Best FOREX Brokers In Sweden In 2024

Sweden is home to some of the best FOREX brokers in the world today. This small, open economy with a high innovative capacity and standard of living works with all kinds of financial trading platforms that can offer their services to Swedish traders. 

For you, the user, this means more variety of choices, but this also means more research to understand which retail broker is right for you. At Arincen, it has long been our goal to simplify the world of trading. For this reason, we will be listing the best FOREX brokers in Sweden today. This detailed ranking comes from a thorough review process carried out by our experts at Arincen. We will share our review methodology so you can understand why some companies made our list and others did not.

Best FOREX brokers in Sweden in 2024

Top Tips for Choosing the Best FOREX Brokers in Sweden

There are many excellent FOREX brokers active in Sweden today. You are advised to protect your interests by working with a broker that has proven they are in it for the long haul. To help you make the right choice, we’ve carried out detailed research on your behalf. For you to understand what we were seeking, here are some of the most important factors to take into consideration when choosing a broker:

• The broker must be regulated by a top-tier regulator, this could be a local broker or an international broker

• The broker must have a competitive fee schedule

• The broker must offer a wide array of financial assets to trade

• The broker must have a responsive customer-service team

• The broker should have detailed research and educational offerings

Best FOREX Brokers in Sweden in 2024

With so many options available, choosing the right broker is not easy. In this case, we've done the work for you. Here is a summary of each broker according to specific criteria, along with their pros and cons

• ICM - Capital 91.10: Best Deposit and Withdrawal Broker

• Tradeview - 90.00: Trusted broker that offers meager trading costs and comprehensive financial literacy materials for its clients.

• XTB - 85.55: Best Customer Service Broker

• IG - 85.45: Best Regulations Broker plus Convenient Platform

• Saxo Bank - 80.09: Excellent Private Trading Platform

• CMC Markets - 80.07: More than 9,000 Assets

• ThinkMarkets - 80.05: Aimed at the Audience of Traders

What Is FOREX and Why Do We Need a Broker to Trade?

The world of FOREX features a decentralized marketplace where global currencies are traded. Currency exchange between various parties 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 FOREX market operates 24 hours a day and five days a week (Monday to Friday), except for international holidays. The FOREX market is the largest financial market in the world. The best FOREX brokers in Sweden play a key role in this marketplace by enabling clients to buy and sell through a trading platform. Most trading platforms are accessible in both web and mobile format.

How to Open a Trading Account to Start Trading FOREX?

Thanks to the popularization of retail trading, opening a FOREX trading account is a simple process. Once you have selected your broker, you must start by filling out an application form as part of the “open account” process. Normally, you will be asked to provide documents to support your application. These could include your national identity document and proof of address. This is part of standard Know Your Customer (KYC) regulations.

Once your account has been approved, you will be able to fund your account by making the first deposit. After your account is funded, the FOREX world is yours to enjoy!

How Much Do Beginners Need to Start to Trade?

You don’t need much to get started. Some of the best FOREX brokers for beginners allow you to start trading with as little as $1. Of course, that’s not always the case, nor is it the way you want to go. For the specific amount needed to start trading, it depends on the broker and the type of account. Many brokers may allow you to open an account with a minimum deposit lower than $100, while others may require a higher initial investment. It's essential to carefully consider your investment goals and risk tolerance before starting to trade.

We would recommend that you start by placing small trades to get to grips with the practice of trading, as well as your broker’s website, before you move on to placing trades with more money.

How to Start Learning about FOREX Trading

A trading website like en.Arincen.com is a great place to start. We have a large list of curated articles that can give you all the information you need on common FOREX trading terms, like pips, spreads, leverage, and support and resistance. We have also taken the time to prepare detailed articles on such important topics as FOREX trading strategies. Additionally, once on our website, you will find helpful video courses that cover the basics of FOREX trading. With this range of knowledge, you will be well on your way to trading success.

Remember also that your broker will normally have developed a detailed education and research repository themselves. That is also a good place to bolster your FOREX knowledge, with the extra benefit that your broker’s information will be slanted toward their own platform and resources, which makes it doubly useful.

Can You Trade Without Prior Experience?

Everyone has to start somewhere. So, by definition, you can certainly start trading without prior experience. However, if you thought you could take a crash course of FOREX trading and do no further research after that, you are mistaken. Financial trading in general is a pursuit that requires constant learning and education.

It is always advisable to keep expanding your experience in the world of trading. The Arincen network was created for those who don’t have enough experience to trade on their own. This is because you can follow the experts on our network and apply their signals and strategies in your trading account with ease, and you can review the statistics of the experts and their history to ensure they are good for trading the assets you want. For example, if you prefer to trade only in gold or any other group of assets, you can review the best gold experts and traders in the network.

How Do I Choose the Best FOREX Broker in Sweden?

Sweden's economy is characterized by a high standard of living, extensive welfare benefits, and a mixed system of high-tech capitalism. The country has a skilled labor force. Key economic sectors include telecommunications, the automotive industry, and pharmaceuticals. Sweden has a strong export-oriented economy, with timber, hydropower, and iron ore constituting its resource base. It has a robust framework for innovation and is considered one of the world’s most competitive economies.

The Swedish Financial Supervisory Authority (SFSA), also known as Finansinspektionen, is the regulatory authority that presides over retail FOREX brokers in the country. It ensures that the FOREX brokers comply with the necessary regulations and standards to provide a secure trading environment for investors

FOREX Regulations in Sweden

The SFSA is focused on ensuring stability and transparency in the Swedish financial market. It aims to promote consumer protection and contribute to the overall effectiveness of the financial system. The SFSA is known for strict oversight, as well as adherence to both national and European Union regulations. The regulator carries out regular supervision and audits of financial institutions, including banks, insurance companies, and brokerage firms to ensure they comply with legal and regulatory requirements

The Finansinspektionen was established in 1991. Over the years, it has evolved to address the challenges of an increasingly complex and globalized financial market. The Authority plays a crucial role in implementing EU directives and regulations within Sweden, ensuring that Swedish financial institutions remain competitive and compliant within the broader European financial landscape.

At the get-go, it is important to learn more about regulatory bodies and their role in the FOREX market. Their role is two-fold:

1. Observing and regulating the work environment in the FOREX market, and

2. Protecting investors and their funds.

FOREX firms operating in Sweden are compelled to obtain a license from the SFSA. If you come across a broker in Sweden that is not registered, you should avoid them.

Leverage

Leverage allows you to trade with the broker’s money, meaning you can place larger orders than you would have been able to with your own funds. This is a great way to get access to a larger share of the pie, but it also means you can lose money easily.

Depending on the regulatory framework within which your broker operates, you'll encounter varying leverage rules. Several key regulators have introduced specific guidelines to safeguard retail traders.

Let's look at some of these leverage rules set by major regulators:

SFSA in Sweden:

The SFSA permits a maximum leverage of 30:1 for retail trading brokers in Sweden. This is in line with the regulations set by the European Securities and Markets Authority (ESMA) under the Markets in Financial Instruments Directive II (MiFID II), which aims to protect retail investors by limiting the amount of leverage they can use when trading FOREX and other speculative products.

Australian Securities and Investments Commission (ASIC) in Australia:

30:1 for major currency pairs

20:1 for non-major currency pairs, gold, and major stock market indices

10:1 for commodities other than gold and minor stock market indices

5:1 for equities (stocks) and other underlying assets

Swiss Financial Market Supervisory Authority (FINMA) in Switzerland:

FINMA doesn't specify leverage limits as does ASIC. However, Swiss brokers must strictly adhere to robust capital and risk management requirements, ensuring that they do not offer excessively high leverage that could endanger their financial stability or their clients' funds.

Financial Conduct Authority (FCA) in the UK:

30:1 for major currency pairs

20:1 for non-major currency pairs, gold, and major indices

10:1 for commodities (excluding gold) and non-major equity indices

5:1 for individual equities and other reference values

Stop Out

In the world of trading, "stop out" is a term with which you should be familiar. It's the point where your broker automatically closes some or all of your active positions to prevent your account from diving into negative territory. The stop-out level is usually defined as a percentage, representing the margin level at which your broker starts shutting down your open trades.

Let's break down the percentages:

Stop out of 0%: 

Your broker won't close any of your positions, even if your margin level reaches rock bottom. This is because some brokers allow you to end up in the red, which means you might owe them money if your trades keep losing.

Stop out of 50%: 

Once your equity dwindles to half of your used margin, the stop-out alarm goes off. Your broker steps in and starts closing your trades, beginning with those least profitable. This continues until your margin level bounces back above the stop-out level.

Stop out of 100%: 

When your margin level hits 100%, your broker takes the drastic step of automatically closing all your open positions. In some setups where the broker separates margin-call and stop-out levels, the margin call happens at 100% and the stop-out at 50%. If your margin level plunges to 50%, your trading platform springs into action with a stop-out, closing your trade at the market price.

Keep in mind that the specific percentage and the order in which positions get closed can vary from broker to broker. So, traders must know their broker's stop-out policy. It's worth noting that while stop-out measures are designed to shield traders from going into the red, they can also result in substantial losses, especially in volatile markets where positions are swiftly closed automatically, especially if the market suddenly reverses post-stop out. That's why you should always employ protective strategies like setting stop-loss orders and avoiding excessive leverage.

Commissions and Fees in Sweden

Trading fees can be tricky to keep track of, so it's important to compare them with industry standards. Here are some fees of which to be aware:

Spreads: 

There are two main kinds of spread, one is fixed and the other is variable. The first step in FOREX trading is identifying the spread differential, defined as the difference between the bid (sell) price and the ask (buy) price of a currency pair. While most FOREX currency pairs are traded without commission, the spread is one “cost” that applies to any trade that you place. This is, indeed, the biggest source of profit for the FOREX company

The spread refers to the difference 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). You can learn more about this concept in this article.

Commission: 

This is the service charge that brokers require for carrying out transactions on behalf of their clients. As for commissions, FOREX trading companies can be placed into three categories. The first offers fixed spreads, while the second tenders variable spreads, with a third category of companies offering low-cost spreads, but that come with a (relatively high) fixed commission.

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 know 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.

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

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.

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.

Payments, Deposits, and Withdrawals in Sweden

In general, the payment deposit and withdrawal process in Sweden is relatively straightforward and convenient. Sweden has a modern financial infrastructure, and its banking system is advanced, making transactions, including withdrawals from brokerage accounts, relatively straightforward for residents. However, the ease of conducting withdrawals from your brokerage account in Sweden depends on several factors. It's crucial to choose a broker regulated by a reputable authority, whether that's in Sweden or another European jurisdiction. Regulated brokers tend to have clear procedures for withdrawals to protect both the broker and the client.
Most brokerages offer multiple withdrawal methods, including bank wire transfers, credit/debit card transactions, and even online payment systems. The efficiency of these methods can vary, with wire transfers to Sweden banks typically taking several business days.

FOREX Trading Customer Service

As timing is key to 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, fast, and polite, which in turn will spare you from having to worry about problems later. The best FOREX brokers in Sweden 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

Ask Other Traders on Our Network

Arincen has gone to extensive lengths to create an enabling environment of networks, where traders of all backgrounds can take part in a vibrant trading space. After all, Arincen’s goal is to simplify the world of trading. Our website provides an unrivaled slate of tools, like our market-leading signals, rolling news, and a thriving community where traders of all levels of experience can learn and profit from each other.

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 watch for SSL certification and two-factor authentication (especially when registering with a new site). Always remember to use a strong password.

What Trading Platforms, Tools, and Features Should a Broker Offer?

When choosing a trading platform, you should consider a range of features that caters to both novice and seasoned traders. Here are some elements to keep in mind:

Platform accessibility: A top-notch trading platform should offer flexibility in terms of access, whether it's web-based or a downloadable application.

Risk-management tools: Trading inherently comes with risks, and a high-quality platform should provide instruments that allow traders to set stop-losses, take-profits, and other crucial order types.

Technical analysis tools: The platform should have robust technical indicators to help traders make informed decisions.

Customization and user interface: Traders should be able to customize the platform according to their preferences, allowing them to set up their trading environment precisely how they want. We find that the products from the MetaTrader suite, especially MT4, offer excellent features for this purpose.

Performance and reliability: Beginner traders especially need a platform that operates seamlessly with minimal downtimes or glitches. This ensures a smooth trading journey, allowing them to focus on market movements rather than technical hiccups.

Learning and educational resources: The best brokers will offer platforms that are not only intuitive but also come with tutorials, guides, and responsive customer support to assist traders in navigating any challenges they might face.

To choose the perfect trading platform, here’s some solid advice:

• Determine your trading style and needs.

• Research different platforms and compare their features.

• Test the platforms with a demo account to see which one suits you best.

• Choose a platform that offers the features you need and is user-friendly.

• Ensure that the platform is reliable and has a good reputation in the industry.

Remember that the trading platform you choose can have a significant impact on your trading success, so it's important to choose wisely.

Which Sweden FOREX Broker Has the Best Platform?

Many FOREX traders around the world have become used to MetaTrader’s strong and dependable MT4 platform, which is well-liked with good cause. To learn more about this important platform, visit our explainer article. However, if you are interested in trying something new that pushes the boundaries of what we accept as possible with a trading platform, you may consider a proprietary platform. In this case, we would encourage you to try Saxo Bank for its advanced trading features and high-performance tools with extensive market analysis.

Which Sweden FOREX Broker Charges the Lowest Fees?

Our research shows that ICM Capital offers the lowest fees for entry-level and elite traders alike.

Which is the Best Sweden FOREX Broker for the Most CFDs?

For brokers that deal in the most CFDs, look no further than CMC Markets and IG, both of which offer extensive CFD selections.

Which Sweden FOREX Broker Offers the Most Assets?

According to Arincen’s research, the FOREX brokers that offer the widest and most comprehensive range of financial assets are CMC Markets and IG.

Which is the Best Sweden FOREX Broker for Professionals?

Professional traders are mostly clear about their requirements. They normally won’t settle for a sub-standard platform or experience. Professional traders are also searching for a platform that features in-depth market analysis that comes with advanced indicators that help them make better decisions. In this case, you should look to brokers that use MT4, an industry stalwart that offers all of the above.

FOREX Trading Scams and How to Avoid Them

The SFSA has issued warnings about various scam activities, including cryptocurrency-related scams and fake/clone websites. The SFSA's alerts are part of their efforts to protect investors and the integrity of the financial system. These warnings serve as a reminder for individuals and businesses to exercise caution and due diligence when engaging in financial activities to avoid falling victim to fraudulent schemes.
The SFSA's proactive stance in issuing these warnings demonstrates their commitment to safeguarding the financial interests of the public and maintaining the stability of the financial market in Sweden. It also underscores the importance of staying informed about potential risks and being vigilant against fraudulent activities in the financial sector.

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 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.

Conclusion

Sweden's vibrant financial landscape can only be enriched by the presence of some of the world's best FOREX brokers. The dynamic Swedish economy provides a fertile ground for online trading platforms to flourish. After reading this article, you should be equipped with a comprehensive guide to the best FOREX brokers in Sweden for 2024. 

Our review methodology concentrated on regulation, fee competitiveness, asset variety, customer service excellence, and educational resources. We suggested several retail FOREX brokers that represent, in our opinion, the most reliable and relevant for traders in Sweden. Armed with Arincen's expert analysis, you should now be well-positioned to navigate the complexities of the FOREX market with confidence and precision.

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:

1. Companies’ websites.

2. Other websites that have ranked FOREX companies.

3. A survey questionnaire (referred to here as Survey “1”) was 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.    

Afterward, we validated the data by:

1. Registering with FOREX companies as a secret shopper and/or as Arincen.

2. 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 demanding work of 15 Arincen employees. We were 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 own 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.