The Foreign Exchange (Forex) market in the United Arab Emirates (UAE) is one of the most popular markets for both novice and professional traders. Due to the diverse range of international brokers providing access to the market, selecting the best Forex broker can be a challenging task.
But don’t worry; we have researched and evaluated the services and features offered by different Forex brokers in UAE to provide you with a list of the best options available. We evaluated several factors, such as the currency pairs available, spreads, fees, trading platform, regulations, availability of Islamic accounts, and more.
Whether you are new to Forex trading or an experienced trader looking for a new platform, our guide will help you compare the best Forex brokers in UAE. Let’s go directly to the list of the best Forex brokers in UAE:
XTB | Best for high leverage and Islamic accounts
XTB is a reputable online broker that stands out for its outstanding customer support services. They have 48 currency pairs available for trading, and spreads are relatively low, starting at 0.1 pips. Their trading platforms, xStation 5 and xStation Mobile are well-designed and user-friendly.
Interactive Brokers | Best for a wide range of currency pair and advanced tools
Interactive Brokers is one of the biggest brokers that lets you trade more than 100 currency pairs. It is regulated by several international financial authorities. Their trading platform, the Trader Workstation (TWS), offers excellent customization, advanced technical indicators and fundamental trading tools, which are ideal for professional traders and easy to use by beginners as well.
eToro | Best for social trading and copy trading features
eToro is the leading social trading broker, operating in more than 140 countries with over 30 million users. You can trade more than 45 currency pairs with the ability to copy the trades of other experienced investors, which makes the platform attractive for beginners.
Plus500 | Ideal for low Forex fees and free deposits and withdrawals
Plus500 is a multi-asset online broker that offers no commissions when trading CFDs in Indices, Forex (!), Commodities, Cryptocurrencies, Shares, Options, and ETFs. It also recently launched Plus500 Invest for those who want to invest in real shares.
Disclaimer: 86% of retail CFD accounts lose money.
Let’s take a closer look at the key characteristics before delving thoroughly into each broker’s services.
Best Forex Brokers in UAE for 2023 compared
| Broker | XTB | IBKR | eToro | Plus500 |
| Number of currency pairs | 48 | 100+ | 45 | 60+ |
| Maximum leverage | 1:500 | 1:40
(depends on account type and currency pair) |
1:400 | 1:300 |
| Minimum deposit | $0 | $0 | $50 | $100 |
| Spreads starting at
(pips)* |
0.9 (standard account)
0 (pro account) |
0.1 (subject to commission) | 1 | 0.8 |
| Deposit method | Bank transfer, credit/debit card, Skrill. | Bank transfer | Bank transfer, credit/debit cards, PayPal, Neteller, and Skrill, and more. | Bank transfer, credit/debit card, PayPal, MoneyBookers |
| Withdrawal fees | $20 on amounts below $100; Free above $100 | 1 free withdrawal per month | $5 | $0 |
*The above spreads are mentioned as presented on the broker’s website.
You can check below the spreads of those brokers on the most used currency pairs.
Spread comparison of the best Forex brokers in UAE
The spread in forex trading is the difference between the ask and bid prices on a particular currency pair. Spreads are not fixed. They vary depending on the currency pair, liquidity, and market events. Brokers can increase or widen the bid-ask spread, which would result in an investor paying more when buying and getting less when selling. Accordingly, it is a key factor in selecting the best forex brokers.
Top Forex brokers in UAE Reviewed
1# XTB
XTB at a glance
XTB is at the top of our list of best Forex brokers in UAE. It is a global CFD broker established in 2002 with more than 495,000 clients and is widely known for having an outstanding customer service team. Additionally, they provide high leverage on forex trading that can go as high as 1:500. Spreads are reasonably low, starting at 0.1 pips, and there are 48 currency pairs available for trading.
XTB spreads on major currencies
| Currency pair | Spreads in pips on standard account |
| EUR/USD spread | 0.9 |
| GBP/USD spread | 1.4 |
| AUD/USD spread | 1.3 |
| USD/JPY spread | 140 |
| USD/CAD spread | 1.8 |
| CAD/CHF spread | 2.2 |
| XAU/USD spread | 2,500 |
| XAG/USD spread | 250 |
The spread depends on the type of account that you choose and the market that you trade on.
XTB offers beginner and experienced traders a dynamic trading experience with its two trading platforms, xStation5 (desktop-based) and xStation (mobile), which have advanced charting tools and indicators. You can fund your account via bank wire transfer, credit or debit card, or Skrill, and there is no minimum amount to open an account.
XTB trading features
| Islamic account | Yes |
| Trading platforms | XTB Web Trade Platform, xStation 5 desktop trading platform, xStation Mobile application. |
| Limit orders | Yes |
| Stop loss & take profit orders | Yes |
| Negative Balance Protection | No |
| Guaranteed stop loss | No |
On the downside, XTB charges a $20 fee for withdrawals of less than $100. Still, they do not charge for withdrawals over that amount. Additionally, they charge a $10 monthly fee after 12 months of inactivity.
Read our XTB review for further insights.
2# Interactive Brokers
Interactive Brokers at a glance
Founded in 1978, Interactive Brokers is one of the largest international brokers listed on the NASDAQ exchange (Ticker: IBKR) and regulated by many international top-tier regulators. Compared to other Forex brokers, Interactive Brokers offers a wide range of currency pairs, great research tools and advanced trading platforms.
There are several account base currencies at Interactive Brokers without a minimum amount required, but the only way to fund them is through a bank wire transfer. They offer one of the tightest spreads on Forex, but you are subject to a tiered commission based on the monthly volume of your trading activity. Below is a sample of the spreads applied to major currency pairs:
Interactive Brokers spreads on major currencies
| Currency pair | Spreads in pips |
| EUR/USD spread | 0.1 |
| GBP/USD spread | 1.5 |
| AUD/USD spread | 0.5 |
| USD/JPY spread | 100 |
| USD/CAD spread | 1 |
| CAD/CHF spread | 0.5 |
| XAU/USD spread | 900 |
| XAG/USD spread | 70 |
In addition to low spreads and margin rates, Interactive Brokers does not charge an inactivity fee, and you are entitled to one free withdrawal per month.
Finally, their trading platform, TWS (desktop version), is one of the best trading platforms with advanced features and a high degree of customisation. Moreover, they offer a web interface, IBKR GlobalTrader, and a mobile app that are also well-designed.
Interactive Brokers trading features
| Islamic account | No |
| Trading platforms | IB Trader Workstation (TWS), Client Portal (Web-based platform), IBKR Mobile and IBKR GlobalTrader (another mobile app). |
| Limit orders | Yes |
| Stop loss & take profit orders | Yes |
| Negative Balance Protection | Yes |
| Guaranteed stop loss | No |
Finally, one potential drawback for UAE traders with Interactive Brokers is that they do not offer an Islamic account, which may be a necessary requirement. We recommend you check out our comprehensive Interactive Brokers review.
3# eToro
eToro at a glance
eToro has been well-known for its social trading platform since 2007, where you may copy the trades of other successful investors and discuss current market news with a reasonably large investor community of over 25 million users.
eToro trading fees are generally low and built into the spread, which starts at 1 pip on average and depends on trading hours and the currency pairs.
eToro spreads on major currencies
| Currency pair | Spreads in pips |
| EUR/USD spread | 1 |
| GBP/USD spread | 2 |
| AUD/USD spread | 1 |
| USD/JPY spread | 1,300 |
| USD/CAD spread | 1.5 |
| CAD/CHF spread | 4 |
| XAU/USD spread | 4,500 |
| XAG/USD spread | 500 |
The web platform is user-friendly for beginners and has an intuitive layout with many features that enhance your trading experience, such as one-click trading, limit orders, and advanced charting tools.
eToro trading features
| Islamic account | Yes |
| Trading platforms | eToro web-based trading platform
eToro mobile application |
| Limit orders | Yes |
| Stop loss & take profit orders | Yes |
| Negative Balance Protection | Yes |
| Guaranteed stop loss | No |
Although eToro is one of the best brokers for new Forex traders, it might not be the best choice for day traders or professional traders. This is because some currency pairs have wider spreads compared to other brokers. Additionally, USD is the only account currency available, and withdrawal fees are a bit high if you plan to withdraw funds frequently ($5 per withdrawal).
Read our in-depth eToro review for a complete evaluation.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
4# Plus500
Plus500 at a glance
Plus500 is another broker included in our list of the best forex brokers in UAE. It is an ideal broker if you want to reduce your fees, as it provides tight spreads in addition to free deposits and withdrawals.
Plus500 was founded in 2008, and they have their own well-designed web trading platform and a mobile application that gives you access to over 60 currency pairs.
Plus500 spreads on major currencies
| Currency pair | Spreads in pips |
| EUR/USD spread | 0.8 |
| GBP/USD spread | 1.3 |
| AUD/USD spread | 0.8 |
| USD/JPY spread | 100 |
| USD/CAD spread | 2 |
| CAD/CHF spread | 4 |
| XAU/USD spread | 4,100 |
| XAG/USD spread | 220 |
Plus500 offers a wide range of indicators and drawing tools that assist you in analyzing trends and market movements. You can open an account online, and you can fund it by bank transfer, credit or debit cards, PayPal, or Skrill, and the minimum deposit is $100.
Plus500 trading features
| Islamic account | Yes |
| Trading platforms | Plus500 Web Trader platform, Plus500 Mobile application. |
| Limit orders | Yes |
| Stop loss & take profit orders | Yes |
| Negative Balance Protection | Yes |
| Guaranteed stop loss | Yes |
On the downside, Plus500 provides very little educational materials and research reports compared to other brokers. Additionally, if you don’t access your account for three consecutive months, a $10 monthly fee will be charged. This is a shorter timeframe than some other brokers, who typically impose this fee after one year of inactivity.
You can read our Plus500 review for further details.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 86% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What Makes a Good Forex Broker?
Whether you are a beginner or an experienced trader, there are numerous characteristics and features that should be taken into account when choosing a good Forex broker. The following are a few of the most important factors to consider:
- Regulation: This is the most crucial factor because you need to make sure the business is legitimate before depositing your money. As a result, we advise you never to select a broker who is not regulated by a recognized authority.
- Commissions: Although spreads vary depending on the currency pair, good Forex brokers often provide tight spreads and have reasonable commissions.
- Deposit and withdrawal methods: A good broker will make it easy and convenient for users to deposit and withdraw funds by offering several methods, such as wire transfer, debit or credit card, or other electronic payment methods such as PayPal or Skrill.
The bottom line
It can be difficult to compare different trading conditions and find the best Forex broker in UAE. It takes time to collect all the data and make the best decision for your needs due to the various parameters to be checked. Our analysts completed this work for you and presented their results and their analysis of the “Best Forex Brokers in UAE,” which is summarized below:
Best Forex Brokers in UAE
| #1 | XTB | Best for high leverage and Islamic accounts |
| #2 | Interactive Brokers | Best for a wide range of currency pair offerings and advanced tool |
| #3 | eToro | Best for social trading and user-friendly platform |
| #4 | Plus500 | Ideal for low Forex fees and free deposits and withdrawals |
If you’re feeling unsure about which broker is the right fit for you, don’t worry! Our “Help Me Choose” tool can give you a personalized recommendation based on your preferences. Additionally, our comparison table breaks down the key features of various brokers, making it easier for you to compare them side by side. Finally, our reviews provide even more details about each broker’s products and services.
We hope this article has been helpful in your search for the best Forex broker in the UAE and that it saves you some time in your research. Keep in mind that it’s always best to do your own research and determine which online broker is best for you. Keep in mind that a demo account might always be helpful.
Other FAQs
Is Forex trading legal in UAE?
Yes, Forex trading in UAE is legal. As an individual living in the UAE, you can easily access the Forex market and trade currencies online. It’s important to note that the Securities and Commodities Authority (SCA) is the regulatory body overseeing financial markets in the UAE. Additionally, there are no restrictions on using offshore brokers for investors based in the UAE.
Are there Forex brokers that offer Islamic accounts?
Yes, there are several Forex brokers in the UAE that offer Islamic accounts or Shariah-compliant accounts. You can check our list of “best Forex brokers in UAE” for further details.
How do I start Forex trading in the UAE?
To start Forex trading in the UAE, first, you have to open an account with a regulated Forex broker in order to get access to the Forex market. Then, you need to analyze the markets using fundamental or technical analysis, depending on your trading strategy. After that, you can place your trades in line with your analysis.
Can I trade Forex in UAE with $10? And $100?
Yes, you can trade Forex with amounts as low as $100 or even $10. We have listed in this article a few brokers that do not require any minimum amount to start trading. But the trade size will be small.
What is the minimum amount required to start Forex trading in the UAE?
The minimum amount required to start Forex trading in the UAE varies depending on the broker. Some brokers offer accounts with no minimum deposit, while others require a certain minimum balance to start trading. It is important to choose a broker that suits your trading needs and budget.
Toni is a Fintech Analyst with over 8 years of experience in the financial industry where he worked as a financial control analyst at a regional bank and later conducted independent investment research analysis.
