FXOpen: Expert forex brokers in the UAE
Advantages of forex trading in the UAE with FXOpen
One platform with multiple instruments and markets
With us as your forex broker in the UAE, you can use one platform for foreign exchange as well as for indices, commodity CFDs and cryptocurrency CFDs*.
You're trading with an FCA regulated broker
based in the UK and your funds are fully protected up to £85,000 by the FSCS.
to your individual trading style and strategies, meaning you have total control over your forex trading.
Access to automated trading
You can download and use ready-made scripts and expert advisors or create a custom indicator or script, based on your very own forex trading strategy.
Access anytime, anywhere
via the desktop, web-based or mobile version of the MT4 and MT5 forex trading platforms.
Access to a wide range of analysis
50+ built-in indicators and graphic tools for technical analysis, quotes history centre, strategy tester and news, all designed to help you increase your forex trading knowledge.
Setting measurable goals in a volatile market
Whether you’ve been trading for a year or have decades of experience behind you, it’s vital to set quantifiable goals. That could be achieving a 20% annual return on your investment or getting a total of 100 pips a month. Whatever your objective, it should be easily measured.
How does forex trading work?
The market price indicates to a trader how much of one currency is required to buy another. Each currency has its own code which makes it identifiable as part of a pair. For example, using a forex calculator to view the GPB/USD pair would show how many US Dollars it would take to buy one pound.
When buying a currency pair, you’d expect to see the price rise, indicating that the base currency is strengthening in relation to the quote currency. If you’re selling a pair, you’d expect to see the price fall. This would happen if the base currency has weakened against the quote. For example, you would buy a GBP/USD currency pair if you think the pound will strengthen against the Dollar or sell if you think the pound will weaken.
The risks and rewards of the forex market
Anyone forex trading in the UAE should also consider that some currency pairs are much more volatile than others. For example, those that include USD are often in high demand, which gives them greater liquidity.
The forex market can be rewarding. However, to achieve the success you may be looking for, you need to have a full understanding of all the risks involved and take steps to mitigate them.
Forex trading in the UAE with FXOpen
FXOpen is proud of its reputation as one of the best forex brokers in Dubai and Abu Dhabi, with a range of major, minor, and emerging currency pairs for you to go long or short on. We also offer live forex charts and other useful tools like an economic calendar. Why not get in touch with our team or open your account today. We offer you the opportunity to trade in over 50 markets, 24 hours a day from Sunday night until Friday night. Discover for yourself why so many experts use FXOpen for forex trading in the UAE.
Why do people trade forex?
People trade on the forex market for a wide range of reasons. The foreign exchange markets are the largest and most liquid financial instruments in the world, making them immensely popular. Forex trading soared in popularity because of its leverage, continual trading opportunities, high liquidity, and low entry costs.
What is a forex broker?
After the 1970s, when the United States dropped the Bretton Woods agreement regarding the USD convertibility in gold, the forex market grew dramatically. It was initially only available to institutional players, due to high transaction costs and difficulty of access. That all changed with the emergence of the internet and online trading. Forex brokers made it possible for the retail trader to join the largest financial market in the world.
A forex broker provides a link between the trader and the market, offering quotes via its various liquidity providers, while its trading platform reflects the best possible conditions available to its customers. For this service, a forex broker charges a fee or a commission and its interests align with those of the trader.
Forex brokers can be categorised as either a dealing desk (also known as market makers) or a non-dealing desk. A dealing desk creates a market by mirroring the quotation from the interbank market and deals the prices to its clients. In non-dealing desks, forex brokers route their clients’ orders to the liquidity provider, and the best quote is offered to retail clients from the liquidity pool.
Brokers organised like non-dealing houses often offer ECN or STP (Straight-Through Protocol) execution. However, there are some forex brokers that mix dealing with non-dealing conditions and operate as hybrid entities.
Depending on the type of the brokerage house, different account types exist. ECN accounts and STP accounts are just a couple of examples.
What factors move the forex market?
Because the market is made up of currencies from across the globe, predicting forex exchange rates is difficult as there are a number of factors that can have an impact on prices. The main driving influences for these moves are central banks, news reports and market sentiments. Understanding how each of these operate will help you on your journey when forex trading in the UAE.
It’s also important to remember that prices move up and down based on supply and demand, just like any other financial market. As a trader, you’re likely to either put your money into an economy that has strong growth potential or a short market.
How to define success when forex trading in the UAE
No matter how experienced you are, defining your success will help you on your journey. Think about what you want to achieve from forex trading in the UAE and how you plan to reach those goals.
These objectives should be easy to measure while it’s recommended to set targets over a longer timeframe – for example annually as opposed to monthly. Once you’ve established these parameters, you’ll be able to put your plan into action.
It’s important to always manage your expectations throughout the forex trading process and control your emotions. To become a successful trader, you must understand the mechanics of the forex market, trust your analysis and stick to your strategy.
*Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules. They are not available for trading by Retail clients.