Independent broker comparison
The independent guide to forex brokers
Spreadwise is an independent guide to forex and CFD brokers across Europe and the UK — ESMA-regulation literacy, register-checked reviews and honest cost and spread transparency. We are not a broker and do not provide investment advice.
- 15
- brokers reviewed
- 7
- markets covered
- Independent Brokers can't pay for ranking
- Regulation-checked Every licence verified on a register
- No fabricated data Spreads & ratings only when verified
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Which broker is right for you?
Editor's pickKNFCySECFCA
XTB
Why it's our #1
XTB is our top-ranked broker on this list. Founded in 2002 and publicly listed on the Warsaw Stock Exchange, it holds authorisations from three regulators — Poland's KNF, Cyprus's CySEC and the UK's FCA — and runs its own proprietary xStation 5 platform rather than reselling a third-party terminal. That combination of public-company disclosure obligations, multi-jurisdiction regulatory oversight and in-house trading technology is the strongest documented evidence profile of any broker in this comparison. Confirm which XTB entity serves your country on the relevant regulator's register before opening an account.
- Platforms:
- xStation 5
Quick picks
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Forex brokers at a glance
Independently selected and regulation-checked. We do not publish star ratings until a hands-on review is complete.
| Broker | Regulation | Platforms | Actions |
|---|---|---|---|
| XTB Est. 2002 | KNFCySECFCA | xStation 5 | |
| Pepperstone Est. 2010 | FCACySECBaFin | MT4 · MT5 · cTrader | |
| IG Est. 1974 | FCABaFin | IG platform · MT4 · ProRealTime | |
| eToro Est. 2007 | CySECFCAASIC | eToro platform | |
| Saxo Est. 1992 | DFSAFCA | SaxoTraderGO · SaxoTraderPRO | |
| CMC Markets Est. 1989 | FCABaFin | Next Generation · MT4 | |
| IC Markets Est. 2007 | CySECASICSCB | MT4 · MT5 · cTrader | |
| Interactive Brokers Est. 1978 | FCAASIC | IBKR Trader Workstation · IBKR Mobile · Client Portal | |
| OANDA Est. 1996 | FCAASIC | OANDA Trade · MT4 · TradingView | |
| AvaTrade Est. 2006 | CBIASICFSCA | AvaTradeGO · MT4 · MT5 | |
| Admirals Est. 2001 | FCACySEC | MT4 · MT5 | |
| Capital.com Est. 2016 | FCACySECASIC | Capital.com platform · MT4 · TradingView | |
| Swissquote Est. 1996 | FINMAFCA | SQX · MT4 · MT5 | |
| FP Markets Est. 2005 | ASICCySEC | MT4 · MT5 · cTrader | |
| Plus500 Est. 2008 | FCACySEC | Plus500 platform |
Interactive Brokers Est. 1978
- Regulation
- FCAASIC
- Platforms
- IBKR Trader Workstation · IBKR Mobile · Client Portal
Capital.com Est. 2016
- Regulation
- FCACySECASIC
- Platforms
- Capital.com platform · MT4 · TradingView
Reviews
Featured brokers
XTB
Est. 2002 · XTB Partners
KNFPolandCySECCyprusFCAUnited Kingdom
Founded in 2002 and listed on the Warsaw Stock Exchange, XTB is a multi-regulated broker (KNF, CySEC, FCA) running its own xStation 5 platform. Verify the entity that serves your country on the relevant register before depositing.
Platforms: xStation 5
Pepperstone
Est. 2010 · Pepperstone Partners
FCAUnited KingdomCySECCyprusBaFinGermanyASICAustralia
Founded in 2010, Pepperstone is a multi-regulated broker (FCA, CySEC, BaFin, ASIC) with one of the widest platform line-ups — MT4, MT5, cTrader and TradingView. Confirm the licensed entity that serves your country before depositing.
Platforms: MT4 · MT5 · cTrader · TradingView
IG
Est. 1974 · IG Marketing Partnership
FCAUnited KingdomBaFinGermany
Founded in 1974, IG is one of the longest-established CFD providers, regulated by the FCA in the UK and BaFin in Germany. It offers its own platform alongside MT4 and ProRealTime. Verify the serving entity on the relevant register before depositing.
Platforms: IG platform · MT4 · ProRealTime
eToro
Est. 2007 · eToro Partners
CySECCyprusFCAUnited KingdomASICAustralia
Founded in 2007, eToro is a multi-regulated broker (CySEC, FCA, ASIC) known for its single proprietary social-trading platform. The entity and protections that apply depend on your country — confirm on the relevant register before depositing.
Platforms: eToro platform
Saxo
Est. 1992 · Saxo partner programme
DFSADenmarkFCAUnited Kingdom
Founded in 1992, Saxo Bank is a regulated investment bank (DFSA in Denmark, FCA in the UK) running its own SaxoTraderGO and SaxoTraderPRO platforms. Confirm the entity that serves your country on the relevant register before depositing.
Platforms: SaxoTraderGO · SaxoTraderPRO
CMC Markets
Est. 1989 · CMC partner programme
FCAUnited KingdomBaFinGermany
Founded in 1989, CMC Markets is a long-established, FCA- and BaFin-regulated CFD provider running its own Next Generation platform alongside MT4. Verify the licensed entity that serves your country before depositing.
Platforms: Next Generation · MT4
IC Markets
Est. 2007 · IC Markets Partners
CySECCyprusASICAustraliaSCBBahamas
Founded in 2007, IC Markets is a multi-regulated ECN broker holding licences from CySEC (Cyprus), ASIC (Australia) and the SCB (Bahamas). It offers MT4, MT5 and cTrader. Confirm the entity that serves your country on the relevant register before depositing.
Platforms: MT4 · MT5 · cTrader
Interactive Brokers
Est. 1978 · IBKR Affiliate Programme
FCAUnited KingdomASICAustralia
Founded in 1978 and publicly listed on Nasdaq, Interactive Brokers is a globally regulated broker-dealer holding an FCA licence for the UK and ASIC authorisation for Australia, among others. Its IBKR platform is widely used by active and institutional traders. Verify the serving entity on the relevant register before depositing.
Platforms: IBKR Trader Workstation · IBKR Mobile · Client Portal
OANDA
Est. 1996 · OANDA Partner Programme
FCAUnited KingdomASICAustralia
Founded in 1996, OANDA is an FCA-regulated forex and CFD broker with licences spanning the UK, Australia, Canada, the US and Singapore. It offers its own OANDA Trade platform, MT4 and TradingView integration. Confirm the entity that serves your country on the relevant register before depositing.
Platforms: OANDA Trade · MT4 · TradingView
AvaTrade
Est. 2006 · AvaTrade Partners
CBIIrelandASICAustraliaFSCASouth Africa
Founded in 2006 and authorised by the Central Bank of Ireland (CBI) for EU clients, AvaTrade also holds licences from ASIC and the FSCA. It supports MT4, MT5, its own AvaTradeGO app and AvaOptions. Verify the licensed entity that serves your country before depositing.
Platforms: AvaTradeGO · MT4 · MT5 · AvaOptions
Admirals
Est. 2001 · Admirals Partners
FCAUnited KingdomCySECCyprus
Founded in 2001, Admirals (formerly Admiral Markets) holds FCA authorisation in the UK and a CySEC licence for EU clients. The broker operates exclusively on the MT4 and MT5 platforms. Confirm the entity that serves your country on the relevant register before depositing.
Platforms: MT4 · MT5
Capital.com
Est. 2016 · Capital.com Partner Programme
FCAUnited KingdomCySECCyprusASICAustralia
Founded in 2016, Capital.com is a multi-regulated CFD broker (FCA, CySEC, ASIC) with a proprietary AI-assisted platform, MT4 and TradingView integration. It focuses on educational tools and transparent cost disclosures. Verify the serving entity on the relevant register before depositing.
Platforms: Capital.com platform · MT4 · TradingView
Swissquote
Est. 1996 · Swissquote Partner Programme
FINMASwitzerlandFCAUnited Kingdom
Founded in 1996 and listed on the SIX Swiss Exchange, Swissquote is a Swiss bank regulated by FINMA with additional FCA authorisation for UK clients. It offers its own SQX platform alongside MT4 and MT5. Confirm the entity that serves your country on the relevant register before depositing.
Platforms: SQX · MT4 · MT5
FP Markets
Est. 2005 · FP Markets Introducing Broker Programme
ASICAustraliaCySECCyprus
Founded in 2005, FP Markets is an ASIC-regulated Australian broker with a CySEC licence for European clients. It offers a broad platform selection including MT4, MT5, cTrader and Iress. Verify the licensed entity that serves your country before depositing.
Platforms: MT4 · MT5 · cTrader · Iress
Plus500
Est. 2008 · Plus500 Partner Programme
FCAUnited KingdomCySECCyprus
Founded in 2008 and listed on the London Stock Exchange, Plus500 is an FCA- and CySEC-regulated CFD provider operating its own proprietary platform. It serves retail clients across Europe and the UK. Confirm the entity that serves your country on the relevant register before depositing.
Platforms: Plus500 platform
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Frequently asked questions
Frequently asked questions
Are forex brokers regulated in the EU and UK?
Yes. Retail forex and CFD brokers serving EU clients must be authorised under MiFID II by a national regulator such as BaFin, CONSOB, the AMF, the CNMV, the KNF or the AFM. In the UK they must be authorised by the FCA. Always confirm the exact entity on the regulator's own register before depositing.
What is the ESMA leverage limit for retail traders?
ESMA caps retail leverage at 30:1 on major currency pairs, with lower limits on more volatile instruments. The rule applies EU-wide, and the UK's FCA mirrors it post-Brexit. ESMA also mandates negative-balance protection, so a retail trader cannot lose more than their account balance.
Can brokers offer deposit bonuses in Europe?
No. ESMA bans monetary and non-monetary trading incentives, including deposit bonuses, to retail clients across the EU, and the FCA applies an equivalent ban in the UK. Any forex or CFD broker advertising a deposit bonus to retail traders in these markets is a red flag, not a perk.
Why are there no broker links for France and Spain?
Trading is legal in both, but promotion is restricted: France's Loi Sapin II bans electronic CFD advertising to retail clients, and Spain's CNMV restricts CFD mass-marketing and influencer promotion. We publish regulatory and cost information only for France and Spain, with no partner links or sign-up calls-to-action.
How does Spreadwise choose which brokers to list?
We only list brokers we can verify on a real regulator register (BaFin, FCA, AMF, CONSOB, CNMV, KNF, AFM or CySEC). Specifics such as spreads, minimum deposits and star ratings are left blank until a hands-on review confirms them — we never publish an invented number.