Who should make use of this forex comparison? – All progress-focused traders
Forex trading provides a solid pathway to financial security if you get the fundamentals right. The first and most important thing you need to do is find the best forex broker in Europe. Now that’s not going to be easy since plenty of companies online offer seemingly identical spreads and instruments. We took some time to objectively compare different forex sites and how keen traders can make the most out of the available options.
We’ve made it our responsibility to provide data on the latest market trends. Whether you are alien to the forex trading business or a bit of an expert, our comparisons are the best tool to help you complete the puzzle. To novices and intermediate traders, we will explain some of the most complex industry terms you’ll come across frequently. We will also help established traders find ways to improve their portfolios and make better decisions with each transaction.
Is forex trading legal in Europe? – Yes…
Europe is a massive and diverse continent, with different jurisdictions having a regulatory body to oversee financial industry players. As such, the best forex broker in the EU will have a valid operating license. Several region-specific regulators issue licenses to online forex platforms in the EU. For example, there is BaFin in Germany, while brokers in Switzerland answer to FINMA. The United Kingdom has the Financial Conduct Authority (FCA) to keep tabs on all forex and commodity trade online.
The various governing bodies set rules and modalities of how brokerage firms should conduct business or what fees they can charge for their services. Generally, every country in the world constantly monitors its own financial services industry to assure fairness and protect the interests of the trading public. You may even trade on the best forex broker in Asia if it has the permit to service traders in the EU.
Top 5 steps for a secure & fair forex trading experience– Set yourself up for success
If you are just starting out, it may be tough to find the best forex broker in the EU. You will likely have to spend hours on end researching how online forex trade works, which is a smart move. Here are a few things you must consider before committing to any of the brokers available to you.
What do other customers think?
A website that receives the most positive customer comments is usually the best forex broker in Europe. Look for reliable user forums and consider all the comments on a particular broker – positive or negative.
Our pages are prepared from extensive data collected by dedicated industry experts. Exploring these unbiased reviews will set you on the right path to finding the best forex platform in Europe. You will be able to scrutinise different sites based on critical characteristics like trading fees and spreads.
Platform safety and security
Since you will be risking a significant amount of cash, it is vital to ensure that the website you are dealing with is secure. The best forex broker in Europe takes measures to protect the customer’s sensitive data. For example, banking information has to stay confidential to eliminate the possibility of cyber fraud. Therefore, check if the forex brokerage uses SSL technology or other data encryption systems.
SHow is the customer support?
Customer care is always pivotal when we discuss online forex trading. Whenever a trading hub experiences technical challenges, it will be reassuring to hear from the representatives. You may also have a dispute concerning your account balance or your most recent transaction. The best forex broker in the EU should have an easy-to-reach support team. The most effective channel of communication is via live chat.
Explore the available payment options
The best forex platform in Europe offers a wide variety of banking options to suit EU traders in different countries. Just make sure that your favourite deposit method is available before settling on a particular brokerage firm.
This is how our experts test forex brokers – Our ever-dependable process
Our team of experts do not decide on the best forex broker in the EU through a series of coin tosses. We work with individuals who have had first-hand experience with forex trading. The following five aspects are integral parts of how we pinpoint the top forex broker in the EU.
Usability
A forex brokerage website needs to be simple to ease the pressure on users. The interface has to make it easy for you to access crucial features like payment methods, statistics, and other trading tools like market indicators.
We also consider the nature of the trading platform and if it supports standard desktop and mobile devices. Advanced traders may look for specific tools on mobile apps, and the best brokers always have these available.
Account types
The best online trading platform will depend on the customer’s level and tastes, and that’s why some brokerages are flexible. We always honour forex brokers who offer multiple account types to suit all traders.
Payment options
The best forex broker in the EU will obviously ensure that the client’s money is safe. That is why our team looks for brokers with a diverse selection of reliable payment options, covering credit cards, eWallets, and cryptocurrencies.
Currency variety
We understand that the availability of currency pairs opens up your world to new, unexplored opportunities. Therefore, we check if a trading platform has niche trading options available.
Checklist: This is how you find your perfect forex broker like a pro!
There are many great forex sites out there, but not all of them are perfectly crafted for the rain man in you. Your personal best forex broker in Europe depends mainly on your budget and investment strategy. It could take ages before you find your ideal home, but these tips will help speed up your decision-making process.
Are you just starting out on a shoestring budget?
If your capital is still limited, you may want to consider websites built for novices. The perfect brokerage for you will charge minimal spreads and inactivity charges. This allows you to collect maximum gains and develop your portfolio.
Constantly travelling?
If you are the type of trader who’s always on the move, then the best forex broker in the EU for you offers an optimised mobile interface that fits perfectly on multiple devices. That way, you will be able to complete all your transactions with ease.
Other markets
Trading forex has massive potential for growth, but there might be other avenues that you would like to occasionally explore. Perhaps you would like to have other trading options such as stocks or commodities under the same roof. Check out what type of services different brokers have in store and pick the site that speaks to your needs.
Special deposit methods
As a trader, you may prefer cryptocurrency or a particular eWallet for your transactions. You must, therefore, study each platform’s banking section before making a commitment. The best forex broker in Europe for you, in this case, is one that incorporates the widest selection of cryptos and other payment methods. Also, look for a forex broker with a reputation for fast payouts.
Depending on your level of experience in the forex business, you will require a different trading platform. Beginners will prefer a simple desktop site or mobile app that they can understand. But if you’re ready to step up your game, you would obviously be looking for more advanced systems with automation and market analysis tools.
1.
Players from United States of America accepted
The risk of loss in online trading of stocks, options, futures, currencies, foreign equities, and fixed Income can be substantial.
2.
Players from United States of America accepted
All investments involve risks, including the possible loss of capital.
3.
Players from United States of America accepted
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What else can you trade online in Europe? – Widen your horizons
Whether you want to make a living or protect your capital, there are several trading instruments that you can jump onto. The online marketplace provides an array of legal and recognised brokers that offer lucrative opportunities to all types of investors. Below are some of the commonest financial instruments available at the best forex broker in Europe that you can trade and potentially make some good returns.
Stocks
Here, a trader buys a piece of a company at a particular share price. Some companies are volatile, which means the share price can move up or down at any moment. The stock exchange requires intensive research into a company and the particular industry the firm operates in. The best forex broker will usually allow its customers to buy a wide range of stock options.
Futures contracts
This is where a trader enters into a contract to procure commodities such as crude oil at a fixed price for delivery in the future.
Exchange-traded funds (ETFs)
ETFs have a combined value of several stocks or indexes. Popular ETFs track the S&P 500, top tech companies, and emerging markets in different countries.
CFDs
With a CFD contract, the trader does not have to own the actual stocks or assets being traded. You will only need to cover the trading cost and make profits based on the difference between the buy price and the sell price.
Conclusion – Finalising the trade
So, what is the best forex broker in Europe? The answer to that question may depend on individual needs and preferences. However, our team compiled a list of the best brokers to help you discover the best forex broker in the EU on your own.
Before setting up a forex trading account, browse through the content on TradersBest.com and learn how to get the most value from the best forex broker in Europe. You can also open a demo account with any brokers on our list and learn on the ground without making any financial commitment.
Best forex broker in Europe FAQ
⚖️ Is forex exchange legal in the EU?
The best forex platform worldwide should follow an ethical code to maintain trader safety and industry fairness. Many governments have set up statutes to protect the public from being duped. Before you sign up with a forex broker, check out our guides to determine if trading has been legalised in your country.
đź’° Can you earn enough to make a living through forex trading?
If you can find the best forex broker in the EU, you will access market trends and other trading tools to help you make lucrative decisions. On the other hand, forex markets tend to be volatile sometimes, and you may lose significant amounts of cash. To an extent, forex trading is similar to gambling. Check out our guides to find out how the markets function, do your homework, and you will have a general idea of the personal finance side of fx trading.
🗺️ Can I use an online forex broker from another country?
For a broker to operate legally, it needs to secure a license from the relevant authorities. A UK based brokerage would need a license from the FCA, while the best forex broker in the USA will most probably have a permit from SEC. Check out our guides and reviews to determine which sites your local government authorities endorsed and whether or not you can legally trade forex.
