The company has been regulated by 15 international jurisdictions, and its employees total 2,490. In 2021, Saxo Bank processed 67 million transactions, holding more than $92 billion in client assets. Despite the legality of Forex trading in the UAE, there are many. It is not uncommon to come across a fraudulent Forex broker in the UAE, but the best forex brokers in the region are generally regulated and do not charge clients extra fees. Furthermore, they have a license, which means that they are more likely to provide you with the highest level of customer service. A valid license is essential, as it will protect your money and ensure your account is safe and secure.
Levels Of Accounts: Classic And Platinum
Saxo Bank offers two levels of accounts: Classic and Platinum. You can fund your Classic account with as little as 500 pounds, or you can open an account with a higher minimum deposit. A Platinum account requires a deposit of AUD 300,000 or more. Like according to Traders Union Saxo Bank also has a Loyalty Program, which awards points based on volume. For instance, if you trade $40 million worth of forex with Saxo Bank, you’ll earn 120,000 points. This is enough to qualify for an upgrade to the Platinum level for twelve months. The FSA is well-known for its strict market practices and is government-backed.
Another benefit of Saxo Bank’s educational materials is that it offers video research, which can be a great way to learn about the different trading methods. In fact, you can even filter their videos based on which analyst you’re interested in. The videos are high quality, and include links to playlists on YouTube. While the YouTube channel isn’t very active, it’s still a great place to get tips and learn about the different trading markets.
XM and IQ Option are two of the largest brokerage firms in the region, and both have a huge presence and extensive experience on the Forex market. Both companies also hold several licenses from the country’s high regulatory authorities. As a bonus, both companies offer new clients a welcome bonus to get started with their trading platforms.
More Sophisticated And Trustworthy Security
Security should not be ignored. Despite their reputations, even regulated brokers can be subject to hack attacks. If this happens, the users will suffer. Security is a must, so it is important to choose the best forex broker in uae with excellent security measures. Check the size of the company and check if they employ a security team.
One negative feature of Saxo Bank is its lack of transparency. While it offers good trading tools and a number of financial tools, Saxo’s website is lacking in details. Its customer service is also unimpeccable. And its low risk status is reflected in its authorizations by six tier-1 regulators, including the Monetary Authority of Singapore and the Financial Conduct Authority.
To Sum Up
While it may seem tempting to sign up with a Forex broker without comparing their pricing policies, you should also be aware of their license and experience. Whether you’re an experienced trader or just looking for a place to make your first steps in the world of online forex trading, the best Forex broker in the UAE should be regulated by the DFSA. This ensures that your money is safe while you learn the ropes.