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Countless Europeans, including Michael Platt and Joe Lewis, have made fortunes from trading forex. If you’d like to follow in their footsteps, you must polish your skills to a T and, above all, trade with a reputable and reliable forex broker. The latter can be quite a challenge since an overwhelming number of brokers are available in Europe.
Fortunately, the Invezty team is here to make your life easier. Our experts researched, investigated, and tested countless European forex brokers with one objective: to isolate the most outstanding trading platforms. After investing innumerable hours and immeasurable effort, we singled out 5 forex brokers that rank higher than the rest based on factors like security, transparency, and reliability.
In a Nutshell
- You must use a reliable and trustworthy broker to turn forex trading into a lucrative endeavour.
- As a European, you have access to hundreds of forex brokers, but you have to choose carefully.
- While looking for the best forex broker in Europe, you must gauge available service providers based on several factors, including licensing and regulation.
- Limit your trading activities to brokers licensed and recognized by European regulatory bodies like the FCA and ASIC.
- Our unbiased guide will introduce you to 5 forex brokers we consider the best in Europe. We picked them after extensive tests and thorough research.
List of the Best Forex Brokers
- Pepperstone – Overall Best Forex Broker in Europe
- FxPro – Best Forex Broker for Advanced Trading
- eToro – Best Forex Broker for Social Trading
- Plus500* – Best Forex Broker (CFDs) for Mobile Trading
- AvaTrade – Best Forex Broker for Beginners
Note: 82% of retail investor accounts lose money when trading CFDs with this provider.
In This Guide
Compare Forex Brokers in Europe
At Invezty, we are very committed to providing top-notch guidance and advice. Our team doesn’t relent when it comes to isolating the best platforms from the rest based on accurate information and first-hand experience. We focus all our knowledge and skills on ensuring that the service providers we recommend deserve acknowledgment.
That said, before preparing this guide, we studied, tested, and compared countless European forex brokers. After toiling for many hours, our experts screened all service providers and singled out top performers based on licensing, security, and customer support. We also factored in payment methods and the availability of demo accounts since we know some of our readers are just starting out.
Besides cherry-picking the best European forex brokers based on the elements mentioned above, we also judged the suitability of each provider based on online reviews. Our team scrutinized each broker’s ratings and customer feedback on Trustpilot, the App Store, and the Google Play Store before including it in our guide. So, every service provider we’ve reviewed here deserves a high ranking.
Let’s compare the best trading platforms with a summarized comparison table.
| Best Forex Broker Europe | License & Regulation | Support Service | Software | Payment Method | Demo Account |
|---|---|---|---|---|---|
| Pepperstone | FCA, ASIC, FSCA, DFSA, CySEC, CMA, SCB, BaFin | 24/7 | TradingView, MT4, MT5, cTrader, Pepperstone Trading Platform, Social trading | Visa, Mastercard, Bank transfer, Neteller, Skrill, PayPal | Yes |
| FxPro | FCA, CySEC, FSCA, SCB | 24/5 | FxPro Mobile App, MT4, MT5, cTrader, FxPro WebTrader | Credit/debit cards, Bank wire transfers, Neteller, Skrill, PayPal | Yes |
| eToro | FCA, CySEC, FSCA, ASIC, SFSA ADGM, MFSA, FSAS, GFSC, SEC | 24/5 | eToro investing platform and app, Multi-asset platform, Social Trading, Copy Trader, Smart Portfolios | Credit/debit cards, Bank transfer, Klarna, PayPal, Skrill, Neteller | Yes |
| Plus500* | FSCA, CySEC (#250/14), FCA, ASIC, FMA, MAS | 24/7 | Plus500 Invest, Plus500 CFD, Plus500 Futures | Visa, MasterCard, PayPal, Skrill, Bank transfer | Yes |
| AvaTrade | FCA, FSCA, CBI, CySEC, PFSA, ASIC, B.V.I FSC, FSA, ADGM, ISA | 24/5 | WebTrader, AvaOptions, AvaTrade App, Mac Trading, MT4, MT5, Automated Trading | Credit/debit cards, Neteller, Skrill, Wire transfer, WebMoney | Yes |
Note: 82% of retail investor accounts lose money when trading CFDs with this provider.
Brokers Overview
But you can’t call a trading platform ideal if it lacks the right assets or charges ungodly fees, right? That is why we also evaluated each broker’s eligibility based on charged fees and supported financial instruments. To reiterate, our primary goal is to help you find a service provider that strikes a perfect balance between all indispensable factors, from security to costs.
The tables below detail different fees and assets we discovered while exploring the best forex traders in Europe.
Fees
| Best Forex Broker Europe | Minimum Deposit Requirement | Commission/ Spreads | Deposits/ Withdrawals | Inactivity Fee |
|---|---|---|---|---|
| Pepperstone | €0 | From 0.0 pips | Free | €0 |
| FxPro | €100 | €3.50 per lot | Free | €0 |
| eToro | €100 | From 0% | €5 withdrawal fee | €10 monthly |
| Plus500* | €100 | From 0% | Free | €10 monthly |
| AvaTrade | €100 | From 0.13 pips | Free | €50 after every 3 consecutive months of inactivity |
Note: 82% of retail investor accounts lose money when trading CFDs with this provider.
Assets
| Best Forex Broker Europe | Stocks | Forex | Crypto | Commodities | Indices | ETFs | Options |
|---|---|---|---|---|---|---|---|
| Pepperstone | Yes | Yes | Yes | Yes | Yes | Yes | No |
| FxPro | Yes | Yes | Yes | Yes | Yes | Yes | No |
| eToro | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Plus500* (CFDs) | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| AvaTrade | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Note: 82% of retail investor accounts lose money when trading CFDs with this provider.
Our Opinion about European Forex Brokers
The brokers on our guide are licensed and regulated by numerous respected authorities, including the FCA. They also adhere to strict MiFID rules and stipulations. That makes them 100% legit and secure. Moreover, they offer most of the tools and instruments forex traders need to thrive. We’ve recommended them based on their merits and our personal experience.
However, since perspectives and preferences vary from individual to individual, we strongly urge you to do additional research on any platform you may pick from our guide before opening a trading account.
1. Pepperstone – Overall Best Forex Broker in Europe
Our overall best forex broker in Europe is Pepperstone, an Australian firm founded in 2010. Most platforms we encountered had 50 or fewer FX-related instruments, but not Pepperstone. This trading platform allows users to trade over 90 currency pairs. They range widely from majors like EUR/USD and minors like EUR/NZD to crosses, exotics, and non-deliverable forwards (NDFs).
Pepperstone has also earned the title of the overall best forex trader in Europe due to its super-friendly spreads. With this platform, you can enjoy spreads as low as 0.0 pips while trading major pairs like EUR/USD, AUD/USD, and USD/CHF. Minors and crosses, too, have reasonable spreads starting from 0.80 pips.
Not to forget, Pepperstone has no minimum deposit requirement. If you are a low-budget trader, you can sign up with this fantastic broker, fund your account with what you can afford, and trade. Pepperstone users also enjoy free deposits and withdrawals.
Pepperstone
✔800+ instruments
✔No minimum deposit requirement
Pros & Cons
Fees
Trading Assets
Pros
- Over 90 majors, minors, crosses, exotics, and NFDs
- No minimum deposit requirement
- Cost-free deposits and withdrawals
- Minimal spreads starting from 0.0 pips
- Zero inactivity fees
- 24/7 responsive customer support
Cons
- Exotics and NDFs have high spreads
- Only focuses on FX pairs and CFDs
We identified numerous fees and costs on Pepperstone. First, from our exploration, we discovered that Pepperstone users are subjected to spreads and commissions that vary depending on market conditions and account type. This platform has two accounts: Standard and Razor. Both are associated with different charges and conditions. For instance, Razor accounts only attract commissions when users trade CFDs on Forex.
Pepperstone also charges overnight funding, which kicks in when a trader holds a position in commodities, equities, indices, metals, or cryptocurrencies overnight after 5 p.m. New York Time. This broker’s overnight funding charges vary depending on different factors, including underlying TomNext rate changes.
But here’s the best thing you can derive from our Pepperstone broker review, especially where fees are involved. Pepperstone doesn’t charge account inactivity fees. Moreover, this platform doesn’t charge a single dime for deposits and withdrawals. Furthermore, this broker has no minimum deposit requirements.
2. FxPro – Best Forex Broker for Advanced Trading
If you are a seasoned expert looking for an ideal forex broker for advanced trading, look no further than FxPro. Founded in 2006, this trading platform is tailored to meet the needs of every advanced trader. Let’s begin with software needs and requirements. FxPro hosts diverse platforms that advanced traders prefer, including cTrader, MetaTrader 4, and MetaTrader 5.
But FxPro’s capabilities aren’t limited to third-party software. FxPro offers a proprietary web trading platform with exciting features for advanced traders, from a highly customizable user interface and detachable chart windows to over 50 charting tools and indicators.
While trading with FxPro, expect to reap immense savings since this broker has zero deposit, withdrawal, and inactivity fees.
FxPro
✔24/7 multilingual support is available
✔No deposit or withdrawal fees
Pros & Cons
Fees
Trading Assets
Pros
- Compatible with world-class platforms like MT5 and cTrader
- Charges zero withdrawal and deposit fees
- Offers a host of advanced features like trading stops and Expert Advisors (EAs)
- Customer support is available 24/7
- No account inactivity fees
Cons
- Supports forex and CFD trading exclusively
- Minimum deposit requirement of €1,000 for Elite accounts
After signing up with FxPro, we discovered several key aspects. First, we had to adhere to FxPro minimum deposit requirements. Presently, this broker recommends that you fund your account with at least $1,000, but you can deposit as little as $100. And don’t worry about any charges. Deposits and withdrawals are free on this trading platform.
That aside, if you choose the cTrader platform and trade FX pairs of spot metals, expect to pay a commission, but it’s reasonable. This broker charges $35 for every $1 million traded. Additionally, if you keep a position open overnight, you will incur swap/rollover charges. FxPro will charge your account automatically at 21:59 (UK time).
FxPro has a cost calculation tool you can use to determine every available instrument’s quarterly charges. You should check it out.
3. eToro – Best Forex Broker for Social and Copy Trading
eToro has used its enormous customer base of over 33 million-strong to build a formidable social network. It consists of every type of trader, from newbies to the most profitable investors. If you open an eToro account today, you’ll get the perfect opportunity to join this vibrant community, interact with like-minded people, and copy top performers.
We tried eToro’s copy trading feature and had a terrific experience. The first thing that impressed us was the platform’s Copy People screen, which is exquisitely designed to make it easier for users to discover and locate traders to copy. We also came across the Popular Investor program, which incentivizes and encourages successful traders and investors to share their hacks and strategies.
Socializing and copy trading aside, we consider eToro an exceptional platform since it provides investment options that most of its peers lack. They include purchasing real shares from popular companies like Apple and crypto staking.
eToro
✔ 5,000+ instruments
✔ Features social and copy trading
Pros & Cons
Fees
Trading Assets
Pros
- Vibrant community with millions of seasoned traders
- Unique investment products like cryptos and real shares
- Allows portfolio diversification with commission-free stock trades
- Excellent 24/5 customer support service
- Offers coverage of up to €1 million
Cons
- Insurance doesn’t cover positions related to crypto-assets
- No third-party trading software like MetaTrader
eToro doesn’t charge any account registration or deposit fees. We signed up and funded our account without incurring any costs. Of course, we had to adhere to eToro’s minimum deposit requirements, which vary depending on geographical location. For instance, the minimum amount you can deposit in your eToro account is $100 in the US or the UK. On the other hand, people in countries like Germany and Greece can deposit as little as $50. Visit eToro’s minimum deposit page to find out more.
That said, we encountered several eToro fees and expenses during our exploration, including:
- A $5 fixed withdrawal fee: According to eToro, this fee is indispensable in covering international money transfer costs.
- Currency conversion fees: All eToro accounts are USD-centered. If you fund your account or withdraw money using any other currency, expect to pay conversion fees. The charges vary depending on PIPs and payment methods. Luckily, traders can join the eToro club and enjoy significant discounts.
- A $10 monthly inactivity fee: If you fail to log into your account for 12 or more months, you will incur a monthly $10 fee.
- Crypto fees: eToro requires crypto investors to pay a 1% buy/sell fee. As an investor, you must also cover market spreads, which vary depending on market conditions. Transferring crypto to your eToro Money digital wallet also attracts a 2% fee. The crypto asset transfer fees are capped at 1$ minimum and a $100 maximum.
- CFD spreads: Like many other brokers, eToro has CFD spreads that vary depending on assets and instruments.
4. Plus500 – Best Forex Broker (CFDs) for Mobile Trading
Over 4 billion people have smartphones. If you have an Android or iOS device and would like to trade with it, we recommend using the Plus500 app. This outstanding solution allows you to trade over 60 currency pairs (CFDs), including the most sought-after instruments like EUR/USD, EUR/GBP, and EUR/CAD.
While trading forex as CFDs with the Plus500 mobile app, you can exploit leverages of up to 1:30 and reduce your expenses with free deposits and withdrawals. You also get access to excellent tools like guaranteed stop loss and close at profit/close at loss rates.
Lastly, you can use your mobile phone to open a Plus500 professional account, provided you are a seasoned trader with sufficient resources. With this account, you will enjoy everything the broker offers to standard account holders and additional perks like higher leverages and cash rebates. Plus500CY Ltd authorized & regulated by CySEC (#250/14).
Note: 82% of retail investor accounts lose money when trading CFDs with this provider.
Plus500
✔Available in 50+ countries
✔Easy account registration and setup
Pros & Cons
Fees
Trading Assets
Pros
- Power, feature-rich mobile app
- A wide variety of markets for portfolio diversification
- Outstanding risk management tools
- 24/7 professional customer support
- Free deposits and withdrawals
Cons
- Supports CFD and forex trading exclusively
- Professional accounts are exclusively for traders with a portfolio worth a minimum of €500,000
One thing we love about Plus500 is that the platform offers most of its services without charging a dime. Moreover, the company practices optimum transparency regarding any costs or charges. While trading on Plus500, we enjoy free deposits and zero internal withdrawal fees.
However, we had to incur reasonable charges, courtesy of the buy/sell spreads. The good thing is this broker lets you choose between dynamic and fixed spreads. We preferred fixed spreads since they allowed us to minimize risk during high volatility periods, especially when we were trading with smaller stakes. But, if you are a fan of swing trading and often deal with higher balances, you can check Plus500’s variable spreads. And don’t worry about paying commissions because Plus500 supports commission-free trades.
Depending on your trading activities on Plus500, you may also incur the following fees and costs:
- Overnight funding: If you open a position and fail to close after a specific cut-off time, otherwise known as the Overnight Funding Time, Plus500 may add or subtract a certain amount of overnight funding from your account. Plus500 uses this formula to determine the exact amount of overnight funding to charge you: Trade Size x Position Opening Rate x Point Value x Daily Overnight Funding %.
- Currency conversion fee: While trading on Plus500, you will incur currency conversion charges every time you dabble with an instrument whose currency denomination differs from your trading account’s currency. During our test, Plus500’s currency conversion fee was up to 0.7% of each trade’s net profit and loss.
- Guaranteed stop order: Plus500 has a unique order type that guarantees the stop loss level even in highly volatile markets. You can use it to minimize losses and maximize returns, but it’ll cost you money. The fee comes in the form of a wider spread.
- Inactivity fee: Suppose your Plus500 trading account stays dormant for over three months. Your company will charge you up to $10 per month. This fee enables Plus500 to cover the costs of maintaining your inactive account.
5. AvaTrade – Best Forex Broker for Beginners
As a beginner, you need a beginner-friendly trading platform with all the right features, from an easy-to-navigate user interface to world-class educational materials. Fortunately, AvaTrade has all that and more. We tested the AvaTrade trading platform and found its intuitive, user-friendly interface remarkable. Our people had an easy time familiarizing themselves with it and finding the necessary functions.
We also discovered that AvaTrade allows new users to open demo accounts. An AvaTrade demo account comes with €100,000 in virtual funds. You can use it to test the broker’s proprietary trading software or the provided third-party platforms, including MT4 and MT5. An AvaTrade demo account also helps you navigate your first trade and test different strategies without risking real funds.
Not to forget, we consider AvaTrade ideal for budding traders because this broker provides free educational materials, including comprehensive courses, tutorials, webinars, and more.
AvaTrade
✔Low minimum deposit requirement
✔Features automated trading on its copy trading platform
Pros & Cons
Fees
Trading Assets
Pros
- Prime educational tools and materials
- Intuitive, user-friendly interface
- Supports 24/5 FX trading
- Exceptional risk management solutions like AvaProtect
- Hosts popular platforms like MT4 and MT5
Cons
- Limited financial instruments
- Dormant accounts incur a €50 inactivity fee every 3 months
AvaTrade charges low fees for trading and non-trading services. When we started with the broker, we found the first deposit requirement of $100 or its equivalent to be low. Plus, all deposits and withdrawals at AvaTrade are free.
Commissions and spreads at AvaTrade are also low in our opinion. For instance, trading forex attracts low fees from 0.9 pips on major currency pairs. We also tried trading stocks and incurred low charges from 0.2 pips.
On the downside, AvaTrade charges a high inactivity fee of $50/£50/€50. This depends on your account currency. The fee applies should your account remain inactive for over three months. Plus, there is an annual administration fee of $100/€100/£100 after 12 months of inactivity. Other fee to expect with this broker is overnight charges for positions left overnight. Its margin rates are also low, from 3.33%, depending on your jurisdiction.
It is important to note that while AvaTrade offers social trading, accessing this feature via the DupliTrade and ZuluTrade platforms can be costly for low-budget traders. You are required to deposit at least $2,000 for DupliTrade and $200 for ZuluTrade platforms.
Forex Trading in Europe
Forex trading is 100% legal in Europe. Different NCAs regulate and monitor the European forex market, including CySEC, the FSC, and the FCA. This respected organization’s primary responsibility is to ensure forex brokers maintain the highest fairness and security standards. All trading platforms reviewed in this guide are authorized and supervised by reputable and respected authorities. Therefore, you can interact with them without any fear.
However, note that regulations only allow people aged 18 and above to interact with the forex market. This authority prohibits brokers from allowing minors to open trading accounts and requires brokerage firms to inform their customers of the risks of forex trading.
Not to mention, hundreds of forex brokers operate in Europe today. But not all are licensed or have your welfare in mind. Some are out to get your money by any means necessary. Use the tips below to avoid such platforms and identify European forex brokers that are guaranteed to foster your success.
How to Choose the Right Forex Broker in Europe
Since so many forex brokers are up and running today, selecting a good provider can be challenging, more so since everyone claims to be the best. But that doesn’t mean it’s impossible. You can quickly identify the best forex brokers in Europe by considering the following:
Licensing
Costs
Platforms
Customer Support
Reputation
The best brokers are licensed and monitored by respected European regulatory bodies. They also adhere to stringent rules and regulations put in place to protect traders like yourself. So, while picking a good broker, consider licensing and regulation.
Before choosing any broker, visit its official site and review the fee structure. Check everything from deposit fees to swap rates, spreads, and commissions. Also, to avoid nasty surprises, prioritize trading with a platform with transparent charges.
While looking for a fitting broker, your decisions should factor in your favorite trading platforms. Go with brokers that host most, if not all, of the solutions you need. Additionally, test your broker’s proprietary software for stability before signing up. That is the best way to avoid frequent crashes and downtimes, which can negatively impact your forex trading career.
Trading platforms often develop technical issues like software glitches. Moreover, traders sometimes face challenges like temporary account lockouts and delayed order executions. You need prompt, professional assistance to fix such problems and prevent them from undermining your overall trading experience. As such, trading with a broker with exceptional support is necessary.
Online reputation can tell you everything you need to know about a trading platform’s legitimacy, reliability, and trustworthiness. While vetting a specific broker, read its testimonials on platforms like Trustpilot, Google Play, and App Store. Watch out for common complaints like poor customer service and hidden charges.
How To Register an Account with a Forex Broker Europe
Suppose you are new to forex trading. You likely don’t know where to go after choosing a suitable broker. It’s simple; you just have to open a trading account, fund it, pick an instrument, and start trading. Here’s an overview of this process:
Step 1: Visit your broker’s website
Step 2: Sign up
Step 3: Verify your ID
Step 4: Make a deposit
Step 5: Trade
Visit your preferred broker’s homepage to start the registration process. Once you get there, go through every crucial element, from the product offerings to hosted trading platforms. Don’t forget to inspect the terms and conditions. If you are a mobile trader, download an app from the site.
Click “sign up,” “join,” or any other similar button to register a new account. Fill out the registration form truthfully and provide all the required information, from your legal name to your physical address. And remember, cybercriminals are getting savvier by the day. Protect your trading account with a strong, unguessable password.
Verify your identity with your driver’s license, ID card, or passport. Additionally, submit a document that will confirm your location and address, like a recent utility bill. The exact documents you’ll share will depend on your broker’s mandates. But ensure anything you provide is valid and clear.
Once your broker verifies your account, which may take a few hours, use a supported payment method to fund it. And if you are a newbie, we encourage you to fund your account with a small amount to avoid extensive losses.
After the funds have been credited to your account, choose a currency pair and open a position. Keep in mind that correct position sizing is the key to mitigating risks and optimizing returns. Also, non-stop trading can cause burnout and expose you to ill-informed decisions. Take frequent breaks during prolonged trading sessions.
Conclusion
After testing and reviewing numerous forex brokers, our experts picked the service providers listed here. All of them are regulated by respectable authorities like the FCA. They also have reasonable fees and outstanding trading platforms in Europe.
That said, these brokers have unique pros and cons. You should compare them and pick the most fitting option based on your goals and preferences. Most importantly, before partnering with any broker, research and understand the risks of forex trading. Additionally, develop strategies that can help you minimize your exposure to financial losses.
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