BaFin is the German regulator for forex trading. Our team of experts have selected our top BaFin authorised online forex brokers to provide CFD and leveraged trading services to German forex traders. See our choices for the best brokers in Germany.
Below are our top choices for best brokers in Germany for forex trading
Updated: 01/03/2021
What Changed?
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Below are our best brokers With BAFID regulation in Germany by Category
Interactive brokers offer 3 key strengths: 1. Low Trading Fees – Commission from $1 USD per lot and low spreads. 2. Advanced Trading Platforms – Highly advanced platforms for Desktop and Mobile devices. 3. Multiple Instruments – Interactive Brokers offers CFD and actual physical instruments. 4. Wide Choice Of Funding – Multiple payment options to deposit and withdraw funds.
Interactive Brokers combine quotation streams from 14 of the largest foreign exchange dealers in the world to achieve tight spreads. Forex CFD spreads start at 1.0% for EURUSD and can go as low as 0.5% with larger balance accounts. Exotic currency pairs and cross pairs generally have wider spreads as they are more volatile. Interactive Brokers spreads are variable, so may widen when during major economic events.
Commissions on Forex pairs start with a minimum of $2.00 USD per 0.20 lot size order. The larger your lots are, the better value your commission will be.
German traders can enjoy even lower commissions by trading high volume orders.
When it comes to comparing commission costs with other brokers, we consider Interactive Brokers to offer some of the best value.
Compare All Commission With All Brokers >>
Interactive Brokers apply an inactivity fee of $10 per month on accounts with a balance of less than $2,000 and for accounts that don’t generate a minimum of $20 USD in commissions. Accounts with $2,000 balance or more have a $10 USD monthly inactivity fee.
Interactive Brokers offers different trading platform options with both desktop platforms and mobile apps available:
The ‘Client Portal’ platform key feature is that it includes all the essential trading tools you will need from a single portal. Client Portal does this by striking a nice balance design and function which makes their interface clean and orderly and has the added benefit of allowing you to do away with additional monitors. These features make it a great platform for beginner traders.
Client Portal portal accounts can be set up without any downloads needed, key features include:
Long considered a premium platform for professional traders, Interactive Brokers Desktop TWS platform is now available for all levels of trader. The platform shines if you trade multiple instruments as Desktop TWS allows you to take full advantage of the wealth of offerings Interactive Brokers have to offer among their 1000+ products. Major features include:
IBKR Pro is Interactive Brokers Web-based trading platform. It is similar to the Desktop TWS but with a simpler interface. It is a great option if you wish to trade on-the-go.
IBKR provides access to your trading account from your phone or tablet with a focus on:
IBot is the artificially powered interface available with all Interactive Brokers platforms that give you the ability to place orders, obtain quotes and search for data and information using your own words and phrasing based on:
Use of natural language to place orders helps you find and action what you need quickly with maximum ease. This feature makes IBKR platforms great for beginners as it removes the need to use specific and complex terms when carrying out actions.
Customize your trading platform experience with:
Interactive Brokers offer a full range of markets available to trade. The top broker offers access to 135 markets in 33 different counties using 23 types of currencies. Interactive Brokers is unique in the online forex brokerage industry because they offer the opportunity to trade with both the underlying instrument and the CFD, allowing you to deal with many exchanges rarely offered by other online brokers.
Interactive Brokers enforces no minimum deposit requirements for each of their Forex accounts.
Deposit payment methods supported by Interactive Brokers include:
All payment methods have a $0 fee. Interestingly, Interactive Brokers does not allow deposits with Credit Cards and Debit Cards such as Visa, Mastercard or with PayPal.
Withdrawal payments methods supported:
Interactive Brokers allows one free withdrawal each calendar month, but all fees thereafter will incur a fee. Withdrawal by bank wire will incur a fee of 8 Euro.
Withdrawal limits apply for each day and in total over 5 business days. Having a Secure Login System will allow unlimited withdrawals.
Withdrawals will usually be done on the same day if a request is made before closing and must be to an account in your name.
Based in the United States, Interactive Brokers is our best forex broker in Germany suited for traders with wanting to trade a large range of CFDs and even the underlying instruments with low spreads and some of the best commissions in the broking industry.
The brokers offer a good selection of trading platforms for all levels of traders wanting to use all types of trading platforms and have some unique offerings such as IBot.
XTB offers tight and competitive spreads for most of the major pairs for online trading. Spreads for the standard forex trading account with no commission start from 0.70 pips on EUR/USD pairs and spreads for accounts with commission start from 0.30 pips for EUR/USD. Index CFDs start with spreads of 0.5 pips and 42 indices are on offer in total. Commodity CFD instruments start with 0.01 pips, and 22 commodities are available in total. Cryptocurrency trading pairs have a 0.5% of market price spread and with 25 cryptocurrencies available to trade as Bitcoin, Ethereum and more.
The tightest spreads can be found with the XTB pro account. This account type uses straight-through-processing (STP) execution to achieve low spreads with fast execution. With this account, you will pay €3.50 per lot side trip or €7 round-turn when trading forex. Cryptocurrencies will also incur a fee of €3.50 while Stock CFDs and ETD CFD commission starts at 0.08% per lot.
Data taken from broker website. Accurate as at 02/04/2021
Compare All No Commission Accounts Spreads
If you don’t wish to pay commission costs when you trade, you may prefer a standard account type. This account has wider spreads compared to the Pro Account and therefore has a different cost structure.
Compare All Commission Account Spreads
Below is information about each account. You will see both accounts offer 1:30 leverage, trading of lots from 0.1 and a choice of xStation and MT4 platforms. The only difference between the account types is that the Pro has a commission cost structure, and the Standard does not.
XTB offers a program of active trader discount program, allowing you to earn discounts on spreads between 5% and 30% if you trade in certain volumes.
XTB has received numerous awards and achievements which reflect the high level of service they offer. Awards they have one include:
XTB operates on 11 locations with offices in Europe and Asia and offers the following support:
XTB provides educational content from basic to advanced lessons with free courses, articles, and webinars. The educational courses cover 4 levels of experience with the basic package explaining the elementary lessons about Forex, the intermediate package to advance consisting of lessons of technical and fundamental analysis. Expert mode teaches you advanced techniques of trading, and the Premium package is made up of premium materials, including advice from the best traders.
XTB offers low and competitive spreads and is one of the best German forex brokers offering low fees in the Forex market. To start trading a minimum deposit of $250 is required, while educational content provided is free for new traders helps to improve the trading skills.
XTB has the regulation of BaFin in Germany, in addition to the regulation by the Financial Conduct Authority (FRN 522157), CySEC, IFSC and KNF.
View XTB Review >>Visit XTB >>
Admiral Markets offers a comprehensive experience with key strengths being:
1. MetaTrader 4 for Forex and CFD Trading 2. MetaTrader 4 Supreme Edition 3. Flexible Trading Accounts
The MetaTrader 4 (MT4) trading platform developed by MetaQuotes Software supplies the needs of millions of traders around the world. Admiral Markets clients can choose to download the MetaTrader 4 from the trading platform download centre in four different versions:
The key difference between the standard MetaTrader 4 platform and the MT4 Supreme Edition is that the Supreme Edition is equipped with 60+ extra plug-ins and an advanced indicator package. Admiral Markets powers the MetaTrader 4 platform with the latest technology that ensures:
The ADVFN International Financial Awards for the best forex platforms in 2019 recognizes and acknowledges Admiral Market’s efforts to provide forex traders with outstanding technical service.
The Admiral Markets MT4 platform allows you to start trading in over 4,000 global markets, including:
MetaTrader 4 and the Supreme edition boost your trading experience with the most advanced tools to improve your trading experience. The platform is designed to offer you to take full advantage of your skills of trading. Providing daily economic news and allowing you to analyze your trading results history in real-time. A package of the latest indicators gives you more chart information. Mini chart feature shows you small charts in different timeframes for a better analyzing experience of trading. Some of the most important features and tools are:
Admiral Markets allows you to choose from 4 types of trading accounts that allow you the flexibility to choose a trading arrangement that suits your preferences.
Two of these accounts are designed for traders that prefer to use the MetaTrader 4 trading platform. These are the ‘Trade MT4’ and ‘Zero MT4’ accounts. The other two accounts are for traders who prefer MetaTrader 5. These accounts are the ‘Trade MT5’ and ‘Zero MT5’ accounts.
The ‘Trade MT4’ and ‘Trade MT5’ accounts are commission-free accounts with spreads at least 0.5 pip wider for major currency pairs when compared to the ‘Zero’ accounts and closer to 1.0 (often 1.5 pips or more) pips for minor and exotic currency pairs, however, you will have the benefit of being able to choose from a greater range of CFDs compared to the ‘Zero’ accounts. These include bond, stocks, index futures, cryptocurrencies and spot agriculture. ETF CFDs are only available with ‘Trade MT5’ accounts.
Traders with the Zero Account will have tighter spreads and the following commissions fees, paying a commission of $1.80 USD to $3.0 USD depending on the volume traded.
The unique aspect of the Admiral Markets trading account is the flexibility allowed when it comes to trading currencies. You can make deposits from a wide choice of currencies, which will then be converted to the applicable currency. Admiral Markets even allows you to protect yourself from currency fluctuation by having multiple accounts simultaneously and will facilitate the transfer of funds between internal account via their platforms.
As Admiral Markets as regulated by Financial Conduct Authority (FCA), FRN: 595450 and Cyprus Securities and Exchange Commission (CySEC) license number 201/13 you can choose which regulator you wish to sign up with when joining Admiral Markets.
When you wish to trade with the MetaTrader platform and have a choice of trading account and base currencies, Admiral Markets presents a very solid option. You can start trading on the MetaTrader 4 and MetaTrader 4 Supreme Edition with a minimum deposit of USD $200.
1. Friendly and easy-to-use platforms 2. Superb risk management 3. Unique CFD option
Plus500 offers its custom CFD platforms for desktop and mobile to give you a comprehensive trading experience. The platform is designed to help you navigate easily between trading instruments, and clients can deposit funds quickly via the desktop application.
MetaTrader 4 cannot be integrated on Plus500 application, and algorithmic trading is not supported. The mobile trading app offers full functionality to monitor markets. The toggle switch from live account to demo account allows traders to practice trading quickly. The mobile app can be accessed from iOS devices, Android devices, and supports Windows phone apps.
Plus500 offers excellent risk management tools to help traders manage the high risk of forex and CFD trading. Key risk tools to help protect your investments include guaranteed stop-loss orders (GSLOs) and guaranteed negative balance protection.
Electing to use a guaranteed stop-loss for a small fee incorporated into the spread ensures safety for your investments. Unlike other platforms, the Plus500 platform executes the stop-loss price at your specified price with no slippage. Guaranteed stop-loss orders are not available for all instruments.
Like all brokers that are overseen by a European regulator, Plus500 also offer guaranteed negative balance protection for retail investors. Negative balance protection means your trading account balance will never fall below $0. This feature is inclusive so you do not need to opt-in or out when trading.
Note: A professional account is also available. Provided you meet two of the following requirements, you will be able to trade with higher leverage than retail traders but will lose automatic guaranteed negative balance protection.
Plus500 offers over 2,000 CFD trading instruments, including several unique options found with few online brokers.
Like most CFD providers, Plus500 offer cryptocurrencies, indices, forex and commodities however some uncommon options can be found such as hogs when trading soft commodities. CFDs (Contracts for difference) available include:
In addition to common financial instruments and CFDs, Plus500 offers some unique options, including the following financial markets:
Summary With risk management protections, Plus500 is the best CFD provider in Germany for traders wanting to trade with a level of safety. Plus500 range of markets for trading CFD also makes them an excellent choice for traders looking to invest in niche products that are not easily found with other brokers.
Plus500 is regulated in Germany with BaFin license and regulated also from the Financial Conduct Authority (FCA), CySEC, ASIC, MAS, and FSA.
View Plus500 Review >>Visit Plus500 >>
*Your capital is at risk ‘76.4% of retail CFD accounts lose money’
IG Markets is an established broker with nearly 50 years of experience providing brokerage services. Overseen by top-tier European financial authorities, IG Markets is seen as a trusted broker by 178,000+ customers around the world. As well as being licensed in Germany and overseen by BaFin, with register number 148759, the broker adheres to the strict regulation set by the Financial Conduct Authority in the United Kingdom.
Customers trading with IG Markets gain access to over 17,000 financial instruments across a range of asset classes:
With 45 years of operating and over 178,000 clients worldwide, IG is one of the world’s oldest foreign exchange brokers.
IG Markets provides customers with its own powerful trading platforms available via desktop platform or mobile trading apps, as well as offering a choice of other platforms.
The IG trading platform has the following key features:
Other platforms include ProRealTime Order, which is known for its range of charts and indicators and MetaTrader 4, which is the world’s most popular trading platform. The financial regulator deems CFDs as MiFID complex instruments, but safe enough to be traded by retail investors.
View IG Markets Review >>Visit IG Markets >>
eToro’s social-copy trading platform has quickly become one of the leading account mirroring services worldwide. The social newsfeed copy trader system offers a generational social trading platform. With mobile and desktop trading access, eToro provides social-copy trading to over 10 million users from 140 countries around the world.
eToro’s social-copy trading network and platform allow retail investors to copy the trading strategies of experienced traders. Customers can follow and copy the trades of eToro’s ‘Popular Investors’ that suit their risk profile and financial instruments. To choose Popular Investors, eToro customers can view their trading history and success, along with location and risk levels.
Additionally, traders can choose to invest in CopyPortfolios. Available as a bundle of eToro’s top-performing investors or as a mix of different financial instruments and asset classes, the portfolio management service allows traders to minimise the time spent researching Popular Investors to follow and copy.
eToro offers a wide range of instruments including crypto, ETFs, Stocks, Indices, Commodities and Forex currencies.
CMC Markets is a fully regulated broker offering competitive spreads and wide market access. With the broker’s CFD account, traders can open a trading account with no minimum deposit. Most brokers have minimum deposit requirements often in the range of $200 or higher because they only want serious traders who will trade amounts that will give the broker decent profits, however, brokers may want a $0 deposit account for the following reasons:
Customers can choose between two accounts. The first account is called “Next Generation Account” as it uses the broker’s proprietary trading platform, Next Generation. The other account is MetaTrader 4 (MT4) account. Next Generation is a fully customisable platform available on iPad, iPhone, Android and desktop, while MT4 is offered as a desktop, web trader or mobile app platform.
CMC Markets customers can trade over 10,000 CFD products covering asset classes such as Forex, indices, crypto, treasuries, shares, ETFs and commodities.
To take full advantage of these CFD instruments, you will want to select the “Next Generation Account” as only 50 or so trading instruments are available with the MT4 account. Cryptocurrencies and ETFs are no available on MT4, for example.
Features the CMC Markets account include:
With offices in Frankfurt, the financial capital of the Eurozone, CMC Markets Germany GmbH is a company licensed and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) under registration number 154814. Along with the BaFin licence, CMC Markets hold licences in four additional tier-1 jurisdictions: UK’s FCA, Australia’s ASIC, Canada’s IIROC and New Zealand’s FMA.
View CMC Markets Review >>Visit CMC Markets>>
HYCM is one of the most recognized names in the Forex trading industry with more than 40 years of experience. HYCM offers access to 140 countries with BaFin regulation in Germany and also licensed by the Financial Conduct Authority of the UK (FCA), Cyprus Securities and Exchange Commission (CySEC) within Europe, which makes it fully MiFID compliant.
Those trading CFDs and forex with MetaTrader 5 and HYCM can enjoy a range of advanced trading tools. The third-party trading platform is well known for its Expert Advisor features, where traders can develop automated trading strategies using the MQL5 programming language, or download others’ EAs from the MetaTrader marketplace. Additionally, MT5 users can utilise the trading platforms:
HYCM offers three account types of trading: Fixed, Classic, and Raw. Fixed accounts have fixed spreads from 1.8 pips with no commission. Classic account holders gain access to variable spreads 1.2 pips with no commission, while raw account holders can trade spreads as low as 0.2 pips while paying a commission of $4 USD per round.
All deposit and withdrawal methods are free of charge when trading forex and CFDs with HYCM. A variety of methods are available, with a low initial minimum deposit of $100 required to start trading. HYCM offers deposit and withdrawal of funds with Bank Wire, Credit Card (Visa/Mastercard), WebMoney, Neteller and Skrill.
View HYCM Review >>Visit HYCM >>
Different brokers suit different traders’ needs. For those wanting great market access, risk management tools and trading platforms,Interactive Brokers is an excellent choice. On the other hand, if a trader wants to focus purely on social-trading trading, eToro may be better suited.
Yes, retail investor accounts can trade forex in Germany via CFD brokers. Germany’s regulatory authority, BaFIN, oversees the country’s financial markets and ensures investors are protected from misleading brokerage practises.
When choosing a forex and CFD broker in Germany, it is important to find a regulated broker that offers good market access, low spreads, a suitable trading platform as well as risk management tools. Brokers should be regulated by BaFin, CySec, FCA or any other regulatory authority within the ESMA umbrella.
As compensation for facilitating trading, brokers are paid a commission fee or make money through the spread (the difference between the bid and ask prices quoted by the broker).
Straight Through Processing (STP) means a traders order is executed with No Dealing Desk interference. Yet, unlike ECN brokers, STP brokers have control over the external liquidity pools.
Brokers licensed and regulated by BaFIN (The German Federal Financial Supervisory Authority) are required by German law to provide negative balance protection to retail investor accounts, protecting traders against excessive losses. Plus500 is known for its risk management tools such as negative balance and guaranteed stops.
BaFin regulation grants operation of Forex and CFD brokers in Germany by Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht or BaFin), BaFin license is given to brokers after meeting their trading conditions.
The German financial services sector is regulated by the Deutsche Bundesbank and the Central Bank in the Federal Republic of Germany in cooperation with the German financial regulatory agency Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). Brokers operating within regulated by an authority with the ESMA region such as CySEC and FCA can also operate in Germany.
To verify a Forex and CFD broker if it holds the license by BaFin, you need to find the BaFin registration number at the bottom of the broker’s website.
Forex trading is legal in Germany, and forex brokers need to be regulated with BaFin license to operate. Risk warning: Trading CFDs comes with high risk and to find the right forex broker for online trading we have listed on this article the best forex brokers in Germany for fees, platforms, spreads, deposit, and more.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.
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