Best Forex Brokers In the Czech Republic (2024)
The best Forex broker in the Czech Republic - RoboForex
Top Forex brokers in the Czech Republic in 2024:
-
RoboForex - Best Forex broker with the lowest spread in Czech
-
IC Markets - Broker with the widest range of account types in Czech
-
Admiral Markets - Excellent all-around offering for professional traders in Czech
-
InstaForex - Best for CFD trading in Czech
-
Libertex - One of the best reputable CFD brokers available for clients from Czech
Navigating the complex world of foreign exchange trading necessitates the assistance of a dependable Forex broker. As financial markets evolve, the need for trustworthy intermediaries grows even more critical. In the heart of Central Europe, the Czech Republic stands as a burgeoning hub for Forex trading enthusiasts. Selecting the right broker can be a game-changer, determining not only the ease of transactions but also the overall trading experience.
The Czech Republic's Forex regulator is the Czech National Bank (Česká národní banka or CNB), responsible for overseeing and regulating the foreign exchange market within the country. Local traders in the Czech Republic can also work with most Forex brokers regulated in other European Union countries, thanks to the EU's passporting system that allows licensed brokers to offer their services across member states.
In this article, TU experts delved into the realm of Forex trading in the Czech Republic, unveiling the Top 7 best Forex brokers that have emerged as the front-runners in 2023. Whether you're an eager newcomer or a seasoned trader, this guide aims to provide valuable insights to aid in your broker selection journey.
Best brokers for Forex trading in the Czech Republic compared
When considering the best brokers for Forex trading in the Czech Republic, there are several factors that you should consider. Our comparison table below will provide a comprehensive overview of these aspects, helping you decide based on your trading preferences and goals.
| Position | Rating score | Minimum Deposit | Regulation | Open an account |
|---|---|---|---|---|
|
|
|
Minimum Deposit: $10 | Regulation: IFSC, CySEC |
Open an Account
STUDY REVIEW
Your capital is at risk.
58.42% of retail investor accounts lose money when trading CFDs with this provider. |
|
|
|
Minimum Deposit: $200 | Regulation: SFSA, ASIC, CySEC |
Open an Account
STUDY REVIEW
Your capital is at risk.
75.93% of retail investor accounts lose money when trading CFDs with this provider. |
|
|
|
Minimum Deposit: from 25/100/250 USD | Regulation: FCA, CySEC, ASIC, JSC, CIPC |
Open an Account
STUDY REVIEW
Your capital is at risk.
|
|
4
|
|
Min.Deposit:FSC - $1. CySEC - €200/€1 | Regulation: BVI FSI, CySEC |
Open an Account
STUDY REVIEW
Your capital is at risk.
|
|
5
|
*CFD broker
|
Minimum Deposit: 100 EUR | Regulation: CySEC |
Open an Account
STUDY REVIEW
Your capital is at risk.
74.91%% of retail investor accounts lose money when trading CFDs with this provider. |
|
6
|
|
Minimum Deposit: from $5 | Regulation: ASIC, FCS, CySEC |
Open an Account
STUDY REVIEW
Your capital is at risk.
77.74% of retail investor accounts lose money when trading CFDs with this provider. |
|
7
|
|
Min. deposit: From $50 | Regulation: CySEC, FCA |
Your capital is at risk.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. |
RoboForex - Best Forex broker with the lowest spread
RoboForex is a versatile forex broker suitable for Czech traders. While not directly regulated by the Czech National Bank, it operates under the International Financial Services Commission (IFSC) in Belize. The broker provides Czech language support, aiding local traders. Variable spreads starting at 0 pips enhance its competitiveness. Account options come with varying minimum deposit requirements, accommodating traders with different budgets starting at $10. The broker offers an array of trading instruments, including major, minor, and exotic Forex pairs, as well as commodities, indices, and cryptocurrencies. Notably, an Islamic account adhering to Sharia principles is available for those requiring swap-free trading. Social trading platforms such as CopyFX and RAMM, combined with cTrader, MetaTrader 4 and 5, enrich the trading experience. While local regulation may be a consideration, RoboForex's features and language support make it an intriguing choice for Czech Forex traders. You may also be interested in reviews about RoboForex from clients in the Czech Republic. You may also be interested in reviews about RoboForex from clients in the Czech Republic.
Extra features
Free VPS service.
Analytics Center.
Rolling promotions.
👍 Pros
•Constant customer service is available.
•Provides an enormous variety of tradable instruments on financial markets.
•Offers trading platforms that are both reputable and user-friendly.
•Minimum deposit amounts are low.
👎 Cons
•Accounts with a fixed spread are not available.
•A withdrawal fee is levied on a variety of payment options.
IC Markets - Broker with the widest range of account types
IC Markets is a well-regarded choice for Czech Forex traders, offering a blend of regulatory security and tailored support. With ASIC (Australia) and CySec (Cyprus) regulation, this broker offers a reliable trading environment. Additionally, IC Markets provides Czech traders with multilingual assistance in English and Czech language, enhancing the trading experience. The broker's spreads start at 0.0 pips, appealing to traders seeking competitive rates. In addition to this, it has a manageable $200 minimum deposit requirement, making it available to a variety of investors. IC Markets provides Czech traders with an array of trading options, including MetaTrader 4 and 5 platforms, cTrader, and mobile apps. Forex enthusiasts can access various currency pairs, commodities, indices, and cryptocurrencies. The broker's support for diverse trading strategies, including expert advisors for automated trading, caters to various trading styles.
Extra features
MAM/PAMM solutions.
VPS servers are free of charge.
Myfxbook Autotrade and ZuluTrade for social trading.
👍 Pros
•Wide range of tradable markets.
•It's easy to open an account.
•Low trading fees.
•Multiple account base currencies.
👎 Cons
•High minimum deposit is required to open an account.
•No investor protection for non-EU clients.
Admiral Markets - Excellent all-around offering for professional traders
Admiral Markets is a trustworthy option for Czech forex traders. Admiral Markets offers a variety of account types and competitive spreads to accommodate different trading styles. With a reasonable minimum deposit requirement that starts at $100, it is affordable for traders of all financial backgrounds. Admiral Markets offers a variety of trading options for Czech traders, including the MetaTrader 4 and 5 platforms and their own platform. Numerous Forex pairs, commodities, indices, and cryptocurrencies are all included in the broker's offering. Flexibility is increased by the support for automated trading, hedging, and scalping strategies. This broker ensures a secure trading environment thanks to regulation from the Cyprus Securities and Exchange Commission (CySEC), ASIC, JSC, and the CIPC. Further enhancing its usability, it spreads at 0.0 pips and offers localized support in Czech and English.
Extra features
Trading Central feed.
Enhanced trading terminals.
Free VPS service.
👍 Pros
•Relatively tight spreads on most assets.
•Has over 5,000 trading assets.
•Well regulated broker.
•A demo account is available for beginners.
👎 Cons
•A withdrawal fee is charged.
•Monthly inactivity fee.
InstaForex - Best for CFD trading
InstaForex offers an attractive option for Czech traders with its user-friendly platform and local language support. In terms of regulation, in addition to the CySEC license, the Czech National Bank (CNB) keeps an eye on Instant Trading EU Ltd. Consequently, InstaForex has branches in the Czech Republic. The broker's website and customer service are available in Czech, making it convenient for local traders. Spreads vary depending on the account type, but the company boasts competitive rates, especially in the ECN accounts, starting at 0.0 pips. The broker offers a range of accounts to cater to different trading preferences, with a minimum deposit starting at $1, making it accessible for traders of all levels. InstaForex provides a wide variety of trading options, including major, minor, and exotic currency pairs. Traders can also explore various trading strategies with the availability of Copy Trading and PAMM accounts, allowing beginners to follow successful traders and experienced traders to manage multiple accounts.
Extra features
There’s ForexCopy for copy trading.
There's free VPS hosting.
Leverage up to 1:30.
👍 Pros
•Offers support for local languages.
•Low minimum deposit requirements.
•Offers spreads that are competitive.
•Offers over 2,500 trading instruments.
👎 Cons
•Oversight of Regulation.
•The trading platform is not beginner-friendly.
Libertex - a reputable CFD and Stocks broker with low minimum deposit
Libertex provides traders in the clients from Switzerland and the EEA Area, including Czech Republic, with an easy-to-use platform and the benefit of being overseen by the Cyprus Securities and Exchange Commission (CySEC). Libertex provides a range of options for CFD trading, including Forex CFD trading on major and minor currency pairs, as well as CFDs on stocks, commodities, indices, and cryptocurrencies. The Libertex trading platform boasts a low minimum deposit requirement of EUR 100, making it accessible to traders on a tight budget. Czech retail clients can enjoy a maximum leverage rate up to 1:30, which is an industry standard among brokers. Libertex is charging tight spreads, as well as commission fees on trades, starting at 0.0003%. The platform does not support the Czech language, but offers 10 other languages, making it easier for local traders to navigate and communicate effectively. Spreads on Libertex are competitive, which can benefit traders looking for cost-effective trading options. The minimum deposit requirement is relatively low, making it accessible for both beginners and experienced traders.
Extra features
A free demo account is offered by the broker.
Libertex offers mobile apps for iOS and Android devices.
The Libertex trading platform offers commission free investment in real stocks.
Libertex provides access to MetaTrader 4 and MetaTrader 5, both of which are highly sought-after trading platforms among CFD traders.
👍 Pros
•Fast withdrawals are one of this platform's biggest advantages.
•Trading is available on more than 250 underlying assets.
•All deposit options are commission - free.
•Features a very user-friendly interface.
👎 Cons
•The broker platform does not support CTrader.
•There may be significant fees attached to some withdrawal methods.
XM Group - best low-spread broker
XM Group is a reputable choice for Czech traders interested in forex trading. Regulated by the Cyprus Securities and Exchange Commission (CySEC), the broker offers a secure trading environment. Czech traders benefit from XM's multilingual support, ensuring effective communication in their native language. XM offers favorable trading conditions with competitive variable spreads starting at 0.6 pips and leverage up to 1:30 on major currency pairs. The minimum deposit requirement of $5 is affordable and inclusive, accommodating traders with different budgets. XM Group offers a wide range of Forex trading options, including various currency pairs, CFDs, commodities, and indices. Their provision of both MetaTrader 4 and MetaTrader 5 platforms equips Czech traders with advanced tools for successful trading. Overall, XM Group presents a regulated, user-friendly, and feature-rich platform for Czech traders to explore the forex market.
Extra features
Use a demo account to practice trading.
VPS that is free to use.
Tradepedia is present.
👍 Pros
•An extensive educational package is available on the XM platform.
•It takes only a few minutes to create a new account.
•The platform at XM offers reasonable withdrawal and trading fees.
•Users have access to simulations of all features with an XM demo account.
👎 Cons
•The platform does not provide balance protection for investors who are non-EU clients.
•There are no passive investment options like PAMM accounts or social trading platforms.
eToro - Best for copy and crypto trading
eToro is a popular choice for Czech traders seeking a user-friendly and regulated Forex trading platform. With its innovative social trading features, eToro allows traders to follow and copy successful investors, making it an ideal choice for beginners. The platform is regulated by the Cyprus Securities and Exchange Commission (CySEC), providing a level of security for Czech traders. For spreads, eToro offers competitive pricing, particularly on major currency pairs like EUR/USD starting at 2 pips with leverage up to 1:30. The minimum deposit requirement is $50, accommodating both new and experienced traders. eToro's forex trading options include a wide range of currency pairs, and their user-friendly interface makes executing trades seamless. Czech traders will appreciate eToro's support for the Czech language, which enhances the trading experience. The platform's social trading community and educational resources are valuable tools for those looking to enhance their trading skills.
Extra features
A CopyTrader feature.
Research and Analysis.
Cryptocurrency Trading.
CopyPortfolios is present.
👍 Pros
•Purchase shares, ETFs, and cryptocurrency.
•Users have the option to copy other investors' trading.
•Easy-to-use app.
•A demo account is available for trading practice.
👎 Cons
•There is a $5 withdrawal fee.
•Inadequate customer service.
Rules and Regulation
Crypto regulation in Czech Republic
There is no special regulator for cryptocurrencies in the Czech Republic. The regulation is carried out by the Czech National Bank (ČNB). However, it does not issue licenses for cryptocurrency exchanges.
Investor protection
There is no cryptocurrency law in the Czech Republic. Regulation and protection of rights are defined by the Civil Code and the Tax Code. There is no state insurance for cryptocurrency traders.
Taxation
There is no special taxation for cryptocurrencies. However, investors must pay income tax. The tax rate is progressive and ranges from 15% to 35%, depending on the annual income.
How to choose a Forex broker in Czech?
Here's a concise guide on how to choose a Forex broker in the Czech Republic, according to Traders Union experts:
Choose Forex brokers that are regulated in Czech: Prioritize brokers registered with the Czech National Bank (CNB) to ensure compliance with local regulations and investor protection.
Analyze trading conditions: Evaluate factors like spreads, commissions, and leverage offered by the broker. Opt for favorable trading terms that align with your trading strategy and risk tolerance.
Check reputation and reviews: Research the broker's reputation by reading online reviews, forums, and social media. Positive feedback and a solid track record indicate a trustworthy broker.
Review available assets and platforms: Ensure the broker offers a variety of currency pairs and other trading instruments that match your preferences. Test their trading platform to ensure it's user-friendly and suits your needs.
Customer support and education: Assess the quality of customer support and educational resources provided by the broker. A responsive support team and educational materials can be invaluable, especially for new traders.
What is the best time to trade Forex in Czech?
The best time to trade Forex in the Czech Republic, depends on the currency pairs you are focusing on and your preferred trading strategy. Different currency pairs have distinct characteristics in terms of liquidity and volatility at different times of the day. The timing of your trading activities can significantly impact your potential for success. Many traders favor the London-New York overlap (1:00 PM - 5:00 PM GMT, 2:00 PM - 6:00 PM CEST during DST, and 1:00 PM - 5:00 PM CET during standard time) due to heightened liquidity and volatility. This overlap aligns with the active sessions of both financial hubs, enhancing trading opportunities.
Best Forex pairs for Czech clients
When choosing Forex pairs to trade, Czech traders often consider factors such as volatility, liquidity, spreads, and their own trading strategies. Major currency pairs like EUR/USD, GBP/USD, and USD/JPY are typically popular choices due to their high liquidity and lower spreads. These pairs might also be relevant to Czech clients. However, the choice of Forex pairs ultimately depends on the individual trader's goals, risk tolerance, and trading style.
What are the best Forex brokers for beginners in Czech?
For beginners in the Czech Republic looking to enter the world of Forex trading, several factors should be considered when choosing a suitable Forex broker. A broker that caters to beginners often provides features such as low minimum deposits, special account types, passive income options, copy trading, PAMM trading capabilities, and comprehensive educational resources. Some of the brokers are highlighted below by TU experts:
RoboForex
RoboForex is a trading platform that offers copy trading through its CopyFx platform, allowing users to replicate the trades of experienced traders. It features a low minimum deposit option of $10 for easy entry and provides a strategy builder tool for creating and testing personalized trading strategies.
Admiral Markets
Admiral Markets provides trading services with a focus on beginners. They offer demo accounts for practice and learning without real money risk. Additionally, they have a Zero account option, likely tailored for more beginning traders, with features like low spreads and direct market access.
IC Markets
A trading platform called IC Markets places a focus on copy trading accounts and PAMMs (Percentage Allocation Management Modules). PAMM allows experienced traders to manage multiple accounts, while investors can allocate funds and share profits. The broker's platforms for copy trading are Myfxbook Autotrade and ZuluTrade. Users who use copy trading can imitate the trades of profitable traders.
FAQ
Is Forex Legal in the Czech Republic?
Yes, forex trading is legal in the Czech Republic. Residents can participate in forex trading through authorized brokers, following the country's financial regulations.
Which country has the most successful forex traders?
It's challenging to pinpoint a single country with the most successful forex traders, as trading success varies widely among individuals worldwide.
How do I find a good forex broker?
To find a good forex broker, consider factors like regulation, trading platforms, fees, customer support, and available financial instruments. Research and compare options before making a decision.
Which forex broker is best for MT4?
Many brokers offer MetaTrader 4 (MT4) as a trading platform. Some popular choices include IC Markets, XM Group, and RoboForex, among others. Evaluate their features and offerings to determine the best fit for your needs.
Team that worked on the article
Winnifred Emmanuel is a freelance financial analyst and writer with years of experience in working with financial websites and businesses. Her expertise spans various areas, including commodities, Forex, stocks, and cryptocurrency. Winnifred tailors her writing to various audiences, including beginners, while also providing useful insights for those who are already familiar with financial markets.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).