Table of Contents:
- 1 5 best Forex Broker in Europe – Real comparison
- 2 5. FXCM
- 2.0.1 Which is the best forex broker for Europe?
- 2.0.2 Do I really need a broker to trade forex?
- 2.0.3 Is forex trading legal in Europe?
- 2.0.4 Who regulates forex brokers in Europe?
- 2.0.5 Why are so many forex brokers licensed in Cyprus?
- 2.0.6 Our conclusion on the best Forex Brokers in Europe
5 best Forex Broker in Europe – Real comparison
Europe has been a financial hub for centuries. Indeed, some of the world’s oldest banks are European and date back to the 1600s. It’s little wonder then that foreign exchange trading has been something of a theme all this time.
Fast forward today, and not a lot has changed. Forex is still a major industry, and Europe is still a global financial hub. What has radically diverged from the past is that foreign exchange trading is no longer the preserve of banks and other financial institutions.
Today, any private individual with a very modest pot of money and an internet connection can trade forex. Profits – and losses – are there for the taking in the forex markets. Thanks to online forex brokers, hyper-connectivity, and saturation levels of smartphones and digital devices, being able to trade 24 hours a day is within easy reach.
In this article, we will present your the best 5 Forex Brokers in Europe:
|1. IQ Option|| (5 / 5) |
➜ Read the review
|CySEC||Starting 0.0 pips variable, no commission (only in main market hours)||500+|
(41+ currency pairs)
|+ Best platform|
+ Binary Trading
+ Support 24/7
+ Min. trade $ 1
|Live trading from $ 10|
(84% of retail CFD accounts lose money)
|2. BDSwiss|| (5 / 5) |
➜ Read the review
|CySEC, FSC||Starting 0.0 pips + $ 2.0 commission per 1 lot||250+ |
(52+ currency pairs)
|+ Individual offers |
+ Trading signals
+ Raw Spreads
+ Leverage up to 1:500
+ Best education
+ Personal support
|Live trading from $ 100|
(Your capital is at risk)
|3. eToro|| (4.9 / 5) |
➜ Read the review
|CySEC, FCA, ASIC||Starting 1.0 pips variable, no commission||2,000+||+ Best platform|
+ Social Trading
|Live trading from $ 100|
(71% of private investor accounts lose when trading CFDs)
|4. FxPro|| (4.9 / 5) |
➜ Read the review
|FCA, CySEC, FSCA, SCB||Starting 0.0 pips variable, variable commission||250+ |
(50+ currency pairs)
|+ High liquidity |
+ NDD Broker
+ No requotes
+ No commissions
|Live trading from $ 200|
(79.58% of retail CFD accounts lose money)
|5. FXCM|| (4.7 / 5) |
➜ Read the review
|FCA, AFSL, FSCA||Starting 0.2 pips variable, no commission||200+ |
(50+ currency pairs)
|+ NDD/ECN Broker |
+ High liquidity
+ Institutional service
+ Fast execution
|Live trading from $ 50|
(74% – 89% of retail CFD accounts lose money)
What is the best Forex Broker in Europe?
Web-based forex brokers have platforms you can use on almost any device, be it a desktop, laptop, Windows, Mac, Android, or iOS device. The online brokers have all been at pains to make their forex platform the best for execution speed, security, and user-friendliness. These are the three legs of the success stool in the highly competitive forex brokerage marketplace.
We have helpfully combed through all the possible contenders and arrived at this shortlist of five we consider the top performers for European residents.
5 best European Forex Brokers:
1. IQ Option
A forex broker with a safe as houses reputation. IQ Option is also known for its clean and intuitive platform that’s easy to navigate. Exactly what everyone is looking for in an online forex broker, in fact. And they’re pretty hot on customer service to boot.
IQ Option makes it easy to test the water. If you are a novice forex broker, or a trader looking to switch platforms, you can open a trading account for just $10. But you don’t even need to pull out $10. Instead, you can sign up for a free demo account and get $10,000 of fantasy money to trade.
Demo accounts are ideal for assisting you in learning the platform and trying your hand at forex trading. This latter is crucial if you are new to forex trading. You can try out strategies and blow up your entire pot with impunity. Wise heads always say you learn more from mistakes than you do from successes. So it’s best to do so when you don’t have real cash on the line.
Not that you won’t suffer setbacks when you go live. The occasional loss is a fact of life when forex trading. And that’s as true of IQ Option as anywhere else.
However, IQ Option could do more to give you a greater insight into their website without having to sign up for a demo account. But credit to them for their blog, which at least gives you a good overview of the background and contains some good advice and useful market analysis.
Overall, it would be best if you didn’t turn your nose up at IQ Option. It’s a good performer, well-regulated, and has shown some remarkable growth statistics since its inception. As of last year, IQ Option could claim true global reach with clients in 189 countries, from Afghanistan to Zambia.
Benefits of IQ Option for European traders:
- CySEC regulated
- Over ten payment methods (including PayPal)
- Over 48 million registered users
- $10 minimum deposit
- Leverage of up to 1:30
- Spreads from 0.0 pips
- Multilanguage support 24/7
- Very user-friendly trading platform
(Risk Warning: 84% of retail trading accounts lose money)
In keeping with a name that hints at reliability and precision, BDSwiss is an excellent forex broker with robust credentials.
As you would expect, then, BDSwiss has a reputation for trustworthiness and dependability. Being widely regulated within Europe, Seychelles, Mauritius, Switzerland, and the US, BDSwiss is a good choice for European forex traders wishing a no-nonsense broker with a long well-proven track record.
BDSwiss offers easy access to an award-winning platform where you can trade more than 50 currency pairs at spreads starting from as low as 0.0 pips. Their cutting edge tech ensures orders are executed super-fast. Users can trade on either MetaTrader 4 and 5, the award-winning BDSwiss mobile app, or their in-house developed BDSwiss WebTrader.
BDSwiss has created a very agreeable forex trading habitat for its users with flexible leverage and class-leading research backed by some advanced analysis tools.
There are account types to select: Classic, VIP, and Raw. The latter two include a Personal Account Manager to help manage your dealings, as well as access to exclusive webinars, autochartist performance statistics, and trading alerts via Telegram.
But this is not to say the Classic account is the runt of the litter. BDSwiss does not charge a commission for forex on the Classic and VIP accounts but sets the minimum spreads at 1.5 and 1.1 pips, respectively. On the RAW account, you will get 0.0 pips spread. Plus, you can open the Classic account with just 100 dollars, pounds, Euros, access to free live webinars, and BDSwiss’ Trading Academy.
With over a million and a half account holders in over 180 countries, you would be in the good company opening a BDSwiss account.
Benefits of BDSwiss for European traders:
- CySEC regulated, FSA regulated
- Minimum GBP, EUR, USD 100 deposit
- Multi-language website and customer support
- Leverage of up to 1:500
- Trade over 50 currency pairs
- Spreads from 0.0 pips
- Negotiable commissions
- MetaTrader 4/5
- Trading signals
- Professional education and support
(Risk Warning: 78.8% of retail investor trading accounts lose money)
If you are going to have a bull for a logo, you have to be pretty sure you are on the money. Fortunately, for eToro, they have managed to pull off this logo ambitiousness with aplomb.
From an intriguing Israeli fintech startup, eToro has beefed itself up into the global trading phenomenon that we know today. So hats off to them; they have shown some masterful moves in getting forex trading into society’s consciousness.
Indeed, it is fair to say that eToro has turned legions of people that might never have otherwise contemplated the idea into forex traders. This ability, of course, is due to their dominance of the social copy trading space. Ask anyone in the street about social trading, and you’re 99.9% sure to get eToro as the answer.
Etoro has recently undergone a massive website overhaul, so it is now far easier to get an overview of what is in store by signing up. It also gives you a preview of the platform, which was previously hidden behind a signup login page.
Old school forex traders may find it a departure from their familiar platforms. Still, for new forex traders or those wishing to try their hand at copying trading, eToro is the place to head.
eToro quotes a slightly higher than average variable spread of 1.0 spread on the EUR/USD currency pair. However, forex traders are more interested in the copy trading options available rather than low spreads.
eToro’s Copy People tool lets you mirror the moves of successful and experienced traders with just a few clicks. If they make a profit, you do too, without any intervention required.
Benefits of eToro for European traders:
- The world-leading social trading network
- Regulated by the UK’s Financial Conduct Authority
- Regulated in Europe via CySEC and in Australia via ASIC
- Free GBP, AUD, and EUR 1m insurance against eToro insolvency
- More than 2,000 markets to trade
- Spreads from 1.0 pips (no commission)
- Free demo accounts
- Multi-language support
- The platform is easy to use and beginner-friendly
(Risk Warning: 71% of retail accounts lose money)
This broker is one of the high fliers of the forex industry. In any forex broker review, they will consistently be found hovering near the top. While it’s nothing special price-wise, FxPro has a lot going for its trust, trading environment, and transparency. Overall, it is an excellent pick and definitely worthy of your consideration if based in Europe and want to trade forex.
What you get with FxPro is a well-regulated forex broker with tried and tested technology and a good track record. All of these are precisely the traits you want if you trust your money to a broker.
The platforms they provide comprise the unbreakable MetaTrader 4 and 5, cTrader, and FxPro’s custom-built app, FxPro Edge. And there’s support too for Android and iOS. All are highly customizable, so you can trade the way you want, with all your own preferences. There’s no one-size-ism here.
All the platforms support forex, but if you also wish to trade shares, you should opt for either MetaTrader 5 or cTrader rather than MetaTrader 4. Additionally, you should note that FxPro’s MetaTrader accounts do not support an integrated economic calendar or detachable charts. Therefore, you should give strict attention to the platform specifications as well as those of the accounts.
FxPro dates back to 2006 when it was founded. Today, it is a global player, with clients in more than 170 countries.
It is well regulated via CySEC in Cyprus, in the UK by the Financial Conduct Authority, by South Africa’s Financial Sector Conduct Authority, and the Securities Commission of The Bahamas.
FxPro scores well for its educational resources. You can check out their training center for beginner and intermediate learners without registering. Their FAQ section and How-To Guides are also extremely useful if you’re new to forex trading or need to refresh your memory. FxPro also ranks well for research for news and analysis, and trading tools.
Benefits of FxPro for European traders:
- Trade 70+ currency pairs
- Fast execution times
- No-dealing desk
- Multiple platforms
- Has won over 80 awards
- Well-regulated and rated as very low risk
- Low minimum deposit of $ 200
- MetaTrader 4/5, cTrader, FxPro Edge
- Professional support
- High liquidity
(Risk Warning: 79.58% of retail trading accounts lose money)
This forex broker leads with the headline Zero Commissions! Then a big asterisk. But it’s nothing too much to worry about. It’s just some fine print about how FXCM makes their money by adding markup to spreads and so on. And noting that commission-based pricing applies to their Active Trader accounts.
Having set out their stall early on, FXCM is a friendly forex broker that has set the bar high for rivals.
From the starting gun, it’s apparent from their website that FXCM is out to court new forex traders. The forex pages are extremely helpful and guide newbies well through the maze that is forex. This focus, however, has not been at the expense of existing and advanced traders. FXCM is still hitting the ball out of the park for them too.
So who, you may ask, is FXCM?
It was founded 20 years ago in the UK and was formerly known as Forex Capital Markets Ltd. But since 2015 have been in partnership with Leucadia Investments, a merchant bank whose US parent company is Jeffries Financial Group. It is headquartered in the historic heart of the City of London. The UK’s Financial Conduct Authority regulates it. And FXCM is further regulated by the Australian Securities and Investments Commission.
FXCM is undoubtedly a stayer in the forex broker game. It is well respected both within and outside the industry via a host of prestigious international awards. In 2020 alone, FXCM bagged five awards in the face of stiff competition, with wins including Investor Chronicle’s Top rated 2020 Forex platform and Best Forex Trading Platform – Global in the Global Forex Awards 2020.
No matter your experience level, FXCM is an excellent choice for European forex traders. Their combination of security and leading-edge technology put FXCM in the top echelon of any forex broker review.
We, therefore, have no second thoughts about including FXCM in our review. And we would go further and point newbie forex traders at FXCM as an excellent starting point on their forex trading journey.
Benefits of FXCM for European traders:
- Regulate by the UK’s Financial Conduct Authority
- A minimum deposit of $50
- Leverage of 1:400 (professional), 1:30 (retail)
- Powerful analytical tools
- Low spreads from 0.2 pips without commissions
- High liquidity and no slippage
- MetaTrader 4, NinjaTrade, TradeStation, ZuluTrade, MyFXBook
- Institutional service
- 24/5 customer support
(Risk Warning: 74% – 89% of retail trading accounts lose money)
Which is the best forex broker for Europe?
The bad news is that there are dozens of forex brokers to choose from, though. The better news is that we have done the spadework for you and narrowed the field down to five. They are IQ Option, BDSwiss, eToro, FxPro, and FXCM. All five will do a sterling job for you, no matter where you are based in continental Europe.
Do I really need a broker to trade forex?
While it is possible to trade without a broker, it is a lot simpler, faster, and way less hassle to use an online forex broker. You will only contemplate not using a forex broker if you have the necessary skills, experience, and know-how. Even then, advanced forex traders will still generally trade through a broker.
Is forex trading legal in Europe?
Yes, forex trading is perfectly legal within Europe in the same way that you can trade trading stocks, bonds, and commodities. However, each jurisdiction has its own rules governing forex.
Who regulates forex brokers in Europe?
Forex brokers operating in Europe fall under the oversight of a standard framework of rules that are applied equally by all European Union members. These regulations are contained in the Markets in Financial Instruments Directive, or MiFID II for short, and have been in force since 2007. You can find out more here on the website of the European Securities and Markets Authority. The European Union updated the Directive in 2018 to further strengthen investor protection and make the financial markets more transparent and resilient.
Why are so many forex brokers licensed in Cyprus?
Registering with CySEC, the Cyprus Securities and Exchange Commission enables brokers to get a license and then ‘passport’ regulation across all the EU member states. It’s a common and completely lawful practice.
However, forex brokers are still subject to each country’s financial rules, which may supersede the EU Directive. So it’s essential to check with the financial body in your body to get the full picture regarding regulation.
As a result, Cyprus has grown into a critical hub for the forex industry over the past two decades. Most European brokers are based there to take leverage on CySEC, the regulatory environment, and the large pool of experienced account managers and customer support agents. The low tax rates are another major incentive.
Our conclusion on the best Forex Brokers in Europe
Forex trading in Europe is seamless and easy. It is a well-regulated environment, with Cyprus and the United Kingdom being the key hub in the forex industry’s development for at least two decades.
In some ways, Europeans are spoiled for choice in terms of well-regulated forex brokers. However, we have taken a long studious look at the market and the available choice. After much consideration and deliberation, we have determined five of the best forex brokers.
Since it proved to be such a tough judgment call, we took the unusual step of not numerically ranking the brokers. This decision is not a cop-out on our part. Ultimately, there was very little separating all five brokers. So, after much debate and arguing, we decided the fairest method was not to rank them at all. Ultimately any of the five forex brokers we highlight here could have taken the top spot for one reason or another.
As the term ‘best’ is highly subjective, we leave it to you to decide which is best for you and your needs. We are all different, have different levels of experience, as well as varying expectations and objectives. It’s your call to decide which is best for you. We have got the list down to five, and we’re confident almost everyone will find the perfect match.