Dubai is one of the most populated cities in the UAE (United Arab Emirates). It is also one of the richest and has become a global hub for business in the Middle East. Most of the revenue comes from real estate, tourism, aviation, and financial services. This is one of the main reasons why it has become the home for the richest traders in the world. Since the main religion followed over there is Islam, there are present several religious rules and regulations that businessmen need to follow. Forex brokers have to adhere to the Sharia system of rules that satisfies various beliefs in Islam.
In this article, we will talk about DFSA.
Dubai Financial Services Authority (DFSA) is an organization that deals with regulations for the forex companies present in Dubai. It oversees the activities related to finance in that zone and strives to provide services in accordance with international standards. The DFSA regulates all financial services in the DIFC zone such as:
* Trading in futures commodities
* Banking and Credit services
* Islamic Finances
* International equity exchange
* Custody and trust services
* Management of asset
* Companies for collective investment
* Exchange for international commodities and derivatives
All the trades related to Forex, stock, equities, and other financial instruments are regulated by an independent body called the DIFC (Dubai International Financial Centre). The center comprises 110 acres of the compound in the city which is free from the financial rules of the Dubai government. It has its very own court system and laws which is completely different from the rest of the city. It has its very own jurisdiction for commercial, civil, trust, corporate, security laws, and employment matters. A body called the DFSA(Dubai Financial Services Authority) is at the apex of this organization. This
When you are looking for DFSA regulated forex brokers, it is advisable to seek the services present in the DIFC. The DFSA regulations ensure that you place your trust in a legitimate booking service and there will be various ways to address your concerns if the need for any arises. When at first the DIFC was introduced, only brokers dealing in professional clients were able to operate. $1 million liquid assets were a requirement and brokers were also subjected to retail endorsement in case of retail clients. The increasing demand in Forex trading allowed the DFSA to revamp their regulations, making it much easier for different brokers to operate. A DFSA regulated broker can help you with
* Provide you with the latest news in regulations
* Enable you to understand basics in investing
* Provide anti scamming advice to consumers
* Provide information related to regulated firms
* Providing advice on complaint and dispute resolution
The above information provides an insight into the financial regulations of Dubai forex traders in accordance with DFSA. Choosing a DFSA certified one will definitely help to safeguard one’s investment. Picking a broker which is unregulated will put you in a position of losing all your capital. Forex trading is a risky business. Hence it is advisable to seek the services of a reputed DFSA forex broker in order to ensure financial stability.
1. Hotforex DFSA Regulated forex broker
HF Markets (DIFC) Ltd is authorized and regulated by the Dubai Financial Services Authority (DFSA) under license number F004885.
2. Fxpro DFSA regulated broker
Fxpro is registered with license F003333.