Germany is a powerhouse economy in Europe, and as such, it has a thriving Forex market. If you are looking for the best Forex brokers in Germany, you have come to the right place. In this article on AtoZ Markets, we will take a look at some of the best German Forex brokers and what they have to offer. We will also discuss the benefits of choosing a German Forex broker and how to go about finding the right one for you. So if you are interested in trading currencies in Germany, keep reading!
Benefits of Choosing a German Forex Broker
There are many benefits of choosing a German Forex broker. For starters, Germany has a very strong economy and is a major player in the global financial markets. This means that there is always a lot of activity in the Forex market and prices can be volatile. This can be good for traders who are looking to make a quick profit. Another benefit of trading with a German Forex broker is that they are subject to strict regulation by the BaFIN, which is the financial regulator in Germany. The Federal Financial Supervisory Authority (German: Bundesanstalt für Finanzdienstleistungsaufsicht) is likewise known as BaFin.
This means that German Forex brokers have to operate in a very transparent and fair manner. Finally, most German Forex brokers offer very competitive trading conditions, such as low spreads and fast order execution.
How to Find the Right German Forex Broker for You
Now that we have looked at some of the benefits of choosing a German Forex broker, let's discuss how to go about finding the right one for you. The first step is to research different German Forex brokers and compare their offerings. You should look at things like the spreads they offer, the minimum deposit requirements, and the types of accounts they offer. Once you have narrowed down your options, you should open a demo account with each broker to get a feel for their platform and see how they operate. Finally, once you have found a German Forex broker that you are comfortable with, you can open a live account and start trading.
What are The Best Forex Brokers in Germany
To make our top 5 best Forex Brokers in Germany, we consider if the broker is regulated by BaFin and any European regulatory authorities. Our best 5 forex brokers in Germany are:
Capital.com
image credit: Capital.com
Capital.com is a regulated broker available for German traders. Capital.com was established in 2016 with the headquarters in Cyprus. This firm is a subsidiary of Capital Com SV, Capital Com Australia Limited, Capital Com (UK) Limited and Capital Com Live Stock Investing Ltd in Seychelles.
Capital.com Regulations
Capital.com is regulated by the following regulatory authorities around the world:
UK: Capital Com (UK) Limited is registered in England and Wales. It's authorised and regulated by the Financial Conduct Authority (FCA).
Belarus: Capital.com is licensed by NBRB (National Bank of The Republic of Belarus)
Cyprus: Capital.com is also regulated by Cyprus Securities and Exchange Commission (CySEC).
Australia: Capital.com is also regulated in Australia by the Australian Securities and Investments Commission (ASIC).
Germany: The broker is also regulated by BAFIN in Germany.
Capital.com Products
Capital.com is one of the most trusted brokers in the forex market. It has over 4,500+ different assets including 138+ currency pairs, 3600+ shares, 22 Indices and 22 commodities.
Trading Platform of Capital.com
They have a proprietary Platform (World's only AI powered trading platform that provides personalised trading information) and a trading platform for the Web, TradingView, MT4 and mobile applications.
Cost of Capital.com
There aren't any commissions charged for forex trading with Capital.com. The minimum deposit required is €20. However, for bank transfers they require a minimum of €200.
There isn't a minimum withdrawal amount , however for bank transfers, it's €50. There are no fees for withdrawals or deposits in Capital.com
Capital.com's spreads change constantly so you are able to find the best price anytime.
Customer Support
Capital.com Customer support is excellent. You can contact via chat on the web, WhatsApp, Viber, Messenger, Telegram, phone or email.
Read full review of Capital.com
Pros and Cons of Capital.com
Pros
- Wide range of trading instruments.
- Award-winning trading platform
- Exclusive learning tools.
- Built-in economic calendar, exclusive webinars and market analysis.
- 0% commission & no hidden fees
- Market-leading spreads and Fast order execution
- High privacy & security standards
- Well regulated
Cons
- MetaTrader 5 is not available.
- Respectable range of tradable symbols
– but still fewer than industry leaders.
If you want to trade with Capital.com, click the link below to open an account with them:
84% of retail CFD accounts lose money.
Markets.com
image source: Markets.com
Markets.com is another best forex broker in Germany. Established in 2008, Markets.com is a brand and trademark operated by Finalto (BVI) Ltd, a constituent of Playtech, a FTSE 250 listed company.
Is Markets.com Regulated?
Markets.com, operated by Safecap Investments Limited (“Safecap”) is regulated by CySEC under licence no. 092/08 and FSCA under licence no. 43906 in EU.
Markets.com, operated by Finalto (BVI) Ltd is regulated by the BVI Financial Services Commission (‘FSC’) under licence no. SIBA/L/14/1067 for Global Operation.
Markets.com operated by Finalto Trading Ltd is regulated by the Financial Conduct Authority (“FCA”) under licence number 607305 in the UK.
Markets.com, operated by Finalto (Australia) Pty Ltd Holds Australian Financial Services Licence no. 424008 and is regulated in the provision of financial services by the Australian Securities and Investments Commission (“ASIC”).
Markets.com Products
Markets.com has 2230+ CFDs on Forex, Stock, EFTs, Index, Commodities, CFDs, Bonds, and Blends. For forex they have 67 currency pairs for German and European traders.
Markets.com Trading Platforms
Markets.com offers a proprietary platform called Marketsx together with the MT4, MT5 as well as mobile Apps.
With Marketsx access, you get free access to the broadest selection of technical, fundamental and trading tools that are based on sentiment.
Cost of Markets.com
The minimum deposit is €100. In the case of withdrawals, it isn't a minimum, except for wire transfer. The minimum for wire transfer is EUR100.
They don't charge any fees for transactions. However, they might charge charges for transactions.
The spreads fluctuate in accordance with the market's movements.
Their maximum leverage can be as high as 1:3 for German or European traders.
They charge an inactivity cost of $10 per month when your account has been inactive for a period of 3 months.
Customer Support
Markets.com Customer support is accessible 24 hours per day, 7 days a week. They're typically quicker to respond during working hours (9am until 5pm) however, you are able to contact them via live chat or email anytime.
Read full review of Markets.com
Markets.com Pros and Cons
Pros
- Free and fast deposits and withdrawal
- Fast and easy opening of accounts
- Excellent tools for learning and researching
- Commission-free trades and competitive spreads
Cons
- High forex trading fees
- The broker is not available to customers from the US and Canada in addition to Japan and Singapore
- Platforms do not have certain common features
To open an account with Markets.com, click the link below:
Best Forex Brokers in Germany 2024
eToro
image credit: eToro
eToro is a social trading platform that has been customized for German and European traders. The company has 10 million users, and it's easy-to get started thanks to their custom built interface.
eToro's powerful trading tools help you find the best traders to copy and trade successfully.
Is eToro Regulated?
Yes, eToro is regulated. It is regulated by various regulatory authorities around the world.
eToro Europe is regulated by the Cyprus Securities & Exchange Commission (CySEC) with license number 109/10.
eToro (UK) Ltd is authorized and regulated by the Financial Conduct Authority (FCA), company reference number 583263.
eToro AUS Capital Pty Ltd is licensed by the Australian Securities and Investments Commission (ASIC) to provide financial services under the Australian Financial Services License, license number 491139.
eToro USA is operated by eToro USA LLC, registered with FinCEN.
eToro Products
They have 49 Currency pairs, 32 Commodities, 13 Indices, 2711 Stocks, 264 EFTs, and 51 Crypto Currencies. They have Tradable Symbols (Total) : 3056.
If you are also into CFD trading, you should read our Best CFD Brokers in Germany 2024 article.
eToro Trading Platforms
They do not have MT4 or MT5 however they do have a proprietary Platform as well as Web platform, and mobile app.
Cost of eToro
The minimum deposit of eToro can range from EUR10 and EUR200.
eToro does not charge fees for deposits, however withdrawal fees are $5. For withdrawals made in currencies other than USD, you are subject to conversion charges. With the exception of bank wires, eToro deposits are instant. Also, the time for withdrawals is dependent on the method of payment used.
Spreads and leverage
Their spreads start as low as 1 pip. In Europe they offer leverage of 1:30 for forex pairs.
eToro Customer Support
They offer excellent customer support via phone, email or call-back services, as well as live chat on the web.
eToro Pros and Cons
Pros
- Trading in ETFs and stocks is free.
- Opening a new account in a seamless way
- One of the best social trading platform
- Minimum amount to open an account and start investing.
Pros
- Customer service is required to be improved.
- Account base currency is only one
- Expensive non-trading charges
If you want to give it a try with eToro, you can use the link below:
Do you also like CFD trading? We recommend the following 3 CFD Brokers.
AvaTrade
image credit: AvaTrade
AvaTrade was founded in 2006. Avatrade has established itself as a major player in the online financial field, with a proven track record of positive customer satisfaction.
Is AvaTrade Regulated?
Avatrade is regulated by the Central Bank of Ireland and Cyprus Securities and Exchange Commission in Europe.
It's also regulated by Polish Financial Supervision Authority, by ASIC in Australia, by British Virgin Islands Financial Services Commission for global operation, by Financial Services Agency and Financial Futures Association of Japan in Japan, by Financial Regulatory Services Authority (FRSA) for Middle East, and by the Israel Securities Authority in Israel.
Avatrade Trading Platforms.
The broker offers a selection of manual trading platforms – a well known MetaTrader 4 and MetaTrader 5, WebTrader, AvaOptions for options trading, and AvaTradeGo for mobile trading.
For automated trading they support DulpiTrade and ZuluTrade.
Avatrade Products
They offer 55 Forex pairs, Options on 55 Forex pairs, 14 Cryptocurrencies, CFDs on Stocks of major companies in the world, ETF, Bonds, Indices and Commodities. The broker spreads start from zero and leverage is up to 1:400.
Costs of Avatrade
AvaTrade does not have any charges or fees on trading or transactions. They generate profits by spreads and swaps from the trade itself.
The minimum deposit is 100 of your base currency.
When withdrawing to Credit cards or E-wallets the minimum amount is 1 base currency of the account, when withdrawing via bank transfer the minimum amount is 100 base currency.
Avatrade Customer Support
The broker gives live chat support with chat bot and live agent. They also have WhatsApp support and phone call support 24/5. I have checked their live chat. They are very quick to respond.
Pros and Cons of AvaTrade
Pros
- A wide range of instruments are available, including Cryptocurrencies, Stocks, Commodities.
- Multi-platform trading platform, including the award-winning AvaTradeGO application.
- AvaTrade supports EAs
- They have competitive spread and leverage
- The client's funds are kept in separate accounts for greater security.
- AvaTrade is regulated In Europe, Australia, Japan, British Virgin Islands, UAE and South Africa.
- Customer support is highly responsive.
Cons
- AvaTrade does not offer service for Belgium, Brazil, Democratic People's Republic of Korea (DPRK), New Zealand, Turkey, USA.
- Support via phones is not accessible 24 hours a day, 7 days a week.
If you want to give it a try with AvaTrade, you can use the link below:
XM
image credit: XM
Last broker in our list is XM. In 2009, XM Global Limited started its online trading service under the trademark XM. Currently they have over 5,000,000 clients and 600 Professionals working around the world. XM is doing business in 190+ countries.
Is XM regulated?
Yes, XM is a licensed and regulated broker.
In Cyprus, the company is licensed and regulated by CySEC.
In Australia, XM is regulated by the Australian Financial Services License by ASIC.
And in Belize XM is licensed by IFSC.
XM Products
XM offers Forex, Cryptocurrencies, CFDs on Stocks, Equity Indices, Commodities, Precious Metals, Energies and Shares.
They have different types of live Accounts. Micro Account, Standard Account, XM Ultra Low Account, Shares Account, Islamic Account and Demo Account.
They offer leverage from 1:1 to 1:888.
XM offers 57+ FX pairs, this includes major, minor, and exotic currency pairs.
They have 31 Crypto to Fiat Currency pairs.
They offer 8 commodities that include Cocoa, Soyabean, Coffee, Corn, Cotton, Copper, Sugar, and Wheat.
For trading Stocks, you get access to over 1246 major companies from the US and other global stock markets. The trading of shares is executed via CFDs.
You can also trade Indices. They have 14+ Indices including US500, US100, UK100, US30 and more.
You can also trade gold, silver, Crude oil, Natural Gas and WTI oil on XM.
They also have an account for shares trading. With this account, you can buy shares from US, UK and German stock markets.
XM Trading Platforms
Clients of XM are able to begin trading using MT4 and MT5 platforms accessible on both PCs and MAC and several mobile devices. Users can also get trading experience with the XM WebTrader, instantly accessible via your web browser.
Costs of XM
XM doesn't have any deposit and withdrawal fee. It's free, but the minimum deposit with XM is $5 except for a share account. For Shares Account, minimum deposit is $10,000.
XM does not charge any commission except for Shares Trading.. They make profit through spreads and swap fees.
Commission for US Shares 0.04% per share, with minimum $1 Commission per transaction, for UK Shares, it's 0.10% per share with minimum $9 commission per transaction and for German Shares, it's 0.10% commission per transaction, with a minimum of $5 commission per transaction.
XM Customer Support
XM customer service is probably one of the most satisfying customer service experiences we've experienced compared to different forex brokers. XM provides live chat support 24/7 and standard phone and email assistance.
We had the opportunity to talk with a live person via live chat in less than 10 seconds, which is a feat. Additionally the broker also provides customer assistance in 26 different languages.
Pros and Cons of XM
Pros
- Low stock CFD and withdrawal fees.
- Easy and fast account opening
- Responsive customer support
- Low minimum deposit
Cons
- Limited product portfolio
- Average forex and stock index CFD fees
If you want to give it a try with XM, you can use the link below:
Conclusion
For forex trading it is essential to have reputable and accredited brokers. It isn't easy to figure out which German Forex broker is best for you. The five brokers we've selected are all top options, however, based on your personal needs, you can choose. We hope our article has been helpful for you and you're on your way to finding the ideal broker to meet your needs in trading. If you have questions or want to know more, do post a comment below. We'll be glad to help further. Which broker do you like the most?
Best Forex Brokers in Germany 2024
Next Read: Best Forex Brokers in Europe 2024