Anyone considering taking up Forex trading in Dubai is faced with a pretty unique situation. Dubai is the most populated city in the United Arab Emirates and is the capital of the Emirate of Dubai, one of the seven emirates which make up the country. Contained within Dubai is the Dubai International Financial Centre (DIFC), which is a federal financial free zone which occupies approximately 110 acres. This area of the city has its own legal system and courts, separate from those of the wider UAE. This distinct legal system has jurisdiction over corporate, civil, commercial, employment, securities and trusts law matters. Heading up the regulation of financial services is the Dubai Financial Services Authority. The DFSA operates within the special economic zone only and aims to provide a regulatory environment of international standards.
|1||FxPro||2006||CySEC, FCA, FSB, DFSA, SCB|
|2||HYCM||1977||CySEC, FCA, MiFID, DFSA, SFC|
|3||Swissquote||1996||DFSA, FINMA, SFC|
|4||HotForex||2010||CySEC, FSC, FSB, FCA, BaFin, DFSA|
|5||Saxo Bank||1992||ASIC, DFSA, FCA, FSA, FSC|
|6||OANDA||2001||CFTC, DFSA, FSA, IIROC, MAS, NFA|
The Dubai International Financial Centre was created in 2004, following the UAE Federal Decree No. 35 of 2004, UAE Federal Law No. 8 of 2004 and Dubai Law No. 12 of 2004. The aim of this financial center is to provide a platform for business and financial institutions to tap into and out of the emerging regional markets. It is intended to create a positive environment for growth, progress and economic development in the UAE and further afield by supplying the necessary legal, business and physical infrastructure in accordance with international standards.
To identify if a forex broker is regulated by DFSA, the first step is to identify the name of the entity from the disclosure text on the broker's homepage. For example, here's the key disclosure text from FxPro's website.
FxPro holds a banking license issued by its supervisory authority the DFSA.Next, look up the firm on the list of supervised institutions listed on DFSA's website to validate the firm's current regulatory status. Here is the official DFSA page.
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