There has been a rise in forex markets investments for people in Middle East due to the booming economy of the United Arab Emirates. Their oil economy has enabled them to trade globally and in online financial markets. In 2018 the GDP of UAE totaled to 414 billion dollars. This growth is due to diversification of its economy especially in Dubai. However, UAE still, heavily relies on revenues from natural gas and petroleum.
You might wonder, what is the best forex broker? You might be asking about how to choose the best forex broker as well. We’ll find the answers for you by exploring the best forex broker United Arab Emirates.
A booming economy yields arise in forex brokers, who come in handy to the trading residents. The big question is, of all the brokers, which forex brokers are the best for the UAE residents. The number of forex brokers is on the rise, that way residence need a detail report of the best forex broker in United Arab Emirates.
Forex traders have to have open communication with forex brokers that way they can be able to guide the new and incoming traders on forex brokers who will serve them in the best way possible.
The table below will show the various comparisons among the four great trade options that we have discovered in UAE.
|Broker||Minimum deposit||Minimum spread||Currency pairs|
|IQ Option||$10||5 pips||29||1st Choice|
|FXTM||$10||0.1 pips||57||2nd Choice|
|Forex.com||$50||0.97 pips||50||3rd Choice|
IQ Option is among the most notable trading platform in forex trading. It was founded in the year 2013 and from there, the IQ Option company has stayed relevant through by offering investment ideas and tools of trade such as CFDs, Crypto currencies, Binary, Forex and many more. IQ Option is one of the best forex brokers for beginners 2019.
As a group of accomplished forex traders, it’s safe to say IQ Option provides its investor with the needed protection as it’s regulated and authorized by Exchange Commission and Cyprus Securities. Meaning if the company was to go under or dissolved the clients will be compensated.
IQ Option has an appealing and simple platform that ensures ease of use by the traders. IQ Option software has a friendly user interface. Customer service provided is quick as well efficient, this ensures they retain their existing clients and acquire new ones also.
IQ Option gives a choice between;
- VIP account- required minimum deposit $1900
- Standard account-required minimum deposit$ 10
IQ Option has a website where they have all the information relevant to clients before and after signing up. It is certainly one of the best broker for forex trading. IQ Option has become one of the best forex brokers for United Arab Emirates clients because it is among the best forex brokers with low minimum deposit 2019. It is also one of the best forex brokers with demo accounts 2019.
FXTM is among the global FX and CFD broker. It has been in existence since 1998 and since then there has been a tremendous rise in online global forex trading. Same as every other broker organization, FXTM has regulations provide by CySEC and FCA (Financial Conduct Authority) in the UK. Top tier FCA make FXTM safer to use for all its clients. FXTM is known to be economical since it has tight spreads and low commissions. FXTM has ECN accounts and standard accounts which are the two top tier accounts.
Accounts under ECN include;
- Pro account- required minimum deposit $2500
- ECN account-required minimum deposit $500
- ECN zero account-required minimum deposit $200
Accounts under standard account;
- Shared account- required minimum deposit $100
- Standard account-required minimum deposit $100
- Cent account- minimum deposit $10.
ECN account has large deposits meaning it is used by traders with significantly high investment capital, whereas standard accounts are low deposit accounts. In the demo accounts issued by FXTM there is a virtual balance amounting to $10,000 that is offered once.
FXTM is not geographically limiting thus traders can trade from different locations. However this privilege does not extend to countries such as Canada and United States. In summary FXTM is the best broker in forex trading since it provides great customer service, user friendly educational tools and opening an account with them is equally fast since it’s all done digitally.
Forex.com is indeed one large retail online forex and brokers of CFD. Forex.com has access to at least 800 markets globally which include commodities and crypto currency, indices, stocks and forex pairs. Forex.com has various services offered to their traders which includes MT4 integration, leverage, spreads demo accounts and fees, mobile application and trading platforms.
Forex.com trading platform includes;
- Advanced trade platform – this is a sophisticated platform which meets vast needs of traders. It has a simple yet elegant user interface. The interface has inbuilt features but at the same time it still allows client to customize their own indicators. Past and present information can also be accessed in this platform.
- Web trader- this platform is easy and quick to use. Here detailed economic calendars are laid down enabling trader to have total account management. Meaning tracking profits, withdrawals and making deposits is straightforward.
- Meta trader 4 – this platform is mostly used in CFD and FX trading. Expert information is also issued for those who prefer virtual trading.
Forex.com has trading fees and requirements that traders should be aware of before getting the software. Initial deposit made is usually $50.
Commissions and spreads.
There is no fee charged on the forex trades, this means compensation is via spread. Forex.com is known to have largest shares and pairs.
This allows trade in margins hence capitalizing potential investments. However traders ought to be carefully since this is a form of loan and if not invested carefully it can lead to amplified losses. Leverage is only given depending on type if account and previous activities.
Forex.com allows for their traders to be able to use iOS and android applications. The app has relevant trading tools, advanced charts and trading capabilities. Through the app traders can view market analysis and rates and be able to make changes using the app.
Methods of payment.
Forex.com provides various methods of payment;
- Wire transfer
- Credit card
- Debit card
Minimum transaction allowed is $ 30 and the maximum being $ 10,000.
Demo accounts provided help traders get more knowledge on how to navigate and how the software is structured. This demo accounts are effective and shouldn’t be ignored. Forex.com is indeed among the best forex brokers to be used by United Arabs traders.
This platform has unique features and a review cannot end without mentioning it. It is also known as Israeli fintech, a social trade broker officiated in 2007.eToro serves its UK clients though regulated by the FCA, in Australia the regulations done by ASIC. Other traders like in UAE are served by Cypriot entity regulated by CySEC.
What is unique about eToro is unlike other platform, eToro has no bank parent and no annual reports are disclosed. eToro is safe since Australian and UK arms are regulated and controlled by top financial authorities known as fintech startup.
With eToro traders are asked to have all relevant information before trading especially with CFDs and be certain whether the risk involved is worth it. Stocks offered by eToro are commission free, so are the ETF trades in Europe which are of really low fees. Opening an account with eToro is seamless and fast. eToro is said to be social trading as it allows traders to copy trading strategies from each other.
eToro fee is either high, average or low. This fee will depend on other brokers. There is non-trading fee and trading fee.
- Trading fee – when trade occurs that is when the fee is trading, this include conversion fees, financing rates, spreads and commissions.
- Non-trading fee – this are charges not directly linked to trading. This fees include inactivity fees and withdrawal fees.
At eToro, minimum deposit require is $ 200. It is important to note that the deposit may end being different for countries such as;
- Israel – here traders are required a minimum deposit of $10,000.
- The United States and Australia, first time minimum deposit is $50.
- Russia, Macau, Taiwan, Hong Kong and China all have a minimum deposit of $500 for the first deposit.
At eToro there are two types which include;
- Virtual or demo account.
Here first time traders try out the eToro platform using the play or virtual money available.
- Live account.
The process of acquiring an account with eToro is fully digital and hassle free, a process that takes a day to complete. For funding with real money, a copy of utility bill and place of residency is required. Finally personal ID or passport is required.
Another key point to note is that eToro uses USD accounts only. Funds deposited will be converted to USD by eToro. Alternatively one can deposit in USD from their credit card. Overall, eToro is a great forex broker since it has impeccable analysis and technical tools. Analyst recommendations are offered, the user interface is user-friendly, plenty of trading ideas are also shared to traders and finally the interactive chart is good for trade.
The four mentioned brokers all come with different strengths for them to be forex brokers in the UAE. Anyone looking to start trading digitally should know their need then further look into this options giving weighing the pros and cons of each forex broker. With a proper strategy there is no reason why you should not make enough profit.