Top and The Best Forex Brokers In United Arab Emirates (UAE)

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United Arab Emirates (UAE) is one of the fastest growing online forex trading hub in the Gulf region. This is because the income level of people here is high and they are always looking for alternative ways to earn profit. In fact, it is the hottest market as far as online forex brokers are concerned. As a result, a number of forex brokers have set up operations in the UAE. If you do a Google search, you will be able to identify more than 100 forex trading platform providers that claim to be the best. It is not easy to identify some of the best forex brokers in United Arab Emirates, especially if you are new to forex trading. The aim of this post is to provide you with some information as to how you can choose the best forex broker to work with the UAE.

Regulation

Top and The Best Forex Brokers In United Arab Emirates (UAE)The first and foremost aspect you should look into when choosing a forex broker is regulation. The Central Bank of United Arab Emirates (CBUAE) is regulatory authority for forex brokers in the UAE. This is because as per the Resolution No. 126/5/95 of the Central Bank’s Board of Directors the CBUAE should oversee the operations of businesses that are involved in intermediating the purchase and sale of domestic and foreign stocks, bonds, commodities and currencies, which includes money market transactions.

According to the Resolution, the financial and monetary intermediary should necessarily be a UAE citizen and have a shareholding of more than 60 percent of the total paid-up capital, in case a company is being established. In addition to the basic regulatory guidelines as regards the ownership of a registered forex brokerage, the CBUAE specifies the minimum capital required to set up a financial institution in the Emirates. The minimum requirement of paid up capital depends on the business activities to be carried out and the number of transactions to be executed by the broker. The capital requirement can, therefore, range from one million AED to as much as 30 million AED. The CBUAE is also responsible for granting licenses to forex brokerage firms that deal in currencies and commodities. A pdf file on the CBUAE website provides a list of all the firms that have been licensed to operate as intermediaries in currency/money market transactions.

CBUAE, a highly respected entity, has a well-defined framework for regulating financial entities as per the rules designed according to global standards. CBUAE-regulated brokers can offer CFD products like forex and commodities according to guidelines set by the Central Bank. However, brokers must obtain approval from the agency for all their products before offering them to the investors. In addition, CBUAE-regulated forex brokers are required to follow the Sharia law since the people of the UAE abide by the Islamic beliefs.

Trading Platform and Software

The next important aspect you should check is whether the forex broker is offering a technologically advanced trading platform or not. This is a very important aspect because the speed of order execution determines whether you make profit or loss in a trade. Additionally, the forex broker should also be offering multiple trading platforms for executing your currency trades. For example, the forex broker you are planning to associate with should give you options to trade from your tablet, smartphone, laptop, or any of the other devices that you have. One most important aspect you should ascertain in this regard is the type of online trading platform that the broker is offering. There is no doubt about the fact that MetaTrader 4 trading platform is one of the best and most popular options. You must make sure that the broker is offering this platform.

Customer Support Services

The forex market operates round the clock or 24 hours a day. This is because when trading closes in America, the Asian markets open and as they close the European markets open for trading. It is because of this reason that the forex broker you are planning to partner with should also be providing you with 24-hour assistance. The customer service department staff of the forex broker should be ready to offer help to you at all times when the trading is on. Further, you should also ensure that the best broker in the United Arab Emirates you are thinking of associating with is providing customer support in Arabic, especially if you are a resident of UAE.

Order Execution

The best forex brokers in the United Arab Emirates always provide the exact buy and sell rates as indicated in their trading platforms. It is east to find out whether the broker is offering the correct rates or not. All that you have to do is start a demo account on the websites of the forex account that have been shortlisted by you. Then, try out the broker to confirm that the rates quoted by them remain firm or not and that they do not resort to requotes.

Spread Offered

If you are like the most of the forex traders and investors around the globe, then you would be definitely happy to work with forex brokers that charge low transaction fees. Unlike in the case of stocks and futures, the currencies are not exchanged through a central marketplace. As a result, the spread offered may vary from one broker to another. It is, therefore, very important that you check the spread offered by the shortlisted forex brokers in UAE before you decide to finally work with one of them. Over and above all these aspects, you must also decide whether you feel comfortable with a broker that offers fixed or variable spreads.

In conclusion, there are a number of factors to be considered before choosing a forex broker to work with in the UAE. However, the key aspects listed above will enable you to shortlist a few brokers. You should carry out a background check on each one of them and try out their demo accounts before deciding to sign up with one of them that cater to your needs the best.

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