The UAE has wholly embraced forex trading as it tries to take advantage of its geographic position and technological advancements to make itself a financial powerhouse in the region. In doing this, it has attracted numerous brokers who want to satisfy the demand for their services in the region. While these brokers traditionally allowed you to only trade online on computers, many are leveraging advancements in mobile technology by creating apps that bring trading closer to traders. In this article, we will look at the best mobile trading apps in the UAE that you should look into.
eToro has been around since 2017 and has cemented itself as one of the best and most reputable trading platforms. Its main draw is its easy-to-use interface and a library of educational material that serves beginner and seasoned traders alike. It also has a copy trading feature that allows anyone to copy the trades of a more established or successful trader.
eToro released its mobile app in 2010 and added all the features people loved on its platform to the app. This includes the ability to buy, sell, and exchange shares and stocks, cryptocurrencies, ETFs, forex pairs, commodities, and indices.
According to our research, HFM has been recognized as a leading broker. HF Markets is a fully-fledged platform that makes online trading in UAE easier and more accessible to beginners and seasoned traders. On it, you can trade over 500 financial instruments, including commodities, blinds, metals, shares and others.
HF Markets recently introduced a trading app that provides a tailored trading experience and that meets the diverse needs of all traders who use it. You get access to the same instruments you would get on the company’s website, customized trading advice, a history of all your trades, and the ability to own multiple accounts that share the same wallet.
The HF Markets trading app is available on iOS and Android devices.
There have been a lot of conversations about Islamic banking and financial services in recent years, with scholars discussing issues such as whether trading violates Shariah law and whether it is halal. Several trading apps have made it a mission to provide Sharia-compliant and halal financial services to Islamic investors, one of them being Baraka.
Baraka is owned by a US company, but it is becoming popular in the UAE because it is an Islamic-first investment option. It focuses on making fractional stocks and socially responsible investments available to everyone.
In addition to Islamic-specific features, it provides fund insurance up to $500,000 and is regulated by the Dubai Financial Services Authority (DFSA). With the Baraka app, investors can track all their investments and earned income, access stock analysis and reporting tools, set up auto-invest options, and monitor their accounts for news, which helps them make better investment decisions.
Interactive Brokers was founded in 1978, so it’s been around for a while and has an established reputation in the UAE. The brokerage firm has one of the largest selections of tradeable shares, as well as a broad selection of tools for traders to use, including advanced tools like Refinitiv. The IBKR app and the Impact app are perfect for UAE traders interested in mobile trading.
If you use Interactive Brokers, you’ll enjoy access to 135 global markets, including ETFs, futures, bonds, options, and stocks. It has Islamic accounts to ensure halal trading and is therefore Sharia compliant for UAE traders.
Sarwa is based in Dubai, but it is popular with UAE traders thanks to commission-free stock trading and no extra fees for UAE residents making deposits from UAE bank accounts. There are five pre-made portfolios to choose from, including a Halal one and a crypto one, so you don’t have to do much research before you start trading.
With the Sarwa app you can do DIY trading or go with a hands-off investment strategy. It’s a good app for beginners, with lots of beginner-friendly features.
With the many trading apps available in the UAE, traders must consider factors like regulatory compliance and licensing, fees, sharia compliance, and security. Also, use a demo trading account to learn about any trading app you choose to see how it works and decide if it is the best option for you.
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