Which brokers are regulated by the DFSA in Dubai?
Verdict
- Pepperstone is our top pick among brokers with a DFSA-regulated company: Pepperstone Financial Services (DIFC) Ltd holds DFSA reference F004356, although UAE retail CFDs are issued by Pepperstone's Bahamas entity.
- Other brokers that publish a DFSA reference: IG Limited (F001780), Trading Point MENA Limited for XM (F003484), Plus500AE Ltd (F005651) and a Tickmill representative office (F007663).
- Plus500AE is a Category 4 firm with a retail endorsement that may not hold client money; it introduces clients to Plus500's Cyprus company.
- Capital.com and XS hold onshore UAE CMA licences rather than DFSA authorisation.
The Dubai Financial Services Authority regulates firms inside the Dubai International Financial Centre (DIFC). Several brokers list a DFSA company, but the DFSA firm and the company holding your trading account are often not the same.
Pepperstone's DFSA company
Pepperstone Financial Services (DIFC) Ltd appears in the footer of Pepperstone's UAE site with DFSA reference F004356. It sits alongside a Dubai LLC licensed by the CMA for introduction and consultation, and Pepperstone Markets Limited in the Bahamas, which is named as the product issuer. Our recommendation of Pepperstone rests on what the UAE account gives you — AED funding, Mashreq and Barclays transfers, Razor pricing averaging 0.1 pips on EUR/USD — not on the assumption that your account sits in the DIFC.
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Brokers that publish a DFSA reference
| Broker | DFSA company | Reference | Role noted by the broker |
|---|---|---|---|
| Pepperstone | Pepperstone Financial Services (DIFC) Ltd | F004356 | Listed on UAE site; products issued by the Bahamas entity |
| IG | IG Limited | F001780 | IG's Dubai entity; offers a limited-risk account |
| XM | Trading Point MENA Limited | F003484 | Listed on the DFSA public register |
| Plus500 | Plus500AE Ltd | F005651 | Category 4, retail endorsement; may not hold client money |
| Tickmill | Tickmill UK Ltd Representative Office | F007663 | Representative office |
Not DFSA, but licensed elsewhere in the UAE
- Capital.com: Capital Com MENA Securities Trading L.L.C., Dubai, CMA licence 20200000176.
- XS: XSTrade Financial Consultation L.L.C., Dubai, CMA licence 20200000339, a consultation company.
- Equiti: CMA Category 1 trading broker licence 20200000026; no DFSA licence found.
- eToro: regulated in Abu Dhabi's ADGM by the FSRA (220073), not by the DFSA.
- Saxo: watch the abbreviation. In Saxo's licence list "DFSA" means the Danish FSA; in the UAE it has only a representative office under the Central Bank of the UAE.
How to read a DFSA listing
A DFSA reference proves a company exists in the DIFC and is authorised for something. It does not prove that your account is held there. Look for three things in the client agreement: the name of the company you contract with, whether that company may hold client money, and which regulator's rules apply to your account. In Plus500's case the broker says so plainly; at Pepperstone the UAE risk disclosure names the Bahamas product issuer and the Dubai LLC.
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Sources
Reference numbers as published by each broker or on the DFSA register.
What is Pepperstone's DFSA number?
F004356, held by Pepperstone Financial Services (DIFC) Ltd.
Is Capital.com regulated by the DFSA?
Not in our data. Capital.com's UAE company holds a CMA licence (20200000176) in Dubai.
Does a DFSA licence mean my money is held in the DIFC?
Not necessarily. Check the company named in your client agreement. Plus500AE, for example, may not hold client money and introduces clients to Plus500's Cyprus company.
CFDs are leveraged and complex, and you can lose money fast. We report what brokers publish; we do not give investment, tax or religious rulings, and you should check terms directly with the broker.