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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
- Forex.com
- Interactive Brokers
- NinjaTrader
- eToro USA
- OANDA US
#1 - Forex.com
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Why We Chose Forex.com
Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of day trading markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
"Forex.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
- DayTrading Review Team
- Instruments: Forex, Spot Metals
- Regulator: NFA, CFTC
- Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
- Min. Deposit: $100
- Min. Trade: 0.01 Lots
- Leverage: 1:50
Pros
- Competitive cashback rebates up to 15% are available for active traders
- The free demo account allows you to practice day trading strategies in a risk-free environment
- There's a VPS hosting solution for those using automated trading strategies
Cons
- The investment offering varies between countries
- It's a shame that there's no copy trading platform for beginners or signal providers
- The $15 monthly inactivity fee is higher than some competitors, including XM which only charges $5
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#2 - Interactive Brokers
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Why We Chose Interactive Brokers
Interactive Brokers (IBKR) is a premier brokerage for experienced traders, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
- DayTrading Review Team
- Instruments: Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
- Regulator: FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB
- Platforms: Trader Workstation (TWS), Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
- Min. Deposit: $0
- Min. Trade: $100
- Leverage: 1:50
Pros
- While primarily geared towards experienced traders, IBKR has made moves to broaden its appeal in recent years, reducing its minimum deposit from $10,000 to $0.
- There's a vast library of free or paid third-party research subscriptions catering to all types of traders.; plus, you can enjoy commission reimbursem*nts from IBKR if you subscribe to Toggle AI.
- IBKR is one of the most respected and trusted brokerages and is regulated by top-tier authorities, so you can have confidence in the integrity and security of your trading account.
Cons
- You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
- IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
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#3 - NinjaTrader
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Why We Chose NinjaTrader
NinjaTrader is a US-headquartered and regulated brokerage that specializes in futures trading. There are three pricing plans to suit different needs and budgets, as well as ultra-low margins on popular contracts. The brand's award-winning charting software and trading platform also offers a high-degree of customization and superb technical analysis features.
"NinjaTrader continues to meet the demands of active futures traders looking for low fees and premium analysis tools. The platform hosts top-rate charting features including hundreds of indicators and 10+ chart types."
- DayTrading Review Team
- Instruments: Forex, Stocks, Options, Commodities, Futures, Crypto
- Regulator: NFA, CFTC
- Platforms: NinjaTrader Desktop, Web & Mobile, eSignal
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:50
Pros
- NinjaTrader is a widely respected and award-winning futures broker and is heavily authorized by the NFA and CFTC
- Traders can get free platform access and trade simulation capabilities in the unlimited demo
- You can get thousands of add-ons and applications from developers in 150+ countries
Cons
- The premium platform tools come with an extra charge
- There is a withdrawal fee on some funding methods
- Non forex and futures trading requires signing up with partner brokers
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#4 - eToro USA
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Why We Chose eToro USA
eToro is a social investing platform that offers short-term and long-term trading on stocks, ETFs, options and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, eToro is still one of the most respected brands in the industry. eToro securities trading is offered by eToro USA Securities, Inc.
"eToro remains a top pick for traders looking for leading social investing and copy trading services. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer day traders."
- DayTrading Review Team
- Instruments: Stocks, Options, ETFs, Crypto
- Regulator: SEC, FINRA
- Platforms: eToro Trading Platform & CopyTrader
- Min. Deposit: $10
- Min. Trade: $10
Pros
- A free demo account means new users and prospective day traders can try the broker risk-free
- The broker's Academy offers comprehensive learning materials for beginners to advanced-level investors
- The $10 minimum deposit and straightforward account opening process means beginners can get started quickly
Cons
- Average fees may cut into the profit margins of day traders
- There's no MetaTrader 4 platform integration for traders who are accustomed to using third-party charting tools
- There's a narrower range of day trading instruments available compared to competitors, with only stocks, ETFs and cryptos
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#5 - OANDA US
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Why We Chose OANDA US
OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available for short-term traders, alongside flexible contract sizes and automated trade executions.
"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."
- DayTrading Review Team
- Instruments: Forex, Crypto
- Regulator: NFA, CFTC
- Platforms: OANDA Trade, MT4, TradingView, AutoChartist
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:50
Pros
- The broker offers a transparent pricing structure with no hidden charges
- Beginners can get started easily with $0 minimum initial deposit
- There's a strong selection of 68 currency pairs for dedicated short-term forex traders
Cons
- The range of day trading markets is limited to forex and cryptos only
- It's a shame that customer support is not available on weekends
- There's only a small range of payment methods available, with no e-wallets supported
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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.
