Page Summary
Trading APIs are popular among forex traders in UAE as they allow users to connect customized trading platforms, automated trading systems, and third-party software to their broker’s trading account. Due to the wide range of providers offering APIs with different features, it can be challenging for users to find the best forex broker for their personal needs.
To guide users through the selection process, we have analyzed, compared, and reviewed the different providers and their services to create a list of top choices. To make it helpful for different traders, we have considered API programming languages, available data types, customer support, connectivity, API costs, number of forex pairs, deposits & withdrawals, and trading fees.
This guide assesses 35 online brokers in UAE to help users compare and find the top options for their needs. A list of the best forex brokers in UAE with APIs is shared below.
Top 5 Forex Brokers in UAE for API Trading
- Saxo Bank – Best Forex Broker with REST OpenAPI
- Interactive Brokers – Top Overall Forex Broker with TWS API
- Forex.com – Ideal Forex CFD Broker with REST API
- FXCM – Best For Forex Connect, FIX, and JAVA API
- Oanda – Great For Forex MetaTrader 4 API
Best Forex Brokers in UAE for API Trading Reviewed
The top 5 forex brokers in UAE for API trading are reviewed below including pros, cons, and key features.
1. Saxo Bank – Best Forex Broker with REST OpenAPI
Min Deposit: $5000
Fees: 4.7
Assets available: 4.9
Total Fees:
69% of retail investor accounts lose money when trading CFDs with this provider.
Saxo Bank is a Danish online broker, founded in 1992. Saxo Banks REST OpenAPI provides users with a stable, fast, and fully documented electronic infrastructure. Their API uses SAML and oAuth to ensure secure development.
Saxo Bank’s OpenAPI allows users to integrate third-party trading tools and expert advisors. Additionally, users can embed new products, services, and functionality into the existing Saxo Bank trading UI. Saxo Bank also provides users with other API technology solutions including FIX trading and connectivity, Client Management Services API, a Trade Event Notification System, and End-of-Day File Transfers.
API access at Saxo Bank is free of charge. Saxo Banks supports API integration through a variety of video tutorials and text guides. Users are allowed to test the API in a live environment through a 24-hour token.
Saxo Bank Requires a minimum deposit of $2,000 to open an account. Deposits and withdrawals are available through credit/debit cards, bank wire transfers, and stock transfers from other brokers.
Saxo Bank’s customer service is available via email, live chat, and by phone.
Saxo Bank Key Features for Forex Traders:
- Wide Range of Forex Pairs – access to 130 forex pairs and 40 FX options.
- Deploy Expert Advisors Through REST OpenAPI – Saxo Bank’s REST OpenAPI allows users to deploy expert advisors, customise the trading UI, and connect third-party services to their trading platform.
- Accessibility – Users have access through a web app (WebTrader), desktop app (SaxoTraderPRO), and mobile app (SaxoTraderGO).
- Islamic Account Availability – Saxo Bank offers an Islamic swap-free account option.
- Advanced Trading Tools – Users can place orders with multiple advanced order types and have access to an extensive set of risk management tools.
- Market Research and in-depth Analysis Tools – Saxo Bank provides users access to a wide range of market research and analysis tools through the SaxoStrats daily market call podcast, videos, and blog post
Pros
- Industry leading market coverage
- Excellent Trading Features with SaxoTraderGo
- Advanced order type and account protection features
- Intuitive and easy to use mobile trading app
- Great education and research materials
- Competitive fee structure for active traders
Cons
- $10,000 minimum deposit for UAE users
- High time investment to set up
- Only for advanced traders
69% of retail investor accounts lose money when trading CFDs with this provider.
2. Interactive Brokers – Best Overall Forex Broker with TWS API
Min Deposit: $0
Fees: 4.9
Assets available: 4.9
Total Fees:
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.
Interactive Brokers is a US-based investment firm, founded in 1978. It is the largest trading platform in the US by daily number of trades. Interactive Brokers TWS API allows users to build custom trading applications, integrate trading onto existing applications and develop commercial trading software.
The TWS API allows users to automate their trading strategies with Expert Advisors, request market data, and monitor account balance in real-time.
Interactive Brokers TWS API key features are listed below.
- Proprietary, fully open-source API
- Ability to place orders, view trades and positions, access market data, news, and account data
- Connectivity with Trader Workstation or IB Gateway
- Develop applications in C++, C#, Java, Python, ActiveX, RTD and DDE
- Available via leased line, cross-connect and internet
Interactive Brokers provides great educational materials covering the usage of IBKR Web API, TWS API, Trading using R, and the Python TWS API. Users have also access to educational resources for IB APIs deep learning, artificial intelligence, blockchain, and other transformative technologies.
Interactive Brokers customer service is available via email, live chat, and by phone. To contact the API support group, you can send an email to api@ibkr.com. Additionally, the FIX engineering group is available via fix@ibkr.com to assist you with any FIX/CTCI solutions.
Interactive Brokers Key Features for Forex Traders:
- Wide Selection of Available Instruments – Including 100+ forex pairs across 150 markets.
- Multiple Trading Platforms – including IBKR Global Trader, the Client Portal, IBKR Mobile, Trader Workstation (TWS), IBKR EventTrader, and IMPACT.
- Accessibility – trading platforms and APIs can be accessed via desktop, web browser, and mobile devices.
- Vast Library of Educational Materials – including fundamental analysis blog posts, platform guides, and tutorial videos.
- Market Research and in-depth Analysis Tools – access to a wide range of market research and analysis tools provided by top-tier sources like Reuters, Dow Jones, and MorningStar.
Pros
- Best market coverage in the industry (100k+ assets on different instruments)
- Access to 16,500 shares and 8,000 stocks as CFDs
- Professional trading platform suitable for different types of traders
- Intuitive and easy to use mobile trading app
- Industry leading fee structure
- Compatible features for casual and professional traders
- Responsive customer support
Cons
- Few deposit and withdrawal options
- Research and education materials missing
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.
3. Forex.com – Best Forex CFD Broker with REST API
Min Deposit: $100
Fees: 3.7
Assets available: 4.1
Total Fees:
Forex.com is a forex CFD broker, operated by StoneX Group Inc. The Forex.com API’s allow users access to automated trading (through Expert Advisors) and algorithmic trading (by utilizing their own trading systems). It also allows users to view their current active orders, account balance, available margin, open positions, and historical trades in real-time.
Forex.com has two APIs: the REST API and the FIX API (for institutional traders).
The Forex.com API’s support a variety of programming languages including Perl-script, C++, Python or VB.NET. Its users have access to a member support forum that features access to sample code, support tools, and more. I
Forex.com requires a minimum deposit of $100 (380 AED) to open a live account. Funding and depositing methods include credit cards, debit cards, Skrill, Neteller, and wire transfers.
Forex.com API assistance is available via email, phone, and live chat.
Forex.com Key Features for Forex Traders:
- Wide Selection of Financial Instruments – 50+ forex pairs across 180 markets.
- Multiple Trading Platforms – including WebTrader with TradingView integration and MetaTrader 5.
- Accessibility – trading platforms and APIs can be accessed via desktop, web browser, and mobile devices.
- Vast Library of Educational Materials – learn how to trade in the Forex.com Academy, which includes courses, lessons, videos, platform tutorials, and an extensive trading glossary.
- Market Research and in-depth Analysis Tools – access to a wide range of market research and analysis tools provided by Forex.com analysts and external sources.
Pros
- Great market coverage
- Advanced Trading and Web Trading platforms
- Advanced charting features and performance analytics
- Award Winning Mobile trading app
- Professional customer support
- Competitive fee and commission structure
Cons
- Educational videos are missing
- MT5 available outside of US only
- Limited assets available on MT5
80% of retail CFD accounts lose money
4. FXCM – Best For Forex Connect, FIX, and JAVA API
Min Deposit: $300
Fees: 3.4
Assets available: 2.0
Total Fees:
FXCM is a global forex broker, founded in 1999. FXCM has 3 APIs: FIX API, Java API, and ForexConnect API. They allow users to define protocols and build trading applications that can be directly connected with FXCM’s trading server.
APIs available on the FXCM platforms are described below.
- FXCM FIX API – is a FIX protocol API that allows up to 250 price updates per second. FXCM’s fastest API. It is available with all order types supported by the broker. The API requires a FXCM Trading Station account with a $5,000 minimum balance.
- JAVA API – FXCM’s Java API provides users with a fully functioning programmable API compatible with the FXCM trading platform. The Java API includes live streaming prices and historical market data. It is compatible with any Java-compliant operating system.
- ForexConnect API – The ForexConnect API supports all order types and streaming of live prices. It allows users to manage their positions and get full account reports. This API supports c++, c#, Java, VB, VBA, and is compatible with .Net, Linux, iOS, and Android operating systems.
FXCM provides full documentation on Python, R, C++, C#, Java, Matlab, and API/Fix tools on its website so users can easily set up their APIs and automate their trades on the platform.
FXCM’s customer supports is available vie email (api@fxcm.com) 24/5.
FXCM Key Features for Forex Traders:
- Wide Selection of Financial Instruments – Including 40+ forex pairs, hundreds of shares, indices, commodities, and cryptocurrencies.
- Multiple Trading Platforms – including FXCM’s proprietary Trading Station, TradingView Pro, MetaTrader 4, ZuluTrade, and Capitalise.ai
- Accessibility – trading platforms and APIs can be accessed via desktop, web browser, and mobile devices.
- Vast Library of Educational Materials – learn how to trade in FXCM’s free online live classroom, read tutorial guides, and watch trading videos.
Market Research and in-depth Analysis Tools – FXCM provides users with a wide variety of market research and in-depth analysis tools in the form of market data signals, a market scanner, an economic calendar, live forex charts, trading signals, and eFXplus.
Pros
- Offers CFD trading on multiple asset classes
- Multiple trading platforms available on all operating systems
- Excellent customer service available in English and Arabic
Cons
- Low amount of trading instruments
- Relatively high trading and other fees
63% or 74% of retail CFD accounts lose money
5. Oanda – Best For Forex MetaTrader 4 API
Min Deposit: $0
Fees: 3.1
Assets available: 1.8
Total Fees:
Oanda is a London-based brokerage firm, founded in 1996. Oanda has 3 APIs: the V20 REST API, FIX API, and MetaTrader 4 API.
All API’s are available through Oanda’s proprietary trading platform. The supported API formats include JSON, text, and SDK. The MT4 API can only be used in conjunction with MetaTrader 4.
| Feature | V20 REST API | FIX API | MT4 API |
| List of instruments | ✓ | ✘ | ✓ |
| Nr. of tradable pairs available | 70+ | 70+ | 70+ |
| Access to non-tradable pairs | Price info available | Price info available | Allows market data requests on pairs marked as indicative is configurable |
| Instrument info | ✓ | ✘ | ✓ |
| Current rates | ✓ | ✓ | ✓ |
| Instrument history | ✓ | ✓ | ✓ |
| Caching of instrument history | ✓ | ✘ | ✓ |
| Max. nr. Of history records | 5000 per page | ✘ | No limit |
| How far back goes the trade history? | Complete | ✘ | Varies per interval |
| Candle data | ✓ | ✘ | Bid only |
| Supported Timeframes | S5, S10, S15, S30, M1, M2, M3, M4, M5, M10, M15, M30, H1, H2, H3, H4, H6, H8, H12, D, W, M | ✘ | M1, M5, M15, M30, H1, H4, D1, W1, MN |
| Flexible candle alignment | ✓ | ✘ | ✓ Aligned for GMT-5 and GMT+2 timezones only |
| Streaming rates | ✓ | ✓ | ✓ |
| Supported streaming events | ✓ | ✓ | ✘ |
OANDA has a developer forum that offers support for API implementation and set-up.
Their customer support is available by email, live chat, or phone 24/7.
Oanda Key Features for Forex Traders:
- Wide Selection of Available Instruments – Including 70+ forex pairs and 10 cryptocurrencies
- Multiple Trading Platforms – including Oanda’s proprietary TradeWeb, TradingView, and MetaTrader 4.
- Accessibility – trading platforms and APIs can be accessed via desktop, web browser, and mobile devices.
- Vast Library of Educational Materials – expand your trading knowledge with Oanda’s available tutorial videos, guides, and educational events.
- Market Research and in-depth Analysis Tools – stay on top of the markets with Oanda’s MarketPulse fundamental and technical analysis tools, market updates, and an economic calendar.
Pros
- Multiple trading platforms available
- Broad range of research and analysis tools
- Easy account opening process
Cons
- Only CFD and forex trading available
- Customer support is only available during office hours
- Charges inactivity fees
74-89% of retail CFD accounts lose money
Tips To Select The Right Forex Broker in UAE For Trading With APIs
Criteria that help choose the right forex broker in UAE with APIs are listed below.
- Support – Brokers with responsive customer support on API questions should be preferred. The forex broker should offer a well-documented and robust API that supports all your trading needs. The API should be safe, have no latency issues, and provide access to the data and functionalities you need to trade the financial markets successfully.
- API Testing Features – Availability of API testing options (to test trading algorithms and applications) through a sandbox or demo account should be considered.
- Speed and Reliability – API’s order execution speed, reliability, low latency, and downtime should be considered. Delays or interruptions of order executions can result in potential profit losses.
- Security – Security features including encryption, two-factor authentication, and anti-phishing should be offered by the broker. They protect users’ personal data and banking information from scams.
- Pricing – Brokers charge different fees for API usage. Users should prefer brokers with a competitive fees structure.
- Platform Compatibility – API should be compatible with trading platforms traders intend to use.
- Trading Style – compatibility with the traders intended trading strategy should be considered. Trading strategies to check include scalping, day trading, and swing trading.
- Program Language – API documentation should be available in the desired programmatic language.
Top Forex Brokers in UAE With APIs Compared
Key features of the highest ranked forex brokers in UAE with APIs are compared in the table below.
| Broker | Saxo Bank | Interactive Brokers | Forex.com | FXCM | Oanda |
| Nr. of Forex Pairs | 130 | 100+ | 40+ | 40+ | 70+ |
| Spread on EUR/USD | From 0,5 pips on VIP Accounts | From 0,1 pips | From 0,8 pips | From 0,5 pips | From 0,4 pips |
| Trading Platforms | SaxoTraderGO, SaxoTraderPRO | IBKR GlobalTrader, Client Portal, IBKR Mobile, Trader Workstation (TWS), IBKR APIs, IBKR EventTrader, IMPACT | Web Trader, iOS and Android App, MetaTrader 5 | Trading Station, TradingView Pro, ZuluTrade, Capitalise.ai | Oanda Trade Web, Oanda Trade Mobile and Tablet, MetaTrader 4, |
| Supported Programming Languages | SAML, oAuth | C++, C#, Java, Python, ActiveX, RTD, DDE, oAuth | Perl-script, C++, Python, VB.NET | Python, R, C++, C#, Java, MatLab | Javascript, Python, JSON |
| Available APIs | FIX API, OpenAPI for Excel, Client Management Systems API | REST API, Client Portal API, open-source API, FIX API | REST API, institutional FIX API | FIX API, JAVA API, FOREXCONNECT API | REST-V20, FIX, MT4 |
| API Fees | Free | Free | Free | Free | Free |
| API Supported Trading Styles | Scalping, hedging, day trading, swing trading | Scalping, hedging, day trading, swing trading | Scalping, hedging, day trading, swing trading | Scalping, hedging, day trading, swing trading | Scalping, hedging, day trading, swing trading |
| API Supported Third-Party Integrations | OpenAPI for Excel, Dynamic Trend, TradingView, MultiCharts, Updata | 600+ investment services, 320+ research services, 450+ technology services, 200+ administrative services, 40+ business dev services | MetaTrader 5, expert advisors, charting and analysis tools | Quantresearch, EpChan, Quantocracy, Quantpedia, Robot Wealth | MetaTrader 4, AutoChartist, fxLabs |
What Are APIs?
API or Application Programming Interface is a set of protocols, standards, and tools that allow multiple software applications to communicate with each other and exchange data. With other words, APIs define rules on how different software components should interact with each other.
How Are APIs Used For Forex Trading
The different ways APIs are used for forex trading are listed below.
- Trading System Automatisation – APIs allow forex traders to create automated trading systems that open and close trades based on predefined trading strategies. In other words, APIs allow traders to connect their trading algorithms to broker’s trading platforms.
- Custom Indicators Creation – APIs allow traders to build custom indicators, which can be used as technical indicators or as custom charting tools.
- Backtesting – APIs enable traders to backtest their trading strategies by providing access to historical market data. Traders can test their algorithms using historical data. This allows them to refine their trading strategies (to make better-informed trading decisions).
- Real-Time Market Data – APIs provide traders with real-time access to market data, such as current currency prices, order book depth, and trade history. These allow traders to make better trading decisions in higher chances for profit.
- Account Management – APIs allows traders to manage their forex trading accounts programmatically. This includes accessing account login details, following the performance of open positions, and managing risk.
- Integration Of Third-Party Applications – APIs allow forex traders to integrate their third-party applications including trading platforms, reporting software and risk management tools.
What Are The Different Types of APIs Used For Forex Trading in UAE?
The most common types of APIs used in UAE are listed below.
- REST (Representational State Transfer) APIs – use HTTP requests to access and interact with data, allowing for easy creation of lightweight and scalable trading applications.
- Streaming APIs – provide real-time market information, like currency prices, order book depth, and trade history. These APIs utilize WebSockets to stream data to trading applications in real time.
- FIX (Financial Information eXchange) APIs – are standard protocols used by financial institutions to ease electronic trading. They provide a standardized way to transmit trade-related information like order placement and trade executions between trading systems.
- Java APIs – provides a way to access and interact with trading platforms using Java code.
- Python APIs – allow traders to access and interact with trading platforms using Python code.
- .NET APIs – allow traders to access and interact with trading platforms and external software using .NET code.
Conclusion
The wide range of online brokers in UAE makes comparing and evaluating their services to find the ideal option time intensive. To make the ideal choice for their needs, traders must collect key data and analyze them, considering certain criteria.
This guide does the hard work for you by comparing and evaluating the top choices for different types of traders and trading goals. The results of our analysis of the best forex brokers in UAE with APIs are in the table below.
| RANK | BROKER | GENERAL | PLATFORM SCORE | BEST FOR | WEBSITE |
|---|---|---|---|---|---|
| #1 | Saxo Bank | Industry leading market coverage | 4,9/5 | Best Forex Broker with REST OpenAPI | Official website |
| #2 | Interactive Brokers | Responsive customer support | 4,9/5 | Best Overall Forex Broker with TWS API | Official website |
| #3 | Forex.com | Award Winning Mobile trading app | 4,4/5 | Best Forex CFD Broker with REST API | Official website |
| #4 | FXCM | Multiple trading platforms available on all operating systems | 4,0/5 | Best For Forex Connect, FIX, and JAVA API | Official website |
| #5 | Oanda | Easy account opening process | 3,8/5 | Best For Forex MetaTrader 4 API | Official website |
FAQ
Doest MetaTrader suite has an API?
Yes, MetaTrader platforms (MT4 and MT5) has a fast and easy to use forex trading API for trader and developers.
Who are forex APIs best suited for?
Forex APIs are used by all types of traders (beginners to advanced) to build, import or export their own platforms, features automatic trading systems or trading data.
Are forex trading APIs free?
Most forex trading APIs have a free basic plan, but charge extra for additional services.
How to test trading strategies with a forex trading API?
The most common way to test API forex trading strategies is through a demo (paper trading) account offered by online brokers.
What programming language is most commonly used fo forex APIs?
The most common forex API programming languages include Python, Java, C++, and R.
Are forex APIs secure?
The risks of data and communication exposure of APIs can be widely reduced through online brokers security and regulation measures.
Disclaimer
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Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money
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Stefan Grasic is the owner of Business24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active stock, CFD, crypto and general investment researcher, advising blockchain companies such as Blockbird, GoCrypto, Hive Terminal at their start up level.