5 Best Forex Trading Platforms in Europe for 2024

List of Top Forex Trading Platforms in Europe

How did FXEmpire select the Best Forex Trading Platforms in Europe?

• We ensured each broker had a high overall score in our proprietary broker rating system.
• We verified the license and authorization of each broker to operate in Europe.
• We selected brokers offering high-quality proprietary or third-party trading platforms.
• We tested each platform to ensure they are user-friendly and offer useful trading features.
• We examined the trading tools and features the broker provides through their trading platform.
• We opened live trading accounts to examine the brokers’ trading fees for competitiveness and transparency.
• We checked the number of tradable instruments from the broker’s platform to ensure a diverse range of asset classes and markets are available.
• We looked for educational materials such as platform video tutorials and articles.

Using FX Empire’s comprehensive methodology, our team of experts has identified the best forex brokers for auto trading this year. Here’s how we test.

Now let’s explore the selected brokers.

How to choose a forex trading platform in Europe?

Here is a quick guide on choosing a broker offering the best forex trading platform in Europe.

Is the broker safe?

In the brokerage industry, there are both regulated and unregulated brokers. A regulated broker offers the highest level of safety and investor protection, as they are overseen by a country’s financial regulator.

Should regulated brokers violate specific rules and laws, they face fines and may even lose their license. This creates a safer trading environment for investors, ensuring that the broker operates correctly and within a regulatory framework.

However, it’s important to note that not all regulated brokers offer the same level of protection. In our broker rating reviews, we classify regulators into three tiers:

• Tier-1 regulators are based in well-known financial economies and offer the highest level of investor protection. Example regulators include the FCA, CySEC, MAS, IIROC, and others.
• Tier-2 regulators are in established but smaller financial centers. Example regulators include the DFSA, FSCA, FMA, and others.
• Tier-3 regulators generally belong to more offshore-based countries, including the VFSC, SCB, FSC BVI, FSA Seychelles, and others.

Discover best CySEC-regulated brokers and best FCA-regulated brokers.

For European traders, choosing a Tier-1 regulated broker like those under the UK’s FCA or Cyprus’ CySEC is crucial for maximum investor protection. These brokers comply with the European Securities and Markets Authority (ESMA) and the Markets in Financial Instruments Directive (MiFID II), ensuring financial market transparency, fair trade execution, and investor security.

Check out our guide on Best MiFID-regulated brokers.

Trading with such regulated entities provides benefits like segregated client funds, access to compensation schemes, and enhanced market integrity, fostering a safer and more reliable trading environment.

I recommend avoiding unregulated brokers. These brokers are typically based offshore in locations such as St. Vincent and the Grenadines (SVG) and St. Lucia. Since they are not overseen or governed by strict rules and laws regarding the handling of your funds, there is no legal recourse to reclaim them if they are misappropriated.

You can verify your broker’s regulatory status and authorizations by reviewing the broker’s legal terms and conditions and checking the regulator’s register in the country they operate.

Read more about Best European regulated forex brokers.

Are the fees transparent and competitive?

When selecting a forex broker, it’s essential to consider the cost of trading with them. Here are a few fees to be aware of:

• Spread: The difference between the buy and sell prices. Discover Best zero spread forex brokers.
• Commission: A fee charged for buying or selling.
• Overnight or swap fee: The cost of holding leveraged or margined positions overnight. Find Best low swap fees brokers.
• Payments: Fees related to depositing or withdrawing funds.
• Inactivity: A charge if no trading activity has occurred for a certain number of months.

While brokers may aim to levy the highest fees possible, choosing a broker with the lowest fees is preferable. To confirm your broker’s fee structure, visit their website’s account or fees page or speak to their customer support team. If the fee structure is not clear and transparent, it is best to avoid them.

Which account type is best?

While brokers may offer a variety of account types, they typically fall into two main categories: commission-free and commission-based.

A commission-free trading account imposes no fees for buying or selling, as these costs are factored into the spread, leading to wider spreads.

A commission-based trading account entails a fee for buying or selling, but it often features lower spreads since price quotes are directly sourced from the interbank market.

Determining the optimal account type depends on individual preferences and trading strategies. Novice traders may find a commission-free trading account appealing, as most costs are included in the spread, simplifying risk management decisions. Conversely, experienced short-term traders might lean towards a commission-based account with lower spreads, enabling more precise execution of trades at specific market levels.

Read more about Best STP forex brokers and Best ECN forex brokers.

How much leverage is available?

Forex and CFD trading’s popularity stems largely from leverage, which allows traders to control large positions with a small deposit. For example, with 1:50 leverage, a $1 deposit can control a position worth $50.

However, Tier-1 regulators limit retail traders to a maximum leverage of 1:30 to reduce risks. While offshore brokers may offer higher leverage, caution is necessary due to the risk of margin calls. A margin call occurs when your account lacks sufficient funds to maintain a position, leading to automatic trade closures and potential losses.

Check out our list of Best high-leverage forex brokers.

In Europe, the leverage available for forex and CFD trading is significantly restricted to 1:30 due to regulations imposed by the European Securities and Markets Authority (ESMA) to protect retail investors.

How to choose the best forex trading platform?

When choosing a platform, take into account the following considerations:

• Multi-Device Accessibility: Does it support desktop, web, and mobile devices, providing flexibility in your trading location and method?
• Real-Time Price Data: Does it offer free, real-time price quotes, ensuring you can trade at the optimal prices?
• Drawing Tools and Indicators: Are integrated drawing tools and technical indicators available to assist your analysis?
• Educational Resources: Does the broker offer tutorials or support to help you learn and maximize your platform use?
• Customer Support: Is customer support available to address any required assistance?
• Third-Party Integrations: Does the platform allow third-party integrations to enhance your trading experience?

What are the most popular forex trading platforms?

Some of the most popular forex trading platforms include:

• MetaTrader 4 offers a reliable platform featuring real-time charts, advanced order tickets, diverse timeframes, integrated technical analysis indicators, and drawing tools. Explore Best MT4 brokers.
• MetaTrader 5 represents an upgraded version of MT4, providing a broader range of execution styles, order types, timeframes, and indicators. Discover Best MT5 brokers.
• cTrader, designed for high-frequency trading and scalpers, is a platform tailored specifically for algorithmic traders. Read more about Best cTrader forex brokers.
• TradingView is a web-based social trading platform equipped with advanced charting and research features spanning global asset classes. Check out our picks of Best TradingView forex brokers.
• NinjaTrader is a platform designed exclusively for futures trading and offers a fully customizable setup.
• In-House Proprietary Software: Some brokers create their own custom platforms, incorporating additional features that are different from third-party platforms.

I favor trading with a broker that provides multiple platforms accessible on various devices. This ensures that in the event of issues with one platform or device, I can seamlessly switch to another, ensuring the continuous management of my trading account.

Read more about Best forex trading platforms.

Brokers typically provide access to a demo trading account, offering an excellent opportunity to evaluate a trading platform and engage in practice trading. Find Best forex demo account here.

What are the most popular third-party tools?

Many brokers offer additional third-party trading tools on top of their trading platforms. Some popular third-party trading tools include:

• Autochartist provides automated financial market services, including a real-time pattern recognition scanner, price action volatility analysis, and market research reports. Autochartist is available as a plugin for MT4 and MT5 and as a standalone web application through brokers that offer it.
• Trading Central offers investment analytics through its algorithms and research team. Its tools like Market Buzz, Featured Ideas, Technical Views, and Fundamental Insights deliver analysis on news announcements and price patterns. Some brokers integrate these tools into their client portal area or provide them on a standalone webpage.

Read more about Best forex brokers with Autochartist.

Both sets of third-party tools are valuable for both beginners and advanced traders. Long-term traders may benefit from the fundamental research offered, while short-term traders might appreciate the automated technical analysis and trading ideas. Identifying your strategy and style is crucial in determining which tools will be most beneficial for you.

What to avoid when choosing a forex trading platform in Europe?

Avoid the following factors when choosing a forex trading platform in Europe.

• Unregulated Brokers: Engaging with unregulated brokers comes with significant risks. Without regulations, there are no safeguards to recover your capital if the broker engages in fraudulent activities or misappropriates your funds.
• Lack of Transparency: Difficulty discerning a broker’s regulatory status, trading fees, and terms indicates a lack of transparency. Such opacity is a red flag, suggesting the broker is concealing important information.
• Absence of Physical Presence: Brokers without a physical office and staff in a reputable region raise concerns. A reputable broker typically maintains offices in well-known financial regions and has a substantial workforce to operate the business efficiently.
• Unrealistic Profit Promises: Brokers that make exaggerated promises of substantial profits are dishonest and may operate without proper regulation. All trading involves risk. It is advisable to steer clear of such brokers.

How to avoid forex and CFD scams?

Unfortunately, the forex and CFD industry is rife with scams. To steer clear of fraudulent activities, consider the following:

• Trade exclusively with regulated brokers and verify their licenses through the official regulator’s website.
• Confirm that the broker operates from a physical office within a jurisdiction governed by a robust and credible regulatory framework.
• Ensure access to live customer support to address any concerns or issues.
• Conduct due diligence by reviewing online news articles and broker reviews to gather information about the broker’s reputation.
• Use payment methods you are familiar with and trust for deposits and withdrawals.
• Carefully examine the broker’s terms and conditions before entering into any agreements.

Our Methodology

Utilizing our in-house rating system, we analyze brokers across nine core categories, scrutinizing 250 data points covering:

• Trustworthiness: We verify the brokers’ authorizations and licenses by the respective country’s regulatory body.
• Fees: We evaluate trading fees by opening live trading accounts and comparing them to the industry average.
• Trading platform and tools: We test the trading platforms to examine the range of features and their user-friendliness.
• Tradable instruments: We identify the number of tradable instruments to ensure a diverse range of asset classes are available.
• Customer support: We engage with the customer support team to test the ease of access, knowledge, and helpfulness.
• Payment methods: We examine the available deposit and withdrawal methods and their associated fees and processing times.
• Account types: We investigate the features and benefits of each account type, including execution method, minimum deposits, and more.
• Research and education: We assess the quality of the broker’s research and educational materials.

In this guide, we ensured that each broker is regulated by European authorities and offers its services to clients in Europe. We examined all the trading platforms provided by brokers, whether proprietary or third-party. Each platform was tested for its user-friendliness and the range of features and tools it offers. We also assessed the availability of useful third-party tools and evaluated how competitive the broker’s fee structure is.

Meet Our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

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