Dubai residents can choose to use either Dubai-based forex brokers or international brokers. However, many Dubai forex traders will prefer to use a local broker as they may provide better customer support to Dubai-based traders. A broker based in Dubai will also offer the protection of the local regulators, such as the Central Bank of UAE, as well as governing bodies such as the Securities Commodities Authority (SCA) and the Dubai Financial Services Authority (DFSA). Take a look at our Dubai forex brokers list to see some of the top brokers available.
78.8% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
As a Dubai forex trader, you will have to decide which broker features are most important for you and research brokers to see which one is most suitable. Always choose a regulated broker and look into things such as trading fees, deposit protection, trading platforms, and which currency pairs are available to trade. Dubai hosts a range of forex brokers that offer Islamic trading accounts with no daily overnight swap fees.
Forex brokers in Dubai should clearly state their pricing policy on their website, including any commissions and other fees. Look at the fees and charges of any broker you are considering, including any extra ‘hidden’ fees such as inactivity fees, currency conversion fees, or withdrawal charges. If you are a resident of Dubai, you may want to choose a Dubai-based broker that offers local-currency accounts, as well as deposit and withdrawal methods that are easy to access in Dubai.
There is a range of Dubai-regulated forex brokers to consider. All forex brokers in Dubai are regulated by the Central Bank of UAE and the SCA. Within Dubai, there is a financial-free zone referred to as the Dubai International Financial Centre (DIFC), and the DFSA regulates Dubai financial forex trading brokers and other financial service providers incorporated in DIFC.
Whether you choose a Dubai-based forex broker or an international brokerage, you will want to choose one with a trading platform that suits you. Forex brokers in Dubai offer a variety of trading platforms, including MT4, MT5, cTrader and mobile apps.
If you are based in Dubai, look for a broker that has a local office, and local phone support if possible. It will also be a big benefit to choose a Dubai-based broker with a website and customer service channels that are available in your language. Some international brokers also provide multilingual websites and customer service.
Yes, trading forex is legal in Dubai, as long as the broker you choose is regulated and holds a forex trading licence issued by the SCA.
As there is no income tax in Dubai, your forex trading income will usually be tax-free, as long as you are resident in Dubai for tax purposes. If you are a citizen or permanent resident of another country and currently temporarily resident in Dubai, check with an international tax professional as your tax situation may be more complicated.