Forex Brokers in Dubai | Forex Factory

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Forex Brokers in Dubai

  • #1
  • First Post: Edited Nov 19, 2012 8:29pm Nov 18, 2012 11:15pm | Edited Nov 19, 2012 8:29pm
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
  • #2
  • Nov 19, 2012 5:01am Nov 19, 2012 5:01am
Royal Index
Orient Financial Broker
  • #3
  • Nov 19, 2012 11:44am Nov 19, 2012 11:44am
Interesting topic! I would like to know which brokers we might find in the emirate of Dubai!
  • #4
  • Nov 20, 2012 1:28am Nov 20, 2012 1:28am
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.
  • #5
  • Nov 20, 2012 10:05pm Nov 20, 2012 10:05pm
Royal Index
Orient Financial Brokers
Century Financial Brokers
  • #6
  • Nov 21, 2012 11:06pm Nov 21, 2012 11:06pm
Royal Index
Orient Financial Brokers
Century Financial Brokers
Sterling Financial Brokers
  • #7
  • Dec 16, 2012 10:02pm Dec 16, 2012 10:02pm
Just be cautious about something i heard last weekend about MMA Forex ... check urself
  • #8
  • Dec 17, 2012 12:33am Dec 17, 2012 12:33am
What about ADS Securities?
  • #9
  • Dec 17, 2012 1:05am Dec 17, 2012 1:05am
Quoting slovforex
What about ADS Securities?
They are good with sound support i guess
  • #10
  • Dec 17, 2012 1:26am Dec 17, 2012 1:26am
Forex trading is considered as gambling in Shariah Law and Dubai comes under King Abdullah's regime.
  • #11
  • Dec 17, 2012 3:01am Dec 17, 2012 3:01am
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.
  • #12
  • Dec 17, 2012 3:14am Dec 17, 2012 3:14am
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.
  • #13
  • Dec 17, 2012 10:37am Dec 17, 2012 10:37am
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.
  • #14
  • Last Post: Dec 31, 2012 3:29am Dec 31, 2012 3:29am
Does anyone know if I can trade the Kuwaiti Dinar on mt4 platform?
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