Factors To Consider When Choosing The Best Forex Broker In Dubai

Factors To Consider When Choosing The Best Forex Broker In Dubai

Dubai is an international hub for foreign currency traders. But, unfortunately, most of these brokers are not legally governed through any recognized regulatory bodies. But they are raking in millions of dollars each day from investors from around the world. Apparently, these brokers cannot be regarded as the best forex traders in Dubai either. So, finding the best forex broker in Dubai really is a prerequisite job for any serious traders who wish to engage in currency trading in Dubai or anywhere else.

However, there are certain requirements that you need to fulfill before signing up for the services of any forex broker. For example, you need to have a minimum deposit of five thousand UAE Dirhams or more and a trading account with a FX broker with a minimum deposit bonus of five thousand UAE Dirhams or more. Also, you should have a proven track record of trading at least one month with positive results. A proof of your registration with the Dubai Stock Exchange (DSE) is very important as well.

This is one way of identifying the best forex brokers. The other way is to seek recommendations from people whom you know and trust. This is because they will have first hand experience with the various brokers available in Dubai. So, you can always expect their unbiased opinion on the various brokers as well. Similarly, brokers who operate their business out of their homes will not have time to take time off from their jobs to personally meet prospective clients and therefore won’t have any personal biases when advising you the best brokers in Dubai, whether they charge a minimal fee or not.

Another important aspect to consider while looking for the best brokers in Dubai is the regulatory bodies and rules that govern trading in Dubai. All foreign currencies exchanged here must be traded through Dubai casinos and all transactions are required to be reported in writing to the Dubai Financial Affairs Authority (DFIA). So the DSE will be the authority which will decide if a particular transaction is legal or illegal. You must note that all regulated companies in Dubai are required by law to register with the DSE.

If you want the best forex brokerage in Dubai, then you must look for a platform. There are numerous platforms available and you should choose the one that best suits your needs. This will include the choice between a full service platform such as those used by financial institutions and banks, a platform that is specifically designed for beginners as well as experienced traders, and a platform that is exclusive to the Dubai market. Each of these platform has advantages. For instance, a full service platform helps you trade in different currencies and tracks developments in the market accordingly; whereas a platform that is specifically designed for beginners provides a good environment for learning without involving any risk. On the other hand, an exclusive platform exclusively for the Dubai market allows traders to access only those currencies that are traded on the Dubai market.

It is important to note that the fees that are charged on these platforms are generally quite high. Some of the top rated brokers may charge as much as twenty five percent on their foreign exchange trading accounts. Some traders who have used these platforms have been quoted saying that it costs as much as four thousand dinars per month to maintain forex trading accounts with them. The platforms offered by the leading brokers may also vary in terms of the number of currencies they back.

One of the best forex broker in Dubai that you should look out for is the Bank of the Emirates whose services include a range of remittance methods including a domestic interbank deposit facility. The broker’s fee is slightly higher than the other leading platforms. This is primarily because the Bank of the Emirates has had to incur certain regulations and is restricted from providing its services to all individuals and institutions. However, as with most other remittance payment systems, customers can easily transfer funds between banks and the BOT will receive their deposits in their respective accounts.

Apart from the remittance service, the broker must also offer some other features and incentives to attract customers. Some of the leading regulated forex brokers in dubai offer their clients attractive transaction options like reduced spreads and waived commission fees. However, customers looking for the best broker in dubai will not want to compromise on the quality of the service. As is evident from the above, there are a few factors to consider when choosing a trading platform. However, by considering the factors highlighted in the above article you can ensure that you choose an experienced broker who is right for you.

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