Baraka review: DFSA licence, $1 US trades and GCC-only access

Overview

Baraka is an investment app for the Gulf. It says it is based in the United Arab Emirates and offers US stocks and ETFs, UAE stocks, US options and physical gold. All facts below come from Baraka’s own pages and were checked on 18 October 2026.

Licence and structure

Baraka Financial Limited is registered in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority (DFSA). Its footer describes a Category 3C licence with a Retail Client and a Holding and Controlling Client Assets endorsement, and a DFSA Islamic Window endorsement. It is a subsidiary of Baraka Technology Holding in Abu Dhabi Global Market.

The home page gives the licence number F006586, while the terms and conditions mention “firm reference number 4153”. The DFSA register blocked our browser, so we could not check which one the regulator shows.

US stocks and ETFs are offered through DriveWealth LLC, a US broker-dealer registered with the SEC and a member of FINRA and SIPC. The terms say client money may be held by DriveWealth or by Baraka in a segregated account at a UAE bank; money passed to DriveWealth sits at a bank not approved under the DFSA’s client money rules. Interest on cash balances is shared between Baraka and DriveWealth, and Baraka may receive payment for order flow from DriveWealth.

Who can open an account

Baraka says it is only available to residents of the UAE, Oman, Qatar, Bahrain and Kuwait. Saudi Arabia is not on that list. Citizens of some countries, including Iraq, Iran, Syria, Libya, Yemen, Somalia and South Sudan, cannot be onboarded.

Markets and products

• US stocks and ETFs: real shares, not CFDs; fractional from $1.
• UAE stocks: companies listed on ADX and DFM, traded in AED through a separate GCC wallet.
• Options: long calls and puts on 500+ US stocks at $1 per contract. An older FAQ still says Baraka offers no derivatives.
• Physical gold, deliverable in the UAE.

Fees

Baraka has three plans: Standard ($0 a month), Premium ($9.99) and Premium+ ($19.99, iOS only). They include 1, 12 or 25 free trades a month; after that, US stocks and ETFs cost $1 per trade on every plan. Stocks priced at $5 or less add $0.002 per share. UAE stocks cost 0.15% on ADX and 0.28% on DFM, plus a DFM fee of AED 10.

There is no custody or account maintenance fee. An inactivity fee of $1 a month applies when an account holds less than $50 in cash and no positions at month end.

Deposits and withdrawals

• Debit cards, Apple Pay and Google Pay: instant, minimum $50; Visa, Mastercard and AMEX debit cards, no credit cards. The payment gateway charges 0.50–1.65% for UAE cards and 2.45% for cards issued elsewhere.
• UAE bank (Connect UAE Bank) and bank transfer: 2–5 business days. The plan table lists a 0.75% fee on UAE transfers on Standard (0.65% Premium, 0.60% Premium+) and says foreign exchange fees may also apply; banks usually charge 15–35 USD for international transfers.
• Local wallets Benefit, Knet and OmanNet are named as supported.
• Withdrawals go only to a bank account in your name, in US dollars, within up to 5 working days. The minimum is $25 “to cover the withdrawal fee”, yet another answer says Baraka charges no withdrawal fee, and the plan table shows $0 for the US wallet and AED 3.67 for the GCC wallet.

Investor protection

Baraka says US investments are protected by SIPC up to $500,000, including $250,000 in cash, through DriveWealth; SIPC does not cover market losses. Baraka also publishes a notice that DriveWealth reported unauthorised access to its systems on 4 and 5 September 2026, involving historical personal data of customers who had held accounts directly with DriveWealth; DriveWealth said it had no reason to believe passwords or payment details were affected.

What we could not confirm

• The DFSA register entry and which reference number it shows.
• A published currency conversion rate.
• Whether the AED 3.67 GCC wallet fee or the “no withdrawal fee” answer is current.

We have not tested Baraka with our own account yet; this review will be updated when we do.