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Best Forex Brokers in the Middle East
The Middle East economies are booming and this is reflected by the number of people entering the forex capital markets. As more and more people from the UAE, Dubai, Saudi Arabia, and other emirate are looking to trade forex, the demand for reliable, low-cost forex brokers has increased tremendously.
With over 155 forex brokers available in the Middle East, it can be hard to see the forest for the trees for retail traders or people that want to start trading. Besides, comparing and test-driving brokers and platforms can be very time-consuming.
This is the reason why we have decided to do a quick guide on how to choose the right forex brokers based on your needs and knowledge level.
Things to Keep in Mind When Selecting a Forex Broker
To find a forex broker that suits your personal trading style and needs, you should keep the following things in mind:
- Trading Fees - Forex traders frequently place large-sized orders so the trading fees a broker charges are an important factor to keep an eye on. Choosing a broker with a high fees structure can reduce profits drastically.
- Platform Features - The best forex brokers offer a variety of trading platforms that contain features including technical analysis tools, dynamic charting, and detailed order book information. When choosing a forex trading platform to trade with, you should always check its available features and third-party integrations (MT4, MT5, TradingView)
- Tradable Forex Pairs - A good forex broker allows you to trade many forex pairs, including all major, minor, and most exotic currency pairs. Always double-check the number of tradable currency pairs a forex broker offers.
- Order Execution Speed - Forex trading happens in a fast-paced environment where every (milli)second counts. For this reason, order execution speed is of top priority among forex traders. The best forex brokers in the Middle East offer order execution speeds of under 100 milliseconds.
- Mobile - Most forex brokers offer proprietary mobile trading platforms that allow traders to trade the markets wherever they are, whenever they want. If you prefer to trade from your smartphone, you should always check out the design and UI of a broker’s trading app before opening a live account.
What Are Some of The Top Forex Brokers in the Middle East?
We have created a list of top choices across all major categories to get you a good starting point when deciding on which forex broker you want to sign up with.
IC Markets - Top Choice For Day Traders and Scalpers
According to Business 24-7, IC Markets offer the lowest fees in the industry, clocking in at 0,0 pips and $3,50 fixed commission per lot. They additionally offer traders up to 500:1 leverage and the availability to trade forex in micro lots. On top of this, all traders have access to a free Equinix NY4 VPS Server which reduces latency and guarantees order execution speeds of under 40 ms.
Saxo Bank - Top Choice For Professional and High-Volume Traders
Saxo Bank is by far the leading forex broker for professional and high-volume traders as it allows traders to trade over 200 forex pairs with up to 500:1 leverage. Spreads start at 0,7 pips (EUR/USD) and are further reduced when trading volume increases. If you’re a professional trader looking to trade forex in large volumes and at competitive fees, Saxo Bank is a top choice.
Forex.com is the best MetaTrader broker according to Nerdwallet, and it is not difficult to see why. It is a publicly-traded company on the NASDAQ and is regulated by four tier-one financial regulators. It offers fast trade executions of under 50 ms and is compatible with TradingView, Trading Central, and the full MetaTrader suite. Forex.com also offers STP Pro accounts for institutional traders that want to trade lightning-fast with up to 400:1 leverage.
AvaTrade - Great For Forex and CFD
With low fixed spreads starting from 0,9 pips (EUR/USD) and 8 different trading platforms available, AvaTrade is the top choice for forex traders at all levels. The broker allows trading techniques like shorting, hedging, and scalping, and is fully compatible with both MetaTrader 4 and 5. Apart from that, algorithmic and high-frequency traders are able to use Expert Advisors, trading bot scripts, and other forms of automated trading software.
eToro - Top Choice For Beginners
eToro offers social trading services that allow beginner traders to copy the trades of professional traders automatically with their own accounts. Users can allocate percentages of their capital to top-performing traders and don’t have to trade the markets themselves to enjoy a healthy return on investment. For those that want to take a stab at trading forex themselves, eToro features a beginner-friendly trading platform that almost looks like a computer game.
How to Get Started With Forex Trading
To get started trading forex in the Middle East, simply follow these steps:
- Choose a Broker - Choose a forex broker that suits your forex trading style by comparing fees, features, and trading platforms.
- Test Your Strategy - Test your trading strategy on a demo trading account using virtual money.
- Open a Live Account - When your trading strategy is profitable on paper, it is time to open a live trading account.
- Start Small - Start with small amounts of capital first or try social trading, which is the practice of allocating your capital to professional traders and following their trades automatically from within your account.
- Evaluate Your Strategy - Check the results of your trading strategy and see if there’s room for improvement.
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