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Forex Brokers in Dubai

  • Post #1
  • Quote
  • First Post: Edited at 11:29pm Nov 19, 2012 2:15am | Edited at 11:29pm
Hi All

This is my initiative to consolidate the list of financial brokers in Dubai. This will help all those people who are trading or connected with Dubai and world financial Markets.

All pros and cons can be mentioned here for the benefit of new traders who want to pursue opening account with these dubai based brokers with local suport.

Please put in your recommendation to make this list.


Thanks and regards,

Nishant
Royal Index
Orient Financial Broker
Interesting topic! I would like to know which brokers we might find in the emirate of Dubai!
Quoting alex198555
Interesting topic! I would like to know which brokers we might find in the emirate of Dubai!
Yes Alex

If we have a list of UAE regulated brokers an important question of fund safety can be answered.

Please see u can add some from your knowledge.
Royal Index
Orient Financial Brokers
Century Financial Brokers
Royal Index
Orient Financial Brokers
Century Financial Brokers
Sterling Financial Brokers
Just be cautious about something i heard last weekend about MMA Forex ... check urself
What about ADS Securities?
Quoting slovforex
What about ADS Securities?
They are good with sound support i guess
Forex trading is considered as gambling in Shariah Law and Dubai comes under King Abdullah's regime.
Quoting BornofFire
Forex trading is considered as gambling in Shariah Law and Dubai comes under King Abdullah's regime.
It depends on who you ask really. There is no definitive answer between different Sheikhs. Trading Derivatives of which Forex is one, is legitimate trade where the spot price is paid and the exchange takes place. When you close a trade, the exchange happens again and you gain or lose depending on your decision. You need to be careful though to not hold a trade overnight and incur swap interest or open a swap free account with a broker that offers it.

It is up to you to ask a Sheikh whom you trust and follow his guidance on the matter in the end.
Quoting FXOjafar
It depends on who you ask really. There is no definitive answer between different Sheikhs. Trading Derivatives of which Forex is one, is legitimate trade where the spot price is paid and the exchange takes place. When you close a trade, the exchange happens again and you gain or lose depending on your decision. You need to be careful though to not hold a trade overnight and incur swap interest or open a swap free account with a broker that offers it.

It is up to you to ask a Sheikh whom you trust and follow his guidance on the matter in the end....
As per my understanding "No Roll over charges" means its Shariah compliant.
Quoting nishantforex
As per my understanding "No Roll over charges" means its Shariah compliant.
That would help avoid Riba (interest) which is forbidden in Islam. The real problem here is whether the transaction you are making is real or not. If you are trading with a bucketshop, there is no real transaction taking place so it would make trading with that broker forbidden. Only trading with a properly regulated ECN can you alleviate those concerns. But then there is a catch 22. In order to offer a swap free account, a broker must trade accordingly to zero out the swap generated from the transactions as most Islamic banks do these days in order to transact in the western financial system which has interest everywhere. The catch is that a regulated broker is not allowed to trade a client's funds on their behalf so swap free accounts are not possible.

The best option therefore for trading Muslims is to trade intraday only avoiding the rollover time where possible.
  • Post #14
  • Quote
  • Last Post: Dec 31, 2012 6:29am Dec 31, 2012 6:29am
Does anyone know if I can trade the Kuwaiti Dinar on mt4 platform?
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