| Updated: November 21, 2024- Jump to:
- Main features of the best Germany Forex brokers
- Forex Brokers in German Compared by Spread
- Account Types and Commissions
- Forex Legislation
- Financial Regulators
- Payment Methods
- Trading Software
- Mobile Trading
- FAQ
Our team of expert traders tested many regulated and trustworthy forex brokers that accept traders from Germany and compiled a toplist with the best among them. Each broker operating in Germany received a quality score based on several factors, including Trustpilot rating, regulation, fees and commissions, available trading platforms, customer service and more.
Fusion Markets74-89% of retail CFD accounts lose money- FP Markets73.85% of retail investor accounts lose money
- Pepperstone75.5% of retail investor accounts lose money
- Global Prime74-89% of retail CFD accounts lose money
- eToro51% of retail investor accounts lose money
- XM Group72.82% of retail investor accounts lose money
Below you can find a comprehensive comparison table of forex brokers for traders in Germany. We rank them based on several factors including: regulation, spreads and commissions, Trustpilot rating, trading instruments, trading platforms, deposit and withdrawal methods.
Main features of the best Germany Forex brokers
- Min Deposit$0Trading InstrumentsForex, Indices, Commodities, Cryptocurrencies, Share CFDs, ETFsRegulatorsUK FCA (No.684312), CySEC (No. 388/20), ASIC (No. 414530), BaFin (No.151148), DFSA, CMATrading PlatformsTradingView, MT5, MT4, cTraderSpreadFrom 0.0 pips (Razor Accounts), 1 pip (Standard Accounts)Leverage1:30Deposit MethodsVisa, Mastercard, PayPal, Bank Transfer, BPay, Neteller, SkrillWithdrawal MethodsVisa, Mastercard, PayPal, Bank Transfer, BPay, Neteller, Skrill75.5% of retail investor accounts lose money
Pepperstone is authorized by BaFin to offer financial services to German traders. The broker is available in German. Platforms include TradingView, MT4, MT5, and cTrader. 1,200+ CFD instruments. Market selection: forex, shares, ETFs, indices, commodities, currency indices, crypto. €0 minimum deposit. Standard account spreads from 1 pip (€0 commission), Razor account spreads from 0 pips (€2.60 commission). Leverage limits: 1:30 for Retail users, 1:500 for Pro users. Trading size between 0.01 and 100 lots. 50% stop out level for retail accounts, 20% stop out level for Pro accounts.
- Min Deposit$50 or $100 based on country ($10 for the UK)Trading InstrumentsCrypto, CFDs on Forex, Stocks, Commodities, Crypto, ETFs, and IndicesRegulatorsFCA, CySEC, ASIC, MFSA, ADGM, FSA, FINRA/FinCENTrading PlatformseToro Investing, eToro App, TradingView, eToro CopyTraderSpread1 pipLeverage1:30Deposit MethodseToro Money, Visa, Mastercard, Neteller, PayPal, Skrill, iDeal, Klarna, Bank Transfer, Trustly, Przelewy24Withdrawal MethodsPayPal, Skrill, Visa, Mastercard, Neteller, Trustly, Bank Transfer51% of retail investor accounts lose money
eToro boasts 6,000+ instruments. The broker’s CySEC license ensures its suitability for German traders. The minimum deposit is $50. Forex pairs, cryptocurrencies, and more can be traded via CFDs. Trading is achieved via eToro’s proprietary platform, which is mobile-friendly. Excellent broker for Germans interested in copy trading. In compliance with EU laws, the max leverage is 1:30. Euro is one of the base currencies. Forex spreads vary from pair to pair, but the minimum is 1 pip. Withdrawals are subject to a $5 fee.
- Min Deposit$50 (AU$100)Trading InstrumentsForex CFDs, Shares CFDs, Metals CFDs, Commodities CFDs, Indices CFDs, Crypto CFDs, ETF CFDsRegulatorsASIC, CySEC, FSA (Seychelles), FSCATrading PlatformsMetaTrader4, MetaTrader5, WebTrader, IRESS, cTrader, TradingViewSpread1.0 pips Standard; 0.0 pips RawLeverage1:30Deposit MethodsVisa, Mastercard, Neteller, Bank Transfer, Skill, Sticpay, Fasapay, Virtual Pay, Perfect Money, Pagsmile, Dragonpay, Crypto, Apple Pay, Google Pay, Online Banking, Broker to BrokerWithdrawal MethodsVisa, Mastercard, Bank Wire, Neteller, Skrill, Paytrust88, PayPal73.85% of retail investor accounts lose money
There are 60+ currency pairs available to trade at this CySEC-licensed broker, as well as CFDs on numerous shares, indices, commodities, metals, ETFs, and cryptocurrencies. €/$50 is the minimum opening balance. Raw account spreads can go as low as 0 pips, and a $3 commission is charged. Users with Standard accounts do not pay commissions, but spreads cannot drop below 1 pip. Both account types’ minimum trade size is 0.01 lot, and a VPS is available regardless of the account type. Platforms: MT4, MT5.
- Min Deposit$50Trading InstrumentsCFDs on Indices, Forex, Shares, Crypto, Futures, Commodities, Options, Interest Rates, Sectors, Bonds, Knock-out tradingRegulatorsASIC, FCA, DFSA, CFTC, FMA, FINMA, BaFin, MAS, JFSA, FSCA, BMA (Bermuda)Trading PlatformsMT4, L2 Dealer, ProRealTime, IG proprietary softwareSpread0.6 pips CFD trading; 0.165 pips DMA tradingLeverage1:30Deposit MethodsVisa, Mastercard, Bank Transfer, Wire Transfer, Visa Electron, Discover, PayPalWithdrawal MethodsVisa, Visa Electron, Mastercard, Discover, Bank Transfer70% of retail client accounts lose money
G allows retail traders from Germany to use leverage of up to 1:30 when they trade CFDs on major currency pairs like EURUSD, EUR/CHF, EUR/GBP, and more. Spreads: 0.6 pips or above. MT4, ProRealTime, L2 Dealer, a web platform, and TradingView are what German traders can choose from platforms-wise. Mobile trading available. Guaranteed stops are offered, as is negative balance protection. IG is regulated by BaFin. German users can contact support via email at helpdesk.en@ig.com, live chat, WhatsApp, or phone at +44 (20) 7633 5430.
- Min Deposit$0Trading InstrumentsForex, Stocks, IPOs, Indices, Commodities, CryptocurrenciesRegulatorsASIC, FCA, CySEC, DFSA, FSA (Saint Vincent and the Grenadines)Trading PlatformsMT4 Desktop, MT4 WebTrader, Axi MobileSpreadFrom 0.0 pips (Elite and Pro Accounts), 0.9 pips (Standard Account)Leverage1:30Deposit MethodsVisa, Mastercard, Bank Transfer, Neteller, Skrill, AstroPay, Fasapay, Przelewy24, Boleto, Pix, Bitcoin, Ethereum, Ripple, Litecoin, Tether, StellarWithdrawal MethodsMastercard, Visa, Bank Transfer, Przelewy24, Fasapay, Skrill, AstroPay, Pix, Boleto, Neteller, Bitcoin, Ripple, Ethereum, Litecoin, Tether, StellarThe vast majority of retail client accounts lose money
Axi’s trading platform is MT4, which works on both desktop and portable devices. There are dozens of forex pairs available, and they can be traded via CFDs with a Standard or Pro account. Spreads of at least 0.9 pips (Standard) or 0 pips (Pro). $7 round tip commission for pro account users. Max leverage for German traders is 1:30. Minimum deposit of $5 (both account types). Users can deposit via Visa, Mastercard, or bank transfers, and EUR is one of the base currencies. Trades must be 0.01 lots or bigger. Axi is licensed by Cyprus’ financial regulator.
- Min Deposit$200Trading InstrumentsCFDs on Forex, Commodities, Index, Bond, Cryptocurrencies, Stock, FuturesRegulatorsFSA (Seychelles), CySEC, ASICTrading PlatformsMetaTrader4, MetaTrader5, cTrader, ZuluTradeSpread0.8 pips Standard, 0.0 pips Raw AccountsLeverage1:30Deposit MethodsBank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, KlarnaWithdrawal MethodsBank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, FasaPay, Poli, RapidPay, Klarna70.64% of retail investor accounts lose money
IC Markets is a CySEC-licensed broker, and its platform supports the trading of 2250+ CFDs. Forex, commodities, and cryptocurrencies are among the available markets. The lowest spread for Standard accounts is 0.8 pips. German traders who go with a Raw Spread account can enjoy spreads of 0 pips or above but pay a commission of $3. IC Markets welcomes traders from across Europe, and it thus supports languages like German, Portuguese, English, and more. Platforms: MT4, MT5, and cTrader.
- Min Deposit$100Trading InstrumentsForex CFDs, Commodity CFDs, Shares CFD's, Index CFDs, Crypto CFD'sRegulatorsSCB (No. SIA-F220), ASIC (No.391441), CySEC (No. 246/14), FCA (No. 921296)Trading PlatformsMT4, MT5, WebTrader, TradingViewSpread0.1 pips on Standard and TradingView Accounts; 0.0 pips Raw AccountsLeverage1:30Deposit MethodsVisa, PayPal, Mastercard, Wire Transfer, Neteller, Skrill, Tether, Bitcoin, BPAY, Dragonpay, Fasapay, Interac, PixWithdrawal MethodsMastercard, Visa, PayPal, Skrill, Neteller, Bitcoin, Tether, Wire Transfers, BPAY, Fasapay, Pix, Interac76.09% of retail investor accounts lose money
Regulated by Cyprus’ financial supervisors, Eightcap is a broker suitable for German forex enthusiasts. Supported platforms include MT4, MT5, and TradingView. Raw, Standard, and TradingView accounts are available. Spread from 1.0 pips (Standard, TradingView) or 0 pips (Raw). Raw account commissions: €2.75 per standard lot traded (each side). $100 minimum deposit regardless of account type. 0.01 – 100 lots trade size. 5+ base currencies, EUR included. Scalping is allowed.
- Min Deposit$100Trading InstrumentsForex, Major stock indices, Cryptocurrencies, Commodities, Bonds, Individual Shares, ETFsRegulatorsFFAJ (License No.1574),CySEC (No. 347/17) ISA (No. 514666577), IIROC, ADGM / FSRA (No.190018), CBI (No.C53877), BVIFSC (No. SIBA/L/13/1049), FSCA(No.45984), ASIC(No.406684)Trading PlatformsMetaTrader4, MetaTrader5, WebTrader, AvaTadeGO, AvaSocial, AvaOptions, DupliTradeSpreadFrom 0.9 pips (retail), 0.6 pips (pro)Leverage1:30Deposit MethodsVisa, Mastercard, Skrill, WebMoney, Neteller, bank wireWithdrawal MethodsVisa, Mastercard, Skrill, WebMoney, Neteller, bank wire76% of retail investor accounts lose money
With licenses from CySEC and the CBI, AvaTrade is a popular broker in Europe. German-friendly payment solutions are available: Visa, Mastercard, PayPal, etc. $100 minimum investment. WebTrader, AvaTradeGO for mobile trading, MT4, MT5, MT4 (Mac), and AvaSocial available platforms-wise. EUR/USD spread is listed at 0.9 pips, and trading major currencies can be done with leverage of up to 1:30. Other trading instruments available include stocks, commodities, indices, cryptocurrencies, and more.
- Min Deposit$0 ($25 for Trustly, Visa, Mastercard)Trading InstrumentsRegulatorsFCA, CFTC, KNF, MAS, IIROC, MASASIC, FSA (Japan), FSC (British Virgin Islands)Trading PlatformsMT4, TradingView, Oanda WebSpreadFrom 0.6 pips (Standard Account), 0.1 pips (Commision Account)Leverage1:50Deposit MethodsVisa, MasterCard, Credit & Debit Cards, Bank Wire, Skrill, NetellerWithdrawal MethodsVisa, Bank Wire, Credit & Debit Cards, Skrill, Neteller72% of retail CFD accounts lose money
German traders who make Oanda their broker of choice will have a wide variety of CFDs to trade. 10+ languages supported, German included. Retail leverage limit of 1:30 is in line with EU laws. EUR/USD, EURJPY, and dozens of other currency pairs available. Non-forex markets: shares, indices, commodities, crypto, and ETFs. Oanda users may go with MT5, TradingView, or trade on the go. Spreads can fall below 1 pip. Order value limits vary, and for EUR/USD the order size can range from 0.01 to to 50 lots.
Forex Brokers in German Compared by Spread
| Broker | EUR/USD | USD/JPY | GBP/USD | USD/CHF | AUD/USD | EUR/GBP | USD/CAD |
|---|---|---|---|---|---|---|---|
| 1. IC Markets | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 |
| 0.8 |
| 2. IG | 0.85 | 0.9 | 1.40 | 1.95 | 1.01 | 0.9 | 2.1 |
| 3. AvaTrade | 0.9 | 1.3 | 1.3 | 1.3 | 1.1 | 1.2 | 1.8 |
| 4. eToro | 1.0 | 1.0 | 2.0 | 1.5 | 1 | 1.5 | 1.5 |
| 5. Pepperstone | 1.00 (min) | 1.0 | 1.00 (min) | 1.1 | 1.2 | 1.2 | 1.42 |
| 6. Eightcap | 1.00 (min) | 1.1 | 1 | 1.4 | 1.2 | 1 | 1.2 |
| 7. FP Markets | 1.1 | 0.30 | 1.2 | 1.8 | 1.2 | 0.20 | 1.5 |
| 8. Axi | 1.2 | 1.4 | 1.2 | 1.5 | 1.3 | 1.1 | 1.4 |
| 9. Oanda | 1.6 | 1.8 | 2.1 | 1.6 | 1.2 | 1.3 | 1.9 |
Account Types and Commissions
| Broker | Min Deposit | Account Types | Commission per Lot | Trustpilot Rating |
|---|---|---|---|---|
| 1. FP Markets | $50 (AU$100) | Standard, Raw, Demo, Professional, Islamic | $0 Standard Account; $6 round turn on Pro Account | 4.8 |
| 2. Pepperstone | $0 | Standard Account, Razor Account | $0 (Standard Account), $7 round-turn (Razor Account) | 4.7 |
| 3. IC Markets | $200 | Raw Spread cTrader, Raw Spread MT, Standard MT | $0 Standard MT; $6 round turn on Raw cTrader; $7 round turn on Raw MT | 4.6 |
| 4. AvaTrade | $100 | Retail, Professional, Islamic, MAM | $0 | 4.4 |
| 5. Axi | $0 | Standard, Elite, Professional, Demo, Islamic | $0 on Standard Account; $7 round trip on Pro Account | 4.3 |
| 6. eToro | $50 or $100 based on country ($10 for the UK) | Crypto Wallet, Retail, Professional, Corporate, Demo, Islamic | $0 | 4.2 |
| 7. Eightcap | $100 | Standard, Raw, TradingView Account | $0 on Standard and TradingView Accounts; $7 round turn on Raw Accounts | 4.2 |
| 8. Oanda | $0 ($25 for Trustly, Visa, Mastercard) | Standard account | $3.50 on Zero Accounts | 4.1 |
| 9. IG | $50 | Spread Betting Account, CFD Trading Account, Limited Risk Account, Islamic, Professional, Demo, Options and Share Dealing Accounts* | $0 | 3.7 |
Known as one of the strongest economies in the world, Germany also has an incredibly rich and dynamic foreign exchange market. German traders make up a large portion of all Forex traders even though the country imposes very strict regulations on the market and all market participants.
With a population of over 83 million and a nominal GDP of $3.951 billion (data for 2018), Germany is the fourth-largest economy of the world and the biggest one in Europe. The country, which is a founding member of the European Union and the Eurozone, is among the largest exporters globally, trading in vehicles, machinery, chemical goods, electronic products, and many more. This economic powerhouse largely contributes to the strength of the Euro and is considered as a stable and resilient performer even in times of economic and political turmoil.
London may be Europe’s most important financial hub, but on the continent, Frankfurt acts as the European financial center. In fact, after the UK, Germany ranks second in Europe in terms of a total number of online Forex traders. It is believed that more than 150,000 people in the country trade on the foreign exchange market. Transactions executed by German traders account for nearly 20% of all Forex transactions in the world.
German Forex Legislation
Germany focuses on creating a business-friendly environment but regulation is essential as it provides fair conditions and security to market participants. The foreign exchange market is liberalized and Germans are allowed to join it without restrictions. Still, the legislation that shapes the Forex market is very strict and it includes a wide range of requirements for brokers who wish to receive German authorization, for instance.
To operate legitimately in Germany, Forex and CFD brokers need to be licensed by the local regulatory body, Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht or BaFin). Alternatively, they need to be licensed in another jurisdiction as long as it is within the European Economic Area as allowed by the Markets in Financial Instruments Directive 2004/39/EC (MiFID).
BaFin grants authorization only after brokers have met certain conditions. A firm that wishes to offer financial and Forex trading services to German citizens must possess sufficient capital – capital is freely accessible and not received on credit. Financial services institutions that trade in financial instruments on behalf of their clients must have a minimum capital of €125,000. Firms that buy and sell financial instruments for their own accounts are required to hold a minimum amount of €730,000.
Since Germany is a member of the EU, however, it also complies with the legislation set by the European Securities and Markets Authority (ESMA). In 2018, ESMA implemented leverage and marketing restrictions for CFDs and FX. According to the new rules, the maximum leverage allowed when trading major currency pairs is 30:1, while for non-major pairs, it is 20:1. The leverage restrictions for CFDs on equities, cryptocurrencies, commodities, etc., are even lower.
Under the restrictions, bonuses and other incentives to trade CFDs are practically banned. Brokers are also required to implement negative balance protection to prevent their clients from losing more than they originally deposited. Overall, Forex and CFD brokers who want to offer services to German clients prefer to do so remotely – under the MiFID derivative and the EEA agreement, they can operate online without the need to set up offices in the country.
Other important factors that contribute to this fact are the high taxation and strict regulations. Many brokers operate from other jurisdictions in the EEA such as the United Kingdom or Cyprus. This is where Europe’s largest local regulatory bodies are based – they include the Financial Conduct Authority and Cyprus Securities and Exchange Commission, better known as CySEC.
German Financial Regulators
The German financial services sector is regulated by the Deutsche Bundesbank, the central bank in the Federal Republic of Germany. The central bank was responsible for controlling the Deutsche Mark until 2002 when the Euro physically replaced national currencies. At that time, the European Central Bank took responsibility for the currency and the duties of the Deutsche Bundesbank had to be redefined. It now functions as a note-issuing bank, as a clearing house for commercial banks, as a state banker, and as a holder of currency reserves.
In addition, the Bundesbank works in cooperation with the German financial regulatory agency the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) for the regulation of commercial banks. BaFin, which stands for Federal Financial Supervisory Authority in English, is an independent federal institution under the supervision of the Federal Ministry of Finance. This is the main regulatory agency responsible for monitoring and regulation of the Forex brokers and all participants in the financial markets.
BaFin issues licenses to Forex and CFD brokers based in Germany. It also has the right to enforce certain legislative measures designed to prevent financial irregularities and consumer abuse. The agency has introduced several guidelines that require brokers to follow a certain code of conduct and ensure transparent operations and a safe trading platform for investors.
German Forex Payment Methods
Germany has a well-advanced banking industry – in fact, its banking sector is among the largest ones in the world. All major payment methods are available to local traders, including credit cards, online banking services, mobile payment apps, e-wallets, and more. What German traders should look for is a reliable Forex and CFD broker who accepts their preferred payment method and processes deposits and withdrawals in Euro.
Luckily, all major online brokers have implemented the Euro as their base currency, which means that German clients will not have to pay additionally for currency exchange fees every time they load funds into their trading balances. For most traders across Germany, online banking remains the safest way to fund their trading accounts and withdraw the money they have won. Internationally accepted brands such as Visa and Mastercard are available on the websites of most Forex brokers. Deposits through debit/credit cards are instant and usually free of charge. Withdrawing money to these cards, however, takes 3 to 5 business days.
Online banking is also often used for online Forex trading. Services such as Sofortüberweisung, which means “instant bank transfer”, are quite popular among German traders. Sofort, in particular, allows them to instantly move money to and from their bank accounts in a safe and reliable manner. The typical online banking transfer, on the other hand, may be delayed due to the various checks conducted by banking institutions.
According to a recent survey into Germans’ preferred methods of online payment, the vast majority of people pay via invoice, direct debit, or PayPal. In fact, the e-wallet is among the most popular ways to pay online in Germany, with 32 percent of the surveyed saying this is their favorite online payment method. Many of the leading Forex brokers also offer PayPal – transactions are convenient, instant, and secure.
Popular Trading Software in Germany
One of the most important things to look for when searching for Forex brokers is the variety of trading platforms they offer. Some Forex brokers focus on creating proprietary software but the majority of online brokerages offer third-party platforms to facilitate the trading operations. But why is the choice of a trading platform such an essential part of trading?
A software platform is a tool that allows investors to buy and sell financial instruments on the global foreign exchange market. Probably the most important thing is the performance of the platform – the fast, nearly instant execution is essential, especially to day traders and traders on the foreign exchange market where price fluctuations may occur very quickly. It is, then, important to be able to close or open a position whenever you want without delays.
Traders should also take the interface of the platform into consideration – good trading systems come with clear and intuitive design. Beginners should look for a type of software that is easy to use and offers a multi-lingual interface. Actually, many of the trading platforms are available in German, while Forex brokers offer German support, as well.
One of the best options for traders based in Germany is to use MetaTrader 4 or MetaTrader 5. The two platforms are not the same but they were developed by the same company, MetaQuotes Software. They offer demo versions with fully functional demo accounts, access to the foreign exchange market, as well as great professional trading tools and functions – a wide range of technical indicators, market analysis, customization options, auto trading, etc.
While MT4 was intended for Forex trading specifically, MT5 was developed with varied types of trading in mind. It gives traders access to global stock exchanges and all the instruments that are being traded there. Along with these two trading platforms, which are considered the most popular software suits for FX trading, German clients can also use systems that are just as effective and functional, even though not as popular – cTrader, TradeStation, NinjaTrader, ZuluTrade, and many more.
Mobile Trading in Germany
German traders are starting to use their smartphones for many more things that they used to just a few years ago. And now, mobile trading is quickly growing – not only in Germany but all over the world. The rapid improvements in mobile technology allowed brokers and software developing companies to design better, faster, and more functional trading apps than ever. While just a few years ago, traders used their phones only to track their trades and stay up to date with the news, now they are executing transactions quickly and easily from their mobile devices.
Most Forex brokers now offer mobile versions of their trading platforms and investors can choose to either open the web version directly in the browser of their phone or to access their trading account from a downloadable app. Usually, the native app is the better choice as it was built specifically to work on a smaller device. These apps are fully functional, allowing users to open an account (demo or a live account), make a deposit, and trade their preferred Forex pairs.
To trade from their phones, users simply need to open the website of the Forex broker they wish to register with and see if there are mobile apps available. All major online brokers right now offer fast, functional, and intuitive iOS and Android apps. They are available for free download from the App Store and Google Play but traders need to make sure they meet the compatibility requirements.