Welcome to Dubai Forex brokers blog. I am Hamid living in Dubai for last 6 years and been into part time Forex trading. In fact, i am now looking into shift my self to full time trader. Reason to write off this blog is to give tips to people interested in Forex trading in Dubai.
If you are new to Forex trading in Dubai, or even experienced trader , please be aware of scam Forex brokers and always look for regulated Forex brokers. Might , you are aware of recent Forex scam by MMA Forex Dubai. Millions of dollars belonging to Forex traders in Dubai have been on risk and Dubai regulatory authorities are investigating the issue.
To choose Forex broker is really a difficult choice. My first broker was not regulated at all and even i was not aware why should i go for regulated broker.
I am trading my self with broker which have over 30 years of operational history and regulated by the Financial Conduct Authority (FCA). They are also regulated and licensed in multiple global jurisdictions including London, Dubai, Hong Kong. The best thing is FSCS protection under which give safety of Client Funds protection.
UAE is fastest growing online traders hub after Saudi Arabia. People income level is high and always looking for alternative way to earn profit. In fact, you can see it as hottest market for Forex brokers in Gulf . This Forex trading interest of Gulf, especially UAE, brought so many Forex brokers to come here and give their services. If you will search, you will find 100 of Forex brokers in Dubai, claiming to be best , having no commission and lower spreads.
But please always look into these golden rules.Step 1- Regulated
If your broker is regulated or not. If regulated, then from where. Most trust able regulatory bodies are below.
- Cyprus Securities and Exchange Commission
- Federal Financial Supervisory Authority
- Australian Securities and Investments Commission
- Swiss Financial Market Supervisory Authority
- Financial Conduct Authority UK
- Financial Industry Regulatory Authority
- U.S. Securities and Exchange Commission
Step 2 - Trading Medium and Software
After step 1 , check if they have advanced technology platform and giving you multiple trading platform to trade. Like, my Forex broker give me luxury to trade from tablet, smart phone, laptop, mobile etc. One important part of this step is to see which online trading platform, broker is offering. Mt4 trading platform is the best option as per my experience.
Step 3 - Customer Assistance
Because the Foreign exchange is a 24 hour industry, your trader should also provide a 24 hour assistance, ready to be of help anytime of the day. Also in Dubai, most people look for Arab forex brokers / language support.
Step 4 - Execution
A good Australia Forex broker is one that provides the precise Buy and Sell rate as suggested in their trading platform. The simplest way to find this out is by starting a demo Forex account with the Dubai Forex broker and give it a test drive.
Step 5 - Spread
In case you are like almost all market players, then you definitely would like low transaction expenditures. Unlike stocks and futures, different currencies are not exchanged via a central marketplace. For this reason that; the spread could possibly be distinct from one broker company to another. It’s definitely worth checking a few out there before you can start Forex trading in Dubai. In addition to that, come to a decision whether you require a fixed or variable spread.