Best Forex Brokers In Europe 2023

From our experience, Eightcap delivers a top-notch trading platform perfect for those trading on a budget. What really stands out are the competitive trading costs, characterised by tight spreads, low commissions, and a complete absence of hidden fees. Furthermore, Eightcap offers a robust set of tools engineered explicitly for automated trading, which adds value to your trading experience.

Eightcap Accounts and Spreads

Eightcap gives you a choice between two account types: a no-commission, spread-only Standard account and a spreads plus commission Raw account.

Eightcap Standard Account Spreads

The minimum variable spread for the Eightcap Standard account starts at 1.0 pips, which may seem high compared to similar brokers. It’s important to remember the word “variable”, however. Just because another broker claims a lower minimum variable spread for its standard account doesn’t mean you’ll necessarily get to take advantage. When we tested the average spreads for a standard account across top brokers, we discovered that most range from 1.03 to 2.22.

How did Eightcap fare? While not the lowest of the low-spread brokers, it comfortably outperformed similarly-sized competitors with an average spread of 1.51 pips (USD 13.97). Importantly, Eightcap posted even better results for some of the most popular currency pairs: 1.16 pips for EUR/USD and 1.34 for AUD/USD, for example. Compare those numbers to our poorest-performing broker, which averaged 2.2 pips.

Eightcap Raw Account Spreads

Eightcap’s Raw account also stacked up well against the competition in terms of trading costs. Like most spread plus commission accounts, the Raw account offers a tighter minimum spread of 0.0 pips, balanced out by a commission to execute your trade. When we tested average spreads for commission accounts, Eightcap turned in a respectable 0.5 pips (vs 0.94 from our worst-performing broker). The broker’s commission – USD 3.50 to open or close a position – also aligned with similar brokers. That’s a full USD 2 less per round-turn trade.

Eightcap Trading Platforms

Whether you’re just starting your forex journey or a professional trader, you’ve undoubtedly heard plenty about the MetaQuotes collection of platforms and tools. MT4 is still the reigning champ in the forex world, whereas MT5 gives even regular traders access to centralised exchanges.

If you’re all about currency pairs, exotic crosses and good ol’ fundamental market analysis, we don’t think you can go wrong with MetaTrader 4. With Eightcap’s spin on it, you get your hands on additional trading tools designed to support your technical trading – think 30 in-built indicators and a whopping 2,000 free add-ons.

The broker also offers a seriously impressive charting package. Featuring 24 tools like lines, channels, Gann and Fibonacci fans, plus shapes and arrows, Eightcap has everything you need for advanced charting.

If you prefer automated trading, Eightcap and MetaTrader 4 don’t disappoint. You can either cook up your custom Expert Advisor or purchase one pre-made to match your specifications.

On the other hand, if you have an interest in assets traded on centralised exchanges, such as shares, we recommend opting for MetaTrader 5. Eightcap’s version of MT5 offers many of the same features found in its MT4 counterpart, along with some additional tools. In particular, we noted advanced market depth capabilities, such as separate tracking of orders and trades, as well as comprehensive support for trading orders and execution nodes.

MT5 also simplifies trading directly from charts. We put Eightcap’s assertion that the platform could accommodate up to 100 charts to the test, and indeed, MT5 lived up to the hype. Additionally, we had the opportunity to explore 21 different time frames and a substantial selection of 80 technical indicators.

However, it’s worth noting that if transitioning from MT4 to MT5, you’ll need to reconfigure your automation. Expert Advisors tailored for MetaTrader 4 are exclusive to that platform. Although this might be a minor inconvenience, MT5 users can always explore acquiring a trading bot from the MetaQuotes marketplace.

Eightcap Range of Markets

If your trading interests extend beyond forex, Eightcap offers a respectable selection of financial instruments to trade beyond just currency pairs. Think commodities and indices, as well as over 400 stocks.

Additionally, Eightcap allows you to amplify your positions through leverage. For major currency pairs, the leverage stands at 30:1, while for minors, it’s set at 20:1. It’s important to note that these ratios represent the absolute maximum established by CySEC and FCA regulations, so it’s wise to exercise caution.

Eightcap Customer Support

If you’re based in Europe, rest assured knowing that Eightcap representatives remain at your disposal, no matter the time of day. This broker goes the extra mile by maintaining two distinct customer support centres specifically catering to EU and UK clients, ensuring around-the-clock assistance for technical issues.

For those who’d rather avoid the phone, Eightcap offers support alternatives in the form of email or a custom chatbot. While the interface of the chatbot may come across as a bit cumbersome, we managed to retrieve the necessary information without significant hassle.

Eightcap Education and Research Resources

Eightcap has significantly invested in building a comprehensive knowledge hub for its clients. The proprietary trading library, Eightcap Labs, provides valuable resources, including free articles, courses, and tutorials. This diverse collection covers everything from the basics of trading to advanced charting techniques to how to choose a trading platform.

Our Verdict on Eightcap

Thanks to its narrow spreads and exceptional trading tools, Eightcap earned top marks in our review of European-friendly forex brokers. Although the absence of TradingView might be a minor drawback, we’ve heard it’s slated to join the offerings soon. In the interim, a robust MetaTrader suite and abundant educational materials establish this broker as one of our preferred choices, especially for those new to trading.

Eightcap ReviewVisit Eightcap

We’ve thoroughly tested Pepperstone and have no reservations about naming it the Top Broker with the MetaTrader 4 Platform for European traders. Originating from Melbourne, Australia, but fully compliant with international financial regulations, this broker offers unbeatable low spreads and no-dealing desk ECN pricing. We were particularly impressed by the minimal trading charges and the range of available CFDs. Quick execution times and diverse financing options further solidify Pepperstone’s position as a go-to choice for those looking to trade on MetaTrader 4.

Pepperstone Accounts and Spreads

Pepperstone’s Standard account boasts impressively narrow spreads, noteworthy for a broker operating with a no-dealing desk, market-making model. Currency pairs with this account feature minimum spreads as follows:

• EUR/USD, AUD/USD, GBP/USD and all other majors – 0.6 pips
• EUR/GBP, EUR/JPY, EUR/CHF, AUD/JPY – 1.0 pips
• CAD/CHF, AUD/CAD – 1.3 pips
• EUR/CAD – 1.4 pips

Pepperstone Standard Account Spreads

Based on the module below, Pepperstone not only stands its ground but excels in comparison to similar brokers in terms of standard account spreads. (Our team collects and analyses this data monthly from every broker we review.) Pepperstone’s average monthly spreads for its Standard account stack up well against similarly-sized brokers.

Standard Account Spreads	EUR/USD AUD/USD EUR/GBP GBP/USD USD/JPY AUD/JPY EUR/JPY USD/CAD USD/SGD	EUR/USD AUD/USD EUR/GBP GBP/USD USD/JPY AUD/JPY EUR/JPY USD/CAD USD/SGD	EUR/USD AUD/USD EUR/GBP GBP/USD USD/JPY AUD/JPY EUR/JPY USD/CAD USD/SGD	EUR/USD AUD/USD EUR/GBP GBP/USD USD/JPY AUD/JPY EUR/JPY USD/CAD USD/SGD	EUR/USD AUD/USD EUR/GBP GBP/USD USD/JPY AUD/JPY EUR/JPY USD/CAD USD/SGD
	1.10	1.20	1.40	1.40	1.40
	1.13	1.01	1.71	1.66	1.12
	0.90	1.30	1.40	1.40	1.40
	0.70	2.20	1.10	1.10	0.60
	1.20	0.90	1.50	1.80	1.80
	1.20	1.40	1.50	1.60	1.50
	1.10	1.20	1.40	1.50	1.20
	1.10	1.30	1.30	1.30	1.30
	1.20	1.30	1.20	1.30	1.10
	1.70	1.60	1.70	2.00	1.60
	1.20	1.80	1.90	1.90	1.60

Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023

Pepperstone Razor Account Spreads

If you’re a more experienced trader comfortable calculating trading costs and looking for tighter spreads, we recommend Pepperstone’s Razor account. With this account, you’re only billed the commission for opening and closing your position alongside the spread.

We’ve developed the module below to compare trading costs across brokers using ECN pricing coupled with the commission model (also updated monthly).

Pepperstone Spread Comparison	EUR/USD AUD/USD EUR/GBP EUR/JPY USD/CAD AUD/JPY GBP/USD USD/JPY USD/SGD	EUR/USD AUD/USD EUR/GBP EUR/JPY USD/CAD AUD/JPY GBP/USD USD/JPY USD/SGD	EUR/USD AUD/USD EUR/GBP EUR/JPY USD/CAD AUD/JPY GBP/USD USD/JPY USD/SGD	EUR/USD AUD/USD EUR/GBP EUR/JPY USD/CAD AUD/JPY GBP/USD USD/JPY USD/SGD	EUR/USD AUD/USD EUR/GBP EUR/JPY USD/CAD AUD/JPY GBP/USD USD/JPY USD/SGD
	0.12	0.22	0.40	0.43	0.50
	0.02	0.17	0.27	0.30	0.25
	0.20	0.20	0.40	N/A	0.30
	0.44	0.42	0.40	0.30	0.83
	0.17	0.30	0.54	0.68	N/A
	0.20	0.40	0.50	0.70	0.70
	0.10	0.50	0.60	0.80	1.10
	n/a	0.50	0.60	0.40	0.30
	0.44	1.23	1.13	1.23	1.41

Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023

Speaking of commissions, Pepperstone’s are decidedly competitive: EUR 5.20 per round-turn trade.

Common Pepperstone Account Features

No matter which account type you opt for, you’ll benefit from several shared features when trading with Pepperstone. Features like:

• Scalping
• Hedging
• Expert advisors (MetaTrader), cAutomate (cTrader)

Pepperstone Trading Platforms

Pepperstone consistently secures a top position in our forex broker rankings in large part due to its diverse assortment of trading platforms. Beyond the ever-popular MetaTrader 4 and MetaTrader 5, Pepperstone also provides access to cTrader.

Additionally, you can explore various social and copy trading platforms, including options like MetaTrader Signals, Pelican, and DupliTrade.

MetaTrader 4 continues dominating the forex trading platform market and remains the top platform after over two decades. We strongly recommend it for beginners, given its proven track record and collection of essential tools. Key features include:

• 9 Timeframes
• 30 chart indicators
• 33 analytical objects
• 6 pending order types
• MQL4 for Expert Advisors and backtesting

Choose MT4 if:

• You want access to the MT4 trading community, which is one of the world’s largest communities
• You don’t intend to trade shares
• You don’t have a powerful server that can take advantage of the extra grunt MT5 may require

Pepperstone Execution Speeds

When we tested execution speeds, Pepperstone posted some of the best results of any broker. Market orders were processed at a respectable 100ms, while limit orders came under 75ms.

Our Verdict on Pepperstone

Pepperstone stands out as a premier European forex broker with exceptional MT4 trading experience. With access to over 1000 instruments spanning markets from forex to cryptocurrencies, Pepperstone has a wide range of markets and the tools to help you take full advantage. The broker’s two distinct account types ensure that whether you’re a seasoned day trader or a novice, you’ll find a trading experience that caters to your experience level and budget.

View Pepperstone ReviewVisit Pepperstone

We found IG to be an exceptional choice, and one of the significant highlights is their extensive range of CFDs—from forex and options to commodities—providing traders with ample opportunities to diversify their portfolios. Safety is also a priority, evidenced by the multiple licenses IG holds from top-tier financial regulators. While some high-volume traders might be cautious of the trading costs, the benefits largely outweigh this minor drawback.

IG Accounts and Spreads

Much as we appreciate what IG offers, we’re the first to admit that the account structure isn’t exactly intuitive.

IG’s CFD Account

The CFD account has most of the characteristics of a Standard account – the broker acts as a market maker to guarantee order fills and charges only the spread – but differs in at least one respect. If you trade share CFDs, you’ll also pay a commission. Minimum spreads start at 0.6 pips.

IG’s DMA Account

If you’re an experienced volume trader or a professional, you’re the client IG had in mind when it devised the DMA account. Minimum spreads start at 0.1 pips, and you pay a commission based on your trade size. The more volume you move, the less you pay. A position of 45 million lots will set you back USD 60.00 per million. Change that to 4500 million lots, and you’ll pay just USD 10.00 per million. IG explains that the commission structure helps ensure that all traders using the account type pay their fair share of the depth of market access it affords them.

Either way, you’ll need money in your wallet before trading with IG. The broker requires a minimum deposit of GBP 250.00 and assesses a processing fee of 1.0% and 0.5% for deposits made by bank card, credit card or PayPal.

IG Range of Markets

If you manage to make it past IG’s financial barriers to entry, you’ll find yourself in a whole new world of tradable products. From 100 forex pairs to 13,000 options, it’s an endless buffet of CFDs.

Our Verdict on IG

High trading costs and a complicated account structure shouldn’t deter you if you’re after a varied trading experience with access to multiple markets. IG’s reputation as a reliable and responsive broker is also well-deserved.

View IG Markets ReviewVisit IG Markets

We were impressed with IC Markets, which offers a highly diverse yet manageable trading experience. What sets them apart further is their performance in our tests, where they outshone the competition in terms of minimum Standard account spreads. The array of trading options and competitive spreads make IC Markets a standout choice for European traders.

IC Markets Accounts and Spreads

If you trade with IC Markets, you’ll choose between a Standard and a Raw Spread account. The Standard account uses spread-only pricing, which we recommend for beginner traders. The Raw Spread charges a commission on top of the spread, which makes calculating your trading costs a bit more complicated. We recommend this account type for more experienced traders.

We believe IC Markets’ standard account option deserves your attention if you’re on the fence about this broker. Like most standard accounts, this account type uses spread-only pricing, which means the broker includes its commission in the minimum spread. Unlike other brokers, IC consistently posts an average in line with its posted minimum. In our tests, IC snagged the top spot for the tightest spreads with an average of 1.03 pips (less than USD 10 per trade).

The dynamics change a bit with IC Markets’ Raw account. Here, commission isn’t included in the spreads; the broker charges a minimum spread plus a fee to open and close your position. You benefit from tighter spreads but may have more difficulty calculating your costs. The Raw Spread account at IC Markets truly shines if you’re seeking ultra-low spreads. Our tests posted results as low as 0.10 pips on major pairs like Euro vs. US Dollar (EUR/USD).

Regardless of your choice, leverage is at your disposal. It’s akin to supercharging your trades, but here’s the caveat: While it can enhance potential profits, caution is essential. High leverage entails risk. Don’t be so swayed by the prospect of substantial gains that you fail to appreciate the downside possibilities. Exercise risk management and develop a solid grasp of the intricacies of your preferred markets before diving into high-leverage trading scenarios.

IC Markets Range of Markets

For forex enthusiasts, we maintain that you can’t go wrong with the tried and true MetaTrader 4. Explicitly designed for forex trading, it remains among the best-suited trading platforms for the currency markets while supporting CFDs across various asset classes.

That said, if you want to broaden your trading horizons and delve into various asset classes, MetaTrader 5 (MT5) is the better platform for your needs. MT5 is a multi-asset platform that extends its reach across a wider spectrum of financial instruments, including shares and other assets traded on centralised exchanges.

With this platform, you can access to 60 currency pairs, more than 17 indices, upwards of 19 commodities, and an impressive collection of 120+ stocks and ETFs (exclusive to MT5). Moreover, 6 bonds, 4 futures, and a tantalising array of 10 cryptocurrencies add to the platform’s appeal.

Our Verdict on IC Markets

Impressively tight spreads and one of the world’s largest selections of trading products make IC Markets a great choice. But the broker’s size and reach also come with drawbacks. Customer service sometimes takes longer than we’d like to come back with a response, and we found some of the platform features less than intuitive.

We found eToro to excel in a unique niche and the emphasis on social and copy trading, which adds a community-driven dimension to the trading experience. With an offering of over 2000 diverse assets ranging from forex and cryptocurrencies to commodities, traders are spoilt for choice. All of this is conveniently accessible directly from their social trading platform.

eToro’s Trading Account

If you like options regarding trading accounts, there might be better fits than eToro. This broker sticks to the basics with a single, no-frills Standard account and a variable minimum spread starting at 1.0 pips.

eToro Social Trading and Copy Trading Platforms

Engaging in social trading on eToro has allowed us to leverage the collective wisdom of a vast community comprising 10 million users across 140 countries. With the right combination of trading bots, you can bypass conducting your own technical or fundamental analysis – or even executing trades independently – while still enjoying the mental exercise of day trading.

eToro has clearly invested in fostering a sense of community with a user interface that reminds us more of Meta’s Facebook than any product by MetaQuotes. The platform features an ever-refreshing wall-style feed that encourages conversations around trading philosophies, allowing us to garner valuable insights and trading strategies from the community. Furthermore, eToro’s automation features let us mirror the trades of other participants in real time. The standout feature of the eToro trading platform lies in its copy trading functionality. The broker offers two proprietary tools designed to enhance your copy trading experience: CopyTrader™ and CopyPortfolios™.

eToro’s CopyTrader™

With CopyTrader™, you can follow expert traders, monitor their positions and replicate their strategies via automation. This feature includes filtering options that let you discover traders aligned with your specific trading requirements, such as risk score, assets, performance metrics or annual profit.

CopyPortfolios™

While CopyTrader™ allows you to copy a single professional, CopyPortfolios™ expands the field to a pool of similar traders focused on the same asset class. eToro uses proprietary algorithms to create these pools, regularly screening members for their performance and rebalancing. These ‘pools’ or indices of traders can also comprise a single CFD or a collection of products tied to the same market or industry. For example:

• Quarterly Gainers – this index is rebalanced each quarter with 50 of the platform’s best traders for the quarter
• Active Traders – this index is formed using frequent traders with a consistently positive track record.
• Trending Traders – for conservative traders, this draws on ten traders with an eToro risk rating of 7 or below.
• CopyPlus R4 – this index uses social trading to compile low-risk traders that get the most followers or copiers in the past month
• Market CopyPortfolios™ – an index focused on securities in sectors such as banks, big tech, gaming, gold, energy

eToro Range of Markets

eToro offers an extensive array of markets and financial instruments to trade, each with varying degrees of leverage. It’s particularly well known for its crypto offering: 41 tokens, the most of any top-tier broker.

Some of the most popular instruments to trade include:

• Over 40 forex CFD pairs
• Spreads start from 1 pip for EUR/USD and 1.5 pips for EUR/GBP
• Stocks have the option of being traded as a CFD (spreads starting from 0.09%) or actually owning the asset outright with no spread or commission charges
• Cryptocurrencies have the same option of purchasing either the outright asset or purchasing a CFD of the asset, both with spreads starting from 0.75% on BTC
• Access to over 30 commodity CFDs
• Spreads start from 2 pips for Copper, and 45 pips for Gold
• Binary options CySEC Leverage RegulationsMajor Forex pairsMinor forex pairs + Gold

Our Verdict on eToro

Putting its stellar social and copy trading features to one side, we must point out that eToro’s limited range of account types and somewhat restricted set of technical analysis tools may hinder its usefulness for traders focusing solely on fundamental or technical analysis. For those who are hobby traders or have a keen interest in cryptocurrencies, we recommend eToro.

*Your capital is at risk ‘68% of retail CFD accounts lose money’

We highly regard FP Markets as a Great CFD Broker for European traders, based on our own trading experience. One of the key strengths is their low spreads, which significantly boosts the profitability of trades. What adds to this is their speedy market order execution, minimising slippage and enhancing the likelihood of securing the best possible price for your trade. Their performance and features place them firmly among the top forex brokers globally.

FP Markets Accounts and Spreads

With FP Markets, you’ll choose between a spread-only Standard and a commission-based RAW account. The two account types share multiple features. However, you’ll need to think about the amount of time you have available to manage your trading costs and your risk tolerance. Commission plus spread can get expensive in the trial-and-error phase of developing a trading strategy.

FP Markets Standard Account

With the FP Markets Standard account, you won’t have to worry about commission costs when you trade – just the minimum spread of 1.0 pips. This no-commission account is a solid pick, especially if you’re new to trading and want to keep your trading costs reasonably consistent.

FP Markets Zero Account

If you opt for the RAW account, you’ll have access to FP Markets’ tightest spreads – 0.0 pips as a minimum – though you’ll also pay a commission of USD 6.00 to execute a trade. This account is tailor-made for day traders who are into techniques like scalping and prefer shorter time frames for trading. As noted above, FP Markets clocked in some of the fastest market order execution speeds in our tests. Limit order execution speeds weren’t quite as impressive, but we do note that we used a demo account.

FP Markets Range of Markets

Some of the markets available for trade include:

• 80+ share CFDs from around the world, including Adidas, Volkswagen, and Amazon, with leverage options up to 5:1
• 60+ Forex pairs that trade 24/5
• Gold, Silver, Oil, and Gas with leverage of up to 20:1
• 14 different indices, including the volatility index, Euro 50, and even the US dollar, with an average spread of 0.09 pips
• Trade the 3 most popular cryptocurrencies: Bitcoin, Ethereum, and Litecoin

Our Verdict on FP Markets

If you want to minimise slippage and prefer a balanced portfolio with a range of assets, we think you’ll appreciate what FP Markets offers.

View FP Markets ReviewVisit FP Markets

While we typically emphasise elements like spreads, commissions, and execution speeds, Plus500’s meticulously designed interface and platform caught our attention. Built in response to customer feedback, it’s one of the most user-friendly and visually appealing platforms we’ve encountered. The layout and tools are intuitively arranged, making technical analysis and charting a breeze.

Plus500 Accounts, Spreads and Range of Markets

Plus500 follows the KISS system when it comes to trading accounts. The broker offers a single Standard account with a minimum spread of 0.6 pips. The broker doesn’t charge additional fees for withdrawals or deposits, but you will need to make a GBP 100 minimum deposit to begin trading.

On a more positive note, Plus500 boasts an extensive range of markets, featuring a whopping 2000+ instruments available for trading across various markets.

Our Verdict on Plus500

With a sleek, intuitive trading platform, an impressive variety of tradable products and a low minimum spread, we recommend Plus500 if you’re searching for a good all-around broker with an easy-to-navigate trading environment

Plus500 ReviewVisit Plus500

*Your capital is at risk ‘76.4% of retail CFD accounts lose money’

We were particularly impressed with OANDA’s risk management tools, which provide the extra safety new traders often need. The guaranteed stop-loss order is a standout feature, acting as a financial safety net to protect against significant losses. This is especially invaluable for newcomers still learning the ropes and developing their trading strategies. OANDA provides a well-cushioned and secure starting platform for European traders taking their first steps in the forex market.

OANDA Accounts, Spreads and Range of Markets

Like other streamlined brokers in this list, OANDA aims to save traders time and money with a single, optimised account type. As the name implies, the Spread Only account carries no extra commissions.

Minimum spreads on OANDA commence at 0.6 pips, but where the broker distinguishes itself is its low indirect trading costs. With no minimum deposit requirement, no fees for deposits or withdrawals, and an inactivity fee that is only triggered after a full calendar year, it’s cost-effective for traders.

Newcomers to trading will find OANDA’s unique Trading Performance Portal, powered by Chasing Returns, particularly helpful. Leveraging behavioural science and cutting-edge data analytics, this portal helped us identify our individual trading strengths and weaknesses and offered constructive suggestions to enhance our strategy.

The real game-changer for us? The guaranteed stop loss order. By setting a floor for our position, we could trade with greater peace of mind, confident that the platform would automatically exit us from the trade if the market dipped below our pre-set tolerance level.

Our Verdict on OANDA

Best-in-class risk management tools, comprehensive educational resources and an accessible trading environment make OANDA our top choice for beginner traders.

OANDA ReviewVisit OANDA