Brokers

5 Best Forex Trading Platforms in Europe for 2020

What are the best forex brokers for Europeans? We tested 30 platforms and 5 made it to the top. Read our full review and ranking for beginners and experienced forex traders below.
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Finding the best forex broker in Europe can be a tall order. With so many forex brokers out there, narrowing down the playing field to a few top choices can be very intimidating. The question you need to ask yourself – what are your needs and criteria?

The global foreign exchange (forex) is the most liquid market in the world. With trillions of dollars, euros, yen, and sterling moving 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.

But 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.

Primarily, 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. 

Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 59 – 80% of retail investor accounts lose money when trading CFDs with these providers. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

With that in mind, let’s take a look at the best forex brokers in Europe have to offer. 

These are the best forex brokers for Europeans 

RankForex BrokerSummaryRegulation
#1IGBest overall forex broker in EuropeUK (FCA), EU (BaFin, Germany)
#2XTBGreat all-around, low-cost forex brokerUK (FCA), EU (CySEC)
#3City IndexWell-rounded offering for beginnersUK (FCA)
#4Fusion MarketsBest discount forex broker for EuropeansAustralia (ASIC)
#5Forex.comExcellent all-around European forex brokerUK (FCA)

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 factors.

Here is our ranking of the best forex brokers for Europeans:

  1. IG: Best overall forex broker in Europe.
  2. XTB: Great Discount Forex & CFD Broker in Europe.
  3. City Index: Well-Rounded Offering.
  4. Fusion Markets: Best Discount Forex Broker for Europeans.
  5. Forex.com: Excellent All-Around Forex Trading Experience

1. IG: Best Overall Forex Broker in Europe  

5 Best Forex Trading Platforms in Europe for 2020 3

Established in the UK in 1974, IG has grown into a CFD broker powerhouse overtime and is regulated by a range of top-tier regulators, including the Federal Financial Supervisory Authority (BaFin) and the Financial Conduct Authority (FCA). 

76% of retail investor accounts lose money when trading CFDs with this provider

IG is considered reliable because it’s regulated by top-tier regulation authorities. It’s also traded on the London Stock Exchange.

Main features 

5 Best Forex Trading Platforms in Europe for 2020 5
Forex pairs90
Markets available17,000+
Instruments offered (EU)CFDs on indices, forex, shares, commodities and cryptocurrencies; barriers, vanilla options, turbo warrants
Instruments offered (UK)Real share dealing, spread betting, CFDs on indices, forex, shares, commodities and cryptocurrencies
Minimum deposit€0 by bank transfer; €300 by card
Country of regulationUK (FCA), EU (BaFin, Germany), Australia, US, Japan, Singapore, South Africa, UAE, Switzerland, New Zealand, and Japan 
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 chargedYes, $12 monthly (inactive after two years)
Number of base currencies supported  6
Withdrawal fee $0

IG pros and cons 

With each decade, IG has adapted to the current trends and technology. As such, IG has a highly customizable and user-friendly trading platform. They also offer numerous options for funding and withdrawing money from investing accounts. 

On the other hand, IG only offers CFDs in most countries. Stock CFD trading fees are also considered to be high. 

Pros 

  • Offers 90 forex pairs (major, minors, and exotics)
  • 17,000+ markets
  • Low spreads on several popular currency pairs
  • Regulated by multiple financial authorities
  • Long track record (since 1974)
  • Excellent educational tools 
  • Highly user-friendly online trading platform 
  • Excellent deposit and withdrawal options 

Cons 

  • Lack of diversity in product portfolio 
  • High stock CFD fees 

Forex and CFD fee schedule 

IG offers forex fees below the industry average in addition to low stock index CFD fees. Furthermore, inactivity fees are only charged after 2 years. That said, stock CFD fees tend to be on the high side. 

AssetsFee terms
EURUSD0.6 pips
EURGBP0.9 pips
GBPUSD0.9 pips
FTSE100 CFD1.0 pts
S&P 500 CFD0.4 pts
Europe 50 CFD1.5 pts

Deposit and withdrawal 

IG provides numerous methods for clients to fund their accounts. They also offer expeditious deposit and withdrawal options that are free of charge. 

  • Debit card: free
  • Credit card: free
  • PayPal: free

IG provides 6 base currencies to choose from. These include EUR, SGD, USD, AUD, GBP, HKD. Like many of its competitors, IG doesn’t require a deposit fee, and offers the following transfer options: 

  • Major prepaid cards
  • Debit cards: Mastercard, Visa, Electron, Maestro
  • Credit cards: Visa, Mastercard 

Bank transfers require no minimum deposit can take several business days, whereas credit and debit cards offer instantaneous funds but require €300 or £250 in minimum deposit.

2. XTB: Great Discount Forex & CFD Broker in Europe

XTB - Leading European forex broker

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.

80% 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. 

Main features 

5 Best Forex Trading Platforms in Europe for 2020 7
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 chargedNo
Number of base currencies supported  4
Withdrawal fee €0

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. 

Pros 

  • 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 

Cons 

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

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. 

3. 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). 

74% 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 

5 Best Forex Trading Platforms in Europe for 2020 9
Forex pairs84
Markets available12,000
Instruments offeredCFDs, indices, forex, stocks, ETFs, commodities, bonds, crypto
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. 

Pros 

  • 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 

Cons 

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

Fees 

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. 

4. 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 

5 Best Forex Trading Platforms in Europe for 2020 11
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.  

Pros 

  • 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

Cons 

  • 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. 

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

5 Best Forex Trading Platforms in Europe for 2020 13

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.

73% 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 

5 Best Forex Trading Platforms in Europe for 2020 15
Forex pairs80
Markets available300
Instruments offeredCFDs, forex, indices, stocks, crypto, 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. 

Pros 

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

Cons 

  • 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.

Security 

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: 

EUR/USD
USD/CAD 
USD/JPY 

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.

About the author: Lucas Peterson is an investor and expert finance writer with over 10 years of industry experience. Lucas has previously served as editor for a major financial news outlet in his European home country but now spends his time dealing with investments, managing his real estate portfolio, and learning about blockchain technology. To learn more about Lucas, visit his profile page.