Best FOREX Brokers in Germany for 2024
With many years of meticulous FOREX broker testing, Arincen stands out as a voice of authority. Our analyses, shaped by exhaustive data collection, are trusted by many. Each year, we gather 120 data points from more than 100 brokers. Our team of more than 20 people collaborate extensively to produce high-quality broker reviews like this one. For a detailed explanation of how we test brokers, navigate to the bottom of this article.
Welcome to the world of FOREX trading in Germany. The landscape is buzzing with activity as more FOREX brokers enter a fiercely competitive market. For you, the trader, this opens new avenues for trading success. However, having all this variety brings with it the challenge of navigating an increasingly complex market.
At Arincen, we're dedicated to demystifying the world of trading. That's why we're happy to present our exclusive list of the best FOREX brokers in Germany. Our selection is the culmination of rigorous, expert-driven analysis, ensuring you get only the most helpful information. We'll also reveal our review methodology and share with you the factors that propelled these brokers to the top of our list.
At Arincen, we're dedicated to demystifying the world of trading. That's why we're happy to present our exclusive list of the best FOREX brokers in Germany. Our selection is the culmination of rigorous, expert-driven analysis, ensuring you get only the most helpful information. We'll also reveal our review methodology and share with you the factors that propelled these brokers to the top of our list.
Best FOREX Brokers in Germany for 2024
Here is our expertly curated list of the best FOREX brokers in Germany for 2024
| Company name | Regulations | Minimum deposit | Main branch | Open account |
|---|---|---|---|---|
ICM Capital |
500$ | United Arab Emirates | ||
Tradeview |
250$ | USA | ||
XTB |
500$ | UK | ||
IG |
500$ | UK |
| Company name | ICM Capital |
| Regulations | |
| Minimum deposit | 500$ |
| Main branch | United Arab Emirates |
| Company name | Tradeview |
| Regulations | |
| Minimum deposit | 250$ |
| Main branch | USA |
| Company name | XTB |
| Regulations | |
| Minimum deposit | 500$ |
| Main branch | UK |
| Company name | IG |
| Regulations | |
| Minimum deposit | 500$ |
| Main branch | UK |
Top Tips for Choosing the Best FOREX brokers in Germany
In Germany, the FOREX trading landscape is filled with many good brokers who offer excellent services. To ensure the security and profitability of your investment, you must align yourself with a broker who has a well-documented track record of success. Below are essential criteria to consider when choosing between the best FOREX brokers in Germany:
• The broker should be working with a reputable regulatory authority, whether it's a German entity or an international regulatory body.
• The broker's fee structure should be not only transparent but also competitive.
• The broker should provide a wide array of tradable financial assets, allowing for diversified investment strategies.
• Excellence in customer service is non-negotiable; the broker's team should be both responsive and effective in addressing any queries or concerns.
• There should be a robust suite of research tools and educational resources at your disposal, enhancing your trading skills and market insights.
• The broker should be working with a reputable regulatory authority, whether it's a German entity or an international regulatory body.
• The broker's fee structure should be not only transparent but also competitive.
• The broker should provide a wide array of tradable financial assets, allowing for diversified investment strategies.
• Excellence in customer service is non-negotiable; the broker's team should be both responsive and effective in addressing any queries or concerns.
• There should be a robust suite of research tools and educational resources at your disposal, enhancing your trading skills and market insights.
Best 7 FOREX Brokers in Germany for 2024
With so many options available, it's hard to select the best trading platform in Germany. In this case, we've done the work for you. Here is a summary of each of the top seven brokers according to specific criteria, along with their pros and cons:
ICM - Capital 91.10: Best Deposit and Withdrawal Broker
XTB - 85.55: Best Customer Service Broker
IG - 85.45: Best Regulations Broker plus Convenient Platform
Saxo Bank - 80.09: Excellent Private Trading Platform
Dukascopy: 80.08: Best Swiss bank
CMC Markets - 80.07: More than 9,000 Assets
ThinkMarkets - 80.05: Aimed at the Audience of Traders
ICM capital Broker
ICM Capital is considered the industry leader in deposits and withdrawals, whereby each withdrawal does not take more than five business days. Moreover, the company offers its customers a handy credit card to withdraw their profits, in addition to enabling customers to use various deposit methods. The company, which is licensed by the UK's FCA, has several branches around the world. Among other things, it has a rich portfolio of assets, especially stocks, offers a low spread, as well as the ability to use MT4.
| Broker Evaluation | 8.11 |
| Regulatory Bodies | |
| Minimum Deposit | 500$ |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks - Crypto |
| Main Branch | United Kingdom |
| Customer Service | 24/5 |
| Demo account | yes |
| Trading Platforms | MT4 - MT5 - C TRADER -Web Platform |
Pros
-
Segregated client funds.
-
Regulated by the UK’s FCA.
-
Established in 2009.
-
More than 10,000 ICM Capital users and traders.
-
Reasonable minimum deposit from $500.
-
Decent funding options.
-
No swaps.
-
MetaTrader4 (MT4) desktop and mobile download.
Cons
-
Does not allow scalping.
-
Not ASIC-regulated.
-
Relatively limited range of instruments.
-
Slow live-chat service.
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Relatively high trading fees.
-
Limited range of trading tools and resources
Dukascopy Broker
Tradeview Forex, interchangeably known as Tradeview Markets, was established in 2004 and is headquartered in the Cayman Islands, setting itself up as a significant player in the online FOREX and CFD trading world. Regulated by the Cayman Island Monetary Authority (CIMA) and the Malta Financial Services Authority (MFSA), Tradeview Forex is a reliable platform in a competitive market. The broker’s commitment to offering a broad and accessible trading environment shines through with its low deposit requirement and how it provides various advanced trading platforms to clientele.
| Broker Evaluation | 7 |
| Regulatory Bodies | |
| Minimum Deposit | $450 |
| Islamic Account | Yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks - Crypto |
| Main Branch | USA |
| Customer Service | 24/5 |
| Demo account | Yes |
| Trading Platforms | Proprietary Platform-MT4 - MT5 -Web Platform |
Pros
-
Established in 2004.
-
Variety of trading platforms, such as MT4, MT5, cTrader, and Currenex, catering to different trading preferences and strategies.
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Low minimum deposits.
-
beginners and experienced traders looking to refine their strategies.
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Supports automated trading through the use of Expert Advisors (EA) on MT4 and MT5 platforms.
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Decent leverage levels of 1:200 available in some jurisdictions.
-
Regulated by CIMA, MFSA, and will soon be regulated by the UK’s Financial Conduct Authority (FCA).
Cons
-
While regulated by CIMA and the MFSA, the broker is still in the final stages of becoming regulated by the tier-one FCA.
-
Trades on the Innovative Liquidity Connector® account are subject to commission charges, which may add to trading costs.
-
While offering high leverage up to 400:1 can be an advantage, it also introduces significant risks, especially for new traders.
XTB Broker
What distinguishes XTB is the fact that it offers the best customer experience among all the companies we have surveyed. Indeed, it boasts the fastest response rate from all the companies under investigation. This is especially relevant, since the market is always on-the-go, and so you need to act fast. XTB offers lots of asset classes, as well as the ability to use the MT4 trading platform. Finally, it maintains a relatively low spread, which is suitable for quick deals.
| Broker Evaluation | 8.55 |
| Regulatory Bodies | |
| Minimum Deposit | 500$ |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks |
| Main Branch | United Kingdom |
| Customer Service | 24/5 |
| Demo account | yes |
| Trading Platforms | MT4 - MT5 -Web Platform |
Pros
-
Long history of operation.
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Globally recognized, having won multiple awards.
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Some of the lowest FOREX spreads in the market.
-
Regulated by the FCA (UK).
-
Offers protection for client accounts.
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Emphasis on customer service.
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Excellent support, learning and research tools.
Cons
-
Does not accept US clients.
-
Non-FOREX spread costs are relatively high.
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No GSLO.
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No back-testing or automated trading capabilities.
-
Conditions vary according to regulation and entity.
ig markets Broker
IG is arguably the best broker when it comes to security and trust, boasting, as it does, licenses from 10 regulatory bodies, including the all-important FCA from the UK. The company is also a bank and is a publicly traded company in London. It is known for offering more than 10,000 asset classes of currencies, commodities, future contracts, ETFs, indices, cryptocurrencies etc. Further, it has its own state-of-the-art trading platform and offers a relatively low spread.
| Broker Evaluation | 7.54 |
| Regulatory Bodies | |
| Minimum Deposit | 250$ |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks |
| Main Branch | United Kingdom |
| Customer Service | 24/5 |
| Demo account | Yes |
| Trading Platforms | Proprietary Platform -MT4 - Web Platform |
Pros
-
Easy-to-navigate platform that is simple for beginners to master.
-
Margin rates are easy to understand and affordable.
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Mobile and tablet platforms offer full functionality of the desktop version.
-
Accepts US clients.
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Access to more than 100 currency pairs
-
Emphasis on education and research.
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Regulated by the FCA (UK), as well as the CFTC and the NFA (US).
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Offers protection for UK/EU client accounts.
Cons
-
US traders can currently only trade FOREX.
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No GSLO for US-based traders.
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No account protection for US clients.
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Relatively high share-CFD fees.
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No copy trading or back-testing integration on IG platform.
SAXO BANK Broker
Saxobank is considered one of the best investment banks in the area of financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spread is very low and, as such, suitable for short-term deals; and it offers a large number of asset classes, including currencies, commodities, indices etc. Finally, its customer service is excellent and very responsive to traders' needs.
| Broker Evaluation | 6.09 |
| Regulatory Bodies | |
| Minimum Deposit | 10000$ |
| Islamic Account | No |
| Payment Methods | Bank transfer - credit card |
| Main Branch | Copenhagen, Denmark |
| Customer Service | 24/5 |
| Demo account | No |
| Trading Platforms | SaxoTrader |
Pros
-
Extensive range of offerings.
-
Regulated by the FCA (UK) and other top regulators.
-
Great trading platform.
-
Among the industry’s best research.
-
Superior user interface.
-
Offers protection for client accounts.
Cons
-
High bond, options and futures fees.
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Lack of emphasis on customer service.
-
Confusing instrument fee structures.
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High minimum deposit.
-
Does not accept US clients.
-
No MT4.
-
Lacks live chat.
CMC MARKETS Broker
CMC Markets is thought of as one the best companies, offering some 9,000 asset classes that encompass currencies, commodities, indices, cryptocurrencies, bonds and stocks. The company offers a relatively low spread, the MT4 platform, and fast customer service. It is most suited for traders looking for diversity in asset classes.
| Broker Evaluation | 7.07 |
| Regulatory Bodies | |
| Minimum Deposit | 0$ |
| Islamic Account | No |
| Payment Methods | Bank transfer - credit card - Electronic Banks |
| Main Branch | United Kingdom |
| Customer Service | 24/5 |
| Demo account | not |
| Trading Platforms | Proprietary Platform -MT4 - Web Platform |
Pros
-
Extensive range of offerings.
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Regulated by the FCA (UK).
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Low FOREX fees.
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Emphasis on education and customer service.
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Great Web and mobile platforms.
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Offers protection for client accounts.
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Research amenities are industry leading.
Cons
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Does not accept US clients.
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Limited product portfolio.
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High stock CFD fees.
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High CFD spreads for certain indices.
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Differences between Next Generation and MT4.
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Complicated account verification.
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No back-testing or automated trading capabilities.
think markets Broker
Originally founded in New Zealand in 2010, and moving to Australia within the space of their first two years, Think Markets is a global online brokerage focusing on FOREX and CFD trading. In addition to a range of major and minor currency pairs. Think Markets has an array of CFDs on offer. This includes indices, as well as hard and soft commodities.
| Broker Evaluation | 8.05 |
| Regulatory Bodies | |
| Minimum Deposit | 0$ |
| Islamic Account | yes |
| Payment Methods | Bank transfer - credit card - Electronic Banks - Crypto |
| Main Branch | Australia |
| Customer Service | 24/5 |
| Demo account | not |
| Trading Platforms | Proprietary Platform -Web platform-mt4- mt5 |
Pros
-
Beginner assistance offered through 24/6 channels.
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Spreads are as low as 0.0 pips.
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24/7 expert customer service.
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CFD shares and indices come at no extra fee.
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Zero broker fees for FOREX trading.
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Technical analysis and quality market information.
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Percentage allocation management module (PAMM) and Multi-account manager (MAM) accounts available.
Cons
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Direct share trading is on a separate platform.
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No binary options offered.
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Commissions charged for two account types.
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After a strong early start, ThinkTrader user ratings have slid to 3.4 stars.
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No US, Canada or Japan clients allowed.
There is a high degree of risk involved in trading securities like FOREX, or CFDs, which are highly complex instruments. As a trader, you could be exposed to excessive leverage, questionable broker tactics, market volatility, and limited regulatory protection. Despite your best trading techniques and risk management strategies, your efforts may not be profitable, and you could suffer losses.
What is FOREX and Why Do We Need a Broker to Trade?
It is common knowledge to established traders that the FOREX market is the largest financial market in the world at some six trillion dollars daily, followed by the credit market. The FOREX market operates 24 hours a day and five days a week (Monday through Friday), except for international holidays. The foreign exchange market is a decentralized marketplace where global currencies are bought and sold. Currency trading is conducted electronically over the counter (OTC). This means that all transactions occur via computer networks between traders all over the world rather than on one centralized exchange. The best FOREX brokers in Germany play a key role in this regard by enabling clients to buy and sell through a trading platform.
How Do I Choose the Best FOREX Broker in Germany?
Germany is the largest economy in Europe and has forged an excellent reputation as a highly advanced economy that is business-friendly. The Federal Financial Supervisory Authority (BaFin) is a financial oversight body with the responsibility to regulate financial organizations operating in Germany. As a regulator, BaFin is known to enforce the most stringent regulatory standards to maintain the integrity of the German financial markets.
FOREX brokers operating in Germany must be regulated by BaFin. However, it is entirely plausible that German traders can deal with non-BaFin-regulated FOREX brokers. This is because, as an EU member state, Germany accepts that brokers domiciled in other EU member countries can offer their services to German nationals.
For any trader, whether they enlist with one of the best German-based FOREX brokers or an EU-based broker, verifying the broker’s regulation is an important first step. Once you are satisfied that the broker is regulated by a reputable authority, you can move on to checking how the broker fares against its peers in areas like platform strength, access to markets, liquidity, leverage and customer service. Beyond these factors, many traders assess brokers by the number of accounts they offer, the level of research and education they offer and the order execution speed they provide.
Regulation and Licensing in Germany
FOREX brokers in Germany must be regulated by BaFin. This respected regulator oversees not only FOREX trading companies, but also financial organizations from the broader industry, such as banks, pensions funds and insurance companies.
Germany is a powerhouse economy and one of the main contributors to the European Economic Area (EEA). As per EEA financial sector agreements, all brokers regulated under the Markets in Financial Instruments Directive (MiFID) can provide their services in Germany without establishing operations in the country.
This means that brokers regulated by the UK’s Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC) are free to enlist German nationals as customers. BaFin’s regulatory guidelines work hand-in-glove with MiFID, as do those of the FCA and the CySEC, meaning there is a common set of best practices observed within each regulator.
Germany sets a high bar in terms of minimum operating capital for FOREX brokers. This is a deterrent to all but the most serious players. BaFin requires brokers to keep anywhere from €750,000 to €5,000,000 in capital, depending on the size of their operation. It is for this reason that if a FOREX broker already has CySEC regulation, they are happier to observe its less onerous capital requirements while still being able to win German clients.
Germany is also thought to have a high tax structure, which makes it less attractive when compared to a low-tax jurisdiction like Cyprus, which can still offer strong regulation. Although BaFin calls the shots in Germany, there are other major regulators around the world. If you want to read more about some of the best-regarded regulators, read our article on regulation here.
Choosing a well-regulated broker isn't merely a matter of preference—it's a protective measure. When a broker is under the watch of a regulator, it undergoes stringent assessments to ensure transparency, fair trading practices and your financial security. Opting for an unregulated broker brings with it significant risks.
To ensure that your broker is legit, you can follow these steps:
- Ask if the broker is licensed to sell you FOREX
- Check if the broker is registered with BaFin or another regulator
- Ask if your broker is part of a compensation scheme
- Check your statements regularly to ensure that everything is above board.
Remember that it's important to comply with all applicable requirements, including any self-regulatory organizations to which brokers belong, and not just those mentioned here.
Be Careful of Non-Regulated Brokers
Your broker should be regulated by a reputable authority who has a history of strong oversight. Your broker does not have to be regulated by an overseas watchdog, you can also go with a regulator in your jurisdiction. To check if your broker is registered with a regulator, navigate to the regulator’s official website.
Leverage
Leverage refers to the use of borrowed money to increase the potential return on an investment. It allows traders or investors to control larger positions in a market than their own capital would permit. However, while leverage can magnify profits, it also increases the potential for higher losses. on the regulator under which your broker works, you will encounter different policies relative to leverage. Key regulators have implemented specific rules to limit the leverage offered to retail traders as a means of consumer protection.
Here are selected leverage rules according to some key regulators:
The BaFin, Germany, and also FCA, UK
30:1 for major currency pairs
20:1 for non-major currency pairs, gold and major indices
10:1 for commodities other than gold and non-major equity indices
5:1 for individual equities and other reference values
2:1 for cryptocurrencies
Swiss Financial Market Supervisory Authority (FINMA), Switzerland:
FINMA has not set specific leverage limits. However, Swiss brokers must adhere to rigorous capital and risk management requirements, ensuring they don't offer excessively high leverage that could endanger their solvency or their clients' funds.
Commodity Futures Trading Commission (CFTC), USA:
The CFTC enforces a 50:1 leverage limit on major currency pairs and a 20:1 limit on non-major currency pairs for retail FOREX traders. The U.S. has a distinct regulatory environment, with retail FOREX trading regulated separately from other forms of derivatives trading.
It's worth noting that these rules generally apply to retail clients. Professional or institutional clients might have access to different levels of leverage, depending on the regulatory environment and the broker's policies. As we can see, responsible regulators closely monitor leverage levels. Leverage is a double-edged sword because you can make a lot of money, but you can just as easily suffer heavy losses.
Leverage, while offering handsome profits, significantly increases potential losses. Engaging in high leverage trading without a robust risk management strategy is like navigating treacherous financial waters without a safety net. Approach leverage with caution, employ sound trading strategies, and always try to develop a comprehensive understanding of market behaviors and how they affect your portfolio when you trade on leverage.
Stop Out and Margin
As a FOREX trader, it's crucial to understand the most important terms you'll encounter to avoid going into a negative balance. One of these terms is "stop out," which refers to a situation where a broker automatically closes some or all your open positions to prevent your account from going into a negative balance.
This is especially relevant for traders using leverage. The stop-out level is typically expressed as a percentage, representing the margin level at which the broker starts to close out open trades.
Here are the three most common stop-out levels:
0% Stop-Out Level:
At this level, when the margin level of the account drops to 0%, the broker will automatically close all open positions. This is the most aggressive stop-out level, and it gives no room for your positions to recover, even if the market turns in your favor immediately after reaching this level.
50% Stop-Out Level:
Here, if the margin level drops to 50%, the broker will start closing out positions. It offers a bit more flexibility compared to the 0% level. The broker will typically close the most unprofitable positions first, and if that's not enough to bring the margin level back above 50%, more positions will be closed until it's achieved.
100% Stop-Out Level:
A 100% stop-out level means that when a trader's equity equals the margin required for the open positions, the broker will start closing those positions. It's important to know that this is similar to the 0% level, but might be worded differently based on broker terminology.
It's worth noting that while stop-out procedures are meant to protect you from negative balances, they can lead to significant losses in volatile markets if positions are closed automatically, especially if the market quickly reverses after the stop out. As such, using protective measures, like stop-loss orders and not over-leveraging, is always a good idea. Additionally, the specific percentage and the order in which positions are closed can vary among brokers, so it's essential for you to be aware of your broker's policy on stop-out levels.
Commissions and Fees
Trading fees can sometimes be difficult to track. Be sure to check how these fees compare with industry standards:
Spreads: There are two main kinds of spread, one is fixed and the other is variable. Generally, the spread refers to the difference or gap between two prices, such as the bid/ask rate in a currency exchange rate. An example of a good spread is 1.4 pips for the EUR/USD (the narrower the better, this means that a spread of 1.4 pips is better than a spread of 2 pips). This article explains more about this important concept.
Commission: This is nothing more than the service charge that brokers require for carrying out transactions on behalf of their clients.
Rollover fees: When you leave a trade open overnight, the broker normally charges a rollover fee for the facility of holding your trade open for that period. This is because they assume the risk of the market changing adversely.
Withdrawal and Deposit Fees: Some platforms might charge fees for depositing or withdrawing funds. Pay attention to this. It's important to be aware of these and any associated limits or conditions.
Subscription or Inactivity Fees: Certain platforms have monthly charges or fees for inactive accounts. Ensure you're aware of these potential costs.
| Spread | Commission | Swap | Islamic Account | |
| Currencies | Starting from 1.3 Pips | 0$ | No | Available |
| Stocks | Starting from 18 Pips | 0$ | Yes | Unavailable |
| Commodities | Starting from 2.3 Pips | 0$ | No | Available |
| Indices | Starting from 4 Pips | 0$ | Yes | Unavailable |
| Spread | Commission | Swap | Islamic Account | |
| Currencies | Starting from 0.14 Pips | $0 | No | Available |
| Stocks | Starting from 0 Pips | $0 | No | Available |
| Commodities | Starting from 2 cent | $0 | No | Available |
| Indices | Starting from 0.2 Pips | $0 | No | Available |
| Spread | Commission | Swap | Islamic Account | |
| Currencies | Starting from 0.2 Pips | 0$ | No | Available |
| Stocks | Not Mentioned | 0$ | Yes | Unavailable |
| Commodities | Starting from 8 Pips | 0$ | No | Available |
| Indices | Starting from 4 Pips | 0$ | Yes | Unavailable |
| Spread | Commission | Swap | Islamic Account | |
| Currencies | Starting from 0.6 Pips | 0$ | Yes | Unavailable |
| Stocks | Starting from 2.4 Pips | 0$ | Yes | Unavailable |
| Commodities | Starting from 0.1 Pips | 0$ | Yes | Unavailable |
| Indices | Starting from 0.2 Pips | 0$ | Yes | Unavailable |
| Spread | Commission | Swap | Islamic Account | |
| Currencies | Starting from 0.9 Pips | $0 | Yes | Unavailable |
| Stocks | Starting from $0.02 | $6 | Yes | Unavailable |
| Commodities | Starting from $0.6 | $6 | Yes | Unavailable |
| Indices | Starting from $0.7 | $6 | Yes | Unavailable |
| Spread | Commission | Swap | Islamic Account | |
| Currencies | Starting from 0.5 Pips | $0 | Yes | Unavailable |
| Stocks | Starting from $0.2 | $10 | Yes | Unavailable |
| Commodities | Starting from 0.2 Pips | $0 | Yes | Unavailable |
| Indices | Starting from 0.5 Pips | $0 | Yes | Unavailable |
| Spread | Commission | Swap | Islamic Account | |
| Currencies | Starting from 0.4 Pips | $0 | Yes | Unavailable |
| Stocks | Starting from 0.1% | $0 | Yes | Unavailable |
| Commodities | Starting from $0.19 | $0 | Yes | Unavailable |
| Indices | Starting from 0.4 Pips | $0 | Yes | Unavailable |
Trading Platforms, Tools, and Features
When it comes to choosing the best trading platform, you should always consider a range of features suitable for both newbies and experienced traders. From what we’ve seen, MT4 has emerged as the gold standard in the FOREX trading world due to its ease of use, fast execution and sophisticated tools. Originally designed as a FOREX-exclusive platform, it has evolved to accommodate other financial instruments, such as stocks, indices and commodities. Regardless of whether you opt for a broker offering MT4 or a different platform, it's crucial to be informed about the following elements:
Platform quality: Determine if the platform is web-based or requires downloading. A top trading platform should give users versatile access options.
Customization: Investors must personalize the platform to their liking, enabling them to tailor their trading space to their specific needs.
Technical analysis tools: Ensure the platform comes with comprehensive technical indicators to support you in making educated choices.
Risk-reduction tools: Given the inherent risks in trading, a top-tier platform should offer tools for traders to establish stop-losses, set profit targets, and employ other order functionalities.
Performance and quality: Especially for those new to the trading scene, it's important to have a platform that runs flawlessly with low downtimes or technical issues. This allows traders to concentrate on market trends rather than dealing with software problems.
Educational materials: Leading brokers provide platforms that are not only user-friendly but also equipped with instructional materials, walkthroughs, and a dedicated customer service team to help traders overcome any potential hurdles.
Speed of execution
For retail traders, here’s why the speed of execution from their broker is very important: financial markets are dynamic, with prices fluctuating at lightning speed. Even a delay of a few seconds can significantly impact the profitability of a trade. If you attempt to execute a trade at a specific price but face delays, you might end up entering or exiting the market at a less favorable rate, known as “slippage.” Over time, slippage can accumulate, eroding your profits.
Tradable Assets and Instruments
Retail trading offers a diverse range of financial instruments, each with its own set of opportunities and challenges. Here are the most common tradable assets and instruments:
FOREX
This is the financial asset you may be most interested in trading. With the largest trading volume globally, the FOREX market allows traders to speculate on the future movements of currency prices, trading pairs like EUR/USD, GBP/JPY, and many more.
Commodities
Whether it's precious metals like gold and silver, or energy commodities like oil and natural gas, commodities trading offers a chance to profit from the tangible assets that drive global economies.
CFDs
CFD trading allows you to speculate on the rising or falling prices of fast-moving global financial markets, such as shares, indices, commodities, currencies and treasuries. You don’t own the underlying asset and you can go short or long. CFDs are traded on margin, meaning the broker allows investors to borrow money to increase leverage or the size of the position to amplify gains. Brokers will require traders to maintain specific account balances before they allow this type of transaction. CFD brokers typically provide a wide range of financial instruments across different asset classes, allowing traders to diversify their portfolios with ease.
Equities or Stocks
These represent ownership in a company and constitute one of the most popular avenues for retail traders, given their potential for substantial returns and the thrill of being a part of the corporate world.
Indices
These are baskets of stocks representing a particular market or sector, like the S&P 500 or the Nasdaq, giving traders exposure to broader market movements.
Cryptocurrencies
Digital coins like Bitcoin, Ethereum, and countless altcoins offer both high rewards and volatility.
Bonds
These debt securities offer periodic interest to holders and return the principal amount at maturity. Bonds are best for those interested in fixed returns.
Options and Futures
These derivative products allow traders to hedge against potential losses or speculate on price movements without owning the underlying asset.
| Brokers | Currency pairs | Stocks | Indices | Commodities | Crypto | ETFs |
| ICM Capital | 67 Pairs | 89 Shares | 17 Indices | 12 Commodity | 6 Coins | Unavailable |
| Tradview | 80 Pairs | 5000 Shares | 10 Indices | 10 Commodity | 30 Coins | Unavailable |
| XTB | 57 Pairs | 1848 Shares | 36 Indices | 22 Commodity | 22 Coins | 135 ETFs |
| IG | 108 Pairs | 20000 Shares | 200 Indices | 20 Commodity | 5 Coins | 200 ETFs |
| Saxo Bank | 320 Pairs | 22000 Shares | 200 Indices | 200 Commodity | 9 Coins | 6700 ETFs |
| CMC Markets | 330 Pairs | 8000 Shares | 80 Indices | 100 Commodity | 18 Coins | 200 ETFs |
| Think Markets | 46 Pairs | 3750 Shares | 15 Indices | 11 Commodity | 21 Coins | 350 ETFs |
Payments, Deposits and Withdrawals in Germany
Depositing funds into and withdrawing funds from your FOREX account is very easy. The German banking industry is established and safe. All payment providers are accommodated in the financial ecosystem and are allowed to offer comprehensive services. This means that local brokers accept all major payment methods. These include credit and debit cards, wire transfers, and all major eWallets.
| Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
| Deposit fee | 0$ | $0 + Bank commission | 1.9% | 2.5% | Unavailable | 3.75% |
| Withdrawal fee | 0$ | $15 | 1% | $0 | Unavailable | 2% |
| Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
| Deposit fee | 0$ | 0$ | 1.9% | 2.5% | $0 | 3.75% |
| Withdrawal fee | 0$ | 0$ | 1% | $0 | $0 | 2% |
| Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
| Deposit fee | 0$ | $0 + Bank commission | 1% | 1% | Unavailable | Unavailable |
| Withdrawal fee | 1.5% | 30$ | 1% | 1% | Unavailable | Unavailable |
| Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
| Deposit fee | 0$ | $0 + Bank commission | Unavailable | Unavailable | Unavailable | 3.4% + fixed fee |
| Withdrawal fee | 0$ | $0 + Bank commission | Unavailable | Unavailable | Unavailable | 3.4% + fixed fee |
| Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
| Deposit fee | 0$ | $0 + Bank commission | Unavailable | Unavailable | Unavailable | Unavailable |
| Withdrawal fee | 0$ | $0 + Bank commission | Unavailable | Unavailable | Unavailable | Unavailable |
| Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
| Deposit fee | 0$ | $0 + Bank commission | Unavailable | Unavailable | Unavailable | Unavailable |
| Withdrawal fee | 0$ | $0 + Bank commission | Unavailable | Unavailable | Unavailable | Unavailable |
| Method | Credit Card | Wire Transfer | Skrill | Neteller | Cryptocurrency | PayPal |
| Deposit fee | 0$ | $0 + Bank commission | 0$ | 2.5% | Not mentioned | Unavailable |
| Withdrawal fee | 0$ | $0 + Bank commission | 5.50$ | 0-7.5% | Not mentioned | Unavailable |
FOREX Trading Customer Service
Timing is everything in FOREX trading. You must pick a brokerage firm that can provide good customer support around the clock. This most notably includes the company representatives being easy to reach, which in turn will spare you from having to worry about problems later. The best FOREX brokers in Germany for beginners will be able to provide you with the following:
- Quick resolution of issues
- Educational support
- Assistance with queries during volatile markets
- Account security
- Customized advice (although not all customer service desks offer this)
- Technical assistance
- Regulatory compliance queries
| Live Chat | Phone | |||
| Available | Available | Available | Available | Available |
| Quick response | Very Fast | Very Fast | Very Fast | Very Fast |
| Live Chat | Phone | |||
| Available | Available | Available | Available | Available |
| Quick response | Quick response | Fast | Fast | Fast |
| Live Chat | Phone | |||
| Available | Available | Available | Available | Not Available |
| Quick response | Very Fast | Moderate | Moderate | Not Available |
| Live Chat | Phone | |||
| Available | Available | Available | Available | Not Available |
| Quick response | Very Fast | Very Fast | Moderate | Not Available |
| Live Chat | Phone | |||
| Available | Available | Not Available | Available | Not Available |
| Quick response | Slow | Not Available | Moderate | Not Available |
| Live Chat | Phone | |||
| Available | Available | Not Available | Available | Not Available |
| Quick response | Moderate | Not Available | Moderate | Not Available |
| Live Chat | Phone | |||
| Available | Available | Available | Available | Not Available |
| Quick response | Moderate | Fast | Moderate | Not Available |
Technical Aspects of the Broker’s Website
When it comes to sharing sensitive personal information online, such as a credit card, cyber security is paramount. You should, therefore, always look for SSL certification and two-factor authentication (especially when registering with a new site). Remember to use a strong password that is difficult to crack.
Ask Other Traders on Our Network
Arincen has created a collaborative environment where traders of all experience levels come to meet. After all, Arincen’s goal is to simplify the world of trading. Our website provides a range of powerful tools, like our market-leading signals, rolling news and a cooperative community, where traders of all levels can learn from each other.
Tip for those who have no experience
We believe that a solid foundation in education and research is essential for every successful trader. That’s why we’ve created a set of resources specifically for you. Our comprehensive articles provide an understanding of the basics, while our videos offer insights from industry insiders. Stay updated with the latest developments in the market through our newsfeed, signals, and detailed analytics.
FOREX Trading Scams and How to Avoid Them
BaFin does an excellent job of creating an operating environment in which it is almost impossible for FOREX scams to proliferate. All major stakeholders in the German financial system can report financial misconduct through multiple channels. BaFin makes a point of diligently investigating each instance of alleged misconduct. The regulator is not afraid of issuing stiff fines and penalties to guilty parties.
Visitors to the BaFin website have access to a well-developed online platform that carries a deep repository of resources designed to provide the latest information on trending scams and how to avoid them. BaFin carries extensive reporting information of every licensed FOREX broker so that would-be traders are not left wanting for information on a particular broker before engaging with them.
Furthermore, consumers have access to channels through which they can initiate complaints and tip-offs relating to suspicion of fraudulent activity or scams. In light of this, traders operating in the German financial system can consider themselves well-protected from FOREX scams.
Visitors to the BaFin website have access to a well-developed online platform that carries a deep repository of resources designed to provide the latest information on trending scams and how to avoid them. BaFin carries extensive reporting information of every licensed FOREX broker so that would-be traders are not left wanting for information on a particular broker before engaging with them.
Furthermore, consumers have access to channels through which they can initiate complaints and tip-offs relating to suspicion of fraudulent activity or scams. In light of this, traders operating in the German financial system can consider themselves well-protected from FOREX scams.
A regulated broker adheres to a stringent set of guidelines and operational standards, designed to ensure transparency, security, and integrity in all transactions. Electing to trade with an unregulated broker amplifies the risk of financial loss, fraud, and exposure to unethical practices. For a list of the best regulators, read our article here.
Will Your Money Be Protected if Your Broker Becomes Insolvent?
BaFin encourages parties in a financial dispute to reach an out-of-the-court settlement before it becomes involved. If this is not possible and a matter requires arbitration, it can be referred to the German Financial Ombudsman or a court of law. BaFin also retains the right to hear certain cases under the right conditions and decide if compensation is owed to a consumer due to bad practices on behalf of a financial institution.
As a measure of last resort, BaFin runs a deposit protection and investor compensation scheme up to a maximum of €100,000, provided that qualifying conditions are met. Traders engaging with a German FOREX broker should ensure they understand in detail the requirements of the scheme.
German nationals working through an FCA-regulated broker are entitled to compensation of up to £85,000 through the Financial Services Compensation Scheme (FSCS). German nationals working through a CySEC-regulated broker are entitled to compensation of up to €20,000 through the Investor Compensation Fund (ICF).
As a measure of last resort, BaFin runs a deposit protection and investor compensation scheme up to a maximum of €100,000, provided that qualifying conditions are met. Traders engaging with a German FOREX broker should ensure they understand in detail the requirements of the scheme.
German nationals working through an FCA-regulated broker are entitled to compensation of up to £85,000 through the Financial Services Compensation Scheme (FSCS). German nationals working through a CySEC-regulated broker are entitled to compensation of up to €20,000 through the Investor Compensation Fund (ICF).
The Dos and Don’ts of FOREX Brokers
One of the first things a new FOREX trader ought to do is to check the extent to which the FOREX company abides by the rules and regulations governing its operation. Emphasis must be placed on what it can and cannot do.
There are seven things brokerage firms cannot do:
There are seven things brokerage firms cannot do:
- The FOREX brokerage firm cannot recommend a buy or sell;
- The FOREX brokerage firm must not provide price or market expectations (rise/fall);
- The FOREX firm cannot control your financial dealings (deposit/withdrawal);
- The FOREX brokerage firm should not “manage” your portfolio under any circumstance.
- The FOREX brokerage firm cannot grant a client a bonus unless clear terms guide it beforehand.
- The brokerage firm must not use bank accounts not under its name; and
- FOREX brokerage firms cannot have or offer the service of account managers.
In short, the role of brokerage firms is strictly confined to facilitating buyers and sellers to come together toward an agreed-upon commission. FOREX brokerage firms that violate any of the seven rules should be avoided.
Which FOREX Broker has the Best Platform?
Many traders who prefer to use third-party platforms swear by the established MT4 platform. However, if you want to try something different and you are interested in a proprietary platform that continually pushes the boundaries of analytics and charting innovation, you can try out Saxo Bank’s proprietary platform.
Which FOREX Broker Charges the Lowest Fees?
Our findings reveal that ICM’s ECN account offers unsurpassed low fees for entry level and experienced traders alike.
Which FOREX Broker Offers the Most CFDs?
Based on our research, the FOREX brokers that deal with the most CFDs are CMC Markets and IG, both of which offer extensive CFD selections.
Which FOREX Broker Offers the Most Assets?
If you are the type of trader who is always on the lookout for new assets to try and you are frustrated by the limited range offered by your broker, spend some time looking into the extensive range of assets on offer from CMC and IG, two brokers synonymous with endless asset class choice.
Which is the Best FOREX Broker for Professionals?
Professional traders require services like advanced indicators, access to day trading, and advanced trading orders. If you want to trade at a professional level, look for brokers that offer MT4 that supports advanced indicators, like MACD, RSI, Moving Average, Volume, Bollinger Band, Harmonic, and Elliot Waves.
Who is Arincen and What do We Do?
Put simply, Arincen is a social networking platform that brings together traders and experts to exchange expertise and ideas. Together, we evaluate the best FOREX companies in the world while offering a comprehensive suite of services and tools, all in one place, either via a computer or a mobile app. The platform is so rich that you can create your own private portfolio of traders and experts you like and, at the same time, follow their recommendations and investment sentiments.
Further, thanks to Arincen, users can keep an eye on market-price developments, as well as the latest news. Users can also benefit from the network’s educational courses on offer, to say nothing of exciting webinars – all done in a modern and fast-paced work environment. Get all that you need in one place. Our motto: We Meet to Simplify the Trading World.
Further, thanks to Arincen, users can keep an eye on market-price developments, as well as the latest news. Users can also benefit from the network’s educational courses on offer, to say nothing of exciting webinars – all done in a modern and fast-paced work environment. Get all that you need in one place. Our motto: We Meet to Simplify the Trading World.
Conclusion
We are excited for you as you embark on an exhilarating journey into the world of FOREX trading – the time has never been better! Discover the best online trading platforms in Germany's dynamic FOREX market, where the leading brokers operate under a clear, well-structured regulatory umbrella. The golden rule from our comprehensive guide? Your chosen FOREX brokerage must be not just reputable, but also legally licensed and stringently regulated. And we're here to show you exactly who these watchdogs are.
Remember our advice, always scrutinize the broker's tools, the robustness of their platforms, and their standing in the trader community. Crucially, ensure they offer customer support, ready to assist whenever you need it. If you are still uncertain of how to navigate the maze of Germany's top online FOREX brokers, bookmark this page and re-read our advice whenever you need to.
Remember our advice, always scrutinize the broker's tools, the robustness of their platforms, and their standing in the trader community. Crucially, ensure they offer customer support, ready to assist whenever you need it. If you are still uncertain of how to navigate the maze of Germany's top online FOREX brokers, bookmark this page and re-read our advice whenever you need to.
Arincen’s Review Methodology
The team at Arincen collected more than 120 pieces of data covering more than 100 licensed FOREX companies. Data collection was done in three ways:
- Companies’ Websites.
- Other Websites that have ranked FOREX companies.
- A survey questionnaire (referred to here as Survey “1”) we had sent to the companies invited to participate in the exercise. We have identified 13 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets, etc.
Afterwards, we validated the data by:
- Registering with FOREX companies as a secret shopper and/or as Arincen.
- Survey number “2,” in which we asked these companies’ customers for important feedback and experience.
The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including considering different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung, etc.
To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies to evaluate our research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more about how we came up with the evaluation, please click here.
Recommended Brokers
Forex Risk Disclaimer
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
FAQ
Is FOREX trading legal in Germany?
Yes, trading FOREX trading is legal in Germany. As a highly developed free market economy, it has no restrictions on this activity.
What is FOREX?
The FOREX market is a place where worldwide currencies are bought and sold. It is a large and dynamic marketplace that requires technologically superior tools if you are to participate as a retail trader. The market operates 24 hours a day and five days a week (Monday through Friday), except international holidays.
What is FOREX trading?
FOREX trading involves buying and selling different global currencies for a profit. Retail traders select a currency pair and, in anticipation of market-driven changes in value, wait for an opportune moment to make a sale for a profit.
What costs and commissions are associated with FOREX trading?
FOREX brokers charge any combination of commissions, spreads, and financing fees. Brokers can either charge a spread (the difference between the buy and sell price of a currency pair) and include their facility fee in the spread, or they can charge only a market rate spread and levy a commission per trade outside the spread.
Financing fees come into play if you hold your position overnight. You must pay a financing cost for the benefit of keeping your positions open for an extended time.
How important is good customer service in FOREX trading?
As high market availability is key to FOREX trading, you must pick a brokerage firm that is able to provide good customer support around the clock. Company representatives must be easy to reach, well-trained, and knowledgeable enough to be of use in times of difficulty.
Is FOREX trading taxable in Germany?
Yes, FOREX trading is taxable in Germany. Traders must prepare an annual reconciliation of their winning trades, minus their losing trades, and declare any profits for tax purposes. As always, you should contact a tax professional to understand your full tax liability.
Written by
Adrian Ashley
Adrian Ashley is a seasoned business and finance writer. With a corporate career spanning over 20years, he has developed deep experience in such diverse areas as investing, business, finance,technology and macroeconomics. He is passionate about captu...
Edited by
Marwan Kardoosh
The Editorial Department at Arincen makes an important contribution to the world-class content that...
Fact Checked by
Bahaa Khateeb
Bahaa Khateeb is currently the CEO of Arincen, a start-up Fintech company based in Haifa. Baha...
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