| Updated: Looking for a reputable forex broker can be a burdensome task for Finnish traders. Luckily, our team of experts has compiled a list of the best brokers in Finland that offer investors a fair trading environment, rigorous fund protection, competitive pricing, and smooth trading across different devices. Each broker on our list has been tested using real money, allowing us to confirm whether a brand is a good choice for Finnish traders.
Plus500 USThis content applies only to Plus500 US and clients from the United States. Trading futures involves the risk of loss.
eToro50% of retail investor accounts lose money
Fusion Markets74-89% of retail's CFD accounts lose money
FP Markets73.33% of retail investor accounts lose money
BlackBull MarketsTrading 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
Pepperstone72.9% of retail investor accounts lose money
XM Group72.82% of retail investor accounts lose money
IG67% of retail client accounts lose money when trading CFDs with this investment provider.Finnish Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. FP Markets | 9,422 | 4.9 ⭐ |
| 2. Fusion Markets | 4,873 | 4.8 ⭐ |
| 3. BlackBull Markets | 2,681 | 4.8 ⭐ |
| 4. Global Prime | 341 | 4.7 ⭐ |
| 5. Pepperstone | 3,144 | 4.4 ⭐ |
| 6. Eightcap | 3,429 | 4.0 ⭐ |
| 7. IG | 8,324 | 3.9 ⭐ |
| 8. XTB | 1,935 | 3.5 ⭐ |
| 9. Iron FX | 863 | 3.5 ⭐ |
| 10. XM Group | 2,787 | 2.7 ⭐ |
Finnish 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. IG | 0.86 av.spread | 0.97 av.spread | 1.83 av. spread | 1.84 av.spread |
| 4. FP Markets | 1.17 | 1.64 | 1.40 | 1.43 |
| 5. Iron FX | 1.2 | 0.9 | 1.0 | 1.3 |
| 6. BlackBull Markets | 0.8 | 0.8 | 1.4 | 0.8 |
| 7. XM Group | 0.8 (min) | 0.8 (min) | 1.7 (min) | 0.8 (min) |
| 8. XTB | 0.9 | 1.4 | 2.1 | 2.2 |
| 9. Pepperstone | 1.10 (avg.) | 1.20 (avg.) | 1.30 (avg.) | 1.20 (avg.) |
| 10. Eightcap | 1.00 (min) | 1.2 | 1 | 1.1 |
Finnish Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. BlackBull Markets | $0 Standard; $6 per lot Prime; $4 per lot Institutional |
| 2. IG | $0 |
| 3. Eightcap | $0 on Standard and TradingView Accounts; $7 round turn on Raw Accounts |
| 4. FP Markets | $0 Standard Account; $6 round turn on Pro Account |
| 5. Iron FX | $0 Standard Account; $18 Live Zero Fixed Spread; $10 STP/ECN Zero Spread; $6 STP/ECN Zero Spread Professional |
| 6. XTB | $0 for Standard accounts, $3.50 per side for Pro accounts |
| 7. Fusion Markets | $0 Classic Account, $4.50 round turn on Zero Account |
| 8. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
| 9. XM Group | $0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account |
| 10. Pepperstone | $0 (Standard Account), $7 round-turn (Razor Account) |
Important Note: To be eligible to operate in Finland and offer forex trading services, brokers must obtain a license from an EU/EEA financial supervisor or the Financial Supervision Authority (FIN-FSA). This is the official regulator in Finland. It ensures brokers are following trading guidelines and providing competitive yet secure market conditions. To learn about the latest regulatory actions taken by FIN-FSA, we suggest checking its official website or following its X account.
Top 11 FX Brokers in Finland
Fusion Markets Broker Details Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, 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 VFSC)
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 Classic Account, $4.50 round turn on Zero Account Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire, ZotaPay, VNPay, DuitNow, XPay, DragonPay, VAPay, FasaPay, AstroPay, PayID, Jetonbank, Sticpay, Interac, LuqaPay, Zotapay, 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 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 per side ($4.50 round-turn). As you can see, cost-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 offers 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. Fusion Markets achieved an average score of 4.8 out of 5 on Trustpilot, with 4,215 happy customers giving the brand a 5-star rating.
Key Pros
- Offers some of the lowest spreads
- ASIC clients enjoy 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
- Has no FCA license
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 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 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 ASIC-regulated entity of the broker works with MT4 only, but those trading under the VFSC regulation will also have access to MT5 trading. Global Prime also plans to soon expand its range of supported platforms with 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 4.7 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
BlackBull Markets Broker Details Regulators FSA (Seychelles) (No. SD045), FMA (No. FSP403326) Min Deposit $0 (Standard)$0 (Prime)$20,000 (Institutional) Trading Platforms MetaTrader4, MetaTrader5, 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 Union Pay, 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 Union Pay, Boleto, Fasapay, Beeteller, AstroPay, Bitcoin, Litecoin, Bitcoin Cash, Tether, Ripple, Stellar, Chainlink, Ethereum, USD Coin Founded in 2014, BlackBull Markets takes the lead when it comes to tradable asset diversity, providing a choice from a whopping 26,000 financial instruments. The broker caters to forex traders with over 70 major, minor, and exotic currency pairs tradable via three types of ECN accounts (Standard, Prime, and Institutional). Commodities, shares, indices, and futures can also be traded at 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 what 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 incur above-average commissions per lot.
Customers with live accounts can top up their balance with cards, digital wallets, online banking gateways, bank transfers, and cryptocurrencies. While deposits come at no extra cost, the New Zealand-based broker charges a $5 processing fee on all withdrawals, regardless of the payment method used.
Key Pros
- Uses proprietary copy-trading platform
- Swap-free trading via ECN Standard and Prime accounts
- Multi-platform support
- Provides a 24/7 customer support service
- Great Education Hub for traders looking to hone their skills
Key Cons
- High commissions per lot on Prime and Institutional accounts
- Charges a $5 fee on withdrawals
Eightcap Broker Details Regulators SCB (No. SIA-F220), ASIC (No.391441), CySEC (No. 246/14), FCA (No. 921296), FSC (GB25204603), FSA (SD100), SCA Min Deposit $100 Trading Platforms MetaTrader4, MetaTrader5, 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 Transfers, BPay, Fasapay, Pix, Interac, UnionPay Eightcap was established back in 2009 in Melbourne. The brokerage has greatly grown over the years, currently reaching traders from more than 125 countries around the globe. The Australian company is licensed to conduct online trading by first-tier financial watchdogs like the FCA, ASIC, and CySEC. It also carries licenses from the SCB in the Bahamas and the FSA of Seychelles. The broker provides favorable trading conditions but its product range is a bit slimmer compared to competitors.
There are around 800 financial instruments (600+ in Europe) 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 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 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, including Skrill, Neteller, PayPal, Visa, Mastercard, BPay, Pix, Fasapay, and Interac.
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
XM Group Broker Details Regulators CySEC (license no. 120/10), FSC Belize (license no. 8557558 ), FSC of Mauritius (GB23202700), FSA Seychelles (SD190), DFSA (ref. no. F003484), FSCA (49976), SCA (20200000322), CMA (233), Registrations for EU passporting: - BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA (Finland), KNF, AFM, FI Min Deposit $5 Trading Platforms MetaTrader4, MetaTrader5, MT4 WebTrader, MT5 WebTrader, MT4 Multiterminal, XM App Trustpilot Rating 2.7 out of 2,787 reviews Number of CFD Forex Pairs to Trade 50+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 0.8 (min)
USDJPY: 0.8 (min)
EURGBP: 1.7 (min)
GBPUSD: 0.8 (min)Forex Commission per Lot per Trade $0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account Deposit Methods Visa, Mastercard. Skrill, Bank Transfer, Neteller, Apple Pay, Google Pay, UnionPay, Maestro Withdrawal Methods Visa, Mastercard, China Union Pay, Skrill, Neteller, Bank Transfer Since its inception in 2009, XM has attracted over 15 million customers, offering the best trading experience for online traders. There are several reasons why so many people trust XM, with tight spreads and cost-effective pricing being just a few of them. Operated by Trading Point of Financial Instruments Ltd, the broker is regulated by major authorities such as the CySEC, ASIC, and FSA. Through the CySEC license, XM holds registrations for outward passporting, allowing it to provide investment services across multiple EU countries, with the registrations including BaFIN, CNMV, MNB, CONSOB, and KNF, among others.
The brand supports the popular third-party platforms, MetaTrader 4 and MetaTrader 5, available for web, desktop, and mobile devices. The award-winning XM App, available on the App Store and Google Play, offers seamless access to the financial markets for mobile traders. As for the supported account types, the broker features Demo, Standard, Micro, Ultra Low, Zero, Shares, and Islamic accounts, whose availability may vary based on the entity. More than 1,400 financial instruments are available for trading across several asset classes, including Forex, Stock CFDs, Crypto, Commodities, and Indices, to mention a few.
No matter the account type you opt for, the least amount you are required to deposit into your XM account is $5, with the same limit also imposed on your withdrawals from XM. XM’s Invest Account is the sole exception, with a minimum deposit requirement of $10,000. Conveniently enough, the brand supports a variety of banking methods, with bank cards, e-wallets, and bank transfers being among the solutions one can use to handle their XM balance.
Key Pros
- Traders can choose from 2 third-party platforms
- Covers a great number of currency pairs
- Regulated by major authorities
- Offers smooth trading on the go
- Supports different account types with tight spreads and low fees
Key Cons
- Trading platform’s design seems outdated
- Not listed on any stock exchange
- Charges an inactivity fee
Plus500 Broker Details Regulators FSA (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), BaFin registration, SCB (SIA-F250) Min Deposit $100 Trading Platforms Proprietary, desktop and mobile platforms Trustpilot Rating 4.2 out of 17,312 reviews Number of CFD Forex Pairs to Trade 60+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 0.9
USDJPY: 2.0
EURGBP: 1.5
GBPUSD: 1.5Forex Commission per Lot per Trade $0 Deposit Methods Debit Visa/Mastercard, Wire transfer, Apple Pay, Google Pay Withdrawal Methods Debit Visa/Mastercard, Wire transfer, Apple Pay, Google Pay 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 as CFDs 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 CFD trading with tight spreads
- Great selection of analytical tools and educational materials
- Easy and quick account opening
- Provides real-time quotes
Key Cons
- Charges administrative fees on inactive accounts
- The platform could use more customization features
Pepperstone Broker Details Regulators ASIC (No. 414530), UK FCA (No.684312), CySEC (No. 388/20), BaFin (No.151148), DFSA (F004356), CMA (128), SCB Bahamas (SIA-F217), FSA (SD108) Min Deposit $0 Trading Platforms MetaTrader 4, MetaTrader 5, cTrader, TradingView Trustpilot Rating 4.4 out of 3,144 reviews Number of CFD Forex Pairs to Trade 90+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: 1:2Spread EURUSD: 1.10 (avg.)
USDJPY: 1.20 (avg.)
EURGBP: 1.30 (avg.)
GBPUSD: 1.20 (avg.)Forex Commission per Lot per Trade $0 (Standard Account), $7 round-turn (Razor Account) Deposit Methods Visa, Mastercard, PayPal, Bank Transfer, BPay, Neteller, Skrill, Apple Pay, Google Pay, UnionPay, BPay, POLi, USDT, MPESSA Withdrawal Methods Visa, Mastercard, PayPal, Bank Transfer, BPay, Neteller, Skrill Pepperstone was launched in 2007 by a group of seasoned traders but has greatly expanded its global presence since then, currently reaching over 750,000 customers worldwide. The company enjoys an immaculate reputation and operates with licenses from several top-tier regulators, including the FCA, ASIC, and CySEC. Pepperstone also ranks among the world’s largest brokerages, boasting a monthly trading volume of over $400 billion.
Customers of the award-winning company can trade with more than 1,200 financial instruments, ranging from indices, cryptocurrencies, and ETFs to commodities and currency pairs. Share CFDs across a range of Australian, US, UK, and German shares are also among the supported instruments. FX traders, in particular, can go long or short on over 90 major, minor, and exotic currency pairs.
Spreads are highly competitive at Pepperstone, starting at zero pips for majors like EUR/USD traded via Raw accounts. MT4, MT5, TradingView, and cTrader, as well as the broker’s proprietary platform, pose as viable options for Pepperstone customers. All these factors combined have earned Pepperstone an above-average rating of 4.4 stars at Trustpilot from more than 3,000 reviewers.
Customer support agents are available round-the-clock on weekdays and for 18 hours on weekends. New traders will find the broker’s Demo account and educational resources, such as webinars, videos, and guides, to be useful tools in the process of upgrading their trading skills. In addition, expert market analysis and insights help traders make informed decisions.
Key Pros
- Winner of multiple industry awards
- Commission-free FX trades via standard accounts
- Over 1,200 instruments across all major asset classes
- Competitive spreads on FX trades via Razor accounts
- Seamless withdrawals within 1 to 3 workdays
Key Cons
- A somewhat limited range of deposit and withdrawal options
- High swap rates on overnight positions
IG Broker Details Regulators ASIC, FCA, DFSA, CFTC, FMA, FINMA, BaFin, MAS, JFSA, FSCA, BMA (Bermuda) Min Deposit $0 Trading Platforms MetaTrader4, 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 av.spread
USDJPY: 0.97 av.spread
EURGBP: 1.83 av. spread
GBPUSD: 1.84 av.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, 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. Debit/credit cards, bank transfers, and PayPal are a few of the banking options IG works with at the moment. It should be noted that the availability of some methods depends on your country of residence. 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
FP Markets Broker Details Regulators ASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines), SCB (Bahamas), FSCM (Mauritius) Min Deposit $50 (AU$100) Trading Platforms MetaTrader4, MetaTrader5, WebTrader, IRESS, cTrader, TradingView Trustpilot Rating 4.9 out of 9,422 reviews Number of CFD Forex Pairs to Trade 70+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrency CFDs: Up to 1:2 (Retail); Up to 1:5 (Pro)Spread EURUSD: 1.17
USDJPY: 1.64
EURGBP: 1.40
GBPUSD: 1.43Forex Commission per Lot per Trade $0 Standard Account; $6 round turn on Pro Account Deposit Methods Visa, Mastercard, Neteller, Bank Transfer, Skill, Sticpay, Fasapay, Virtual Pay, Perfect Money, Pagsmile, Dragonpay, Crypto, Apple Pay, Google Pay, Online Banking, Broker to Broker, PayPal, XPay, Rapyd Withdrawal Methods Visa, Mastercard, Bank Wire, Neteller, Skrill, Paytrust88, PayPal FP Markets is a broker that joined the online trading scene in 2005, making it a well-experienced brand, offering great trading conditions for all of its clients. Traders from multiple markets will have the chance to trade a decent number of currency pairs as well as numerous CFDs. Some of the biggest perks FP Markets offers to traders include competitively low spreads, popular trading platforms, and a great selection of tools suitable for beginners.
To offer an equally smooth experience to different traders, FP Markets supports popular platforms like MetaTrader 4 and 5 as well as IRESS, TradingView, cTrader, and WebTrader. A dedicated mobile app will also offer Android and iOS users easy access to mobile trading platforms, enabling seamless trading on the go.
Tight spreads are also among the features that attract numerous traders to FP Markets, with pleased reviewers on Trustpilot giving the brand an average score of 4.9 out of 5. The average leverage ratio that FP Markets members can enjoy can reach up to 1:30 on certain products, including popular currency pairs. To ensure the safety of traders, the broker abides by the rules and guidelines imposed by major regulators in jurisdictions like Australia (License No. 286354) and Cyprus (License No. 371/18).
Key Pros
- Offers plenty of educational trading tools
- Broker with competitive spreads
- Allows easy trading on the go
- Regulated by reputable authorities
- Offers a decent number of currency pairs
Key Cons
- Supported trading platforms are a tad outdated
- Could expand its selection of products
- No negative balance and investor protection for clients under ASIC
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
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 Bahamas)
Index CFDs: 1:20 (1:200 Bahamas)
Cryptocurrency CFDs: 1:2 (1:20 Bahamas)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 over 23 years of experience that operates under the regulatory oversight of the FCA, FSC, SCB, CVM, and CMVM. The broking firm upholds high security and price transparency, offering tight spreads for over 1,100 trading symbols across six asset groups. Besides forex, retail customers can trade CFDs in shares, indices, commodities, ETFs, and bonds.
Traders can register sterling-denominated accounts that facilitate commission-free trading across all available markets. The broker provides maximum retail leverage of 1:30, but clients eligible for professional accounts benefit from higher ratios of 1:400. ActivTrades cares about the financial well-being of its customers, providing negative balance protection and increased funds insurance of up to $1 million.
In fact, ActivTrades was the first UK-licensed broker to start implementing excess FSCS insurance in 2013, offering compensation over the regular limit of $50,000 per retail client. Traders can replenish their live balance with cards, bank transfers, and popular e-wallets like PayPal. They can deposit any amount they wish, as the barrier to entry is $0. A 1.5% fee applies to deposits with UK-issued credit and debit cards.
Key Pros
- Holds an FCA license since 2009
- Safeguards all traders with negative balance protection
- Stores customer funds at first-tier banks like Barclays and Lloyd’s
- Supports free PayPal deposits and withdrawals
Key Cons
- Additional fees on deposits with cards
- Charges administrative fees after 50 weeks of inactivity
Is Forex Trading Legal in Finland?
Forex trading is legal in Finland, and it is fully regulated by the local regulator. As already mentioned, the Finnish Financial Supervisory Authority (FIN-FSA) is responsible for overseeing the activity of forex brokers operating on the territory of the country, prioritizing transparency, investor protection, and market stability.
We recommend that traders opt for brands that have obtained FIN-FSA’s authorization. This ensures that brokers are compliant with local trading regulations and guarantee safe and fair trading for their customers.
Finnish brokers are also obligated to follow trading regulations imposed by the European Securities and Markets Authority (ESMA) since Finland is a member of the EU. That means MiFID 2 directives apply to local brokers, and FX brands must ensure fair trading conditions for their clients.
Finnish traders can also join forex brokers licensed by other regulatory bodies across the EU. In line with said regulations, Finnish brokers must impose leverage limits (a maximum of 1:30 for retail traders) and restrictions on bonuses and promotional offers. Meanwhile, residents of EU countries as well as territories within the EEA can join brokers licensed in Finland.
We recommend that Finnish traders always pick forex brokers that have been licensed by tier-1 regulators like the FCA and CySEC. Meanwhile, brands that have been authorized to operate by the local regulator are also safe options, ensuring fair trading conditions.
FIN-FSA Regulation Info
As mentioned above, brokers looking to operate in Finland must obtain a license from the FIN-FSA or another recognized EU/EEA regulatory body. Since its inception in 2009, the FIN-FSA has been responsible for managing the financial market within the European country. Among the various responsibilities of this agency, there is also the licensing of trading brokers who wish to cater to Finnish traders.
In order to obtain FIN-FSA’s permission, brokers are required to meet a certain list of conditions, proving they are eligible to operate as financial service providers in Finland. What is more, those who have already obtained a license from the local regulator are obligated to regularly present financial statements and other documents that demonstrate they are following FIN-FSA requirements. They must provide customers with unambiguous and accurate information about their fees, trading conditions, instruments, and the associated risks.
Since the Finnish regulatory body is also responsible for taking action against brokers that operate illegally or have breached regulatory rules, the FIN-FSA will regularly publish public notices to inform traders about any brand offering illicit trading services.
Furthermore, brokers are obligated to keep client funds segregated from their operational expenses to protect clients in case of insolvency. Last but not least, brokers are required to implement Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures to verify customers’ identities, with suspicious transactions being reported to the FIN-FSA.
How Can I Verify FIN-FSA Authorization?
Checking if the broker you have chosen to join has been authorized by the FIN-FSA is a simple process. If a forex brand is regulated by the Finnish authorities, it should clearly state information about its operator and the license it has obtained from the FIN-FSA.
To confirm the legal status of the broker and the validity of its license, you can head to the official website of FIN-FSA and visit the registry page. There, you can search for the operator of the broker and confirm whether it has been registered with the official regulator in Finland. Additionally, you may regularly check FIN-FSA’s publications as they will notify readers about any brand that has been penalized due to participation in unregulated activities.
Are My Funds Safe with Forex Brokers in Finland?
If you want to make sure that your money will be in safe hands while you are trading forex pairs, you should always opt for properly regulated brokers. In the case of Finnish traders, that is true for brands that have been licensed either by the FIN-FSA or any other reputable regulator within the EU and EEA.
Since Finnish brokers are directed to follow a wide range of regulatory guidelines, they are required to ensure extra protection for their clients. That is why traders’ funds are kept in segregated bank accounts, ensuring their money cannot be lost due to a given broker’s financial predicaments.
To be eligible to operate in Finland, brokers are required to be fully transparent and warn traders about the risks related to trading, which is a highly volatile activity. Meanwhile, brands must always be fair and offer easy access to markets, ensuring free trading to all EU and EEA residents.
Following ESMA regulations, Finnish forex brokers are also required to implement several security measures like leverage limits and negative balance protection. These instruments balance the risk levels, allowing any retail trader a safe trading experience.
Do Finnish Brokers Provide Negative Balance Protection?
If you have selected a FIN-FSA-regulated trading brand or a broker licensed by a tier-1 regulator, you should be offered negative balance protection when you open a retail trading account. ESMA requires all brokers operating in the EU and EEA markets to ensure this additional protection to traders, as trading with high leverage does expose investors to higher risk, potentially accumulating losses that exceed the amount available in their accounts.
Since regulated Finnish brokers do offer negative balance protection, retail traders can rest assured that when they are making use of higher leverage, their potential losses cannot exceed the amount they have deposited into their trading accounts. That means they cannot become indebted to the broker and trade volumes that are higher than what they can afford.
Do Finnish Traders Pay Tax on Forex Trading Income?
As previously mentioned, forex trading is legal in Finland, with the FIN-FSA supervising any trading activity within the country. Profits ensuing from trading are classified as capital income, and thus, they are subject to capital income tax.
As for Finnish traders, they are responsible for constantly checking for any regulatory changes as well as any law amendments that concern their trading activities. Taxes also fall under that category, with Finnish traders being required to pay surcharges related to their forex income.
Forex traders in Finland are required to pay tax on their trading income, but if their profit does not surpass €500, they are exempted from this type of surcharge.
Otherwise, the tax rate imposed on forex trading gains in Finland is progressive:
- 30% on capital income up to €30,000
- 34% on capital income exceeding €30,000
While this is the tax related to forex incomes at the moment of writing this article, we recommend traders contact local financial professionals to make sure they are aware of any updates and possible amendments related to taxes they must pay on their capital gains.
How Does the Available Leverage of FIN-FSA-Regulated Brokers Compare to the Leverage at Brokers Regulated Offshore?
If a forex trader is looking forward to taking advantage of higher leverage while they are trading currency pairs, they should know that, depending on the market where the broker is operating, there might be certain limits on maximum allowed leverage. For traders from Finland, there is a cap of 1:30 leverage on major currency pairs. Meanwhile, trading on exotic and non-major pairs will have an even lower maximum leverage of 1:20.
The above limits are compliant with the mandatory leverage maximums imposed by ESMA, with every broker operating in the EU and EEA required to implement said limitations. If we compare the allowed leverage in Finnish forex brokers to the caps imposed by trading websites operating offshore, we might see that some have identical or very similar maximums.
Brokers authorized to operate in Australia or the UK will be asked to impose the same limits of maximum leverage of 1:30 on major currency pairs and 1:20 on non-major forex pairs. Meanwhile, brokers operating legally in the US may introduce a maximum leverage of 1:50 on major pairs. That said, they allow brokers to impose even lower maximum leverage if they wish to further reduce risk levels on forex trading.
There are also markets like the Seychelles, regulated by the FSA, which allow forex traders to trade currency pairs with a leverage that can go as high as 1:5000. Needless to say, such brokers are not required to offer negative balance protection, as the extremely high risk coming with this type of leverage can easily accumulate massive losses.
What Do You Need to Qualify to be Designated as a Professional Trader in Finland?
While a maximum leverage cap can be a great security tool for retail forex traders, those who enjoy operating with higher volumes may not appreciate such restrictions. Luckily for them, they might be able to apply for professional trading accounts, allowing them to place orders with significantly higher leverage on both major and exotic pairs. Professional trading accounts often come with lower or no commission fees, allowing traders to enjoy better value for their trading.
To qualify for a professional trading account on a broker website operating in the EU or EEA, you will need to meet several conditions stipulated by ESMA. These include having extensive experience in the financial market sector, having a significant amount traded over a certain period of time, and boasting a substantial portfolio.
Most reputable Finnish regulators will allow you to either open a professional trading account or upgrade your existing retail account if you meet at least two of the following conditions:
- Complete at least 10 transactions of a significant amount per quarter in the last 12 months
- Have a financial instruments portfolio of least €500,000
- Prove they have experience of at least one year working in the financial market sector
Each forex broker will guide you through the steps you need to take and the documents you are required to provide in order to complete the professional trading verification process.
What Trading Platforms Are Available to Finnish Traders?
Naturally, the majority of the forex brokers operating in Finland are providing their financial services under licenses issued by regulators within the EU and EEA. That is why traders are met with the choice of trading via several of the most popular trading platforms one can use for forex trading. Meanwhile, quite a few brands also offer their proprietary platforms, offering smooth trading on forex, CFDs, and other products.
MetaTrader 4: As far as forex trading goes, MT4 is probably one of the most popular options for trading platforms that most traders prefer. With an interface that enables seamless trading for both beginners and expert traders, MT4 offers access to a decent selection of markets, with several instruments allowing traders to make trading decisions easier. Often optimized for both desktop and mobile use, MT4 is a great platform solution for any forex trader.
MetaTrader 5: While MT4 is great for forex trading, those who wish to explore more options may prefer MT5, which adds more markets and slightly more advanced tools to the trading experience. Usually, advanced traders prefer using MT5 as it gives them better insight into various markets, allowing them to assess risk levels and make trading decisions easier.
WebTrader: If you are already used to MT4, you will have no issue utilizing WebTrader for your forex trading orders. Boasting a simpler interface and a few trading tools, WebTrader allows you instant access to trading through its browser-based platform. Since there is no need to install any software on your device, you can start trading right away, using your preferred browser to launch WebTrader.
cTrader: This is definitely a more advanced platform version, often enabling a more modern trading experience, with many expert traders appreciating the cTrader option. Featuring various instruments like technical analysis, charts, and drawing tools, cTrader allows traders to track different markets and always get a more accurate estimation of risk levels while they trade with Finnish brokers.Below you can find some useful references with links to organisations that monitor the forex market in Finland.
- FIN-FSA (Financial Supervision Authority): Homepage of Finland’s financial regulator.
- FIN-FSA Warning Lists: The FSA offers information on how Finnish traders can learn to recognize potential fraudulent activities. This is also where traders can find warning lists that inform traders about suspicious or unauthorized entities.
- FIN-FSA Registers: Detailed information on which financial entities are supervised by FIN-FSA.
- FIN-FSA Problems With a Service Provider: Here, FIN-FSA offers insight into what Finnish traders can do if they run into issues with financial service providers.