and alternative brokers have a longer history of providing online investing in a secure trading environment.

Is xCube A Market Maker?

xCube operates as a market maker and aims to boost DFM liquidity by making it easier to invest in equities and futures.

Where Is xCube Based?

xCube LLC is based in Dubai and run by Dubai royal and minister of finance, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum.

Does xCube Offer High Leverage?

xCube clients can open a margin account and use leverage of up to 1:2 on selected assets. These are modest levels, although they align with other brokers in the region.

Top 3 Alternatives to xCube

Compare xCube with the top 3 similar brokers that accept traders from your location.

1. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers
2. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
   Go to IG
3. FOREX.com – Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
   Go to FOREX.com

xCube Comparison Table

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xCube vs Other Brokers

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1. xCube vs Interactive Investor