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Best Forex Brokers in Belgium for 2023

Toni Nasr, CFA, FRM| Updated January 5th, 2023
forex belgium

Best Forex Brokers in Belgium for 2023

It is definitely a challenge to find the best Forex brokers in Belgium, especially since  several well-known international brokers do not accept Belgian customers. But don’t worry, our experts researched different Forex brokers in Belgium and came out with a list intended to provide you with some guidance. We evaluated their services and all the features they offer such as currency pairs available, spreads, fees, trading platforms, and regulations.

So whether you’re new to the Forex market and want to get started, or an experienced Forex trader looking for a new platform, this guide will help you compare the best Forex brokers in Belgium.

Let’s go directly to the list of the best Forex brokers in Belgium:

  1. Interactive Brokers: Best for a wide range of currency pair offerings and advanced tools.
  2. Saxo Bank: Best for great customer service and user-friendly platform.
  3. IG: Best for educational and research materials.
  4. CMC Markets: Best for low Forex fees and free deposits and withdrawals.

Let’s take a closer look at the key characteristics before delving thoroughly into each broker’s services.

Best Forex Brokers in Belgium for 2023 compared

Broker IBKR Saxo Bank IG CMC Markets
Number of currency pairs 100+ 190+ 80+ 330+
Maximum leverage 1:30 1:30 1:30 1:30
Minimum deposit €0 €1 No minimum deposit for bank transfer;

€300 for debit/credit card, or PayPal

€0
Spreads starting at

(pips)*

0.1 (subject to commission) 0.6 (classic account)

0.5 (VIP account)

0.6 0.7
Deposit method Bank transfer Bank transfer, credit/debit cards Bank transfer, credit/debit cards, PayPal Bank transfer, credit/debit cards, PayPal
Withdrawal fees 1 free withdrawal per month €0 €0 €0

  *The above spreads are mentioned as presented on the broker’s website.     

You can check below the spreads of those brokers on the most used currency pairs.

Spread comparison of the best Forex brokers in Belgium

Currency IBKR Saxo Bank IG  CMC Markets
EUR/USD 0.1 0.7 0.6 0.7
GBP/USD 1.5 0.8 1.5 0.9
AUD/USD 0.5 0.6 0.9 0.7
USD/JPY 100 160 160 70
USD/CAD 1.0 0.9 2.1 1.3
CAD/CHF 0.5 0.6 2.5 1.4
Gold (XAU/USD) 900 1,000 3,000 3,000
Silver (XAG/USD) 70 130 200 250

Spreads are in pips (equal to 0.0001).

The spread in forex trading is the difference between the ask price and the bid price on a particular currency pair. Spreads are not fixed. They vary depending on the currency pair, liquidity, and market events. Brokers have the ability to increase or widen the bid-ask spread, which would result in an investor paying more when buying and getting less when selling. Accordingly, it is a key factor in selecting the best forex brokers.

Top Forex brokers in Belgium Reviewed

1# Interactive Brokers

interactive brokers logo
Visit Interactive Brokers

Interactive Brokers at a glance

Number of currency pairs100+
Maximum Leverage1:30
Minimum Deposit€0
Forex feesSpreads starting 0.1 pip and tier pricing commission
RegulatorsFINRA, SIPC, SEC, CFTC, IIROC, FCA, CBI, AFSL, SFC, SEBI, MAS, MNB

Founded in 1978, Interactive Brokers is one of the largest international brokers listed on the NASDAQ exchange (Ticker: IBKR) and regulated by many international top-tier regulators. They are at the top of our list of the best Forex brokers in Belgium for their wide range of currency pairs, great research tools and their advanced trading platforms.

There are several account base currencies at Interactive Brokers without any minimum required amount, but the only way to fund them is through a bank wire transfer. They offer one of the tightest spreads on Forex, but you are subject to a tiered commission based on the monthly volume of your trading activity. Below is a sample of the spreads applied to major currency pairs:

Interactive Brokers spreads on major currencies

Currency pair Spreads in pips
EUR/USD spread 0.1
GBP/USD spread 1.5
AUD/USD spread 0.5
USD/JPY spread 100
USD/CAD spread 1
CAD/CHF spread 0.5
XAU/USD spread 900
XAG/USD spread 70

In addition to low spreads and margin rates, Interactive Brokers does not charge an inactivity fee, and you are entitled to one free withdrawal per month.

Finally, their trading platform, TWS (desktop version), is one of the best trading platforms with advanced features and a high degree of customisation. Moreover, they offer a web interface, IBKR GlobalTrader, and a mobile app that are also well-designed.

Interactive Brokers trading features

Trading platforms IB Trader Workstation (TWS), Client Portal (Web-based platform), IBKR Mobile and IBKR GlobalTrader (another mobile app).
Limit orders Yes
Stop loss & take profit orders Yes
Negative Balance Protection Yes
Guaranteed stop loss No

We recommend you check out our comprehensive Interactive Brokers review.

2# Saxo Bank

Best Forex Brokers in Belgium for 2023 4
Visit Saxo Bank

Saxo Bank at a glance

Number of currency pairs190+
Maximum Leverage1:30
Minimum Deposit€1
Forex Fees€0 but spreads starting at 0.6 pips apply
RegulatorsFCA, ASIC, FSA, MAS, FINMA, SFC, DFSA, CySec, and FSCA

Saxo Bank is a Danish bank with a global presence, offering an online trading platform that gives you access to Forex trading like any other broker. It was established in 1992 and has more than 850,000 clients around the world. Forex spreads at Saxo Bank are relatively low, starting at 0.6 pips for classic accounts, and there are more than 190 currency pairs available for trading. You can open an account with as little as €1 and fund it with a bank wire transfer, a credit card, or a debit card.

Saxo Bank spreads on major currencies

Currency pair Spreads in pips on classic account
EUR/USD spread 0.7
GBP/USD spread 0.8
AUD/USD spread 0.6
USD/JPY spread 160
USD/CAD spread 0.9
CAD/CHF spread 0.6
XAU/USD spread 1,000
XAG/USD spread 130

The spread depends on the type of account that you choose and the market that you trade on.

Compared to other brokers, Saxo Bank is widely known for its user-friendly trading platform, SaxoTraderGo, which provides fundamental and technical analysis tools, a comprehensive account overview, and an extensive charting package. They also give experienced traders access to SaxoTraderPRO, a more sophisticated trading platform that can be fully customized across six screens.

Saxo Bank trading features

Trading platforms SaxoTraderGo, SaxoTraderPRO
Limit orders Yes
Stop loss & take profit orders Yes
Negative Balance Protection Yes
Guaranteed stop loss No

On the downside, if no transactions are executed for 180 days, Saxo Bank will charge a €100 (or equivalent) inactivity fee, which is high when compared to other brokers that do not charge an inactivity fee.

3# IG

Best Forex Brokers in Belgium for 2023 5
Visit IG

IG at a glance

Number of currency pairs80+
Maximum Leverage1:30
Minimum DepositNo minimum deposit for bank transfer; €300 for debit/credit card, or PayPal
Forex fees€0, but spreads starting 0.6 pips apply
RegulatorsASIC, FCA, NFA, MAS, FSCA, FINMA, FMA

IG is another broker included in our list of the best forex brokers in Belgium. IG Group was founded in 1974, has its headquarters in London, and is listed on the London Stock Exchange. They give you access to trade more than 80 currency pairs, and spreads start at 0.6 pips. It is perfect for both beginners and professional traders. For instance, the IG Academy offers free instructional resources that can help you advance your understanding of financial markets and trading abilities while also providing professional insights through their news and analysis section that keeps you updated on market-moving events.

IG spreads on major currencies

Currency pair Spreads in pips
EUR/USD spread 0.6
GBP/USD spread 1.5
AUD/USD spread 0.9
USD/JPY spread 160
USD/CAD spread 2.1
CAD/CHF spread 2.5
XAU/USD spread 3,000
XAG/USD spread 200

The required minimum deposit is €300 if you fund your account by PayPal, a credit card, or a debit card, while there is no minimum deposit for bank transfers. You can trade Forex using the well-known MetaTrader 4 (MT4) trading platform or any of the other trading platforms that are tailored to each user’s trading requirements.

IG trading features

Trading platforms IG web trading platform, IG mobile trading app, IG progressive web app (PWA), ProRealTime (PRT), MetaTrader 4 (MT4), L2 Dealer.
Limit orders Yes
Stop loss & take profit orders Yes
Negative Balance Protection Yes
Guaranteed stop loss Yes

IG does not charge any fees on deposits and withdrawals, but on the downside, they charge a €14 monthly inactivity fee if your account has been inactive for more than 2 years.

4# CMC Markets

Best Forex Brokers in Belgium for 2023 6
Visit CMC Markets
81% of retail CFD accounts lose money.

CMC Markets at a glance

Number of currency pairs330+
Maximum Leverage1:30
Minimum Deposit€0
Forex fees€0, but spreads starting 0.7 pips apply
RegulatorsFCA, BaFin, IIROC, ASIC, FMA, MAS, DFSA

CMC Markets (CMC) is a global CFD and Forex broker that was established in 1989 and is listed on the London stock exchange. It currently serves more than 300,000 clients globally and gives access to over 330 currency pairs.

CMC Markets spreads on major currencies

Currency pair Spreads in pips
EUR/USD spread 0.7
GBP/USD spread 0.9
AUD/USD spread 0.7
USD/JPY spread 70
USD/CAD spread 1.3
CAD/CHF spread 1.4
XAU/USD spread 3,000
XAG/USD spread 250

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 MetaTrader 4 (MT4) as well.

CMC Markets trading features

Trading platforms Next Generation web-platform, MetaTrader 4 (MT4), and CMC Markets mobile application
Limit orders Yes
Stop loss & take profit orders Yes
Negative Balance Protection Yes
Guaranteed stop loss Yes

It is an ideal broker if you want to reduce your fees, as it provides tight spreads and free deposits and withdrawals. Additionally, CMC Markets supports up to 10 account currencies, and you can fund your account by credit or debit card, bank transfer, or PayPal. However, if your account has no trading activity for 12 months, you will be charged a monthly inactivity fee of €10.

What Makes a Good Forex Broker?

Whether you are a beginner or an experienced trader, there are numerous characteristics and features that should be taken into account when choosing a good Forex broker. The following are a few of the most important factors to consider:

  • Regulation: This is the most crucial factor because you need to make sure the business is legitimate before depositing your money. As a result, we advise you never to select a broker who is not regulated by a recognized authority.
  • Commissions: Although spreads vary depending on the currency pair, good Forex brokers often provide tight spreads and have reasonable commissions.
  • Deposit and withdrawal methods: A good 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 such as PayPal or Skrill.

The bottom line

It can be difficult and time-consuming to identify the best Forex brokers in Belgium, as many international brokers do not accept Belgian users. However, our analysts performed this task and concluded their findings in this review of the “Best Forex Brokers in Belgium”, summarized below:

Best Forex Brokers in Belgium
#1 Interactive Brokers Best for a wide range of currency pair offerings and advanced tool
#2 Saxo Bank Best for great customer service and user-friendly platform
#3 IG Best for educational and research materials
#4 CMC Markets Best for low Forex fees and free deposits and withdrawals

To find out which broker could be ideal for you, you can always use our “Help Me Choose” tool. You can also look at our comparison table for a detailed breakdown of the key features of various global brokers. And for additional details about the products and services each broker provides, you can read our reviews.

We hope this article saves you some time while researching the best Forex brokers in Belgium. We advise you to conduct your own research to determine which online broker is best for you. Keep in mind that a demo account might be helpful to test the features and practice.

Other FAQs

Is Forex trading legal in Belgium?

Yes, Forex trading is legal in Belgium.

How to trade Forex in Belgium?

First, you have to open an account with a Forex broker in order to get access to the Forex market. Then, you need to analyse the markets using fundamental or technical analysis, depending on your trading strategy. After that, you can place your trades in line with your analysis.

Is XTB available in Belgium?

Unfortunately, XTB is not available in Belgium. However, we listed several Forex brokers in this article that accept Belgian traders.

Can I trade Forex in Belgium with €10? And €100?

Yes, you can trade Forex with amounts as low as €100 or even €10. We have listed in this article a few brokers that do not require any minimum amount to start trading. But the trade size will be small.

Toni Nasr, CFA, FRM
Fintech Analyst

Toni is a Fintech Analyst with over 8 years of experience in the financial industry where he worked as a financial control analyst at a regional bank and later conducted independent investment research analysis.

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