Best European Forex Brokers

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Contributor, Benzinga
January 3, 2024

Benzinga's top picks for best European forex brokers are IG Markets and FOREX.com.

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

Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% 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.

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

  • IG Markets
    Best For:
    Forex Execution
    securely through IG Markets's website

    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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. 

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

  • XM Group
    Best For:
    Beginner forex and CFD traders
    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 Mixed Forex and Crypto Trading: Pepperstone

  • Pepperstone FX
    Best For:
    Trading Experience
    securely through Pepperstone FX's website

    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.6% 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.

Forex traders opting for Pepperstone, an Australian contract for difference (CFD) and forex broker, have access to over 60 forex pairs. You can also trade in the world’s top five cryptocurrencies. Pepperstone charges no commission depending, instead on spreads for income. This international brokerage requires an equivalent minimum deposit of 200 Australian dollars. It offers generous leverage of 500:1. Beginners will love the Pepperstone online training, and more advanced traders will appreciate the charting and analysis tools.

Pros

  • Access to more than 60 forex pairs, cryptocurrencies and CFDs
  • Free online trading course
  • Integrates with platforms like MetaTrader 4 and cTrader
  • Generous 500:1 leverage

Cons

  • Can’t buy stocks, bonds or mutual funds directly
  • Unavailable in the U.S.

4. Best for Active Forex Traders: FOREX.com

  • Forex.com NON US
    Best For:
    Forex Trading in and Outside the U.S.
    securely through Forex.com NON US's website

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% 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 and MT4 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 for U.S. users

5. Best for Leverage Trading With Multiple Instruments: IFC Markets

Investors all over Europe can come to IFC Markets to access leverage, trade forex and CFDs and use the platform’s proprietary trading plans. You can get into intraday, mid-day or small-volume positions, change your strategy at any time and grow your portfolio no matter where you are across Europe.

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

Cons

  • The platform may not offer all the exact options you need in your jurisdiction

6. Best for Beginners: AvaTrade

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

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

Q

Can you trade forex in Europe?

A

You can trade forex in Europe, and many people do.

Q

Which country in Europe is best for forex trading?

A

The country in Europe that is best for forex trading is Switzerland because Swiss authorities are strict about regulations within the Swiss borders.

Q

What are the biggest currency pairs traded in Europe?

A

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
  • Powerful, purpose-built currency trading platforms
  • 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.