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Retail trading in Europe has surged in recent years, creating a vast range of online brokers. This wealth of choice means selecting the right broker can be a difficult task. In this guide, we help investors navigate the top online brokers in Europe, highlighting the key factors to consider when choosing between platforms.
Online Brokers In Europe
- AvaTrade
- Pepperstone
- IC Markets
- DNA Markets
- InstaForex
#1 - AvaTrade
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Why We Chose AvaTrade
AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.
"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting
- Regulator: ASIC, CySEC, FSCA, ISA, CBol, FSA, FRSA, BVI, ADGM
- Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
- Min. Deposit: $100
- Min. Trade: 0.01 Lots
- Leverage: 1:30 (Retail) 1:400 (Pro)
Pros
- Day traders can access stable spreads and zero commissions with no hidden fees
- AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more
- Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
Cons
- It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
- There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
- There is no ECN account with raw spreads
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#2 - Pepperstone
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Why We Chose Pepperstone
Pepperstone is a leading online broker with over 400,000 clients in more than 175 countries. The top-rated brokerage offers excellent market access, industry-leading platforms in MT4, MT5, TradingView and cTrader, plus low fees with no hidden charges. Pepperstone is also heavily regulated with a high trust score, holding licenses with reputable bodies, including the FCA, ASIC, DFSA, and CySEC.
"Pepperstone is a best-in-class broker. Experienced day traders benefit from razor sharp spreads, ultra-fast execution and 1300+ instruments. New traders get user-friendly platforms, rich education materials and 24/7 support."
- DayTrading Review Team
- Instruments: CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
- Regulator: FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
- Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:30 (Retail), 1:500 (Pro)
Pros
- Advanced charting tools are available across all platforms, including dozens of customizable indicators
- Active Trader Program for high-volume traders with discounts on forex, indices and commodities (eligible jurisdictions only)
- Competitive Razor account with tight spreads averaging 0.12 pips for EUR/USD
Cons
- Cryptos are only available for professional clients in some jurisdictions
- Unlike some competitors like AvaTrade, there is no proprietary app offering an all-in-one trading service
- The demo account closes after only 30 days, which is a smaller time limit than competitors like XM (60 days)
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#3 - IC Markets
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Why We Chose IC Markets
IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
- Regulator: ASIC, CySEC, FSA
- Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
- Min. Deposit: $200
- Min. Trade: 0.01 Lots
- Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
Pros
- You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
- As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
- IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
Cons
- Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
- Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
- While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
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#4 - DNA Markets
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Why We Chose DNA Markets
DNA Markets is a forex and CFD broker established in 2020. The broker operates two entities in Australia and the offshore jurisdiction, St Vincent and the Grenadines. Traders can access 250+ markets, with a Standard account for beginners and a Raw account for experienced traders. The reliable MetaTrader 4 and MetaTrader 5 platforms are available, alongside Signal Start.
"DNA Markets is an excellent choice for short-term traders familiar with the MetaTrader platforms. The smooth sign-up process also makes it easy to get started while the $100 minimum deposit is accessible. That said, DNA Markets trails the top brokers in education, research and mobile trading. "
- DayTrading Review Team
- Instruments: CFDs, Forex, Indices, Commodities, Stocks, Crypto
- Regulator: ASIC
- Platforms: MT4, MT5
- Min. Deposit: $100
- Min. Trade: 0.01 Lots
- Leverage: 1:500
Pros
- Low trading fees with spreads from 0.0 pips in the Raw account and zero non-trading fees
- Top-rate platforms and charting tools for day traders with access to MT4 and MT5
- 24/5 customer support with response times of <2 minutes during testing
Cons
- Although it continues to strengthen its client base and reputation DNA Markets lacks the track record of top brokers like Vantage
- The investment offering trails alternatives, especially in terms of stocks, cryptos and commodities
- Despite access to MT4 and MT5, there is no proprietary trading app
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#5 - InstaForex
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Why We Chose InstaForex
InstaForex is a forex and CFD broker founded in 2007. The broker offers diverse market coverage to over 7 million clients, spanning traditional assets like currencies and shares, as well as other interesting opportunities such as IPOs. Traders can also access copy trading services, PAMM accounts and investment opportunities. InstaForex is regulated by the BVI FSC and CySEC.
"InstaForex maintains its position as a top forex broker, with more currency products than most rivals. The tight spreads and low minimum deposits make it accessible to all experience levels, especially those familiar with the MT4 and MT5 platforms."
- DayTrading Review Team
- Instruments: Currencies, Cryptocurrencies, Stocks, Indices, Metals, Oil and Gas, Commodity Futures and InstaFutures
- Regulator: BVI FSC
- Platforms: MT4, MT5
- Min. Deposit: $1
- Min. Trade: 0.10 of the lot (0.0001 of market lot for Cent.Standard and Cent.Eurica)
- Leverage: 1:1000
Pros
- The broker is accessible for beginners, with low minimum deposits, Cent accounts (for global clients) and zero-commission trading available
- There’s a copy trading service available with just a $10 minimum deposit, allowing clients to become both followers and providers
- InstaForex has a strong industry reputation, with a 15+ year history and serving over 7 million clients
Cons
- Market coverage and account conditions vary significantly between the global and EU entities - for example, only 300+ instruments are available for global clients, whilst European traders can access 2500+
- The broker’s global branch offers weaker regulation via the offshore jurisdiction of the British Virgin Islands, which means non-EU traders will receive limited safeguards
- The broker’s website and client cabinet feel outdated and difficult to navigate for newcomers
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How To Compare Online Brokers In Europe
With a population of over 700 million, Europe is one of the biggest trading markets in the world. Plus, in recent times, increased time at home has meant that more traders are looking to explore trading the markets. This increased demand has meant the pool of online brokers in Europe has broadened.
Finding the right online broker is more important than ever with so many options in the market. But it’s not just about choosing the right asset at the right price, there are many other factors to consider. We’ve listed the top things to look out for below.
Assets & Markets
European Stocks
Nearly every country in Europe has a stock exchange. Five of these are considered major and have a market capitalization of over $1 trillion. European stock exchanges make up two of the top 10 major global stock markets.
Europe’s largest stock exchange is Euronext; connecting seven economies based in Amsterdam, Brussels, Dublin, Lisbon, London, Oslo, and Paris with the 1,870 companies listed.
The London Stock Exchange (LSE) is the second-largest in Europe, listing around 2,000 companies.
Both exchanges have the same trading hours and are open from 8 AM to 4:30 PM (GMT) Monday to Friday.
Cryptocurrency
Within the EU, crypto assets are classified as qualified financial instruments (QFIs) and are therefore are legal to trade.
Exchanges that deal in QFIs are regulated at a regional level. Firms that hold a QFI licence are permitted to sell cryptocurrency-related products.
Online brokers in Europe must comply with EU legislation to obtain this licence.
Retail traders within the UK are also restricted from trading cryptocurrencies via CFDs.
Forex
The London trading session accounts for around 35% of the total average forex turnover globally.
During this session, currency pairs including EUR/USD and GBP/USD are traded with tighter spreads due to the high market liquidity.
Every country has its own regulator, but European law allows firms to operate financial services within any country in the EU as long as they are regulated by at least one European authority.
The EU legislation that governs these bodies is known as MiFID.
Commodities
The majority of online commodity trading in Europe takes place in either spot markets or futures markets.
The most recognised commodity exchange in Europe is the Intercontinental Exchange (ICE), an electronic commodity exchange with no physical trading floor.
Many of the top online brokers in Europe will offer futures and commodity trading. Popular assets include gold, silver, crude oil and brent oil.
Indices
Well-known indices from Europe include the FTSE 100 (UK), the Euro Stoxx (Europe), and the DAX 40 (Germany). The best online brokers in Europe will offer the ability to trade CFDs or ETFs on at least one of these.
Tools & Platforms
Successful trading requires top execution speeds, real-time data and convenient charting and analysis tools.
Pepperstone and eToro and DEGIRO are considered some of the best online stock brokers in Europe for their platform features. Both provide simple navigation and comprehensive analysis tools.
They also offer mobile app compatibility with the full suite trading features available on desktop and web browser. 
Fees
The best online brokers in Europe will be transparent about their fee structure.
Since these can vary between platforms dramatically, it’s vital that traders shop around to be confident the fees being promoted are competitive in the market.
Fees generally come in the form of commissions (per trade) or spreads (mark-up). The top online brokers in Europe for commission-free trading include:
- Degiro – Offering one commission-free ETF trade per month, regardless of size. After that, international ETF trading costs €2 plus 0.03% of the order value. Stock trading charges vary but investment on the London Stock Exchange is charged at £1.75 plus 0.022%
- XTB – Commission-free stocks and ETF trades in selected European countries. CFDs on stocks and ETFs are charged from 0.08% per lot
- eToro – EU investors can benefit from zero commissions on stocks and ETF trading. Commodities, crypto, forex, and indices are offered at competitive spreads
Other charges to consider are inactivity fees, account maintenance, plus withdrawal and deposit fees. Sometimes there are third-party costs passed on to clients from the broker. These could include exchange access fees, bank transfer fees and currency conversion fees.
Leverage
The European Securities and Markets Authority (ESMA) introduced industry-wide limits on leverage for spread betting, forex, and CFD products offered to retail clients in 2018. The maximum leverage by asset is listed below.
- 1:30 for major currency pairs
- 1:20 for non-major currency pairs, gold and major indices
- 1:10 for commodities other than gold and non-major equity indices
- 1:5 for individual equities
- 1:2 for cryptocurrencies
Demo Account
The majority of the best online brokers in Europe offer demo accounts. These are a great way to navigate platform features, practise day trading strategies and understand available assets.
You can access virtual funds in simulated live market conditions. The majority of the top online brokers in Europe offer these, including XTB, eToro, and IG.
Regulation
Regulated brokers are governed by rules that aim to protect retail traders. Although not mandatory, it is highly recommended to select online brokers in Europe that comply with regulations.
Unregulated stock brokers in Europe could mean a lack of trader protection, financial harm, plus poor customer and platform services. Traders can verify a broker’s licence number on the respective financial authority database.
The European Securities and Markets Authority (ESMA) is an independent European Union financial regulatory body.
The main functions of the authorisation are to encourage information transparency, promote efficient and stable financial markets, and to safeguard retail traders. This is an established body formulating guidelines for the trading brokers in Europe since 2001. The ESMA authority provides:
- Supervision – Directly overseeing financial bodies and trade repositories
- Standardisation – Sharing best practices and improving efficiencies
- Rules – Providing a rulebook for EU financial markets, aiming to create equal opportunities for investors and EU bodies by advising on legislation and developing technical standards
- Risk – Managing investor hazards, including market stability. Anticipatory action can be taken to avoid problems that threaten these
The Markets in Financial Instruments Directive (MiFID) is a European regulation that increases transparency across the European Union’s financial markets and standardises regulation requirements for firms operating in the area. It has been functioning since 2007.
MiFID sets only basic requirements so regulator restrictions can vary between countries. Some countries, such as Bulgaria and Malta, only meet the basic requirements while others, including the United Kingdom and Switzerland, operate above these.
However, transparency, segregation of funds, and investor compensation rules are all mandatory.
Some examples of MiFID protections include the restriction of bonuses and promotions to retail traders and the mandatory provision of negative balance protection on margin accounts.
This stringent financial regulation creates a safe environment for those who invest with an EU-based broker.
Specific Regulators
Above we have described regulation that applies to brokers in Europe. In the EU, if a financial services firm is regulated by a European authority that applies MiFID, they can practice in any member state.
This is no longer the case for the UK, which since Brexit, sits outside of the the EU. In this section, we explore the most common regulators and their respective countries.
The Financial Conduct Authority (FCA) – The UK
The FCA was established in 2013 to protect UK consumers, enhance the integrity of the British financial system, and serve the interests of clients by encouraging healthy competition between financial services companies.
FCA regulation is mandatory for online brokers in Europe selling their services to UK clients. The FCA will ensure that those offering investments can make sensible decisions in their clients’ interests and will also be held accountable for their actions.
However, this is not the same for cryptocurrencies. Even if they hold FCA regulation, crypto exchanges will not be held accountable for fluctuations in the value of assets and the loss this can cause.
The Cyprus Securities and Exchange Commission (CySEC) – The EU
The CySEC was launched in 2001 and is the largest regulator of forex and binary options brokers in the world. Its main responsibilities are to supervise brokers and distribute licenses to platforms while protecting customers.
The CySEC promotes freedom of trading, allowing retail traders to implement various strategies, such as using high leverage and hedging.
Customer Support
Customer support is vital when reviewing online brokers in Europe. Common issues include platform installation problems, account opening queries, or deposit and withdrawal issues. The best online brokers in Europe offer 24/7 multilingual customer support methods, including email, live chatbots and telephone.
Security
It’s also important to consider the security of an online broker in Europe before investing, particularly with regard to payments, personal data and account privacy. A broker’s years of service can also be a good gauge for safety, indicating the maturity of services and operations.
Plus, online brokers in Europe that are recognised by a top-tier regulator (such as the CySEC and FCA) should provide sufficient levels of security protection. Look out for PC and mobile data encryption, payment method protection, and 2-factor authentication (2FA).
Trading Taxes In Europe
It is a trader’s responsibility to file their own taxes based on investment activity. The amount owed varies by European country, averaging around 19.5%. Denmark levies the highest tax of all European countries at 42%.
A withholding tax is deducted from any bank interest and income from bonds earned by European residents on investments made in other member countries.
This applies to 28 European member states including Spain, Germany, Greece, and France. This ensures residents of one country do not evade tax by depositing funds outside the jurisdiction.
The majority of European countries comply with the EU Savings Directive, disclosing account holder names and earned interest. The EU withholding tax is not applicable on trading returns, dividends from shares or profits realised on investments.
Note, this information should not be taken as tax advice. Consult an expert to find out more about paying tax on your earnings.
Final Word; Online Brokers In Europe
Online brokers in Europe tend to provide a reliable and secure trading environment for retail traders thanks to the stringent regulation and guidelines.
We’ve listed some of the key factors when choosing the best online brokers in Europe. Consider which assets you want to trade first and in what volume, as this could impact your search and limit your choices.
FAQs
Which Assets Can Be Traded With Online Brokers In Europe?
The most popular day trading markets include forex, commodities, stocks, futures, and cryptocurrencies. Products such as CFDs and ETFs are also common.
Who Regulates Online Brokers In Europe?
The European Securities and Markets Authority (ESMA) is an independent European Union financial regulatory body. Its main aims are to promote information transparency, efficient and stable financial markets, and to safeguard retail traders.
What Are The ESMA Maximum Leverage Limits For Online Brokers In Europe?
All online brokers in Europe are subject to ESMA leverage caps. These were introduced to protect retail investors from undue risk and include a maximum leverage rate of 1:30 for major currency pairs, 1:20 for major indices, and 1:2 for cryptocurrencies.
Do Online Brokers In Europe Offer Paper Trading?
Yes, the best online brokers in Europe offer demo accounts. These are a good way to understand platform navigation, access real-time market simulation, and practise trading strategies with virtual funds before opening a live account.
What Are The Main Features To Review When Choosing Online Brokers In Europe?
Retail clients should consider the following: fees, regulation, market access, security, customer support, and tools. It’s important to evaluate which factors you require based on your personal trading volume, assets, and investing style.
