Zornitsa Stefanova
Zornitsa Stefanova is a Financial Research and Platform Testing Analyst at BestBrokers.com, specialising in hands-on reviews of forex, cryptocurrency and stock trading platforms. She evaluates brokerage companies from a user-focused perspective, testing key areas such as account setup, trading conditions, platform usability, available markets and overall reliability.
| Updated: If you are seeking the best forex broker for Belgian traders, we recommend checking our list of top brands offering fair and safe trading to their customers. The brokers we have picked cover a wide selection of currency pairs, with trading tools and platforms enabling easy and secure trading. Our team of experts has thoroughly reviewed the overall experience that each of the brokerages below will provide to Belgian traders, making sure that FX enthusiasts can enjoy only the best conditions while trading currency pairs.
Fusion Markets74-89% of retail's CFD accounts lose money
BlackBull MarketsTrading leveraged products is risky
VantageTrading leveraged products is risky
Eightcap59.57% of retail investor accounts lose money when trading CFDs with this provider.
Global Prime74-89% of retail CFD accounts lose money
IG67% of retail client accounts lose money when trading CFDs with this investment provider.
FxPro74% of retail investor accounts lose money
Plus500 USThis content applies only to Plus500 US and clients from the United States. Trading futures involves the risk of loss.
Swissquote61% of retail investor accounts lose money
eToro52% of retail investor accounts lose moneyBelgian Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 4,873 | 4.8 ⭐ |
| 2. BlackBull Markets | 2,681 | 4.8 ⭐ |
| 3. AvaTrade | 11,076 | 4.7 ⭐ |
| 4. Global Prime | 341 | 4.7 ⭐ |
| 5. Vantage | 10,604 | 4.5 ⭐ |
| 6. Eightcap | 3,429 | 4.0 ⭐ |
| 7. IG | 8,324 | 3.9 ⭐ |
| 8. Swissquote | 3,574 | 3.7 ⭐ |
| 9. Iron FX | 863 | 3.5 ⭐ |
| 10. FxPro | 751 | 3.2 ⭐ |
Belgian Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. Fusion Markets | 0.90 avg (Classic) | 1.04 avg. (Classic) | 1.03 avg. (Classic) | 1.04 avg. (Classic) |
| 2. Global Prime | 1.00 avg (Standard) | 1.20 avg (Standard) | 1.16 avg (Standard) | 1.18 avg (Standard) |
| 3. FxPro | 1.49 | 1.85 | 1.56 | 1.9 |
| 4. IG | 0.86 avg. spread | 0.97 avg. spread | 1.83 avg. spread | 1.84 avg. spread |
| 5. Iron FX | 1.2 | 0.9 | 1.0 | 1.3 |
| 6. AvaTrade | 0.8 | 1.3 | 1.2 | 1.2 |
| 7. Eightcap | 1.00 (min) | 1.2 | 1 | 1.1 |
| 8. Vantage | 1.18 | 1.41 | 1.22 | 1.30 |
| 9. BlackBull Markets | 0.8 | 0.8 | 1.4 | 0.8 |
| 10. Swissquote | 1.7 | 1.6 | 1.7 | 2.0 |
Belgian Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. Iron FX | $0 Standard Account; $18 Live Zero Fixed Spread; $10 STP/ECN Zero Spread; $6 STP/ECN Zero Spread Professional |
| 2. Eightcap | $0 on Standard and TradingView accounts; $7 round-turn on Raw accounts |
| 3. Vantage | $3 per side on Raw; $1.50 per side on Pro |
| 4. IG | $0 |
| 5. AvaTrade | $0 |
| 6. Fusion Markets | $0 on Classic accounts; $4.50 per round turn on ZERO accounts |
| 7. BlackBull Markets | $0 (Standard); $6 per lot (Prime); $4 per lot (Institutional) |
| 8. Global Prime | $0 on Standard accounts; $7 round-turn on Raw accounts |
| 9. FxPro | $0 on Standard Account; $3.50 per side on Raw+ and Elite Accounts |
| 10. Swissquote |
|
Important Note: The official body regulating financial markets and companies offering financial services in Belgium is the Financial Services and Markets Authority (FSMA). In 2016, it banned local brands from enabling any form of leverage trading, including forex. That said, since Belgium is a member of the EU, Belgian traders might be able to trade on offshore websites regulated in different jurisdictions across the EU and EEA. To learn more about the FSMA, you can visit its website or follow its X profile.
Top 11 FX Brokers in Belgium
Fusion Markets Broker Details Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader 4, MetaTrader 5, cTrader, DupliTrade, Fusion+ Copy Trading, TradingView Trustpilot Rating 4.8 out of 4,873 reviews Number of CFD Forex Pairs to Trade 90+ Leverage Forex & Metals CFDs: 1:30 (1:500 for forex and metals via the VFSC entity)
Index CFDs: 1:5
Cryptocurrency CFDs: 1:2 (ASIC), 1:10 (FSA, VFSC)Spread EURUSD: 0.90 avg (Classic)
USDJPY: 1.04 avg. (Classic)
EURGBP: 1.03 avg. (Classic)
GBPUSD: 1.04 avg. (Classic)Forex Commission per Lot per Trade $0 on Classic accounts; $4.50 per round turn on ZERO accounts Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, FasaPay, Jeton Wallet, Perfect Money, OnlineNaira, DOKU, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, Bank Wire, ZotaPay, VNPAY, DuitNow, XPay, Dragonpay, VAPay, AstroPay, PayID, JetonBank, STICPAY, Interac, LuqaPay, MiFinity Withdrawal Methods Visa, Mastercard, Bank Wire, Skrill, Neteller, Bitcoin, Ethereum, Litecoin, Tether, Ripple, MiFinity, Interac, PayPal, AstroPay, Jetonbank, Dragonpay Founded by Australian trading experts, Fusion Markets was launched in 2017 and has become a popular choice for traders around the world. Although many brokers advertise low spreads, Fusion Markets has been recognized by BrokerChooser, receiving the “Lowest Spread Forex Broker” award for four consecutive years.
In addition to tight spreads, Fusion Markets offers strong value for traders, charging a low commission of only $2.25 per lot per side ($4.50 per round turn). Cost-effectiveness is one of the broker’s main strengths.
Fusion Markets is regulated by the Australian Securities and Investments Commission (ASIC; AFSL No. 385620), the Financial Services Authority of Seychelles (License No. SD096), and the Vanuatu Financial Services Commission (VFSC). Under ASIC regulation, the broker also offers negative balance protection for eligible clients.
With no minimum deposit requirement and a wide range of popular trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, and TradingView, Fusion Markets remains an attractive option for traders. The broker has an average rating of 4.8 out of 5 on Trustpilot, based on 4,873 reviews.
Key Pros
- Offers some of the lowest spreads
- ASIC clients have negative balance protection
- Supports popular trading platforms
- Offers two copy trading platforms
- Supports fiat and crypto payment methods
Key Cons
- Does not offer investor protection
- Traders outside Australia do not have negative balance protection.
- Accounts cannot be set up in minor currencies.
- Does not have an FCA license
BlackBull Markets Broker Details Regulators FSA (Seychelles, No. SD045), FMA (No. FSP403326) Min Deposit $0 (Standard)$0 (Prime)$20,000 (Institutional) Trading Platforms MetaTrader 4, MetaTrader 5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade, BlackBull Invest, ZuluTrade Trustpilot Rating 4.8 out of 2,681 reviews Number of CFD Forex Pairs to Trade 70+ Leverage Forex & Metals CFDs: 1:500
Index CFDs: 1:500
Cryptocurrency CFDs: 1:500Spread EURUSD: 0.8
USDJPY: 0.8
EURGBP: 1.4
GBPUSD: 0.8Forex Commission per Lot per Trade $0 (Standard); $6 per lot (Prime); $4 per lot (Institutional) Deposit Methods Visa, Mastercard, Neteller, Airtm, Skrill, bank transfer, HexoPay, American Express, POLi, Payment Asia, Help2Pay, FXPay, FasaPay, China UnionPay, Boleto, AstroPay, Beeteller, Bitcoin, Ethereum, Tether, Ripple, Litecoin, Bitcoin Cash, Chainlink, USD Coin, Stellar Withdrawal Methods Visa, Mastercard, bank transfer, Airtm, Skrill, Neteller, American Express, POLi, HexoPay, Payment Asia, Help2Pay, FXPay, China UnionPay, Boleto, FasaPay, Beeteller, AstroPay, Bitcoin, Litecoin, Bitcoin Cash, Tether, Ripple, Stellar, Chainlink, Ethereum, USD Coin Founded in 2014, BlackBull Markets stands out for its tradable asset diversity, offering a selection of more than 26,000 financial instruments. The broker caters to forex traders with more than 70 major, minor, and exotic currency pairs that can be traded via three types of ECN accounts: Standard, Prime, and Institutional. Commodities, shares, indices, and futures can also be traded with BlackBull Markets.
The broker is licensed by the FSA (Seychelles) and the FMA, and it offers relatively reasonable trading conditions, although the exact trading costs largely depend on the type of live account you open. Customers looking to trade commission-free can do so via ECN Standard accounts, where spreads generally start from 0.8 pips and there are no minimum deposit requirements. ECN Prime and ECN Institutional accounts are suitable for seasoned and high-volume traders. Both account types charge above-average commissions per lot.
Customers with live accounts can top up their balances with payment cards, digital wallets, online banking gateways, bank transfers, and cryptocurrencies. Deposits come at no extra cost, but the New Zealand-based broker charges a $5 processing fee on all withdrawals, regardless of the payment method used.
Key Pros
- Uses a proprietary copy-trading platform
- Swap-free trading via ECN Standard and ECN Prime accounts
- Multi-platform support
- Provides 24/7 customer support
- Strong education hub for traders looking to hone their skills
Key Cons
- High commissions per lot on Prime and Institutional accounts
- Charges a $5 withdrawal fee
Vantage Broker Details Regulators FCA (FRN: 590299), VFSC (reg. no. 700271), ASIC (license no. 428901), FSCA (license no. 51268), CIMA (license no. 1383491) Min Deposit $50 ($10,000 for Pro ECN accounts) Trading Platforms MetaTrader 4, MetaTrader 5, ProTrader, TradingView, Copy Trading Trustpilot Rating 4.5 out of 10,604 reviews Number of CFD Forex Pairs to Trade 60+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 1.18
USDJPY: 1.41
EURGBP: 1.22
GBPUSD: 1.30Forex Commission per Lot per Trade $3 per side on Raw; $1.50 per side on Pro Deposit Methods Visa, Mastercard, UnionPay, Boleto, Bank Wire, Skrill, Neteller, Crypto, POLi, FasaPay, Perfect Money, BPAY, PagSmile, AstroPay, JCB Withdrawal Methods Visa, Mastercard, UnionPay, Bank Wire, Skrill, Neteller, Crypto, AstroPay, Perfect Money, JCB Vantage is an online broker that offers traders over 1,000 CFD products with competitive pricing. Founded in 2009, the broker has established itself as one of the most trustworthy names in the industry, with authorities such as ASIC, FCA, FSCA, CIMA, and VFSC regulating Vantage’s services.
Trading with Vantage is available through several platforms, including MetaTrader 4, MetaTrader 5, TradingView, and ProTrader. Copy trading is also available to Vantage clients, and the broker was recognized as Best in Class for Copy Trading in 2024 by ForexBrokers. Copy trading is available on the Vantage app, offering smooth trading on the go for both Android and iOS users.
When traders decide to fund their Vantage account, they can choose from methods such as credit and debit cards, bank transfers, e-wallets like Neteller and Skrill, cryptocurrency wallets, and the Boleto instant banking service. Keep in mind that some methods are country-specific and may not be available to all Vantage clients. Traders can fund their account with as little as $50 or the equivalent in another currency. However, Pro ECN accounts require a significantly higher initial deposit of $10,000.
Key Pros
- Regulated by reputable authorities
- Offers over 1,000 CFD products
- Supports various popular platforms
- Enables easy copy trading on mobile devices
- Tight spreads and low commissions for forex traders
Key Cons
- Some banking methods are exclusive to certain markets
- Could offer more currency pairs
- Educational materials could be more extensive
Global Prime Broker Details Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MT4, MT4 WebTrader, MT4 Android, MT4 iOS; for VFSC clients: MT4, MT5 (Desktop, WebTrader, Mobile), and GP Copy Trustpilot Rating 4.7 out of 341 reviews Number of CFD Forex Pairs to Trade 59 Leverage Forex & Metals CFDs: 1:500 (1:30 for ASIC entity)
Index CFDs: 1:100 (1:20 for ASIC entity)
Cryptocurrency CFDs: Up to 1:2 (ASIC); up to 1:5 (Pro and VFSC)Spread EURUSD: 1.00 avg (Standard)
USDJPY: 1.20 avg (Standard)
EURGBP: 1.16 avg (Standard)
GBPUSD: 1.18 avg (Standard)Forex Commission per Lot per Trade $0 on Standard accounts; $7 round-turn on Raw accounts Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, FasaPay, VNPay, Pagsmile, BPAY, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto Withdrawal Methods Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies
Global Prime is a reliable brokerage that has been providing low-cost trading services since 2010. Regulated by the financial authorities in Vanuatu and Australia, the broker provides access to more than 150 financial instruments, including indices, bonds, commodities, cryptocurrencies, and more than 50 currency pairs.
Major-pair spreads on Raw accounts start at zero pips, with most orders executed within 10 milliseconds on average. The broker’s ASIC-regulated entity supports MT4 only, while clients trading under VFSC regulation also have access to MT5. Global Prime also plans to expand its range of supported platforms with TradingView soon.
These excellent trading conditions, coupled with a streamlined registration process, fee-free deposits and withdrawals, and round-the-clock support, have earned the broker a solid 4.7 rating on Trustpilot. Still, there is room for improvement, as the company does not offer cent or Islamic accounts. The broker has no compensation scheme for client funds, either, which is another area where Global Prime could improve.
Key Pros
- Overseen by a top-tier financial regulator (ASIC)
- No fees on deposits and withdrawals
- Low fees for FX trading
- Streamlined sign-up process
- A broad range of currency pairs
Key Cons
- Could offer more trading platforms
- Limited range of educational resources
- Does not offer Islamic or cent accounts
Eightcap Broker Details Regulators SCB (No. SIA-F220), ASIC (No. 391441), CySEC (No. 246/14), FCA (No. 921296), FSC (No. GB25204603), FSA (No. SD100), SCA Min Deposit $100 Trading Platforms MetaTrader 4, MetaTrader 5, WebTrader, TradingView, Capitalise.ai, FlashTrader Trustpilot Rating 4.0 out of 3,429 reviews Number of CFD Forex Pairs to Trade 50+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 1.00 (min)
USDJPY: 1.2
EURGBP: 1
GBPUSD: 1.1Forex Commission per Lot per Trade $0 on Standard and TradingView accounts; $7 round-turn on Raw accounts Deposit Methods Visa, PayPal, Mastercard, Wire Transfer, Neteller, Skrill, Tether, Bitcoin, BPAY, Dragonpay, FasaPay, Interac, Pix, UnionPay Withdrawal Methods Mastercard, Visa, PayPal, Skrill, Neteller, Bitcoin, Tether, Wire Transfer, BPAY, FasaPay, Pix, Interac, UnionPay Eightcap was established in 2009 in Melbourne, Australia. The brokerage has grown significantly over the years and now serves traders in more than 125 countries worldwide. The Australian company is licensed to conduct online trading by top-tier financial regulators like the FCA, ASIC, and CySEC. It also holds licenses from the SCB in the Bahamas and the FSA of Seychelles. The broker provides favorable trading conditions, but its product range is somewhat narrower than that of some competitors.
Around 800 financial instruments (600+ in Europe) are available, placing the broker’s selection of tradable products slightly below the industry average. Various asset classes are covered, including equity indices, shares, cryptocurrencies, forex, and commodities. The broker specializes in providing speculative trading via contracts for difference, with maximum retail leverage ratios capped at 1:30 or 1:500, depending on the country of access.
Traders at Eightcap can go long or short on approximately 56 forex pairs, with minimum spreads starting from 0.0 pips on Raw accounts, where a $7 round-turn commission applies instead. Standard accounts allow commission-free forex trading but have slightly higher spreads (from 1 pip) than their Raw counterparts. Capitalizing on currency price movements is possible via the TradingView, MT5, and MT4 platforms. Minimum deposit requirements align with the industry average ($100), with plenty of secure payment methods at customers’ disposal, including Skrill, Neteller, PayPal, Visa, Mastercard, BPAY, Pix, FasaPay, and Interac.
Key Pros
- Commission-free FX trading via Standard accounts
- Spreads from 0.0 pips on major currency pairs
- Accepts cryptocurrency deposits
- Wide variety of deposit and withdrawal methods
- Insights section with webinars, trade ideas, and weekly forecasts
Key Cons
- Below-average range of tradable instruments
- Crypto withdrawals incur transaction fees
ActivTrades Broker Details Regulators FCA (UK), CMVM (Portugal), CVM (Brazil), SCB (Bahamas), FSC (Mauritius) Min Deposit $0 Trading Platforms ActivTrader, TradingView, MT4, MT5 Trustpilot Rating 3.9 out of 1,251 reviews Number of CFD Forex Pairs to Trade 56 Leverage Forex & Metals CFDs: 1:30 (1:400 under the Bahamas entity)
Index CFDs: 1:20 (1:200 under the Bahamas entity)
Cryptocurrency CFDs: 1:2 (1:20 under the Bahamas entity)Spread EURUSD: 0.50
USDJPY: 0.50
EURGBP: 0.80
GBPUSD: 0.80Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, PayPal, Apple Pay, Google Pay, Skrill, Neteller, Bank Transfer, Cryptocurrencies Withdrawal Methods Visa, Mastercard, PayPal, Skrill, Neteller, Bank Transfer, Cryptocurrencies ActivTrades is a well-established broker with more than 23 years of experience and operates under the regulatory oversight of the FCA, FSC, SCB, CVM, and CMVM. The broker maintains strong security standards and price transparency, offering tight spreads on more than 1,100 trading symbols across six asset groups. Besides forex, retail customers can trade CFDs on shares, indices, commodities, ETFs, and bonds.
Traders can open sterling-denominated accounts that support commission-free trading across all available markets. The broker provides maximum retail leverage of 1:30, while clients eligible for professional accounts can access leverage of up to 1:400. ActivTrades supports customer financial protection by providing negative balance protection and enhanced client funds insurance of up to $1 million.
ActivTrades was the first UK-licensed broker to introduce excess FSCS insurance in 2013, offering compensation above the regular limit of $50,000 per retail client. Traders can fund their live accounts with cards, bank transfers, and popular e-wallets such as PayPal. There is no minimum deposit requirement. A 1.5% fee applies to deposits with UK-issued credit and debit cards.
Key Pros
- Has held an FCA license since 2009
- Safeguards all traders with negative balance protection
- Stores client funds at top-tier banks such as Barclays and Lloyd’s
- Supports free PayPal deposits and withdrawals
Key Cons
- Additional fees apply to card deposits
- Charges administrative fees after 50 weeks of inactivity
IG Broker Details Regulators ASIC, FCA, DFSA, CFTC, FMA, FINMA, BaFin, MAS, JFSA, FSCA, BMA (Bermuda) Min Deposit $0 Trading Platforms MetaTrader 4, L2 Dealer, ProRealTime, IG proprietary software, TradingView Trustpilot Rating 3.9 out of 8,324 reviews Number of CFD Forex Pairs to Trade 90+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 0.86 avg. spread
USDJPY: 0.97 avg. spread
EURGBP: 1.83 avg. spread
GBPUSD: 1.84 avg. spreadForex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Bank Transfer, Wire Transfer, Visa Electron, Discover, PayPal, Apple Pay, BPAY Withdrawal Methods Visa, Visa Electron, Mastercard, Discover, Bank Transfer IG is a trusted online broker regulated in multiple jurisdictions, including Australia, Singapore, the UAE, the UK, and the US. It provides low-cost trading in thousands of financial markets, ranging from forex and commodities to cryptocurrencies, shares, bonds, and indices. Seasoned traders can also access options contracts, spread betting, and interest rate markets.
The brokerage charges no commissions on forex trades and derives most of its revenue from spreads. IG offers a broad range of CFDs for customers who want to capitalize on price movements without purchasing underlying assets. Forex traders have access to complex speculative instruments such as turbo warrants, vanilla options, contracts for difference, and barrier options.
IG’s proprietary software provides a smooth trading experience, and clients can also connect third-party platforms like MT4 and ProRealTime to their IG accounts. Both platforms are suitable for algorithmic trading.
Funding options include debit/credit cards, bank transfers, and PayPal. The availability of some methods depends on your country of residence, and some withdrawal methods may incur fees. Bank transfers have no minimum deposit threshold.
Key Pros
- Extensive selection of over 17,000 tradable markets
- Listed on the FTSE 250 index
- Competitive pricing and low forex spreads
- No fees on most deposits or withdrawals
- Demo accounts for risk-free forex trading practice
Key Cons
- Limited payment options
- Customer support can be slow to respond during busy hours
AvaTrade Broker Details Regulators CBI (No. C53877), ASIC (No. 406684), FFAJ (No. 1574), ADGM/FSRA (No. 190018), BVIFSC (No. SIBA/L/13/1049), FSCA (No. 45984), CySEC (No. 347/17), ISA (No. 514666577), SFC (No. 0261/2024) Min Deposit $100 Trading Platforms MetaTrader 4, MetaTrader 5, WebTrader, AvaTrade App, AvaSocial, AvaOptions, DupliTrade Trustpilot Rating 4.7 out of 11,076 reviews Number of CFD Forex Pairs to Trade 50+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2 for EU residents, 1:25 for non-EU residentsSpread EURUSD: 0.8
USDJPY: 1.3
EURGBP: 1.2
GBPUSD: 1.2Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire transfers Withdrawal Methods Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire transfers AvaTrade is one of the most experienced brokers and has been offering online trading services since 2006. Licensed and regulated to operate across six continents, the brand focuses on CFD and forex trading and gives traders access to popular platforms, including MetaTrader 4 and MetaTrader 5. Alongside the MetaTrader platforms, AvaTrade also offers its AvaTrade WebTrader and AvaTrade App platforms, which include several innovative features, such as AvaProtect.
New traders can also try copy trading through AvaTrade’s AvaSocial platform. AvaTrade offers a seamless mobile trading experience through its dedicated app, available for both Android and iOS users.
It is no wonder that so many traders have chosen AvaTrade, as the brand offers some of the best trading conditions online. Hedging, short selling, and scalping are allowed, giving traders fewer restrictions to worry about. Fast order execution and competitively low spreads are also among the reasons the broker has earned a score of 4.7 out of 5 on Trustpilot. AvaTrade’s services are regulated in nine jurisdictions, with the Financial Futures Association of Japan, the Cyprus Securities and Exchange Commission, and the Australian Securities and Investments Commission among its regulators.
Key Pros
- Regulated in 9 jurisdictions across 6 continents
- Offers various trading platforms suitable for both beginners and experienced traders
- Enables smooth mobile forex trading via a dedicated app
- Offers over 50 forex options and numerous CFDs.
- Easy copy trading via the AvaSocial platform
Key Cons
- Retail account pricing lags behind top brokers' offerings
- The desktop platform may seem slightly outdated
- Many payment solutions are country-specific.
FxPro Broker Details Regulators FCA (No. 509956), CySEC (No. 078/07), FSCA (No. 45052), SCB (No. SIA-F184), FSA (No. SD120) Min Deposit $0 Trading Platforms MetaTrader 4, MetaTrader 5, cTrader, FxPro Edge (proprietary) Trustpilot Rating 3.2 out of 751 reviews Number of CFD Forex Pairs to Trade 70+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 1.49
USDJPY: 1.85
EURGBP: 1.56
GBPUSD: 1.9Forex Commission per Lot per Trade $0 on Standard Account; $3.50 per side on Raw+ and Elite Accounts Deposit Methods Visa, Mastercard, Maestro, Domestic Bank Transfer, International Bank Transfer, Neteller, PayPal, Skrill, UnionPay, Broker-to-Broker Transfer Withdrawal Methods Bank Transfer, Mastercard, Visa, UnionPay, Maestro, PayPal, Skrill, Neteller Founded in 2006, FxPro is a multi-award-winning broker that provides online trading services under licenses granted by financial regulators in the UK, Cyprus, South Africa, the Bahamas, and the Seychelles. More than 2,100 instruments can be traded at FxPro via a variety of platforms, including MT5, MT4, cTrader, TradingView, and the proprietary FxPro Edge. Clients can trade forex, shares, energy products, cryptocurrencies, indices, futures, metals, and ETFs at FxPro.
Forex traders, in particular, can access more than 70 major, minor, and exotic currency pairs with fixed or marked-up floating spreads, depending on the platform and account type. Orders are filled with low latency, with execution speeds under 8 milliseconds. FxPro holds client funds in segregated accounts at major international banks and offers negative balance protection to all retail customers, regardless of their trading volume or country of residence.
FxPro’s typical minimum deposit is $100, which aligns with industry standards, although the broker generally recommends that new customers start with at least $1,000 in their live accounts. Deposits and most withdrawals incur no additional transaction fees at FxPro, except for certain e-wallet withdrawals from accounts with no trading activity. Cards, bank transfers, and e-wallets are all viable funding options for clients with live accounts.
Key Pros
- Over 2,100 CFDs across eight asset classes
- Zero fees on deposits and most withdrawals, provided the account has had trading activity
- Floating spreads with no commissions on MT4 FX trades
- Winner of over 100 industry awards
- Fills orders in less than 8 milliseconds
Key Cons
- FX spreads are slightly higher than industry averages
- Charges fees on withdrawals from accounts with no trading activity
Swissquote Broker Details Regulators FCA (562170), DFSA (F001438), SFC (AZV127), MFSA (C 57936), CySEC (422/22), MAS (226182), CSSF, FSCA (43908) Min Deposit Standard Account: $1,000; Premium Account: $10,000; Prime Account: $50,000 Trading Platforms CFXD, MetaTrader 4, MetaTrader 5 Trustpilot Rating 3.7 out of 3,574 reviews Number of CFD Forex Pairs to Trade 80+ Leverage Forex & Metals CFDs: 1:30 (Europe), 1:100 (International), 1:50 (Middle East), 1:20 (Singapore)
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 1.7
USDJPY: 1.6
EURGBP: 1.7
GBPUSD: 2.0Forex Commission per Lot per Trade - $/€0 on Standard, Premium, and Prime Accounts
- $/€2.50 per side per lot for Elite Accounts
Deposit Methods Visa, Mastercard, Bank Transfer, Online Banking Withdrawal Methods Visa, Mastercard, Bank Transfer, Online Banking Swissquote is widely regarded as one of the most secure online brokers. Established in 1990 as a financial company specializing in financial software and web application development, Swissquote introduced its first financial platform in 1996, providing real-time pricing for all securities on the Swiss stock exchange. Today, Swissquote is publicly traded, operates two entirely online banks, and is one of the most trustworthy brokers for Swiss traders and traders in several international markets.
To offer seamless CFD and forex trading to its customers, Swissquote introduced its CFXD platform, which features a simple interface and tools designed for an intuitive trading experience. In addition to CFXD, the broker also supports MetaTrader 4 and 5, while the Autochartist tool gives traders access to a large library of charts and market analysis. Swissquote also offers investing in real stocks and ETFs.
One of Swissquote’s key strengths is its commitment to providing strong value. It offers competitive spreads and low margin rates. Client accounts benefit from cash deposit protection for transactions up to $/€100,000, as well as negative balance protection. Regulated by major financial authorities such as the FCA, CySEC, and MAS, Swissquote has earned the trust of traders around the world.
Key Pros
- Publicly traded, reputable brand
- Broker with extensive trading experience
- Offers competitively low spreads
- Supports MT4 and MT5
- Forex traders can choose from over 80 currency pairs
Key Cons
- Traders must pay an inactivity fee
- The desktop trading platform looks somewhat outdated
- Trading fees tend to be high
Iron FX Broker Details Regulators FCA (license no. 585561), FSCA (license no. 45276), CySEC (license no. 125/10) Min Deposit $100 Trading Platforms MetaTrader 4, WebTrader, VPS, PMAM, TradeCopier, Mobile App Trustpilot Rating 3.5 out of 863 reviews Number of CFD Forex Pairs to Trade 80+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 1.2
USDJPY: 0.9
EURGBP: 1.0
GBPUSD: 1.3Forex Commission per Lot per Trade $0 Standard Account; $18 Live Zero Fixed Spread; $10 STP/ECN Zero Spread; $6 STP/ECN Zero Spread Professional Deposit Methods Visa, Mastercard, Bank Wire, Skrill, Neteller, China Union Pay, Fasapay, Perfect Money, Bitwallet, Paysafecard Withdrawal Methods Bank Wire Founded in 2010, Iron FX is a broker with extensive experience in the trading field, offering traders a vast selection of products. Providing CFDs on forex pairs, commodities, indices, shares, and futures, this online brokerage is a great place for a vast variety of traders. With seven different types of accounts, members of Iron FX can pick the option that suits their preferences the best, with each of the account types offering either low spreads or low commission rates that offer the best value for your trading.
Iron FX is regulated by the Cyprus Securities and Exchange Commission (CySEC), which authorizes the broker’s operations in the EU and EEA regions. Meanwhile, IronFx’s UK and South African entities are regulated by the Financial Conduct Authority (FCA) and the Financial Sector Conduct Authority (FSCA), respectively. We would also like to highlight the company’s dedication to traders’ safety, with Iron FX utilizing enterprise-class security tools to keep you and your money safe.
Members of the broker will have access to trading platforms like MetaTrader 4, WebTrader, VPS, PMAM, and TradeCopier, as well as the mobile app of Iron FX, which enables seamless trading on the go. To fund your account, you must deposit $100, which is the minimum required to go live with your trades on the standard account type.
Key Pros
- Offers a wide selection of trading instruments
- Supports MT4
- Enables easy trading on the go via a dedicated app
- Supports various deposit methods
- Traders can choose from 7 different account types
Key Cons
- The Bahamas entity operates with no license
- Platforms like MT5, TradingView, and cTrader are not supported
- Withdrawals are possible only via bank wire
Is Forex Trading Legal in Belgium?
Despite being a part of the EU, Belgium has taken a stricter approach to forex trading compared to other jurisdictions across the EU and EEA. In 2016, the Financial Services and Markets Authority (FSMA) banned local trading websites from distributing several products, including binary options, derivative contracts with a maturity of less than an hour, and leverage derivative contracts such as CFDs and rolling spot forex contracts. The reason for the local regulator introducing such a strict law is the high risk related to forex trading and other forms of leverage trading.
Since the ban applies only to entities distributing the aforementioned products and not Belgian traders, the regulation does not apply to any offshore brokers that welcome traders from Belgium. You can come across quite a few brands regulated by other authorities across the EU and the EEA that will welcome Belgian traders. That said, forex trading enthusiasts from the country are advised to always do a thorough background check of any brand before they go ahead and join it.
How Are Forex Brokers Catering to Belgian Traders Regulated?
As mentioned above, there are no forex trading licenses issued by the FSMA due to the ban on the distribution of leveraged trading products by online trading platforms based in Belgium. That leaves Belgian traders no other option but to look for brands regulated offshore.
It is recommended to opt for trading brokers licensed anywhere in the EU or EEA. That ensures the brands are following ESMA (European Securities and Markets Authority) guidelines and, thus, offer clients fair trading conditions.
While different regulators across the EU may require brokers to follow various guidelines, certain requirements are present across most of the EU and EEA. Usually, each licensing body will demand that license applicants have a minimum starting capital that ensures they can afford to carry out different high-risk financial services. The starting capital may differ depending on the jurisdiction, but it usually ranges between €50,000 and €730,000.
Strict forex trading regulators may also ask license applicants to provide a detailed business plan that describes their marketing strategy, the types of services they intend to offer, the policies that will be implemented to ensure a safe and fair trading environment as well, as an analysis of the market. Ensuring competent company personnel is also a condition that brokers must meet when applying for a license from most of the regulators in the EU and EEA.
While the process may be similar across most jurisdictions, depending on the regulator and whether license applicants have submitted the correct documents in time, the licensing process may take somewhere between 6 and 12 months. That said, some regulators may have a shorter licensing process.
How Can Belgian Traders Verify a Broker’s Authorization?
When choosing a brand to trade with, Belgian forex traders must be very cautious about approaching foreign brokers. While they can join offshore trading websites, Belgian investors are advised to always opt for properly licensed and regulated brands. If a broker has been authorized to operate by different regulatory bodies, it should provide information about its registration number or license number, stating each of the bodies that have issued the company’s financial service authorizations.
To further confirm the validity of said regulations, Belgian traders can head to the official websites of the listed regulators and check their register lists. If the brand’s operator is shown on the official register page of the regulator, one can verify the integrity of the broker.
Belgian traders should also be aware that the FSMA regularly publishes blacklists and grey lists of unauthorized or suspicious trading platforms. These lists are updated frequently and include brokers that have tried to cater to Belgian residents without regulatory approval or have shown signs of fraudulent activity.
Before opening an account, traders are advised to consult the FSMA’s official warning lists to ensure they are not engaging with a high-risk or scam broker. This extra layer of due diligence can help prevent financial losses and ensure traders operate within a safer trading environment.
Are My Funds Safe with Forex Brokers Welcoming Belgian Traders?
When you are trading forex pairs, you should always make sure that you can trust the broker you have joined and use real money to complete your orders. If Belgian traders opt for brands that have been authorized by top regulators like the FCA, CySEC, or some bodies across the EU and EEA, they can be certain that their money will be properly protected.
The reason for EU-regulated brokers being a safe option for Belgian traders is the fact that they are required to follow ESMA regulations and ensure a secure trading environment for their customers.
Most forex brokers licensed to operate in the EU are required to keep their customers’ funds in segregated accounts. In other words, there is no risk of clients’ money being affected by any possible financial struggles of the trading company, as its funds are stored in a separate bank account.
Top forex brokers that follow ESMA guidelines are also obligated to include industry-standard tools and instruments that prevent money laundering and terrorist financing. To prevent fraud and identity theft, licensed brokers also ask their clients to go through a standard KYC (Know Your Customer) process.
As already mentioned, strict regulators require license applicants to maintain a certain minimum starting capital that will ensure the entity is capable of distributing various financial products. What is more, once they are licensed brokers, they are required to maintain their operational capital and inform the local regulator about any significant changes in the company’s capital, shareholders, or other major operational amendments.
Belgian traders using CySEC-regulated brokers may be eligible for investor compensation through the Cyprus Investor Compensation Fund (ICF), which covers retail clients for up to €20,000 per person, per broker, in cases of insolvency or financial failure. This protection applies as long as the broker legally offers services in Belgium under EU passporting rules and the trader maintains retail client status. However, opting for professional account status or using offshore subsidiaries may exclude Belgian traders from this compensation scheme.
Do Forex Brokers Catering to Belgian Traders Provide Negative Balance Protection?
Since Belgian traders can join a wide range of offshore brokers, they may have access to a different set of additional account security features. The availability of negative balance protection depends on the regulation of the entity. Most brands holding licenses from authorities like the FCA, CySEC, or a regulator in the EU will apply negative balance protection to the accounts of their retail customers.
Belgian traders can do their research and opt for brokers that offer this additional layer of protection. With negative balance protection attached to your trading account, you cannot amass losses exceeding the amount you have deposited into your trading balance. This is extremely suitable for forex traders as high leverage does increase the risk of losing excessive amounts of money.
Do Belgians Pay Tax on Forex Trading Income?
With the FSMA banning entities offering online trading services from distributing leverage-induced forms of trading, there is no specific taxation system for forex trading in Belgium. Instead, traders residing within the country might be required to tax their offshore forex trading gains as a different form of income.
To make sure they are compliant with current Belgian laws and taxation system, forex traders from Belgium are advised to contact local professionals who are well aware of the taxation system that is currently relevant for this form of income. The tax rate that may apply to their forex trading gains may vary depending on the volume of their trading income.
What is the Maximum Leverage that Belgian Traders Can Have on Forex Trading?
Just like most of the rest of the aspects covered in this review, the available maximum leverage that applies to Belgian forex traders will depend on the broker they have joined. With different regulators imposing specific leverage limits to minimize the risk factor, Belgian traders may see various leverage maximums applied to forex trading products.
While each jurisdiction issuing permission to forex brokers may impose different leverage limits, ESMA has introduced a set of risk-management measures, with leverage limits being one of them. According to the authority overseeing trading markets across the EU and EEA, forex leverage is capped as follows:
- Major Pairs: 1:30
- Non-Major Pairs: 1:20
The same leverage limits have also been adopted by brokers operating under the regulation of the FCA and ASIC, further increasing the chances of Belgian traders having maximum leverage of 1:30 on major currency pairs and up to 1:20 on exotic pairs. It is worth mentioning that these are some of the lowest leverage caps you can find while trading forex, with some regions introducing significantly higher limits.
In the US, forex brokers are allowed to offer their customers forex trading leverage of up to 1:50 on major currency pairs. That said, US brokers are allowed to impose lower leverage maximums if they find it to be more suitable for retail traders. On the other hand, you will also have regions like the Seychelles where the leverage can go as high as 1:500 or higher on major currency pairs.
Traders who are looking for ways to make use of high leverage may not appreciate mandatory leverage maximums in certain regions. However, there is a way to increase the potential return by trading with higher leverage. Upgrading to professional trading accounts will allow traders to significantly boost the maximum leverage on both major and exotic currency pairs.
What Do You Need to Qualify to be Designated as a Professional Trader in Belgium?
Belgian traders may be allowed to either upgrade from a retail trading account to a professional account with their preferred forex broker. Depending on the authority that has licensed the operations of the broker, the steps required to become eligible for a professional trading account may differ. That said, almost all European jurisdictions demand that traders meet similar requirements, and Belgium is no exception.
There are three major conditions that can make traders eligible for professional trading accounts. According to ESMA, as long as European traders can meet at least two of these three requirements, they can be classified as professional broker clients. The three conditions for professional traders include:
- Making at least 10 transactions of significant size per quarter in the last year
- Provide proof of working at least one year in the financial market sector
- Have a portfolio of financial instruments whose worth is equal to or exceeds €500,000
When you apply for a professional trading account, follow the steps listed on the official website of the broker of your choice. Providing the required documents in time guarantees you a faster verification process.
What Trading Platforms are Available to Belgian Traders?
Traders may often base their choice of broker on the types of platforms they will be able to use for their orders and market evaluations. Belgian traders will typically have access to a wide range of popular platforms like MT4, MT5, cTrader, WebTrader, and more.
It is also worth noting that many brands are offering their proprietary platforms that often allow more advanced, smooth, and more informed trading. Below, we have listed the most common trading platforms Belgian traders can come across while exploring various forex brokers.
MetaTrader 4: This platform is often offered by forex brokers as it is suitable for both inexperienced traders and experts in forex trading. Adopted for both desktop and mobile devices, MT4 covers a decent number of markets and provides traders with a set of instruments that can help them get the most out of their trading.
MetaTrader 5: If forex traders wish to explore more products, they may often pick MT5, which is also a platform supported by a large number of brokers catering to Belgian traders. Offering more markets and more refined instruments, MT5 is often preferred by more advanced traders, allowing them to improve their trading endeavors.
WebTrader: This platform type is very suitable for traders who prefer a simpler and less cluttered interface. Allowing easy trading straight on your browser, this platform eliminates the need to install any software on your device. Conveniently enough, WebTrader can run smoothly across different devices, including your smartphone, allowing easy trading on the go.
cTrader: Many brokers will also feature cTrader in their list of supported platforms, allowing a more advanced trading experience for traders of currency pairs as well as other products. It is easier to get better insights into various markets, with cTrader featuring advanced charting, analysis, and drawing tools. Another great advantage of this platform is the speed of execution, allowing faster processing of orders.
Below you can find some useful references with links to organizations that monitor the forex market in Belgium.
- FSMA (Financial Services and Markets Authority): This will take you to the homepage of Belgium’s financial regulator.
- FSMA Regulation of Certain Derivative Financial Instruments: If you are looking to learn more about FSMA’s stance on trading and what financial derivatives are banned by the regulator, this page offers details.
- ESMA (European Securities and Markets Authority): Belgian traders can familiarise themselves with the various financial authorities that supervise their respective jurisdictions across Europe.
- CySEC (Cyprus Securities and Exchange Commission) Investment Firms (Member States): This is where traders can find CySEC’s register of Cyprus-licensed entities that belong to the category dedicated to cross-border services.
- CySEC Investment Firms (Cypriot): Here, you can browse all licensed Cypriot investment firms.
- BaFin (Federal Financial Supervisory Authority) Register: All brokers that are regulated by Germany’s financial supervisory entity can be found in this register.
- FINMA (Swiss Financial Market Supervisory Authority): This is FINMA’s register of regulated entities.
- FINMA Regulatory Requirements: Here, traders can gain further insight into what requirements securities dealers must meet in order to earn the approval of Switzerland’s financial regulator.
- FCA (Financial Conduct Authority): By visiting this page and searching the company name or reference number of a broker claiming to be licensed by the UK’s FCA, you can verify its licensing status.
- FSMA: This page offers instructions on what actions Belgian traders can take if they have fallen victim to investment fraud.