Forex trading in UAE is a famous income among many unknown business visionaries and financial supporters. In addition, like all businesses in the United Arab Emirates, the Dubai Stock Exchange is managed by close specialists. The forex business has enough help from the UAE public authorities.
Thanks to the hunch of public authorities, the UAE has a large forex area brokers can appreciate from one side of the planet to the other.
Thus, Forex trading in the UAE would be dynamic even without the presence of forex brokers on standby. This makes the UAE forex market reasonably practical and profitable simultaneously.
If you have the necessary expertise to explore the forex market in Dubai, you can make a big profit here. There are several free zones in the UAE that help and cater to the needs of monetary organisations.
For example, DIFC (Dubai International Financial Centre) is a favourite choice for traders hoping to establish a Dubai forex exchange. Regardless, forex exchange in Dubai provides valuable profit from your speculation on the off chance you have essential information.
Steps to Start Forex Trading in UAE?
To start forex trading in the UAE, you must obtain a foreign exchange permit from the Dubai Financial Service Authority or the relevant free zone authority. If this is not too much of a problem, remember that exchanging on the foreign exchange market without a forex exchange permit is illegal in Dubai. Getting a forex licence and setting up a forex exchange in the UAE is quite simple.
- Choose a reliable broker.
- Get a licence to trade Forex.
- Start trading Forex in Dubai..
Account types between eToro vs Trading 212
Following Account types between etoro vs trading 212
Trading 212 Account Types
Trading 212 offers its clients the possibility to choose between three types of accounts, two operational and another demo:
- Invest Account: Designed for more passive investors who seek long-term value and a little speculation. Operation without purchase-sale commissions.
- CFDs account: Account for somewhat more experienced and knowledgeable clients. In addition, as we have already mentioned, it allows access to many financial instruments.
- Demo account: It is available to all clients and does not require a deposit. Provides access to the Trading 212 trading platform and allows clients to test their strategies with virtual money.
eToro account types:
eToro offers two account types:
- Virtual: Again, so that the user can carry out their tests without risking real money, or directly learn from the world of financial investment.
- Real: Where you can already make your investments or trading operations, either through CFDs, or by buying real assets. It is in this account, where you can activate the social trading option.
Conclusions | which broker is better, Trading 212 or eToro?
Although, in general, they are two pretty symmetrical brokers, we can find some differences that, based on our particularities, will make us prefer one or the other.
First of all, neither of the brokers has an office in Spain. However, both are correctly regulated under the Cyprus CySEC for EU operators. Both brokers attend in Spanish in case of doubts or complaints, but even so, it must be added that the customer service is much faster and more effective in the case of Trading 212.
However, eToro’s social trading functionality is noteworthy, which from a certain volume of capital, allows you to copy the platform’s portfolio of good investors, and increase your profits without doing anything, just replicating the investment model of other operators. of success. On the other hand, in Trading 212, having a profitable and well-diversified portfolio will take much more effort in terms of the person’s time. In that sense, the technological development of the eToro platform is enormous.
In the field of commissions, although the two brokers are specialists in low commissions, it is Trading 212 that offers a better commission package since, in eToro, you will have to pay withdrawal commissions. The currency exchange rates can be somewhat higher. On the other hand, with Trading 212, how can we operate directly with euros without the need to change currency, if we invest in the European market, it will simply be practically free for us to invest in any company.
But if what we are looking for is access to a large number of financial products and markets, eToro offers a greater scope, where we can buy real stocks, ETFs, currencies and cryptocurrencies (in addition to their CFDs, of course). In contrast, Trade 212 only offers us stocks and ETFs but from a smaller number of markets.
In short, two neo-brokers developed from fintech technology, whose target audience is operators who are good at handling new technologies—so Trading 212 or eToro, which broker is better? Now it’s up to you to decide which one best suit your trading needs, and if you want to share it, we’ll read you in the comments.