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Trading Forex in Europe

Choosing a forex broker to meet your personal needs in Europe can be overwhelming as the choices are broad, and there are numerous brokerages seeking your patronage. Europe, and especially London, is the centre of the foreign exchange market. How do you select the right broker as your financial partner? Our list below is the first step. 

Europe has over 1.5 million active forex traders in Europe, roughly 15% of the global community of traders and equivalent to North America. Ten million forex traders worldwide are a testament to the popularity of forex trading and how it has quickly spread across the globe.

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Brokers Europe

3.8
Pros
  • Easy to understand spread prices
  • No minimum deposits
  • In-depth FAQ section to help new traders
  • Excellent customer support
Cons
  •  UK traders can’t use the rewards programme due to regulation
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Pros
  • Easy to understand spread prices
  • No minimum deposits
  • In-depth FAQ section to help new traders
  • Excellent customer support
Cons
  •  UK traders can’t use the rewards programme due to regulation
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Tickmill Review
3.3
Pros
  • Low-cost and super-fast trading
  • Lots of third-party trading signal services
  • Strong regulatory framework
  • Gets the most out of the MetaTrader platforms
Cons
  • A relatively limited number of markets
  • It doesn’t accept clients from the USA
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Pros
  • Low-cost and super-fast trading
  • Lots of third-party trading signal services
  • Strong regulatory framework
  • Gets the most out of the MetaTrader platforms
Cons
  • A relatively limited number of markets
  • It doesn’t accept clients from the USA
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Risk Warning: Trading financial products on margin carries a high degree of risk and is not suitable for all investors. Losses can exceed the initial investment. Please ensure you fully understand the risks and take appropriate care to manage your risk.

4.2
Pros
  • An experienced broker with offices in 11 countries and complies with seven regulatory agencies
  • Over 1,000+ tradable instruments in portfolio
  • MT4 and proprietary trading platforms
  • Excellent award-winning training materials and a YouTube channel for beginners

 

Cons
  • Professional spreads are competitive, but retail spreads could be better
  • Inactivity fees apply
  • Research could be improved

 

 

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Read Full Review
Pros
  • An experienced broker with offices in 11 countries and complies with seven regulatory agencies
  • Over 1,000+ tradable instruments in portfolio
  • MT4 and proprietary trading platforms
  • Excellent award-winning training materials and a YouTube channel for beginners

 

Cons
  • Professional spreads are competitive, but retail spreads could be better
  • Inactivity fees apply
  • Research could be improved

 

 

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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 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.

4.6
Pros
  • High levels of regulatory compliance and customer protection
  • Excellent customer support
  • Huge range of high-quality learning and research resources
Cons
  • Relatively few advanced trading courses offered
  • Limited social and copy-trading features
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Pros
  • High levels of regulatory compliance and customer protection
  • Excellent customer support
  • Huge range of high-quality learning and research resources
Cons
  • Relatively few advanced trading courses offered
  • Limited social and copy-trading features
Take Me Broker Read Full Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% 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.

4
Pros
  • Fin-tech background provides a cutting edge
  • Institution grade trading infrastructure
  • Well-regulated with 24/5 customer support
  • 0.0 pips spreads and leverage up to 1:500

 

Cons
  • No crypto
  • Some cash withdrawal methods incur fees.

 

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Pros
  • Fin-tech background provides a cutting edge
  • Institution grade trading infrastructure
  • Well-regulated with 24/5 customer support
  • 0.0 pips spreads and leverage up to 1:500

 

Cons
  • No crypto
  • Some cash withdrawal methods incur fees.

 

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4.6
Pros
  • Market leading trading commissions
  • Excellent market flow and trading speeds
  • Very strong in forex markets
  • Various methods of automated trading are possible
Cons
  • Limited range of non-forex products
  • Mobile trading app could be improved
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Pros
  • Market leading trading commissions
  • Excellent market flow and trading speeds
  • Very strong in forex markets
  • Various methods of automated trading are possible
Cons
  • Limited range of non-forex products
  • Mobile trading app could be improved
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Etoro Broker Review
4.2
Pros
  • Easy to use web interface
  • Innovative social trading feature
  • Competitive fee structure
  • Ease of onboarding
  • Investment as well as trading functionality

 

Cons
  • No phone-based customer support
  • A limited number of high-end charting tools

 

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Read Full Review
Pros
  • Easy to use web interface
  • Innovative social trading feature
  • Competitive fee structure
  • Ease of onboarding
  • Investment as well as trading functionality

 

Cons
  • No phone-based customer support
  • A limited number of high-end charting tools

 

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Degiro logo
4.2
Pros
  • Largest online low-cost/commission stockbroker in the EEA
  • Listed on the SDAX in Germany (70 small to mid-cap stocks)
  • Broad access to global stock exchanges, ETFs, bonds, futures and options
  • Garnered many awards, especially for Customer Service

 

Cons
  • No trading in forex except for experienced option traders
  • No demo account
  • Restricted crypto offering
  • No US citizens accepted

 

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Pros
  • Largest online low-cost/commission stockbroker in the EEA
  • Listed on the SDAX in Germany (70 small to mid-cap stocks)
  • Broad access to global stock exchanges, ETFs, bonds, futures and options
  • Garnered many awards, especially for Customer Service

 

Cons
  • No trading in forex except for experienced option traders
  • No demo account
  • Restricted crypto offering
  • No US citizens accepted

 

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Investing involves risks. You can lose (a part of) your deposit. We advise you to only invest in financial products which match your knowledge and experience.

4.7
Pros
  • Meta Trader MT4 and MT5 platforms
  • Excellent and engaging research materials
  • Negative Balance Protection
  • A global outlook – regulatory framework includes ASIC and CySec
  • Automated trading via MetaTrader
Cons
  • A mediocre number of markets to trade
  • Pricing at times wider than it might be
  • Not a publicly listed company
  • No Crypto offering
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Pros
  • Meta Trader MT4 and MT5 platforms
  • Excellent and engaging research materials
  • Negative Balance Protection
  • A global outlook – regulatory framework includes ASIC and CySec
  • Automated trading via MetaTrader
Cons
  • A mediocre number of markets to trade
  • Pricing at times wider than it might be
  • Not a publicly listed company
  • No Crypto offering
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Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.89% 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.

4.2
Pros
  • Heavy regulatory compliance – FCA, CySEC, ASIC and others
  • Tight spreads and low fees for premium service on a proprietary platform
  • Beginner-friendly MT4 shop
  • Top-notch customer service

 

Cons
  • Website manoeuvrability can be confusing
  • Research tools are behind industry leaders
  • Average to higher spreads for standard offerings on the MT4 platform

 

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Read Full Review
Pros
  • Heavy regulatory compliance – FCA, CySEC, ASIC and others
  • Tight spreads and low fees for premium service on a proprietary platform
  • Beginner-friendly MT4 shop
  • Top-notch customer service

 

Cons
  • Website manoeuvrability can be confusing
  • Research tools are behind industry leaders
  • Average to higher spreads for standard offerings on the MT4 platform

 

Take Me Broker Read Full Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% 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.

4.6
Pros
  • Knowledgeable and responsive customer support
  • Tight spreads
  • Low deposit requirements
  • Good sign up bonus and other promotions
Cons
  • Limited deposit and withdrawal options
  • Customer support not 24/7
  • Regulatory framework not the strongest
  • Limited range of instruments and markets
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Pros
  • Knowledgeable and responsive customer support
  • Tight spreads
  • Low deposit requirements
  • Good sign up bonus and other promotions
Cons
  • Limited deposit and withdrawal options
  • Customer support not 24/7
  • Regulatory framework not the strongest
  • Limited range of instruments and markets
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4.6
Pros
  • Transparent and competitive pricing
  • 25 Crypto markets to choose from
  • Platform functionality and ease of trade execution
  • Great customer support
  • User friendly feel
Cons
  • Limited range of markets and instruments
  • Basic range of research materials

 

 

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Pros
  • Transparent and competitive pricing
  • 25 Crypto markets to choose from
  • Platform functionality and ease of trade execution
  • Great customer support
  • User friendly feel
Cons
  • Limited range of markets and instruments
  • Basic range of research materials

 

 

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Saxo Broker Review
4.6
Pros
  • Extensive product range
  • Research and analysis tools
  • Quality trading platform
  • Competitive spreads
  • Regulatory framework
Cons
  • Standing charges
  • Limited automated trading
  • Lack of Live Chat support
  • High minimum deposit
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Read Full Review
Pros
  • Extensive product range
  • Research and analysis tools
  • Quality trading platform
  • Competitive spreads
  • Regulatory framework
Cons
  • Standing charges
  • Limited automated trading
  • Lack of Live Chat support
  • High minimum deposit
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4.1
Pros
  • Heavily regulated in 11 jurisdictions, including FCA, ASIC and CySEC
  • Good transparency on fees, better than average on costs
  • Proprietary WebTrader platform and app have won many awards, user-friendly
  • More than 2,000 popular asset choices on CFD platform

 

Cons
  • Research and education materials could be more comprehensive
  • Customer service has no telephone access
  • No MT4 or MT5 trading platform products offered

 

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Read Full Review
Pros
  • Heavily regulated in 11 jurisdictions, including FCA, ASIC and CySEC
  • Good transparency on fees, better than average on costs
  • Proprietary WebTrader platform and app have won many awards, user-friendly
  • More than 2,000 popular asset choices on CFD platform

 

Cons
  • Research and education materials could be more comprehensive
  • Customer service has no telephone access
  • No MT4 or MT5 trading platform products offered

 

Take Me Broker Read Full Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.

5
Pros
  • Transparent and competitive pricing
  • High quality trading experience
  • Great charting package
  • Extensive range of markets and instruments
  • Regulatory and operational strength
Cons
  • Limited research on some instruments
  • Few promotions / bonus schemes
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Pros
  • Transparent and competitive pricing
  • High quality trading experience
  • Great charting package
  • Extensive range of markets and instruments
  • Regulatory and operational strength
Cons
  • Limited research on some instruments
  • Few promotions / bonus schemes
Take Me Broker Read Full Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% 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.

4.3
Pros
  • Competitive tight spreads, zero commissions on stocks
  • MetaTrader4 and 5 trading platform products and superior web version and mobile app
  • CySEC regulatory oversight
  • 250+ focused product offerings of popular assets for trading
Cons
  • Education support could be broader than videos and FAQs
  • The product portfolio may appear limited to some investors and traders
  • No copy-trading alternative
  • Customers from the US are not accepted
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Pros
  • Competitive tight spreads, zero commissions on stocks
  • MetaTrader4 and 5 trading platform products and superior web version and mobile app
  • CySEC regulatory oversight
  • 250+ focused product offerings of popular assets for trading
Cons
  • Education support could be broader than videos and FAQs
  • The product portfolio may appear limited to some investors and traders
  • No copy-trading alternative
  • Customers from the US are not accepted
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Trading CFDs involves substantial risk of loss and may not be suitable for all investors. Trading such high-risk financial contracts may result in the loss of all the client's invested capital. 62.2% of retail investors lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and can afford to take the high risk of losing your money.

3.9
Pros
  • Major focus on social and copy trading with community of one million clients
  • More than 1,000 tradable asset choices
  • Professional trading tools and multiple funding methods
  • BaFin/CySEC regulatory oversight of German-based firm on Frankfurt Stock Exchange

 

Cons
  • Spreads and fees could be more competitive at basic retail levels
  • Withdrawal fee of $5 with complicated process
  • Does not offer service to residents of UK (terminated December 2021), US or Canada

 

 

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Pros
  • Major focus on social and copy trading with community of one million clients
  • More than 1,000 tradable asset choices
  • Professional trading tools and multiple funding methods
  • BaFin/CySEC regulatory oversight of German-based firm on Frankfurt Stock Exchange

 

Cons
  • Spreads and fees could be more competitive at basic retail levels
  • Withdrawal fee of $5 with complicated process
  • Does not offer service to residents of UK (terminated December 2021), US or Canada

 

 

Take Me Broker Read Full Review

RISK WARNING: Derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading derivatives with this provider. You should consider whether you understand how derivatives work and whether you can afford to take the high risk of losing your money.

4.1
Pros
  • Heavily regulated, safe and secure broker (FCA, CySEC, FSCA)
  • Competitive spreads in currency pairs – 0.6 pips EUR/USD
  • MT4 and user-friendly proprietary OvalX platform
  • Experienced staff, over two decades in the forex space

 

Cons
  • Limited copy trading offering – MT4 only via EAs
  • Research could be better
  • No US or Canada customers accepted at this time

 

Fees
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Pros
  • Heavily regulated, safe and secure broker (FCA, CySEC, FSCA)
  • Competitive spreads in currency pairs – 0.6 pips EUR/USD
  • MT4 and user-friendly proprietary OvalX platform
  • Experienced staff, over two decades in the forex space

 

Cons
  • Limited copy trading offering – MT4 only via EAs
  • Research could be better
  • No US or Canada customers accepted at this time

 

Take Me Broker Read Full Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.2% of retail investor accounts lose money when spread betting or trading CFDs with OvalX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.

spreadex broker logo
4
Pros
  • Low fee/cost provider
  • Responsive customer service
  • A proprietary web-based platform is easy to use
  • Top-Tier regulation from the FCA
Cons
  • No MetaTrader platform products
  • No traditional trading in stocks, only CFDs
  • Only Professional clients can trade cryptocurrencies
  • Minimum support for beginners
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Pros
  • Low fee/cost provider
  • Responsive customer service
  • A proprietary web-based platform is easy to use
  • Top-Tier regulation from the FCA
Cons
  • No MetaTrader platform products
  • No traditional trading in stocks, only CFDs
  • Only Professional clients can trade cryptocurrencies
  • Minimum support for beginners
Read Full Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investors 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. For professional clients, spread betting and CFD trading can result in losses larger than your initial stake or deposit.

4.2
Pros
  • No commissions on stocks or ETFs
  • Easy account opening process with minimum deposits of £1 or €1
  • Intuitive, easy-to-use trading app
  • Low fees and tight spreads
Cons
  • No trading in cryptocurrencies
  • No social or copy-trading
  • No phone support
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Pros
  • No commissions on stocks or ETFs
  • Easy account opening process with minimum deposits of £1 or €1
  • Intuitive, easy-to-use trading app
  • Low fees and tight spreads
Cons
  • No trading in cryptocurrencies
  • No social or copy-trading
  • No phone support
Take Me Broker Read Full Review

CFDs are complex instruments and come with a high degree of risk of losing money rapidly due to leverage. 77% 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.

oanda broker platform review
4
Pros
  • Low trading costs, high transparency, and a choice of trading platforms.
  • Best Forex Trading Technology at the UK Forex Awards, 2017.
  • Excellent proprietary platform.
  • Only 52 CFD’s
Cons
  • Not the cheapest broker out there.
  • Intensive FAQ section.
  • Customer support could use some improvement.
  • No negative-balance protection.
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Pros
  • Low trading costs, high transparency, and a choice of trading platforms.
  • Best Forex Trading Technology at the UK Forex Awards, 2017.
  • Excellent proprietary platform.
  • Only 52 CFD’s
Cons
  • Not the cheapest broker out there.
  • Intensive FAQ section.
  • Customer support could use some improvement.
  • No negative-balance protection.
Read Full Review

We do not recommend Oanda at this time. Why not try XM

XM Broker Review

4.4
Pros
  • Direct access to raw spreads – low fee pricing overall
  • MetaTrader plus cTrader trading platforms
  • ASIC regulation plus CySEC and FSA in Seychelles and SCB in the Bahamas
  • Fast account opening process
Cons
  • No Negative Balance protection
  • Slow Live Chat service
  • No US citizens accepted

 

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Pros
  • Direct access to raw spreads – low fee pricing overall
  • MetaTrader plus cTrader trading platforms
  • ASIC regulation plus CySEC and FSA in Seychelles and SCB in the Bahamas
  • Fast account opening process
Cons
  • No Negative Balance protection
  • Slow Live Chat service
  • No US citizens accepted

 

Take Me Broker Read Full Review

Trading Derivatives carries a high level of risk to your capital, and you should only trade with money you can afford to lose. 75% of retail investor accounts lose money when trading CFDs with this provider. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.

fxpro broker platform review
4.3
Pros
  • FxPro is a fully regulated, award-winning, online broker offering a wide range of tradable instruments via CFDs.
  • Customer support is responsive, easy to access, and available in several languages.
  • Wide range of trading instruments offered.
  • Large client base from 170 countries.
Cons
  • All fees and charges are displayed on the website, but the fee structure is a little complex.
  • Not many funding options offered.
  • Some complains about trade execution.
  • No Crypto.
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Pros
  • FxPro is a fully regulated, award-winning, online broker offering a wide range of tradable instruments via CFDs.
  • Customer support is responsive, easy to access, and available in several languages.
  • Wide range of trading instruments offered.
  • Large client base from 170 countries.
Cons
  • All fees and charges are displayed on the website, but the fee structure is a little complex.
  • Not many funding options offered.
  • Some complains about trade execution.
  • No Crypto.
Read Full Review

FXCM broker review
4
Pros
  • Choose from the best trading platforms on the market
  • System upgrades and institutional grade quality of execution
  • Excellent client support in terms of research, analysis and customer services
  • Strong regulatory framework
  • High-spec mobile trading functionality
Cons
  • Limited number of markets to trade
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Pros
  • Choose from the best trading platforms on the market
  • System upgrades and institutional grade quality of execution
  • Excellent client support in terms of research, analysis and customer services
  • Strong regulatory framework
  • High-spec mobile trading functionality
Cons
  • Limited number of markets to trade
Read Full Review

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 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.

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What to look for when choosing a forex broker in Europe

Choosing a European forex broker can be straightforward. First, you want a broker that is regulated and offers the assets that you wish to trade. You also want a trading platform that is easy to learn and intuitive and that appeals to your personal trading style. Do the costs meet your expectations? Is the customer service prompt, professional and courteous? Here are a few essential tips:

Fees and commissions: For online retail traders in Europe, the primary cost factor is the ‘Bid/Ask’ spread. Focus on the averages for your favoured currency pairings and compare each broker’s website postings.

Regulation – are they safe? To avoid the possibility of fraud, it is best to stick to regulated forex brokers in Europe. Forex brokers that wish to operate in the EEA (European Economic Area) must comply with regulations promulgated by the European Securities and Markets Authority (ESMA). Regulators can only police their respective jurisdictions, and in today’s virtual world, several bad actors thrive because unsuspecting victims are attracted to their get-rich marketing schemes.

Forex trading platform: Without a doubt, MetaTrader 4 (MT4) platform solutions are the industry standard for excellence and ease of use. There is also a host of other competitors and proprietary platforms to choose from. Give each a spin on their respective demo systems to find the one that suits you best.

Customer service: Do not discount customer service. There will be times when you need help, and you want the staff on the other end to be responsive and competent. Try out your candidate’s live chat, telephone, and email services. The right answer at the right time can translate into a winning strategy where there was none.

FAQs:

Is forex trading legal in Europe?

Forex trading is legal in Europe, though some regulatory regimes are stricter in what they permit and how they restrict high-risk elements in the industry from impacting their respective citizenries. There are bans on CFD trading in some markets, as the casualty rates in this trading modality can range from 50% to 90% and higher. In some markets, foreign-based brokers are not allowed to market to residents.

Can you trade forex (currency) in Europe?

Generally speaking, you can trade forex currency pairs in Europe, as long as your broker permits access to your account. If access is denied, there may be local regulations that restrict the broker from performing, based on your country of residence or another deciding factor. Check with your broker for clarification if you are denied access.

How many forex traders are in Europe?

Current estimates suggest that there are over 1.5 million active traders in Europe. When compared to a base of over 650 million active Internet users, this figure equates to one forex trader out of every 434 Internet users.