Best Forex Brokers in Iceland for 2024
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:
- 1
IC Markets EU - Best Forex broker in Iceland - 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. - 4FxPro EU - A wide selection of trading accounts. Various trading platforms. A diverse range of available markets and products.
- 5
Deriv EU - Simple and fast account opening process. Low commission structure. Convenient methods for account funding and withdrawal without commission. - 6
- 7
ActivTrades Europe - Wide range of trading assets. A wide variety of trading platforms. Extensive training materials including webinars, videos, articles and guides. - 8
FBS EU - Low spreads and trading fees. Extensive database of educational materials and analytical tools. Wide range of trading assets. - 9
HF Markets EU - Wide selection of trading assets. A variety of educational materials and analytical reviews. Customer support is available in many languages. - 10
Oanda EU - Tight spreads. Efficient and secure processes for account funding and withdrawals. Extensive market and product offerings.
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 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. 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.
5. 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.
6. 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.
7. 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.
8. FBS
FBS Europe emerges as a broker well-suited for traders seeking a reliable and secure trading environment complemented by competitive trading conditions. With its robust regulatory framework, comprehensive educational resources, and multilingual support, FBS appeals to novice and experienced traders who prioritize learning and support in their trading journey.
FBS stands out for its commitment to providing a user-friendly and supportive trading experience, making it a solid choice for traders focused on forex and major financial instruments.
Pros and Cons of FBS EU
Pros
- Low spreads and trading fees.
- Extensive database of educational materials and analytical tools.
- Wide range of trading assets.
Cons
- Limited choice of trading accounts.
- Limited trading platforms.
9. HF Markets
HF Markets Europe 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 European 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 EU
Pros
- Wide selection of trading assets.
- A variety of educational materials and analytical reviews.
- Customer support is available in many languages.
Cons
- There is no alternative to MetaTrader.
- High swaps and wide spreads.
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 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.
