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 the EU, 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 be looking for five key features to make the selections. These include:
- Regulation status in the EU.
- Availability of Assets.
- Spreads and other fees.
- Trading platforms.
And now, here is our
List of one the best forex brokers in Europe
eToro is a multi-asset investment platform with years of experience in the market. The company launched in 2007 and quickly gained a good name among traders. eToro is currently one the best, if not the best broker for copy trading that allows you to easily copy the trades of the top-performing investors on the platform. With roughly 30M users, it is also one of the biggest brokers on the market.
eToro avails a wide range of assets to choose from. Investors can trade in the forex, cryptocurrency, stocks and commodities markets. In the forex market, investors can trade over 45 currency pairs (CFDs). Additionally, clients can trade over 30 cryptocurrencies on eToro.
In terms of regulations, eToro has good standing. eToro is a company regulated by CySEC, the FCA, ASIC and the FSAS. These multiple regulations show that eToro plays by the book. That is why it has the trust of millions of traders.
eToro provides its own unique platform to customers for trading. The eToro trading platform is a powerful software suitable for all kinds of traders. The platform is intuitive enough for beginner traders to learn and master. Additionally, it is very responsive ensuring fast trade executions. It is also available as an app for mobile and tablet users.
Fortunately, eToro does not have any hidden fees. The company believes in transparency and provides a page detailing all the charges involved. Typical spreads recorded on eToro ranged from 1.0 to 2.0 for various currency pairs. Read this eToro Review for more details.
78% of retail CFD accounts lose money
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs (such as forex, commodities and stocks).
XTB is also regarded as one of the best forex/CFD brokers in Europe. XTB has regulations from three regulators in Europe. 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 major markets available on XTB include forex, indices, commodities, share CFDs, ETF CFDs and cryptocurrency. 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. The spreads vary depending on the account type. There are two account types to choose from; the Standard and the Pro accounts. For example, the target floating spread for the EUR/USD pair is 0.9 pips wide for the standard account. On the other hand, it is 0.3 pips for the Pro account. Traders can choose the account that best suits their needs.
74–89% of retail investor accounts lose money.
AvaTrade is a forex broker with regulations in 5 different continents. In Europe, the company is regulated by CySEC. 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 the 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 forex, indices, commodities, stocks, FXOptions and cryptocurrency. This way, traders can spread their investments across these markets. The spreads on AvaTrade are especially competitive. They range from 0.9 pips to 2.0 pips for major currency pairs. Further, there are no hidden fees. Therefore, traders do not have to pay exorbitant fees to trade.
71% of retail CFD accounts lose money
FP Markets is a forex/CFD broker regulated by tier-1 regulators – the CySEC and ASIC. As such, investors can have peace of mind while trading with FP Markets. This regulation status among other things is what gives FP Markets good standing with investors. Additionally, this company provides a wide variety of assets to trade. Investors have access to the forex, shares, metals, commodities, indices, cryptocurrency, ETFs and bonds markets. This variety attracts all kinds of investors to FP Markets.
Further, FP Markets avails two of the best trading platforms to clients. Investors get to use the MetaTrader 4 and MetaTrader 5 platforms on FP Markets. These platforms are intuitive and have fast execution times. They are also available on PC, web and mobile.
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, standard account users pay zero commissions but the spreads start from 1.0 pips. On the other hand, users of the raw account pay a commission of $3 per lot and have spreads as low as 0.0 pips.
75.3% of retail CFD accounts lose money
Forex.com is yet another forex 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 FCA, CIMA and the FFAJ.
Traders on Forex.com will have the MetaTrader 4 available. This is a powerful trading platform with fast execution times. Plus, the MetaTrader 4 is available for PC, macOS, iOS and Android. This way, Forex.com accommodates all types of 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 usually range from 0.9 pips to 2.3 pips for major currency pairs. However, the spreads on the platform are variable depending on the account type. The Spreads can go as low as 0.1 pips for the STP Pro account.
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 the Gold and Silver and the Futures and Futures Options markets.
74–89% of retail investor accounts lose money.
XM satisfies our criteria for regarding the company as one of the best forex brokers in Europe. The company is regulated by several reputable regulators including CySEC, ASIC and the FSC. This is evidence that the company follows the law and does not engage in shady business. The trading platforms on XM.com are some of the best 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. There are three account types that come with different spreads. For example, the standard account has a spread of 1.6 pips for the EUR/USD pair. However, there is no commission for this account. On XM, clients can trade over 1,000 trading instruments. These fall under 8 different markets. These include forex, stocks, indices, shares, cryptocurrency, commodities, precious metals and energies. All kinds of investors are catered for on XM.
OANDA is a company with a long history of successful service delivery. This company launched its online brokerage in 1996. It is regulated by three of the most reputable regulators in the industry. These include the FCA in the UK, ASIC in Australia and CFTC in the USA. This shows that OANDA remains committed to following the rule of law.
OANDA’s regulation is not the only impressive thing. The company provides clients with some of the best trading platforms in the market. Clients can trade using MT4 and MT5 on PC, tablets and mobile. Additionally, clients can use the fxTrade mobile app provided by OANDA. These are all secure and super responsive platforms.
Further, OANDA avails a wide range of trading instruments to clients. Traders can trade instruments in the forex, indices, metals, shares, commodities and cryptocurrency. This means that OANDA accommodates traders of all kinds. OANDA provides variable spreads to clients depending on market movements. Variable spreads are generally cheaper than fixed spreads, especially during high trading volumes. Typical spreads recorded on OANDA 1.0 pips to 1.8 pips for major currency pairs.
Pepperstone is a forex broker dealing in over 1,200 CFDs. The company provides access to instruments in the forex, shares, indices, ETFs, commodities and currency indices markets. This variety of trading instruments is a characteristic of the best forex brokers in the market.
We will now look at the regulation status of Pepperstone. Fortunately, Pepperstone is a regulated company that plays by the book. The company has regulations from three top-tier regulators. The company is regulated by the FCA in the UK, BaFin in Germany and ASIC in Australia.
Pepperstone also provides competitive spreads to traders. The spreads on the platform for major currency pairs range from 0 pips to 1.59 pips depending on the account type. There are also commissions charged depending on the trading platform a trader uses. The trading platforms available to traders on Pepperstone include MT4, MT5 and cTrader. These are all excellent trading platforms with high functionalities. They are also fast in executing trades.
IG Markets rounds out our list of the 10 best forex brokers in Europe. The company is regulated by the FCA in the UK and 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. Brokers under such regulation cannot engage in criminal activities.
For the trading platform, IG Markets provides the MetaTrader 4 platform. Additionally, the company provides its in-house-built IG trading platform. These are both powerful and intuitive platforms for all levels of traders. Even so, IG Markets also provides 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 in various markets. These include the forex, indices, shares, commodities, cryptocurrency and bonds among others. This variety of trading instruments places IG Markets among the best forex brokers in Europe.
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 the best trading platforms and a variety of trading instruments. Further, these companies charge fairly low and competitive fees to traders.