Best Forex Brokers in Estonia 2024
We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the best Forex brokers in Estonia based on our analysis:
- 1
IC Markets EU - Best broker in Estonia - A wide range of trading assets. Low spreads. Variety of trading platforms. - 2
Pepperstone EU - Wide selection of trading platforms. Tight spreads and favourable trading conditions. A large number of trading instruments, including over 600 CFDs on stocks. - 3
AvaTrade EU - A wide selection of financial assets. Innovative trading platforms. Highly rated educational resources. - 4
Libertex - Tight spreads and attractive trading conditions. Wide selection of trading assets. Rich selection of educational materials and analytics. - 5FxPro EU - A wide selection of trading accounts. Various trading platforms. A diverse range of available markets and products.
- 6
Deriv EU - Simple and fast account opening process. Low commission structure. Convenient methods for account funding and withdrawal without commission. - 7
- 8
InstaForex - Large selection of trading instruments. PAMM accounts and the ForexCopy automatic trade copying service for passive income. 24/7 efficient customer support. - 9
XM - Wide range of trading assets. Extensive educational resources. Tight spreads on the Ultra Low account. - 10
Oanda EU - Tight spreads. Efficient and secure processes for account funding and withdrawals. Extensive market and product offerings.
Each company stands out with its unique features and offers individual trading conditions, making the choice of the ideal trading platform in Estonia particularly important. Our Top 10 Best Forex Brokers in Estonia was compiled based on thorough market analysis and strict selection criteria. We paid special attention to aspects such as reliability, user interface convenience, offered tools and trading strategies, as well as the quality of customer support.
List of the Best Forex Brokers in Estonia in 2024
1. IC Markets
IC Markets EU is a reliable and versatile broker that offers a wide range of services and tools for trading in the financial markets. The company provides impressive trading instruments, high-quality trading platforms, advanced analytical tools, and valuable education for traders of all levels.
IC Markets is likely most suitable for experienced traders who value deep liquidity, tight spreads, and advanced trading tools. Beginner traders can also benefit from the educational materials offered by the company, but they should be prepared for some additional expenses and a higher minimum deposit requirement.
Pros and Cons of IC Markets EU
Pros
- A wide range of trading assets.
- Low spreads.
- Variety of trading platforms.
- Quality educational materials.
- Efficient customer support service.
Cons
- High minimum deposit.
2. Pepperstone
Pepperstone EU is a significant and reliable broker that offers a broad range of trading instruments and attractive trading conditions. With regulation by serious authorities, clients can be confident in the security of their funds.
The broker is suitable for various types of traders. Beginners will find extensive educational materials, including trading guides, webinars, instructional videos, and Forex trading courses. Experienced traders will also appreciate Pepperstone's opportunities, including favorable trading conditions, various trading platforms, and access to complex trading instruments.
The broker's technical support operates at a high level, offering clients quick and efficient responses to any questions.
Pepperstone is an excellent choice for traders of all experience levels. With a unique combination of educational materials, trading tools, and high-quality customer service, this broker ensures excellent conditions for successful trading.
Pros and Cons of Pepperstone EU
Pros
- Wide selection of trading platforms.
- Tight spreads and favourable trading conditions.
- A large number of trading instruments, including over 600 CFDs on stocks.
Cons
- Lack of diversity in types of trading accounts.
3. AvaTrade
AvaTrade EU is well-suited for traders seeking a variety of trading instruments and user-friendly trading platforms. It can appeal to both beginners looking to start trading and experienced traders who want to expand their knowledge and skills.
Pros and Cons of AvaTrade EU
Pros
- A wide selection of financial assets.
- Innovative trading platforms.
- Highly rated educational resources.
Cons
- Limited trading account options.
- Account inactivity fee.
4. Forex Club Libertex
Libertex is an established broker offering various trading instruments and educational resources. With zero commission on deposits and various analytical tools, this broker can appeal to novice and experienced traders.
Pros and Cons of Libertex
Pros
- Tight spreads and attractive trading conditions.
- Wide selection of trading assets.
- Rich selection of educational materials and analytics.
Cons
- High swaps and inactivity fee.
5. FxPro
FxPro EU provides a comprehensive range of services and tools for traders. With its variety of trading accounts, platforms, and available markets, it is well-suited to meet the needs of different traders. The company offers extensive educational materials and analytical tools to aid in decision-making.
This broker suits traders looking for a wide selection of markets, diverse platforms, and analytical tools. It is also apt for beginner traders, thanks to the educational materials and experienced traders who value flexible trading conditions.
Pros and Cons of FxPro EU
Pros
- A wide selection of trading accounts.
- Various trading platforms.
- A diverse range of available markets and products.
- Multiple analytics tools.
- Extensive educational materials.
Cons
- An inactivity fee.
- Absence of cent accounts and services for copying trades.
6. Deriv
Deriv Europe is ideally suited for traders who value a secure, well-regulated trading environment with a straightforward approach. It is particularly beneficial for those starting trading due to its user-friendly platforms and simple account management processes.
Pros and Cons of Deriv EU
Pros
- Simple and fast account opening process.
- Low commission structure.
- Convenient methods for account funding and withdrawal without commission.
- High-level technical support with fast and quality responses.
Cons
- Some essential asset classes are absent, and a limited number of CFDs on stocks exist.
- Educational materials are limited to a blog and lack comprehensive learning resources.
7. Admirals
Admirals EU is suitable for a broad spectrum of traders. With its strict regulation, various account types, and a competent set of educational and analytical materials, this broker provides high-quality services for novice and experienced traders.
Beginners seeking detailed educational resources and support will undoubtedly appreciate this broker. Experienced traders will also find it beneficial due to competitive trading commissions, abundant tools for analysis and trading, and the convenience of the depositing and withdrawal process.
Pros and Cons of Admirals EU
Pros
- Low trading fees.
- Wide range of payment methods.
- Extensive analytical resources.
- A rich collection of educational materials.
Cons
- Inactivity fee.
- Some users complain about the intrusiveness of the support service.
8. InstaForex
InstaForex is a popular broker that offers a wide range of trading instruments and specialized accounts. The unique possibility of accruing interest on the account balance, ForexCopy's automatic transaction copying service, and support for cryptocurrency trading make InstaForex an attractive choice for a variety of traders. Customer support is available round the clock, and account replenishment does not charge any commission, which is a significant plus.
InstaForex is suitable for beginner traders and investors interested in passive income through PAMM accounts, as well as for those looking for innovative features such as cryptocurrency trading and automatic trade copying.
Pros and Cons of InstaForex
Pros
- Large selection of trading instruments.
- PAMM accounts and the ForexCopy automatic trade copying service for passive income.
- 24/7 efficient customer support.
- Wide range of methods for depositing and withdrawing funds.
- Decent analytical section.
Cons
- Trading commissions are above average.
- No trading accounts with market execution of orders (ECN or STP).
- Broker commission on fund withdrawals.
9. XM
XM broker offers a wide range of services, making it an attractive option for various traders. With over 1500 trading instruments, extensive educational resources, and numerous trading platforms, XM is ideally suited for beginners and experienced traders. Novice traders will particularly appreciate the accessible educational materials and low entry threshold, while professionals will find the competitive spreads and diversity of instruments appealing.
Pros and Cons of XM
Pros
- Wide range of trading assets.
- Extensive educational resources.
- Tight spreads on the Ultra Low account.
- Many analytical materials.
- Commission-free deposits and withdrawals.
Cons
- Inconsistency in technical support.
- Inactivity fee.
- Standard account has a higher spread than the market average.
10. Oanda
OANDA Europe best suits intermediate to advanced traders who value a regulated trading environment, diverse market access, and robust trading platforms. These traders will likely benefit the most from OANDA's offerings and may find the limited educational resources and support hours less of a concern. Beginners might need to supplement their learning with external resources.
Pros and Cons of Oanda EU
Pros
- Tight spreads.
- Efficient and secure processes for account funding and withdrawals.
- Extensive market and product offerings.
- High-quality trading platforms.
- Quality analytics.
Cons
- Limited diversity in account offerings.
- High swaps.
- Limited educational resources.
Regulation of Forex Brokers in Estonia
In Estonia, the activities of Forex brokers are regulated by strict norms and rules aimed at protecting investors, ensuring transparency of trading operations, and maintaining financial stability in the market. The main regulatory authority in the country is the Estonian Financial Supervision Authority (EFSA), which defines and controls standards for financial institutions, including Forex brokers.
EFSA strictly monitors brokers' compliance with rules regarding the transparency of financial operations, the segregation of client funds, and the provision of accurate information about risks. This includes mandatory risk disclosure measures and leverage restrictions to minimize potential losses for traders.
In addition to national regulation, Estonia also adheres to European Union legislation, including the Markets in Financial Instruments Directive (MiFID II), which ensures the unification and enhancement of financial markets across the EU. This provides an additional level of protection for investors by setting high standards for transaction transparency and risk management.
Such a comprehensive approach to regulation makes Estonia one of the most reliable and safe markets for Forex trading. Thanks to strict supervision, Estonian traders can be confident in the protection of their interests and the stability of working with licensed brokers, creating favorable conditions for effective and successful Forex trading.
How We Compiled the List of Top Forex Brokers in Estonia
The top Forex brokers in Estonia are compiled using a comprehensive approach:
- Broker rankings are based on our thorough Forex broker rating.
- Broker evaluations were conducted using an exclusive methodology that includes an analysis of a wide range of parameters.
- All brokerage companies listed have proven themselves among Estonian traders and offer their services in the Estonian market.
These criteria ensure that the Forex brokers listed in our ranking meet high standards of quality and safety, and provide trading conditions that promote effective and reliable Forex trading.
FAQ
Which Forex broker is the best?
The best Forex broker depends on your needs and preferences. However, some of the most popular and reliable brokers include:
- IC Markets: Known for low spreads and fast order execution.
- Admirals: Offers a wide range of trading instruments and excellent customer support.
- InstaForex: Attracts traders with a variety of bonuses and promotions.
- FxPro: Provides quality educational support and a wide selection of trading platforms.
It is recommended to study the conditions and offers of each broker to choose the most suitable one for yourself.
Which broker is the most profitable?
The profitability of a broker depends on low commissions, tight spreads, and favorable trading conditions. The most profitable brokers are considered to be:
- IC Markets: Offers some of the lowest spreads in the market.
- AvaTrade: Known for its bonus programs and promotions.
- FxPro: Attracts traders with favorable withdrawal conditions and low commissions.
It is important to consider that the profitability of a broker also depends on your trading style and chosen instruments.
Which is the most reliable Forex broker?
The most reliable Forex brokers are those regulated by reputable regulators and have a good reputation among traders. Such brokers include:
- Admirals: Regulated by FCA, ASIC, and other reputable authorities.
- Oanda: Has a long history and is regulated by authorities such as CFTC and NFA.
- IG Group: One of the largest brokers, regulated by FCA and other regulators.
Before choosing a broker, it is recommended to check their licenses and customer reviews.
Who trades on Forex?
Various participants trade in the Forex market, including:
- Individual traders: Private individuals trading for profit.
- Banks and financial institutions: Major players involved in currency operations.
- Hedge funds and investment companies: Organizations using Forex to diversify their portfolios.
- Central banks: Regulate currency reserves and monetary policy.
- Corporations: Engage in currency operations to hedge risks associated with international trade.
Is it possible to earn consistently on Forex?
Consistent earnings on Forex are possible but require significant knowledge, experience, and discipline. To achieve stable profits, it is necessary to:
- Education and analysis: Study the market, analytical tools, and trading strategies.
- Develop a trading plan: Create and follow a trading plan that considers risks and goals.
- Risk management: Use stop-losses and sensible capital management.
- Psychological preparation: Ability to control emotions and follow the plan even in stressful situations.
Success in Forex requires time and effort, as well as a willingness to continually learn and adapt to changing market conditions.
What is the difference between Forex and the stock exchange?
The main differences between Forex and the stock exchange are as follows:
- Market: Forex is a decentralized market where currencies are traded. The exchange is a centralized market where stocks, bonds, and other financial instruments are traded.
- Trading Hours: Forex operates around the clock, five days a week. Exchanges typically have fixed trading hours.
- Participants: Forex trading involves individual traders, banks, corporations, and central banks. On the exchange, investors, companies, and institutional investors trade.
- Regulation: Exchanges are strictly regulated, whereas the Forex market has more flexible regulation and includes many participants with different rules.
- Trading Instruments: Forex trades currency pairs. The exchange trades stocks, bonds, options, and other financial instruments.
