Which trading apps in the UAE are regulated?
Verdict
- Pepperstone is our pick, with a caveat on regulation: its group has a DFSA-regulated company in the DIFC (F004356) and a UAE CMA advisory licence, but UAE retail CFDs are issued by its Bahamas company (SCB, SIA-F217).
- Capital.com's Dubai company holds a UAE Capital Market Authority licence (20200000176), so the firm you contract with is licensed onshore.
- Other UAE licences in our data: eToro (ADGM FSRA, 220073), Plus500 (CMA 20200000232 and DFSA F005651), IG (DFSA F001780), XM (DFSA F003484), Equiti (CMA Category 1, 20200000026) and ADSS (CMA Category 1, 305027).
- XS's Dubai company is a financial-consultation firm (CMA 20200000339) and XS does not say it holds retail accounts; Saxo has only a representative office.
Three authorities license trading firms in the UAE: the federal Capital Market Authority (formerly the SCA) for the onshore market, the DFSA in the Dubai International Financial Centre, and the FSRA in Abu Dhabi Global Market. Many apps show a UAE licence, but the company that actually holds your account may sit elsewhere. Here is who holds what, starting with our pick, Pepperstone, and its limits.
Pepperstone: three entities, and which one you deal with
Pepperstone's UAE site names three companies. Pepperstone Financial Services (DIFC) Ltd is regulated by the DFSA (F004356). Pepperstone Financial Services LLC, at Emaar Square in Downtown Dubai, holds a CMA licence (20200000358) for introduction and financial consultation, which is not a retail dealing licence. Retail CFDs are issued by Pepperstone Markets Limited, licensed by the Securities Commission of The Bahamas (SIA-F217). Retail clients are entitled to negative balance protection, but no investor compensation scheme is named for UAE clients. We still rank Pepperstone first on its published costs, AED accounts, local banking through Mashreq and Barclays, and a group that also holds FCA and ASIC licences, but if an onshore-licensed counterparty matters most to you, Capital.com is the better fit.
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UAE licences held by trading app providers
| App provider | UAE regulator and licence | What it covers, as published |
|---|---|---|
| Pepperstone | DFSA F004356; CMA 20200000358 | DIFC company; CMA licence for introduction and consultation; CFDs issued from the Bahamas |
| Capital.com | CMA 20200000176 | Capital Com MENA Securities Trading L.L.C., Dubai |
| XS | CMA 20200000339 | Financial-consultation company; retail account holding not stated |
| eToro | ADGM FSRA 220073 | eToro (ME) Limited, Abu Dhabi |
| Plus500 | CMA 20200000232; DFSA F005651 | CMA company issues products on the UAE site; DFSA company introduces and may not hold client money |
| IG | DFSA F001780 | IG Limited, DIFC; no CMA licence found |
| XM | DFSA F003484 | Trading Point MENA Limited, DIFC |
| Equiti | CMA 20200000026 and 20200000352 | Category 1 trading broker and Category 5 introduction licence |
| ADSS | CMA 305027 and 20200000217 | Category 1 trading broker, incl. OTC derivatives and spot FX; Category 5 introduction |
| Tickmill | DFSA F007663 | Representative office |
| Saxo | None found | Representative office under the UAE Central Bank |
How to check an app's licence yourself
- Open the app's legal or 'About us' section and copy the exact company name and licence number.
- Search that name on the matching public register: the DFSA register for DIFC firms, the CMA's licensee list for onshore firms, the FSRA register for ADGM firms.
- Read your client agreement to see which company is your counterparty; it can differ from the one named in the app's banner.
- Check what the licence covers: an introduction or advisory licence is not a licence to deal with you as a retail client.
What regulation does and does not protect
A licence tells you who supervises the firm; it does not stop you losing money on trades. The practical protections to look for are segregated client money, negative balance protection and any compensation scheme. Pepperstone states the first two for UAE retail clients and names no compensation scheme. Leverage is also set by the entity: Pepperstone's UAE retail clients get up to 1:200 on major forex pairs, while Capital.com's CMA company lists up to 300:1.
Sources
Entity and licence details from firms' and regulators' pages.
Is Pepperstone regulated in the UAE?
Its DIFC company is regulated by the DFSA and its Dubai LLC holds a CMA licence for introduction and consultation. Retail CFDs for UAE clients are issued by its Bahamas company under SCB licence SIA-F217.
Which trading apps are licensed onshore by the UAE CMA?
In our data, Capital.com (20200000176), Plus500 (20200000232, the issuer on its UAE site), and Equiti (20200000026) and ADSS (305027), both Category 1 trading brokers. Pepperstone and XS hold CMA licences for introduction or consultation only.
Is a DFSA licence the same as a CMA licence?
No. The DFSA supervises firms in the DIFC; the CMA supervises the onshore UAE market. Check which one covers the company holding your account.
CFDs are complex, leveraged instruments with a high risk of losing money rapidly, and regulation does not protect you from trading losses. Licence details were taken from firms' and regulators' pages; verify them on the official registers. This is not advice.