The United Arab Emirates (UAE) has rapidly developed into a global financial hub. Its forward-thinking regulatory environment and vibrant trading culture attract numerous investors to the region. Today, the UAE is one of the most active forex trading scenes in the world. However, for traders to succeed in the market, they must choose reputable brokers that align with their financial goals and preferences. Above everything, investors always prioritise the regulatory status of a broker before choosing to invest with them. For traders in the UAE, the Securities and Commodities Authority (SCA) provides regulatory oversight for the securities and commodities markets.
In this article, we are going to be looking at some SCA regulated forex brokers in the UAE and what they have to offer. Particularly, we will focus on the available trading instruments, the trading platforms available to use, and the spreads involved.
Understanding Regulations in the UAE
In the UAE, the financial landscape is governed by multiple regulatory authorities, each with its own purview. For forex traders, the key regulatory bodies are the Securities and Commodities Authority (SCA), the Dubai Financial Services Authority (DFSA), the Abu Dhabi Global Markets (ADGM), and the Central Bank of the UAE (CBUAE).
In a previous article, we have already covered some of the best DFSA-regulated brokers in Dubai. That article should be of high interest to any UAE trader from Dubai. Today, we will shift our focus to the SCA that operates in the whole of UAE. Luckily, this regulatory authority provides a complete list of SCA-licensed companies for anyone to verify. Without further ado, let’s look at the brokers regulated by this organisation.
ADSS (Abu Dhabi Securities Services)
ADSS is a well-known SCA-regulated forex broker with a strong presence in the UAE. Headquartered in Abu Dhabi, ADSS is aptly regulated by the SCA with the license number 20200000152. Positively, ADSS offers its clients a wide range of financial products, allowing them to diversify their portfolios. In particular, people can trade assets in global markets such as forex, indices, bonds, commodities, cryptocurrencies, equities, and ETFs, all of which are CFDs. There are only two trading platforms available, including MetaTrader 4 and the ADSS platform.
Additionally, the broker provides its traders with a variety of trading accounts. These include the classic, the elite, and the pro accounts. The classic account features market spreads when trading with no commission charged. On the other hand, the elite account features spreads that are 25% lower than the market spreads, also with no commission. Finally, the pro account allows trading with spreads from 0.0 pips plus a low commission.
The minimum deposit supported by the broker is $100, which allows a trader to open a classic account. The elite and the pro accounts accept a minimum deposit of $100,000. Traders can use a variety of deposit methods including debit/credit cards, Apple Pay, Samsung Pay, Bank Wires, and UAEPGS (for UAE clients).
CFI Financial
CFI Financial is another leading broker in the UAE offering a range of trading products. Positively, this broker is under the regulation of the SCA in the UAE with the license number 20200000154. CFI Financial provides access to a wide variety of global markets, including forex, stocks, energies, metals, indices, ETFs, options, and futures. The trading platforms available to use here include MetaTrader 5, CFI Multi-Asset, cTrader, TradingView, and CFI Trading App.
The trading accounts available to use include the zero commission account and the dynamic trader account. Spreads are competitively low on the zero commission account ranging between 0.4 pips to 1.1 pips for the EURUSD pair. As the name suggests, the zero commission account does not charge a commission. In contrast, the dynamic trader account has a spread of 0.0 pips with a low volume-based commission.
Interestingly, this broker does not have a minimum deposit requirement which allows traders to invest whatever amount they choose. Some of the deposit methods that traders can use include credit/debit cards, wire transfers, Apple Pay, and UAEPGS.
BDSwiss
BDSwiss is a well-established global forex broker now regulated by the SCA in the UAE. This broker is regulated by the Securities and Commodities Authority with the license number 20200000188. On top of that, this broker has regulations from the FSCA in South Africa, the FSA in Seychelles, and the FSC in Mauritius. A multi-regulated broker usually has more credibility among traders.
In terms of market products, this trading site gives its clients access to a deep collection of over 250 market products. This includes CFDs on forex, commodities, shares, indices, and cryptocurrencies. The trading platforms available to trade these markets include MetaTrader 5, BDSwiss mobile app, and BDSwiss WebTrader.
Further, there are four different accounts that determine the spreads that a trader receives in the market. The classic account features spreads from 1.3 pips for major currencies while the cent account has spreads as low as 1.6 pips. In contrast, the VIP account has a spread from as low as 1.0 pips for major currency pairs. There is no commission charged on these three accounts. Meanwhile, the raw account has a spread from 0.3 pips plus a commission of $5.
The minimum deposit on this broker site depends on the account. The cent and the classic account both accept a minimum deposit of $10. The VIP account has a minimum deposit of $250 while the raw account requires a $500 minimum deposit. BDSwiss accepts Credit/Debit cards, Bank Wire transfers, Skrill, Neteller, and more for deposits.
Equiti
Equiti is another recognised broker regulated by the SCA in the UAE. The license number for the SCA regulation for Equiti is 20200000026. Its popularity in the UAE is partly because of its deep collection of market products totalling over 1,500 assets. These include CFDs on forex, indices, commodities, shares, futures, ETFs, and cryptocurrencies. The trading platforms available to use on this broker site include MetaTrader 4, MetaTrader 5, and the Equiti Trader App.
Two accounts are available to pick from including the Standard and the Premier account. The standard account offers an average spread as low as 1.4 pips on major currency pairs with no commission. However, the premier account features a spread of 0.0 pips for major currencies with a commission of $3.5 per side per lot.
There is no minimum deposit for the standard account while the premier account requires a minimum deposit of $3,000. Some of the deposit methods that traders can use include credit cards, bank transfers, Neteller, and Skrill.
CMS Financial
CMS Financial is a UAE-based forex and CFD broker regulated by the SCA with the license number 20200000144. This broker gives its traders plenty of investment opportunities with access to a wide range of forex pairs and CFDs. In particular, this broker allows investors to trade CFDs on forex, commodities, indices, and stocks. The trading platform on this broker site is MetaTrader 5, one of the most advanced trading software.
On another note, there are three main accounts to choose from on this broker site. These include the standard, the VIP, and the Islamic account. The broker promises spreads as low as 0.08 pips but does not specify whether commissions are involved and how much if any. The standard and the Islamic accounts require a minimum deposit of $5,000 while the VIP requires $10,000.
Orient Finance
Orient Finance is a financial services company that operates in various regions, including Sri Lanka and the UAE. It operates under the regulation of the UAE’s Securities and Commodities Authority (SCA), an organisation that emphasizes transparency and adherence to local regulations. This broker offers a variety of financial products including CFDs on forex, indices, stocks, metals, commodities, and futures.
The spreads for trading on this broker site are within market standards, starting from as low as 1.0 pips for major currencies. To make deposits, traders have to use the company’s payment gateway with sophisticated security features. Interestingly, this broker does not reveal the minimum deposit it accepts.
ATFX
ATFX is a global online forex and CFD broker, established in 2014. It operates under the regulation of a variety of organisations around the world. In the UAE, the company is under the supervision of the SCA with the license number 20200000078. Additionally, this broker has regulations from the FCA in the UK, the CySEC in Cyprus, the ASIC in Australia, and the FSCA in South Africa, among others.
Notably, ATFX provides its traders with a deep collection of market products to trade. These include assets from global markets such as forex, indices, commodities, ETFs, and shares. As such, traders can diversify their portfolios under one trading account. The trading platforms available to use include the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.
The spreads associated with this broker depend on the account that a trader is on. There are four different account types that traders can use including the standard, the edge, the raw, and the raw pro accounts. The standard account requires a minimum deposit of $200 and features spreads from 1.2 pips for major currencies with no commission charged. On the other hand, the edge account requires a minimum deposit of $10,000 and has a spread from as low as 0.8 pips for major currencies. Like the standard account, the edge account does not charge a commission.
In contrast, the raw account has a spread from 0.0 pips plus a commission of $7 per round turn. It requires a minimum deposit of $20,000. Finally, the raw pro account accepts a minimum deposit of $50,000 and has a spread from 0.0 pips plus a slightly lower commission of $5 per round turn.
Final Comments
The UAE has become a highly attractive location for forex traders attracting quite a number of people. This is thanks to its robust regulatory framework under the Securities and Commodities Authority (SCA) in collaboration with other organisations within the UAE. Traders in the UAE benefit from the presence of numerous reputable SCA-regulated brokers.
In this article, we highlighted several SCA-regulated forex brokers operating in the UAE, each offering unique features and trading conditions. We considered factors such as trading instruments, platforms, spreads, and minimum deposits alongside the regulations to make our selections. However, it is still important for every trader to do their own research and make their own selection. After all, this is not an exhaustive list of all the SCA regulated brokers in the UAE.
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