4 best Forex Brokers and platforms in Poland – Comparison and review
Table of Contents
Forex trading in Poland has significantly grown in the last four decades, especially for the Warsaw stock exchange. Forex traders in Poland register trading accounts and trade the securities market regularly. For this reason, we have researched credible forex brokers that offer low trading costs and certain trading conditions for investors in Poland.
See the list of the 4 best Forex Brokers in Poland:
Forex Broker: | Review: | REgulation: | Spreads: | Assets: | Advantages: | Open account: |
|---|---|---|---|---|---|---|
1. Capital.com  | CySEC, FCA, ASIC | Starting 0.0 pips variable & no commissions | 6,000+ (70+ currency pairs) | + Best platform + TradingView charts + MT4 + Leverage up to 1:500 + Best education + Personal support | Live-account from $ 20(Risk warning: 78.1% of retail CFD accounts lose money) | |
2. BlackBull Markets  | FSPR, FSCL | Starting 0.0 pips & negotiable commission per 1 lot | 500+ (64+ currency pairs) | + ECN Broker + Deep pool execution + High liquidity + Best execution + Leverage 1:500 + MT4/MT5 | Live-account from $ 200(Risk warning: 78.1% of retail CFD accounts lose money) | |
3. Pepperstone  | FCA, ASIC, DSFA, SCB | Starting 0.0 pips & $ 3.5 commission per 1 lot | 1,000+ (40+ currency pairs) | + Fast execution + Large FX Broker + Good service + MT4/MT5/cTrader + TradingView Charts | Live-account from $ 200(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs) | |
4. IQ Option  | CySEC | Starting 0.1 pips variable & no commission | 500+ (25+ currency pairs) | + Easy to use + Binary Trading + Support 24/7 + Min. Deposit 10$ + Lowest spreads on main trading hours | Live-account from $ 10(Risk warning: Your capital might be at risk.) |
(5 / 5)
(4.9 / 5)
(4.8 / 5)Five 4 best Forex Brokers and platforms in Poland
- Capital.com
- BlackBull Markets
- Pepperstone
- IQ Option
1. Capital.com
Capital.com has registered more than one million forex traders and traded a volume of 530 billion since its inception in 2016.
Trading instruments – its user’s access to indices, commodities, shares, stocks, cryptocurrencies, and forex
Regulation – its regulation is from the ASIC, CySEC, FCA, and NBRB.
Account types – It has the Standard account with initial deposits of $20, the Plus with $2000, and the Premier account has $10,000.
Fees – forex spreads start at 0,8 pips.
Trading costs – it has no commissions, inactivity is free, and deposits/ withdrawals are free.
Leverage – EU clients have the leverage of 1:30, but professional and forex traders from other regions can access 1:500.
Demo account – the emo account is unlimited with $10,000 virtual funds.
Trading platforms – Capital.com offers access to the MT4 and the Web-trader.
Payment methods – traders can transfer funds through bank transfers, credit/debit cards, and e-wallets such as Giropay, Muiltibanko, iDeal, Trustly, and ApplePay.
Customer care – is present 24/7 through email, phone calls, and live chat and supports 11 languages.
Pros
- Low trading costs
- Fast account registration
- Negative balance protection
- Low initial deposits
Cons
- Limited learning materials.
(Risk warning: 78.1% of retail CFD accounts lose money)
2. BlackBull Markets
BlackBull Markets has served a client base of thousands of traders worldwide and was established in 2014.
Financial instruments – it has metals, shares, energies, commodities, CFDs, forex, and indexes.
Regulation – BlackBull Markets is regulated by the Financial Services Authority in Seychelles
Account types – it has the ECN standard with a minimum deposit of $200, the ECN prime with an initial deposit of $2000, and the ECN Institutional with $20,000.
Fees – forex spreads start at 0.8 pips on the ECN account, 0.1 pips on the ECN Prime, and 0.0 pips on the ECN Institutional account.
Trading costs – the ECN Standard has no commission, ECN Prime has $6 for every $100,000, and the ECN Institutional varies with liquidity and volume. It has no inactivity costs, and deposits/ withdrawal is free.
Leverage – the maximum leverage is 1:500
Demo account – its demo account is unlimited.
Trading platforms – it has MT4 and MT5.
Payment methods – traders can use bank transfers, debit/credit cards, and e-wallets such as FasaPay, UnionPay, Neteller, and Skrill.
Customer care – customer care is available 24/6 through emails, live chat, and telephone calls.
Pros
- Fast account registration procedures
- Low trading costs
- Fast order processing speeds
- Quality trading resources
- High leverage
Cons
- Limited learning resources
- Customer care is only present 24/6
- High minimum deposits
(Risk Warning: Your capital can be at risk)
3. Pepperstone
Pepperstone has been in the industry for ten years since it started its operations in 2010 and has registered over 300 thousand forex traders. Users can access forex, ETFs, indices, CFDs, shares, and commodities by trading instruments.
Regulation – Pepperstone is regulated by the ASIC, FCA, and DFSA.
Account types – it offers two account types, both the Standard account and the Razor account have a minimum deposit of $200.
Fees – the Standard account has forex spreads from 1.0 pips, and the Razor account has forex spreads from 0.0 pips.
Trading costs – the Standard account has no commissions, but the Razor account has $7 for every $100,000. It has no inactivity fee, and deposits and withdrawals are also free.
Leverage – the higher leverage for both accounts is 1:400.
Demo account – its demo account is limited for thirty days after registration.
Trading platforms – it supports the MT5, MT4, and c Trader.
Payment methods – traders can deposit or withdraw through bank transfer, credit/debit cards, and digital wallets such as POLi, UnionPay, PayPal, Skrill, Bpay, and Neteller.
Customer care – their customer support is present 24/5 through emails, phone calls, and live chat.
Pros
- Fast execution speeds
- Low trading costs
- Quality trading resources
- Fast account opening procedure
Cons
- Limited learning resources
- Customer care is available is 24/5
(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
4. IQ Option
IQ Option was established in 2013 and has registered 40 million accounts for the past nine years.
Trading instruments – its users include binary options (Only for professional traders and outside EAA countries), stocks, commodities, options, Forex, ETFs, and cryptocurrency.
Regulation – IQ Option is regulated by the Cyprus Securities and Exchange Commission.
Account types – it has the Standard account with an initial deposit of $10 and a VIP account with a high initial deposit that varies.
Fees – the forex spreads vary with the liquidity and volatility of the trading asset.
Trading costs – the overnight fees range from 0.1-0.5%; commissions are free except for cryptocurrency, which has 2.9% and an inactivity cost of $10.
Leverage -the highest leverage is 1:500.
The demo account -IQ Option has an unlimited account with virtual funds of $10,000.
Trading platform – it has the IQ Option proprietary trading platform.
Payment methods – traders can use bank transfers, credit/debit cards, and e-wallets such as Skrill, Neteller, Moneybookers, Neteller, and WebMoney.
Customer care – customer support is available 24/7 through live chat and emails.
Pros
- Low trading costs
- A fast account registration process
- Low initial deposit
Cons
- Limited learning resources
- High initial deposit on the VIP account.
(Risk warning: Your capital might be at risk.)
Forex trading in Poland – What you need to know
Poland is one of the countries in the EU that has a robust forex trading industry. Poland has been active in the securities and exchange industry since 1817. The GDP and economy of Poland started growing when the Soviet Union reign fell that ruled Poland in the 1980s.
The body mandated to regulate the forex industry is the Komisja Papierow Wartosciowych I Field (KPWiG). But in 2006, the Polish Financial Supervision Authority (PFSA) was founded, and the KPWiG works with it, together with the National Bank of Poland, NBP.
The Polish economy is among the largest in the European Union, ranking Sixth. Many traders trade the Polish Zloty in forex, which ranked 22 among the most traded currencies in 2016. The Warsaw Stock Exchange (WSE) is also located in the capital Warsaw, Poland.
Is it legal to trade Forex in Poland?
It is legal for forex traders residing in Poland to trade the securities and exchange markets. The Polish Financial Supervision Authority, PFSA is a regulatory agency In Poland to ensure the safety and transparency of the forex sector in Poland.
Forex brokers that want to operate in Poland have to meet the PFSA to have a license for trading. Since Poland is part of the European Union, it is also covered by the MiFID-Markets in Financial Instruments Derivative that unites the regulations of capital markets in the EU.
It means that forex brokers regulated by the MiFID can operate in Poland. Forex brokers can also opt to get a trading license from the PFSA. Still, the MiFID-regulated brokers can operate as long as they follow the European Union regulations on capital markets.
Financial regulation in Poland
The PFSA has some guidelines that market participants of Securities and exchanges follow according to the Financial Market Supervision act of 2006.
Some of these regulations are:
- Retail traders have to know how to trade the underlying market and evidence of it to be allowed to trade.
- The highest leverage experienced traders can access in Poland is 1:100, and the rate changes depending on the trader’s level of experience. The asset traded such as Cryptocurrencies, some stocks, and indices.
- Forex brokers require a license under the PFSA to operate in Poland.
- The PFSA has banned buying, selling, and promoting Binary options in Poland (Only for professional traders and outside EAA countries).
- It must supervise and monitor the activities of financial agencies regulated under it and ensures that they comply with the guidelines that ensure fairness and transparency in forex.
- Ensuring that forex traders get the relevant education or awareness about the risks of trading securities.
- Implementing the legal framework stipulated by the financial market Supervision act of 2006.
- Working with other financial authorities in Poland, such as the National Bank of Poland, ensures the financial sector functions efficiently.
- It conducts inspections of the institutions regulated under it to ensure they meet the industry-standard investment services.
- It has the mandate to investigate reports and
- intelligence operations to identify risk factors and monitor market trends.
- It has the authority to enforce sanctions and penalties on financial market participants found to violate the legal financial policies.
Security for traders
The PFSA has placed mechanisms to ensure that forex trading is fair and transparent. One of them is to regulate the leverage rates that forex traders can access. Poland is a member of the EU, meaning that forex brokers must adhere to MiFID and ESMA regulations.
ESMA also recommends that forex brokers register forex traders according to anti-money laundering regulations such as the Know, Your Customer. Forex brokers need to collect relevant and comprehensive data so that they can be able to know more about registered traders.
Forex brokers also have to have segregated accounts to separate company funds from investor funds. It also has limitations in trading certain securities such as binary options because of the high-risk exposure. (Important: Binary Options are only for professional traders and for those that are located outside of EAA countries.)
(Risk warning: 78.1% of retail CFD accounts lose money)
Strategies and analysis to use when trading Forex in Poland
Analysis
You can apply different analyses when you want to trade any asset. Analysis helps you to make insightful decisions when you want to start trading. There are two types of analysis methods to evaluate the price action.
Technical analysis enables the trader to predict the market movement using the signals that the price patterns and technical indicators. Technical analysis also involves reading the history of the price action that you can use to predict how the price movement will act under certain conditions.
Fundamental analysis is also imperative, and it consists of monitoring the news and financial events that can change the price movement. Financial events like when the National Bank of Poland announces new interest rates can help you prepare for a volatile market if you are trading the USD/PLN.
Trading strategies for Poland Forex traders
A trading strategy consists of how you will enter or exit the market, apply risk management, and the proper timing when you want to enter or exit the market. There are various methods traders can use to enter the market, such as using a breakout strategy or applying technical indicators to find the best entry point.
Some forex trading strategies you can apply in Poland include;
Trend trading– is finding a trend like a downtrend or an uptrend to trade. You go long on an uptrend and go short on a downtrend.
Trading a trend reversal– requires forex traders to use technical and fundamental analysis to know when the market is about to change the direction of a trend and open a trading position.
Swing trading– entails trading the swing highs and swing lows of price action. You can use this strategy in any timeframe, but it requires a market with some volatility.
How to trade Forex in Poland
Find a regulated Forex Broker
It is the first important decision a forex trader will make on their trading journey. A good forex broker is reliable and has credibility in the forex industry. It also has low trading costs, quality trading tools, and reliable customer support.
Register for a trading account for polish traders
Forex brokers have a registration form on their website that traders can use to enter their details and register for a trading account. Ensure you research the type of account you want. The registration process is fast and simple, and customer care should help if you have any issues.
Download a trading platform
Forex brokers partner with companies that offer trading platforms such that traders can use them to access the financial markets. Select a trading platform that your forex broker supports that you prefer to use and download it.
Take time to look at the trading tools and different features when trading.
Start with a demo account or a real account
You can start trading if you have experience trading, although it is better to start with the demo account. The demo account helps you practice how to trade different financial assets and apply technical and fundamental analysis when trading.
You can also try different trading strategies with different financial markets to know which one you prefer when trading security. It allows you to practice your trading without having to risk your funds.
Deposit and start trading
You can start trading by linking your trading account with a payment method available in Poland. Forex brokers that have regulations to operate in Poland support payment methods that polish traders can use to deposit funds.
Most forex brokers support bank transfers, credit/debit cards, and electronic wallets. They also limit how much you can deposit, which varies with the forex broker. After you deposit, you can start trading immediately.
(Risk warning: 78.1% of retail CFD accounts lose money)
Conclusion: The best Forex Brokers are available in Poland
The polish forex trading industry has been around since the 18th century when it started as the stock exchange and expanded into securities. It is, therefore, a huge market with a high volume of traders. There are many forex brokers you can choose from, but ensure that you research first before you settle for a forex broker.
You also have enough practice before trading with high volumes, have a consistent strategy, and maintain a strict trading discipline. Forex trading also entails knowing when to enter or exit the market and the type of currency pairs that has a better chance for you to make profits.
1. Capital.com
2. BlackBull Markets
4. Pepperstone
5. IQ Option
FAQ – The most asked questions about Forex Broker Poland :
How is Forex taxed in Poland?
The PFSA works with the National Bank of Poland to ensure that they capture the details of forex traders such that they can pay taxes on the income they make. Revenue generated when trading capital markets requires the trader to pay 19% as tax.
Is the Polish Zloty available in Forex?
Yes, the Polish zloty has a currency code PLN and is among the minor pairs in forex. The Polish economy is stable, meaning that the polish zloty is also a stable currency. The current exchange rate for the USD/PLN is 4.47, and the EUR/PLN is 4.47.
How much initial investment does a trader in Poland need to trade forex?
If you are a forex trader in Poland, you will need a minimum investment of at least $10. Many brokers in Poland allow traders to trade with a low minimum deposit. It is the initial minimum deposit that a trader has to put into his live trading account. However, there are many brokers like IQ Option that allow you to make your investment with an amount less than 10 USD.
Which are the best forex brokers in Poland?
Several forex brokers in Poland are the best. In terms of services, traders find the services of the following five brokers the best.
Pepperstone
IQ Option
Capital.com
BlackBull Markets
These brokers offer traders an initiative trading platform that is also feature-rich. You can use these brokers to access the best underlying assets. Apart from this, these brokers have excellent customer support. So, any trader can benefit while trading in Poland if he uses one of these brokers.
Can a trader in Poland trade forex?
Yes, a trader in Poland can trade forex. Several trading platforms support forex trading for traders in Poland. Interestingly, all the laws in Poland are in support of forex trading.
Last Updated on June 1, 2023 by Andre Witzel
