The local market is attracting brokers from around the world.
An in-depth look at the UAE Forex and CFD scene
The United Arab Emirates (UAE) has been opening up to the world of western and global finance over recent years. Although this Middle Eastern country may seem inconspicuous in terms of land area and population, it has one of the highest gross domestic product (GDP) ratios; both in total and per capita.
United Arab Emirates Attracting Brokers From Around the World
The regulatory situation of the derivatives trading market in the United Arab Emirates is not clear-cut, and several licensing bodies stand out on the ground. The primary national entity is the UAE Securities and Commodities Authority (SCA). The institution was established in 2000 and answers directly to the Minister of Economic Affairs. Administratively and financially, it remains independent.
However, the UAE as a whole is divided into seven emirates, with independent institutions regulating financial market rules. The most popular destinations for brokers are Dubai and Abu Dhabi.
There is a special economic zone called the Dubai International Financial Centre (DIFC) in the first one. It is independent of the federal law imposed by the SCA and is governed by the Dubai Financial Services Authority (DFSA), established in 2004.
Another financial center and free economic zone within the country is the UAE capital, Abu Dhabi. Officially known as Abu Dhabi Global Market (ADGM), The ADGM was established in 2013 and acts as both a financial services regulator, a registration office and a local court to adjudicate investment industry-related cases.
While Middle Eastern countries can be a difficult market for Western companies to do business in, due to cultural differences and religious laws, the DIFC and ADGM economic zones have for years attracted many FX and CFD brokers looking for new markets for their services and new clients.
It is also worth noting that ADGM in 2018 introduced regulations governing the market for digital assets, thus becoming an attractive location for companies related to cryptocurrencies and blockchain.
Additionally, this year's news reveals that the entire country is gearing up for federal licensing of virtual asset service providers (VASPs for short) under SCA decrees.
“UAE is a fast-growing and highly adaptable country that provides and regulates all what is necessary not only for fair competition among FX/CFDs companies. It also provides a priority for unique and outstanding services for a client-oriented mechanism, in which investors get to have a mix of outstanding experience and absolute trust guided by the regulations and tools that the UAE applies,” Achraf Drid, Managing Director of XTB MENA, commented.
UAE Traders Among Top Spenders in FX Trading Market
Retail brokers and cryptocurrency platforms are shifting eagerly towards the Middle East not only because of its vast population (over 400 million people inhabit this part of the world), but also because of preferential licensing conditions, or a lower market saturation than in Europe.
The 'depth of portfolios' is also essential. Historical data analyzed by Finance Magnates in 2020 clearly showed that traders from this part of the world regularly make the largest deposits into their trading accounts.
In August 2020, it was an average of $16,000 (in comparison, investors from Switzerland deposited around $7,000 at the same time), and in September of the same year, it was almost $15,000. This was also confirmed by data published at the beginning of last year. Traders from the United Arab Emirates were sending on average $15,045 to their forex accounts.
But, how do the conditions look now? The latest data from cPattern clearly shows that trend remains unbiased. In 2021, the average monthly deposit stood at $12,685, while the average single deposit made by traders in this part of the world was $2,000.
Moreover, UAE retail traders were withdrawing a lot of funds: the monthly average for 2021 was $7,572. However, this is still significantly less than the average deposit value.
The value of the first deposit (FTD) realized by new clients is an extremely important indicator from a brokerage firm's point of view. In the UAE, throughout 2021, the indicator reached an average value of $2.2295, which is well above competing jurisdictions.
For example, in Singapore, which also boasts very high deposits and is considered one of the new financial hubs of the world, the FTD value last year ranked at $1,744. In Australia, by contrast, it was just over $1,000.
The United Arab Emirates (UAE) has been opening up to the world of western and global finance over recent years. Although this Middle Eastern country may seem inconspicuous in terms of land area and population, it has one of the highest gross domestic product (GDP) ratios; both in total and per capita.
United Arab Emirates Attracting Brokers From Around the World
The regulatory situation of the derivatives trading market in the United Arab Emirates is not clear-cut, and several licensing bodies stand out on the ground. The primary national entity is the UAE Securities and Commodities Authority (SCA). The institution was established in 2000 and answers directly to the Minister of Economic Affairs. Administratively and financially, it remains independent.
However, the UAE as a whole is divided into seven emirates, with independent institutions regulating financial market rules. The most popular destinations for brokers are Dubai and Abu Dhabi.
There is a special economic zone called the Dubai International Financial Centre (DIFC) in the first one. It is independent of the federal law imposed by the SCA and is governed by the Dubai Financial Services Authority (DFSA), established in 2004.
Another financial center and free economic zone within the country is the UAE capital, Abu Dhabi. Officially known as Abu Dhabi Global Market (ADGM), The ADGM was established in 2013 and acts as both a financial services regulator, a registration office and a local court to adjudicate investment industry-related cases.
While Middle Eastern countries can be a difficult market for Western companies to do business in, due to cultural differences and religious laws, the DIFC and ADGM economic zones have for years attracted many FX and CFD brokers looking for new markets for their services and new clients.
It is also worth noting that ADGM in 2018 introduced regulations governing the market for digital assets, thus becoming an attractive location for companies related to cryptocurrencies and blockchain.
Additionally, this year's news reveals that the entire country is gearing up for federal licensing of virtual asset service providers (VASPs for short) under SCA decrees.
“UAE is a fast-growing and highly adaptable country that provides and regulates all what is necessary not only for fair competition among FX/CFDs companies. It also provides a priority for unique and outstanding services for a client-oriented mechanism, in which investors get to have a mix of outstanding experience and absolute trust guided by the regulations and tools that the UAE applies,” Achraf Drid, Managing Director of XTB MENA, commented.
UAE Traders Among Top Spenders in FX Trading Market
Retail brokers and cryptocurrency platforms are shifting eagerly towards the Middle East not only because of its vast population (over 400 million people inhabit this part of the world), but also because of preferential licensing conditions, or a lower market saturation than in Europe.
The 'depth of portfolios' is also essential. Historical data analyzed by Finance Magnates in 2020 clearly showed that traders from this part of the world regularly make the largest deposits into their trading accounts.
In August 2020, it was an average of $16,000 (in comparison, investors from Switzerland deposited around $7,000 at the same time), and in September of the same year, it was almost $15,000. This was also confirmed by data published at the beginning of last year. Traders from the United Arab Emirates were sending on average $15,045 to their forex accounts.
But, how do the conditions look now? The latest data from cPattern clearly shows that trend remains unbiased. In 2021, the average monthly deposit stood at $12,685, while the average single deposit made by traders in this part of the world was $2,000.
Moreover, UAE retail traders were withdrawing a lot of funds: the monthly average for 2021 was $7,572. However, this is still significantly less than the average deposit value.
The value of the first deposit (FTD) realized by new clients is an extremely important indicator from a brokerage firm's point of view. In the UAE, throughout 2021, the indicator reached an average value of $2.2295, which is well above competing jurisdictions.
For example, in Singapore, which also boasts very high deposits and is considered one of the new financial hubs of the world, the FTD value last year ranked at $1,744. In Australia, by contrast, it was just over $1,000.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
CySEC Fines Wonderinterest €100K, Operator of CFD Brokers Zetano and Investago
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Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
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We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
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Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
