Best Forex Broker in Germany - Eightcap
Top Forex Broker in Germany:
Eightcap - Best broker to trade directly from TradingView charts
FBS - A reliable broker with affordable offers (ASIC regulation, min. deposit 5$)
Octa - Best for overnight trading (no swap fees)
FxPro - Biggest choice of currency pairs (70+ FX CFDs)
IC Markets - Biggest Forex broker by trading volume (average volume over 22.68B per day)
Tickmill - Best for EUR/USD trading (avg spread is 0.1 pips)
The practice of trading Forex (currencies) is popular among German residents. Regulation in the Forex market in Germany is overseen by the Federal Financial Supervisory Authority (BaFin). All brokers operating in the German market must be authorized by BaFin or be regulated by other Tier-1 European regulators such as the FCA UK, CySec, or Finma.
Traders Union has selected the best brokers for trading in Germany based on criteria such as regulation and reliability, commissions, and other trading conditions. In total, we analyzed over 100 parameters to compile the rating. For convenience, the brokers are presented in comparative tables.
Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The following table is the result of brokers' analysis by leading TU experts. Our criteria were the authorization or regulation by BaFin or one of the top EU regulators, as well as favorable trading conditions.
| Broker | Accepts the residents of Germany | Regulation | Advantages | Minimum Deposit | |
|---|---|---|---|---|---|
ASIC, SCB, CySEC, FCA |
|
100 USD |
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CySEC |
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€10 |
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FSCA, MISA, CySEC |
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From USD 25 |
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FCA, CYSEC, FSCA, SCB |
|
100 (USD, EUR, GBP, CHF) |
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ASIC, CySEC, and FSA |
|
$200 |
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FSA, LFSA, FSCA, CySEC, FCA |
|
100 US dollars |
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CySEC |
|
100 EUR |
|||
FCA, CySEC, ASIC, JSC, CIPC |
|
$1 — $100, $250 |
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CySEC, FCA, FSCA |
|
$100 |
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CySEC |
|
$1 |
|||
ASIC, FCA, DFSA, BaFin, CMA, SCB, CySec |
|
$1 |
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FCA, FINMA, DFSA, MFSA, MAS |
|
From $1,000 |
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CySEC, FSC (Mauritius), FSA, FSCA |
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$10 or $100 (depending on the country) |
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ASIC, FCA, CySEC, The Financial Commission |
|
$1-$300 (depending on the country) |
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SCA, MAS, CySEC, ASIC, AUSTRAC, BaFin, FMA, FSC, CIMA, TFG, VFSC |
|
$50 |
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CySEC, VFSC |
|
Starting at $15 |
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FINMA, JFSA, FCMC |
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USD 100 for Dukascopy Europe and USD 1000 for Dukascopy Bank |
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CySEC, FCA, ASIC |
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$50, $100 (for UK clients) |
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FCA, ASIC, CySEC, FSC, and CIRO |
|
$100 |
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FSCA, CySec, ADGM, FSA, ASF |
|
100$ |
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FSC, FCA. CySEC |
|
no minimum deposit |
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CySEC, FCA, ASIC, FSCA, BVI FSC |
|
$100 |
| Eightcap | FBS | Octa | FxPro | IC Markets | Tickmill | |
|---|---|---|---|---|---|---|
Trading platform: |
MT4, MT5 |
MT4, MobileTrading |
MetaTrader4, MetaTrader5 |
MT4, MobileTrading, MT5, cTrader, FxPro Edge |
MT4, cTrader, MT5, TradingView |
MT4, MT5, Tickmill Mobile App |
Minimum deposit: |
100 USD |
€10 |
From USD 25 |
100 (USD, EUR, GBP, CHF) |
$200 |
100 US dollars |
Spread: |
0 points |
0.2 points |
0.6 points |
0 points |
0 points |
0 points |
Instruments: |
CFDs on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals |
Forex, indices, metals, futures contracts |
32 currency pairs, 10 cryptocurrencies, 3 CFDs on energy resources, 10 indices, gold, silver and +150 CFDs on stocks |
Over 2,100 assets are available: currencies, stocks, indices, futures, metals, energies, and cryptocurrencies. |
Cryptos and Forex CFDs on indices, commodities, stocks, bonds, and futures |
Instruments include currency pairs, commodities market assets, stock indices, stocks, bonds, and cryptocurrencies |
Accounts: |
AUD, USD, GBP, EUR, NZD, CAD, and SGD |
EUR |
USD, EUR |
USD, EUR, GBP, CHF, AUD, PLN, ZAR and JPY |
EUR, USD, GBP, CAD, AUD, HKD, NZD, CHF, SGD, and JPY |
Tickmill.EU - USD, EUR, PLN, CHF, GBP. Tickmill.com - USD, EUR, GBP. |
Trading features: |
Free 30-day demo account; |
Advisors; Hedging; Protection against a gap. |
All trading strategies are allowed; MT4 account with a floating or fixed spread. |
Scalping - for all types of financial instruments; Negative balance protection for customer accounts; 24-hour multilingual support, 5 days a week; Advisors; Algorithmic Trading. |
Scalping and expert advisors; |
Hedging; Scalping. |
Account currency: |
AUD, USD, GBP, EUR, NZD, CAD, and SGD |
EUR |
USD, EUR |
USD, EUR, GBP, CHF, AUD, PLN, ZAR and JPY |
EUR, USD, GBP, CAD, AUD, HKD, NZD, CHF, SGD, and JPY |
Tickmill.EU - USD, EUR, PLN, CHF, GBP. Tickmill.com - USD, EUR, GBP. |
Replenishment / Withdrawal: |
Visa, MasterCard, POLI, wire transfer, BPAY, UnionPay, Skrill, Neteller, BTC and ETH wallets, PayPal, WorldPay, FasaPay, PayRetailers, and PSP |
Cards: Visa, MasterCard; e-wallets: Skrill, Neteller, Wire Transfer, Rapid Transfer |
Bank transfer, Neteller, Skrill, Visa/MasterCard, Bitcoin, cryptocurrency, instant bank transfer, local banks, e-wallets |
VISA/MasterCard, Maestro, UnionPay, Cryptocurrency transfers, Perfect Money, Skrill, Neteller |
All countries: Wire transfers, Visa, Mastercard, Skrill, PayPal, Neteller, RapidPay, and Klarna; |
Tickmill.EU - Bank Transfer, Visa, Mastercard, Skrill, Neteller, PayPal, Dotpay, Trustly. Tickmill.com - Bank Transfer, Visa, Mastercard, Skrill, Neteller, Webmoney, and cryptocurrency payments. |
Eightcap has been in business for 14 years. This is one of the largest brokers with millions of clients globally. It is registered in Seychelles and the Bahamas, and controlled by SCB. All this indicates the reliability and transparency of the company. Nevertheless, Traders Union experts checked it and found no confirmed conflicts with its clients, problems with tax reporting, or other negative aspects. In terms of trading conditions, Eightcap rightfully takes one of the leading positions. The reason is that it manages to keep extremely low spreads. The declared indicator for account types with a raw spread is from 0 pips. The broker does not hide anything, thus current spreads can be checked on the website. For a number of assets, they really start from 0 pips, while the average indicator is about 0.5-0.7 pips. For most other brokers such parameters seem unreachable. But spreads are not the only advantage of Eightcap. The broker offers over 800 assets. This is an impressive number, but keep in mind that those are CFDs only. That is, currencies, cryptocurrencies, stocks, indices, and commodities are not available as independent instruments, but only in the form of CFD trading. This is not necessarily a disadvantage; traders just need to understand what they are working on. No other broker provides so many CFDs on cryptocurrencies. Plus, the maximum leverage is 1:500. By itself, the indicator is market average, however, in combination with other advantages of the broker, it provides much more opportunities. Eightcap has no options for passive income, and this can really be defined as a conditional disadvantage. There is not even a referral program, that is, the company's clients can earn only by actively trading in the available markets. Also, you can trade via MT4/MT5 from a desktop or smartphone, while the TradingView solution is available for browsers. Here the broker also offers comfortable working conditions. That's why its clients love it.
The FBS broker fulfills its obligations as a partner to Traders Union and is recognized by the members of the Union as a company that offers clients optimal trading conditions. The FBS brokerage company provides traders with several trading accounts to choose from: a free demo account and several types of real accounts with different conditions. This allows its clients to choose the best option based on the trading strategy and financial instrument, as well as individual requirements. The broker provides all traders with negative balance protection. Considering all this, we can say that the FBS broker is suitable for both novice traders and professionals of foreign exchange trading. It should be noted that the company's support service works around the clock, 7 days a week, and you don't have to wait long for an answer. The broker's website is simple, you can understand it intuitively.
Octa is an international broker that strives to provide favorable and transparent conditions to all Forex traders, regardless of their experience and trading skills. So, spreads start from 0.6 pips, there are no commissions for replenishment and withdrawal of funds, and all trading strategies are allowed. The broker offers bonuses and regularly holds contests on demo accounts, the winners of which receive real, not virtual, money. The Octa brokerage company does everything to provide clients with a comfortable working environment. For trading, the most popular platforms among traders — MT4, MT5 — are provided. You can make trades from any device, including those operating on mobile platforms. Web terminals are also available. The broker does not have cent accounts. However, demo accounts can be opened on the aforementioned platforms. The broker's website is informative and well structured. Here, a novice and experienced trader will find a lot of useful information such as training, high-quality analytics, Forex news, and an economic calendar. The support service works promptly and answers questions within a few minutes.
Currency pairs fluctuate and are volatile in the Forex market, which is constantly changing. Many brokers in Germany offer demo accounts to traders so they can practice before depositing funds. Using a demo account is an excellent way to get a feel for how the broker's platform works if you're a beginner or new to the broker.
Also, it makes it easy for intermediate and advanced traders to try out strategies without investing real money.
It is extremely important to consider the safety of any forex trading immediately after it is regulated. The security features vary from broker to broker, so German traders should check these features before opening an account with a broker. It’s also important to consider regulation. Among the major authorities that oversee forex and CFD brokers in Germany is the Federal Financial Supervisory Authority, the BaFin, and the Bank of Germany and the Deutsche Bundesbank.
Broker fees are difficult to compare because there are so many online brokers available in the market today that charge different types of low forex fees. You can find forex brokers in Germany that charge low trading fees, spreads, financing fees, commissions, inactivity fees, and withdrawal fees for all assets.
The best forex brokers in Germany offer technical research tools that help traders interpret technical signals, and use price action to inform their trading decisions.
Forex traders now have a wider range of options for earning money, including passive income options. An always-improving PAMM account is the classic way to invest in Forex. The acronym PAMM stands for Percent Allocation Management Module. Traders who use forex brokers that offer PAMM are given the option of picking and choosing their money managers easily and hassle-free. Investors benefit from these accounts with minimal involvement.
For those new to trading, beginning with a demo or cent account, or engaging in copy trading, can be an excellent method to learn and gain experience. Demo accounts provide a risk-free environment for practicing trading strategies using virtual funds. Cent accounts, on the other hand, enable traders to trade with small amounts of real money, reducing risk while maintaining a genuine trading experience. Copy trading involves mimicking the trades of seasoned traders, allowing beginners to learn from their strategies and decisions.
| Broker | Demo | Cent | Copy Trading | |
|---|---|---|---|---|
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For most brokers, MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are sufficient. These platforms offer a range of advantages, including:
User-friendly interface
Customizable charts
Technical analysis tools
Automated trading capabilities
Multiple timeframes
Expert Advisors (EAs) for algorithmic trading
For trading on ECN accounts, brokers typically offer cTrader, which provides additional features for speed of transactions and running trading bots.
For in-depth technical analysis, some brokers offer integration with TradingView. This platform offers advanced charting tools, a wide range of technical indicators, and extensive drawing options.
For those seeking more advanced analytics, proprietary trading terminals from major international brokers may be the way to go. These platforms offer unique features tailored to experienced traders, providing an edge in the market.
Forex Trading Platforms Offered by Top Brokers
| Broker | MT4 | MT5 | cTrader | WebTrader | TradingView | Proprietary platform | |
|---|---|---|---|---|---|---|---|
Yes, it is possible to trade with internationally regulated forex brokers in Germany. In fact, many German traders choose to trade with brokers regulated by reputable international authorities such as the Financial Conduct Authority (FCA) in the United Kingdom, the Cyprus Securities and Exchange Commission (CySEC), or other well-established regulatory bodies.
However, it's crucial that the international broker you choose is authorized and regulated by a respected authority. If the Forex broker is not registered in Germany, having a license from a reputable regulator is essential to ensuring the safety and security of your funds and trading activities.
To start trading, you can begin with as little as 10 euros for trading on a cent account. However, such an account may not allow for significant earnings. The most rational amount to start with is between 200 to 1000 euros. With this amount, you can start trading micro lots without using high leverage, as well as trade most standard contracts.
It's important to note that Forex trading is not a place for quick wealth accumulation. In the beginning of your career, it's wise to be cautious in your decisions and to strive for conservative Forex trading strategies without excessive leverage.
We evaluate and assess each broker using over 100 objective criteria, resulting in an average score for each Forex broker, which characterizes all aspects of its work. We also take into account its trading volume, which we have access to thanks to hundreds of thousands of traders of our Union. We also take into account reviews on brokers by their traders, which we curate on our website. As a result, according to our unique algorithmic matrix, which is applied to all companies, our program impartially calculates the overall average for each company and its position in the rating. This makes our rating system the most objective and independent in the Forex market.
Table of categories of criteria for evaluating Forex brokers
| Criteria category name | Criteria number in category |
|---|---|
Financial |
38 |
Reliability |
27 |
Security |
18 |
Trading conditions |
15 |
Customer support |
9 |
Yes, forex trading is legit in Germany. Germany's Federal Financial Supervisory Authority (BaFin) licenses Forex and CFD brokers to operate legally. The Markets in Financial Instruments Directive 2004/39/EC (MiFID) permits licensing in another jurisdiction as long as it is within the European Economic Area.
Only brokers who meet certain conditions are authorized by BaFin. If a company wishes to provide financial and Forex trading services to German citizens, they must possess sufficient capital. Capital must be freely accessible and cannot be borrowed. A minimum capital requirement of €125,000 is required for financial services institutions dealing in financial instruments. For the purchase and sale of financial instruments for their own accounts, firms must hold at least €730,000.
Germany complies with EU legislation, as well as the regulations set by the European Securities and Markets Authority (ESMA). As of 2018, ESMA has implemented new restrictions on leverage and marketing for forex and CFDs. For non-major currency pairs, the maximum leverage is 20:1, while for major currency pairs, it is 30:1. Leverage restrictions are even lower for CFDs on equities, cryptocurrencies, commodities, etc.
As a result of the restrictions, bonuses and other incentives for trading CFDs are practically prohibited. In addition, brokers are required to implement negative balance protection so that their clients do not lose more money than they originally deposited. Generally, forex and CFD brokers who wish to serve German clients prefer to do so remotely - under MiFID derivatives and the EEA agreement, they are not required to open offices in the country.
A high tax rate and strict regulations are also important factors in this trend. In addition to the United Kingdom and Cyprus, many brokers operate from other EEA countries. Cyprus Securities and Exchange Commission, also known as CySEC, and the Financial Conduct Authority are based here.
Although financial authorities with jurisdiction in Germany do their best to protect traders from fraud and other risks, it’s still important to check if a broker is regulated. The first step is to check a broker’s regulatory status.
An ID number is assigned to every forex broker who is licensed and authorized by their regulatory agency.
A broker that is regulated must display their regulatory information prominently on their website, so you can easily find their ID number (usually at the bottom of each page).
Brokers may claim to be based in a particular jurisdiction when in fact they are not. Alternatively, the company could be claiming another company's ID number or even making up one from scratch.
For this reason, it's important to verify the ID number on the official regulatory agency's website.
Most regulatory agencies make an online database available to traders, like you, so that they can verify whether or not a forex broker is truly regulated by the agency.
It should be possible to find information about a broker on the website of a regulatory agency, including its owners and executives, the history of its operations, and any regulatory actions that have been taken against it due to non-compliance issues or complaints from customers.
You can verify by searching the FCA's website. Check if the broker's website matches the regulatory information by searching by name or number.
Verify the contact details listed on the broker's website are the same as the company's website.
When in doubt about a broker's regulatory status, ask the broker directly. If you don't get an answer, that's a red flag.
In Germany, Forex trading is indeed subject to taxation. German Forex traders must pay a capital gains tax, which stands at 25%, and this is further supplemented by a solidarity surcharge of 5.5%. The taxation rules for Forex trading are intricate and depend on several factors, making it crucial for traders to be well-informed about their tax obligations.
One of the key considerations in determining the tax on Forex trading is the trader’s residency status. Residents of Germany are taxed on their global income, including profits made from Forex trading, whereas non-residents are taxed only on their income originating within Germany. This distinction is vital for traders who might reside outside Germany or those who have multiple residences.
The duration for which investments are held also plays a significant role in the taxation process. Germany has specific rules regarding short-term and long-term investments, which can influence the tax rate. Furthermore, the total amount of profit or loss made impacts how the income from Forex trading is taxed.
It is essential for traders to maintain an accurate and comprehensive record of all their trades, including both profits and losses. An annual summary of all trades must be prepared for tax purposes. This documentation is crucial for calculating the taxable income accurately and ensuring compliance with German tax laws.
Consider safety and security, regulation, low trading costs, and efficient trade execution when searching for a forex broker in Germany.
The decision to partner with an "unseen" company over the Internet can be daunting, but take the time to compare, shop, and validate various credentials before making a final decision. By doing your homework up front, you will be guaranteed a hassle-free trading experience down the road.
Yes. With an authorized online broker, German traders can participate in the foreign exchange market.
Yes. There is a trade tax applicable to every business registered as a trade in Germany and operating within its borders. Trade income is used to calculate the tax.
Yes. German traders may also trade cross-border within the Eurozone with brokers that comply with the MiFID Directive (Markets in Financial Instruments Directive) as Germany imposes no legal restrictions on Forex trading. The MiFID legislates in the entire Eurozone.
No. Forex trading in Germany is not regulated by the German government. Instead, it licenses and regulates German Forex Brokers so that they may accept German clients.
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
