Best Trading Apps in Dubai, UAE
Which are the ten best trading platforms in Dubai, UAE?
This is our collection of the best online trading platforms in Dubai, UAE. We hand-picked these brokers based on factors like – Traders’ experience, Number of tradable assets, Trading platforms, Fund deposit and Withdrawal methods, Availability of Islamic accounts, and Demo trading feature. The list of best trading apps in UAE as analyzed by our team are as follows:
Top Trading Apps and Platforms in UAE
Forex Trading Platform – Why is it important?
The software that works as an interface between the trader and broker is known as the Trading Platform. It comes with different features like educational resources, charts, research tools, Indicators, a live news feed, and much more. The trading platform can be in the form of a mobile app, web platform, or Windows/Mac-based software. It allows investors to execute trades and monitor their accounts, along with many additional features.
The popular trading platforms are MT4, MT5, cTrader, NinjaTrader, and Trade Station. It is essential to select the trading platform with fast response time, fast execution speed, and the lowest latency.
Financial Market in the UAE – Exploring the best trading platform in the UAE.
UAE is a country consisting of seven “emirates,” which is the same with states. The country’s two leading financial centers, Dubai and Abu Dhabi, had paved the way for several investors. In the 1950s, before oil was discovered, UAE’s economy was moved by date palm cultivation, nomadic farming, pearl diving, and fishing. The country’s economy had remarkably grown with a GDP of $570 billion based on a 2014 Economic Report.
The Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) are the two major financial security exchanges in the United Arab emirates. They are regulated by the Securities and Commodities Authority (SCA). A wide range of assets is available for trading, which includes Stocks, metals, bonds, derivatives, futures, securities, commodities, and more.
Investment opportunities in Dubai, Abu Dhabi, United Arab Emirates
ADX began in 2000 and is located within Abu Dhabi pursuits in giving investment opportunities to its citizens. Same that year, DFM was established as a public establishment but became a Public Joint Stock firm in 2005. 20% of its shares are provided as a public offering. It was the first to offer to trade and comply with the Sharia Law.
DFM deals with ETFs, debt and equity instruments, and lending and borrowing of securities.
There are few more Financial Markets in the United Arab Emirates that clients may explore for investment and trading, they are –
(DIFC) Dubai International Financial Centre
(DMCC) Dubai Multi Commodities Centre
(DPE) Dubai Pearl Exchange
(DDE) Dubai Diamond Exchange
(DGCX) Dubai Gold & Commodities Exchange
(DME)Dubai Mercantile Exchange
The UAE Dirham and US Dollars
The dirham or also known as the AED is the most distinct currency in UAE. UAE Dirham has a fixed rate of 3.6725 AED to every dollar since 1997 and has gained leverage since 1978. UAE’s economy was mainly moved by national property and oil prices. Despite the fall of Dubai’s stock market in 2018, non-oil GDP had remained constant while Abu Dhabi’s stock index continued steadily throughout.
The regulatory firm of the Securities and Commodities Authority (SCA) has been servicing the Emiratis since 2000. The agency maintains the integrity and precision of activities in the market and is committed to enhancing investment knowledge through analysis. DFSA or Dubai Financial Services Authority is another regulator that monitors 624 firms together with 490 authorized ones. This agency generally supervises online brokers.
How to start online trading in Dubai, UAE?
The United Arab Dirham is one of the strongest currencies in the world. The UAE is home to many wealthy and high net worth people. So many traders and investors in the UAE look for alternative investment ideas. Online trading in UAE brings unlimited trading opportunities in the global market.
The first step to start online trading is the selection of the online broker. Select a is well-regulated broker with an outstanding reputation among traders and offers a wide range of trading opportunities. Most of the online platforms offer Islamic trading accounts to the traders who wish to avail of the facility.
The essential features to look for with Online Trading Platforms in Dubai are:
• FX or Forex Trading – Buying and Selling of currencies and take advantage of the price fluctuation to make money. The forex trading market is one of the largest markets worldwide. Get your Free Forex trading account in Dubai.
• CFD Trading – stands for contracts for difference. This involves derivative financial instruments. The traders buy or sell CFD contracts and make a profit from the price difference in buy price and sell price. CFD trading is available with an underlying asset like currency pairs, stock index, or stock.
• Free Demo Account – It is a practice account with virtual money. It helps traders in practicing or developing strategies and also to get used to the platform. Open a Demo Account for free with any of the brokers listed on this page and start trading without risk.
• Islamic Accounts – It is designed for traders belonging to the Islamic faith. It is an account type that complies with the rules of the Sharia Law. Check out Islamic Forex Accounts Review.
For trading on the ADX and DFM exchanges, the traders must obtain a NIN investor number. This Number will allow you to trade on the ADX and DFM exchanges. You also have to get a broker that has stocks listed on these exchanges. The transactions through AD and DFM are settled in AED.
There are a few reputed Forex and CFD brokers who offer to trade in USD and Euro too. Find out the broker that fulfills your requirement.
Online Trading Opportunities in Dubai, United Arab Emirates
The UAE grants investors a range of benefits like low tax rate, political stability, and a supportive regulatory environment. Thanks to the vitality of the Fintech sector, the country also offers cryptocurrency exchanges. The UAE ranks 1st on the World Bank’s list among Middle East Countries regarding the ease of establishing a business. It is ranked 25th best location in starting a business.
All these advantages encourage several financial brokerage companies to open their offices in UAE and offer online trading services. The simple taxation rules encourage investors and traders to carry out their business in a smooth manner. Therefore, online trading has become quite popular among UAE Residents.
Challenges of Online Trading in the UAE
The UAE offers many trading opportunities; however, like other forms of investments, it has its downside too. You must do a proper background check of the firms or brokers before you start a business with them. A Forex broker with a local office in the United Arab Emirates may be preferred. The brokers complying with UAE Central bank are the best for online trading in Dubai, UAE. However, the traders may also trade with over seas brokers with an established reputation in the market.
If you’re seeking to diversify your investment, then online trading is one of the areas you must explore. The regulatory framework of the United Arab Emirates allows you to trade Forex, Stocks CFD, Indices CFD, and other tradable instruments without hassles. There are many UAE based Financial trading Brokers and overseas brokers to choose to get started. But, please do take note of the challenges that the financial market brings with.
Online trading comes with higher risks and involves risk of loss of capital, hence never invest any amount that you can’t afford to lose. Several online platforms offer Cryptocurrency trading, too, try to explore online crypto trading or Bitcoin trading in a risk-free demo account. Some of the brokers have features like Copy Trading or Managed Account, where you can copy a professional traders’ trades. So what are you waiting for? Register with one of the Online Trading Platform listed on this page and start learning in a Risk Free Demo account.