Forex trading is one of the most active markets in the world, where different currency pairs are exchanged. To gain access to this market, you must open an account with a Forex broker, who will act as an intermediary between you and buyers or sellers. Whether a professional or a novice trader, you will always look for the best broker on the market to make your trading easier and more profitable, by reducing your trading costs.
At Investing in the Web, we aim to assist users in finding the investment platform that closely matches each user’s unique needs. If you’re searching for the best European Forex broker or are still unsure which broker is best for you, continue reading this article to explore the list of the best European Forex brokers.
Best Forex Brokers in Europe
Forex brokers tend to focus on currency trading by offering a wide range of currency pairs and providing you with the needed tools to enhance your trading experience, such as charting tools, technical indicators, and economic calendars.
Here’s the list of our top picks for the best Forex brokers in Europe:
Interactive Brokers | Best overall
Interactive Brokers is one of the biggest brokers that lets you trade more than 100 currency pairs. It is regulated by several international financial authorities.Their trading platform, the Trader Workstation (TWS), offers excellent customization, advanced technical indicators and fundamental trading tools, which are ideal for professional traders, and easy to use by beginners as well.
Plus500 | Best for beginners
Plus500 is a multi-asset online broker that offers no commissions when trading CFDs in Indices, Forex (!), Commodities, Cryptocurrencies, Shares, Options, and ETFs. It also recently launched Plus500 Invest for those who want to invest in real shares.
Disclaimer: 81% of retail CFD accounts lose money.
CMC Markets | Best for CFD trading
CMC Markets (CMC) is a global CFD and Forex broker with a massive portfolio of over 12,000 tradable products including 330 Forex pairs. They offer low fees on Forex and spread betting, but for stock CFDs, fees are somewhat higher than competitors.
Forex.com | Best for professionals
With over 500,000 clients, Forex.com is an all-in-one trading platform for Forex and CFDs on indices, shares, commodities (including Gold and Silver), and cryptocurrencies. They offer over 80 currency pairs with relatively low spreads for highly liquid pairs, and have different account types that fit beginners and professional traders.
Capital.com | Best for low spreads and commission-free trading
Capital.com is a leading CFD broker that also offers commission-free stock and ETF trading. They have an attractive web trading platform where you can trade more that 6,400 financial instruments, including Forex. Their Forex offering includes 138 currency pairs with spreads that can reach as low as 0.6 pips.
IG | Best for a wide range of markets
IG is known for its extensive 17,000+ financial products available on its platform and its comprehensive research and education materials. They have over 80 currency pairs available and spreads start from 0.6 pips. It is ideal for beginners and professionals looking to trade Forex while having access to other asset classes on the same platform.
eToro | Best for social trading
eToro is the leading social trading broker, operating in more than 140 countries with over 27 million users. You can trade more than 45 currency pairs with the ability to copy the trades of other experienced investors, which makes the platform attractive for beginners.
XTB | Best for customer service
XTB is a well-known online broker having an exceptional customer support team compared to other brokers.They have 48 currency pairs available for trading and spreads are relatively low, starting at 0.1 pips.Their trading platforms, xStation 5 and xStation Mobile, are well-designed and user-friendly.
|Forex broker||Minimum deposit||Number of currency pairs||Spreads starting at (pips)*|
|Interactive Brokers||€/$0||100+||0.1 (subject to commission)|
|Forex.com||$100||80+||0 (subject to commission);
1 (no commission)
|IG||For Card & Paypal: between £250 or $/€300;
No minimum for bank transfer
|eToro||$10 in the UK (it varies between countries)||45||$0, but spreads starting 1 pip apply|
|XTB||$0||48||0.9 (standard account);
0 (pro account)
*Spreads are not fixed, they vary depending on the currency pair, liquidity, and market events. The above spreads are mentioned as presented on the broker’s website.capital
#1 Interactive Brokers
Interactive Brokers at a glance
Interactive Brokers is one of the biggest global brokers, where you can access over 150 markets in 33 countries. Almost all financial instruments are available on their platforms, such as stocks, bonds, ETFs, Forex, Funds, Commodities, Options, Futures, CFDs, Crypto Futures, and even penny stocks. The company was founded in 1978, is listed on the NASDAQ exchange (Ticker: IBKR), and is regulated by many international top-tier regulators.
Interactive Brokers is one of the best options for experienced investors looking for advanced features and a high level of customization through the TWS platform (desktop version). Additionally, the web version and the mobile app, IBKR GlobalTrader, are well-designed and more user-friendly for beginners.
Interactive Brokers provides several account base currencies without any minimum amount, which is convenient for international investors. In addition, they have low trading fees, spreads, and margin rates.
There is no minimum required amount to open an account at IBKR, but you can only use bank transfers (wire/SEPA) for deposits and withdrawals, which is a significant drawback compared to other brokers. Furthermore, you are eligible for only one free withdrawal per month.
We recommend you check out our comprehensive Interactive Brokers review.
Plus500 at a glance
Founded in 2008, Plus500 is an online broker offering a wide range of financial products, including real shares and CFDs on forex, indices, shares, commodities, options, ETFs, and cryptocurrencies. It is available in over 50 countries and is listed on the London Stock Exchange.
There are two distinct account types:
- Plus500 CFD: It only focuses on CFD products;
- Plus500 Invest: Where you can trade stocks (real shares);
The web platform you will use is the WebTrader, Plus500’s proprietary platform, offering a stable trading experience and easy access from multiple devices, including a mobile app. All platforms are easy to use and responsive, and you can start testing the features by opening a demo account.
In the Forex market, you will find any major currency pairs where you can leverage up to 30x, per EU regulation. You have all the tools for Forex trading: stop losses, limit orders, market orders and trailing stop orders. The spreads for each currency pair differ depending on its liquidity and the market environment when your order is placed.
Finally, it is regulated by financial regulators like the FCA and CySec, meaning that Plus500 is appropriately supervised and that there is an investor protection scheme under the entity you open an account with. For instance, If you open an account as a European investor through Plus500CY Ltd, you are protected up to €20,000. Additionally, Plus500 provides negative balance protection for CFD trading on a per-account basis – only to retail clients from the European Union.
Want to know more about Plus500? Check our Plus500 Review.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
#3 CMC Markets
CMC Markets at a glance
CMC Markets is a global CFD and Forex broker, operating since 1989 and listed on the London stock exchange. It is regulated by several international regulators, such as the UK’s FCA and the German BaFin.
CMC Markets offers a massive selection of 11,000+ CFDs covering Forex, stocks, indices, ETFs, commodities, cryptocurrencies, and bonds. They have a transparent fee structure that depends on the instruments you are buying or selling. For example, if you buy a European share CFD, a 0.10% commission is applied (the minimum charge is €9).
Unlike other brokers, CMC Markets supports up to 10 account currencies, and you can fund your account by credit or debit card, bank wire transfer, or PayPal. They do not charge any fees on deposits or withdrawals. However, if your account has no trading activity for 12 months, you will be charged a monthly inactivity fee of $15.
CMC Markets has its own web platform and mobile app available in many languages, which are highly customisable to fit your needs. Alternatively, you can use the well-known MetaTrader4 (MT4) as well.
As for protection, UK entity accounts are covered up to £85,000, EU clients are covered up to €20,000, and Canadian users up to CAD 1,000,000. On the downside, you won’t be able to invest in real stocks or cryptos.
Forex.com at a glance
Forex.com is a global online broker regulated by several top-tier regulatory authorities, such as the NFA and CFTC in the US, the FCA in the UK, the IIROC in Canada, and the FSA in Japan. Additionally, it is a subsidiary of a publicly traded company, StoneX, which makes it a safe broker due to strict requirements regarding its financial information reliability and availability. The Financial Services Compensation Scheme (FSCS) provides UK and EU Forex.com clients asset protection for up to £85,000.
At Forex.com, you can trade over 80 currency pairs, Forex, stocks, indices, commodities, and cryptocurrencies through CFDs. Still, the products and services available will vary depending on your location. For instance, if you live in the UK, you won’t be able to trade crypto CFDs.
Forex.com is flexible when it comes to trading platforms. They offer you three platforms: the two popular MetaTrader platforms, MT4 and MT5, and their exclusive trading platform, which can be accessed through their desktop app, the web, or the mobile application. It offers powerful tools for experienced traders requiring sophisticated functionality and analytic tools.
Forex.com does not charge any commission on depositing or withdrawing funds. The minimum deposit is $100, and you can fund your account through a bank wire transfer, credit or debit card, or Neteller or Skrill. As for pricing, Forex.com offers three accounts with different fee structures, ranging from spread-only to commission-based accounts, with special discounts for large trading volumes.
On the downside, Forex.com charges a monthly inactivity fee of $15 if you don’t trade for 12 months, and, as previously mentioned, they have limited financial instruments in some locations.
Capital.com at a glance
Operating in over 50 countries with over 4 million users, Capital.com is another best Forex broker for Europeans. It is best known for low spreads on Forex pairs.
The company is regulated by several European authorities, such as the Financial Conduct Authority (FCA), the National Bank of the Republic of Belarus (NBRB), and the Cyprus Security and Exchange Commission (CySEC). It is also regulated by other international authorities like the Australian Securities and Investments Commission (ASIC).
On top of trading forex, commodities, and CFDs on shares, cryptocurrencies, and indices, capital.com gives you access to spread betting and over 1,000 markets within real stocks and ETFs.
You can fund your account with as little as €20, $20, £20, 1500RUB, or 100PLN by credit or debit card, Apple Pay, or Paypal. Alternatively, if you choose a wire transfer to fund your account, the minimum deposit is €/$/£250.
Capital.com offers an advanced web trading platform with various features compared to other brokers, incorporating Trading View, which offers advanced charting and technical indicators. Additionally, you have access to MT4 and a mobile application.
Capital.com has a light fee structure, with no fees for trading, deposits, withdrawals, or inactivity. They only earn from spreads or overnight fees. Their investor protection scheme covers up to £85,000 for UK clients and €20,000 for clients under CySEC. On the downside, some CFD spreads are high.
You can read our Capital.com review.
IG at a glance
IG Group, headquartered in London and listed on the London stock exchange, is one of the oldest and largest financial companies to offer brokerage services. Its primary regulator is the FCA and several other international authorities, such as the ASIC in Australia, the BaFin in Germany, and the FINMA in Switzerland.
IG has some of the most extensive market access, where you can trade over 18,000 financial instruments across several exchanges. If you are new to the financial markets, IG Academy offers excellent free educational content to improve your knowledge and trading skills. Additionally, through their news and analysis section, you can stay updated on market-moving events and get insights from their experts.
You can fund your account using a credit card, debit card, bank transfer, or PayPal. The minimum deposit to open an account varies depending on your country, but it ranges between $/£250 and €300. IG has its own trading platform and allows you to use MT4 if you prefer.
As for safety and protection, it depends on which IG entity you opened your account. For example, UK clients are protected up to £85,000; protection under the Swiss Financial Markets Supervisory Authority is up to CHF100,000; while other EU clients are protected for up to €20,000. Keep in mind that this protection is only in case of IG bankruptcy and is not related to your portfolio’s performance.
eToro at a glance
Since 2006, eToro has been known for its social trading platform, where you can copy the trades of other successful investors and discuss market news with a huge community of investors. eToro allows users to trade stocks, ETFs, and cryptocurrencies, in addition to CFD products on stocks, indices, currencies, and commodities.
eToro is regulated by three well-trusted regulators: FCA, ASIC, and CySEC. The minimum amount to open an account varies between countries. Still, it is generally $200, with many deposit methods available, like bank wire transfer, debit or credit card, PayPal, Skrill, and Neteller.
eToro developed its web trading platform, which is intuitive and user-friendly for beginners. Finally, the main disadvantage is that USD is the only account currency available. So, you will be charged a conversion fee if you deposit funds in another currency. Additionally, they charge a $5 per withdrawal request and a $10 monthly fee after one year of inactivity.
Read our eToro review here.
XTB at a glance
XTB is a global CFD broker headquartered in Poland and listed on the Warsaw stock exchange. It is regulated by several European authorities, including the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Polish Financial Supervision Authority (KNF), and the National Securities Market Commission (CNMV) of Spain.
After two decades of operations, XTB has over 495,000 customers who have access to CFDs on indices, commodities, Forex, and cryptocurrencies, while some European clients have access to real stocks and ETFs.
XTB stands out among its peers regarding educational materials and client support. It presents two trading platforms, xStation5 (desktop-based) and xStation (mobile), offering a powerful trading experience for beginners and experienced traders. XTB does not have a minimum deposit requirement, and you can fund your account by a bank wire transfer, credit or debit card, or even by many electronic wallets such as Skrill or Paysafe.
On the negative side, although XTB does not charge a fee on withdrawal amounts greater than €80, they charge a €16 fee for smaller amounts. Additionally, their product portfolio is limited to CFDs and Forex; after 12 months of inactivity, they start charging €10/month.
Read our XTB review for further insights.
What Makes a Good Forex Broker?
Many features and benefits should be considered when looking for a good Forex broker, whether you are a beginner or an experienced trader. Among the most critical factors that you might want to check are:
- Regulation: It is the most important criteria, as you must ensure that the company is legit before transferring your money. As such, we recommend that you never consider a broker not regulated by a reputable authority.
- Commissions: Good brokers usually offer tight spreads and low commissions, but the rates depend on the instrument and market you are trading in.
- Deposit and withdrawal method: A reputable European broker will make it easy and convenient for users to deposit and withdraw funds by offering several methods, such as wire transfer, debit or credit card, or other electronic payment methods.
The bottom line
Searching for the best Forex broker in Europe and comparing different trading conditions is challenging. Many factors should be considered, and it is time-consuming to gather all the information to choose the best one that fits your needs. Our analysts performed this task and concluded their findings in this review of the “Best Forex Brokers in Europe”, summarized below:
Best Forex Brokers in Europe
|#1||Interactive Brokers||Best overall|
|#2||Plus500||Best for beginners|
|#3||CMC Markets||Best for CFD trading|
|#4||Forex.com||Best for professionals|
|#5||Capital.com||Best for low spreads and commission-free trading|
|#6||IG||Best for all-inclusive products|
|#7||eToro||Best for social trading|
|#8||XTB||Best for customer service|
You can always try our “Help Me Choose” tool to know which broker might be best for you or you can also check our comparison table for an in-depth overview of the main features of several global brokers. You can also read our reviews for more information about the products and services offered by each broker.
Whether you’re a beginner trader looking to start your trading journey or an experienced investor searching for enhanced brokerage services, we hope this article saved you some time while searching for European Forex brokers. We recommend you do your own research to assess which online broker will be better for you (a demo account might be helpful).
Can you trade in Forex without a broker?
No, you can’t have direct access to the Forex market without a broker. Still, you can exchange currencies over the counter at any exchange dealer.
Can I trade Forex with $10? And $100?
Yes, you can trade Forex with amounts as low as $100 or even $10. But the trade size will be small.
How to open an account with a Forex broker in Europe?
It is very simple, you just need to visit the broker’s website and sign up by filling the required fields and uploading the needed documents.
What is a PIP (percentage in point)?
Pip stands for “percentage in point”, which is the unit of change in an exchange rate. For example, 1 pip change in a rate is equal to a 0.0001 change.