With its rapid development from a desert to an oil-rich, futuristic oasis in just 50 years, the United Arab Emirates is one of the most fascinating countries in the world. Thanks to its open economy, focus on its financial sector, and huge oil reserves, it is among the wealthiest states in the region and the world. The good business environment and the rich local population have contributed to a powerful trading market, as well. The UAE and Dubai, in particular, have a huge concentration of Forex traders and this is hardly a surprise, considering the high-risk appetite of local investors.
The UAE, or the Emirates, is an elective constitutional monarchy and a federation of seven emirates located at the northeast end of the Arabian Peninsula.
Indeed, the country has the highest net migration rate in the world — the population is young, urban, and speaks English, along with the local dialect of Arabic. The economy relies on oil exports, tourism, banking, commerce, and real estate.
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While a third of the GDP is from oil revenues, the country is striving for diversification of the economy in order to reduce its dependence on oil. Traders here can choose from hundreds of online Forex brokers — either licensed locally or abroad. The trading of foreign currencies is legal in the UAE with little to no restrictions applying to the trading activity itself.
While traders enjoy true freedom, however, Forex brokers are regulated under not one but several different regulation regimes. Also, the Emirates is an Islamic state with Sharia law, which means that there are certain operational requirements for brokerage firms, banks, and other financial businesses. The UAE is quite an interesting place for investing and doing business since it has several special economic zones.
In addition, the legislative framework is not the same for all brokerages in the country. These firms are also known as mainland companies and need to meet certain criteria to obtain an operating license for offering trading services to UAE residents. First of all, these brokers need to be owned by a UAE national.
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They are subject to the laws of the UAE and all documentation, agreements, etc. Last, but not least, these brokers follow the Sharia law and are required to offer their clients specific Sharia-compliant Forex trading accounts, also known as swap-free accounts. These accounts do not come with interest rates and bonuses, which are considered against Islamic beliefs. The other regulatory regime is based on the rules of the so-called free financial zones.
These are exclusive economic zones for financial companies such as Forex brokers and they are a good option for foreign firms — i. The free zones have their own regulation regimes, registration, and licensing procedures. Moreover, they have their own civil and commercial laws, distinct from the UAE legislation. DIFC operates under an independent regulatory and legal system and aims at becoming the financial center of the region.
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Often, these firms are registered and regulated in other jurisdictions such as Europe and the United Kingdom. Due to the more liberal regulation, brokers in free zones such as DIFC offer their clients competitive pricing and spreads as low as 0. As mentioned above, there are several regulatory bodies responsible for the supervision and licensing process of Forex brokers in the UAE.
Of course, the Central Bank has regulatory authority over all banks, finance and investment companies, exchange houses, financial and monetary intermediaries, etc. You habitually receive the foreign currency immediately.
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It is similar to exchanging currency for a journey. It is a contract between the trader and the market maker, or broker. The trader purchases a particular currency at the buy price; that is from the market maker and sells a different currency at the selling price. Always the buy price is slightly higher than the selling price. This is the transaction cost to the trader; which in turn the profit is made by the market maker.
You pay spread without realizing it once you exchanged your dollars for euros. You would observe it if you made the transaction; canceled your trip and then tried to exchange the euros back to dollars right away. You wouldn't get the same price of dollars back. Trade forex and CFDs on stock indices, commodities, stocks; metals and energies with Accuindex. For all clients who open their real account; forex trade in Dubai offers a free commission as well as free swap platform; tightened spread, leverage facilities. Skip to content. Forex trading in Dubai. Contact Us. Online Trading in Dubai.
We provider a platform for an online trading services, we ensure that our clients enjoy a one-to-one relationship focused on maximizing trading capabilities for successful investment. They offer Arabic and English support. This is very important as the United Arab Emirates is a very diverse country. Therefore offering support in both languages allows traders to interact in the language they prefer. It has gained numerous investors in the past few years, both local and international.
It has attracted many big brands to set up their units in cities like Dubai and Abu Dhabi, bringing in more investment. In the past few years, the UAE has experienced a significant increase in online trading as well. It has provided investors with adequate trade facilities and proved to be a better market for surplus gains.
The ongoing projects and infrastructural development that is believed to have worth billions will also help lift the economy further. With liberal laws, there are also regulatory bodies to protect the interest and funds of the investors. No taxation policies, multiple trading account options, political stability, technologically advanced systems, and different trading platforms make UAE an attraction for traders. Language can also be a barrier in communication as Arabic is the preferred language, and many times, documents are received or printed in Arabic.
Moreover, large, established companies here can also act as a competition as some of them prefer to have their own less liberal laws. Because of such a large financial market and the opportunities for trading, there are numerous brokers available in the UAE. Searching for a broker takes time, effort, and knowledge. To make this search efficient, there are certain questions that the traders must get the answers to get the best broker in the UAE.
Experience plays a big role in the financial markets. An experienced broker can definitely help you in the long run with your investment plans, and trading can be done smoothly. At the same time, an inexperienced broker may not give the returns that the trader may be expecting.
You can know many things about the broker, like, is transparent about his trading actions, if he educates the client about the market regulations, or if he has ever been a part of any misconduct. Consider more than 15 a good number. Knowing them beforehand can help the trader determine the funds available to him to invest after deducting the commission.
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Trading in securities, like forex, requires knowledge of the international financial markets also. Ensure that the broker is well-versed in the regulations and laws of other international financial markets and a smooth trading experience. The broker may also have some international sources that can further make your experience of trading profitable.
Trading transactions can take time. Transactions in trading involve deposits, withdrawal, transfers, etc. If the broker can get such transactions done within 2 to 3 days, consider that the broker is quick and efficient. It is important to get quick transactions when these investments are your regular income, and any delay in the movement of funds can cause delays in your future investment plans.