What should you look at while choosing UAE forex brokers?
Due to its enrichment with oil, UAE has become one of the fascinating countries. Besides its open economy structure, forex trading in UAE is getting some hype. The huge reserve of oil makes it one of the richest regions in the world. Currently, the United Arab Emirates is earning 30% of its export income from oil. The huge number of exports indicates the demands of FX. That is why many forex brokers are starting their FX business in UAE. Besides, UAE forex brokers also provide excellent service to compete with foreign brokers. However, the completion among the brokers makes the forex trading in UAE easy going.
So, finding the best forex broker in UAE becomes tricky among the numerous local and international brokers. Being said that, we have listed some standards that you should look at while choosing UAE brokers.
UAE has legalized forex trading and gives the trader true freedom. However, in UAE there are several forex regulations. Besides, Emirates is an Islamic state, so the brokers need to follow the shariah laws too.
The UAE forex legislation keeps the opportunity for all to make some investment. The Emirates government wants all the local brokers to get supervised by the Central Bank of the United Arab Emirates. However, the brokers will need to get a license from the Securities and Commodities Authority (SCA). These authorities are the central companies, and UAE forex brokers need to meet some criteria to get registered.
Apart from the authorities mentioned above, another regulatory body is active in the Dubai forex market, which is Dubai Financial Services Authority (DFSA). Usually, DFSA oversees all the brokers located within its jurisdiction.
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Choosing the Best Forex Brokers in UAE
Since UAE gives access to the international brokers alongside the local brokers, you need to find the best forex broker to operate your forex trading. However, choosing a broker might be difficult as you have numerous brokers to choose from. With that note, we have found out some criteria that can help you to choose some top-rated forex brokers.
- Check with the DFSA: Whether you want to choose a local broker or an international broker, it is mandatory to check the listing with the DFSA. However, you can check the broker with DFSA by searching with the respective broker’s license number.
To check with the DFSA, you can follow some effortless steps.
o Get the broker’s license number
o Head to the DFSA website
o Put the broker’s license number on the designated page or box
o Observe the outcome.
o If you find the broker’s details on the results page, you can safely trade with that broker.
o If the broker’s details are not there, you should avoid registering with that broker.
- Check out the pricing: Few UAE regulated forex brokers impose absurd pricing on their traders. As a result, traders need to spend unnecessary money. So, we will recommend you check the respected broker’s pricing before you decide to register.
- Trading speed: Most of the time, your profit and loss depend on the trading speed of a broker. A poor execution speed may create slippage and put you at a loss. On the other hand, lightning fast speed can get you the expected profit. Hence, look at the trading speed of the best forex broker in UAE before you get hooked up with that. However, if you are confused about the speed, you may check some forex broker reviews, we have mentioned on our website.
- Check the asset list: Usually, UAE forex brokers offer stocks, forex, crypto, and indices. Few brokers may not offer all of these. Therefore, if you have any preference on instruments or assets, you can confirm those before signing up.
- Platforms: Forex trading platforms are one of the top elements of the overall forex trading operation. However, there are two types of platforms that are widely recognized by traders around the world. These are MetaTrader 4 and MetaTrader 5, and you can choose either one. MetaTrader 4 forex brokers and MetaTrader 5 forex brokers will get you almost the same benefits. MT4 is highly useful for forex trading, while MT5 is for commodities trading.
- Deposit and Withdrawal: Whether you are trading with UAE central bank regulated forex brokers or with any international brokers, the transaction method can get you the ultimate direction. You should prioritize the broker that offers easy transaction methods alongside the various options such as bank transfer, credit/ debit cards, PayPal, and other digital wallets.
- Swap-free trading: As a muslin, you will not want to take any benefits from any interest activities. However, forex trading in UAE may offer both regular accounts and swap-free accounts. If you are a practicing Muslim and keen to trade with a swap-free account, you will ask for it while registering. On the other hand, some broker may give you the swap free account without even asking,
- Customer support: An excellent customer support can make your trading activities smooth. Hence, check out our reviews on UAE’s top 10 forex brokers to know the customer service activities of the top Dubai brokers.
- Education platform: When you decide to start forex trading, you may have limitless learning opportunities. Being said that, an educational platform may come in handy, especially if you are a new trader. Besides, experienced traders may also learn something from the brokers education features.
If you carefully check out these elements one by one before choosing a broker, you will definitely get the best forex broker in UAE.
You already know that UAE forex brokers offer immense opportunities for all, including the new traders and experienced traders. However, you will get access to all the opportunities only if you can sign up with the top-rated UAE FX brokers and start your forex trading . And we hope this guideline will work as a mentor for you in the case of forex brokers choosing in UAE.
Moreover, you are also open to following your strategies to find the best forex broker in UAE according to your needs.
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