The UAE is globally known for extraordinary economic growth. And Forex trading is one of the spheres, which are developing rapidly and consistently as well. As a result, the range of brokers operating in the local market is tremendous. Hence, if you are not ready to view and compare dozens of platforms, start from the top list offered by our experts.
First, you probably want to know whether such an earning method is legal according to the local laws. You have nothing to worry about, it is fully legalized. And, as for regulatory authorities, these are the SCA and the DFSA. Although authorization by the SCA is recommended to Forex Brokers UAE, it is not a strict demand. Yet, it is advisable to turn to those services, which are properly regulated, that will guarantee that it operates within the local laws.
Speaking about taxes, you must not pay them if you are a resident of this country, regardless of the size of your income.
Another crucial aspect is connected with Islamic laws. In general, there is nothing to be concerned about, as trading foreign currencies is halal. Yet, one must follow certain restrictions. Namely, one must use an Islamic account, develop a clear strategy, and take decisions based on calculations. On the other hand, one must not turn this activity into gambling by opening and closing positions at a guess and relying on good luck solely. Besides, many brokerage companies accepting clients from the UAE, offer special accounts for Muslims. They are also called swap-free and allow performing deals without interest. Those brokerage companies that operate within Islamic law stick to the Musharakah Arrangement.
Also Read: How to Start Investing: Practical Guidelines for Beginners
Now, let us mention the most trusted brokers you can safely turn to in the UAE:
- Interactive Brokers;
- eToro;
- RoboForex;
- Admiral Markets;
- AvaTrade;
- IG;
- Tickmill;
- FxPro;
- Pepperstone;
- IC Markets;
- Forex.com;
- OANDA;
- HYCM;
- XTB;
- XM;
- Swissquote;
- Saxo Bank;
- Axi;
- CMC Markets;
- FP Markets;
- Fusion Markets;
- Capital.com.
Again, all the sources mentioned are worth visiting and trying. Yet, their terms, rates, and functionality differ. So, In case your focus is on favorable swap-free conditions, choose RoboForex, advanced legal regulation ― AvaTrade, low costs ― XTB, low spread ― XM.
In sum, trading foreign currencies is one of the most advantageous opportunities for investors in the UAE. Local brokerage companies are scrupulously controlled, so their clients can be sure that their money is safe. Besides, there is no need to pay taxes. Hence, if you are interested in such kinds of investments, be sure to give them a try.