Choosing the best European forex brokers offers you the chance of optimizing your forex trading profit. Forex trading platforms should provide adequate training and the research and analysis tools they provide should enable informed decision-making based on real-time information.
Look out for excessive charges and make sure the international brokerage offers the assets you intend to buy and sell. Several forex brokers may fit the bill, so match your chosen forex trading platform with your trading strategy.
Quick Look: Best Forex Brokers in Europe
- Best for Intuitive Easy-to-Navigate Platform Interface: IG Group
- Best for Beginner Forex and CFD Traders: XM Group
- Best for Advanced Traders: Saxo
- Best for Active Forex Traders: FOREX.com
- Best for Leverage Trading With Multiple Instruments: IFC Markets
- Best for Beginners: AvaTrade
- Best for Multi-Asset Traders: Interactive Brokers
Best Forex Brokers for European Residents
Let’s take a deeper look at some of the best forex brokers in Europe.
1. Best for Intuitive Easy-to-Navigate Interface: IG Group
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Award-winning international brokerage IG offers users a choice of over 80 currency pairs. IG traders have access to an intuitive platform in desktop and mobile versions. IG also provides sophisticated charting and analysis tools. The broker levies no commission, charging based on spreads instead. IG offers trading on margin.
IG provides a comprehensive trading package, encompassing top-tier trading and research tools, unparalleled educational resources, and an extensive array of tradable markets. As a reputable multi-asset broker, IG maintains global regulation and is publicly traded.
Pros
- More than 80 currency pairs
- Intuitive platform
- No transaction fees
- Advanced analysis tools
Cons
- Only forex for U.S. users
- No access to mutual funds or bonds
2. Best for Beginner Forex and CFD Traders: XM Group
- Best For:Beginner Forex and CFD TradersVIEW PROS & CONS:securely through XM Group's website
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
XM Group offers forex and CFD trading that spans more than 1,000 trading instruments. You can invest in forex pairs or CFDs that include stocks, commodities, equity indices, precious metals and energy. Traders can access these instruments using MT4 or MT5 or the mobile app if you’re on the move. Fast execution ensures that you get the best pricing and see an immediate impact in your portfolio.
Pros
- Several trading instruments you can use to diversify your portfolio
- No deposit or withdrawal fees
- Multilingual service covering 30 languages
Cons
- Product offerings may not rise to the level that you prefer
3. Best for Advanced Traders: Saxo
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. Losses can exceed deposits on some products.
Saxo empowers traders with a high-performance platform offering access to a vast array of over 70,000 financial products, along with comprehensive resources to guide informed decision-making. Through Saxo, you can adeptly navigate market fluctuations with curated investment themes, expert market commentary, mobile alerts, advanced charting tools, and immersive webinars.
You'll have access to the sleek and responsive SaxoTraderGO app to enjoy the convenience of executing trades with the same efficiency and speed as on your desktop. For SaxoTraderPro members, whether trading on desktop or app, you'll have access a suite of high-performance tools designed for managing and executing orders seamlessly. You can benefit from comprehensive market analysis features, including the depth trader, time and sales data, algorithmic orders, advanced charting package, option chains, and user-friendly trade tickets engineered for speed and productivity, ensuring swift order placement with just a click.
Pros
- Access 8,800+ CFDs
- Over 190 currency pairs, some majors include: EUR/USD, USD/JPY, GBP/USD
- Licensed in seven Tier-1 jurisdictions and one Tier-2 jurisdiction
- Free trial with accessible demos
- Provides a variety of sophisticated order types and account protection features for seamless risk management
Cons
- Platform may be confusing for beginners
- Doesn't offer MetaTrader 4 (MT4)
4. Best for Active Forex Traders: FOREX.com
- Best For:Excellent Trading Conditions and Overall OfferingsVIEW PROS & CONS:securely through Forex.com Europe's website
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% to 77.7% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account
No forex trader should overlook the FOREX.com product offering. Users can access 5,500+ assets, but its resources are focused on currency trading. The platform is geared to every forex trader from beginner to advanced, offering an intuitive platform and more than 90 indicators. The app mirrors the web-based platform, losing none of its functionality. Of the two account options, the Standard account is commission free, running on lower-than-average spreads. If you choose an STP Pro account, you’ll pay a commission, but the spreads are lower, which should suit active traders.
Pros
- Access to over 5,500, including 80+ currency pairs
- FOREX.com, MT4/MT5 platforms
- Tight spreads
- Regulated by 4 tier-1 authorities
- Extensive research and analysis tools
- Direct Market Access (DMA)
Cons
- No access to bonds or mutual funds
- No negative balance protection
5. Best for Leverage Trading With Multiple Instruments: IFC Markets
- Best For:Best for Leverage Trading from CanadaVIEW PROS & CONS:securely through IFC Markets's website
Established in 2006, IFC Markets has emerged as a prominent forex and contracts for difference (CFD) broker, renowned for its high-quality trading services catering to over 185,000 clients spanning across more than 80 countries. Regulated by the British Virgin Islands Financial Services Commission (BVI FSC) and the Labuan Financial Services Authority (LFSA) in Malaysia, the broker ensures a secure trading environment.
IFC Markets offers access to a diverse selection of over 600 financial instruments, including forex, stocks, indices, commodities, cryptocurrency futures, and synthetic assets. Supported by top-notch trading platforms such as MetaTrader 4, MT5, and its proprietary NetTradeX advanced platform, traders benefit from a seamless trading experience.
Pros
- Better pricing and leverage make it easier for you to save money and advance your portfolio
- You can access all the information you need for each asset
- Highly rated by clients with 8 recent international awards
Cons
- The platform may not offer all the exact options you need in your jurisdiction
6. Best for Beginners: AvaTrade
- Best For:Non U.S. Forex & CFD TradersVIEW PROS & CONS:securely through AvaTrade's website
You’ll find an excellent range of financial assets on the Dublin-based AvaTrade forex trading platform. AvaTrade relies on the difference between the buy and ask prices for income. The company requires a minimum deposit of $100 before you can start trading. Inactivity fees apply. You can use one of several forex trading platforms. Beginners can take advantage of the comprehensive training and copy trading. The Sharp Trader website provides research and analysis tools.
Pros
- Well-regulated in several countries around the world
- Multilingual platform and customer service
- 250+ assets
- Excellent beginner training
- Copy trading
Cons
- Not available in the U.S.
- Slow deposit and withdrawal process
7. Best for Multi-Asset Traders: Interactive Brokers
- Best For:Active and Global TradersVIEW PROS & CONS:Securely through Interactive Brokers’ website
Interactive Brokers provides users with an enormous range of assets from 135 global markets, including more than 100 currency pairs. Most traders don’t pay commissions, and spreads are tight. There is no minimum deposit. Winner of several awards, the IBKR platform offers advanced users extensive research and analysis tools. The company has recently added a LITE version to its forex trading platform to make it easier for beginners to find their way around.
Pros
- Comprehensive desktop and mirrored mobile app
- A vast range of assets and 100+ currency pairs
- Tight spreads
- No minimum deposit
- Advanced research and market analysis
Cons
Website difficult to navigate
What are the Leverage Limits in Europe?
The European Securities and Markets Authority (ESMA) sets European leverage limits. The maximum leverage in the EU for major forex pairs like the EUR/USD and GBP/USD is 30:1. Other currencies, gold and major equities enjoy leverage of 20:1. ESMA allows leverage of 5:1 on individual equities.
How to Choose a Reliable Forex Broker for Europe
Use the following guidelines to find the best trading platforms in Europe.
Trading Fees
Trading fees differ from one broker to another. Fees may include commission, spreads, financing costs and transaction and inactivity fees. Brokers charge a commission per transaction. Some brokers forego commission, making money on the spread instead. The spread is the difference between the bid and ask price of the currency pair. Brokers charge financing fees for holding an overnight position.
Be sure to research and understand broker fees because excessive fees erode your profit over time.
Available Trading Platforms
A trading platform is your access to the market. The best brokers should also offer you all the educational and research tools you need to make informed decisions. Find a secure and easy-to-navigate forex trading platform. Look for automated trading, charting tools and market analysis.
Customer Service
Customer service is all important when things go wrong or if you have a query. Have a look at customer service availability. Read international brokerage reviews to discover the forex trading platform's customer responsiveness.
Deposits and Withdrawals
Deposits and withdrawals are an integral part of trading, and the best European forex brokers should make it as easy as possible. Know the broker’s minimum deposit requirements and the rules around withdrawals. Find out whether the broker charges for transactions and what payment methods they accept.
Regulations
Regulations protect traders from unscrupulous brokers. They are designed to reduce market manipulation and promote ethical practices in the forex industry. Regulations create a secure environment and encourage responsible trading. The best European forex brokers will have licenses with tier-1 regulators.
Find the Best Trading Platform in Europe
Every forex trader’s primary goal is to maximize profit. Choosing one of the best trading platforms in Europe will help you to achieve your goals. An effective international brokerage will provide the charting and research tools you need to make informed trading decisions. It should offer competitive fees, access to a range of assets and an easy-to-navigate, intuitive platform.
Frequently Asked Questions
Can you trade forex in Europe?
You can trade forex in Europe, and many people do.
Which country in Europe is best for forex trading?
The country in Europe that is best for forex trading is Switzerland because Swiss authorities are strict about regulations within the Swiss borders.
What are the biggest currency pairs traded in Europe?
The EUR/USD and the GBP/USD are two of the biggest currency pairs traded in Europe.
Get a Forex Pro on Your Side
FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets with low pricing and fast, quality execution on every trade.
You can also tap into:
- EUR/USD as low as 0.2 with fixed $5 commissions per 100,000
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- Monthly cash rebates of up to $9 per million dollars traded with FOREX.com’s Active Trader Program
Learn more about FOREX.com’s low pricing and how you can get started trading with FOREX.com.
About Anna Yen
Anna Yen, CFA is an investment writer with over two decades of professional finance and writing experience in roles within JPMorgan and UBS derivatives, asset management, crypto, and Family Money Map. She specializes in writing about investment topics ranging from traditional asset classes and derivatives to alternatives like cryptocurrency and real estate. Her work has been published on sites like Quicken and the crypto exchange Bybit.