In the UAE, forex trading has become increasingly popular, drawing in numerous investors and traders. The regulatory framework for forex trading is supervised by two main entities: the Central Bank of the UAE (CBUAE), responsible for overseeing the country's financial sector, including activities related to forex trading. Another is Dubai Financial Services Authority (DFSA), traders more familiar with, overseeing financial activities within the Dubai International Financial Centre (DIFC), operating under a distinct regulatory framework. Within the UAE, big numbers of brokers operate, making it challenging to identify the genuine ones. Here, we've curated a list of the best Forex Brokers for beginners, focusing on key aspects such as regulation, minimum deposit, trading platform, and education, for your reference.
Best Forex Brokers for Beginners in the UAE
| Logo | Broker | Regulated by DFSA | $0 Minimum Deposit | Demo Account | Commission-free Account | MT4 | Copy/Social Trading | Free Educational Resources |
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HFM⭐ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
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Axi | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
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IG | ✔ | ✔ | ✔ | ❌ | ✔ | ❌ | ✔ |
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XM | ✔ | ❌($5) | ✔ | ✔ | ✔ | ✔ | ✔ |
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Pepperstone | ✔ | ❌($200) | ✔ | ✔ |
✔ | ✔ | ✔ |
Best Forex Brokers for Beginners in the UAE Reviewed
① HFM
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| Regulators | DFSA, CySEC, FCA, FSA (Offshore) |
| Min Deposit | $0 |
| Demo Account | ✅ |
| Copy Trading | ✅ |
| Tradable Instruments | 500+ CFDs on Forex, Commodities, Metals, Bonds, Energies, ETFs, Indices, Cryptos, Stocks |
| Leverage | 1:2000 |
| Spreads & Commissions | From 1.2 pips & commission-free (Cent account) |
| Trading Platforms | MT4, MT5, HFM Trading App |
| Education | Online Trading Courses, Educational Videos, Webinars, Seminars, Podcasts, How To Videos |
| Regional Restrictions | The USA, Canada, Sudan, Syria, Iran, North Korea |
| Open HFM Account | |
② Axi
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| Regulators | DFSA, ASIC, FCA, CySEC, FMA |
| Min Deposit | $0 |
| Demo Account | ✅(30-day trial with $50,000 virtual fund) |
| Copy Trading | ✅ |
| Tradable Instruments | 220+, forex, shares, indices, commodities, cryptocurrencies, IPOs |
| Leverage | 1:500 |
| Spreads & Commissions | From 0.9 pips & commission-free (Standard account) |
| Trading Platforms | Copy Trading App, MT4, MT4 WebTrader |
| Education | MT4 Video Tutorials, Free eBooks, Axi Academy, Trading Glossary, Axi Blog |
| Open Axi Account | |
③ IG
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| Regulators | DFSA, ASIC, FCA, FSA, FMA, MAS |
| Min Deposit | $0 |
| Demo Account | ✅($20,000 in virtual capital) |
| Copy/Social Trading | ❌ |
| Tradable Instruments | 17,000+, forex, indices, shares, commodities, cryptocurrencies |
| Leverage | 1:400 |
| Spreads & Commissions | From 0.6 pips (EUR/USD) |
| Trading Platforms | L2 dealer, ProRealTime, MT4, TradingView |
| Education | Master your trading mind, IG Academy, Managing your risk, Maximising trading success, Trading need-to-knows, Trade analytics tool, New and trade ideas, Strategy and planning, Financial events, Seminars and webinars, Trading psychology podcast series, Economic calendar, Glossary of trading terms |
| Open IG Account | |
④ XM
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| Regulators | DFSA, ASIC, CySEC, FSCA, FSC (Offshore) |
| Min Deposit | $5 |
| Demo Account | ✅ (30 days) |
| Copy/Social Trading | ✅ |
| Tradable Instruments | 1,400+, forex, commodities, precious metals, shares, Turbo stocks, equity indices, energies, thematic indices |
| Leverage | 1:1000 |
| Spreads & Commissions | From 1.6 pips + commission-free (Standard account) |
| Trading Platforms | MT4/5, XM App |
| Education | XM Live, Live Education, Live Education Schedule, Educational Videos, Forex & CFDs Webinars, Platform Tutorials |
| Regional Restrictions | The United States of America, Canada, Argentina, Israel and the Islamic Republic of Iran |
| Open XM Account | |
⑤ Pepperstone
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| Regulators | DFSA, ASIC, CySEC, FCA, SCB (Offshore) |
| Min Deposit | $200 |
| Demo Account | ✅ (valid for 60 days) |
| Copy/Social Trading | ✅ |
| Tradable Instruments | 1,200+, forex, commodities, indices, currency indices, cryptocurrencies, shares, ETFs |
| Leverage | 1:200 (Retail)/1:500 (Professional) |
| Spreads & Commissions | Average 1.1 pips (EUR/USD) + commission-free (Standard account) |
| Trading Platforms | Pepperstone App, MT4/5, cTrader, TradingView (iPhone, Android, tablet, dekstop, web) |
| Education | What is CFD Trading?, What is Forex Trading?, What is Stock Trading?, What is Index Trading?, What is Commodity Trading?, How to trade Bitcoin, Trading guides, Webinars, Educational videos |
| Open Pepperstone Account | |
Best Forex Brokers for Beginners in the UAE Compared
Regulation Compared
| Broker | Regulators |
| HFM | DFSA, CySEC, FCA, FSA (Offshore) |
| Axi | DFSA, ASIC, FCA, CySEC, FMA |
| IG⭐ | DFSA, ASIC, FCA, FSA, FMA, MAS |
| XM | DFSA, ASIC, CySEC, FSCA, FSC (Offshore) |
| Pepperstone | DFSA, ASIC, CySEC, FCA, SCB (Offshore) |
Minimum Deposit Compared
Trading Platform Compared
| Broker | Trading Platforms |
| HFM | MT4, MT5, HFM Trading App |
| Axi⭐ | Copy Trading App, MT4, MT4 WebTrader |
| IG | L2 dealer, ProRealTime, MT4, TradingView |
| XM | MT4, MT5, XM App |
| Pepperstone | Pepperstone App, MT4, MT5, cTrader, TradingView |
Education Compared
How to verify a broker's DFSA regulation?
Since its establishment in 2004, the Dubai Financial Services Authority (DFSA) remains a trusted regulatory body governing financial services within or from the Dubai International Financial Centre (DIFC), an exclusive financial free zone in Dubai, UAE. Verifying if a broker falls under this authority's regulation involves three simple steps.
First, visit the official website of DFSA at https://www.dfsa.ae.
Next, type in the name of any broker you wish to verify, for instance, Trading Point MENA Limited, representing XM in UAE, into the search bar.
The search result confirms that XM is regulated in the United Arab Emirates. Therefore, traders can confidently engage in trading with this broker.
Tips for beginners in the UAE
Learn before you earn: Invest time in improving your skills through forex e-books, online courses, expert trader podcasts, and similar resources. Acquiring theoretical knowledge before investing real capital is crucial for success in forex trading. Many reputable brokers like IG, XM, Pepperstone offer quality educational resources and tools for beginners to learn for free.
Start small: Consider opening a micro account and initiating trades with small volumes to mitigate initial risks. Gaining a sense of market movements is crucial in the early stages of trading.
Stick to simpler trades initially: Specifically, beginning to gain expertise in major currency pairs, such as EUR/USD or USD/JPY, before delving into more exotic ones like USD/TRY or EUR/ZAR, will be a wise move. Similarly, concentrating on a select few commodities, such as gold or crude oil, can be more effective than randomly navigating various commodities.
Manage risks: Overleveraging your account, aiming for swift profits, can be risky. For instance, let's say you've initiated trade in a volatile market without setting a stop loss. Suddenly, market conditions shift unfavorably, and without a predefined limit, the loss could surpass your risk tolerance, resulting in significant financial setbacks.
Choose an regulated broker: Trading with a regulated broker, no matter locally regulated or internationally, can make your trading activities conducted in a transparent way, fund safety and complaint resolution against misconduct. Home-regulated brokers canunderstand local landscape better. While internationally regulated brokers give traders more choices, offering more favorable trading features.
Trade panic-free: Don't be emotional while trading. Emotionally charged decisions, such as setting stop losses too close out of panic or extending losing trades in the hope of a reversal, often lead to further losses. Stay calm, as impulsive actions can exacerbate losses, hindering your trading progress.
Analyze your trades: Maintain a journal recording your trades, targets, exits and results. Review periodically to improve trading plans. Periodically revisiting this journal allows for a thorough review of your trading strategies and helps in refining future trading plans.
About WikiFX
On WikiFX, our evaluations of online forex brokers, along with their offerings and services, are derived from the data we've gathered and the informed insights and professional perspectives of our expert researchers.
We conduct a thorough review of each broker's regulatory compliance, commission rates and charges, minimum deposit needs, leverage availability, performance of the trading platform, and the speed of withdrawal processes. Through our technologically-backed assistance, we strive to ensure you have a solid understanding of these aspects.
We sincerely maintain an updated leaderboard of top brokers and offer extensive forex guides. With a catalog of over 50,000 brokers regulated by 30+ authorities, boosting confidence and simplifies trading experiences for your forex journey.
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