Thursday, August 7, 2014

Welcome Dubai Forex brokers blog

dubai forex
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.

Wednesday, November 13, 2013

Forex Demo account - Learn Forex trading - Dubai Forex brokers

forex demo trading dubai
Are you new to Forex trading or experienced trader, Demo Forex account is the first step to evaluate any Forex broker. Let start with what is Forex Demo Account?
Forex Demo trading account is account with virtual money to trade real time capital markets including currencies, Metals, commodities, stocks and indices. You can experience and test your Forex trading skills by trading with virtual money on live market. 
Now a days, all Forex brokers are providing Demo account services and its much better to start with a broker while testing their demo account. 
Apart from learning, Demo account give you an idea about the execution of trading platform. It also give an idea about trading platforms, technology been used by Forex brokers.

Some main advantages of Forex Demo accounts are

No Risk

You don't risk any capital with a practice account, so are free to experiment with strategies.

Free

Practice accounts don't cost the customer anything. Real accounts may require a minimum balance and other fees may be added on.

Free Market Data

Practice accounts give you access to lots of market data, letting you practice making accurate trades and teaching you the fundamentals of trading.

Trading Platform

Practice accounts let you try out the broker's platform before you sign up, showing you any downsides to their technology.

Market News Feeds

Practice accounts will give you access to news feeds such as Reuters, Associated Press, Bloomberg or Telerate. You can often use a forex demo account to obtain access to such valuable news wires.

Dubai Planning to add Gold Contract - DXB FX brokers

dubai gold and commodities exchange
Dubai has been known as the Middle East’s center for gold-trade, expanding over the years from its traditional souks to the Dubai Gold & Commodities Exchange.

Next year, Dubai Gold & Commodities Exchange is planning to introduce a spot gold contract for the first time in the Middle East. The Exchange intends to help the emirate become a bigger international trading center for Gold.
DGCX is planning to continue to expand its trade after growing from $6 million in 2003 to $70 billion last year, according to data from the Dubai Multi Commodities Centre. Nearly a quarter of the world’s physical gold traded everyday passes through Dubai to facilitate trading of precious metal between producers in Africa and consumers in Asia and Europe.
“Physically, we are looking to provide traders with a spot market, where at the end of every day, people can either deliver gold from vaults in Dubai or take delivery of that gold,” Chief Executive Gary Anderson said in an interview. “It will complement the gold market in the region itself and also the global market, making it easier to trade gold.”
The traditional market place where gold trading activities take place, which Arabs refer to as “Souks”, boosted gold retailers by 300. Market analysts estimate that approximately 10 metric tons of gold is traded in Dubai’s souk at any given time. Mr. Anderson confirmed that the exchange is consulting with bullion banks to design a spot gold contract that will go well with the industry.
Residents from the United Arab Emirates are able to trade spot contracts but the DGCX gold simplifies matters according to Mr. Anderson.
Refineries in the Middle East are boosting their capacities to provide further support from trades expanding. 

Dubai Investments third quarter profits doubled

dubai investments
Dubai Investments doubled its third-quarter profits on its higher rental income and improvement in fair value of its investments. The company is a sovereign fund Investment Corp of Dubai and owns 11.5% stake, it posted its third-quarter advancing to AED 161.1m; up from AED 81.4m seen during the same period last year .
Dubai Investments rose to AED26.1m on its fair valuation of investments, up from its loss of AED 4.5m in the same period last year. The company’s rental income climbed to AED 14.1m from AED 115.8m, according to the company’s statement.

Wednesday, October 9, 2013

DIFC Announce Over 1,000 Companies Operates From Centre.

On Sunday, Dubai International Financial Centre (DIFC) announced that over a thousand companies were operating from the centre. The financial authority’s figures for the first half of the year recorded 979 companies. The number of companies that were operating from the centre grew by three percent in the third quarter.
DIFC has impacted the Africa, South Asia (Measa), UAE and the rest of the Middle Eastern region economic growth since it was established in 2004.
Dubai International Financial Centre has attracted 21 of the world’s leading 25 banks, 11 of the top 20 money managers, 6 out of the top 10 law firms and 6 of the world’s 10 biggest insurers to the center.
The Chairman of DIFC Authority, Abdul-Aziz Al Ghurair said "Over the last decade, we have achieved various goals; we have built more than just a successful financial centre, we have established a global hub for companies to access the Middle East, Africa and South Asia. By providing a physical infrastructure that effectively facilitates business and by leveraging the benefits that Dubai's geographical positioning and accessibility offers, we have attracted some of the leading names in the financial world to the centre.”
"As we enter into our tenth year in 2014, we continue to gather scale and critical mass. Crossing the thousand company mark is a fantastic achievement for us and we certainly look forward to accomplish many more similar milestones in the next phase of our development," he added.
While the CEO of DIFC Authority, Jeffrey Singer, commented The DIFC community lies at the heart of the centre's strategy and offering - the combination of reputable financial and professional services firms, as well as internationally-acclaimed retail outlets, are as much an essential component of who we are as our proven regulatory and legal system.”
"We have created one of the best working environments in the world, bringing together professionals from the East and West and facilitating international partnerships. The diverse mix of companies from various sectors and representing a number of geographical markets has positioned DIFC as a truly global financial ecosystem," Jeffery added. Some of the companies regulated by DIFC include 311 authorized firms, 52 ancillary service providers and two of the top authorized market institutions, Dubai Mercantile Exchange and Nasdaq Dubai.

Emaar Properties To Re-launch Mega Property Project

Emaar Properties and Dubai Holding, a Property company owned by an emirate ruler, announced its joint partnership to resume work on the Lagoons, the project was firstly announced in 2008 but then put on hold after the Dubai Property Company crashed. The development will feature a business districts, hotels and residential units, the property company said in a statement that was released on Monday.
The statement didn’t say how the project would be financed or when the project will be completed. Meanwhile, state-owned real estate developers announced tens of billions of dollars worth of projects in over a year as Dubai picked-up from its real-estate fall all and corporate debt crises back in 2009-2010. Invest Group Overseas announced on Monday that the company would launch a 2.1 billion dirham ($572 million) residential real estate project by 2014.
While a family-owned venture Al Habtoor Group revealed its $3 billion-worth project plan that would include hotels and residential units.
Analysts are still uncertain on whether the projects announced this year will finish before the deadline. Analysts’ are also raising concerns over whether the real-estate sector is recovering faster than expected. In 2009, Dubai property prices dropped lower than 50% but gained more than 22% in the past year, according to reports compiled by consultants Jones Lang LaSalle last week.

DIFC financial Adviser Banned For Unethical Conduct


Dubai Financial Services Authority (DFSA) made an announcement that it had restricted Jaime Corona, former financial adviser in the company for his immoral conduct when he advised clients about the value of their investment portfolios.

The restriction against the former financial adviser was imposed by the DFSA, which would stop Jaime Corona from carrying out any activities or functions in connection with Dubai International Financial Centre (DIFC) Authorised Firm for the next six years.

DFSA imposed the restriction because Corona was involved in a misleading and unreliable conduct by providing two clients from Dubai with false portfolio account statements, which showed that the value of their portfolio were more than their actual value. By taking on this behavior, DFSA found that Jamie Corona is not fit to provide financial services in DIFC.
Chief executive of the DFSA, Ian Johnson said: “People who act unethically cannot avoid the DFSA’s scrutiny by leaving the jurisdiction or failing to communicate with the regulator. The DFSA may impose sanctions on those who contravene its laws regardless of their location. Furthermore, the DFSA is taking an increasing interest in the conduct of financial advisers to improve the quality of advice provided to consumers.”
> “Financial advisers are required to make accurate disclosures to consumers and if a consumer is concerned about the validity of advice provided, then they should inform their financial services regulator of their concern,” Johnson added.

Tuesday, October 1, 2013

3 Major Forex Trading Mistakes

fx mistakes
So often, people talk about the many potentials of trading currencies but very few ever mention the things and choices that people allow to interfere with their trading business. This article will focus on some of the mistakes that traders commit while not realizing that their success will be limited or destroyed overtime.

Not Using The Stop Loss and Limit Order Feature

The Stop Loss and Limit Orders are helpful tools in helping traders enhance their profitability and minimizing their risks. A limit order allows you to set a predetermined profit of level and get you out of a position once that level is achieved. A stop loss on the other hand works similarly but will get you out of a position once your loss reached a predetermined level. If used the right way, these tools can help avoid or minimize catastrophic losses when trading.

Letting Your Emotions Get in The Way

While all Forex traders have emotions, there is a difference between a successful trader and a novice one when it comes to dealing with emotions when trading. Greed, impatience and fear are the most common emotions that can destruct one’s trading strategy so be careful with that. Controlling your emotions can be done more effectively if you have a sound money management in place...which brings us to the next major mistake:

Not Having a Disciplined Money Management Plan

Any wise trader will follow a disciplined money management plan consistently. While discipline is arguably one of the most overused terms in Forex education, it continues to be the most crucial traits that traders can master. Trading with sufficient capital, risking money that you can afford to lose, knowing when to withdraw and deposit – these are all essential things that you need to consider before you start trading.
Mistakes can be costly and when it comes to Forex trading - just like any other investments – this can never be truer. By educating yourself and avoiding the mistakes done by numerous traders, Forex trading can not only be profitable but rewarding as well.

Understanding Forex Trading basics - Dubai Fx brokers

understanding forex trading
Foreign exchange trading or Forex trading is one of the most lucrative ways to make money today. It used to be that Forex trading was only possible among the affluent and elite class but now, several Forex brokers have opened their doors to the average people who want to get their share of this massive financial market. All this is due to the advent of the Internet over the years as well as the fierce competition among Forex brokers.
While Forex trading has the potential to be lucrative, this is hardly the case without proper training. The learning curve in Forex trading is a long one and requires a lot of patience. If you are looking to get started in Forex trading, then there are a number of terms that you need to understand first in order to successfully navigate yourself in the Forex market. Below are just some of the main points involved in Forex trading:

Forex Brokers

Forex brokers are in business to give traders access to the markets. If you make a search query in the search engines, you’ll end up with thousands of results. There are numerous choices around the Internet when it comes to Forex brokers. While many of these are legitimate and ethical, there are also some who just exist to rip people off. That is why it is highly important that you give time for doing research and making sure that a broker is legitimate before doing business. You can do this by checking if a broker is regulated in the country where it operates in. Legitimate brokers are those that operate under the supervision of regulatory boards which assure decent and ethical trading practices in the trading community.

Pips and Lots

Pips are defined as the smallest price change that a given exchange rate can make. In Forex, the currency pairs are priced to four decimal places and the smallest change is that of the last decimal point. The smallest move in a currency pair is usually $0.0001. The smallest size in currency trading for professional traders is defined as a lot or contract size. Most Forex brokers offer different lot sizes to suit the needs of different traders. A Standard lot consists of 100k units, a mini account has 10,000 units and a micro account has 1000 units.

Margin and Leverage

Margin is basically the collateral which the broker asks for to cover the risk of the trade being made by the trader. In essence, this is also like an insurance against losses. If a broker offers a 50:1 leverage, then the margin requirement to make a trade is 2%. In other words, you are going to need $2,000 for every standard Forex contract or lot that you trade. As for the leverage, this is the ability to control a large amount of trade for a small amount of margin. For example, if you choose to trade with a 1% margin account, you will be able to trade $100K in currencies with a $1K deposit. Traders often refer to leverage as a double-edged sword because it can cause huge losses as much as it can make a large amount of profit. The margin based leverage options offered by Forex brokers today are as follows: 1:100, 1:200, and 1:400. For beginning traders, it is highly advisable to use a 1:100 leverage to avoid higher risks.
These are just some of the major points that you need to fully understand before you attempt to trade currencies. By being fully educated with the ins and outs of Forex trading and having patience, discipline and consistency – currency trading can not only be lucrative but rewarding as well.

Islamic Forex trading brokers in Dubai

Islamic forex dubai
If you have ever invested on stocks, then you are probably well aware of the fact that the success of any stock trader depends greatly on how the market is fairing. If you are looking to get started in Forex trading in Dubai, then you’ll learn that one of the major differences between stock trading and Forex trading is the profitability on various market conditions. In stock trading, the trader only gets to be positive about the future if the market is moving up. Forex trading on the other hand, allows a trader to profit regardless of the conditions of the market whether it is moving up or down. Remarkably, the Forex market is the largest financial market in the world with a volume of $3 trillion trades a day. The Forex market is very dynamic and free flowing in nature.
As online Forex trading is increasing rapidly in Gulf especially in Dubai, UAE, Saudi Arabia and Kuwait, huge number of Forex brokers are giving the opportunity in Islamic Forex trading accounts.

The Islamic or No Ribba Accounts

While Forex trading is generally accepted on a global scale, there had been a region where Forex trading was not totally feasible. I’m talking about the Islamic world where Muslims are not able to participate in the markets as they follow their “Shariah Law.” In a nutshell this is an Islamic moral code which basically state that people should give and not expect anything in return. Islamic Forex accounts or No Ribba accounts are those that are created based on this belief to accommodate Muslim traders.
In Forex trading, brokers charge interest on positions which traders have open overnight, usually not for the profit of these brokers but to cover the charges which the banks apply for positions that brokers have open through the night. These charges are referred to as roll over fees. In Islamic accounts, these interest payments are waived and instead of swaps based on interest, an Islamic account will be charged a service fee for each lot or contract that is left overnight.
Since the approach of these trends and adjustments in the Forex trading sector, participating in the markets has never been more feasible for all regions across the globe, making the foreign exchange the largest financial market known today.

Tips to find best Forex broker in Dubai

Dubai has a lot of potential for traders and investors as an investment ground. There are several Forex brokers here and while it is known as a thriving region in the Arab world, this doesn't eliminate the risks involved in Forex trading.

One of the most challenging tasks when it comes to Forex trading is choosing a Best Forex broker in Dubai to deal with. This process can be really daunting and confusing especially for a beginner. If you are someone who is just getting started then here are a number of things you should know when choosing your broker:


Regulated or Mere Licensed?

While a Forex broker’s license might remove your apprehension and provide you a certain degree of security, you still have little to no protection compared to dealing with a broker that is registered with a regulatory body. A licensing body does not conduct the same directorial functions of a regulator nor does it have the same enforcement powers. A regulatory board on the other hand can intervene and take action in a broker-trader dispute. Regulatory bodies set rules which Forex brokers should strictly adhere to. These bodies protect Forex traders from unethical practices by brokers.  It is highly advisable that you deal with a Dubai Forex broker that is not only licensed but registered as well. This can usually be found out through the broker’s website. If this information is not included, then you may need to ask for it by contacting the broker or better yet, look for another candidate.

Price Slippage

Slippage is a common occurrence when trading currencies especially if the markets are highly volatile. This happens when you place a trade but your broker is unable to fulfill the quote at the given price in their platform. For example, suppose you want to buy EUR/USD currency at an ask price of 1.4567. A slippage occurs and the price changed into 1.4569. This means that you experience a slippage of 2 pips and this can affect your profitability whether win or lose. While slippage cannot be avoided especially when you trade during highly volatile moments, you can do something to minimize its effects to you. When choosing software platforms of Forex brokers, select how much slippage you are willing to take. If you accept a range of 3 pips, then this means that if you decided to buy at an ask price of 1.5500 but the quote is 1.5503, then you will be entered into the trade at that price as you allowed your broker to slip you 3 pips.

Market Updates

Depending on where you live and where your Forex broker is based in, the market updates you get may not be as updated as you want them to be. Or the updates may require you to adjust your schedule in order to keep you posted - which you cannot afford to do. If this is the case, then you may want to go with a regional Forex broker instead.  There are several Forex brokers that provide advanced trading platforms for Dubai Forex traders. These may help with providing stronger market updates during various sessions as well as stronger customer support availability during your local trading hours. If you need to connect with local banks for some reason, trading with a Dubai based broker would also help. 

Forex trading - 3 Golden rules

Making significant profits from the Forex market as takes a lot longer than most Dubai traders and investors would expect. With all the misinformation and over hyped trading systems sprouting out in the Internet these days, getting started in Forex trading can seem a bit like a labyrinth. You will need some guidance as you navigate yourself through the vast amounts of Forex resources which try to sell you overpriced trading software or inefficient expert advisers.
Let us take a look at some solid Forex trading tips which will give traders like you valuable insights in trading the Forex profitably.

1. Trade Only with Money You Can Afford to Lose

A lot of Forex traders, especially beginners make the mistake of using “scared money” or money which when lost, can greatly cause a financial and emotional burden. Some examples include grocery and rent money, credit card as well as emergency funds. If you risk money that you really can’t afford to lose, you’re going to be starting from an emotional mindset, and this will ultimately break your chances of succeeding in the Forex market over the long run.

2. Have Realistic Expectations

Profiting from the Forex market is not a get-rich-quick scheme so don’t assume that you can easily make several thousands of dollars if you just invest $100. It’s very crucial to have realistic expectations about how much money you can make in the markets considering the amount of money you are trading with and your level of trading experience.

3. Keep on Improving Your Skills

Forex trading involves a steep learning curve. It has a lot of factors and elements that it’s purely impossible to master it overnight. Thankfully though, there are many resources which you can find online and offline regarding trading in the Forex market. Take advantage of these as much as you can. It is also a good idea to learn from experienced Forex traders who have been in the field longer than you. You’ll be delighted with the deep insights and lessons you’ll learn from them as a result.
The above Forex trading tips should be read and followed carefully. You have probably heard these from other Forex resources but believe me; these are very important and should be mastered first before you actually trade in a live environment. These are derived from years of trading so stick to them. Remember that no matter how savvy your trading system is, it will be useless without your full understanding of the fundamentals.

Currency Trading in Dubai

currency trading dubai
The foundation of currency trading which we know today came about following the end of fixed currency exchanges to new “floating’ currency rates in the early 1970’s. The market has managed to stay stable since this time, with interest fueled by advances in technology such as computers and telephone dealings. Because of these, more people have become more attracted to entering the Forex market.
Foreign exchange is not a central market but one that consists of a network of several thousand trading institutions around the world. These are made up of Central Government banks, Interbank, commercial and private banks. And while Forex has no physical marketplace, it has key trading centers in New York, Tokyo, London, Hong Kong, Frankfurt and Singapore.
Forex trading used to be feasible to the affluent and elite class only. But since the advent of the Internet and other technological advances, this has also become accessible to investors with smaller capitals. A number of Forex brokers today have made it more possible for small investors to trade currencies by offering small lot sizes.
Investors around the world have turned to Forex since the decline of the real estate market and equities. This trend in the past decade, along with the competition has significantly brought down the cost of trading.
So why have many investors begun to trade currencies and what are its key benefits? Below are just some of the most common advantages of currency trading over other investments.

1. High Liquidity –

Unlike stocks, currency trading is highly liquid with its $4 trillion dollar trade a day. The high volume of transactions on the market around the clock means that there will always be a buyer and seller for any given currency so getting your order filled will not be a problem regardless of where you live and what time you want to trade.

2. Accessibility –

As mentioned, many Forex brokers today offer small accounts to accommodate smaller investors. You can start in Forex trading for as little as $100 (not recommendable though). Additionally, trades can be executed in just a matter of seconds via any computer that has internet connection.

3. Market Transparency –

Market transparency in currency trading is greater than in stocks or commodities, therefore making it easier to evaluate the inner workings of the Forex market and find out the elements that drive it. News and economic reports for example are widely accessible to anyone interested while in stocks – the individual company’s accounting states are a lot more difficult if not impossible to get hold of.
There is a vast amount of resources covering Forex trading in print and online. So if you’re interested in leaping into currency trading, make sure to take advantage of these and learn from experienced traders to help develop your knowledge and experience in Forex trading.