How to Pick up the Best Forex Broker in Dubai?
On the other hand, UAE has been becoming the fastest growing forex trading hub after Saudi Arabia. It is because of the high-income level of the general population. And, that is why scammers are growing at a large number. So, there is no alternative to find the best forex broker in Dubai.
How to Choose the Best Forex Brokers in Dubai?
The answer is pretty straightforward. You have to check the broker based on some criteria. We did thorough research to make your job easier and listed the criteria below.
Regulation
When choosing a broker, you can only trust the regulated forex brokers in Dubai. Unregulated brokers are not safe to trade. Dubai Financial Services Authority (DFSA) regulates the brokers in Dubai. So, you have to make sure that your selected forex brokers in Dubai have the license from DFSA.
You can simply check that via the DFSA website. However, you will need to have the license number of that respected broker, which will be available on their website.
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Trading Platform
A trading platform can give you ease of trading. The most common trading platforms used by the Dubai brokers are the MT4 and MT5 platforms. To get the most from a broker, you should check MetaTrader 4 forex brokers and MetaTrader 5 forex brokers.
On the other hand, some brokers may offer their own customized platform. Those are not bad either. But you should follow some forex broker reviews in Dubai to know more about those in-house custom-made platforms.
Trading Account
Forex brokers in Dubai offer multiple trading accounts, according to the respected traders. So, it will be better if you understand all the benefits and shortcomings of the trading accounts. As a result, you can choose the account type depending on your investment and trading experience.
Besides, you may also look for brokers with a demo account. It is the easiest way to understand the trading accounts.
Check the Commissions and Spreads
The trader’s main purpose is to make a profit from trading. However, brokers also need to make some money as a fee or commission from trading. So, you should check and understand the commission and spread structure of your selected broker. As a matter of fact, you should choose a broker with the lowest spread offerings.
Offered Instruments
In the trading world, a variety of trading instruments are available. While most of the best forex broker in Dubai offer almost all the popular trading instruments, few brokers may offer a limited instrument. Being said that, you should choose a broker with the most offered instruments.
Deposit and Withdrawals
The best forex broker should allow the easiest deposit and withdrawal methods. Check those out before selecting a broker.
Swap Free Accounts
You are trading from Dubai, so we can assume that you are a Muslim. Having said that, you must need a swap-free account. So, when you look for a broker, make sure that you offer swap-free accounts. Though, all the DFSA regulated forex brokers should offer swap-free accounts.
Customer Support
All the reputed brokers knew what their clients wanted and made everything ready for the traders. Most credible brokers in Dubai emphasize customer’s needs first. Hence they offer prompt customer support.
These are the facts you can check before choosing a broker in Dubai.
Best Forex Brokers in Dubai
FxPro
FxPro is one of the best brokerage services in the world. While they have hundreds of competitors all over the world, in Dubai, they dominate the market with very small competition. With their high-quality service, FxPro has reached more than 170 countries in the world.
In 2017, FxPro Dubai started its operation with the aim to provide uninterrupted forex trading service for Dubai citizens.
FxPro Dubai offers access to the six different markets including, forex, futures, indices, shares, metals, and energies. These markets can be accessed via the FxPro trading platform, MetaTrader 4, and MetaTrader 5. It also provides a cTRader platform that supports additional market analysis with full market depth access, which is also fully customizable.
FxPro Dubai offers a strong transparent service that establishes the highest standard of safety for the clients. Besides, the client’s funds are kept in the international bank account with a segregation fund feature for proper safety.
Apart from these features, Professional trading and VIP trading account via MT4 and MT5 platform with a combination of different spreads and commissions.
The account combination you will get-
- Fixed spreads and instant execution via MT4 account.
- Floating spreads and instant execution through the MT4 platform.
- Floating spreads and market execution on MT4 and MT5.
- cTrader account that offers floating spreads and market execution.
Axi
Axi is one of the top forex trading brokers in Dubai, which was formerly known as AxiTrder. A group of traders founded Axi, and they offer exactly what the traders need. AxiTrader Dubai prioritizes tight spreads and the fastest execution. Besides, they also provide the best trading tools with the compliance of proper regulation.
On the other hand, their award-winning customer service will definitely give you an edge. AxiTrade Dubai is suitable for any type of trader regardless of their background and expertise. Additionally, they combine technology, trust, and great service that hone the profit for the traders.
Although Axi was founded in 2007 in Australia, they had expanded their business in Dubai in 2016. So, AxiTrade Dubai is relatively new, but their core competency makes them the best forex broker in Dubai.
Axi is fully regulated by the DFSA, which makes them trustworthy with transparency. They have 30,000+ traders across the world with an expansion to more than 100 countries.
At Axi, a trader can trade currencies, golds & silver, indices, cryptos, and commodities with live spread features. The trading platform includes MetaTrader 4. Besides, Axi provides education services too via video, seminars, webinars, tutorials, eBooks, blogs, etc.
Conclusion
Although the forex trading in Dubai is still evolving and brokers have started making their move towards Dubai for the past few years. But, within these years, a few best forex broker in Dubai have been developed.
On the other hand, you should not forget the scammers. But, if you choose a broker according to the facts we have mentioned in this article, we can guarantee you that you will not get scammed. Moreover, you can search for the list of registered forex brokers in Dubai to check a broker’s credential options.
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