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You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. It is a primary bank that oversees the financial market of the country and ensures the smooth operation of the financial landscape. It is responsible for the national currency, monetary and fiscal policies, regulation of the financial institutes including banks, and every regulated Dubai best Forex broker.
Therefore, not many international brokerage companies choose to be regulated by SCAUAE and instead go for a more liberal and widely renowned market regulator — the Dubai Financial Services Authority. In the government of Dubai created exclusive economic zones for attracting companies that work in the financial sector. Companies can set up external brokerage agencies under the DIFC.
Forex trading is not taxed in the United Arab Emirates. Forex trading is an exclusion from the law. The government and revenue authority of UAE decided to promote a liberal approach to securities and exchanges markets and therefore made Forex trading exempt from tax fees. It means that Forex traders in the United Arab Emirates get to retain all their revenues to themselves. However, the regulatory authorities still impose several financial restrictions on Forex trading that will be discussed in detail later in the article.
The United Arab Emirates dirham is one of the most stable currencies but not available for trading Forex. Despite the dirham being quite a popular and widely used currency, it has been pegged to the United States dollar for quite some time now. The pegged currencies do not make an attractive tradable Forex asset for several characteristics. Mainly, pegged currencies follow the same exact trajectory of price movement as the primary currency to which it is fixed. Therefore, the UAE dirham would be influenced by USD price movements regularly making it a highly undesirable asset in the Forex market.
The regulatory authorities in the United Arab Emirates have set high minimum margin requirements that are ranging from 2 percent to 5 percent, which results in lowering the leverage to — The regulation is still more flexible than the restriction in the European Union limiting the leverage up to However, often such restrictions become the reason for the brokers to avoid the UAE regulation and instead go for licenses from more liberal authorities.
The cap on leverage does not concern every broker in UAE though, as DFSA-regulated brokers do not have to comply with this requirement. You can easily find DFSA-approved brokers that offer high leverages up to On the other hand, there are several other restrictions that come in force with Forex brokers UAE. Below are a few examples of the UAE regulations:. It is an attractive option due to service simplicity, attractive interface, low charges, and fast payment processing. Despite the fact that the best Forex broker in UAE will not charge for withdrawals or deposits, the payment systems themselves might charge a small fee on the transactions.
If the trader is willing to wait for working days then some of the payment solution providers might offer the service free of charge. Start trading with XM using PayPal. Therefore, a trader dealing with the brokerage that is on the list of Forex companies in Dubai does not need to worry knowing that his investments are safe from scams and fraud. However, there is still a chance to get yourself in a scam. Dubai offers the opportunity to the investors to set up a business in special economic zones and hence provide their service to a global audience.
In this case, investors are not protected by the regulatory laws that are available for DFSA regulated ones. This way, you will avoid scams and will be guaranteed to find the top Forex brokers in Dubai. Trade with an award-winning broker praised by the top traders in the world!
The short answer to this question is — yes it is legal. But worry not as we will simply explain the main regulatory bodies and their regulations. Firstly, the broker is regulated within multiple jurisdictions and therefore is one of the safest Forex brokers in the world.
Secondly, the broker runs multiple promotional campaigns for the traders from the UAE including the no deposit bonus schemes in the amount of 30 US dollars. Finally, the broker allows UAE traders to start trading with just 5 US dollars as their initial deposit. In Dubai, Forex traders do not have to pay taxes on their earnings. In contrast to most of the countries worldwide, the United Arab Emirates offers one of the most trading-friendly environments for Forex enthusiasts.
It means that all the profits that these individuals gain during their trades on currency pairs purely belong to them. Others received some returns but these were to encourage investors to keep investing and helped Exential maintain the charade. Dubai authorities learned many lessons. The UAE put stringent regulations in place.
These only cover licensed brokerages. Forex traders need to remain vigilant. A good rule of thumb is to not trust ANY forex broker promising guaranteed returns. This includes parts of Dubai. This special economic area, established in , provides a location where local standards align with international counterparts. The purpose is to broaden the range of financial assets on offer and help Dubai become an investment magnet.
Each body has a crucial part to play in the forex regulatory situation. With stringent guidelines, these applications are not a formality. Those who overcome DFSA hurdles earned their place. It is easy to confuse security with credibility. Regulated brokers are not immune from hacks.
Brokerage size and length of time trading are two telling security barometers. Brokerages that perform with these criteria, have the best expertise and financial resources to protect you. The opposite is the case for new trading platforms starting and learning as they go.
If you find a preferred broker for forex trading in Dubai, a vital step is to check its DIFC license status. The best way to do this is:. If your preferred broker for forex trading in Dubai does not appear, it does not have a DFSA license or operates under a different name than its trading name.
Take the necessary steps and do your research. Having learned from experience and thanks to the stringent DFSA regulation, Dubai forex traders have good reason to be confident. There is a wealth of educational material on safer brokerages to use. Competition among regulated and licensed brokerages is increasing. This means there is less reason to increase trading risks for forex trading in Dubai.
If you have used any of the forex brokerages mentioned in this article, please let us know your experiences. We are keen to hear direct user feedback to align it with our research. We want to provide the best information possible. Friday, May 27, Sign in. Forgot your password? Get help. Password recovery. Broker Reviews. Ayrex Review. Binomo Review. IQCent Review. Best Day Trading Platform.
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