Best Forex Brokers in Europe
Choosing the best forex broker to trade with is a difficult task. Many companies in the market fail to deliver on what they promise. It is no different in Europe, which is often regarded as one of the most active regions in the forex space. This review will be looking at the Best Forex Brokers in Europe. Our criteria will focus on five key features for making selections. These include:
- Regulation status in Europe
- Availability of Assets.
- Spreads and other fees.
- Trading platforms.
And now, here is our
List of one the Best Forex Brokers in Europe
Pepperstone
Pepperstone is a forex and CFD broker offering access to over 1,200 CFDs. Traders can trade here instruments from the forex, shares, indices, ETFs, commodities, cryptocurrency and currency indices markets. A wide variety of trading instruments is a hallmark of top forex brokers in the market.
We will now look at the regulation status of Pepperstone. The company has regulations from four top-tier regulators, three of which are based in Europe. The company is regulated by the FCA in the UK, the CySEC in Cyprus, the BaFin in Germany and the ASIC in Australia. The combination of these licenses makes Pepperstone one of the brokers with the strongest regulatory frameworks in the industry.
Pepperstone also provides competitive spreads to traders. The spreads on this broker's standard account start from 1.0 to 1.1 pips on all major currency pairs, with no commission fees. Average spreads are generally close to these minimum levels, offering competitive trading costs. The broker also features raw spreads on its razor account which has spreads as low as 0.0 pips and low commissions charged depending on the trading platform a trader uses.
Pepperstone offers a number of different account base currencies, including USD, GBP, and EUR, to cater to its European clients. The trading platforms available to traders on Pepperstone include MT4, MT5, TradingView and cTrader. These are all excellent trading platforms with high functionalities. Pepperstone boasts one of the fastest execution times in the industry, with most orders for its European entity, Pepperstone Limited, executed within 60 milliseconds—placing it among the market's fastest.
75.9% of retail CFD accounts lose money
FP Markets
FP Markets is a forex/CFD broker regulated by tier-1 regulators - the CySEC (in Cyprus) and ASIC (in Australia). Through its CySEC regulation, FP Markets can legally “passport” its services across the European Economic Area (EEA), ensuring compliance with EU financial regulations. This company provides a wide variety of assets to trade. Traders have access to the forex, shares, metals, commodities, indices, cryptocurrency, ETFs and bonds markets. In total, FP Markets offers over 10,000 CFDs for trading.
Further, FP Markets offers two of the best trading platforms to clients: MetaTrader 4 and MetaTrader 5. These intuitive platforms provide fast execution times and are accessible on PC, web, and mobile. Additionally, FP Markets also supports cTrader and TradingView, enhancing the trading experience for all types of traders. The broker also offers additional trading tools like Autochartist and Trading Central, along with VPS services, which ensure fast execution speeds due to their proximity to the execution centre.
Fees on FP Markets are mainly through spreads and commissions. These fees vary depending on the account type the client signed up for. As an example, traders on the standard account pay zero commissions but their spreads start from 1.0 pips. On the other hand, users of the raw account pay a commission of $3 per side per lot and have spreads as low as 0.0 pips.
72.44% of retail CFD accounts lose money
XTB
XTB is also regarded as one of the best forex/CFD brokers in Europe. XTB has regulations from three European regulators. These include the FCA in the UK, CySEC in Cyprus and KNF in Poland. XTB provides clients with its in-house-built trading platform, xStation. This platform is powerful, customizable and executes trades fast. The platform won the Best Trading Platform of 2016 award from the Online Personal Wealth Awards. The platform is intuitive and suitable for all levels of traders.
The markets available on XTB include forex, stocks, ETFs alongside with CFDs on indices, commodities, and cryptocurrencies. A variety of available assets on a platform is always a good thing. Investors can spread their risk across various markets. The spreads offered by XTB are particularly competitive and they start from 0.8 pips on major currency pairs.
69-74% of retail investor accounts lose money when trading CFDs with this provider.
Forex.com
Forex.com is yet another Forex and CFD broker with a reputable track record. The company launched in 2001 and has the trust of millions of traders. The company is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the CFTC. The company is also a member of the National Futures Association (NFA) since 2004. On top of that, the company is regulated by the CIMA, by the FFAJ and in Europe by the CySEC (Cyprus) and by the FCA (The UK).
Forex.com offers traders access to the MetaTrader 5 platform, a powerful tool known for its fast execution times. The platform is available on PC, macOS, iOS, and Android promising a seamless experience across all devices, catering to the needs of diverse traders. Additionally, Forex.com is one of the TradingView integrated brokers that allows you to use this powerful charting tool when trading with the company.
Spreads recorded on Forex.com on the standard account usually range from 0.9 pips to 2.3 pips for major currency pairs (with no commissions paid). However, the spreads are variable depending on market conditions. The broker also has one account with raw spreads called the raw spread account on which the spreads can go as low as 0.1 pips with a $5 commission per $100.000 notional traded.
The main market available to clients on forex.com is the forex market. Traders can trade over 80 currency pairs on this platform. However, clients also have access to CFDs on other assets such as stocks, cryptos, indices and commodities.
75-76% of retail investor accounts lose money when trading CFDs with this provider.
XM.com
XM meets our standards for being considered one of the top forex brokers in Europe. The company is regulated by several reputable regulators including CySEC in Cyprus, ASIC in Australia and the FSC. These regulatory bodies help ensure that XM adheres to legal standards and operates transparently, offering added assurance to traders about the company’s integrity and reliability. The trading platforms on XM.com are some of the best retail forex platforms in the market. The company provides both MetaTrader 4 and MetaTrader 5 to its clients. These are powerful platforms with fast execution times. Clients can also perform technical analysis on these platforms. Additionally, all clients types of clients are catered for. These platforms are available on PC, macOS, iOS and Android.
The spreads on XM are industry standard and competitive. In Europe, XM offers three different account types called the Ultra Low Micro Account, XM Ultra Low Account and XM Zero Account. These accounts differ mainly in spreads and commissions. The first two do come with any commission fees, but with spreads that start from 0.8 pips. The Zero account has spreads as low as 0.0 pips but XM does charge commissions on this account.
The broker offers in Europe 3 different account base currencies - EUR, USD and GBP. On XM, clients can trade over 1,000 CFD trading instruments. These span across 8 different markets: forex, stocks, indices, shares, cryptocurrencies, commodities, precious metals, and energies.
75.18% of retail investor accounts lose money when trading CFDs with this provider.
AvaTrade
AvaTrade is a Forex and CFD broker with regulations across 5 different continents. In Europe, the company is regulated by the CySEC in Cyprus and by the Central Bank of Ireland in Ireland. However, AvaTrade has regulations from other reputable regulators including ASIC, FSCA and IIROC. This shows that Avatrade is a legitimate company that follows the rule of law.
In terms of trading platforms, AvaTrade does not disappoint. The company provides traders with several powerful and modern solutions. Clients can use the AvaTrade WebTrader online without the need to download any software. They can also use MetaTrader 4 and MetaTrader 5 to execute trades. MT4 and MT5 are available for PC, Tablet and mobile customers. On top of that, AvaTrade provides two more software platforms for copy trading. These platforms are the ZuluTrade and DupliTrade platforms.
The variety of instruments available on AvaTrade is impressive. Traders have access to over 700 trading instruments spread across 6 markets. These include CFDs on forex, indices, commodities, stocks, FXOptions and cryptocurrencies. This way, traders can spread their investments across a number of markets. The spreads on AvaTrade are competitive. They range from 0.9 pips to 2.0 pips for major currency pairs. Therefore, traders do not have to pay exorbitant fees to trade.
76% of retail CFD accounts lose money
IG Markets
IG Markets rounds out our list of some of the best forex brokers in Europe. The company is regulated by the FCA in the UK and the BaFin in Germany. IG Markets is also under regulation by CFTC and NFA in the US. These are all top-tier regulators showing that IG Markets is legitimate.
IG Markets offers the MetaTrader 4 platform alongside its proprietary IG trading platform. These are both powerful and intuitive platforms for all levels of traders. IG Markets also provides access to advanced tools like ProRealTime and L2Dealer for clients who prefer them.
The trading spreads on IG Markets are competitively low starting from 0.6 pips. However, other charges apply when trading with IG Markets. These include Share CFD commissions, Forex conversion fees, overnight fees and inactivity fees. Luckily, IG Markets allows traders to access instruments from various markets. These include CFDs on forex, indices, shares, commodities, cryptocurrency and bonds markets. This variety of trading instruments places IG Markets among the best forex brokers in Europe.
Conclusion
All these forex brokers met our criteria to deserve the title of the best forex brokers in Europe. They all have regulations from reputable organizations that oversee broker operations. Therefore, clients can have some peace of mind when trading. Additionally, these brokers provide some of the best trading platforms and a variety of trading instruments. Further, these companies charge fairly low and competitive fees to traders.
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