Best Forex Brokers in Europe for 2024
We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the best Forex brokers in Europe based on our analysis:
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IC Markets EU - Best Forex broker in Europe - 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
CMC Markets EU - Low trading fees. Wide range of markets and products. Access to the popular MetaTrader 4 and CMC Markets platforms. - 5FxPro EU - A wide selection of trading accounts. Various trading platforms. A diverse range of available markets and products.
- 6
FXCM - Diverse methods for deposit and withdrawal. Wide range of markets and products for trading. A broad spectrum of trading platforms. - 7
Deriv EU - Simple and fast account opening process. Low commission structure. Convenient methods for account funding and withdrawal without commission. - 8
- 9
ActivTrades Europe - Wide range of trading assets. A wide variety of trading platforms. Extensive training materials including webinars, videos, articles and guides. - 10
Oanda EU - Tight spreads. Efficient and secure processes for account funding and withdrawals. Extensive market and product offerings.
Our carefully curated Top-10 Best Forex Brokers in Europe list, developed through rigorous evaluation, aims to guide you in selecting the ideal platform that aligns with your trading style and guarantees the safety of your investments.
List of the Best European Forex Brokers
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. CMC Markets
CMC Markets EU has been a reliable CFD and Forex broker in the business for a long time. Top-tier financial authorities regulate the company, offers an excellent trading platform, and has low commission fees.
We believe it is an excellent choice for beginners and experienced traders. CMC Markets is a good option if you seek a trustworthy and reputable broker with extensive experience.
Pros and Cons of CMC Markets EU
Pros
- Low trading fees.
- Wide range of markets and products.
- Access to the popular MetaTrader 4 and CMC Markets platforms.
- Extensive analytical materials.
- Comprehensive educational materials.
Cons
- Limited account options.
- Inactivity fee.
- No online chat.
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. FXCM
FXCM represents a comprehensive solution that will benefit traders of all levels — from beginners to professionals. Beginners will appreciate the accessible educational materials and analytics, while experienced traders can use various instruments and flexible platform settings.
However, it's essential to consider drawbacks such as fees for account inactivity and the limited variety of trading accounts. These factors may be particularly significant for traders who do not plan to trade actively or are looking for more options for customization.
The broker offers a good balance between high-quality services and reasonable rates, making it an attractive choice for a broad spectrum of traders.
Pros and Cons of FXCM
Pros
- Diverse methods for deposit and withdrawal.
- Wide range of markets and products for trading.
- A broad spectrum of trading platforms.
- Extensive and quality materials for making informed decisions.
- Quick and efficient help in solving emerging issues.
Cons
- Insufficient variety of trading accounts.
- Inactivity fees and commissions for bank transfer withdrawals.
- Protracted account opening and verification process.
7. 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.
8. 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.
9. ActivTrades
ActivTrades is suitable for beginner traders who value simplicity and intuitive trading platforms, as well as a variety of educational materials to improve their skills. Moreover, this broker can be a suitable option for experienced traders who prefer to trade various instruments and use the powerful features of the MetaTrader 4, MetaTrader 5, and TradingView platforms.
Pros and Cons of ActivTrades Europe
Pros
- Wide range of trading assets.
- A wide variety of trading platforms.
- Extensive training materials including webinars, videos, articles and guides.
- Professional support team.
Cons
- Lack of diversity in trading accounts.
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 Europe
Navigating the European Forex market requires understanding the robust regulatory framework that governs it. In Europe, Forex brokers are subject to stringent regulations to ensure trader protection, market integrity, and financial transparency. The European Securities and Markets Authority (ESMA) is pivotal in setting guidelines and standards across European Union member states.
Each European country has its own regulatory body, like Germany's Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), and Cyprus Securities and Exchange Commission (CySEC), which enforces local compliance with ESMA rules. These regulations include segregated client funds, leverage limits, and mandatory risk disclosures to safeguard traders from market volatility and broker insolvency.
Furthermore, the Markets in Financial Instruments Directive (MiFID II) enhances transparency and fairness in financial markets. It sets the foundation for cross-border Forex trading within Europe, facilitating a harmonized trading environment.
This regulatory landscape ensures that Forex brokers operating in Europe adhere to high standards of conduct, offering traders a secure and reliable trading experience. As a result, traders can focus on their trading strategies with the assurance that their investments are well-protected within this regulated space.
How We Compiled the List of the Best Forex Brokers in Europe
The selection of the premier Forex trading platform in Europe was meticulously executed based on balanced and thorough criteria:
Our broker rankings are derived from our comprehensive list of Forex brokers.
The top brokers were evaluated and scored highly according to our detailed methodology.
Each company featured in our list provides services that are accessible and tailored for European traders.
These standards ensure that our curated list of Forex and CFD brokers regulated in Europe adheres to strict reliability standards and offers trading conditions essential for secure and efficient operations in the Forex market.
FAQ
Is Forex Trading Legal in Europe?
Yes, Forex trading is legal in Europe. However, it is regulated by various national and European financial authorities to ensure a fair and transparent trading environment.
Does ESMA regulate European Forex Brokers?
European Forex brokers are generally regulated by the European Securities and Markets Authority (ESMA) and national regulatory bodies in their respective countries. ESMA provides overarching guidelines to maintain investor protection and market stability.
Does Negative Balance Protection Apply to European Forex Brokers?
Negative balance protection is required for Forex brokers in Europe, particularly under ESMA regulations. This protection prevents traders from losing more money than they have in their trading accounts.
How to Verify a Forex Broker's Regulation in Europe?
To verify a broker's regulation in Europe, check the broker's website for regulatory information and verify it with the respective regulatory authorities, such as ESMA, FCA, CySEC, or BaFin. Most brokers list their license number and the name of the regulatory body on their website.
Which Currency Pairs Can I Trade in Europe?
In Europe, traders can trade many Forex pairs, including major currency pairs (EUR/USD, GBP/USD), minor pairs, and exotic pairs. The availability can vary based on the broker.
Are Cryptocurrencies Tradable Through European Forex Brokers?
Many European regulated brokers offer cryptocurrency trading alongside traditional currency pairs. However, the availability and regulation of cryptocurrency trading can vary between brokers and countries.
Is Algorithmic Trading Possible with European Forex Brokers?
Yes, algorithmic trading is possible with many European Forex brokers. They often support platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which facilitate algorithmic trading using Expert Advisors (EAs).
What is the Minimum Trade Size for Forex in Europe?
The minimum trade size for Forex in Europe varies by broker but often starts as low as 0.01 lots, known as a micro lot. Some brokers may offer even smaller trade sizes for novice traders or those looking to test strategies.
Can Beginners Trade Forex Successfully in Europe?
Beginners can trade Forex successfully in Europe, especially with brokers offering educational resources, demo accounts, and beginner-friendly trading platforms. However, Forex trading involves risk, and beginners should educate themselves thoroughly before trading with real money.
Is Forex Trading Taxable in Europe?
Forex trading is taxable in many European countries, but tax laws vary. Traders are typically required to declare profits and losses in their tax returns, and the specific tax implications depend on the country of residence. It's advisable to consult a tax professional for guidance.
