Best Trading Platforms in UAE for Swing Trading –…
In this guide, we go over the best trading platforms in UAE for swing trading. All of the brokers on our list offer support for swing traders through dynamic charting, watchlists, multiple timeframes, chart drawing toolkits and algorithmic trading.
Before you open an account with any broker, make sure to understand your requirements and risks connected with swing trading.
For this guide, we have analysed and compared the 5 top trading platforms in UAE for swing trading in 8 major categories to help you make an informed decision.
Top 5 Trading Platforms in UAE for Swing Trading
- Interactive Brokers – Best for Swing Trading Stocks and ETFs
- AvaTrade – Best for Forex and CFD Swing Trading
- TradeStation – Best Trading Platform for Swing Trading Options and Futures
- IG Trading – Best Choice of Trading Platforms for Swing Traders
- Saxo Bank – Best for Professional Swing Traders
|RANK||BROKER||GENERAL||PLATFORM SCORE||BEST FOR||WEBSITE|
|#1||Interactive Brokers||Competitive trading fees||4.9 / 5||Swing Trading Stocks and ETFs||Official Website|
|#2||AvaTrade||Offers advanced Strategy Tester||4.8 / 5||Forex and CFD Swing Trading||Official website|
|#3||TradeStation||Commission-less stock||3.7 / 5||Swing Trading Options and Futures||Official website|
|#4||IG Trading||Great technical and fundamental analysis tools||5 / 5||Trading Platforms for Swing Traders||Official website|
|#5||Saxo Bank||Over 40,000+ tradable assets||4.9 / 5||Professional Swing Traders||Official website|
Best Brokers in UAE for Swing Trading Reviewed
The section below breaks down the best brokers in UAE for swing trading, including their pros, cons and key features.
Interactive Brokers – Best for Swing Trading Stocks and ETFs
Interactive Brokers allows swing traders access to stocks and ETFs across 125 global markets which makes them a top choice for swing trading with stocks and ETFs. Its fully customizable Trader Workstation (TWS) features a variety of technical and fundamental analysis tools including Social Sentiment Bars, Economic Calendars and Advanced Market Scanners that help you identify swing trading opportunities.
The Trader Workstation platform offers access to 100 different order types, including Good-til-Canceled, Good-till-Date and Immediate or Cancel. It also allows importing all sorts of algos to automate swing trading through IBKR’s available APIs.
Interactive Brokers does not charge any commission on stocks and ETFs. Despite the broker offering many free analytical and market research tools, it does charge for certain add-ons such as PorfolioAnalyst.
Interactive Brokers TWS and GlobalTrader Key Features for Swing Traders:
- Wide Range of Available Assets – users have access to forex, CFDs, options, futures, commodities, cryptocurrencies, stocks, and ETFs.
- Excellent Desktop Trading Platform – the TWS platform offers a variety of trading features and tools specifically designed for swing traders.
- Supports Algorithmic Trading – users can connect Expert Advisors and trading scripts to their account via APIs and deploy over 100 algos to automate trades.
- Great Mobile Trading Platforms – mirroring the desktop platform features they allow users to trade from anywhere approach.
- Advanced Analytical and Market Research Tools – users have access to Portfolio Analyst, Risk Navigator, Social Sentiment Bars, Economic Calendars, Arbitrage Meter, and Advanced Market Scanner to conduct in-depth technical and fundamental analysis.
Interactive Brokers requires swing traders to maintain a minimum account balance of $25,000 in order to engage in day trading.
Interactive Brokers Pros:
- Great choice of different trading instruments for swing trading
- Competitive trading fees and commission-free stock and ETF trading
- Fast order execution and over 100 different order types available
Interactive Brokers Cons:
- Only has a proprietary trading platform available
- Charges fees for some market research tools
- Complex fee structure
AvaTrade – Best for Forex and CFD Swing Trading
Offering access to 950 CFDs and 48 forex pairs, low fixed spreads, and up to 400:1 leverage, AVAtrade is a great choice for swing traders looking to trade with forex and CFDs.
AvaTrade list of platforms includes multiple proprietary platforms, third party integrations including MetaTrader (4 and 5) and TradingView extension. Apart from having 90 built-in technical indicators, users can import their own custom indicators for technical analysis and deploy automated trading scripts from MetaEditor or Expert Advisors.
AvaTrade charges low fixed spreads starting at 0,13% on stocks and ETFs and 0,9 pips on forex pairs.
Swing traders can open an account with AvaTrade from $100 and fund their account by wire transfer, credit/debit cards, or e-wallets such as PayPal, Neteller, and Skrill. Muslim traders that want to swing trade according to Sharia Law can contact AvaTrade’s customer support to convert their regular live account to an Islamic Account.
AvaTrade Key Swing Trading Features:
- Wide Variety of Tradable Assets – access to forex CFDs, cryptocurrencies, commodities, indices and vanilla options.
- MetaTrader and Third-Party Compatibility – full compatibility with MetaTrader (4 and 5) TradingView, DupliTrade, ZuluTrade, and Capitalise.ai.
- Options Trading Opportunities – access to vanilla options on over 40 forex pairs
- Feature-Packed WebTrader – it offers multiple order types, dynamic charting, an extensive drawing toolkit and other technical analysis tools for swing traders.
- Automated Trading – allows automation of swing trading strategies through Expert Advisors, APIs and social trading extensions (AvaSocial, ZuluTrade, Duplitrade)
- Extensive Research Tools – include a range of technical and fundamental analysis tools such as technical indicators, economic calendars, and trader sentiment bars.
- Multiple trading platforms available, including the full MetaTrader suite
- Offers advanced Strategy Tester and demo account to test scalping strategies
- Over 1,250 tradable assets with up to 400:1 leverage and deep liquidity
- Only forex and CFDs available
- High forex fees compared to other brokers
- Charges inactivity fees of $50 per quarter after 3 months of inactivity and $100 administration fee after 12 months of non-use
TradeStation – Best Trading Platform for Swing Trading Options and Futures
TradeStations FuturesPlus trading platform allows users to visualize, analyze, and create profitable options and futures swing trading strategies and identify profitable entry and exit points. Combined with great market coverage of Options and Futures it is a top choice for options and futures swing traders in UAE.
TradeStation also ofers users the option to monitor market activity with Trade Monitor and send RFQs directly from Strategy Creation. With TradeStation’s $99/month subscription plan, traders can additionally access RadarScreen, Matrix, OptionStationPro, TradeStation Scanner and connect these technical and fundamental analysis tools to any broker of choice.
TradeStation doesn’t charge commissions on futures and options trades up to $10,000 per trade and offers commission-free stock and ETF trading. This is great for swing traders looking to open large positions on equities.
The minimum deposit at Tradestation to open a live trading account is $5,000. AED deposits get automatically converted to USD.
TradeStation Key Swing Trading Features:
- Great Choice of Trading Instruments – users can trade on a variety of stocks, ETFs, options, futures, futures options, crypto, IPOs, mutual funds, and bonds.
- Competitive Trading Fees – TradeStation offers commission-free stock, ETF and stock options. They charge a low fee of $1,50 per contract/per side on futures and futures options.
- Professional Grade Proprietary Platform – offers access to real-time market data, advanced order management, fast and reliable trade execution, fully customizable charting, dynamic market-scanning tools, and tools to design, test, optimize, monitor, and automate swing trading strategies.
- Trade Ideas – TradeStation’s Strategy Performance Report provides swing traders with useful trade ideas based on their own strategies.
- Algorithmic Trading – allows users to automate trades with through APIs, Expert Advisors, trading scripts, and other types of automated software.
- Dedicated options and futures trading platform, ideal for swing traders
- Commission-less stock and ETF trading and low, fixed trading fees on other asset classes
- Great range of technical and fundamental analysis tools
- Not compatible with MetaTrader 4/5, cTrader, or any other external trading platform or software
- High Minimum deposit required
- No Islamic accounts available
IG Trading – Best Trading Platforms for Swing Traders
IG Trading’s list of platforms include a set of proprietary platforms (desktop, web and mobile), the full MetaTrader suite (MT4 and MT5) and ProRealTime or L2 Dealer extensions. This makes IG’s set of trading platforms and features a great fit for swing traders at all levels.
The L2 Dealer extension allows swing traders direct market access to trade share or forex CFDs straight through the order books of international exchanges. ProRealTime is an additional feature that provides swing traders access to leading charting features, automated CFD trading, and the possibility to build algorithms using assisted creation tools.
All IG’s trading platforms support advanced order types such as trailing stops and allow swing traders to backtest their trading strategies using 30 years of historical price data. The broker also provides users with extensive fundamental analysis tools and trade ideas via its economic calendars, daily blog, and premium insights provided by in-house market analysts.
IG doesn’t offer Islamic, swap-free trading accounts.
IG Key Swing Trading Features:
- Broad Range of Tradable Assets – access to a variety of forex, CFDs, stocks, ETFs, and cryptocurrencies.
- Multiple Trading Platforms – proprietary (desktop, WebTrader and mobile app), MetaTrader 4, ProRealTime and L2 Dealer.
- Identify Chart Patterns Automatically – IG’s AutoChartist uses technical indicators such as Fibonacci retracements to monitor the markets 24/7 and warns users of favorable trading opportunities in real-time.
- Premium Trading Signals – offers users ‘buy’ and ‘sell’ suggestions based on technical or fundamental analysis tailored to their personal trading strategies.
IG Trading Pros:
- Broad range of trading instruments for swing trading
- Great technical and fundamental analysis tools
- Premium trading signals and insights available
IG Trading Cons:
- Higher trading fees on stock CFDs compared to other brokers
- Trading platforms might be overwhelming for beginners
- No Islamic accounts available
Saxo Bank – Best for Professional Swing Traders
Saxo Bank is the best broker for professional swing traders because it allows access to professional grade fundamental and technical analysis tools, an extensive charting package, a professional options chain, and extensive customization options.
Saxo Bank also offers vast market coverage across different asset classes including stocks, ETFs, bonds, mutual funds, options and futures.
SaxoTraderPro allows advanced swing traders to automate their trades by using Saxo’s fix and open APIs or by connecting third-party Expert Advisors, scripts, or Excel.
The minimum deposit to open a live trading account at Saxo Bank is $2,000. Islamic traders can open an Islamic swap-free account that allows them to trade halal and Islamic-compliant stocks researched by IdealRatings.
Saxo Bank Key Swing Trading Features:
- Vast Range of Available Assets – access to stocks, ETFs, forex, CFDs, futures, and options
- Beginner and Professional Grade Platforms and Features – SaxoTraderGo and SaxoTraderPro cover trading needs for beginner to advanced traders.
- Professional Insights – users have access to market insights from in-house trading experts on market trends and price movements.
- Advanced Algorithmic Trading – Saxo’s FIX and OpenAPIs allow users to swing trade on auto-pilot via Excel, or by using third-party Expert Advisors, trading scripts, and other automated trading software.
Saxo Bank Pros:
- Over 40,000+ tradable assets
- Great choice of different trading instruments for swing trading
- One trading platfom is easy to use for the less experienced trader while the other one is very perofessional with many advanced trading tools
Saxo Bank Cons:
- Not suitable for beginners
- Charges commissions on ETFs
- High inactivity fees and minimum deposit
How Did Business24-7 Selects The Best Brokers for Swing Trading in the UAE?
To create our list of the best trading platforms in UAE for swing trading, we have analyzed and compared 112 online brokers across nine different categories. We checked
- Availability of different assets for swing trading
- Fees – besides trading fees we took a look at trading conditions
- Dynamic charting and drawing tools – vailability of drawing tools and dynamic charting for easy technical analysis.
- Wide variety of platform features – availability of watchlists, multiple timeframes, custom indicator Import features, extensive trading, and order history.
- Algorithmic trading support – availability of algorithmic trading through Expert Advisors, APIs, scripts, and automated trading software.
- Customer support – availability of support in English and Arabic 24/7
- UAE Availability
What is Swing Trading?
Swing trading is a trading technique that profits from short to medium-term price swings, typically several days or weeks. Swing traders use technical and fundamental analysis to find favorable entry and exit points for their long and short positions.
Swing traders determine their trades based on a risk/reward basis and use risk management tools like stop-losses to reduce their potential losses and take-profits to lock in their profits. Swing traders often use the 1-hour and 15-minute charts but can also use other charts to track their open positions.
Advantages of Swing Trading:
- Less time-consuming than day trading
- Profit from short and medium-term market price swings
- Swing traders can use technical and fundamental analysis to find opportunities
Disadvantages of Swing Trading:
- Overnight fees and weekend market risk
- Sudden reversals can cause big losses
- Swing traders usually miss long-term trends because of short-term price movements
Swing Trading Strategies Allowed in UAE
Below are the most common swing trading strategies allowed in the UAE:
- Trend Catching Strategy – traders hold their position until the trend changes due to a reversal, pullback, or breakout. The goal of swing traders with this strategy is to identify the trend and favorable entry and exit points.
- Fading Trading Strategy – requires swing traders to trade against momentum (counter-trend). The goal of this strategy is to profit from price corrections by predicting reversals. This strategy is suited for institutional traders as it requires a lot of skill and involves significant risk.
- Breakout Swing Strategy – requires swing traders to look for price breakouts and open long positions at the beginning of an uptrend. By “riding the wave” of the trend, these swing traders try to make as much profit as possible.
- Breakdown Swing Strategy – requires swing traders to trade breakouts above and below support and resistance levels at the beginning of an up or downtrend. This strategy is well-suited for traders that have experience in trading a certain asset and know its price movements.
Apart from these swing trading strategies, swing traders scan the charts of multi-day patterns such as head and shoulder patterns, flags, and triangles. After recognizing a certain pattern, the swing trader sets up a plan and strategy with a favorable risk/reward ratio.
What Is The Difference Between Swing Trading and Day Trading?
The main difference between swing trading and day trading is that swing traders keep positions open for longer. Day traders close their positions at the end of each trading day, whilst swing traders trade intraday and keep positions open for multiple days or weeks.
Swing traders pay more trading fees because they pay overnight fees and take weekend market risk but generally take a smaller risk because they open smaller trades than day traders. Swing traders typically use 2:1 leverage, whilst day traders use 4:1 to 6:1 leverage.
Swing Trading Indicators
Swing trading indicators are technical analysis tools that help swing traders spot favorable entry and exit points and show where the current trend is heading. Here are the 5 best swing trading indicators for UAE traders:
- Moving Averages – Moving averages or MAs measure the price movements of an asset over a certain period. The 5-, 50-, 100,-, and 200-daily moving averages confirm trends over a longer timeframe and help swing traders spot momentum.
- Stochastic Oscillator – is a momentum indicator that compares the closing price of an asset to its price range over a certain timeframe. The stochastic oscillator is shown on a chart with a value of between 0 and 100.
- Volume – Volume shows the strength of a price trend. The higher the volume, the stronger the trend. Swing traders use volume indicators to sport breakouts.
- Ease of Movement – or EOM shows how volume relates to price action. By checking this indicator, swing traders can identify whether market movement is being driven by low trade volume.
- Relative Strength Index – shows whether an asset is overbought or oversold and whether a price swing can be expected soon. The RSI measures the number and size of an asset’s positive and negative closing prices over a certain period and is represented by an oscillator on a 0 to 100 chart.
FAQs About Swing Trading
Is Swing Trading Good For Beginners?
Swing trading is a commonly used trading strategy by beginners as it is less time consuming and doesn’t require the trader to actively conduct technical analysis.
Is Swing Trading Illegal in UAE?
Swing trading is legal in the United Arab Emirates and regulated brokers allows users to apply this trading strategy.
Is Swing Trading Halal?
Yes, swing trading is halal as long as you use an Islamic brokerage account and don’t trade haram stocks or other assets.
Which Assets Can Be used For Swing Trading?
The most commonly used assets for swing trading are large-cap stocks because they have the best liquidity.