With such a wide range of Forex brokers readily available on the web, choosing the right one for you can be a difficult decision. We will present criteria that help you with how to choose the best Forex broker. Remember – nobody is perfect, but a great one can help you get the most for your funds.
Regulations and Licenses
To avoid being scammed, choose a Forex broker that is reputable and regulated. The best Forex brokers for European customers might be regulated under one of these bodies:
| FCA (UK) |
| BaFin (Germany) |
| FINMA (Switzerland) |
| FSA (Denmark) |
| AMF (France) |
| MFSA (Malta) |
Trading Platforms
Industry-standard trading platforms present Forex traders with excellent tools, reliable market insights, and superior executions of trades. The best Forex brokers will work with these platforms:
| MT4 |
| MT5 |
| cTrader |
| TradingView |
Range of Trading Instruments
When choosing a Forex broker, the more trading instruments that they have, the better! Some brokers have over 10,000 instruments available to trade. The categories that tradeable instruments fall under include:
| Indices |
| Commodities |
| Forex |
| Bonds |
| ETF |
| Individual Equities |
| CFDs |
| Futures |
| Shares |
Payment Options
The best Forex brokers should offer a wide range of payment options for the convenience of their clients. Look for brokers that offer Neteller, Skrill and other e-wallets so you can take advantage of low fees and the speediest processing times. Payment options might include:
| Online bank transfers |
| Credit/Debit Card |
| Neteller, Skrill, and other e-wallets |
Spreads and Commissions
Top Forex brokers offer various account types, so you can choose one with spreads and commissions that work for you. Keep in mind that if a broker does not charge any commission, it likely makes money via wide spreads.
Quality of Customer Support
Customer support should be provided through phone and email, at the bare minimum. A live chat option is even more preferable. Customer representatives should be friendly, knowledgeable, and professional.
Demo Account Option
Demo accounts are an excellent way to try out a Forex broker without committing any actual money. The best Forex brokers offer demo accounts.
Trading Tools and Educational Resources
Almost every broker offers a set of trading tools and resources, but the best brokers have fully-fledged trading academies. Such resources can help you truly master Forex trading.
Reviews About the Forex Broker
While many Forex brokers have testimonials and reviews available on their website, it is best to read reviews from 3rd party sites – this way, you can be sure that you are reading true, objective feedback. If you only see positive praise, this may be cause to be suspicious, as no Forex broker is perfect.
Our Top Forex Brokers
We’ve selected Forex brokers that excel in the aforementioned criteria, offering affordable prices, excellent trading tools, a wide range of payment options, and great reputations. These are, in our opinion, the best Forex brokers in Europe:
| XTB |
| City Index |
| BDSwiss |
| eToro |
| FXCM |
| Forex.com |