Best European Forex Brokers in 2024

If you're interested in the European Forex, the market can be quite welcoming. The European Union in itself is a highly productive and beneficial region for all sorts of Forex activities. Economic integration provides a higher and safer ground for trade. Simultaneously, forex activities in such competitive and potent areas can be rather complicated and risky. Your budget, investment options, potential scammers, and other risks are an inevitable part of the journey.

Best European Forex Brokers in 2024

Tips for Trading with European Brokers

With the use of today’s technology, trader’s from around the globe can easily open accounts with European brokers for Forex trading. However, it is important to know that many broker companies that are registered in Europe provide the level of quality for their clients and may lack transparency funds safety. To decide which brokerson the European market offer good conditions and profitable trading the following is important to take into consideration. Firstly, check the broker’s compliance with the following criteria:

  • The length of operation in the market should be more than 2 years

    The length of operation in the market should be more than 2 years.

    For example, Ava Trade and FxPro commenced operating in Europe in 2006, XM Group commenced in 2009 and FXTM commenced in 2011. Admiral Markets who is registered in the UK first registered its operation in London in 2001.

  • Ensure the broker is licensed in Europe

    Ensure the broker is licensed in Europe.

    For example, AvaTrade holds several licenses by various regulators, but you will need to check it is licensed by a European regulator which is currently regulated by BVI FSC — the Financial Services Commission of the British Virgin Islands. FXTM and XM Group brokers are both licensed by CySEC (Cyprus Securities and Exchange Commission), Admiral Markets UK by FCA (The UK Financial Regulatory Authority). FxPro is licensed by two European regulators - CySEC and FCA.

  • Does the broker have positive feedback from its European clients

    Does the broker have positive feedback from its European clients?

    Admiral Markets UK currently holds the most positive feedback and traders from 40 countries worldwide use its services.

  • Check the broker’s spread size

    Check the broker’s spread size.

    It is common for many European brokers to set floating spreads. Therefore, you will need to check the brokerage commission. AvaTrade starts at 0.8 pips, XM Group starts at 0.6 pips, and FXTM and FxPro both start at 0.1 pips. Admiral Markets in the UK start at 0.0 pips. These spreads specified are the minimum possible values. Spreads can change significantly with market fluctuations.

  • Check the minimum deposit amount

    Check the minimum deposit amount.

    The Admiral Markets UK broker allows trading with a real account deposit from $1, XM Group from $5, FXTM from $10, AvaTrade and FxPro both from $100. Admiral Markets UK offers an Invest. MT5 account that allows you to trade Forex with a minimum deposit.

  • Ensure the broker’s available assets

    Ensure the broker’s available assets.

    All brokers registered in Europe allow you to trade currency pairs, CFDs on stocks, indices, metals, commodities. Cryptocurrency transactions are available with brokers AvaTrade, FXTM, and Admiral Markets UK.

  • The broker’s maximum leverage

    The broker’s maximum leverage.

    Admiral Markets UK allows you to trade with leverage up to 1:30, AvaTrade — up to 1:400, FxPro — up to 1:500, XM Group — up to 1:888, FXTM — up to 1:2.000. The leverage for all European brokers may vary depending on the selected trading instrument.

  • What trading platforms does the broker offer

    What trading platforms does the broker offer?

    MetaTrader 4 is the most popular platform among traders. Admiral Markets UK, XM Group, FXTM, AvaTrade and FxPro brokers provide their clients with access to the MT4 terminal.

  • Does the broker offer a bonus and affiliate programs

    Does the broker offer a bonus and affiliate programs?

    All European brokers offer partner traders the ability to earn additional income for attracting new clients to the company with affiliate programs. There are also bonus programs with a limited or unlimited period.

  • Options for depositing and withdrawing fundsv

    Options for depositing and withdrawing funds.

    Brokers operating in Europe offer clients to deposit and withdraw via bank transfer, Visa/MasterCard, and electronic payment systems.

Top 4 European Forex Brokers in 2024

If you're confused about which Forex brokering company is the right one, here's a little helping guide. We have listed the top five European Forex brokers of 2024. They have an established record of delivering successful results to satisfied customers in different industries!

  • 1

    Best European Forex Broker - FxPro

    The FxPro broker was registered in July 2006 in Cyprus. The company’s activities are licensed by financial regulators: CySEC, 078/07 (Cyprus), Bahamas SCB (SIA-F184), FCA, 509956 (UK), and South African FSCA (45052). FxPro is successfully operating in more than 170 countries for retail and institutional clients. The broker has received more than 85 awards, including “Best Forex Trading Platform” and “Best Trading Platform”. FxPro has become known for providing the best trading tools. With FxPro broker, traders can trade more than 70 currency pairs, futures and stocks (Twitter, Apple, Google). The broker has over 2,100 trading assets in its pool, including cryptocurrencies, which are subject to the account type. The basic set of assets is available on cTrader accounts, the full set is available on accounts opened on MT4 and MT5. FxPro sets high safety standards with the client's funds being kept in large international banks. They are insured and separated from the broker's equity.

    👍 FxPro broker has an obvious advantage over competitors:

    Negative Balance Protection of a client on a real account is a unique broker service. It has an automated transaction monitoring and a risk management system, the capital is guaranteed not to go into a negative balance;
    insurance of client funds at the expense of the broker participation in an investor compensation fund;
    beginner traders will be able to access tested advisors;
    a full package of services is available to the client regardless of the balance of his account;
    VIP account holders are offered a personal manager and get a Free VPS;
    company capital exceeds 100 million euros;
    offers swap-free accounts for customers whose religious beliefs do not permit swapping eg. Islamic traders;
    the reliable trading environment provided by the competent educational and research department.

    👎 FxPro weaknesses in comparison with competitors:

    it is not the best choice for beginner traders who are looking for their first broker as the minimum deposit of $100 is considered high;
    difficulties registering in an affiliate program.
    OPEN AN ACCOUNT
    Your capital is at risk.
    79.27% of retail investor accounts lose money when trading CFDs with this provider.
    FxPro REVIEW
  • 2

    Best European Forex Broker - IC Markets

    IC Markets is a multi-regulated STP/ECN broker that offers trading of 2,250+ instruments on MetaTrader and cTrader platforms. Currently, IC Markets provides its services to over 200,000 clients worldwide. The broker processes over 500,000 trades daily and its monthly trading volume is almost $1.4 trillion as of June 2024. It is regulated by CySEC, ASIC, and FSA. The broker was incorporated in 2007 and is constantly developing, improving, and adding new services and products.

    👍 IC Markets broker has an obvious advantage over competitors:

    Availability of three licenses;
    Wide range of assets;
    Standard and ECN account types for trading on different platforms;
    Mobile apps for Android and iOS-based devices;
    Scalping, hedging, and algorithmic trading are allowed;
    Minimum delay when executing orders and ultra-fast market execution;
    Competitive trading fees;
    Wide choice of social trading and copy trading platforms;
    24/7 support via live chat;
    Demo accounts on MT4, MT5, and cTrader;
    Swap-free accounts are available for Muslim traders.

    👎 IC Markets weaknesses in comparison with competitors:

    Education materials available on the website are not very informative or diverse;
    Rebates are available outside Australia and the European Economic Area;
    Not all clients are equally protected since compensation for investment is subject to the trader's country of residence.
    OPEN AN ACCOUNT
    Your capital is at risk.
    Up to 75.93% of the broker’s non-professional clients incur losses when trading CFDs.
    IC Markets REVIEW
  • 3

    Best European Forex Broker - XM Group

    XM Broker was founded in 2009. Initially, the company covered a narrow niche of the trader market, specializing exclusively in intermediary services at the foreign exchange market. It has since experienced considerable success and growth. XM is reliable and safe. It has diversified and is now an international broker operating in almost 190 countries around the world. For over a decade XM Broker has attracted more than 5 million traders, offering unique technological solutions. The company is now being recognised as the Fastest Growing Broker, the Best Forex Service Provider and various other contributing achievements. The team at XM Broker is committed to continually working hard to improve the quality of the services provided every year as they are committed to continually providing the best service to their traders. XM Profile Details

    👍 XM Group broker has an obvious advantage over competitors:

    XM Broker guarantees 100% execution of orders, 99,35% of orders delivered nearly instantly. No requotes guaranteed;
    no “markup” on narrow market spreads (broker's margins over the spread);
    over 1,000 trading instruments. Available for trading are: more than 55 currency pairs, including CFDs on cross rates, metals (including palladium and platinum), commodities (cocoa, cotton, grain), stocks;
    no commission for replenishment and withdrawal of money. XM Broker incurs all commission costs of payment systems;
    around the clock support for 5 days a week in more than 30 languages.

    👎 XM Group weaknesses in comparison with competitors:

    passive investment services (social trading platform, PAMM accounts);
    expanding their limited choice of trading platforms. Despite the fact that the broker offers 16 terminals, all of them are modifications of MT4 and MT5 for desktop, browser and mobile trading.
    OPEN AN ACCOUNT
    Your capital is at risk.
    77.74% of retail investor accounts lose money when trading CFDs with this provider.
    XM Group REVIEW
  • 4

    Best European Forex Broker - Admirals

    Admirals was founded in 2001. In more than 20 years of operation, a regional Estonian broker has grown into an international financial group of companies providing access to over-the-counter markets in more than 130 countries, as well as to exchange-traded stock instruments. Following the 2021 rebranding, Admirals became Admirals. The updated platform received new integrated risk management solutions.

    The Admirals group of companies comprises:

    • Admirals AU Pty Ltd.

    • Admirals UK Ltd.

    • Admirals Cyprus Ltd.

    • Admirals AS Jordan Ltd.

    Regulators of the Admirals group of companies include FCA (UK, 595450), CySEC (Cyprus, 201/13), ASIC (Australia, 410681), JSC (Jordan, 57026), and CIPC (South Africa, 2019 / 620981 / 07).


    👍 Admirals broker has an obvious advantage over competitors:

    5,000+ trading assets, with stock assets trading on exchange markets available.
    The company’s proprietary social trading platform (copy trading).
    Relatively tight spreads on most assets.
    The company’s own Supreme Edition plug-in for MT4 and MT5, which expands their technical and chart functionality.
    FCA and CySec licenses, which are the most reputable regulators.
    Compensation fund with insurance coverage of up to €20,000 per trader.
    Relatively low initial deposit that provides for opening trades within risk management subject to leverage.

    👎 Admirals weaknesses in comparison with competitors:

    Restrictions on leverage for retail traders without the “professional” status as required by regulators.
    Withdrawal fee is charged.
    OPEN AN ACCOUNT
    Your capital is at risk.
    Admirals REVIEW
  • Do you prefer watching videos? Then watch the video summary of this article.

    Below you will find all the information.

Top 4 Forex Brokers Comparison

Still confused about which one of the top five brokers would suit you best? Let us help. Here's a breakdown of all the basics you need to know about them:

FxPro IC Markets XM Group Admirals

Trading platform

MT4, Mobile Trading, MT5, cTrader, FxPro Edge

MT4, cTrader, MT5, TradingView

MT4, MT5, Mobile Trading, XM App

MT4, MT5, WebTrader, Mobile platforms

Min deposit

$100

$200

$5

$250

Leverage

From 1:1
to 1:500

From 1:1
to 1:500

From 1:1
to 1:30

From 1:1
to 1:30

Trust management

No

No

No

No

Accrual of % on the balance

No

No

No

No

Spread

From 0 points

From 0 points

From 0.6 points

From 0.5 points

Level of margin call / stop out

No

No

No

No

Execution of orders

Market Execution

Market Execution

Market Execution

Exchange execution, Market Execution

No deposit bonus

No

No

No

No

Cent accounts

No

No

Yes

No

How to Choose the Best Forex Broker?

Even the most recommended and popular Forex brokers may not suit your purposes exactly how you'd like it. Here's what you need to factor in before selecting a broker company:

Security

The primary criteria investors need to focus on is the level of security a broker offers. No investor will hand over thousands of dollars to someone that just claims that they're legit. Luckily, checking the credibility of Forex brokers isn't tricky. There are regulatory agencies worldwide that rate countries that are trustworthy or those that are known for fraud.


Make sure that the broker you consider, keeps your money safe. Scams are a common threat to many people in this field. The broker you choose should strictly abide by legal limitations. Investors need to make sure that they are familiar with the relevant regulatory authorities.

Licenses and brokers’ regulation

Broker License
FxPro The activities of the FxPro broker company are regulated by four financial services commissions: FCA (United Kingdom), CySEC (Cyprus), FSCA (South Africa), SCB (The Bahamas).
IC Markets IC Markets includes three legal entities registered in Australia, EU, and Seychelles. They are licensed by local ASIC (ACN: 123 289 109), CySEC (362/18), and FSA (SD018) regulators, respectively. Also, since 2021, IC Markets has been a member of the Financial Commission that resolves disputes between brokers and their clients and compensates the latter with up to €20,000. CySEC has its own compensation fund ICF and pays to clients of bankrupt brokers. Availability of three licenses of key global regulators provides the company with a possibility to offer brokerage services to traders in more than 100 countries.
XM Group XM Broker is licensed by four leading global regulators: ASIC (Australia), FSC (Belize), CySEC (Cyprus), DFSA (UAE). The CySEC license means that the broker operates in the European legal field regulated by the MiFID directive I and II. All customer accounts are separated from brokerage accounts for operating activities and are in the European banks.
Admirals The Admirals group comprises several companies operating in different jurisdictions. This separation allows the broker to provide its services in more than 130 countries without violating local laws. The group regulators and corresponding security measures are:

Transaction Costs

Another important criterion that investors need to consider is the transaction cost of the broker. No matter what type of investments are made through a broker, there are always transaction costs. Naturally, it's only crucial that investors want to look for the most affordable rates.

Trade and non-trade commissions of the brokers

Company Spread/commission Replenishment/withdrawal commission
FxPro from 0.0 pips Traders Union professional team has analyzed FxPro trading conditions for commissions. For comparison and reference convenience, the results have been presented in the table.
IC Markets Standard: 0.6 pips;
Raw Spread, MT4/MT5: 0 pips;
Raw Spread, cTrader: 0 pips
Trading fees include spreads, fees per lot, and swaps. IC Markets has variable spreads from 0.6 pips on Standard and from 0 pips on ECN account types. Therefore, fees for one instrument can vary subject to the time of day and the market situation. Fees per lot are charged only on ECN account types. They are $7 per lot on MT4/MT5 and $6 on cTrader. Swaps are charged when positions are transferred overnight, but they do not apply to the Islamic account type. Non-trading fees are fees not related to trades. At IC Markets, these are withdrawal fees when using international bank transfers. The broker doesn’t charge other non-trading fees.
XM Group From 0.6 pips for XM Ultra Low Micro and XM Ultra Low Standard Traders Union analysts have analyzed the main and additional commissions for each XM Broker account. There are no additional commissions on all accounts.
Admirals From 0-0.5 pips. TU experts have analyzed trading conditions (spreads and fees) of the Admirals group of companies. Results are provided as a list:

  • Spreads and fees are not subject to the broker. It means that liquidity providers are the same for the entire group.

  • The Zero MT4/MT5 account has a fixed fee per 1 full standard lot. Forex and metals are charged with a fee ranging from $1.8 to $3 per 1 lot. Energies are charged with a $1 fee per lot. The fee is indicated per one transaction, thus it is doubled when closing a trade.

  • There is a $0.02 fee per transaction for trading stocks and ETFs.

  • There is a withdrawal fee which is subject to the payment system and the broker. Its minimum ranges from $1 to $15. All withdrawal fees are discussed in detail in the following blocks.

Deposit and Withdrawal

A decent Forex broker will allow investors to deposit funds and withdraw potential earnings without any hassle. There should be no reason for a broker to make withdrawals or deposits difficult. The Best Forex brokers facilitate a maximum trading volume.

Deposit and withdrawal methods

Broker Payment systems available
FxPro VISA/MasterCard, Maestro, UnionPay, Cryptocurrency transfers, Perfect Money, Skrill, Neteller
IC Markets All countries: Wire transfers, Visa, Mastercard, Skrill, PayPal, Neteller, RapidPay, and Klarna;
Restricted methods: UnionPay, POLI, Fasapay, BPAY, internet banking (Thailand and Vietnam), WebMoney, and Broker to Broker
XM Group Credit/ Debit cards, Skrill, Neteller, International Wire Transfer, Online Bank Transfer, Perfect Money, Apple Pay and Google Pay
Admirals Bank transfer, Visa and MasterCard bank cards (deposits only), Skrill, and Neteller for the ASIC regulated broker. Bank transfer, Visa and MasterCard bank cards, Skrill, Neteller, Klarna (deposits only), PayPal, and iBank&BankLink for the FCA regulated broker. Bank transfer, Visa and MasterCard bank cards, Skrill, and Klarna (deposits only) for the CySec regulated broker. Bank transfer, Visa and MasterCard bank cards (deposits only), and Perfect Money for the JSC regulated broker.

Trading Platform

Trading platforms are crucial for investors that are interested in online Forex trading. Most of the activity happens through the brokers' trading platform. If the platform is inaccessible and sophisticated, it's going to become an issue.

Brokers’ trade platforms

Broker Trading Platform
FxPro MetaTrader 4, MetaTrader 5, cTrader, FxPro Edge
IC Markets MetaTrader 4, MetaTrader 5, and cTrader
XM Group МТ4, МТ5 (desktop, web, and mobile versions), and XM App for smartphones and tablets
Admirals МТ4, MT5, MetaTrader Supreme Edition, WebTrader

Is Forex Regulated in EU?

Europe is one of the continents with the most powerful financial markets, with cities like London, Paris, Frankfurt, and Zurich boasting some of the world's largest Forex markets. With so much at stake, it's no surprise that Forex trading in Europe is heavily regulated.

Forex regulations in Europe are crucial to ensuring fair and transparent trading and safeguarding investors from fraudulent activities due to the size and complexity of the market.

Europe's Forex laws are a blend of EU-wide laws and laws that apply only to certain nations. The Markets in Financial Instruments Directive (MiFID), which went into effect in November 2007, is one of the most significant laws that apply to the entire EU.

By introducing a unified regulatory framework for investment services across the EU, MiFID is intended to enhance investor protection and increase market transparency.

Investment firms are required by MiFID to comply with several minimum standards, including having sufficient capital, staffing, systems, and controls, as well as being authorised and regulated by a competent authority in their home country.

Additionally, the directive calls for investment firms to take the necessary precautions to guarantee the best outcome for their clients when executing orders, as well as to disclose certain information to clients, including costs and charges.

Among the national competent authorities in charge of enforcing MiFID are the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CYSEC) in Cyprus, and the Federal Financial Supervisory Authority (BaFin) in Germany.

These regulators are in charge of monitoring the operations of investment firms and making sure they adhere to MiFID regulations. If a company violates MiFID regulations, they also have the authority to impose sanctions, such as fines or revoking an investment firm's authorization.

One of Europe's most reputable Forex regulators is the FCA. The UK has an independent regulatory body that supervises financial markets and controls businesses that offer financial services.

The FCA is in charge of enforcing MiFID and making sure that investment firms adhere to its regulations. A public register of approved investment firms is also kept by the FCA, allowing investors to research companies before investing.

The Cyprus Securities and Exchange Commission (CYSEC) is the regulatory body in charge of monitoring the financial markets and controlling investment companies that offer investment services.

Additionally, CYSEC is in charge of enforcing MiFID in Cyprus and making sure that investment firms adhere to its regulations. Since it has a reputation for being a strict regulator, CYSEC has recently prosecuted several companies for violating MiFID regulations.

What Are the Biggest Currency Pairs to Trade in the EU?

Currency pairs are the most traded instruments in the Forex market, and this is no different in the European Union (EU) Forex market. The EU Forex market offers some of the biggest and most potent currency pairs in the entire world.

The largest currency pair in the EU's foreign exchange market is the EUR/USD pair. The exchange rate between the US Dollar, the world's reserve currency, and the Euro, the common currency of the EU, is represented by this pair.

The EUR/USD currency pair is the most traded worldwide, accounting for about 30% of all Forex transactions. This pair is highly liquid meaning that buying and selling can occur without affecting the market price.

The GBP/USD currency pair is the second most important in the EU Forex market. The exchange rate between the British pound and the US dollar is represented by this pair. The GBP/USD pair is also heavily traded, accounting for approximately 9% of all Forex trades.

Another popular currency pair in the EU Forex market is the EUR/JPY. This pair represents the euro versus the Japanese yen exchange rate. The EUR/JPY is the world's third most traded currency pair, accounting for approximately 6% of all Forex trades.

The USD/JPY currency pair is the fourth most traded currency pair in the EU Forex market. The exchange rate between the US dollar and the Japanese yen is represented by this pair. The USD/JPY is the world's second most traded currency pair, accounting for approximately 17% of all Forex trades.

The EUR/GBP is another popular currency pair in the EU Forex market. This pair represents the rate of exchange between the euro and the British pound. The EUR/GBP is the world's fifth most traded currency pair, accounting for roughly 4% of all Forex trades.

Finally, another popular currency pair in the EU Forex market is the USD/CHF. The exchange rate between the US dollar and the Swiss franc is represented by this pair. The USD/CHF is the world's seventh most traded currency pair, accounting for approximately 3% of all Forex trades.

How Much is Forex Leverage in Europe?

The European Securities and Markets Authority (ESMA) is a regulatory body in charge of overseeing European Union financial markets. ESMA issued new regulations in 2018 that limit the amount of leverage that retail clients can use when trading Forex. The maximum leverage allowed for major currency pairs is now 30:1, while it is 20:1 for minor and exotic pairs.

These regulations were implemented to protect retail traders from excessive risk and to align European Forex regulations with international standards. Brokers operating in the EU are required to follow these regulations and provide their clients with maximum leverage.

However, some brokers may provide better margin trading terms than others. It is critical for traders to thoroughly research and compare the various brokers on the market to find the best options for their trading needs. Brokers with lower fees and more flexible trading conditions may appeal to traders seeking to maximize their leverage.

Best high leverage (up to 1:2000) Forex brokers

How to Start Forex Trading in Europe?

If you're new to Forex trading, starting can be intimidating. Here is a step-by-step guide to getting you started:

Educate yourself about Forex trading

Learn the basics of Forex trading, including how it works and how to analyze the market. You can find a wealth of information online, including courses, tutorials, and webinars.

Choose a Forex broker

Look for a broker regulated by a reputable authority, such as the FCA, CYSEC, or BaFin. Also, look for a broker that offers Forex deposit bonuses and other best Forex bonuses. These Forex bonuses can give you an extra boost when you start trading.

Open an account

Fill out the application, provide the necessary identification documents, and deposit funds into your account. The minimum Forex deposit requirements vary by broker, so be sure to check this before opening an account.

Start trading

Use your broker's trading platform to buy and sell currency pairs, manage your positions, and track your progress. Start with a demo account to get a feel for the platform and practice trading before risking real money.

FAQs

Which country has the most Forex traders in Europe?

The United Kingdom has the highest number of Forex traders in Europe, followed by Germany and France.

What are the most trusted Forex brokers?

Forex brokers that are regulated by reputable authorities such as the FCA, CYSEC, and BaFin are the most trusted.

What months are best for Forex trading?

Many traders believe the summer months are slower than those surrounding major economic events.

What is the hardest month to trade Forex?

The hardest month to trade Forex varies depending on several variables. However, due to holiday trading and year-end volatility, December is frequently a difficult month.

How to choose the best Forex broker with Traders Union?

Selecting the right Forex broker can make or break your investment earning capabilities. The Traders Union offers a Forex broker rating tool that ranks the brokers based on several different metrics. These metrics are taken from the analysis of information from one of the world's largest trading communities. The rating doesn't only consider the reviews but also considers the volume of trading the broker engages.

The rankings also receive an update frequently with companies regularly jumping positions based on current events.

How to open an account with a Forex broker in Europe?

Opening an account with the broker is simple: investors simply need to visit the broker's website. There they can review the different types of investor account packages available to them. After selecting the account, they have to fill in the necessary information the broker requires. Once the account's creation is complete, the investors can then arrange for a transfer of funds from their bank account to the trading account. Once the funds are transferred, the investor is now completely ready to begin their trading.

How secure is online Forex trading in the EU?

Online Forex trading is completely secure. Websites will often offer high-level end-to-end encryption to help ensure that all transactions are secure and private. However, make sure you’re on the lookout for phishing scams. Only use the official platforms!

Do I need any documents to open an account with a European broker?

Open an account with a broker and replenish a deposit to start trading on Forex. Most European brokers require clients to be verified. To open your account, you will need to provide:

● Scanned copies of internal passport and/or international passport, taxpayer code.

● Documents confirming the registration address - most often the residential rental payment receipts.

● Bank statement, bank card scans.