Is Forex trading in Dubai Legal?
It is one of the usually asked questions by all the citizens of Dubai and UAE. Because each one wants to know –Is Forex trading in Dubai legal? The answer is very simply; that is yes. It is 100 percent legal to trade Forex in Dubai as well as in entire UAE. You should take care of your local tax obligations. There are a number of Forex trader firms have offices in Dubai. And they operate while meet the terms with UAE regulators. Since the rules as well as the regulation of UAE keep changing. There for you need to consult a local forex Consultant like Us. That is for detailed advice on legal aspects of Forex trading in Dubai.
The controlling authority for this type of services and connected industries is DIFC (Dubai International Financial Centre). There are a number of Forex player working with DIFC, which can be found at DIFC website public register.
Is forex trading in Dubai legal
Yes currency trading is absolutely 100% legal in Dubai. Or simply we say that forex trading in Dubai is legal. Actually since forex trading became totally legal in Dubai. So more and more retail investors who are living in this country. They invest their money in this very money making as well as dynamic field.
UAE also has two financial free zones in which one is DIFC in the Emirate of Dubai. DIFC provide forex trading license in Dubai. And Abu Dhabi Global Market (ADGM) in Abu Dhabi. They are offering human activity of Forex Trading, CFD and other online non-banking financial trading. Dubai Financial Services Authority which is in DIFC is an authority clearly built to regulate forex brokers. It also regulates companies performing non-banking financial activities in DIFC.
It is without doubt legal to socio-economic class in forex through with local brokers regulated by SCA, Central Bank or other regulatory authorities. Pertinently, any natural or legal person willing to offer such non-banking financial services within UAE must set up an organization in the country either in the mainland or in any financial free zone as referred above, in accordance with the laws and regulations of the country. UAE strictly prohibits any organization dealing in forex or another online trading without having a proper license in UAE.
This is according to the Article 6 of the Law number 13 of 2011 regulating Financial Activities in Dubai. They cannot make any property without UAE permission. Ergo, the company to provide Forex and CFD services in UAE must primarily obtain a legal document from SCA, DIFC, ADGM or any other regulated free zone offering such activities.
Is Forex trading in UAE is difficult
I think that Forex trading is difficult, particularly nowadays.
You may think that it is because it’s complex to have a winning plan of action. Or because you need $1 million to make a unobjectionable income. Or because you should have some unconditioned skills… it’s not that.
I know that this sounds like one of those quotes that will take you nowhere, but “you are your only limit”.
What is the Reason for forex trader failure
Many people believe that traders fail because they don’t have a good plan of action. Or because they are not skillful. Or some people think forex trading in Dubai is not legal. And it is a scam and Brokers are there to take your money and run. But this is totally wrong.
I have been account manager for more than 200 clients in this field. And I have been trading Forex since 2015. Trust me if I tell you that the main reason for traders to fail. Is that they make a scientific discipline mistake sooner or later.
- They have a worse day and they decide to open more trades to recover the losses;
- They made a mistake, they feel stupid, and they decide to increase the size to recover the loss of that stupid mistake;
- They are in a good winning streak and decide to increase the size because it’s a good period;
- They think that they can sustain a bigger drawdown so they decide to increase the risk;
- They say “one last time with this risk, then I will stick to the plan”;
- They think “it can’t always go down”.
I can really write more than 100 reasons on this topic, but I think I made my point.