Our experts have analyzed dozens of forex brokers that are retail. This review compares the top forex brokers in Dubai and UAE based on their mobile forex trading platforms, DFSA regulations, Islamic accounts, forex spreads, fees, and minimum. Deposits and withdrawal methods. Let’s learn more about the best forex brokers in Dubai.
How do you choose the right forex broker?
The popularity of forex trading is growing in UAE. Unfortunately, this attracts large and serious forex brokerages and many scammers from offshore countries that do not have a license. LOCAL RELATION in DUBAI and ABU DHABI-Regulation are significant factors. We aim to provide a list of fully licensed forex companies in the UAE that you can trade with. All brokerages you’ll find in this comparison have been regulated by TIER-1 financial regulators.
Bonuses: Be aware that large forex bonuses are offered to new clients by scammers. With strict forex regulations, forex brokers that are regulated and licensed are reluctant to offer substantial welcome bonuses. For example, XM can offer a $30 no deposit bonus. ISLAMIC ACCOUNT-majority is UAE traders who are Muslims. Trading on forex markets as a Muslim must comply with Sharia Law. Always search for an Islamic account. All the forex brokers featured in this article offer an Islamic account option. This means you will not be charged swap fees.
Oanda introduction
Dr. Stumm founded OANDA in 1996, and Dr. Olsen. It offers a global brokerage service that allows individuals to trade retail FX and CFD market currencies. OANDA has two types of accounts globally, premium and standard. It also offers a product catalog that includes various CFD and spread betting offerings across many asset classes. however these are not avaliable in every region it serves. The broker offers FX, indices, metals, commodities, and bonds, allowing traders to trade across all financial markets.
Depending on where they live, OANDA provides its customers with different degrees of account safety. Stop loss orders are guaranteed by OANDA Asia Pacific Pte Ltd., while ESMA-mandated protection against negative balances is provided by OANDA Europe Limited. Such protections are not provided to U.S. clients by OANDA Corporation.
OANDA is ranked among the top U.S. forex brokers in the CFTC Retail Forex Obligation report. It is a well-designed website that focuses on transparency and client education. It also has multiple interfaces and global regulatory oversight.
Key Takeaways
In terms of customer funds, OANDA is among the most reputable FX brokers in America.
OANDA can accept U.S. clients but only for forex and is registered with the CFTC and NFA (U.S.), and FCA (U.K.).
OANDA clients have access to a superior desktop trading experience and exceptional research facilities.
Why choose Oanda?
OANDA provides clients with access to a wide range of financial instruments. Still, it is also a great fit for experienced traders looking for exceptional desktop trading experience. The product offerings differ by region. The broker can trade FX only for U.S. clients, but boasts fast execution, superior research resources, user interfaces that exceed industry norms, and a track record of regulatory oversight.
Pros
- Accepts U.S. clients
- NFA and FCA regulate
- Well-designed platforms
- Superior research services
Cons
- U.S. clients do not have account protection
- There are no guaranteed stop-loss options for U.S. and U.K. clients
- Traders are not able to access cryptocurrencies and single-stock CFDs
- There are many ancillary charges
Prices
OANDA generates revenue through the spread it offers to clients, which is standard in the brokerage industry. The spread structure of OANDA is simple. It provides two pricing options: “spread only” or “core pricing + Commission.” 5 Revenue is generated by customer trades that “cross the bid/ask range. The latter adds $50 to the raw spread. This is consistent with industry standards. Commission fees are consolidated and posted to clients’ accounts as cash adjustments.
These pricing options can be found on the part of OANDA review on the websites. They are available for both account types. However, the spreads shown may vary. The minimum EUR/USD spread is 1.3 pip for U.S. clients with a standard account. However, the space under the spread-only model is 0.3 pip. The core pricing + commission model spread has a raw distance at 0.4 pip.
OANDA claims that it uses an automated engine to try to track global pricing closely. However, spreads are still subjected to market volatility. OANDA provides historical spread data to support its transparency ethos.
OANDA’s advanced trader program for high-volume traders offers U.S. clients the opportunity to join. It is a three-tiered reward system that rewards high-volume traders with 3-tiered rewards. Benefits include spread discounts or commissions, being assigned an “advanced relationship manager,” API support, free VPSs, and wire transfers, as well as discounted access to third-party platforms. Tier 1 clients must deposit $20,000 and transact at least $10 million monthly.
OANDA doesn’t have a minimum deposit requirement for customers who wish to open a standard account. However, logic dictates that there is a minimum deposit required of $20,000 to get the additional client perks such as unlimited wire transfers.
OANDA’s forex funding charges are charged for overnight positions. They are a mix of underlying liquidity providers tom following rates and adjusted by our annualized x% admin fee.
