BINARY OPTIONS TRADING IN THE UAE
UAE is one of the Middle East’s seven emirates, with Dubai and Abu Dhabi as considered as its two main cities. These two are known to be holding the country’s largest financial and tourism industries. It is also an investment target for investors and brokers alike. Binary options brokers don’t want to be left behind, so they seek ways on how to get their share in UAE’s growing economy.
For most traders question is: How and how well are these brokers regulated in the UAE?
REGULATIONS IN UAE
The majority of the country’s financial market activities are found in the Dubai International Financial Center. And the Dubai Financial Services Authority or DFSA regulates those markets. With a total of 594 entities, it includes 457 authorized firms, 119 designated non-financial businesses or professions (DNFBPs), 16 registered auditors, and 2 authorized market companies.
The DFSA gives the standard for the asset offerings of brokers like binary options. Options are risky financial products to trade, and most traders in the UAE chose to work with international brokers. The license to operate binary options is very strict that brokers searched for other regulators with easier requirements. These said, offshore brokers took advantage of this and use it to gain more by pay-per-click strategy.
CURRENCY PAIRS AND SPREADS
The Emirati Dirham (AED) is not tradable on the binary options platform. These leaves UAE residents to deal with Middle Eastern assets or any major currency pairs.
Those platforms offered by offshore brokers will be the only available to UAE traders. Most of them are made by companies SpotOption and Tech Financials.
The CySEC and FSA banned this feature, therefore it will not be available for Emirati traders with brokers under these two.
DEPOSIT AND WITHDRAWAL
The DFSA allowed a wide range of methods for these features, and it includes the following:
• Card Options – Local credit cards linked to a bank account.
• Bank Wires – Offered with European brokers only.
• And Digital Wallets – This includes Skrill, CashU, and Neteller.
To know more, check out How to Trade with IQ Option in UAE to learn more.