Biggest Brokers in Europe

Europe is home to some of the world’s most established and globally trusted forex and CFD brokers. With dozens of major brokers operating across the continent, many traders often wonder which companies truly stand out, particularly by the number of clients they serve.

In this article, we will highlight some of the biggest brokers in Europe by number of clients, as well as other metrics such as trading volume, where client totals are unavailable. Only brokers that publish client data or have reliable third-party sources are included. Make sure to read the disclaimer section below the rankings for details on how these selections were made.

Largest Forex Brokers in Europe by Number of Clients

Below is a list of some of the biggest forex and CFD brokers operating in Europe today, based on the most recent publicly available user data.

• eToro - Over 38 million registered users worldwide. (Source: eToro Official Website, About > eToro Media Centre)
• XTB - Over 2 million clients worldwide. (Source: XTB’s Official Website, Homepage)
• Interactive Brokers - Over 4.3 million clients worldwide. (Source: IBKR’s official Website, General, About> IBKR Fact Sheet)
• Trading212 - Over 5 million lifetime funded accounts. (Source: Trading212 Official Website > About Us Page)
• Pepperstone - 750,000+ traders. (Source: Pepperstone Official website > About Us page)
• Degiro - Over 3 million clients. (Source: Degiro Official Website > About Page)
• IG Markets - 320,000+ clients (Source: IG Official website > Contact Us page)
• Saxo Bank - Over 1.5 million clients Worldwide (Source: Saxo Official Website > Company Information)

Please Note: Client numbers include global totals because European brokers rarely separate figures by region.

Disclaimer About the Listings

This is not a definitive or exhaustive list of all major European brokers. Many reputable brokers do not publicly disclose their client numbers and therefore cannot be included in this particular ranking. The data presented is sourced from the companies' official websites, annual reports, or reputable financial news sources, but publication dates vary. As such, there could be potential discrepancies between when data from one company and another is collected. We also selected brokers that serve predominantly European clientele.

Crucially, it is essential to understand the difference between registered users and active traders. Registered users refer to a cumulative figure that can include all accounts ever opened, and may include demo accounts. Active traders or funded clients are a much smaller and more meaningful number that reflects current, engaged customers. The metrics used by each broker may differ. Always verify the latest figures directly from the broker.

With that said, let’s take a look at some of the largest forex brokers in Europe to see what they have to offer to their clients.

Top 10 Biggest Brokers by Client Numbers

eToro

Founded in 2007, eToro has grown to become one of the biggest brokers in Europe and in the world, with over 38 million registered users. eToro is one of Europe’s best-known investment platforms, popular for its social trading system. Its CopyTrader system allows users to replicate the trades of other investors with a simple click. This feature is built within the broker’s proprietary eToro trading platform, which is available across the web, desktops, and mobile devices.

Regarding market products, eToro offers an extensive collection of over 7,000 market instruments. In particular, the broker supports the trading of CFDs on forex pairs, commodities, indices, stocks, ETFs, and cryptocurrencies. Additionally, the broker supports the trading of real stocks and cryptocurrencies. The spreads are fairly low, with major currency pairs having spreads that start from 1.0 pips.

Regulatory oversight is another strong feature of eToro. The broker operates under the supervision of several well-regarded financial organisations. In Europe, eToro operates under the regulation of the CySEC in Cyprus. It also has regulations from the FCA in the UK, the ASIC in Australia, the ADGM’s (Abu Dhabi) FSRA, and the FSA in Seychelles, among others.

52% of retail investor accounts lose money when trading CFDs with this provider.

XTB

XTB is one of Europe’s largest and most recognised multi-asset brokers, serving over 2 million clients worldwide. Founded in 2002, the company has built a strong presence across Europe, particularly in Poland, Germany, and France, among other locations. XTB is best known for its award-winning proprietary platform, xStation 5, which is widely praised for fast execution, advanced charting, and user-friendly design.

The broker offers access to over 11,000 tradable instruments, including CFDs on forex, indices, stocks, commodities, and ETFs, alongside real stocks and ETFs. This allows investors to diversify their portfolios as they see fit. The pricing model is straightforward, with a Standard account designed to cater to traders of all levels. The account features a spread from as low as 0.8 pips with no commission on forex pairs.

From a regulatory standpoint, XTB maintains oversight from several major financial bodies.

In Europe, the broker is regulated by the CySEC in Cyprus and the KNF in Poland. Additionally, the broker also has regulations by the FCA in the UK, the CNMV in Spain, and the FSC in Belize. Further, XTB is publicly listed on the Warsaw Stock Exchange, which requires high levels of transparency and investor protection.

69-80% of retail investor accounts lose money when trading CFDs with this provider.

Interactive Brokers

Interactive Brokers (IBKR) is one of the largest and most prestigious brokerage firms in the world, serving over 4.3 million clients globally. The broker has grown to become one of the largest brokers in the world, renowned for its sophisticated trading technology, deep market access, and competitive pricing.

Interactive Brokers provides clients with access to over 150 market products. The global markets available to trade include forex currency pairs, stocks, options, futures, bonds, funds, and crypto. To trade these market products, traders can use a variety of trading platforms, including Trader Workstation (TWS) and the IBKR Platform, alongside third-party applications like ProRealTime.

Fees are another competitive area for IBKR. The broker offers some of the lowest trading costs in the industry, with spreads for major currency pairs as low as 0.1 pip with a commission based on trading volume.

As a publicly traded company on NASDAQ (IBKR), Interactive Brokers prioritises transparency and robust client protections. In Europe, Interactive Brokers operates under the regulation of the Central Bank of Ireland, which adheres to ESMA’s standards. Additionally, the broker is regulated by the FCA, the ASIC, and the CIRO in Canada, among others.

Trading 212

Trading 212 is one of Europe’s most popular brokers, with over 5 million lifetime funded accounts. Founded in 2004, the broker has grown rapidly due to its user-friendly trading platforms and wide range of market products.

Trading 212 allows its clients to invest in stocks and ETFs, as well as trade CFDs on forex, stocks, indices, and commodities. The trading platform available to use here is the broker’s Trading 212 platform. The spreads on this broker are competitively low, with the EURUSD pair having an average spread of 1.4 pips. Better yet, investing in real stocks and ETFs is commission-free with Trading 212.

From a regulatory perspective, Trading 212 operates under strict oversight within Europe. The broker is under the regulation of the CySEC in Cyprus and the BaFin in Germany. On top of that, Trading 212 is regulated by the FCA, the ASIC, and the FSC in Bulgaria.

Pepperstone

Founded in 2010, Pepperstone has established itself as a leading forex and CFD broker in Europe and around the world. This broker serves over 750,000 traders worldwide and has one of the largest daily trading volumes by any broker. Established in 2010, the broker built its reputation on ultra-low spreads, fast execution, and a solid regulatory background.

Through Pepperstone, traders can access over 1,400 market instruments. These include CFDs on forex, indices, commodities, currency indices, stocks, cryptocurrencies, and ETFs. It offers five different trading platforms, featuring MetaTrader 4, MetaTrader 5, cTrader, TradingView, and its own Pepperstone Trading Platform.

Regarding spreads, Pepperstone supports trading through two main accounts. The standard account features spreads from as low as 1.0 pips for major currency pairs with no commission. In comparison, the Razor account offers spreads from 0.0 pips plus a commission that depends on the trading platform used.

When using MetaTrader 4 or MetaTrader 5, a commission of $ 3, € 2.60, or £ 2.25 per side per lot applies, depending on the base currency. Users of TradingView and the Pepperstone trading platform are charged $3.50 per side per lot. Meanwhile, traders using cTrader enjoy a slightly reduced commission of $3.00 per side per lot. For accounts with a base currency other than USD, TradingView, the Pepperstone Trading Platform, and cTrader commissions are converted at the spot exchange rate to the account currency.

Pepperstone is also known for its strong regulatory framework. In Europe, the broker is authorised and regulated by the CySEC in Cyprus and the BaFin in Germany. Additionally, Pepperstone operates under the regulation of the FCA, the ASIC, the DFSA in Dubai, and the CMA in Kenya, among others.

73.7% of retail CFD accounts lose money

Degiro

Degiro is one of Europe’s largest and most widely recognised investment platforms, serving over 3 million clients worldwide. Founded in 2013, Degiro expanded rapidly across the continent due to its low-cost investment structure and easy-to-use Degiro trading platform.

Degiro offers access to a wide range of global financial instruments. Unlike most brokers on this list, Degiro does not specialise in forex or CFD trading. Instead, it focuses primarily on traditional investing products such as real stocks, ETFs, bonds, mutual funds, commodities, futures, and options.

One of Degiro’s biggest strengths is its ultra-low fee structure. The broker is known for offering some of the most competitive commissions in Europe. As an example, stocks from the London Stock Exchange incur a commission of £1.75 and a handling fee of £1. For US stocks, the commission is €1, and the handling fee is the same €1.

From a regulatory standpoint, Degiro operates under the supervision of the BaFin in Germany and by the AFM and DNB in the Netherlands. This multi-layered regulatory structure provides a high level of security and transparency for European investors.

IG

IG Markets is one of Europe’s most established and trusted trading brokers, serving over 320,000 clients worldwide. More importantly, IG boasts one of the largest trading volumes by any broker. With nearly five decades in operation, the company has built a reputation for reliability, transparency, and institutional-grade trading technology.

IG Markets offers access to an extensive range of more than 17,000 tradable instruments, making it one of the most diversified brokers in Europe. Traders can access CFDs on forex, indices, commodities, cryptocurrencies, and shares. The broker’s trading infrastructure includes several advanced platforms like the IG trading platform, MetaTrader 4, MetaTrader 5, TradingView, ProRealTime, and L2 Dealer.

Regarding spreads, IG consistently offers some of the tightest spreads in the industry. For instance, spreads on major currency pairs like EURUSD start from 0.6 pips. Regulation is another major advantage for IG Markets. Within Europe, IG is licensed and supervised by the BaFin in Germany. On top of that, the broker has regulations by the FCA, the ASIC, the DFSA, and the FSCA, among others.

70-74% of retail investor accounts lose money when trading CFDs with this provider.

Saxo Bank

Saxo Bank is a leading global broker established in Denmark in 1992. This company has grown to serve over 1.5 million users across the world. Saxo Bank provides access to an exceptionally broad selection of more than 71,000 tradable instruments. These include CFDs on ETFs, forex, stocks, indices, bonds, commodities, and index options, along with real stocks and ETFs.

The trading platforms available to use include SaxoTraderGO, SaxoTraderPro, ProRealTime, and TradingView. Pricing at Saxo Bank is transparent and competitive. There are three different accounts available, including classic, platinum, and VIP accounts. The spreads start from as low as 0.9 pips for major currency pairs on the Classic account, 0.8 pips on the Platinum account, and 0.7 pips on the VIP account.

Regulation is one of Saxo Bank’s strongest pillars. As a licensed European bank, Saxo operates under the supervision of the Danish Financial Supervisory Authority (DFSA). It is also regulated by the FCA, the FINMA, the MAS in Singapore, and the ASIC, among others.

Final Comments

Europe remains one of the most competitive regions in the world for forex and CFD brokers. It has a strong regulatory structure steered by the ESMA and MiFID II guidelines. In this article, we have highlighted a few of the biggest forex brokers in Europe.

These brokers stand out not only for their impressive trading volumes and client numbers but also for their strong regulatory compliance under authorities like the CySEC and the BaFin. Each broker provides unique features, from competitive spreads to innovative platforms and extensive market access.

Nonetheless, we must insist that this is not an exhaustive list of all the biggest forex brokers in Europe. After all, not all brokers choose to publish their numbers publicly. When selecting a forex broker, it is essential to consider factors like trading costs, available platforms, and regulatory oversight.

This will help you evaluate how cost-effective and safe the broker is. Additionally, make sure you do your own research and choose a broker that best suits your needs.