Best Online Trading Platforms in the UAE

What is a Trading Platform?

A trading platform is essentially a software tool that allows users to trade various financial instruments, such as stocks, bonds, and derivatives, through an online broker. These stock trading platforms have dramatically simplified buying and selling securities, providing a convenient means for managing market positions. 

Typically offered for free or at discounted rates by brokers, trading platforms enable investors to open, close, and track their trades with ease. They come equipped with powerful features, such as real-time market data, advanced charting tools, and secure transaction capabilities, all while keeping fees low.

Is it Safe to Trade Online?

Before digitisation, trading required a call to a broker, a process that was both time-consuming and cumbersome. Today, online trading platforms have transformed this landscape, making it easier, faster, and more accessible for investors to engage in the financial markets.

Types of Online Trading Platforms in the UAE

There are several platforms that cater to different types of traders and investors, each offering unique features, asset options, and tools. 

Below is a brief overview of some of the best trading platforms available today —

1. eToro

eToro is a versatile online trading platform that has gained popularity for its user-friendly interface and social trading features. Founded in 2007, eToro allows users to trade over 5,000 financial instruments, including stocks, ETFs, and Forex. It is particularly well-known for its "social trading" feature, where traders can copy the trades of others or share strategies with a global community. 

With zero balance protection and a risk-free $100,000 virtual portfolio for beginners, eToro is ideal for both novice and experienced traders. The platform offers competitive spreads with no trading fees and supports various payment methods for deposits in the UAE.

2. Interactive Brokers

Interactive Brokers offers access to more than 100 global markets and a vast range of assets, including stocks, ETFs, options, futures, and cryptocurrencies. It is best suited for experienced traders due to its advanced tools, rapid execution, and low-cost trading environment. 

This online trading platform offers a 4.59% APY on uninvested Dirham balances and follows strict regulatory standards, including the UAE’s SCA and the UK’s FCA. With its advanced technology and detailed market insights, the platform is an essential tool for investors looking to diversify in international markets.

3. Plus500

Plus500 is a popular platform in the UAE, known for its robust interface, offering access to over 2,800 financial instruments, including stocks, forex, and ETFs. Regulated by the UAE’s Securities and Commodities Authority (SCA), it ensures a secure trading environment for its users. 

Plus500 operates on a commission-free model, with competitive spreads ranging from 1% to 2%. It also offers a free demo account, making it ideal for beginners to practice trading strategies without financial risk. Additionally, Plus500 supports various payment methods for convenient deposits and provides 24/7 customer support.
 

4. XTB

XTB is one of the well-regarded stock trading platforms in the UAE. It offers a comprehensive range of CFD (Contract for Difference) and Forex trading options. 

This online trading platform provides access to numerous global markets and is known for its cost-effective trading solutions. With a presence in countries such as Spain, the UK, France, Poland, and Germany, XTB has established itself as a leading choice for traders looking for reliable and efficient online trading.

5. SaxoTraderGo 

This advanced online trading platform in the UAE is offered by Saxo Bank, designed for traders of all experience levels, from beginners to professionals. Known for its advanced features and tools, it supports multi-asset trading across various markets, including stocks, forex, bonds, commodities, and cryptocurrencies. This allows traders to diversify their portfolios effortlessly.

Additionally, this stock trading platform offers features like technical analysis, profit/loss tracking, and market insights, helping you manage your investments effectively. 

6. TastyWorks 

Acquired by Charles Schwab and developed by tastytrade, the TastyWorks trading platform provides a low-cost, high-performance experience. The platform is growing rapidly and expanding its international presence. It is an excellent choice for traders looking to engage in options and futures trading with a focus on cost efficiency. 

This best stock trading platform provides robust tools for options trading, featuring easy-to-understand explanations and examples that make complex strategies accessible. It offers valuable support, resources, and a wealth of knowledge for traders who wish to expand their trading strategies. 

7. DEGIRO

DEGIRO is known for its transparent pricing structure and accessibility to over 2,500 commodities, including stocks and ETFs. Its intuitive interface makes it suitable for both beginners and experienced traders. With competitive pricing and no commissions, DEGIRO is especially appealing to cost-conscious traders in the UAE. 

The platform is regulated by the UAE’s Securities and Commodities Authority (SCA), ensuring that it adheres to the highest standards of regulatory compliance. Investors can access local and international markets, benefiting from comprehensive market data to make informed decisions. 

8. XM

XM is a versatile online trading platform that caters to stock traders with a simple and flexible trading environment. It offers access to over 600 companies as CFDs, allowing investors to trade in both rising and falling markets without commissions. With platforms such as MT4, MT5, and XM WebTrader, XM ensures that traders can access their accounts via desktop, mobile, or web-based platforms. 

XM’s “no re-quotes” policy ensures quick and transparent order execution. It also provides tools like daily market updates, technical analysis, and personal account managers to assist traders at all levels.

How to Trade or Invest in Stocks Online?

Trading or investing in stocks online has become increasingly accessible, offering flexibility and control over your financial portfolio. 

Here’s a guide to getting started —

1. Get a National Investor Number (NIN): This is required for trading on the Dubai Financial Market (DFM) or Nasdaq Dubai.
2. Open a Brokerage Account: Choose a reputable broker to execute your trades. You can compare and choose the one, depending on your needs.
3. Start Trading: Execute your trades based on your strategy. You can either use their mobile app or any other platform.
4. Regularly Monitor Investments: Stay updated on market trends and adjust your portfolio as needed. You can do it on the DFM app or via your chosen broker’s platform.

Note: Emirates ID card holders can apply for NIN through the Sahmi app with their UAE Pass. Other options are customer service offices at any branch of ADX or ADX-accredited brokerage firms.

Documents Required

Here are the documents required as an individual trader —

• Original Emirates ID card (for UAE citizens and residents)
• International Bank Account Number (IBAN) letter 
• Passport and ID card for foreigners

Note: The IBAN letter must be in the applicant's name and not be a joint account.

Frequently Asked Questions