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ADGM Abu Dhabi Global Market

Abu Dhabi Global Market (ADGM) is the international financial centre in Abu Dhabi, and its Financial Services Regulatory Authority (FSRA) authorises and supervises financial firms inside it under a legal framework based on English Common Law. Any firm can be checked on the FSRA Public Register, which lists firms that are, or have been, approved, so the status line and the dates on each entry decide whether a permission is live today. For retail traders, two rules carry the most weight: a Retail Client must post margin of at least 3.33% of exposure on major currency pairs, and liability is limited to the funds in the trading account. A complaint goes to the firm first and then to the FSRA, which aims to complete its assessment within 28 days.

Country
United Arab Emirates
Jurisdiction
Self-Regulated Authority
Established in
2015
79
Overall Rating
12
Licensed Brokers
High
Transparency Index
Tier 2
Global Tier
IOSCO Member
FATF Member
The regulator
Updated

About ADGM

Abu Dhabi Global Market (ADGM) is the international financial centre in Abu Dhabi, and its Financial Services Regulatory Authority (FSRA) authorises and supervises financial firms inside it under a legal framework based on English Common Law. Any firm can be checked on the FSRA Public Register, which lists firms that are, or have been, approved, so the status line and the dates on each entry decide whether a permission is live today. For retail traders, two rules carry the most weight: a Retail Client must post margin of at least 3.33% of exposure on major currency pairs, and liability is limited to the funds in the trading account. A complaint goes to the firm first and then to the FSRA, which aims to complete its assessment within 28 days.

Tier 2
Brokers on the record
12
Compensation cap
None
Retail leverage cap
1:50
Cost of a licence
USD 50,000–100,000

Abu Dhabi Global Market (ADGM) is an international financial centre spread across Al Maryah Island and Al Reem Island, covering more than 14.38 million square metres. It opened in October 2015.

Its regulator is the Financial Services Regulatory Authority (FSRA), whose rulebook is built on internationally recognised practice. The practical effect for a firm is that the standard it is held to in ADGM is one it will recognise from elsewhere.

English common law

ADGM applies English common law directly. It was the first jurisdiction in the Middle East to do so, and it is the reason a contract written there behaves the way an investor from outside the region expects.

Who is based there

Financial institutions and investment firms. Asset managers and private equity funds. Fintech firms and startups. Corporates and professional services firms.

The centre handles company registration and incorporation, regulatory advice and dispute resolution in one place, which is what a firm setting up in the region otherwise has to assemble itself.

How rules are made

The FSRA consults publicly before it writes a rule, so the firms that will have to follow it can say so first.

On the record

Established
2015
Country
United Arab Emirates
Membership
IOSCO and FATF member
Transparency
High
Public register
Open the register
Website
adgm.com
Email
fsra.complaints@adgm.com
Online contact
adgm.com
Protection check

What a licence from ADGM protects

No compensation scheme is recorded for firms licensed by ADGM; a dispute a firm will not settle can go to FSRA Complaints.

3 facts on record
  • No compensation schemeNo mandatory insurance (but strict fund segregation)
  • Complaints routeFSRA Complaints
  • Maximum leverage1:50

What is protected

For Retail Clients trading OTC Leveraged Products, COBS Chapter 23 sets the protections. Liability is limited to the funds in the account maintained for trading those products, which is negative balance protection stated as a rule. The firm must close positions once net equity falls below 50% of the margin requirement, must assess a client's skill, experience, knowledge, financial resources and risk tolerance before offering the products, must publish the percentage of active Retail Client accounts that were profitable, and must not offer bonuses or other inducements, accept paid referrals from unregulated persons, or let a client fund the account with a credit card. Capital sits behind this: a firm dealing as matched principal in OTC derivatives with Retail Clients has a base capital requirement of 2 million USD, and the FSRA requires an Authorised Person's Capital Resources to be kept with a bank in the UAE. No investor compensation or guarantee scheme document was located on ADGM's own domain during this reading, so no compensation cap is stated here.

How to verify a licence

Open the FSRA Public Register at https://www.adgm.com/public-registers/fsra and choose one of the four tabs: FIRMS, INDIVIDUALS, FUNDS or EXEMPT PERSONS. Type the firm name in the search box, which builds a result URL of the form https://www.adgm.com/public-registers/fsra/firms?query=<name>;, then open the matching firm entry. Read four things on the entry: the FSP Number, the FSP Date, the Status, and the Regulated Activities list with the effective and withdrawn date shown against each activity. The register also holds firms whose permission has ended, and those entries carry a status of Withdrawn together with a withdrawn date, so a name appearing on the register is not by itself proof of a current permission. The entry also carries tabs for Conditions/Limitations, Approved Persons and Regulatory Actions, which is where a restriction on the permission would appear. The FSRA states on the register page that it cannot guarantee the accuracy of the information, so match the FSP number and the activity you are being offered, and ask the firm for its FSP number if it does not publish one.

Open the registerOfficial website

How to complain

Contact the firm first. The FSRA states that Authorised Persons must have processes to receive and respond to complaints, and that customers should try contacting the Authorised Person directly in the first instance before coming to the FSRA. A complaint to the FSRA itself must be in writing, submitted through the FSRA Complaints Form at https://fsraconnect.adgm.com/s/submit-a-complaint, and should carry your contact details, the identity of the subject of the complaint and a dated chronology with supporting documents. The FSRA acknowledges the complaint in writing, assesses it to decide what regulatory action to take if any, and provides a written final response. It aims to complete the assessment within 28 days of receipt, and says some assessments take longer depending on complexity. Complaints about ADGM commercial legislation or about non-financial businesses registered in ADGM go to the Registration Authority instead.

These are the rules ADGM sets for the firms it licenses, read from its own record. They say nothing about how any one broker applies them, or which of its companies would hold your account; that is checked on each broker's own page.
Licensing terms

Getting licensed by ADGM

A licence from ADGM costs USD 50,000–100,000 to obtain on the record.

USD 50,000–100,000
Licence types
Cat 3A/3B Brokerage Licence
Business models allowed
Retail Agency (STP); Market Maker (Principal); Provide Liquidity (PoP)
Cost to obtain
USD 50000-100000
Coverage
UAE - GCC countries - Asia - limited global clients
Not served
USA - North Korea - Iran - other sanctioned countries
From the documents
Reviewed

What ADGM's own documents say

21 facts read from 10 official documents published by ADGM, each quoted and linked to its source.

21 facts

Jurisdiction and scope

The FSRA regulates the provision of financial services in ADGM, which covers Al Maryah Island and Al Reem Island, an area ADGM states is 14.38 million sqm. ADGM applies English Common Law directly alongside its own civil and commercial laws. Outside ADGM, financial services in the UAE fall to other authorities: the FSRA states that banking and insurance sit with the Central Bank of the UAE and that securities and brokerage business sit with the Securities and Commodities Authority. A firm authorised by the FSRA must also have a physical presence on Al Maryah Island or Al Reem Island, and its Senior Executive Officer, Compliance Officer and Money Laundering Reporting Officer must be resident in the UAE.

Using this regulator

Ask the firm for its FSP number and check it on the FSRA Public Register, then confirm the exact Regulated Activity you are being sold appears on the entry with no withdrawn date. If the offer involves leveraged forex, indices, commodities or crypto, the ADGM rules give you a floor to test the offer against: margin of at least 3.33% on major currency pairs, 5% on non-major pairs, gold and major equity indices, 10% on other commodities and non-major indices, 20% on single equities and 50% on Virtual Assets. A bonus or deposit promotion, a paid introducer, credit card funding, or a promised leverage above those margin levels are all outside what the rules permit for a Retail Client of an ADGM firm, which is a quick way to tell whether the entity in front of you is really operating under this permission. Expect to be asked appropriateness questions and to sign a risk disclosure statement that includes the share of profitable retail accounts, and keep the acknowledgement copy the firm must give you. Keep a written record of any dispute: the FSRA route starts with the firm, and the FSRA assesses complaints and takes regulatory action rather than awarding redress.

Good to know

ADGM publishes its consolidated FSRA rulebooks on a separate hosted rulebook platform, so this reading used the rule text published on ADGM's own domains: the FEES Rules PDF marked VER16.181223, and the COBS Chapter 23 rule text that the FSRA links from its 30 November 2022 implementation notice. Amendments to the FEES Rules announced for 2 January 2025 are not covered in this review, so the fee figures quoted here are those of VER16.181223, which are also reproduced in the 2025 Getting Started Guide with FSRA. COBS Chapter 14 on Client Money is not covered in this review, so no client money segregation clause is quoted. No compensation scheme or investor guarantee document was found on ADGM's own domain. The 2024 archived copy of the Public Registers page and the 2025 archived copy of the Cookies policy are not part of the version comparison. The fields described were confirmed against firm entries in the register's own search interface.

Key facts

KeyVerifying a licence

Check a firm on the FSRA Public Register before funding

A trader can confirm in about a minute whether the entity taking the money is the entity the FSRA approved, and whether the activity being offered is on its permission.

The FSRA Public Register at adgm.com/public-registers/fsra is the FSRA's official public record of firms, individuals, funds and exempt persons, and the FSRA states it is designed to help the public, investors and market participants verify regulatory status. Search by name in one of the four tabs, then open the firm entry.

This Register is the official public record of the FSRA that shows details of firms, individuals and other bodies that are, or have been, approved by the FSRA. It also contains details relating to securities, funds and certain other information. It is designed to help the public, investors, and market participants verify regulatory status and access basic information.
Quoted in FSRA Public RegisterRead the source

Where in the document: FSRA Public Register, How to use the Public Register

  • public register
  • license verification
  • retail clients
KeyLeverage rules

Retail margin is at least 3.33% on major currency pairs

3.33%

3.33% margin means a position of about 30 times the money posted, and 50% on Virtual Assets means about two times. An offer of higher leverage than these levels to a retail client is outside what these rules allow an ADGM firm to do.

COBS Rule 23.6 requires an Authorised Person to take posted margin from a Retail Client before opening a position in an OTC Leveraged Product of at least 3.33% of exposure for major currency pairs and relevant sovereign debt, 5% for non-major pairs, gold and major equity indices, 10% for other commodities and non-major indices, 20% for individual equities and 50% for Virtual Assets.

An Authorised Person must require a Retail Client to have posted margin, in the form of Money, before it opens a position in an OTC Leveraged Product for that Retail Client of at least the following proportion of the value of the exposure of the Retail Client: (a) 3.33% for major currency pairs and relevant sovereign debt; (b) 5% for non-major currency pairs, gold and major equity indices; (c) 10% for commodities, excluding gold, and non-major equity indices; (d) 20% for individual equities; or (e) 50% for Virtual Assets.
Clause 23.6 in Appendix 1 Conduct of Business Rulebook (COBS), pp.5-6Read the source
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has implemented changes to its regulatory framework that applies to Authorised Persons offering over-the-counter leveraged products (“OTC Leveraged Products”) to Retail Clients.
Quoted in Regulatory update - OTC Leveraged Products implementationRead the source

Where in the document: COBS Chapter 23, Rule 23.6 Margin Requirements for Retail Clients

  • retail clients
  • leverage cap
  • otc leveraged products
KeyWhat is protected

Retail liability is limited to funds in the trading account

A retail trader cannot be pursued for a debt beyond what sits in the trading account, and cash held in that account for other purposes does not count towards the liability.

COBS Rule 23.8 states that a Retail Client's liability for all their investments in OTC Leveraged Products connected to the account is limited to the funds in that account maintained for trading those products. The guidance defines those funds as deposited margin plus unrealised net profits from open positions.

The liability of a Retail Client for all their investments in OTC Leveraged Products connected to their account is limited to the funds in that account maintained for the purpose of trading OTC Leveraged Products.
Clause 23.8 in Appendix 1 Conduct of Business Rulebook (COBS), p.6Read the source

Where in the document: COBS Chapter 23, Rule 23.8 Negative Balance Protection

  • retail clients
  • negative balance protection
  • otc leveraged products
KeyHow to complain

Complain to the firm first, then the FSRA within 28 days

28 days

Knowing the order of the route and the 28 day target lets a trader keep a dispute moving instead of waiting on a firm indefinitely, and the FSRA route is about regulatory action rather than an award of money back.

The FSRA states that customers should contact the Authorised Person directly in the first instance, and that a complaint to the FSRA must be submitted in writing through the FSRA Complaints Form. The FSRA aims to complete its assessment within 28 days of receipt and provides each complainant with a written final response.

Before submitting a complaint to the FSRA, customers of FSRA regulated Authorised Persons should try contacting the Authorised Person directly in the first instance. This can often lead to a swift and efficient resolution of the dispute.
Quoted in ADGM FSRA Enforcement - ComplaintsRead the source
The FSRA endeavors to complete assessments within twenty eight (28) days of receipt of your complaint. However, some complaint assessments may take longer, depending on the nature and complexity of the complaint.
Quoted in ADGM FSRA Enforcement - ComplaintsRead the source
A person wishing to lodge a complaint with the FSRA directly should complete and submit the FSRA Complaints Form.
Quoted in FSRA Public RegisterRead the source

Where in the document: FSRA Enforcement Complaints page, How the FSRA handles complaints

  • retail clients
  • complaint deadline
  • enforcement
KeyJurisdiction and limits

FSRA jurisdiction stops at the ADGM boundary

If the entity a trader actually contracted with sits outside ADGM, the ADGM permission and this complaint route do not reach it, and the complaint belongs with a different UAE authority.

The FSRA states that it can only receive and assess complaints within its own jurisdiction, and that financial services in the UAE outside ADGM fall to the Central Bank of the UAE for banking and insurance and to the Securities and Commodities Authority for securities and brokerage business.

The FSRA can only receive and assess complaints that fall within the FSRA’s jurisdiction.
Quoted in ADGM FSRA Enforcement - ComplaintsRead the source
The regulation of financial services in the United Arab Emirates (UAE) outside of the ADGM falls within the jurisdiction of: The Central Bank of the UAE (CBUAE), for firms providing banking or insurance services. The Securities and Commodities Authority of the UAE (SCA), for firms offering securities and conducting brokerage business.
Quoted in ADGM FSRA Enforcement - ComplaintsRead the source

Where in the document: FSRA Enforcement Complaints page, Complaints not dealt with by the FSRA

  • scope of authorisation
  • complaint route
  • jurisdiction
KeyCost to get licensed

Serving retail leveraged clients adds 40,000 USD each year

USD 40,000

A firm that markets leveraged products to retail clients under an ADGM permission pays eight times the fee of one serving other clients only, which is a measure of how the regime treats retail leveraged business.

FEES Rule 3.20 sets an extra application fee of 5,000 USD for OTC Leveraged Products, rising to 40,000 USD where those products are offered to Retail Clients, plus a matching annual supervision fee of 40,000 USD. Both sit on top of the fees for each Regulated Activity the firm carries on.

An Applicant for a Financial Services Permission to carry on a Regulated Activity in relation to OTC Leveraged Products must pay to the Regulator, in addition to the application fees due in respect of each Regulated Activity which the Applicant proposes to undertake, an application fee of: (a) $5,000; or (b) $40,000 where those OTC Leveraged Products are to be offered to Retail Clients.
Clause 3.20.1 in Fees Rules (FEES), p.13Read the source
An Authorised Person with a Financial Services Permission to carry on a Regulated Activity in relation to OTC Leveraged Products must pay to the Regulator, in addition to the supervision fees due in respect of each Regulated Activity which the Authorised Person undertakes, an annual supervision fee of: (a) $5,000; or (b) $40,000 where those OTC Leveraged Products are to be offered to Retail Clients.
Clause 3.20.2 in Fees Rules (FEES), p.13Read the source

Where in the document: Fees Rules (FEES) VER16.181223, Rules 3.20.1 and 3.20.2

  • retail clients
  • licence fee
  • otc leveraged products

More facts, by topic

The register lists former licensees alongside current onesEntries cover firms that are, or have been, approved by the FSRA, and a firm whose permission ended keeps its entry with a Withdrawn status and a date. Each Regulated Activity carries its own effective and withdrawn date, and separate ADGM registers cover companies, auditors and controlled activities, so the FSRA register is the one that answers financial services questions.2 facts
KeyPublic register

Register entries include firms whose permission has ended

Finding a broker's name on the register is not the same as finding a live permission. The status line and the dates on the activity rows are what tell a trader whether the firm may act today.

The register covers firms and individuals that are, or have been, approved by the FSRA. Each firm entry carries an FSP Number, an FSP Date, a Status, a withdrawn date where the permission has ended, and every Regulated Activity with its own effective and withdrawn dates.

The FSRA Public Register is a public record of both firms and individuals that are, or have been, regulated by the FSRA.
Quoted in Privacy StatementRead the source
The FSRA tries to ensure that the information on the Register is correct and up-to-date. However, we cannot guarantee its accuracy and do not accept liability for errors or missing information.
Quoted in FSRA Public RegisterRead the source

Where in the document: FSRA Public Register, register entry fields and page disclaimer

  • public register
  • license verification
UsefulPublic register

ADGM runs several separate registers, only one covers financial firms

A firm can appear in an ADGM registry as an incorporated company or a licensed service provider without holding a Financial Services Permission, so the FSRA register is the one that answers whether it may deal in investments.

The Public Registers page lists the FSRA register of financial services firms alongside the online registry solution for companies, the auditor register, a register of individuals authorised for controlled activities under the Commercial Licensing Regulations, and a professional services providers directory.

Individuals listed in this register have been authorised to conduct controlled activities pursuant to the relevant sections of ADGM Commercial Licensing Regulations and ADGM Commercial Licensing Regulations 2018.
Quoted in Public RegistersRead the source
The online registry solution allows registering and incorporating entities, and searching for entities and their associated details.
Quoted in Public RegistersRead the source

Where in the document: Public Registers page, register listings

  • public register
  • scope of authorisation
Retail liability is capped at the funds in the trading accountNegative balance protection is written as a rule: liability is limited to deposited margin plus unrealised profits in the account. Alongside it sit an appropriateness assessment before onboarding, a published quarterly percentage of profitable retail accounts, and bans on bonuses, credit card funding and paid referrals from unregulated persons. No investor compensation scheme document was found on ADGM's own domain during this reading.3 facts
KeyWhat is protected

No bonuses, no credit card funding, no paid referrals

These three practices are common in offshore marketing, so a deposit bonus, a paid introducer or a credit card funding option is a direct signal that the offer is not being run under this permission as the rules set it out.

COBS Chapter 23 states that an Authorised Person must not offer promotions, bonuses or other inducements to Retail Clients in connection with OTC Leveraged Products, must not accept a referral of a Retail Client from an unregulated Person for reward, and must ensure as far as possible that a Retail Client does not fund the account with a credit card or third party credit facility.

An Authorised Person must not offer promotions, bonuses or other inducements to Retail Clients in connection with the offer or sale of OTC Leveraged Products, whether monetary or non-monetary in nature.
Clause 23.9 in Appendix 1 Conduct of Business Rulebook (COBS), p.6Read the source
An Authorised Person must not accept a referral of a Retail Client made by an unregulated Person for reward.
Clause 23.10.2 in Appendix 1 Conduct of Business Rulebook (COBS), p.7Read the source
An Authorised Person must ensure, to the extent possible, that a Retail Client does not fund its account through the use of a credit card or a third party credit facility.
Clause 23.12.3 in Appendix 1 Conduct of Business Rulebook (COBS), p.8Read the source

Where in the document: COBS Chapter 23, Rules 23.9, 23.10.2 and 23.12.3

  • retail clients
  • otc leveraged products
  • inducements
  • introducing brokers
UsefulWhat is protected

Firms must publish the share of profitable retail accounts

A trader can ask an ADGM firm for that quarterly percentage and compare it across firms, because the number has to exist and has to be published on the firm's website and given annually to each client.

COBS Rule 23.4.4 requires the risk disclosure statement to display performance data for each OTC Leveraged Product identifying the percentage of active Retail Client accounts that were profitable, stated separately for each of the four most recent calendar quarters. Rule 23.4.3 requires the statement to say that most Retail Clients transacting in these products lose money.

The risk disclosure statement must include a prominent display of performance data for each relevant OTC Leveraged Product that clearly identifies the percentage of active Retail Client accounts that were profitable.
Clause 23.4.4 in Appendix 1 Conduct of Business Rulebook (COBS), pp.3-4Read the source
(g) most Retail Clients transacting in OTC Leveraged Products lose money.
Clause 23.4.3 in Appendix 1 Conduct of Business Rulebook (COBS), p.3Read the source

Where in the document: COBS Chapter 23, Rules 23.4.3 and 23.4.4

  • retail clients
  • otc leveraged products
  • risk disclosure
UsefulWhat is protected

An appropriateness assessment comes before onboarding

A firm that opens a leveraged account with no questions about experience or resources is not following the process these rules set for a Retail Client.

COBS Rule 23.5.1 states that a firm must not offer OTC Leveraged Products to a Retail Client until it has assessed the client's skill, experience, knowledge, financial resources and risk tolerance, and concluded that the client understands the risk of loss and holds liquid resources sufficient to absorb potential losses. Rule 23.5.2 requires the assessment to be repeated annually.

An Authorised Person must not offer OTC Leveraged Products to a Retail Client, or provide any advice or make arrangements on behalf of a Retail Client relating to OTC Leveraged Products unless it has first completed an assessment of the skill, experience, knowledge, financial resources and risk tolerance of the Retail Client, such that the Authorised Person may reasonably conclude that the Retail Client has: (a) adequate experience and skill enabling them to understand the potential risk of loss involved in investing in OTC Leveraged Products; and (b) liquid financial resources sufficient to absorb potential losses resulting from trading in OTC Leveraged Products.
Clause 23.5.1 in Appendix 1 Conduct of Business Rulebook (COBS), p.5Read the source

Where in the document: COBS Chapter 23, Rule 23.5 Appropriateness Assessment

  • retail clients
  • appropriateness
  • onboarding
A Financial Services Permission names each Regulated Activity separatelyEach additional Regulated Activity costs the lesser of 10,000 USD or its specified fee, and amending a permission to serve Retail Clients costs 5,000 USD. That structure is why the register entry lists activities one by one, and why the activity list, not the word authorised, defines what a firm may do.1 fact
UsefulScope of authorisation

Permission is granted activity by activity, not as one licence

USD 10,000

A firm may hold a permission for one activity and not another, so the activity list on its register entry, not the phrase authorised in ADGM, is what tells a trader what it may do.

A Financial Services Permission names each Regulated Activity. FEES Rule 3.2.1 charges the highest fee among the activities applied for plus an additional fee of the lesser of 10,000 USD or the specified fee for each further activity, and Rule 2.1 charges 5,000 USD to amend a permission to serve Retail Clients.

the Applicant or Authorised Person, as the case may be, must pay the highest of the relevant application fees associated with the Regulated Activities being applied for at that time. Each additional Regulated Activity applied for at that time shall incur an additional application fee of the lesser of $10,000 or the application fee specified in these Rules.
Clause 3.2.1 in Fees Rules (FEES), p.5Read the source
An Authorised Person applying to amend the scope of an existing Financial Services Permission to enable it to serve Retail Clients, other than pursuant to Rule 3.20.1, must pay to the Regulator an application fee of $5,000.
Clause 2.1(b) in Fees Rules (FEES), p.4Read the source

Where in the document: Fees Rules (FEES) VER16.181223, Rules 2.1 and 3.2.1

  • retail clients
  • scope of authorisation
  • licence fee
Base capital reaches 2 million USD for retail OTC derivatives dealing2 million USD base capital for an applicant dealing as matched principal in OTC derivatives with Retail Clients, against 500,000 USD for the same activity otherwise. The firm must also appoint four named officers, three of them resident in the UAE, and hold premises on Al Maryah Island or Al Reem Island.3 facts
UsefulLicensing requirements

Four named officers, three of them resident in the UAE

It means a firm holding an ADGM permission has named, approved people on the ground who can be identified on the register, rather than a licence held at arm's length from anyone accountable.

An Authorised Person must appoint a Senior Executive Officer, a Finance Officer, a Compliance Officer and a Money Laundering Reporting Officer, held by Approved Persons at all times, with the Senior Executive Officer, Compliance Officer and Money Laundering Reporting Officer resident in the UAE.

An Authorised Person must, subject to (2), make the following appointments and ensure that they are held by one or more Approved Persons at all times: Senior Executive Officer (must be resident in UAE); Finance Officer; Compliance Officer (must be resident in UAE); and Money Laundering Reporting Officer (must be resident in UAE).
Quoted in Financial Services Regulatory Authority Getting Started Guide, p.10Read the source

Where in the document: Getting Started Guide with FSRA 2025, Staffing, Controlled Functions and Approved Persons

  • licensing requirements
  • local presence
  • approved persons
UsefulLicensing requirements

Retail OTC derivatives dealing needs 2 million USD capital

USD 2,000,000

Capital is the buffer standing behind a broker's obligations to clients, and the retail figure is four times the standard one for the same activity.

In the FSRA's prudential capital table, a firm dealing as matched principal or as agent sits in Category 3A with a base capital requirement of 500,000 USD, rising to 2 million USD for applicants seeking to deal as matched principal in OTC derivatives with Retail Clients.

USD 500,000 (refer to risk-based capital requirement as set out in PRU) USD 2 million (Applicants seeking to deal (as matched principal) in OTC Derivatives with Retail Clients
Quoted in Financial Services Regulatory Authority Getting Started Guide, p.8Read the source

Where in the document: Getting Started Guide with FSRA 2025, Prudential Capital Requirements table, Category 3A

  • retail clients
  • licensing requirements
  • capital requirement
UsefulLicensing requirements

An ADGM firm must have premises inside the district

An address inside ADGM is part of holding the permission, so a firm claiming ADGM status while listing only an address elsewhere is worth checking against its register entry.

ADGM states that a firm is required to have a physical presence on Al Maryah Island or Al Reem Island. The FSRA does not set a size for the premises, but expects them to suit the financial services being offered.

An ADGM firm is required to have a physical presence on Al Maryah Island or Al Reem Island, but ADGM itself does not engage in the leasing of premises.
Quoted in Financial Services Regulatory Authority Getting Started Guide, p.17Read the source

Where in the document: Getting Started Guide with FSRA 2025, Office Space

  • licensing requirements
  • local presence
Retail margin starts at 3.33% of exposure on major currency pairs3.33% on major currency pairs, 5% on non-major pairs, gold and major indices, 10% on other commodities, 20% on single equities and 50% on Virtual Assets. Positions must be closed once net equity falls below 50% of that margin requirement. These are rules in COBS Chapter 23, so they set the ceiling on what an ADGM firm can offer a retail account.1 fact
UsefulLeverage rules

Positions close when equity falls below 50% of margin

50%

The close-out level is a rule, not a courtesy of the platform, so a retail account under an ADGM permission should not be left running deep into a loss below half its margin.

COBS Rule 23.7 requires an Authorised Person to keep a Retail Client's net equity in an OTC Leveraged Products account from falling below 50% of the margin requirement set by Rule 23.6, and to close the positions as soon as market conditions allow once it does.

An Authorised Person must ensure that net equity of a Retail Client in an account used to trade OTC Leveraged Products does not fall below 50% of the margin requirement, as outlined in COBS 23.6
Clause 23.7.1 in Appendix 1 Conduct of Business Rulebook (COBS), p.6Read the source

Where in the document: COBS Chapter 23, Rule 23.7 Margin close-out Requirements for Retail Clients

  • retail clients
  • margin close out
  • otc leveraged products
The permission covers financial services inside ADGM onlyTwo islands, 14.38 million sqm, English Common Law applied directly. Outside ADGM, the FSRA states that banking and insurance fall to the Central Bank of the UAE and that securities and brokerage fall to the Securities and Commodities Authority. Check which entity a contract is actually with, because the ADGM route follows the ADGM entity.1 fact
ContextJurisdiction and limits

English Common Law applies directly across two islands

It sets the law a contract with an ADGM firm is read under, and the ADGM Courts are the forum, which matters when a dispute goes past the regulator.

ADGM describes itself as an independent jurisdiction with direct application of English Common Law and its own civil and commercial laws, operating across Al Maryah Island and Al Reem Island over an area of 14.38 million sqm.

An independent jurisdiction operating in line with international best practices, with direct application of English Common Law and its own civil and commercial laws.
Quoted in Dispute ResolutionRead the source
ADGM operates across Al Maryah Island and Al Reem Island, an area of 14.38 million sqm, making it one of the largest financial districts in the world.
QuotedRead the source

Where in the document: ADGM About page and Dispute Resolution site, Why ADGM

  • jurisdiction
  • english common law
A retail leveraged broker pays 40,000 USD a year on top of its activity fees40,000 USD to apply and 40,000 USD a year where OTC Leveraged Products go to Retail Clients, against 5,000 USD for other clients. Add 25,000 USD application and 25,000 USD annual supervision for dealing as agent or matched principal, 500 USD per approved individual, and a Registration Authority commercial licence at 16,700 USD initial and 16,200 USD a year for the financial category.3 facts
UsefulCost to get licensed

Brokerage permission costs 25,000 USD to apply and yearly

USD 25,000

These are the fees behind the two permissions most retail brokers hold, and they show the running cost a firm must keep paying to stay on the register.

FEES Rules 3.4.3 and 3.4.4 set an application fee of 25,000 USD and an annual supervision fee of 25,000 USD for Dealing in Investments as Agent or as a Matched Principal. Dealing as Principal other than matched costs 40,000 USD to apply and 50,000 USD a year.

An Applicant for a Financial Services Permission to carry on either the Regulated Activity of Dealing in Investments as Principal as a Matched Principal, or the Regulated Activity of Dealing in Investments as Agent must pay to the Regulator an application fee of $25,000
Clause 3.4.3 in Fees Rules (FEES), p.7Read the source
An Authorised Person with a Financial Services Permission to carry on either the Regulated Activity of Dealing in Investments as Principal as a Matched Principal or the Regulated Activity of Dealing in Investments as Agent must pay to the Regulator an annual supervision fee of $25,000.
Clause 3.4.4 in Fees Rules (FEES), p.7Read the source
An Authorised Person with a Financial Services Permission to carry on the Regulated Activity of Dealing in Investments as Principal, but not as a Matched Principal, must pay to the Regulator an annual supervision fee of $50,000.
Clause 3.4.2 in Fees Rules (FEES), p.6Read the source

Where in the document: Fees Rules (FEES) VER16.181223, Rules 3.4.1 to 3.4.4

  • licence fee
  • annual fee
  • brokerage
UsefulCost to get licensed

Financial category commercial licence rose to 16,700 USD

USD 16,700

It completes the real cost of operating in ADGM: a firm pays the Registration Authority for the commercial licence and the FSRA for the permission, so the total annual bill for a retail broker runs well into six figures.

From 1 January 2025 the Registration Authority's commercial licence fee for the financial category rose from 15,000 USD to 16,700 USD for initial registration, with the annual renewal rising from 13,000 USD to 16,200 USD. This licence is separate from the FSRA fees and both apply to a financial services firm in ADGM.

Financial Category: Initial registration fees increased from USD 15,000 to USD 16,700, with annual renewals rising from USD 13,000 to USD 16,200.
QuotedRead the source
ADGM, the international financial centre of the UAE’s capital, has announced an updated fee schedule for obtaining and renewing an ADGM commercial licence. Effective from 1st January 2025, fee reductions of 50% or more apply to non-financial and retail businesses within the ADGM jurisdiction.
QuotedRead the source

Where in the document: ADGM announcement of 2 January 2025, updated fee schedule

  • licence fee
  • annual fee
  • registration authority
ContextCost to get licensed

Each approved individual costs 500 USD to register

USD 500

It explains why the register carries named Approved Persons for each firm: every one of them went through a paid application, so a name on the entry is a checkable fact rather than a claim on a website.

The FSRA charges an application fee of 500 USD for each individual seeking to exercise a Controlled Function, with no annual supervision fee for that individual, and 1,000 USD for approval of a new Controller.

Note, there is an application (but no annual supervision) fee of USD 500 for each individual seeking to exercise a Controlled Function.
Quoted in Financial Services Regulatory Authority Getting Started Guide, p.10Read the source
An Authorised Person or a Recognised Body applying for written approval of a proposed new Controller, or a change in the Holding of an existing Controller which would trigger the requirement to seek the approval of the Regulator, must pay to the Regulator an application fee of $1,000.
Clause 6.1.1 in Fees Rules (FEES), p.17Read the source

Where in the document: Getting Started Guide with FSRA 2025, Staffing, Controlled Functions and Approved Persons; Fees Rules Chapters 5 and 6

  • licence fee
  • approved persons
The FSRA signs the IOSCO Multilateral MoU and Enhanced MMoUThe FSRA states that it is a signatory to the IOSCO Multilateral MoU and Enhanced MMoU and the IAIS MMoU, and a member of IOSCO, the Basel Committee Consultative Group, the IAIS and the IFSB. Those agreements are the route through which information moves between the FSRA and a trader's home regulator.1 fact
ContextMembership and standing

FSRA signs the IOSCO Multilateral MoU and Enhanced MMoU

Those agreements are the channel through which the FSRA exchanges information with a trader's home regulator, which matters when a cross border complaint or investigation needs cooperation.

The FSRA states that it is a signatory to the IOSCO Multilateral MoU and Enhanced MMoU as well as the IAIS MMoU, and that it is a member of IOSCO, the Basel Committee Consultative Group, the IAIS, the IFSB, WAIFC, the NGFS and FC4S.

The FSRA is also a signatory to the IOSCO Multilateral MoU and Enhanced MMoU as well as to the IAIS MMoU.
QuotedRead the source
The FSRA is a member of the International Organisation of Securities Commissions (IOSCO); Basel Committee Consultative Group (BCG); International Association of Insurance Supervisors (IAIS); Islamic Financial Services Board (IFSB); World Alliance of International Financial Centres (WAIFC); Network of Central Banks and Supervisors for Greening the Financial System (NGFS); and the International Network of Financial Centres for Sustainability (FC4S).
QuotedRead the source

Where in the document: Financial Services Regulatory Authority page, Regulatory Cooperation

  • iosco
  • regulatory cooperation

10 documents examined

Show 4 more documents
Read by Wikilix from ADGM's published documents; every fact links to the page or file it came from.Last reviewed
Licensed brokers

Brokers licensed by ADGM

12 brokers on the Wikilix record hold a licence from ADGM; the 10 highest-scored are below, and the finder searches them all.

12 brokers

  1. Rank 1ADSS logo

    ADSS

    Regulated    United Arab Emirates · since 2010    Wikilix score 55.0
  2. Rank 2eToro logo

    eToro

    Regulated    United Kingdom · since 2012    Wikilix score 55.0
  3. Rank 3AccuIndex logo

    AccuIndex

    Regulated    Vanuatu · since 2016    Wikilix score 54.0
  4. Rank 4Finior Capital logo

    Finior Capital

    Regulated    United Arab Emirates · since 2018    Wikilix score 53.0
  5. Rank 5Wing Fung logo

    Wing Fung

    Regulated    Hong Kong · since 1999    Wikilix score 53.0
  6. Rank 6ICM Brokers logo

    ICM Brokers

    Regulated    Saint Vincent and the Grenadines · since 2007    Wikilix score 51.0
  7. Rank 7TransferWise logo

    TransferWise

    Regulated    Australia · since 2011    Wikilix score 48.0
  8. Rank 8AvaStocks logo

    AvaStocks

    Regulated    Ireland · since 2019    Wikilix score 48.0
  9. Rank 9FXTF logo

    FXTF

    Regulated    Japan · since 2006    Wikilix score 47.0
  10. Rank 10FOREX EXCHANGE logo

    FOREX EXCHANGE

    Regulated    Japan · since 2004    Wikilix score 47.0

About this information

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