Best Forex Brokers in Iceland for 2025
We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the top 10 Forex brokers in Iceland based on our analysis:
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AvaTrade - Best Forex broker in Iceland - A wide selection of financial assets. Innovative trading platforms. Highly rated educational resources. - 2
FP Markets - Robust regulation, serious fund protection plus segregated accounts in AA banks. Competitive trading conditions: spreads from 0 pip, commission 6 USD/lot; execution ≈ 20 ms on the NY4 server. Rich selection of trading platforms. - 3
FxPro - Various trading platforms. A diverse range of available markets and products. Multiple analytics tools. - 4
Libertex - Tight spreads and attractive trading conditions. Wide selection of trading assets. Rich selection of educational materials and analytics. - 5
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HF Markets - Regulated by reputable financial authorities. Wide selection of trading assets. A variety of educational materials and analytical reviews. - 7
Deriv - Simple and fast account opening process. A wide variety of account types cater to different trading needs. Low commission structure. - 8
ActivTrades - Wide range of trading assets. A wide variety of trading platforms. Extensive training materials including webinars, videos, articles and guides. - 9
XM - Wide range of trading assets. Extensive educational resources. Tight spreads on the Ultra Low account. - 10
HYCM - Well-regulated broker. An extensive set of educational materials. Diversity of trading assets.
This detailed guide aims to assist you in selecting a broker that perfectly suits your trading strategy while ensuring the security of your investments. The brokers featured here stand out due to their exceptional features, cutting-edge technology, and robust security measures, offering an excellent trading experience in Iceland's dynamic Forex market.
List of the Best Forex Brokers in Iceland in 2025
1. AvaTrade
AvaTrade is ideal for traders looking for various trading tools and a high level of investment protection. Beginners will be comfortable with the intuitive interface of the AvaTradeGO mobile platform, while experienced traders will appreciate the depth of MetaTrader's customization and analytical tools. However, traders who need access to STP or ECN accounts should pay attention to other brokerage companies.
Pros and Cons of AvaTrade
Pros
- A wide selection of financial assets.
- Innovative trading platforms.
- Highly rated educational resources.
Cons
- Limited trading account options.
- Account inactivity fee.
2. FP Markets
FP Markets successfully combines a strict licensing framework, a fast ECN order book with zero spreads, a rich selection of platforms — ranging from classic MT4/5 to TradingView and Iress DMA — and a developed analytics, education, and 24/7 support infrastructure. This combination makes the broker attractive for active scalpers and algorithmic traders who value speed and moderate commission per lot, as well as for investors preferring copy trading, PAMM/MAM, or DMA stocks via Iress. Beginners will benefit from a low entry of 100 AUD, online courses, and no inactivity fees.
Pros and Cons of FP Markets
Pros
- Robust regulation, serious fund protection plus segregated accounts in AA banks.
- Competitive trading conditions: spreads from 0 pip, commission 6 USD/lot; execution ≈ 20 ms on the NY4 server.
- Rich selection of trading platforms.
- Wide range of instruments.
- Numerous deposit/withdrawal methods.
- Strong analytics and education.
- 24/7 support.
Cons
- Lack of cent accounts and fixed spread accounts.
- Some analytical materials and software are accessible only with a deposit or trading volume.
3. FxPro
FxPro 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. 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
Pros
- 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.
4. 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. Plus500
Plus500 is ideal for traders seeking a convenient and intuitive platform with a broad spectrum of trading instruments. It's particularly well-suited for those who value a diverse range of CFDs on stocks, indices, currencies, commodities, and ETFs. The built-in Insight+ analytics tool is a significant advantage for those keen on analyzing trends and activities based on real-time data.
Pros and Cons of Plus500
Pros
- Diversity of trading assets.
- Intuitive trading platform.
- 24/7 support.
- Built-in analytics.
Cons
- Limited channels for communication with technical support.
- Limited choice of trading accounts.
6. HF Markets
HF Markets is a reliable and appealing Forex broker, offering a wide selection of trading assets, a variety of account types, and access to the popular trading platforms MetaTrader 4 and MetaTrader 5. With its regulation and industry experience, the company has earned a reputation as a dependable partner for traders of varying experience levels.
HF Markets is recommended for those seeking a trustworthy and vetted broker with favorable trading conditions and customer support.
Pros and Cons of HF Markets
Pros
- Regulated by reputable financial authorities.
- Wide selection of trading assets.
- A variety of educational materials and analytical reviews.
Cons
- There is no alternative to MetaTrader.
- High swaps and wide spreads.
7. Deriv
Deriv is an appealing choice for a wide array of traders, particularly those who are just beginning or are at an intermediate level. Its user-friendly approach, diverse platforms, and low-cost structure make it ideal for individuals seeking a straightforward trading experience. While it may not fully satisfy the needs of highly advanced traders due to some limitations in educational and analytical resources, Deriv's overall offering is solid, making it a reliable and accessible broker for most trading requirements.
Pros and Cons of Deriv
Pros
- Simple and fast account opening process.
- A wide variety of account types cater to different trading needs.
- Low commission structure.
- A wide range of trading platforms.
- High-quality technical support with fast and effective responses.
Cons
- Some essential asset classes are absent, and a limited number of CFDs on stocks exist.
- Educational materials are confined to a blog and lack comprehensive learning resources.
8. 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.
However, for traders with more specific requirements, such as a variety of trading accounts or individual conditions for professional traders, ActivTrades may be less attractive.
Pros and Cons of ActivTrades
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.
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. HYCM
HYCM is one of the Forex and CFD market leaders whose reputation is backed by strict regulation by major financial authorities such as the FCA, CySEC and DFSA. This ensures high protection of the client's funds and compliance with regulatory standards. The broker offers a wide range of trading platforms, including MetaTrader 4 and MetaTrader 5, recognized as some of the most reliable and functional in the industry. The variety of trading instruments available allows you to create a diverse investment portfolio, while a rich selection of educational resources supports traders at all stages of their professional development.
HYCM will be most suitable for traders looking for reliability and diversity in the toolkit without worrying about high commissions and a lack of innovative platforms. This broker is ideal for experienced traders who can use the analytical and educational resources provided to improve their trading strategies.
Pros and Cons of HYCM
Pros
- Well-regulated broker.
- An extensive set of educational materials.
- Diversity of trading assets.
Cons
- Absence of proprietary trading platform.
- No social trading.
Regulation of Forex Brokers in Iceland
In Iceland, the regulation of Forex and CFD brokers is overseen by the Financial Supervisory Authority of Iceland (Fjármálaeftirlitið or FME). The FME ensures that brokers comply with strict regulations to protect investors, maintain the integrity of trading operations, and ensure financial stability. This includes transparency in financial operations, segregation of client funds, and the provision of accurate risk information.
Additionally, Iceland adheres to European Economic Area (EEA) regulations, including the Markets in Financial Instruments Directive (MiFID II). This harmonizes financial market regulations across Europe, providing further protection for investors by establishing standards for operational transparency and risk management.
This robust regulatory framework makes Iceland a reliable and secure market for Forex trading. Icelandic traders can trust that their interests are protected, and they can engage with brokers in a stable and transparent environment, which is crucial for successful Forex trading.
How We Compiled the List of Top Forex Brokers in Iceland
Our approach to identifying the leading Forex trading platforms in Iceland involved meticulous precision and a comprehensive set of benchmarks:
Thorough Research and Evaluation: We began by assembling an extensive Forex broker list that met our predefined criteria. Each broker was meticulously scrutinized through a detailed evaluation methodology to assess their services and operational efficiency in an unbiased manner.
Regulatory Adherence: We focused on brokers regulated by recognized financial authorities such as the Financial Supervisory Authority of Iceland (Fjármálaeftirlitið or FME) and other reputable European regulators like CySEC, BaFin, or FCA. This ensures the brokers operate transparently and comply with stringent financial standards.
Trading Conditions and Platforms: We evaluated brokers based on their trading conditions, including spreads, fees, minimum deposits, and the variety of trading instruments available. The quality and usability of their trading platforms were also assessed, with a preference for those offering popular platforms like MetaTrader 4 and MetaTrader 5, as well as proprietary platforms with advanced features.
Customer Support and Localization: The quality of customer support was a key factor, particularly the availability of support in Icelandic and accessible communication channels. We also considered brokers that offer localized services, such as websites and educational resources in Icelandic, to better serve Icelandic traders.
User Feedback: We incorporated genuine feedback from traders who have used these brokers to provide a well-rounded view of each broker's strengths and weaknesses. This includes aspects like ease of use, customer service experiences, and overall satisfaction.
By carefully considering these factors, we have compiled a list of the top Forex brokers in Iceland, ensuring that they meet the high standards expected by Icelandic traders.
FAQ
Is Forex Trading Legal in Iceland?
Yes, Forex trading is legal in Iceland. The Financial Supervisory Authority of Iceland (Fjármálaeftirlitið or FME) oversees and regulates the activities of Forex brokers in the country, ensuring they adhere to strict financial and operational standards.
Which are the top Forex brokers in Iceland?
Top Forex brokers in Iceland include internationally recognized names such as AvaTrade, Pepperstone, and IC Markets. These brokers are known for their reliable services, robust platforms, and strong regulatory compliance.
What does a Forex broker do?
A Forex broker facilitates the buying and selling of foreign currencies. They provide trading platforms, market access, leverage, and other tools to help traders execute and manage their trades effectively. Brokers also offer educational resources and customer support to assist traders.
How much money do I need to begin Forex trading?
The amount of money needed to start Forex trading varies by broker. Some brokers allow you to start with as little as $100, while others may require a higher initial deposit. It is important to choose a broker that fits your financial capability and trading goals.
Can I trade Forex without a broker?
No, you cannot trade Forex without a broker. Forex brokers provide the necessary access to the currency markets, platforms for trading, and leverage needed for executing trades.
What’s the best broker for beginners in Iceland?
The best broker for beginners in Iceland is often considered to be XM due to its low minimum deposit, user-friendly platform, and extensive educational resources. Other good options include AvaTrade and FxPro, which also offer demo accounts and strong customer support.
Which trading app is best in Iceland?
The best trading apps in Iceland include MetaTrader 4 and MetaTrader 5, which are widely used for their comprehensive features and user-friendly interfaces. Brokers like AvaTrade and FxPro offer these apps, along with their proprietary trading platforms.
What’s the safest broker in Iceland?
The safest brokers in Iceland are those regulated by reputable authorities such as the FME, CySEC, FCA, and BaFin. Examples include AvaTrade and FxPro, which adhere to strict regulatory standards ensuring the safety and security of traders' funds.
What are the main Forex trading regulators in Iceland?
The main Forex trading regulator in Iceland is the Financial Supervisory Authority of Iceland (Fjármálaeftirlitið or FME). Icelandic brokers also comply with regulations from other European regulatory bodies such as CySEC, BaFin, and FCA.
Is Forex trading safe in Iceland?
Yes, Forex trading in Iceland is considered safe due to stringent regulations by the FME and adherence to European Union financial regulations. However, as with all trading, it involves risk, so it is important to trade wisely and use risk management strategies.
What is the national currency of Iceland?
The national currency of Iceland is the Icelandic Króna, abbreviated as ISK.
What are the most popular payment methods in Iceland?
Popular payment methods in Iceland include bank transfers, credit/debit cards, and online payment systems such as PayPal and Skrill.
What are the trading platforms available for Forex trading in Iceland?
The trading platforms available for Forex trading in Iceland include MetaTrader 4, MetaTrader 5, cTrader, and various proprietary platforms offered by brokers like AvaTrade and FxPro.
Can you trade Forex via mobile phone in Iceland?
Yes, you can trade Forex via mobile phone in Iceland. Most brokers offer mobile versions of their trading platforms, such as MetaTrader 4 and MetaTrader 5 apps, allowing traders to manage their trades on the go.
Should you trade Forex in Iceland?
Trading Forex in Iceland can be a rewarding experience if done carefully and with the right knowledge. The strong regulatory environment and availability of reputable brokers make it a viable option for traders looking to engage in the Forex market.
