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.
Company Name | Regulations | Minimum Deposit | Main Branch | Open Account |
---|---|---|---|---|
ICM Capital | $500 | United Arab Emirates | ||
Tradeview | $250 | USA | ||
XTB | $500 | UK | ||
IG | $500 | UK |
After a thorough review, we're happy to present our experts' top 7 FOREX brokers in a variety of categories in France for 2024:
ICM - Capital 91.10: Best Deposit and Withdrawal Broker
Tradeview: 90.00: Trusted broker that offers very low trading costs as well as 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
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 |
Regulations | |
Minimum Deposit | $500 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers, crypto |
Main Branch | United Kingdom |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | MT4, MT5, cTrader, Web Platform |
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 |
Regulations | |
Minimum Deposit | $450 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers, crypto |
Main Branch | Cayman Islands |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | Proprietary Platform, MT4, MT5, Web Platform |
What distinguishes XTB from other brokers 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 |
Regulations | |
Minimum Deposit | $500 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers |
Main Branch | United Kingdom |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | MT4, MT5, Web Platform |
Broker Evaluation | 7.54 |
Regulations | |
Minimum Deposit | $250 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers |
Main Branch | United Kingdom |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | Proprietary Platform, MT4, Web Platform |
Saxo Bank is considered one of the best investment banks in financial markets and currencies, as it offers the very best trading platform and tools from all the companies we have reviewed. Meanwhile, its spreads are 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 |
Regulations | |
Minimum Deposit | $5000 |
Islamic Account | No |
Payment Methods | Bank transfer, credit card |
Main Branch | Copenhagen, Denmark |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | SaxoTrader |
CMC Markets is a well-regarded broker offering some 9,000 asset classes that encompass currencies, commodities, indices, cryptocurrencies, bonds, and stocks. The company offers relatively low spreads, access to MT4, and fast customer service. It is most suited for traders looking for diversity in asset classes.
Broker Evaluation | 7.07 |
Regulations | |
Minimum Deposit | $0 |
Islamic Account | No |
Payment Methods | Bank transfer, credit card, electronic payment providers |
Main Branch | United Kingdom |
Customer Service | 24/5 |
Demo Account | Yes |
Trading Platforms | Proprietary Platform, MT4, Web Platform |
Originally founded in New Zealand in 2010, and moving to Australia within the space of their first two years, ThinkMarkets is a global online brokerage focusing on FOREX and CFD trading. In addition to a range of major and minor currency pairs. ThinkMarkets has an array of CFDs on offer. This includes indices, as well as hard and soft commodities.
Broker Evaluation | 8.05 |
Regulations | |
Minimum Deposit | $0 |
Islamic Account | Yes |
Payment Methods | Bank transfer, credit card, electronic payment providers, crypto |
Main Branch | Australia |
Customer Service | 24/7 |
Demo Account | Yes |
Trading Platforms | Proprietary Platform, Web Platform, MT4, MT5 |
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.
If you are a new trader, you need to know that the FOREX market is the largest financial market in the world at some six trillion dollars daily. The FOREX market operates 24 hours a day and five days a week (Monday through Friday), except for international holidays. It's a place where retail traders like you can buy, sell, exchange, and speculate on currencies. Here are some key aspects:
Global currency trading: Get access to world currencies
High liquidity and volatility: Large volumes of currencies can be traded in a bustling online market
Leverage: It can amplify profits, but it also increases the risk of substantial losses
Speculation and analysis: Retail FOREX trading is mostly speculative, but you can improve your chances through research and study
Brokerage firms play a key role in this regard by enabling clients to buy and sell through a trading platform. It is for this reason that we are closely investigating the best online trading brokers in France.
Tip: Invest in Your knowledge
For every aspiring retail trader, knowledge is key to a successful trading journey. We invite you to delve into Arincen's goldmine of insights, strategies, and expert analyses. Whether you're just embarking on your trading venture or trying to level up your trading game, our resources are designed to give you all the information you need. Visit our educational resources here.
As we have said, FOREX brokers who offer their services to French citizens must be regulated by the local regulator, the AMF. Regulated brokers are compelled to stick to common best practices, like keeping their operating funds separate from client funds, complying with strict leverage rules, and staying away from offering bonuses and overly generous promotions.
The broader financial sector in France is supervised by the Autorité de Contrôle Prudentiel et de Résolution (ACPR). This independent administrative body works closely with the French central bank to ensure oversight of banks, pension funds, and insurance companies operating in France. All these agencies work in concert with the European Securities and Markets Authority (ESMA), headquartered in Paris, which acts as an EU-wide financial market regulator.
It is always a good sign if your broker is active in other countries and has been regulated by other tier-1 bodies like the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC), which are considered to be two of the best regulators in the world.
The regulators that oversee FOREX trading also regulate other financial assets, such as crypto, commodities, and indices. If you want to learn more about some of the best-regarded regulators, read our article on regulation here. Remember that you do not have to use a broker with international regulation if your local broker is regulated by a solid local regulator.
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 a top-tier regulator or at least the applicable regulator in your area. You can do this by verifying the broker’s good standing on the website of the regulator
Ask if your broker is part of a compensation scheme
Check your statements regularly to ensure that everything is in order
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.
Depending on how your broker operates within the regulatory system, you'll come across different rules regarding leverage. Several major regulators have set out specific guidelines to protect individual traders.
Besides being regulated by the AMF, brokers in France must fall in line with ESMA guidelines and the Markets in Financial Instruments Regulation (MiFIR). Let's take a look at selected leverage rules around the world:
The AMF in France:
30:1 for major currency pairs
20:1 for non-major currency pairs
2:1 for cryptocurrencies
Swiss Financial Market Supervisory Authority (FINMA) in Switzerland:
FINMA doesn't specify leverage limits like 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.
Australian Securities and Investments Commission (ASIC) in Australia:
30:1 for major currency pairs
20:1 for non-major currency pairs
2:1 for cryptocurrencies
The FCA in the UK:
30:1 for major currency pairs
20:1 for non-major currency pairs
2:1 for cryptocurrencies
It's worth mentioning that these rules mainly target regular individual clients. If you're a professional trader, your access to leverage might vary depending on both the rules in place and the policies of your broker. As you can tell, diligent regulators keep a close eye on how much leverage is allowed. Nevertheless, you can still use a regulator from your own country, even if it doesn't fall under the category of a top-tier regulator.
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.
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 of 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.
Here's how it works:
Imagine you have a trading account with a balance of $10,000, and you've opened several positions in the market. Your broker has a 0% Stop-Out Level policy, which means that if your margin level drops to 0%, they will automatically close all your open positions to prevent further losses.
You start with a $10,000 trading account balance
Using 30:1 leverage, you can control $300,000 worth of currency with your $10,000 account
You open a position in EUR/USD with a notional value of $300,000, and the margin required for this trade is $10,000 (3.33% of the notional value)
The market moves against your position, causing your account balance to drop to $9,000
If your losses accumulate, your account balance decreases and your margin level (account equity divided by used margin) drops accordingly
When it reaches 0%, the broker's 0% Stop-Out Level policy comes into play.
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 traders 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 traders to be aware of their broker's policy on stop-out levels.
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 |
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 | 81 Pairs | 21714 Shares | 49 Indices | 39 Commodity | 11 Coins | 12858 ETFs |
Saxo Bank | 320 Pairs | 22000 Shares | 49 Indices | 39 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 |
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% |
Live Chat | Phone | |||
Available | Available | Available | Available | Available |
Quick response | Very Fast | Very Fast | Very Fast | Very Fast |
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). When signing up, remember to use a strong password and keep it where it cannot easily be found.
FOREX brokers in France offer the same set of tools you can find in any developed market. The best brokers offer advanced algorithmic trading that can support large volumes of trades with high uptime and little lag. Brokers can also offer electronic assistance (EA) and high-end market analysis and insights.
When picking a trading platform, it's crucial to consider what works for both beginners and experienced traders. Here are some things to think about:
Platform Accessibility: Whether it's web-based or downloadable, a good platform should give you options to trade at your convenience at any time, on any device.
Technical Analysis Tools: Look for a platform that has solid technical indicators. They are useful for making smart trading decisions.
Risk Management Tools: Trading is risky. A top-notch platform should allow you to set stop-losses and take-profits to manage those risks.
Customization and User-Friendliness: You should be able to tweak the platform to match your style. Within the MetaTrader product family, both MT4 and MT5 are known for their excellent customization features. Here’s a comparison between the two.
Performance and Reliability: As a newcomer, you should be looking for a platform that runs smoothly when called upon.
Learning and Help Resources: It's a boost if the platform is not only visually pleasing and customizable, but also comes with guides and support to help you when you're stuck.
To choose the perfect trading platform, here's what you can do:
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.
Arincen is where traders meet to sample a social trading environment where every investor is welcome. Traders can benefit from powerful communities and learn from each other. Even beginner traders find a home here, as they can study the moves made by successful traders with long track records. We encourage you to ask other traders on our network about their experience of working on our website.
After conducting thorough research, we can confidently say that ICM’s ECN account offers the lowest fees for any kind of trader.
The financial system in France is designed to ensure that it is very difficult to conduct fraudulent activity in the system. Brokers that violate France’s regulatory guidelines do so at their peril as they quickly discover the AMF will not hesitate to add them to a blacklist. The AMF has the power to block their websites to prevent access from any resident of France.
In one example of how fast the system moves to shut down non-compliance, the AMF banned binary options trading for France FOREX brokers and within three years of the announcement had closed down over 138 illegal binary options and foreign exchange Websites. As such, many of the common FOREX trading scams perpetuated by illicit websites swiftly get identified, reported and shut down.
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.
The team at Arincen collected more than 120 pieces of data covering in excess of 100 licensed FOREX companies. Data collection was conducted in three ways:
Companies’ Websites.
Other Websites that have ranked FOREX companies.
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 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 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.
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.