Tracked byIndependent review teamUpdated
European Brokers, 2026
Independent comparison of EU-regulated brokers — every broker we list holds at least one MiFID II / EEA-passportable licence (CySEC, BaFin, AMF, CONSOB, CNMV, AFM and equivalents). We track broker-published spreads and commissions against the regulator registries, surface the EU entity that applies in your jurisdiction, and note when negative-balance protection or the €20,000 ICF compensation cover applies. No paid placement, no narrative reviews — just what brokers disclose, with a clear note when disclosure is vague.
Trade-cost calculator
EUR/USD · standard lotTotal cost per round-turn trade = average spread × $10/pip × lots + round-turn commission. Spreads are broker-published typical figures — your realised execution will vary, especially around news.
At 20 trades a month, you save $160/month ($1920/year) by choosing Libertex over XM Group.
Open account at Libertex →Ranking · 6 brokers
Editorial top pick
01Editorial top pick
01Libertex
CySECOpen account at Libertex →83% of retail investor accounts lose money
- Cost / lot
- Floating
- Min deposit
- €100
- Max leverage
- Up to 1:30
For retail clientsCySEC-regulated (Indication Investments Ltd, licence 164/12) with ICF investor compensation and negative balance protection · Single-jurisdiction CySEC coverage — no FCA or ASIC fallback
Fits ifYou are an EEA or Switzerland resident who wants a CySEC-regulated broker with ICF compensation and negative balance protectionPlatformsMetaTrader 4, MetaTrader 5, Libertex Platform, Mobile appFounded in 2012
- 02
02FxPro
FCACySECSCBFSCAOpen account at FxPro →- Avg spread
- 0.30pip
- Cost / lot
- $10.00
- Min deposit
- $100
- Max leverage
- 1:500
midpoint of broker rangeincl. $7 commissionEU/UK retail: 1:30 · SCB (Bahamas) entity: 1:500Four diversified regulators (FCA, CySEC, FSCA, SCB) with 18+ years operating history · MT4/MT5 Standard accounts are spread-only at ~1.2 typical pips — only use cTrader or Raw if you want commission-based pricing
Fits ifYou are EU or UK retail and want double tier-1 cover (FCA + CySEC) at one brokerPlatformsMetaTrader 4, MetaTrader 5, cTrader, FxPro EdgeFounded in 2006
- 03
03Tickmill
FCACySECFSAFSCAOpen account at Tickmill →- Avg spread
- 0.20pip
- Cost / lot
- $8.00
- Min deposit
- $100
- Max leverage
- 1:1000
editorial estimateincl. $6 commissionEU/UK retail: 1:30 · Seychelles entity: 1:1000Raw account: 0.0 from-spread + $6 round-turn — ECN-style pricing in a commission-based tier · Broker publishes "from" spreads only — realised typical is not disclosed on the accounts page
Fits ifYou are EU or UK retail and want FCA + CySEC double cover with ECN-style commission pricingPlatformsMetaTrader 4, MetaTrader 5Founded in 2014
- 04
04Deriv
BVIMFSAOpen account at Deriv →- Avg spread
- 0.70pip
- Cost / lot
- $7.00
- Min deposit
- $5
- Max leverage
- 1:1000
editorial estimateno commissionEU retail (MFSA Malta): 1:30 · Labuan / Vanuatu / BVI entities: up to 1:1000$5 minimum + 25 years of operating history (since 1999 as Binary.com, rebranded Deriv in 2020) · Forex is secondary to synthetic indices (their proprietary product) — CFD instrument breadth is narrower than ECN-focused brokers like Tickmill
Fits ifYou trade synthetic indices (Volatility, Crash, Boom) — Deriv invented this product categoryPlatformsMetaTrader 5, Deriv XFounded in 1999
- 05
05AvaTrade
ASICFSCACBIBVIOpen account at AvaTrade →- Avg spread
- 0.90pip
- Cost / lot
- $9.00
- Min deposit
- $100
- Max leverage
- 1:400
broker-published typicalno commissionEU/UK/AU retail: 1:30 · FSCA / BVI entities: up to 1:400Regulated in 6 jurisdictions · Spread-only pricing at 0.9 pip = ~$9/lot round-turn — wider than ECN/Raw brokers at similar volume
Fits ifYou are AU or EU retail and want CBI + ASIC double cover with 20 years of operating historyPlatformsMetaTrader 4, MetaTrader 5, AvaOptions, DupliTradeFounded in 2006
- 06
06XM Group
ASICCySECIFSCOpen account at XM Group →- Avg spread
- 1.30pip
- Cost / lot
- $13.00
- Min deposit
- $5
- Max leverage
- 1:1000
midpoint of broker rangeno commissionEU/AU retail: 1:30 · XM Global (offshore entity): up to 1:1000$5 minimum makes starting cheap · Standard account EUR/USD spread 1.0–1.6 pip (broker-published range) + $0 commission ≈ $13/lot — one of the highest costs in our list
Fits ifYou want the lowest-friction entry in our list — $5 minimum depositPlatformsMetaTrader 4, MetaTrader 5, Web TraderFounded in 2009
How we score
Full methodology →Editorial rating is a weighted score across four categories. The largest weight goes to actual per-lot trading cost, because it is the one metric every retail trader materially feels.
We verify regulator status against the FCA, ASIC, CySEC and other registries. Spread figures are broker-published — copied from each broker's specification page, not live-tracked. We do not run live execution tests, time withdrawals, or open support tickets.
Affiliate relationships do not move positions in this list. When a broker pays us more per lead, that shows in our paid-placement disclosure — not in the ordering.
- Cost of trading
- 35%
- Regulation & fund safety
- 30%
- Operating history
- 20%
- Accessibility
- 15%
Currently tracking 14 brokers across 55 regulators · 2 regulatory actions on file · pricing verified July 14, 2026.
Frequent questions
8Which forex broker is best for new users?
For beginners in the EU/EEA, choose a CySEC- or EU-regulated broker with a free demo account, negative balance protection and a low entry cost. Libertex (from €100, a user-friendly proprietary platform alongside MT4/MT5) is a common starting point. Prioritise a demo account, local-language support and an educational track over headline bonuses.
What is leverage and why is it used?
Leverage lets you trade a position larger than your deposit. In the EU/EEA, ESMA caps retail leverage: up to 1:30 on major currency pairs, and lower on other assets (1:20 major indices, 1:10 commodities, 1:5 individual shares, 1:2 crypto). So 1:30 means €100 controls a €3,000 position. Higher leverage is only available to professional clients, who give up retail protections.
How do I verify a broker is regulated?
Find the licence number on the broker's website and check the regulator's public register: CySEC (cysec.gov.cy), BaFin (Germany), CNMV (Spain), CONSOB (Italy), AMF (France) or the Central Bank of Ireland. EU/EEA brokers passport across the bloc under MiFID II — prefer a broker authorised by an EU/EEA regulator.
Is it safe to hold money with a forex broker?
EU-regulated brokers must keep client funds in segregated accounts, separate from company money, and provide negative balance protection to retail clients — you cannot lose more than your balance. CySEC-regulated firms are also covered by the Investor Compensation Fund (ICF), which can compensate eligible clients up to €20,000 if the broker becomes insolvent.
What is the minimum deposit to start trading?
Most EU-regulated brokers start around €100 — for example Libertex, FxPro, AvaTrade and Tickmill are in the €100 range. A sensible starting deposit for sound risk management is €200–€500, enough room to size positions without overexposing a small account.
MT4 or MT5 — which should I pick?
MetaTrader 5 is newer and multi-asset (forex, indices, commodities, shares), with more timeframes and an economic calendar; MetaTrader 4 remains popular for forex and Expert Advisors. Most brokers now default new accounts to MT5. Both are provided free by the broker.
What is the difference between ECN and market-maker brokers?
ECN/STP brokers route your orders to external liquidity providers and charge a commission on tight raw spreads; market-maker (dealing-desk) brokers quote their own spreads and may take the other side of your trade. Active traders often pay less all-in with ECN pricing, while beginners may prefer a market-maker's commission-free (wider-spread) model. Either way, use an EU-regulated broker.
Can I trade forex from a phone?
Yes. Every major EU-regulated broker offers iOS and Android apps — MetaTrader 4/5 or a proprietary app — with full order management, live charts and funding. A browser-based web terminal also works without installing anything.