If you’re a French investor and you want to find the best forex broker that services clients in France, you’ll find some solid opportunities in France.
It’s imperative to ensure the safety of your funds and determine whether they can satisfy your trading requirements before you fund an account with a specific broker.
Best Forex Brokers in France:
An Overview of Forex Trading in France
France has a long history of involvement in the financial markets, and the French enjoy the opportunities made available by being part of the European Union (EU). Trading currencies have become popular among French traders, so there’s demand for brokers that service customers in France.
A member of the Eurozone, France uses the EU’s consolidated euro (EUR) currency as its national currency, which replaced the French franc in 2002 after the euro was introduced on Jan. 1, 1999. In its 2016 Triennial Central Bank Survey, the Bank for International Settlements (BIS) noted that the euro has been involved in 31.4 percent of daily forex market turnover. The consolidated currency was also ranked second among the most actively-traded currencies of 2016.
France’s chief financial regulator is the Autorité Des Marchés Financiers (AMF), or financial markets regulator. The AMF was established under the Financial Security Act (2003) by merging three national regulators into one, and the rules that France’s AMF enforces include the EU’s MiFID regulations.
Forex and CFD brokers who want to take on French clients can either be authorized by the AMF or use the MiFID’s passporting rules if they’re regulated in another member state of the EU.
In September 2016, the French AMF banned all advertising for over the counter (OTC) derivative financial products with leverage ratios higher than 5:1. This marketing restriction includes forex, CFD and binary options trading, and it was done in response to an AMF report about disreputable online forex and binary options brokers which fraudulently take advantage of French traders.
Furthermore, the European Securities Markets Authority (ESMA) has taken on a supranational role regarding the regulation of EU financial markets. The ESMA recently rolled out new regulations that impose leverage limits of 30:1 for forex trading at EU-based brokers. They also prohibit binary options trading and require brokers to offer negative balance protection to prevent EU clients from losing more than their deposits.
What to Look for in a Great Forex Broker
All forex brokers are not created equal, so you need to make sure a broker will keep your money safe and has the services you need as a trader operating from France. Here are some important considerations to keep in mind before choosing to trade through an online broker:
Make sure any broker you decide to trade through is well regulated, ideally with oversight by the AMF.
Type of Broker
Most online brokers are market makers, Electronic Communications Network (ECN) brokers or No Deal Desk (NDD) brokers.
Commissions and Dealing Spreads
Dealing spreads and commissions raise trading costs, so you’ll need to keep them as low as possible. Generally, ECN brokers offer narrower dealing spreads but charge commissions, while market makers have wider spreads but don’t charge commissions.
Make sure you can read your broker’s website and communicate effectively with its support staff via phone and live chat, especially if you prefer to use French.
Research, Analysis and Educational Materials
Both new and experienced traders need learning tools.
The Best Forex Brokers in France
A list of our picks for the best online brokerage firms that provide services to French traders appears below. Most of them have a website translated into French, and if the broker supports MetaTrader 4 or 5, then you can use that trading platform’s French language option.
Choosing a broker with an office in France — or at least the EU — might be ideal in case you ever need to solve a dispute. A local presence also tends to encourage brokers to meet regulations so they can avoid customer complaints to their regulators.
Many major online forex brokers offer customer service in French. They may even have their website and trading platform translated into the language, especially advantageous for you if you prefer to do business in French rather than English.
Note that the maximum leverage ratios permitted for EU-based clients dealing through ESMA-regulated providers like the EU-based subsidiaries of the brokers listed below are:
- 30:1 for major currency pairs
- 20:1 for non-major currency pairs, gold and major indices
- 10:1 for commodities other than gold
The following recommended forex brokers or their parent companies all appear on the Banque de France’s searchable Financial Agents Register (Regafi) that lists all French or foreign companies authorized to operate in France by the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
Best Overall: FOREX.com
FOREX.com is a trade name of GAIN Global Markets Inc. This broker ranks as the top forex broker measured by client assets.
FOREX.com submits to regulation in the United States under the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). The broker is also regulated in another seven jurisdictions, including the U.K. and Canada.
Although its website does not currently appear to have a version in French, traders from France may open accounts at FOREX.com with the broker’s U.K. entity regulated by the EMSA.
The minimum deposit for a live account is €50, and the broker allows you to trade micro lots. FOREX.com segregates clients’ money from its own and has an Islamic swap free account option. You will also enjoy the security of negative balance protection.
FOREX.com provides clients with
eToro is a social trading platform that has provided forex products and more to retail clients for over 10 years.
With 10 million account holders worldwide, eToro allows users to be a part of the trading community.
eToro’s most popular trading features for forex trading are CopyTrader, CopyPortfolios, and the Social News Feed.
With CopyTrader and CopyPortfolio, you can locate a successful trader and copy their strategy. With the ability to copy up to 100 traders, this feature is easy to set up and access.
With the Social News Feed, you get access to a Twitter-esque feed to trader updates. Traders discuss the markets, their strategies, and are able to get alerts based on certain market factors.
Start Trading Today
You can choose any of the reputable brokers listed above to approach to open an account just by visiting their website. The brokers also allow you to check out their services and trading platform by quickly opening up a demo account initially.
Once you want to open a live account, the broker will then ask you for more detailed information to identify you and obtain funding from you in a sufficient amount to satisfy the broker’s minimum deposit requirement.
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 plus spot metals 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.
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