Best Forex Brokers in Europe 2024
In this comparative guide, we will be breaking down the Best Forex Brokers in Europe for 2024. Our FX Trust Score Leaderboard features the most recommended brokers that have performed well in a number of key categories, which sets them all apart from the crowded competition.
The Top Forex Brokers in Europe have been thoroughly assessed and rated on their available instruments, platform lineup, fund security, customer support, and online reputation. We will also focus on the localised features presented by each company, each of which is overseen and licensed by a top-tier European regulatory body, such as the FCA in the UK, CySEC in Cyprus, or BaFin in Germany. By conducting this analysis, we aim to simplify the process for traders and make it easier to compare the Most Trusted European Brokers currently in operation.
Continue reading on to reveal our final list of the Best European Brokers Available in 2024, so you can properly judge for yourselves the broker that is most suited to you as a European-based trader.
Best European Brokers Leaderboard
Score: 4.65 / 5
1,000+ Instruments 80+ Currency Pairs Extensive Charting Tools Excellent Educational Resources Spreads from 0.0 Pips
*Trading carries a risk of loss
Score: 4.5 / 5
2,300+ Instruments ‘50+ Currency Pairs In-Depth Educational Material Award-Winning XTB Platform Interest on Uninvested Funds
*Trading carries a risk of loss
Score: 4.35 / 5
100+ Currency Pairs Several Proprietary Platforms Advanced Trading Toolkit Impressive Trading Academy
*Trading carries a risk of loss
Score: 4.35 / 5
75+ Currency Pairs Multiple Trading Accounts TradingView Tools Autochartist Market Scanner
*Trading carries a risk of loss
Score: 4.15 / 5
1,000+ Instruments 50+ Currency Pairs Impressive ‘Learning Center’ Excellent Analytical Tools
Score Breakdown
See the breakdown showing how the Best Forex Brokers in Europe for 2024, performed across six important criteria in our FX Trust Score Index.
| Regulatory Compliance | Security & Fund Protection | ||
| Forex.com | 5/5 | Forex.com | 5/5 |
| Interactive Brokers | 5/5 | Interactive Brokers | 5/5 |
| Swissquote | 5/5 | Swissquote | 5/5 |
| XTB | 5/5 | XM | 5/5 |
| XM | 4/5 | XTB | 5/5 |
| Customer Support | Localisation | ||
| Forex.com | 3/5 | Forex.com | 5/5 |
| Interactive Brokers | 3/5 | Interactive Brokers | 5/5 |
| Swissquote | 3/5 | Swissquote | 5/5 |
| XM | 3/5 | XM | 5/5 |
| XTB | 3/5 | XTB | 5/5 |
| Local Payment Methods | Online Reputation | ||
| Forex.com | 4/5 | Forex.com | 5/5 |
| XM | 4/5 | Interactive Brokers | 4/5 |
| XTB | 4/5 | Swissquote | 4/5 |
| Interactive Brokers | 3/5 | XTB | 4/5 |
| Swissquote | 3/5 | XM | 4/5 |
*Where scores are tied, brokers are listed in alphabetical order.
The FXTS Verdict
After all the calculations were added up, Forex.com emerged as the Best Forex Broker in Europe after scoring impressively across the board. The company triumphed over its nearest challengers, receiving full marks for its regulatory compliance, security and fund protection, localisation, and online reputation. Its superb range of tradable instruments and wide selection of currency pairs were important plus points for the broker, while its extensive charting tools and comprehensive educational section also helped it stand out from the crowd.
Moving down the leaderboard, XTB came second thanks to the exceptional number of tradable instruments it offers traders. Like Forex.com, the broker presents a dedicated section replete with educational materials, but a key unique selling point for XTB is that it pays interest on uninvested client funds. Moreover, Interactive Brokers and Swissquote both present excellent trader toolkits, while XM’s learning materials are a standout feature.
How did we choose the Best Forex Brokers in Europe for 2024?
Through this in-depth review into the Best Forex Brokers in Europe for 2024, we set out with the goal of establishing the top performing brokerages across the continent of Europe. As part of the analytical process, we delved into the key features offered by each company over a range of different topic areas before finalising their inclusion on our official shortlist.
Special attention was given to how the brokers performed in terms of localisation, especially with regards to their funding methods and customer support. Only brokers licensed with at least one reputable European regulatory authority – such as the FCA, CySEC, BaFin, and MiFID – made the final list. We also assigned a score to each broker by evaluating the availability of European languages featured on their website, while both the total number of European-based offices and local telephone numbers were examined.
FAQs
Yes, you can trade forex in Europe. The region provides a favourable environment to both retail and institutional traders, with a vast array of brokers available to European residents, operating under the regulatory oversight of various regulatory authorities. The best brokers in Europe are licensed by top regulators like the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the European Securities and Markets Authority (ESMA).
The best brokers in Europe are ones that are fully licensed and regulated by reputable top-tier bodies like the FCA and CySEC, while also offering a wide range of tradable instruments, account types, trading platforms, and competitive trading conditions. Top European forex brokers tend to be the most reliable companies on the market; trusted by traders for their strong compliance, security of funds, and responsive customer support. You can discover our list of the best European brokers in our leaderboard above.
Defining the best trading platform in Europe largely depends on the specific needs and preferences of the trader. Determining factors include ease of use, range of available trading instruments, charting and analysis tools, speed and reliability of trade execution, customer support, and the platform’s compatibility across various desktop and mobile devices. Popular trading platforms in Europe include MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and TradingView.
In Europe, forex brokers are primarily regulated by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in Germany. Additionally, each country in Europe may have its own regulatory body that oversees forex trading.
The best time to trade forex in Europe is during the overlapping hours of the London and New York trading sessions, which typically occurs between 13:00 GMT and 17:00 GMT. This time window is characterised by higher market volatility and increased trading volume, providing traders with more opportunities to take better advantage of potential price fluctuations. Moreover, the early part of the London session (from around 08:00 GMT onwards) is also advantageous as it could feature more active trading conditions – due to both the opening of European markets and the release of significant economic data.
Check if the broker is licensed by relevant European regulatory authorities. Also, look for online reviews and testimonials from other traders, and ensure the broker has a history of fair and transparent trading practices. It’s also advisable to check their financial compliance reports if available.
Ensure the broker offers negative balance protection, which prevents traders from losing more money than they have deposited. Also, check if they segregate client funds from their own company funds, which is a requirement for many European regulators and adds an extra layer of security.
European brokers are subject to stringent regulations which often provide greater security and transparency. Additionally, handling disputes can be easier, as local regulatory bodies can offer assistance. Furthermore, European brokers often offer services tailored to the needs of European traders, including local language support and banking options.
Expect a variety of account types catering to different levels of traders, from beginners to professionals. Most reputable European brokers offer popular trading platforms such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5), as well as proprietary platforms with advanced charting, analytical tools, and automated trading options.
Minimum deposit requirements can vary significantly. Some brokers might offer micro accounts with deposits as low as $5, while others may require more substantial amounts, especially for premium accounts that offer additional features. It’s important to choose a broker whose financial requirements align with your trading strategy and financial capabilities.
The most legit forex brokers are established companies that provide traders with a strong product offering, competitive trading conditions, fee transparency, and ensure the protection and security of client funds. Only brokers that are licensed and regulated by top-tier regulatory authorities can be classed as legitimate, as it is a confirmation that they adhere to strict standards and processes set by the regulator. You can check out the most legitimate forex brokers in Europe in the above analysis piece.
