Which forex brokers are regulated in the UAE?
Verdict
- Pepperstone is our top pick among UAE-licensed brokers: its DIFC company is regulated by the DFSA (F004356) and its Dubai LLC holds a UAE CMA licence, though UAE retail CFDs are issued by its Bahamas entity (SCB SIA-F217).
- The UAE has three separate regimes: the onshore Capital Market Authority (CMA, formerly SCA), the DFSA in Dubai's DIFC, and the FSRA in Abu Dhabi's ADGM.
- A UAE licence is not always a dealing licence: Pepperstone's and XS's onshore licences cover introduction and consultation, while Equiti and ADSS publish Category 1 trading broker licences.
- Capital.com, our second pick, holds CMA licence 20200000176 through Capital Com MENA Securities Trading L.L.C. in Dubai.
"Regulated in the UAE" can mean three different regulators and several kinds of permission, from full dealing to marketing only. The useful question is which UAE licence a broker holds and which company actually opens your account.
Pepperstone's UAE licences, and the company you trade with
Pepperstone lists three companies on its UAE site. Pepperstone Financial Services (DIFC) Ltd is regulated by the DFSA under reference F004356. Pepperstone Financial Services LLC, at Emaar Square in Downtown Dubai, holds UAE CMA licence 20200000358 for introduction and financial consultation; Pepperstone describes it as a Category 5 "Arrangement and Advice" licence. Products are issued by Pepperstone Markets Limited, regulated in the Bahamas (SCB SIA-F217). We still rank Pepperstone first on costs, platforms and AED funding, but the onshore licence is not a dealing licence, and you should know that before you sign.
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UAE licences held by brokers that serve UAE residents
| Broker | UAE regulator | Licence / reference | What it covers |
|---|---|---|---|
| Pepperstone | DFSA (DIFC); CMA | F004356; 20200000358 | DIFC firm; onshore introduction and consultation |
| Capital.com | CMA | 20200000176 | Capital Com MENA Securities Trading L.L.C., Dubai |
| XS | CMA | 20200000339 | Financial-consultation company; XS does not say it holds retail accounts |
| Equiti | CMA | 20200000026; 20200000352 | Category 1 trading broker; Category 5 introduction |
| ADSS | CMA | 305027; 20200000217 | Category 1 trading broker (Abu Dhabi); Category 5 introduction |
| Plus500 | CMA; DFSA | 20200000232; F005651 | Plus500Gulf issues UAE products; the DFSA firm may not hold client money |
| IG | DFSA | F001780 | IG Limited, DIFC |
| XM | DFSA | F003484 | Trading Point MENA Limited, DIFC |
| Tickmill | DFSA | F007663 | Representative office |
| eToro | ADGM FSRA | 220073 | eToro (ME) Limited, Abu Dhabi |
Which forex brokers can I legally use in the UAE?
We are not lawyers, and nothing here is legal advice. What we can tell you is how brokers serve UAE residents in practice: some through a UAE-licensed company, others through an offshore entity while a UAE company handles introduction or marketing. Pepperstone, Capital.com, XS, eToro, XM, Tickmill and FP Markets all list the UAE among the countries they accept. If you want your account held by a company with an onshore UAE dealing licence, the Category 1 licences published by Equiti and ADSS, and Plus500Gulf's product-issuer role, are the clearest on paper; Capital.com's Dubai company also holds a CMA licence.
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Three checks before you open an account
- Find the company named in your client agreement, not just the brand.
- Look that company up on its regulator's register: the DFSA register, the CMA licensee list, the ADGM FSRA register or, offshore, the SCB.
- Read what the licence permits; a consultation or representative-office licence does not mean the firm holds your money.
Sources
Licence details from each broker's own disclosures and the DFSA register.
Is Pepperstone regulated in the UAE?
Yes, in two ways: its DIFC company is DFSA-regulated (F004356) and its Dubai LLC holds a CMA licence for introduction and consultation. UAE retail CFDs are issued by its Bahamas company under SCB licence SIA-F217.
What did the UAE's SCA become?
Brokers now refer to it as the Capital Market Authority (CMA). Licences such as Capital.com's 20200000176 were issued under it.
Is the DFSA the same as the CMA?
No. The DFSA regulates firms in the Dubai International Financial Centre; the CMA licenses firms onshore in the UAE. The ADGM in Abu Dhabi has its own regulator, the FSRA.
Risk warning: CFDs are complex, leveraged products with a high risk of rapid losses. This article is not investment advice. Figures are broker-published and can change without notice.