Best Forex Brokers in Slovakia for 2024

Written by Zornitsa Stefanova
Zornitsa Stefanova is experienced forex and crypto analyst. She also covers various financial topics such as stocks trading and retirement investments.
, | Updated: May 15, 2024

If you are looking to learn how forex trading is regulated in Slovakia and which brokers offer the best experience to Slovak traders, you have come to the right place: our expert analysts have compiled a list of the forex brokers that Slovak forex enthusiasts cannot go wrong with.

The Slovak National Bank, or Národná banka Slovenska (NBS) as it is known in Slovak, is the regulator that oversees Slovakia’s financial market and the companies that offer financial services to Slovak clients. The bank’s website can be found at https://nbs.sk/, and it offers information in both Slovak and English. This is also where Slovak traders can find the bank’s national register of financial entities, which includes all forex brokers that are licensed to operate in Slovakia.

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
3AvaTrade
Rating: 4.5 ⭐
76% of retail investor accounts lose money
4easyMarkets
Rating: 4.5 ⭐
71% of retail investor accounts lose money
5eToro
Rating: 4.2 ⭐
51% of retail investor accounts lose money
6Tickmill
Rating: 3.4 ⭐
70% of retail investor accounts lose money
7Spreadex
Rating: 4.4 ⭐
64% of retail investors lose money
8CMC Markets
Rating: 4.2 ⭐
71% of retail investor accounts lose money
9Vantage FX
Rating: 3.4 ⭐
10XTB
Rating: 3.7 ⭐
80% of retail investor accounts lose money

Slovak Forex Brokers Ranked by Trustpilot Score

Slovak Forex Brokers Ranked by Spread Commission

Forex BrokerEURUSDUSDJPYEURGBPGBPUSD
1. Tickmill0.10.10.40.3
2. Fusion Markets0.110.130.150.11
3. Global Prime0.130.280.280.22
4. CMC Markets0.50.71.10.9
5. Spreadex0.690.90.8
6. easyMarkets0.71.01.00.9
7. AvaTrade0.91.31.21.3
8. XTB0.9141.32.2
9. Vantage FX1.01.01.21.0
10. eToro1.01.01.52.0

Slovak Forex Brokers Ranked by Commission per Lot

Forex BrokerCommission per lot
1. AvaTrade$0
2. easyMarkets$0
3. eToro$0
4. Spreadex$0
5. Vantage FX$0
6. XTB$0
7. Fusion Markets$2.25 per lot
8. CMC Markets$2.50 per lot
9. Tickmill$3 per lot
10. Global Prime$3.50 per lot

Important Note: Seeing as Slovakia has been a member of the European Union since 2004, forex brokers that are looking to target clients in the country must abide by the rules of the European Securities and Markets Authority, specifically the ones outlined in the Markets in Financial Instruments Directive II.

Top 10 FX Brokers in Slovakia

  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 NOW76% of retail investor accounts lose money
    AvaTrade Broker Details
    RegulatorsFFAJ (License No.1574),CySEC (No. 347/17) ISA (No. 514666577), IIROC, ADGM / FSRA (No.190018), CBI (No.C53877), BVIFSC (No. SIBA/L/13/1049), FSCA(No.45984), ASIC(No.406684)
    Min Deposit$/€100
    Trading PlatformsMetaTrader4, MetaTrader5, WebTrader, AvaTadeGO, AvaSocial
    Trustpilot Rating4.5 out of 8469 reviews
    Number of Forex Pairs to Trade55
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.9
    USDJPY: 1.3
    EURGBP: 1.2
    GBPUSD: 1.3
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, Skrill, WebMoney, Neteller, bank wire
    Withdrawal MethodsVisa, Mastercard, Skrill, WebMoney, Neteller, bank wire

    AvaTrade is one of the most well-experienced brokers offering online trading since 2006. Licensed and regulated to operate across six continents, this brand focuses on offering CFD and Forex trading, with popular platforms like MetaTrader 4 and 5 available to members of the broker. Alongside the MetaTrader platform, AvaTrade also offers its AvaTrade WebTrader and AvaTradeGO platforms, which introduce several innovative features such as AvaProtect.

    Those inexperienced in trading can also try copy trading with AvaTrade’s AvaSocial platform. Trading on the go is also a seamless process, with AvaTrade’s mobile platforms, all available on the AvaTrade mobile app, available both to Android and iOS users.

    It is no wonder that so many traders have chosen to trust AvaTrade, with the brand offering some of the greatest trading conditions online. Hedging on short selling and scalping is allowed, with traders having no restrictions to worry about. Fast order executions as well as competitively low spreads are also some of the reasons that have earned the broker a score of 4.6 out of 5 on Trustpilot. A total of 9 jurisdictions regulate the services offered by Ava Trade, with the Financial Futures Association of Japan, the Cyprus Securities and Exchange Commission, and the Australian Securities and Investments Commission being some of them.

    Key Pros

    • Regulated by 9 jurisdictions in 6 continents
    • Offers various trading platforms suitable for beginners and expert traders
    • Enables smooth mobile forex trading via dedicated app
    • Offers 55 forex options and numerous CFDs
    • Easy copy trading via the AvaSocial platform

    Key Cons

    • Retail account pricing trails behind top brokers’ offerings
    • Desktop platform may seem a tad outdated
    • Many payment solutions are country-specific
  4. TRADE NOW71% of retail investor accounts lose money
    easyMarkets Broker Details
    RegulatorsCySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), and FSC (license no. SIBA/L/20/1135).
    Min Deposit$100
    Trading PlatformseasyMarkets, MetaTrader 4, MetaTrader 5, TradingView
    Trustpilot Rating4.5 out of 1618 reviews
    Number of Forex Pairs to Trade60+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.7
    USDJPY: 1.0
    EURGBP: 1.0
    GBPUSD: 0.9
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer
    Withdrawal MethodsVisa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer

    Starting in 2001, nowadays, easyMarkets is one of the top brokers that cater to the preferences of a wide range of traders, with several licenses authorizing the brand to operate in multiple markets. To ensure traders’ safety, the broker is regulated by authorities like CySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), and FSC (license no. SIBA/L/20/1135).

    Being among the pioneers in online trading, easyMarkets was the first one to introduce advanced tools like dealCancellation, Freeze Rate, and Inside Viewer. As for the platforms available to members of the broker, first, we would like to highlight the easyMarkets platform, which boasts a simple design and a selection of advanced trading tools that will appeal to experienced traders. Meanwhile, there is also the alternative to use platforms like MetaTrader 4 and 5 as well as TradingView. Mobile trading is also very accessible thanks to the dedicated easyMarkets app available to both Android and iOS users.

    Competitive spreads and low fees are also among the features that make easyMarkets a preferable destination for a large number of traders. The company enjoys an average score of 4.6 out of 5 on Truspilot’s review platform, further cementing the broker’s reputation. Going live requires a minimum deposit of only $100, with the broker supporting a wide selection of deposit methods.

    Key Pros

    • Offers tight spreads and low fees
    • Supports trading of over 60 currency pairs
    • Regulated by several reputable authorities
    • Supports a wide range of payment methods
    • Offers a proprietary platform

    Key Cons

    • Number of supported products is somewhat limited
    • Does not offer copy trading platform
    • Traders from certain countries may have access to fewer payment methods
  5. 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
  6. TRADE NOW70% of retail investor accounts lose money
    Tickmill Broker Details
    RegulatorsCySEC (No. 278/15), FCA (733772), CONSOB (No.4310), BaFin (No.146511), ACPR (No.75473), CNVM (No.4082), FSA Seychelles (SD 008), FSCA (FSP 49464)
    Min Deposit$100
    Trading PlatformsMT4, MT5, WebTrader, ZuluTrade
    Trustpilot Rating3.4 out of 525 reviews
    Number of Forex Pairs to Trade62
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.1
    USDJPY: 0.1
    EURGBP: 0.4
    GBPUSD: 0.3
    Forex Commission per Lot per Trade$3 per lot
    Deposit MethodsBank Transfer, Skrill, Mastercard, Visa, PayPal, Przelewy24, Neteller, Trustly
    Withdrawal MethodsMastercard, Visa, Skrill, Neteller, Przelewy24, PayPal, Bank Transfer

    ickmill is a multi-licensed broker with over 780,000 registered customers worldwide. It provides low-cost trading with over 180 financial instruments, including currency pairs, equity indices, commodities, cryptocurrencies, bonds, and stocks. Raw spreads start at zero pips for FX majors, with nominal commissions on Raw accounts. It is also worth mentioning that Tickmill is one of the few online brokers to issue no requotes. It receives heaps of praise for delivering some of the fastest execution times in the industry, filling client orders within 0.20 seconds on average.

    The brokerage supports trading via the robust MT4 and MT5 platforms, with customers facing a choice from their downloadable and web-based versions. Clients interested in dipping their toes in copy trading can conveniently connect their Tickmill accounts to the ZuluTrade platform. Tickmill keeps client funds in segregated accounts and maintains insurance against insolvency with Lloyds Bank despite boasting sufficient liquidity to weather hard times. On the downside, bank-transfer deposits incur additional fees when below the $5,000 threshold.

    Key Pros

    • Offers swap-free accounts for Islamic customers
    • No commissions on FX trades via Classic accounts
    • Global presence in over 180 countries
    • FX spreads from zero pips on Raw accounts
    • Swift order execution with no requotes

    Key Cons

    • Could use more base account currencies
    • Bank-transfer deposits below $5,000 incur extra fees
  7. TRADE NOW64% of retail investors lose money
    Spreadex Broker Details
    RegulatorsFCA (No. 190941)
    Min Deposit$0
    Trading PlatformsTradingView, proprietary software
    Trustpilot Rating4.4 out of 93 reviews
    Number of Forex Pairs to Trade60+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.6
    USDJPY: 9
    EURGBP: 0.9
    GBPUSD: 0.8
    Forex Commission per Lot per Trade$0
    Deposit MethodsMastercard, Visa, Maestro, Direct Debit, Check, Bank Transfer
    Withdrawal MethodsVisa, Maestro, Mastercard, Bank Transfer, Check

    Spreadex is a UK-regulated firm that provides financial spread betting and leveraged trading through contracts for difference. The company carries the stamp of approval of the Financial Conduct Authority (FCA) and has over 25 years of industry experience. Over 60,000 customers worldwide choose Spreadex for its competitive pricing, advantageous trading conditions, and diverse product range comprising more than 10,000 financial instruments.

    Clients can trade over 60 currency pairs with tight spreads averaging 0.6 pips on majors like the EUR/USD. Beyond Forex, Spreadex has decent enough coverage of the equity index, commodity, and stock markets. Options, bonds, interest rates, and exchange-traded funds are also available for trading at favorable conditions.

    Traders at Spreadex can stay ahead of the curve with weekly technical analysis, trading updates, and an economic diary, all available under the News & Analysis tab. Connecting your Spreadex account to TradingView is an option, although the broker’s proprietary software also ensures a seamless trading experience and fast order execution. Spreadex does not support MT4 and MT5 at the moment but has earned an above-average Trustpilot score of 4.5 stars despite this shortcoming.

    Key Pros

    • Provides access to over 10,000 tradable symbols
    • Well-designed and intuitive mobile trading app
    • Offers spread betting on FX pairs
    • Commission-free FX trading with tight spreads
    • Seamless registration process

    Key Cons

    • No support for MetaTrader 4 or 5
    • Licensed by a single financial regulator (FCA)
    • Deposits under $/£50 may incur additional charges
  8. TRADE NOW71% of retail investor accounts lose money
    CMC Markets Broker Details
    RegulatorsAFS (licenses no.238054 and no. 246381), FCA (licenses no. 173730 and no. 170627
    Min Deposit$0
    Trading PlatformsCMC Markets’ Next Generation, MetaTrader 4
    Trustpilot Rating4.2 out of 1923 reviews
    Number of Forex Pairs to Trade330+
    LeverageForex & Metals: 30:1
    Index CFDs: 20:1
    Cryptocurrencies: 2:1
    SpreadEURUSD: 0.5
    USDJPY: 0.7
    EURGBP: 1.1
    GBPUSD: 0.9
    Forex Commission per Lot per Trade$2.50 per lot
    Deposit MethodsVisa, Mastercard, PayPal, Bank Transfer
    Withdrawal MethodsVisa, Mastercard, PayPal, Bank Transfer

    When it comes to online trading, trusting a worldly-wise broker like CMC Markets, which pounced on the scene way back in 1989, is always the best decision. In 1996, the brand launched its operations online, claiming to be the first to complete a forex deal online. While this cannot be confirmed, the company certainly is one of the pioneers of online trading, currently ranking among the most trustworthy brokers online.

    Forex traders will be pleased to see that the broker covers a wide range of currency pairs, while other types of traders will also appreciate the numerous CFDs and spread betting available on CMC Markets’ platforms. The broker offers its clients the proprietary platform Next Generation, which is rather intuitive and easy to use. Unfortunately, the Next Generation platform does not support automated trading. However, those who prefer this style of trading may install the MetaTrader 4 platform, also supported by CMC Markets.

    One of the best qualities of CMC Markets is the company’s transparency as it is publicly traded and licensed by some of the most reliable authorities in this industry. Regulated by the ASIC, the broker is authorized by the AFS to offer derivative products under license no.238054 and stockbroking services under license no. 246381. The broker has also been licensed by the UK’s FCA, operating under license no. 173730 and license no. 170627 (spread betting). It comes as no surprise that CMC Markets has become a top destination for numerous traders who have given the broker an average score of 4.2 out of 5 on Trustpilot.

    Key Pros

    • Publicly traded reputable brand
    • One of the first online forex brokers
    • Covers an extensive selection of currency pairs
    • Offers proprietary trading platform
    • Enables smooth mobile trading

    Key Cons

    • Automated trading available only on MetaTrader4
    • Fees on stock CFDs can be high
    • Supports a limited number of payment methods
  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 Slovakia?

Slovakian traders can rest assured that forex trading is perfectly legal in Slovakia. Under Slovak law, brokers are allowed to target Slovakia-based traders so long as they are licensed to do so. An eligible broker is one whose operations are overseen by either the Slovak National Bank (NBS) or another European regulator. The NBS has also stressed that only licensed companies are permitted to offer financial services and forex trading, in particular. Therefore, unauthorized brokers cannot advertise forex trading to Slovaks, nor can they allow individuals who reside in Slovakia to create an account on their website.

Further details on how Forex Brokers Are Regulated in Slovakia

As established, Slovakia is a member of the European Union. This means that its forex market is characterized by the rules outlined in the Markets in Financial Instruments Directive II (MiFID II), in addition to the regulations of the Slovak National Bank. Brokers must, therefore, comply with a range of requirements in order to be eligible to offer their services to Slovakia-based traders. The said requirements include the provision of negative balance protection, the segregation of client funds away from the broker’s own money, and more.

How can I verify that a Slovakia-friendly forex broker is licensed?

If your broker is reputable, this type of information will be provided on its homepage or somewhere else on the broker’s website. In many cases, a separate page will be designated for the listing of all of the broker’s licenses, but certain brokers have also opted to include this information on their frequently asked questions page. If you struggle to navigate a given broker’s website, you may also send a message to the customer support staff via your preferred method of communication and ask them to confirm if the broker is licensed and by which financial watchdogs.

Many supervisory authorities also have comprehensive registers that include each company that offers financial services in their jurisdictions, and this includes the National Bank of Slovakia (NBS). You can also refer to the said registers to confirm that a broker is truthful about its licensing. Be aware that some registers can be a bit harder to navigate than others. If you are lucky, however, your broker will be included in a list that is as simple to use as the one of the NBS.

Are my funds safe with forex brokers in Slovakia?

If you take care to not stray from regulated brokers, you will not need to be anxious about the safety of your money. NBS-licensed brokers, as well as those authorized by other trusted regulatory entities, need to adhere to strict security requirements and rules that aim to safeguard clients from fraud.

First and foremost, if a broker is to operate in the European Union, they must adhere to the rules of the European Securities and Market Authority (ESMA), and be licensed by either National Bank of Slovakia or another jurisdiction’s respective regulator. Thus, they will be mandated to segregate client funds in bank accounts not tied to the company’s own funds. Your broker is likely to reassure you of this in its terms and conditions.

As you will learn below, if you are a retail trader, you will also be eligible for negative balance protection. This will serve as reassurance that your balance will not fall below the money you had in your account.

Do brokers in Slovakia provide negative balance protection?

Seeing as Slovakia’s forex trading sector is governed by the rules of the European Union’s financial regulator, negative balance protection is something that all Slovakia-facing brokers must offer to retail clients.

If you are curious as to why, European financial authorities aim to protect clients with this rule. The forex market is among the most volatile in Europe, which means that the risk of negative balance is relatively high. One of the most widely known instances of this occurring happened in 2015 when the Swiss National Bank did away with the Swiss Franc’s peg to the Euro. As a result, the Swiss Franc’s value skyrocketed, and many traders lost far more money than they had had in their balances prior. The event served as a wake-up call of sorts, with regulators eventually deciding to implement negative balance protection as a measure to prevent future issues of the same nature.

However, as you may have noticed, we have not mentioned professional traders thus far. This is because the rules for negative balance protection only apply to retail clients. Basically, brokers do not need to offer negative balance protection to pros, which can be a potential downside for some forex traders.

Do you pay tax on forex trading in Slovakia?

The tax rate in Slovakia can go up to 25% and is dependent on just how much money one is successful in making through forex trading. Do keep in mind that the said gains must be reported to the relevant authorities on an annual basis, and the same applies to capital loss.

What is the available leverage at Slovakia-facing brokers?

Europe’s regulations are quite strict when it comes to the leverage that retail traders can utilize. In general, substantial leverage is tempting to retail clients, seeing as it massive profits.

High leverage is a high-risk, high-reward type of deal, however. When trading with leverage, a user is essentially using their own capital multiplied as dictated by the leverage, with the extra funds being borrowed from the broker. Thus, if the trade results in a loss, the individual stands to lose more money than their own initial investment and be indebted to their broker.

Due to the above-described risk, a limit of 30:1 is imposed on the trading of major forex pairs. If you wish to trade minor pairs, the limit is even stricter: 20:1. These are the limits that France, Italy, and even the UK adhere to. There are some jurisdictions where higher privilege is permitted, with the US (50:1) and Poland (100:1) being the prime examples.

If the limits in Slovakia sound too restricting, you could consider becoming a professional trader. This way, you would be able to trade both major and minor forex pairs with a leverage of up to 500:1 at most Slovak-facing forex brokers.

What do you need to qualify to be designated as a professional trader in Slovakia?

Becoming a professional trader comes with a number of perks, the main one being more freedom in terms of how large of a leverage one can choose to trade with. Thus, you might be eager to try to create a professional trading account or upgrade your existing one.

Becoming eligible is not exactly easy, but the good news is that you basically need to meet two out of three total requirements. The first one is to have a substantial financial instrument portfolio. The specific threshold given is €500,000, which means that your portfolio will need to be larger than €500,000 if you plan on becoming a professional.

If your portfolio does not quite meet the above requirement, you have two more potential options. Namely, if you have traded derivatives that were large, and you have done so ten times per quarter over the previous four quarters, you will be one step closer to becoming a professional trader. Finally, you may also be eligible for a professional account if you have worked in the financial sector for at least a year.

What trading platforms are available to Slovak traders?

There are plenty of factors that can practically make or break a forex broker, and its platform is certainly one such aspect. In fact, many would argue that the platform is the single most important feature of a broker, although, of course, things such as a broker’s security and its deposit methods are also crucial.

Thankfully, this is an area that most Slovakia-facing forex brokers tend to excel at, although brokers often go different routes in terms of which platform they pick exactly. MetaTrader 5 and its predecessor are the first platforms Slovak traders might encounter, and any experienced traders will be familiar with both. Other platforms that are popular in the trading scene include cTrader and NinjaTraver.

Some Slovak traders might also come across brokers that have decided to provide clients with proprietary software. Typically, most brokers have their own platforms that also offer industry staples as well, although there are also some that only provide their own platforms and no other options.

Which platform you will be able to utilize will be strictly reliant on the broker you have chosen to go with. This is why, when picking an online broker, you must take its selection of platforms into consideration before you settle.

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

  1. The Slovak National Bank, or Národná banka Slovenska (NBS)