5 Best Forex Trading Platforms in Europe for 2022

The global foreign exchange is the most liquid market in the world. With trillions of dollars, euros, yen, and sterling flowing in and out of the market on a near-daily basis, there are opportunities to be had if you can accept the high risk of leveraged trading in a complex market.

Whether you’re just entering the world of trading currencies for the first time or if you’re highly experienced, finding a top forex broker with a good track record should be your number one priority. You want to pay attention to the features and benefits a particular broker offers their clients, such as customer support, trading education, spreads, and commissions, and more. 

In this article, we’re going to explore the top five forex brokers in-depth: XTB, Avatrade, Interactive Brokers, eToro, and Plus500. We’ll look at their services, trading platforms, fees, reputation, and much more to see which forex broker is worth it for you.

We carefully scrutinized and assessed over 100 features to find you your best fit. We evaluated commissions, customer service quality, investment offerings – all with an eye towards what’s important for different types of traders. Whether you’re a novice or expert, or someone who prefers low fees, or someone just beginning their journey in investing: there is something here for everyone.

The Best Forex Brokers in Europe for 2021

The list we’ve compiled consists of the best forex brokers and forex trading platforms in Europe. Factors we take into consideration include fees, deposit and withdrawal policies, the trading platform, and many other aspects. Based on our research, here are the best forex brokers in Europe:

  • XTB – Best overall
  • Avatrade – Best for mobile
  • Forex.com – Best for beginners
  • Fusion Markets – Best for low fees and MT4


XTB has been one of the best forex brokers in Europe for a while now. They offer competitive spreads, low fees, and an overall wide variety of trading tools. We like that they have recently updated their proprietary trading platform to be more beginner-friendly as well.

Avatrade is one of the most trusted players on this list and is making waves due to its powerful technology and excellent customer service. The broker offers several different types of accounts including some with no deposit requirement at all.

Forex.com is another veteran player who’s established themselves firmly among the top five forex brokers in Europe thanks to ease-of use and deep liquidity across markets. 

eToro’s platform is feature-packed and has an excellent social trading component too – but it can be pricey to use for those who don’t frequently trade large amounts of money or are not profitable traders yet. 

Lastly, Fusion Markets is known for being much cheaper than our other choices here – however this comes with a few sacrifices. Fusion Markets offers competitive spreads and commission rates but doesn’t have the same variety of products or or investor protection as our other picks here. 

A Detailed List of the Best Forex Brokers in Europe

You need to find a trustworthy forex broker that will give you access to all the currency markets. You’ll want someone who can offer competitive spreads and round-the-clock trading opportunities so you can trade 24 hours a day, five days per week. 

From our list below, select one or two reputable brokers for their high volume execution rates and ultra-low commissions, as well as their top-tier customer service reviews from industry experts. Once you have selected your preferred brokerage account, you should start with a demo account and take it from there.

1. XTB – Best Overall Forex Broker in Europe  

With over 15 years of experience, XTB is one of the largest public FX & CFD brokers in the world. It joins our ranking as one of the best forex brokers in Europe because of its intuitive platform, range of markets, low spreads, reliable execution speeds and library of free educational resources for beginners and experienced traders.

We do not endorse Contracts for Differences (‘CFDs’), but we are required to provide the following disclaimer: 83% of retail investor accounts lose money when trading CFDs with this provider.

XTB was founded in Poland and is subsequently registered with the Polish Financial Supervision Authority. XTB is considered reliable because it’s listed on the stock exchange (the Warsaw Stock Exchange to be specific) and is regulated by the FCA, a top-tier financial authority. 

UK residents should note that cryptocurrency trading at XTB is not available to them anymore due to FCA restrictions.

Main features 

Forex pairs48
Markets available1,500+
Instruments offeredCFDs, indices, forex, shares, ETFs, crypto
Minimum depositNo minimum deposit
Country of regulationUK (FCA), EU (CySEC), Poland (KNF), Belize (IFSC).
Desposit compensation scheme:European clients: Up to €20,000. UK clients: £85,000.
Deposit with credit/debit cardYes
Time to open an account1 – 3 days 
Inactivity fee charged€10 fee after 12 months
Number of base currencies supported  4
Withdrawal fee €0 for withdrawals above €100

XTB pros and cons 

XTB provides a streamlined deposit and withdrawal service, allowing clients to transfer their funds quickly, free of charge. XTB also stands out due to its low fees for forex and stock index CFDs. When opening an account, you can expect a smooth experience. 

When it comes to negatives, XTB only covers CFDs and FX, thus limiting their product portfolio. That said, some European clients may have access to ETFs and real stocks through XTB’s platform. Stock CFD trading fees are also considered to be high. 


  • Low fees for forex and indices
  • Transparent and public broker
  • Fast order execution
  • Industry-leading educational materials, including seminars with pro traders and personalised courses
  • Streamlined deposit and withdrawal process 
  • Very easy to open a new account 


  • Investors will only have access to a limited product portfolio 
  • Stock CFD has high fees 


Where trading fees and non-trading fees are low, CFD fees are generally high. 

AssetsFee terms
EURUSD0.10 pips
EURGBP0.20 pips
GBPUSD0.20 pips
FTSE100 CFD1.1 pts
S&P 500 CFD0.60 pts
Europe 50 CFD2.20 pts

Deposit and withdrawal 

Depositing and withdrawing offer a very streamlined experience that has a minimal impact on your wallet.

XTB supports several significant currencies, including USD, EUR, HUF, and GBP. When using XTB, you won’t have to worry about a deposit fee. There are also numerous transfer options, which include: 

  • PayU (only available for Polish accounts) 
  • Bank Transfer 
  • SafetyPay (only available for clients outside of Europe) 
  • Skrill 
  • BlueCash (only available for Polish accounts) 
  • Credit/Debit card 

As is standard procedure, a bank transfer can take several business days. However, payment with electronic wallets (like PayPal) and credit and debit cards are instantaneous. 

2. City Index: Well-Rounded European Forex Broker 

City Index - Leading UK forex broker

Founded in 1983, City Index has nearly 40 years of experience and is a global FX and CFD broker. City Index is listed on the New York Stock Exchange and is regulated by top-tier financial authorities, including the Monetary Authority of Singapore (MAS), the Financial Conduct Authority (FCA), and the Australian Securities and Investments Commission (ASIC). 

We do not endorse Contracts for a Difference (‘CFDs’), but we are required to provide the following disclaimer: 75% of retail investor accounts lose money when trading CFDs with this provider.

City Index is considered to be reliable because it’s regulated by multiple top-tier financial authorities in addition to its long track record. 

Main features 

Forex pairs84
Markets available12,000
Instruments offeredCFDs, indices, forex, stocks, ETFs, commodities, bonds
Minimum deposit€250 (first deposit), no minimum for subsequent deposits
Country of regulationUK (FCA), Australia (ASIC), Singapore (MAS)
Desposit compensation scheme:Up to £85,000.
Deposit with credit/debit cardYes
Time to open an account1 – 3 days 
Inactivity fee chargedYes, £12 per month (inactive after one year)
Number of base currencies supported  9
Withdrawal fee €0

City Index pros and cons 

When it comes to trading forex or stock index CFDs, City Index fees are low (this includes non-trading fees). City Index also provides access to diverse research tools. As an added bonus, it’s straightforward to open an account. 


  • Low fees for forex and index CFDs 
  • Overall tight spreads
  • Low margins
  • Offers proprietary platforms or MetaTrader
  • Easy to open a new account 
  • High-quality research tools 


  • High stock CFD fees 
  • The desktop platform isn’t ergonomic 
  • Product portfolio limited to CFDs and forex


On the one hand, City Index offers low fees for stock index CFDs and forex. On the other, you have to contend with high CFD fees and a fee for inactivity. 

Where trading fees and non-trading fees are low, CFD fees are generally high. 

AssetsFee terms
EURUSD0.80 pips
EURGBP1.70 pips
GBPUSD1.80 pips
FTSE100 CFD1.00 pts
S&P 500 CFD0.40 pts
Europe 50 CFD2.00 pts

Deposit and withdrawal 

City Index offers a range of options for making deposits and withdrawals that are free of charge. Be mindful that some credit cards are not able to make withdrawals. 

One area in which City Index excels is the sheer number of base currencies it offers to clients. You can choose from 9 base currencies, including CHF, EUR, PLN, GBP, JPY, HUF, AUD, and USD. 

City Index does not charge deposit fees. That said, it offers the following transfer options: 

  • Debit card: Visa, MasterCard, Maestro and Electron
  • Credit card: Visa, MasterCard
  • PayPal
  • Bank transfer

Bank transfers generally take several business days before funds are available, whereas credit/debit and PayPal transfers are usually instant. 

3. Fusion Markets: Best Discount Forex Broker for Europeans

Fusion Markets

Founded in 2010, Fusion Markets is a discount forex broker headquartered in Australia. Fusion Markets is regulated by the Australian Securities and Investments Commission (ASIC). Because it’s regulated by a top-tier regulator, Fusion Markets is considered to be reliable. 

59% of retail investor accounts lose money when trading CFDs with this provider

Main features 

Forex pairs90
Instruments offeredCFDs, forex, crypto
Minimum deposit€0
Country of regulationAustralia (ASIC)
Desposit compensation scheme:No
Deposit with credit/debit cardYes
Time to open an account1 day
Inactivity fee chargedNo
Number of base currencies supported  6
Withdrawal fee €0

Pros and cons 

Opening an account with Fusion Markets is a quick and painless process. It also provides non-trading and low trading fees. 

When compared to its competitors, Fusion Markets is a no-frills, trading-only broker with zero research tools. Also, their product portfolio is heavily focused on forex, although crypto and different CFD asset classes are available.  


  • Extremely tight spreads (among the best in available)
  • Broad selection of currency pairs, including several exotics
  • Very Low trading and zero non-trading fees 
  • Quick account opening
  • Meticulous onboarding process


  • Bare-bone forex broker with little bells and whistles
  • Not suitable for beginners
  • Research tools are lacking 

Forex fee schedule 

When it comes to fees, the news is very positive. Fusion Markets has very low forex fees. They also don’t charge inactivity or withdrawal fees. 

AssetsFee terms
EURUSD0.12 pips
EURGBP0.62 pips
GBPUSD0.59 pips
FTSE100 CFD1.56 pts
S&P 500 CFD0.41 pts
Europe 50 CFD1.74 pts

Deposit and withdrawal 

As previously noted, Fusion Markets doesn’t charge deposit or withdrawal fees. While there are multiple methods of transferring funds, withdrawal can be slow. 

Fusion Markets offers 6 base currencies, including JPY, USD, GBP, AUD, EUR, and SGD. With no deposit fees, Fusion Markets provides multiple methods to transfer funds. These include: 

  • Bank transfer 
  • Skrill 
  • Neteller 
  • Credit/debit cards 

Bank transfers can take several business days. As usual, credit and debit cards provide instantaneous funds. 

4. Forex.com: Excellent All-Around Forex Trading Experience

Established in 2001, Forex.com is a global FX and CFD broker that’s listed on the New York Stock Exchange.

Forex.com is considered trustworthy because it’s regulated by several financial authorities, including the US Commodity Futures Trading Commission (CFTC) and the Financial Conduct Authority (FCA) in the UK.

We do not endorse Contracts for Differences (‘CFDs’), but we are required to provide the following disclaimer: 74% of retail investor accounts lose money when trading CFDs with this provider.

Forex.com’s lengthy track record plays a significant role in its good reputation. 

Main features 

Forex pairs80
Markets available300
Instruments offeredCFDs, forex, indices, stocks, metals
Minimum deposit€50
Country of regulationUK (FCA), USA (CFYC, NFA), Japan, Canada, Cayman Islands 
Desposit compensation scheme:Yes, up to £85,000 for EEA clients
Deposit with credit/debit cardYes
Time to open an account1 – 3 days
Inactivity fee chargedYes, £/$/€ 15 per month (inactive after one year)
Number of base currencies supported  7
Withdrawal fee €0

Forex.com pros and cons 

From a broad range of currency pairings to low forex fees, Forex.com comes with nearly everything needed to engage in forex trading. 

Unfortunately, the trading platform is not very ergonomic, and stock CFD fees are high. It also lacks several popular asset classes, including bonds and real stocks. 


  • Varied options amongst technical research tools 
  • Low forex fees 
  • Wide range of currency pairs 
  • Regulated by multiple top-tier financial authorities


  • High stock CFD fees 
  • Product portfolio is limited 
  • Desktop platform not ergonomic 

Forex fee schedule 

Forex.com excels at offering low fees for stock index CFDs and low-to-average spreads on forex trades. This is countered by high inactivity and stock CFD fees. 

AssetsFee terms
EURUSD1.50 pips
EURGBP2.70 pips
GBPUSD2.80 pips
FTSE100 CFD6.00 pts
S&P 500 CFD0.60 pts
Europe 50 CFD1.90 pts

Deposit and withdrawal 

When it comes to deposits and withdrawals, Forex.com offers a variety of options. Unfortunately, some credit cards are unable to make withdrawals. 

You can select from 7 base currencies, including JPY, EUR, USD, AUD, EUR, CAD, and GBP. There are no deposit fees. Numerous transfer options are available, including: 

  • PayPal 
  • Bank transfer 
  • Credit/debit 

Bank transfers can take several business days, as is standard practice, while credit/debit cards and PayPal are generally instantaneous. 

How to choose a top forex broker in Europe

Jumping into the forex market without a plan can be incredibly intimidating due to its sheer size. Even more daunting is the idea of finding a forex broker for europeans you can trust. This is especially the case if you have no clue what you’re looking for. 

Let’s look at what you should keep in consideration when choosing a top forex broker in Europe. 

Risk of loss

Always be cautious when trading leveraged instruments such as forex as you could lose all of your money. If you are a beginner, make sure to practice with a demo account for a long time before using real money. If you think forex is too complex, trading stocks and ETFs might be more suitable for you.


One of the most important characteristics of a trustworthy broker is that they have a high level of security. That means delving into their credibility to ensure you’re investing your money with someone you know that is reliable. Thankfully, it’s easy to conduct research on a broker to find the information you’re seeking. 

There are many regulatory agencies located around the world that accurately separate trustworthy brokers from fraudulent actors. Never engage with a broker who is not a member of a respectable regulatory body. 

Trading platform 

Nowadays, the vast majority of trading takes place on a broker operated trading platform. As such, the more user-friendly the platform, the better. When looking at trading platforms, consider its features. 

Does it offer easy-to-learn charting tools? Does it have a news feed to keep you up to date on the market? 

Ultimately, the more user-friendly and feature-rich the platform, the less of a headache you’ll have to deal with later on down the road. 

Deposit and withdrawal 

A good European FX broker will make the process of withdrawing and depositing funds as hassle-free as possible. A broker’s job is to facilitate trading. 

Therefore, they should not make it difficult for you to withdraw profits. A good broker should have a good reputation for helping clients to deposit and withdraw funds. 

Transaction costs 

No matter what currency you’re trading, you will always have to deal with transaction costs. You will either have to pay a commission or the spread (or both). As such, you should be on the lookout for the most affordable pricing. 

As you’re searching for a broker, stay aware of what your transaction costs will be. For instance, you may need tight spreads for the type of trading you intend to engage in. The trick is to find the perfect balance between low transaction costs and security. 

Customer service 

No matter how good your broker is, customer service is always important. Customer service should do more than just answer your questions. It should also help you tackle problems that may arise at any given moment. A good broker will provide customer service with a smile, ensuring your experience is as smooth and streamlined as possible. 

Good trade execution  

If you want any hope of getting the best deals the market has to offer, it will behoove you to find a broker who’s well-known for employing good trade execution practices. This will guarantee that your trades will be filled at the best rates that the market has to offer. It also ensures that your trades will be made expeditiously. 

Generally, you can choose from two different types of brokers — those who pass orders made by clients to the interbank market and those with dealing desks. The first type of broker will act as a middleman of sorts between you and the market, whereas the second type will interact with you directly. 

Area of product coverage 

In the past, you could only trade currency. Today, however, traders have a greater range when it comes to what they’re allowed to trade. 

That’s why it’s important to find a broker who offers a wide range of product coverage, such as precious metals, cryptocurrency, bonds, stock indices, and forex, amongst many more. This will significantly increase your chances of making a profit at the end of the day. 

Final thoughts about the best forex brokers in Europe

Forex is a massive market suitable for those who understand the risks involved. While there’s room to make a profit at high speed, there are plenty of pitfalls for those who jump headlong into the market.

We’ve looked at what the best forex brokers in Europe have to offer. It’s now time for you to do your own research and determine which broker offers the features you’re most interested in. From there, you can make your selection with confidence.

Forex Trading in Europe: FAQ

Best forex brokers in Europe
What is forex trading?

What is forex trading?

Forex (FX) is a massive marketplace where a wide range of national currencies are traded. Forex is the most liquid market in the world, with trillions of dollars flowing in and out of the market every day. In 2019 alone, forex saw an average daily turnover of approximately $5.1 trillion U.S. dollars.  

Who controls the forex markets?

The forex market does not have a centralized structure. Instead, it’s made up of an electronic network of institutions, banks, brokers, and individual traders. Entities that enter the market – be it a banking institution or an individual investor – tend to have specific currency needs, and as a result, may speculate on the direction that a particular pair of currencies may move. 

These entities post their orders to either buy or sell currencies on the network, allowing them to interact with other currency orders from other entities. 

When do forex markets close?

The forex market is open 24 hours a day, five days a week (not including weekends). If a particular country or if the global market is open for business, trading may take place during holidays. 

Just how big is forex? 

One of the unique aspects of the forex market is its massive size. Trading can span into the trillions daily. The largest of these markets are located in several of the most recognizable financial centres in the world, including Singapore, London, Hong Kong, Sydney, Frankfurt, and New York. 

How does forex trading work? 

The long hours of the forex market (24 hours a day, five days a week) makes it possible for investors to buy or sell currencies whenever they desire throughout the week.

When trading currencies in the forex market, it’s essential to understand that even though you’re buying or selling a particular currency relative to another currency, you won’t be exchanging physical money between parties. 

Instead, you’ll be taking a position in a particular currency. The hope is that upward movement will occur in the currency if you’re buying, or weakness if you’re selling. Ultimately, your goal is to make a profit.  

No matter what, one currency will always be traded relative to another currency. Meaning, if you sell one type of currency, you’re buying another and vice versa. The difference between your transaction prices determines profit (or how much you lose). 

What are pairs and quotes in forex trading?

Trading currencies in the forex market are listed in pairs. Examples include the following: 


From the above example, you can see the U.S. dollar (USD) versus various currencies, including the Euro, the Canadian dollar, and the Japanese Yen, respectively. A price will be associated with each pair found in the market. 

What are forex lots?

Currencies in the forex market trade in lots, which fall into specific categories, including micro, mini, and standard lots. Micro lots equate to 1000 worth of any given currency, a mini lot is 10,000, and a standard is 100,000. 

What are currency pairs?

When a trade is placed in the forex market, the trade must be made on currency pairs. Currency pairs consist of two currencies, the first being the base currency and the second being the counter-currency. 

What are exchange rates?

The exchange rate is the price of the base currency expressed in terms of the counter-currency. Should the exchange rate of a currency pair rise, that shows that the base currency is appreciating against the counter-currency or that the counter-currency is depreciating against the base currency. The reverse is also true.  

What is a spread in forex?

With each trade you enter into, you will have to pay a transaction cost for that trade which is called the spread Today, the bid/ask spread is the highest cost that forex traders must contend with. 

What is a pip in forex?

A “pip,” which is abbreviated from “Percentage in Point,” is the representation of the smallest increment that can shift either upward or downward. In most instances, one pip is the equivalent to the fourth decimal of the vast majority of currency pairs. 

What is a pipette in forex?

Where pips represent the fourth decimal place of many currency pairs, pipettes represent 1/10 of a pip. As such, 10 pipettes equate to one pip. 

What is meant by Bid/Ask price?

Currency pairs will have two exchange rates at any given moment, the bid price and the ask price. The bid price is simply the price where buyers are willing to buy, whereas the ask price is the price where sellers are willing to sell.

Lucas P.
Lucas P.

About the author: Lucas P., a pen name for privacy reasons, is an investor, hobby finance writer, and die-hard FIRE enthusiast. Lucas has previously served as editor for a news outlet in his European home country but now spends his time dabbling with traditional and alternative investments. To learn more about Lucas, visit his profile page.