A new app has launched allowing users in the United Arab Emirates to trade US stocks commission-free.
Sarwa Trade offers commission-free trading with no local transfer fee from AED accounts, the company said in a statement.
Users must open an account with a minimum balance of $5 and provide the company with information including income and net worth figures, proof of address, and an identification document such as an Emirates ID or passport.
Once the details are submitted, the company reviews the application for approval.
The app suggests investment strategies with varying levels of risk.
“The options for stock trading in the MENA region are few and far between — traditional brokerages have high fees, the technology is dated, and the experience isn’t exactly user-friendly,” said Mark Chahwan, CEO and co-founder of Sarwa.
“We saw an opportunity to take the simple, human approach we’re known for and apply it to the trading experience.”
Sarwa launched in 2018 with headquarters are in Dubai.
As well as commission-free trading, the app offers users the option to buy shares in fractions or in bulk, with access to more than 4,000 US-listed stocks.
The app is available on the iOS app store and the Google Play store for Android devices.