Gain Capital Secures UAE Licence Amid Dubai Broker Rush

Gain Capital, the parent company of Forex.com and City Index, has obtained a Category 5 licence from the Securities and Commodities Authority (SCA) of the United Arab Emirates, joining a growing group of global brokers targeting Dubai's rapidly expanding retail trading market.

The Category 5 licence permits Gain to offer financial consultations and promote financial services in the UAE, allowing the firm to operate as a regulated introducing broker. It does not authorize the company to hold client funds or execute trades locally. In practice, Gain can now market its brands to UAE-based traders and direct them to offshore entities regulated in other jurisdictions.

Industry observers see this as part of a "land-and-expand" strategy, in which brokers first establish a presence under light-touch permissions before seeking broader authorizations once operations prove commercially viable.

Dubai has become a hotspot for retail trading in the Middle East and North Africa (MENA) over the past year. Other firms have also secured SCA approval: XS.com recently obtained a Category 5 licence, while Plus500, XTB, Deriv, and RoboMarkets hold full Category 1 licences, which allow local custody of client funds and trade execution.

Founded in 1999, Gain Capital was an early pioneer in online forex trading and took FOREX.com public on the NYSE in 2010. The company expanded its footprint by acquiring City Index in 2014 and became part of the StoneX Group after a 2020 buyout. While the acquisition faced early shareholder pushback and an insider trading probe, it ultimately expanded StoneX from a largely institutional player into a retail trading powerhouse operating in over 180 countries.

The UAE licence positions Gain to tap into a fast-growing Middle Eastern client base, signaling continued interest among international brokers in the region's evolving regulatory and retail trading landscape.