Key Insights
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Eightcap has obtained a Category Five licence from the UAE’s SCA, allowing it to offer financial consultations and act as an introducing broker in the region.
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The move aligns with a broader trend of global brokers establishing a regulatory presence in Dubai to target the growing MENA market, following similar steps by EC Markets, CPT Markets, and others.
DUBAI/SYDNEY (MarketsXplora) – Australian forex and CFDs broker Eightcap has secured a Category Five licence from the United Arab Emirates’ Securities and Commodities Authority (SCA), becoming the latest in a growing list of global brokers establishing a regulatory foothold in Dubai to target clients across the Middle East and North Africa (MENA) region.
The licence, formally issued on January 15, 2025, was granted to Eightcap Financial Services MENA LLC, a newly formed entity incorporated in January. It permits Eightcap to operate as an introducing broker and provide financial consultation services in the UAE, although it does not allow the firm to hold client funds or provide trading services directly within the country—a distinction reserved for SCA Category One licensees.
Eightcap, headquartered in Melbourne, joins other brokers such as EC Markets, CPT Markets, VPFX, and STARTRADER that have obtained Category Five licences this year. The licence enables foreign brokers to market and promote their services locally, while clients are onboarded through non-UAE licensed entities in jurisdictions such as the Bahamas or Seychelles.
The firm has registered a dedicated website for its MENA operations, though the site remains inactive as of June. Eightcap’s move comes amid a broader wave of global brokers establishing a presence in Dubai, reflecting its growing status as a strategic base for MENA operations.
Dubai’s appeal lies in its regulatory environment, connectivity, and investor interest in leveraged trading products. High-profile names such as Plus500 and XTB have already secured full SCA licences, while other entrants, including ANAX Capital and Sky Links Capital, are using Dubai as their operational launchpad for regional expansion.
Sky Links Capital, a Category Five licensee founded by a former BDSwiss executive, has established its headquarters in Dubai while operating under a Mauritius licence and maintaining a presence in St. Vincent and the Grenadines. In a similar move, former BDSwiss CEO Alexander Oelfke co-founded Tauro Markets, a Dubai-headquartered CFDs broker, alongside David Dubrulle and Konstantin Oelfke.
Founded in Australia, Eightcap operates regulated subsidiaries in its home country as well as in the UK, Cyprus, the Bahamas, and now the UAE. The company is chaired by former CEO Joel Murphy, with Joe Jeffriess serving as lead analyst. Eightcap also lists Seychelles as a jurisdiction of incorporation on its website, a common offshore locale for retail brokers seeking flexibility in global operations.
The firm’s entry into the UAE market marks a strategic push to tap into the growing appetite for online trading across the MENA region. The region’s combination of high-net-worth individuals, increasing retail participation, and favorable time zone positioning has attracted a surge of interest from global trading platforms.
While Category Five licences do not grant full operational privileges, they are widely seen as a first step for firms gauging market demand and regulatory fit, with the potential to pursue upgraded licences down the line.
As competition intensifies, the UAE’s SCA continues to emerge as a regulatory focal point for retail trading firms aiming to scale in a region seen as underpenetrated but highly promising.