By Jeffrey Cammack Author Information Updated: April 28, 2020

While there is no single Middle Eastern regulatory agency, there are respected organisations in individual countries. The best-known regulator in the Middle East is the Dubai Financial Services Authority (DFSA).

While traders residing in Dubai are required to use DFSA regulated brokers, residents of other Middle East nations don't have a restriction on using foreign regulated Forex brokers. These are the best Forex brokers that Sharia-compliant accounts have strong international regulation and client support in Arabic.

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  • Broker
    FxPro

    FxPro  - Best DFSA Regulated Forex Broker

    REGULATED BY
    FCA FCA
    CySEC CySEC
    FSCA FSCA
    DFSA DFSA
    SCB SCB
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    GBP 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    One of the most respected Forex brokers in the industry, well regulated by the FCA and CySEC, and with over 870,000 client accounts in 173 countries. FxPro is a powerhouse in the industry and very well respected among traditional brokers.

    With MT4, MT5, cTrader and a browser-based platform, a reasonable 100 USD opening deposit and outstanding customer service, FxPro also offers competitive spreads - often as low as 0.6 pips - to match profitability with security.

    Pros

    • Well regulated
    • Great platform choice
    • Tight spreads

    Cons

    • Limited education
    AccountSpread FromCommissionExecutionMin. Deposit
    FxPro cTrader0.45 pips$4.50MarketUSD 100 Account Details
    FxPro MT41.2 pipsNoneMarketUSD 100 Account Details
    FxPro MT51.52 pipsNoneMarketUSD 100 Account Details
    Islamic1.2 pipsVariableMarketUSD 100 Account Details
  • Broker
    HYCM

    HYCM  - Most Trusted Broker

    REGULATED BY
    CySEC CySEC
    FCA FCA
    DFSA DFSA
    Trading Desk Type
    Trading Conditions
    1110.50
    Minimum Deposit
    GBP 100
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    HYCM's parent company has been involved in asset trading for over 40 years and its various subsidiaries are regulated by the FCA, CySEC and the DFIC. Primarily a market-maker broker, HYCM still offers attractive trading conditions, and has a market-execution account for those who prefer commission over wider spreads.  Support for both MT4 and MT5 is offered alongside a comprehensive market education suite that will be beneficial for all traders.

    HYCM offers its clients an opportunity to trade on more than 300 financial instruments including a number of currency pairs, commodities, stocks and cryptocurrencies.

    Pros

    • Well regulated
    • Wide range of assets
    • Good range of accounts
    • Fast and free withdrawals

    Cons

    • Limited currency pairs
    AccountSpread FromCommissionExecutionMin. Deposit
    Classic1.2 pipsNoneInstantUSD 100 Account Details
    Fixed1.8 pipsNoneInstantUSD 100 Account Details
    Islamic Fixed1.8 pipsNoneInstantUSD 100 Account Details
    Raw0.2 pips$4.00InstantUSD 200 Account Details
  • Broker
    Axitrader

    Axitrader  - Best Overall Broker

    REGULATED BY
    FCA FCA
    ASIC ASIC
    DFSA DFSA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    GBP 5
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    AxiTrader is an ASIC and FCA regulated ECN broker for serious traders. While the trading platform choice is limited to MT4, Axitrader has received industry recognition for their setup including Best MT4 Broker 2018 (Compare Forex Brokers Australia) and Best MT4 Provider 2018 (UK Forex Awards).

    Both accounts at AxiTrader require no minimum deposit, though a minimum of 200 USD is recommended. Spreads are tight, commission on the Pro Account is competitive, and educational and analytical support is good for beginners.

    Pros

    • Low minimum deposit
    • Wide range of assets
    • Well regulated
    • Tight spreads

    Cons

    • Poor customer service
    • Limited demo account
    AccountSpread FromCommissionExecutionMin. Deposit
    MT4 Pro Account0.1 pips$7MarketUSD 5 Account Details
    MT4 Standard Account1.0 pipsNoneMarketUSD 5 Account Details
  • Broker
    Amana Capital

    Amana Capital  - Best Trading Conditions

    REGULATED BY
    CySEC CySEC
    FCA FCA
    DFSA DFSA
    Trading Desk Type
    Trading Conditions
    11110.5
    Minimum Deposit
    GBP 200
    Customer Support
    • Website Language: English
    • Support Language: English
    Trading Platforms

    Amana Capital is a very well-regulated broker with a strong focus on new traders; beginners will find a helpful and well-structured education section and relatively tight spreads on its cheapest account - though trading conditions do improve substantially on the more expensive accounts.

    We also like that both MT4 and MT5 are supported and that traders have free access to both AutoChartist and Trade Captain - two excellent third-party analysis applications. 

    Pros

    • Well regulated
    • Tight spreads
    • Great customer support

    Cons

    • High minimum deposit
    • Limited education
    AccountSpread FromCommissionExecutionMin. Deposit
    Classic1.4 pipsNoneMarketUSD 50 Account Details

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Dubai & The DFSA

The principal goal of the DFSA is only to regulate businesses enough to prevent unnecessary risks. In a letter dated July 24 2017, the CEO of the DFSA, Ian Johnston, issued new rules for OTC Derivate brokers accepting retail clients following an increase in the numbers of the cross-border companies targeting the region.

These new rules mandated margin requirements dependent on the leverage used, outlawed using credit cards for making deposits (debit cards are still allowed), and requiring that all educational and marketing material is clear, fair, and not misleading.

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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