For most people in the world, Dubai, a port city in the United Arab Emirates, is tremendously famous for its super-advanced skyscrapers and fancy police cars. While that may be true, it is essential to remember that as the world’s fastest-growing city in terms of its economy, Dubai is also one of the most prominent bases for an extensive number of brokers and online trading operations, including foreign exchange and cryptocurrencies trading.
Forex Trading in Dubai
Foreign exchange trading, or aka Forex, is a highly favorable modern-day investment method among countries in the Middle East. As the largest financial market in the world, the daily turnover of Forex trading is well over 5 trillion USD. And at the moment, 8 percent of this global amount is owned by the Middle East’s retail currency market, most notably in Dubai, one of the major financial centers in the Middle East.
Furthermore, Forex trading in Dubai offers a wide variety of benefits to its traders. First and foremost, you do not need to go to the bank in order to invest in the Forex market anymore. The rapid growth of online trading has paved the way for you to earn profits by a few simple clicks, and the process never stops, even when you’re fast asleep. What is more, the United Arab Emirates does not charge any tax for online trading. That is why online Forex trading in Dubai has gained significant popularity over the last decade.
Dubai offers an extensive range of online trading instruments allowing you to trade in currencies, oil, commodities, spot metals, and cryptocurrencies. All trading operations can be conducted online via the Forex brokerage company of your choosing, which makes it even easier and more convenient.
How to Start Trading Forex in Dubai Online
Nowadays, you do not need to goto the Dubai banks or financial institutions for Trading Forex in Dubai. You can actually do it anytime from anywhere with a few simple clicks. Go to the official website of Forex Dubai and choose a broker among thebest Forex brokers in Dubai, visit the broker’s website, register for a live account, and make an initial deposit. Voila! It’s done and you can start trading right away.
If you are a new trader in the world of Forex trading, you do not have to invest all your assets immediately, so take your time and invest in small portions. Please beware that while Forex trading may offer huge possibilities of returns, you are also exposed to an extremely high level of risk at the same time, even more so, if you do not yet understand how Forex trading works. You can always practice trading by opening a Forex demo account or benefit from live trading via free Forex bonuses offered by some brokers.
Forex License and Regulation in Dubai
Most of the large Forex brokerage companies in the Middle East, both local and international, are based in Dubai. You do not need to worry about the safety and security of your fund because these companies are regulated by the Central Bank of the United Arab Emirates. Besides, obtaining a brokerage license is absolutely mandatory for all Forex brokers in Dubai. These licenses are issued by the Securities and Commodities Authority (SCA) of the United Arab Emirates.
As the Middle East’s leading financial center, Dubai also offers an exclusive financial-free zone, called the Dubai International Financial Center (DIFC),with special laws to attract foreign investors and encourage new businesses. Dubai Forex brokerage companies whose offices are located in the DIFC district are to be licensed and regulated by the Dubai Financial Services Authority (DFSA).
Dubai Financial Services Authority is the primary financial regulatory institution of the DIFC, and therefore, responsible for managing and monitoring all Forex brokerage companies within the area. The DFSA also makes sure that all business operations conducted by Forex brokers are free from fraudulence attempts. So, traders can trade safely without having to worry about the security of their funds. Besides, DFSA also enforces anti-money laundering (AML) and counter-terrorist financing (CTF) requirements for every one of these Forex brokers to prevent any abuse of the client’s assets.
Choosing Your Forex Broker in Dubai
As one of the most famous modern-day investments, Forex trading invites not only emerging amateur traders but also newly established brokerage companies. This is where you have to be cautious about taking your steps.
Choosing the right Forex broker will be a crucial step in determining your success in the Forex trading business. For that reason, there are several critical factors you need to take note of before choosing your Forex broker.
- License and Regulation
You have to make sure that your Forex broker in Dubai is licensed and regulated by one or several international regulatory agencies, namely CySEC (Cyprus), FCA (UK), DFSA (Dubai, UAE), ASIC (Australia), and IFSC (Belize).
Before you click that register button, scroll down on your broker’s website to the very bottom of the page. A licensed and regulated forex broker is required to display the name and the logo of its regulatory agency. Then, go to the regulator’s website and double-check. Your Forex broker’s name should be listed on the regulator’s website.
- Spreads and Leverage
Always compare spreads and leverage offered by each of your Dubai’s Forex brokers and choose the best deal you can get from them, one that matches your capital size as well as risk capacity.
Also, remember not to rush and take the highest leverage offered by the brokers; the higher the leverage, the more risk you’d be exposed to.
- Trading Platform
Most Forex brokers in Dubai usually use their own web trading platforms in addition to the two most popular online trading platforms, Meta Trader 4 and Meta Trader 5.
MT4 and MT5 are highly recommended for Forex trading due to their advanced analytical features and state of the art services that support different types of trading analyses. Besides, these two trading platforms allow you to automate your trading operations using expert advisors (EA) for easier and more convenient trading experience.
- Customer Services
Last but not least, always choose a Forex broker that offers a professional and user-friendly customer service via e-mail, phone, or live chat with 24 hours availability. You never know what’s going to happen in the system, so when a problem occurs, you’d definitely want to be informed and assisted right away.
All things considered, Forex trading in Dubai basically works in a similar way to Forex trading in any other part of the world. Various regular trading accounts are available, and you can easily deposit and withdraw money from your trading accounts using multiple payment methods including credit cards, bank wire transfer, and online payment methods.
Plus in Dubai, no tax will be levied on your trading endeavors.
So, what are you waiting for? Dream big, set your goal, and start trading now!
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