Best Forex Brokers in Estonia for 2024

Written by Naylyan Nazifova
Naylyan Nazifova is a recognised expert in the online trading field. She has many publications and analysis covering forex trading, stock investing and personal finance. 
, | Updated: May 15, 2024

Looking for the best forex brokers in Estonia? We can recommend some of the top performers in this field, with our team of experts doing thorough research to ensure that every Estonian trader will be able to enjoy safe, fair, and easily accessible forex trading. Our forex trading professionals have opened real money accounts with every broker on our list, ensuring they can fully test each feature offered by the brands they have reviewed.

1Fusion Markets
Rating: 4.6 ⭐
74-89% of retail CFD accounts lose money
2Global Prime
Rating: 4.1 ⭐
74-89% of retail CFD accounts lose money
Rating: 4.2 ⭐
51% of retail investor accounts lose money
Rating: 4.1 ⭐
80% of retail investor accounts lose money
Rating: 4.1 ⭐
70% of retail client accounts lose money
Rating: 4.3 ⭐
76.09% of retail investor accounts lose money
Rating: 4.2 ⭐
70% of retail investor accounts lose money
Rating: 4.7 ⭐
74.2% of retail investor accounts lose money
9Vantage FX
Rating: 3.4 ⭐
Rating: 3.7 ⭐
80% of retail investor accounts lose money

Estonian Forex Brokers Ranked by Trustpilot Score

Estonian Forex Brokers Ranked by Spread Commission

1. Fusion Markets0.
2. Global Prime0.
3. Markets.com0.
4. IG0.
5. FXCM0.61.110.8
6. XTB0.9141.32.2
7. Vantage FX1.
8. eToro1.
9. Eightcap11.111
10. Plus5001.

Estonian Forex Brokers Ranked by Commission per Lot

Forex BrokerCommission per lot
1. eToro$0
2. Plus500$0
3. IG$0
4. Eightcap$0
5. FXCM$0
7. Vantage FX$0
8. XTB$0
9. Fusion Markets$2.25 per lot
10. Global Prime$3.50 per lot

Important Note: To be eligible to offer forex trading services to residents of Estonia, broker brands must be regulated by the Estonian Financial Supervision Authority (EFSA). This is the local authority that has taken upon the task of regulating the financial market in Estonia, ensuring that licensed entities are conducting safe and fair trading. You can find out more about the regulator and its process of monitoring the forex trading industry by visiting its official website or following its X account.

Top 10 FX Brokers in Estonia

  1. TRADE NOW74-89% of retail CFD accounts lose money
    Fusion Markets Broker Details
    RegulatorsASIC, Financial Services Authority of Seychelles, VFSC
    Min DepositNo min deposit
    Trading PlatformsMetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade
    Trustpilot Rating4.6 out of 1409 reviews
    Number of Forex Pairs to TradeOver 200
    LeverageForex & Metals: 500:1
    Index CFDs: 100:1
    Cryptocurrencies: 10:1
    SpreadEURUSD: 0.11
    USDJPY: 0.13
    EURGBP: 0.15
    GBPUSD: 0.11
    Forex Commission per Lot per Trade$2.25 per lot
    Deposit MethodsVisa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire
    Withdrawal MethodsVisa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple

    Founded by Australian trading experts, Fusion Markets was launched in 2017 and is currently one of the top destinations for traders all over the globe. While it is common for brokers to advertise low spreads, Fusion Markets was actually recognized by Brookerchooser, receiving the award “Lowest Spread Forex Broker” four years in a row.

    In addition to offering traders tight spreads, Fusion Markets is committed to offering the best value for your trading, charging a significantly low commission of only $2.25 per lot ($4.50 per side). As you can see, const-effectiveness is one of the main values of this top-shelf broker.

    Safety is always a priority for Fusion Markets, with major regulatory bodies like the Australian Financial Services (license No.385620), the Financial Services Authority of Seychelles (license No.SD096), and authorities in Vanuatu regulating the services provided by the broker. Under ASIC’s (Australian Securities & Investments Commission) regulation, the broker also provides a negative balance protection to some of its clients.

    With no minimum on deposits and a wide range of popular trading platforms like MetaTrader4, MetaTrader5, cTrader, and more, it is no surprise that Fusion Markets is one of the top choices of traders. With an average score of 4.6 out of 5 on Trustpilot, this broker has received an Excellent rating from more than 1,300 happy customers.

    Key Pros

    • Offers some of the lowest spreads
    • ASIC clients enjoy a negative balance protection
    • Supports popular trading platforms
    • Offers two copy trading platforms
    • Supports fiat and crypto payment solutions

    Key Cons

    • Does not offer investor protection
    • Traders outside Australia have no negative balance protection
    • Cannot set up an account in a minor currency
  2. TRADE NOW74-89% of retail CFD accounts lose money
    Global Prime Broker Details
    RegulatorsASIC (No. 385620), VFSC (No. 40256)
    Min Deposit$0 (No min. deposit requirements)
    Trading PlatformsMT4 Desktop, MT4 Webtrader, MT4 Android
    Trustpilot Rating4.1 out of 100 reviews
    Number of Forex Pairs to Trade56
    LeverageForex & Metals: 500:1
    Index CFDs: 100:1
    Cryptocurrencies: 10:1
    SpreadEURUSD: 0.13
    USDJPY: 0.28
    EURGBP: 0.28
    GBPUSD: 0.22
    Forex Commission per Lot per Trade$3.50 per lot
    Deposit Methods

    Visa, Mastercard, PayPal, Skrill, Neteller, Dragonpay, VNPay, Gate8, FasaPay, PromptPay, Pagsmile, QR Code (THB), BPAY, POLi, AstroPay, Bank Wire Transfer, Interac, Perfect Money, PayID, MiFinity, Jeton, XPay, Cryptocurrencies

    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 watchdogs of Vanuatu and Australia, the broker facilitates trading with over 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 being executed within 10 milliseconds on average. The broker works with MT4 only but plans to soon expand its range of supported platforms with cTrader, MT5, and TradingView.

    These excellent trading conditions, coupled with a streamlined registration process, fee-free transactions to and from customer accounts, and round-the-clock support, have earned the broker a solid 4.1 score on Trustpilot. Still, there is scope for improvement as the company offers no cent and swap-free accounts for Islamic customers. The broker has no compensation scheme for client funds, either, which is yet another area Global Prime could improve in.

    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 use more trading platforms
    • A limited range of educational resources
    • Does not offer Islamic or cent accounts
  3. TRADE NOW51% of retail investor accounts lose money
    eToro Broker Details
    RegulatorsCySEC (No.109/10), FCA (No. FRN 583263), ASIC (No. 491139), SFAS (No.SD076), ADGM (No. 220073)
    Min Deposit$10
    Trading PlatformsProprietary web, mobile, and desktop platforms
    Trustpilot Rating4.2 out of 22902 reviews
    Number of Forex Pairs to Trade55
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 1.0
    USDJPY: 1.0
    EURGBP: 1.5
    GBPUSD: 2.0
    Forex Commission per Lot per Trade$0
    Deposit MethodseToro Money, Visa, Mastercard, Neteller, PayPal, Skrill, iDeal, Klarna, Bank Transfer, Trustly, Przelewy24
    Withdrawal MethodsPayPal, Skrill, Visa, Mastercard, Neteller, Trustly, Bank Transfer

    Launched in 2007, eToro is home to a global investment community of more than 30 million customers. The company operates with licenses from tier-one financial regulators like CySEC, ASIC, and FCA. The brokerage provides a varied range of tradable instruments, including 55 currency pairs, 32 commodities, 21 equity indices, and thousands of stocks. Cryptocurrency, ETF, and NTF trading is also possible via the platform.

    Forex traders will benefit from spreads as low as a single pip on major pairs like the EUR/USD. Unlike many rival brokers, eToro charges no commissions on currency trades. All costs and fees are built into the spreads instead. The broker’s proprietary platform is well-designed and user-friendly enough to accommodate novice and versed traders. Another thing that distinguishes eToro from rival brokerages is its social and copy trading platform that leaves the competition in the dust with its superior features.

    Key Pros

    • Offers trading with over 5,000 instruments
    • Ideal for social and copy trading
    • No commissions on forex trades
    • Effortless registration process
    • Offers negative balance protection

    Key Cons

    • Withdrawals are subject to additional processing fees ($5)
    • USD is the only base account currency
    • Charges inactivity fees on dormant accounts
  4. TRADE NOW80% of retail investor accounts lose money
    Plus500 Broker Details
    RegulatorsFSA (No.4.1-1/18), FCA (No. FRN 509909), CySEC (No.250/14), FMA (No.47546), SFSA (No. SD039), MAS (No. CMS100648), DFSA (No. F005651), ASIC (No. 417727)
    Min Deposit$100
    Trading PlatformsProprietary desktop and mobile platforms
    Trustpilot Rating4.1 out of 13168 reviews
    Number of Forex Pairs to Trade60+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 1.2
    USDJPY: 1.5
    EURGBP: 1.5
    GBPUSD: 1.5
    Forex Commission per Lot per Trade$0
    Deposit MethodsMastercard, Visa, Skrill, PayPal, Bank Transfer, Apple Pay, BPAY
    Withdrawal MethodsPayPal, Bank Transfer, Visa, Mastercard, Skrill

    Plus500 is a well-funded trading company with a spotless reputation that services over 25 million customers across 50 countries. This market-leading brokerage is regulated by some of the strictest financial watchdogs in the world, including ASIC, FCA, and CySEC. Its parent company Plus500 Ltd trades publicly on the Main Market of the London Stock Exchange, which only adds to the broker’s good reputation.

    The broker specializes in providing CFD trading across multiple asset classes, offering a choice from over 2,800 financial instruments. Forex, indices, stocks, commodities, cryptocurrencies, options, and ETFs are all tradable at Plus500. It ensures a clean trading experience with a robust platform flaunting a modern yet highly intuitive design.

    Plus500 caters to traders with tight spreads and charges no additional commissions on forex trades. Customers can fund their live trading accounts via cards, bank transfers, and several popular e-wallets, with minimum deposits starting at $100. Deposits and withdrawals are free but administrative fees are levied on dormant accounts after three months of inactivity.

    Key Pros

    • Trades publicly on the London Stock Exchange
    • Commission-free FX trading with tight spreads
    • Great selection of analytical tools and educational materials
    • Easy and quick account opening
    • Provides real-time FX quotes

    Key Cons

    • Charges administrative fees on inactive accounts
    • The platform could use more customization features
  5. 5. IG
    TRADE NOW70% of retail client accounts lose money
    IG Broker Details
    RegulatorsASIC (No. 515106), FCA (No. 114059), CFTC, DFSA (No. F001780), MAS, BMA
    Min Deposit$50
    Trading PlatformsMT4, L2 Dealer, ProRealTime, IG proprietary software
    Trustpilot Rating4.1 out of 6723 reviews
    Number of Forex Pairs to Trade80+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.6
    USDJPY: 0.9
    EURGBP: 0.9
    GBPUSD: 0.9
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, Bank Transfer, Wire Transfer, Visa Electron, Discover, PayPal
    Withdrawal MethodsVisa, Visa Electron, Mastercard, Discover, Bank Transfer

    IG is a trusted online broker regulated in multiple jurisdictions, including Australia, Singapore, Dubai, 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 dabble in options contracts, bonds, and spread betting. Interest rate trading is also available to IG customers.

    The brokerage charges no commissions on forex trades, deriving its profits mostly from spreads. IG predominantly caters to customers looking to capitalize on price movements without purchasing underlying assets by offering them a broad range of CFDs. Forex traders have access to complex speculative instruments like turbo warrants, vanilla options, contracts for difference, and barrier options.

    IG’s proprietary software does an excellent job at delivering seamless trading sessions, although clients can also connect third-party platforms like MT4 and ProRealTime to their IG accounts. Both platforms are suitable for algorithmic trading. Moving funds to and from your live account is entirely free, although the broker could expand its range of accepted payment methods. Cards, bank transfers, and PayPal are the only banking options IG works with at the moment. Bank transfers have no minimum threshold on deposits.

    Key Pros

    • Towering selection of over 17,000 tradable markets
    • Listed on the FTSE 250 index
    • Competitive pricing and low forex spreads
    • No fees on deposits or withdrawals
    • Demo accounts for risk-free forex trading practice

    Key Cons

    • Payment options are a bit limited
    • Customer support is slow to respond during busy hours
  6. TRADE NOW76.09% of retail investor accounts lose money
    Eightcap Broker Details
    RegulatorsSCB (No. SIA-F220), ASIC (No.391441), CySEC (No. 246/14), FCA (No. 921296)
    Min Deposit$100
    Trading PlatformsMT4, MT5, WebTrader, TradingView
    Trustpilot Rating4.3 out of 2133 reviews
    Number of Forex Pairs to Trade50+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 1
    USDJPY: 1.1
    EURGBP: 1
    GBPUSD: 1
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, PayPal, Mastercard, Wire Transfer, Neteller, Skrill, Tether, Bitcoin, BPAY, Dragonpay, Fasapay, Interac, Pix
    Withdrawal MethodsMastercard, Visa, PayPal, Skrill, Neteller, Bitcoin, Tether, Wire Transfers, BPAY, Fasapay, Pix, Interac

    Eightcap was established back in 2009 in Melbourne. The brokerage has greatly grown over the years, currently reaching traders from more than 100 countries around the globe. The Australian company is licensed to conduct online trading by first-tier financial watchdogs like FCA, ASIC, and CySEC. It provides favorable trading conditions but its product range is a bit slimmer compared to competitors.

    There are around 800 financial instruments to choose from, which puts the broker’s selection of tradable products slightly below the industry averages. 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 leverage ratios capped at 30:1 or 200:1, depending on the country of access.

    Traders at Eightcap can go long or short on approximately 50 forex pairs, with minimum spreads starting from zero pips on Raw accounts where a $7 round-turn commission is in place instead. Standard accounts allow for commission-free forex trading but have slightly higher spreads (from 1 pip) compared to 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.

    Key Pros

    • Commission-free FX trading via standard accounts
    • Spreads from 0 pips on major currency pairs
    • Accepts cryptocurrency deposits
    • Fantastic 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
  7. 7. FXCM
    TRADE NOW70% of retail investor accounts lose money
    FXCM Broker Details
    RegulatorsFCA, CySEC, ASIC, FSCA, ISA, IIROC,
    Min Deposit$50
    Trading PlatformsMetaTrader 4, TradingView Pro, Trading Station
    Trustpilot Rating4.2 out of 494 reviews
    Number of Forex Pairs to Trade40+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.6
    USDJPY: 1.1
    EURGBP: 1
    GBPUSD: 0.8
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, Bank Transfer
    Withdrawal MethodsVisa, Mastercard, Bank Transfer

    Starting its journey back in 1999, FXCM is the first Forex broker that was listed on the New York Stock Exchange. The company was among the innovators who introduced features like automated trading and flexibility in position sizing. Currently, the broker is one of the most reliable destinations for CFD and Forex trading, offering traders different instruments and platforms for smooth trading.

    While the broker lacks offerings like stocks and ETFs, it does offer tight spreads and a rather cost-effective way to handle your trading account. Traders will be charged no fee for depositing and withdrawing funds, and since the commission is built into the spread, there are no additional surcharges for trading. One thing we should note is that the broker does charge a $50 inactivity fee for accounts that have not been active for over a year.

    When it comes to trading platforms, FXCM definitely outshines some of its competitors, offering traders seamless action through the Trading Station platform, available both via desktop and web. Meanwhile, traders can also use the MetaTrader4 and TradingView Pro platforms. The minimum deposit at FXCM is $50, with broker’s clients being able to use credit/debit cards and bank transfers for their payments. Security is a top priority for FXCM, with multiple authorities like the FCA, CySEC, ASIC, and more being responsible for the regulation of the broker.

    Key Pros

    • Offers up to 1,000:1 leverage on all new accounts
    • Supports popular trading platforms
    • Does not charge depositing and withdrawal fees
    • Regulated by multiple top-tier regulators
    • Offers competitive spreads

    Key Cons

    • Charges a rather high inactivity fee
    • Offers limited number of products
    • Number of currency pairs is average
  8. TRADE NOW74.2% of retail investor accounts lose money Broker Details
    RegulatorsASIC (license no. 424008), FCA (license no. 481853), CySEC (license no. 092/08), FSCA (license no. 46860), FSC (license no. SIBA/L/14/1067), FSA (license no. 27030 BC 2023)
    Min Deposit$100
    Trading PlatformsMetaTrader 4, MetaTrader 5, WebTrader, Mobile App
    Trustpilot Rating4.7 out of 1165 reviews
    Number of Forex Pairs to Trade50+
    LeverageForex & Metals: 30:1
    Index CFDs: 20;1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.6
    USDJPY: 0.7
    EURGBP: 0.9
    GBPUSD: 0.9
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, PayPal, Apple Pay, Skrill, Neteller, Bank Transfer
    Withdrawal MethodsVisa, Mastercard, PayPal, Apple Pay, Skrill, Neteller, Bank Transfer

    When it comes to online trading, it is always recommended to trust only reliable brokers that are capable of offering great trading conditions to their clients. Luckily for you, is one of the most reputable trading brands, operating since 2008 and offering traders a wide selection of markets. Whether you are an expert in trading or you are a beginner, at, you can find plenty of tools to help you improve your trading sessions.

    Security is one of the broker’s strongest suits, with major regulators like ASIC, FCA, CySEC, and many more overlooking the operations of To make the trading process smoother and more intuitive, the brand supports popular platforms like MetaTrader 4 and 5 as well as WebTrader. The dedicated app will also allow a seamless transition to mobile trading, with both MT4 and MT5 adapted for mobile trading.

    When it comes to managing your deposits and withdrawals at, you will be able to choose from several convenient methods, including bank cards, popular e-wallets, and bank transfers. Withdrawals are also possible via the same selection of methods, enabling easy bankroll management for members of the broker.

    Key Pros

    • Offers tight spreads and low fees for FX traders
    • Traders can choose from over 50 currency pairs
    • Supports a wide range of payment methods
    • Mobile trading available through dedicated app
    • Supports popular trading platforms

    Key Cons

    • Offers only CFD and FX products
    • Charges inactivity fee
    • No dedicated platform for copy trading
  9. Vantage FX Broker Details
    RegulatorsFCA (license no. FRN: 590299), VFSC (reg. No. 700271), ASIC (license no. no. 428901), FSCA (license no. 51268), CIMA (no. 1383491)
    Min Deposit$50
    Trading PlatformsMetaTrader 4, MetaTrader 5, ProTrader, TradingView, Copy Trading
    Trustpilot Rating3.4 out of 3033 reviews
    Number of Forex Pairs to Trade40+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 1.0
    USDJPY: 1.0
    EURGBP: 1.2
    GBPUSD: 1.0
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, Union Pay, Boleto, Bank Wire, Skrill, Neteller, Crypto
    Withdrawal MethodsVisa, Mastercard, Union Pay, Bank Wire, Skrill, Neteller, Crypto

    Vantage is an online broker offering traders over 1,000 CFD products, with competitive pricing offering members of the company to enjoy the best value for their investments and sales. Founded in 2009, the broker has proven to be one of the most trustworthy names in this industry, with authorities like ASIC, FCA, FSCA, CIMA, and VFSC regulating the services provided by Vantage.

    Trading at Vantage FX is possible through several platforms, including MetaTrader 4 and 5, TradingView, and ProTrader. Copy Trading is also available to Vantage FX clients, with the broker receiving the ForexBrokers’ recognition for the Best in Class for Copy Trading in 2024. Copy Trading is available on the Vantage FX app, offering smooth trading on the go for both Android and iOS users.

    Once they decide to top up their Vantage FX account, traders will be able to choose from methods like credit and debit cards, bank transfers, e-wallets like Neteller and Skrill, crypto wallets, and the instant banking service of Boleto. Keep in mind that some methods are country-specific and may not be available to all traders using the services of Vantage FX. You can fund your account with as little as $50 or the equivalent in another currency.

    Key Pros

    • Regulated by reputable authorities
    • Offers over 1,000 CFD products
    • Supports various popular platforms
    • Enables easy copy trading on mobile app
    • Tight spreads and low commission for forex traders

    Key Cons

    • Some banking methods are exclusive to certain markets
    • Could add more currency pairs to its products
    • Limited educational materials
  10. 10. XTB
    TRADE NOW80% of retail investor accounts lose money
    XTB Broker Details
    RegulatorsFCA (License No. FRN 522157), CySEC (License No.169/12), FSC (FSC License No.: 000302/438), IFSC (License No.: 000302/46.), KNF (N/A), CNMV (N/A), BaFin (N/A), FSCA (N/A), FSA (N/A)
    Min Deposit$0
    Trading PlatformsxStation 5, xStation Mobile
    Trustpilot Rating3.7 out of 1044 reviews
    Number of Forex Pairs to Trade50+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.9
    USDJPY: 14
    EURGBP: 1.3
    GBPUSD: 2.2
    Forex Commission per Lot per Trade$0
    Deposit MethodsPayPal, Bank Transfers, Skrill, Visa, Mastercard
    Withdrawal MethodsBank Transfers, Visa, Mastercard, Skrill

    Established in 2002 under the name X-Trade, XTB is a broker of Polish origin that traders from across the globe gravitate towards thanks to its low fees, excellent reputation, and versatile selection of financial instruments that encompasses forex, stocks, ETFs, and more.

    This broker’s operations are overseen by multiple regulatory entities, including but not limited to Poland’s Financial Supervision Authority (KNF) and the British Financial Conduct Authority (FCA). What is more, it also offers negative balance protection, which is an absolute must for many modern traders.

    Although XTB does not support the familiar MT4, MT5, NinjaTrader, or cTrader platforms, the broker does offer its proprietary xStation 5 platform. It comes in several variants, the first one being the convenient web platform. There are also dedicated software applications for desktop computers and smartphone devices.

    Key Pros

    • Bears the seal of approval of both the FCA and the KNF, along with other regulators
    • Mobile-friendly platform
    • Offers negative balance protection
    • Standard users are not charged commission when it comes to forex
    • Low fees

    Key Cons

    • Traders from the US cannot register and trade at XTB
    • No support for MT5 and other popular platforms
    • Withdrawals under certain thresholds are accompanied by fees

Is Forex Trading Legal in Estonia?

Forex trading is a legal activity in the territory of Estonia, with this sector being fully regulated by EFSA. To be eligible to offer trading services to traders based in this European country, brokers are required to be licensed either by the Estonian authorities or any regulator in the EU and EEA. That means Estonian traders can legally trade currency pairs either with brokers regulated by the EFSA or regulators like the FCA, CySEC, and other EU financial market watchdogs.

Forex brokers must meet a list of requirements to prove they are eligible to offer a safe and fair trading environment for Estonian traders. Top brokers make sure to add additional protection for their clients’ funds, making trading extra secure.

Each Estonian trader can easily verify the legitimacy of any broker operating in the local forex market. Meanwhile, the EFSA is constantly updating its official website, providing enough information on dangerous trading practices and entities that have been operating illegally in the Estonian market.

Estonian Financial Supervision Authority (EFSA) Regulation Info

As already mentioned, forex brokers operating in Estonia are required to be registered with the EFSA, which is the regulatory body responsible for monitoring the financial industry and operations in the country. In addition to authorizing companies that wish to provide financial services, including forex trading, to Estonians, the EFSA is also responsible for taking the respective action whenever an entity has been operating illegally in the territory of the country.

There are several conditions that operators are required to meet if they wish to obtain a forex broker license in Estonia. For starters, to prove their eligibility for offering this type of service, brokerage firms must submit documents ensuring their starting capital of at least €125,000. It should be noted that the required minimum could be higher depending on the different services offered by the company as well as the risks linked to the scope of activities offered by the entity applying for a license.

Applicants must also ensure that their staff is well educated and experienced in the financial market, with anyone involved in the business required to have a clean reputation as well as proper education corresponding to their position. Brokers applying for an Estonian forex trading license must also deliver a detailed business plan that provides information on the business model of the company, its strategy for risk management, security, and audit systems that will be implemented, and the tools that will be used for combating money laundering and terrorist financing. The whole licensing process may take between three and six months.

The EFSA is also assigned with the task of taking action and inflicting financial and other types of penalties upon entities that have not been operating accordingly. That is why, on the official website of EFSA, you can find public notices informing about penalties imposed on companies that have not been operating following local and ESMA trading regulations.

How Can I Verify EFSA Authorization?

If you are looking for a reputable broker that operates in Estonia, you should check whether the brand you have chosen is regulated by the EFSA. While the broker does not need a license from the local authority to offer its services to Estonian traders, information about the regulators monitoring the operations of the company should be readily available on the website of the broker.

If you see that a broker is authorized by the EFSA, there is a way to confirm the validity of that information. All you need to do is load the EFSA website and look for the section with the registry that will show you a list of companies that are currently regulated by the local financial body.

Make sure to follow the newest EFSA publications as you can always stay informed about any entities found to have operated illegally or have breached a regulatory condition.

Are My Funds Safe with Forex Brokers in Estonia?

If you have decided to trade with a regulated Estonian broker, you can be certain that your funds will always be handled with the utmost care. As mentioned above, in order to be authorized by the local regulator, forex brokers are required to meet the criteria for a minimal starting capital. That way, financial entities guarantee they are stable enough to handle big trading volumes and fulfill traders’ orders.

Risk disclosure is yet another regulatory condition licensed Estonian brokers are required to meet. That means forex brokers must be transparent with their customers about the risks related to forex trading, allowing them to make informed decisions while trading.

To prevent fraudulent activities and identity theft, regulated forex brokers require their clients to go through a standard KYC (Know Your Customer) process. Meanwhile, robust AML measures are taken to prevent money laundering activities and terrorist financing. The implementation of such instruments adds another layer of security to the whole forex trading experience for Estonian traders.

Do Estonian Brokers Provide Negative Balance Protection?

Another extra security measure adopted by most Estonian brokers is negative balance protection. In fact, this is a security feature that all brokers operating under ESMA regulations are required to introduce to their customers. Negative balance protection is a useful feature, especially when you trade currency pairs with higher leverage. While this can be exciting, bringing you potentially higher returns, it can also carry a huge risk as high leverage can also quickly generate huge losses.

Luckily, any reputable Estonian broker will offer its clients negative balance protection that will help them balance the risk levels while trading currency pairs. With this additional layer of protection applied to your trading account, you will not be able to amass losses that will exceed the amount you have deposited into your trading balance.

Do Traders Pay Tax on Forex Trading in Estonia?

The income that Estonian traders have generated through their forex trading activities is subject to taxation. Estonians who choose to trade currency pairs are obligated to report their losses and gains to the local tax authorities. Income generated through forex trading activities falls under the category of capital gains. In Estonia, capital gains are not subject to corporate income tax until they are distributed in the form of dividends.

The extremely favorable taxation laws in Estonia allow traders to enjoy their hard-earned money with no corporate income tax attached to them. The efficient tax system implemented in Estonia eliminates the need to waste your time submitting piles of paperwork. Instead, Estonians can focus on their trading portfolio, enjoying their profits from forex trading.

How Does the Available Leverage of EFSA-Regulated Brokers Compare to the Leverage at Brokers Regulated Offshore?

As Estonian traders are exploring their options for a reputable forex broker, they will notice that they will have certain limitations on the maximum leverage they can enjoy while trading with currency pairs. The leverage maximum that will be imposed on forex trading options usually depends on the regulator that is monitoring the trading sector in the respective jurisdiction. With Estonia being one of the countries included in the EU and EEA, it follows the ESMA leverage limitations that apply to any broker licensed to operate in these areas.

For trading major currency pairs, Estonian traders will be presented with a maximum leverage of up to 30:1. Meanwhile, if they are trading exotic or other non-major currency pairs, the maximum allowed leverage is 20:1. The same limits will apply to other brokers licensed by major EU-based regulators, as the aforementioned maximums are introduced as a safety measure across all markets included in the EU and EEA.

While the UK is no longer in the EU and EEA, its local regulator, the FCA, has introduced the same mandatory leverage limit of 30:1 on major currency pairs and 20:1 on non-major forex pairs. The same limits have also been adopted by the ASIC, which is the Australian financial regulatory body, meaning even some brokers licensed in different jurisdictions may impose the same leverage limits.

Some offshore brokers, however, boast significantly higher leverage, which can be both exciting and very risky. The maximum allowed leverage on major currencies at some US brokers may reach up to 50:1. However, brokers operating in the US market are allowed to impose lower limits if they want to further reduce risk levels. Meanwhile, if you take a look at most brokers operating in the Seychelles, under FSA licenses, they are allowed to offer leverage of up to 1:5,000.

Keep in mind that higher leverage will improve potential returns but it will also increase the risk factor to exponential levels. That said, we should also mention that mandatory leverage limits apply only to retail trading accounts and those eligible for professional trading accounts can significantly increase the potential maximum leverage on both major and non-major currency pairs.

What Do You Need to Qualify to be Designated as a Professional Trader in Estonia?

If you are based in Estonia and wish to apply for a professional trading account, you will be asked to meet certain criteria to qualify for the perks that come with professional trading. While it is true that this type of trading allows investors to increase their potential profits, the risk levels also get boosted. That is why, ESMA has introduced a list of conditions traders within the EU and EEA must meet to be able to classify as professional traders. Said requirements also apply to Estonians who wish to unlock higher leverage, lower commissions, and other perks that come with professional trading.

There are three main conditions that should be fulfilled in order to prove you can be a professional trader in Estonia. These include having enough experience in the financial market industry, having enough knowledge about this sector, and generating a portfolio to back up your high-volume orders. While the application process may differ depending on the broker you have chosen to trade with, the three main requirements to qualify you for professional trading are pretty much the same across most Estonian forex brokers:

  • Prove you have made at least 10 transactions of significant size in the previous 12 months
  • Show that you have experience working in the financial market industry for at least one year
  • Present a financial instruments portfolio that is worth at least €500,000

According to ESMA regulations, investors who meet at least two of the three aforementioned conditions are eligible for professional trading accounts. We suggest preparing the documents required to verify your professional trading status beforehand, allowing you to speed up the process of upgrading from retail investor to professional trader.

What Trading Platforms are Available to Estonian Traders?

No matter the brand they choose, forex traders must be sure they will be able to enjoy intuitive, easy, and secure trading via the platform supported by the trading brand. Many of the brokers catering to Estonian traders will offer their customers proprietary platforms, specifically developed to provide easy and intuitive trading to traders. That said, many of the forex brokers operating in Estonia will also feature popular platform options like MT4, MT5, cTrader, and more.

MT4MetaTrader 4: Probably one of the most popular platform variations for forex trading, offering a decent number of tools that can help investors make decisions. The interface of the platform is extremely easy to use, making it suitable for both beginners and advanced forex traders. Often adapted for mobile trading as well, MT4 is a great option you can find at many Estonian-friendly brokers.

MetaTrader 5MetaTrader 5: If you enjoy forex trading but would also like to explore other products, you might want to switch to the slightly more advanced MT5 platform, which is also supported by a number of Estonian brokers. Offering more extensive market coverage and a great selection of tools, MT5 is a suitable option that many expert forex traders enjoy.

WebTraderTradingView: This platform offers some of the latest data on various trading products, including forex, stock, futures, and crypto. It allows traders to make informed decisions, helping them to assess the risk levels and communicate with fellow traders who might be sharing the same ideas as them.

cTradercTrader: Enjoyed mostly by expert traders, this platform offers a wide selection of charting tools as well as advanced order types. The speed of order execution is also one of the greatest qualities of this trading platform, with traders having the chance to run cTrader across a wide range of devices, including smartphones and tablets.

Below you can find some useful references with links to organisations that monitor the forex market in Estonia.

  1. Estonian Financial Supervision Authority (EFSA)
  2. EFSA regulated companies list from the registry section