| Updated: September 3, 2024If you are looking to learn how forex trading is regulated in Slovakia and which brokers offer the best experience to Slovak traders, you have come to the right place: our expert analysts have compiled a list of the forex brokers that Slovak forex enthusiasts cannot go wrong with.
The Slovak National Bank, or Národná banka Slovenska (NBS) as it is known in Slovak, is the regulator that oversees Slovakia’s financial market and the companies that offer financial services to Slovak clients. The bank’s website can be found at https://nbs.sk/, and it offers information in both Slovak and English. This is also where Slovak traders can find the bank’s national register of financial entities, which includes all forex brokers that are licensed to operate in Slovakia.
Fusion Markets74-89% of retail CFD accounts lose money
easyMarkets71% of retail investor accounts lose money
Spreadex64% of retail investors lose money
Global Prime74-89% of retail CFD accounts lose money
AvaTrade76% of retail investor accounts lose money
eToro51% of retail investor accounts lose money
CMC Markets71% of retail investor accounts lose money
Tickmill70% of retail investor accounts lose money
XTB80% of retail investor accounts lose money
Vantage FXSlovak Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 1,862 | 4.9 ⭐ |
| 2. easyMarkets | 1,667 | 4.5 ⭐ |
| 3. Spreadex | 113 | 4.5 ⭐ |
| 4. AvaTrade | 8,855 | 4.4 ⭐ |
| 5. Global Prime | 161 | 4.4 ⭐ |
| 6. eToro | 25,095 | 4.2 ⭐ |
| 7. CMC Markets | 2,090 | 4.2 ⭐ |
| 8. XTB | 1,311 | 3.7 ⭐ |
| 9. Tickmill | 835 | 3.7 ⭐ |
| 10. Vantage FX | 4,089 | 3.5 ⭐ |
Slovak Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. Tickmill | 0.1 | 0.1 | 0.4 | 0.3 |
| 2. Fusion Markets | 0.07 | 0.13 | 0.23 | 1.01 |
| 3. Global Prime | 0.13 | 0.28 | 0.28 | 1.11 |
| 4. CMC Markets | 0.5 | 0.7 | 1.1 | 0.9 |
| 5. Spreadex | 0.6 | 9 | 0.9 | 0.8 |
| 6. easyMarkets | 0.7 | 1.0 | 1.0 | 0.9 |
| 7. AvaTrade | 0.9 | 1.3 | 1.2 | 1.3 |
| 8. XTB | 0.9 | 14 | 1.3 | 2.2 |
| 9. Vantage FX | 0.2 | 0.5 | 0.3 | 0.4 |
| 10. eToro | 1.0 | 1.0 | 1.5 | 2.0 |
Slovak Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. AvaTrade | $0 |
| 2. easyMarkets | $0 |
| 3. eToro | $0 |
| 4. Spreadex | $0 |
| 5. Vantage FX | $3 per side on Raw; $1.50 per side on Pro |
| 6. XTB | $0 |
| 7. Fusion Markets | $0 Classic Account, $4.50 round turn on Zero Account |
| 8. CMC Markets | $2.50 per lot (per side) |
| 9. Tickmill | $0 on Classic Account; $3 per side on Raw Account |
| 10. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
Important Note: Seeing as Slovakia has been a member of the European Union since 2004, forex brokers that are looking to target clients in the country must abide by the rules of the European Securities and Markets Authority, specifically the ones outlined in the Markets in Financial Instruments Directive II.
Top 10 FX Brokers in Slovakia
Fusion Markets Broker Details Supports Slovak No Slovak Currency (EUR) Yes Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade Trustpilot Rating 4.9 out of 1,862 reviews Number of Forex Pairs to Trade 90+ Leverage Forex & Metals: 1:30 (1:500 for forex and metals via VFSC)
Index CFDs: 1:5
Cryptocurrencies: 1:2 (ASIC), 1:10 (FSA, VFSC)Spread EURUSD: 0.07
USDJPY: 0.13
EURGBP: 0.23
GBPUSD: 1.01Forex Commission per Lot per Trade $0 Classic Account, $4.50 round turn on Zero Account Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire, ZotaPay, VNPay, DuitNow, XPay, DragonPay, VAPay, FasaPay Withdrawal Methods Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple, MiFinity Key Pros
- Offers some of the lowest spreads
- ASIC clients enjoy a negative balance protection
- Supports popular trading platforms
- Offers two copy trading platforms
- Supports fiat and crypto payment solutions
Key Cons
- Does not offer investor protection
- Traders outside Australia have no negative balance protection
- Cannot set up an account in a minor currency
- Has no FCA license
Global Prime Broker Details Supports Slovak No Slovak Currency (EUR) Yes Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MT4 Desktop, MT4 Webtrader, MT4 Android Trustpilot Rating 4.4 out of 161 reviews Number of Forex Pairs to Trade 56 Leverage Forex & Metals: 1:500 (1:30 for ASIC entity)
Index CFDs: 1:100 (1:20 for ASIC entity)
Cryptocurrencies: Up to 1:2 (ASIC); Up to 1:5 (Pro and VFSC)Spread EURUSD: 0.13
USDJPY: 0.28
EURGBP: 0.28
GBPUSD: 1.11Forex Commission per Lot per Trade $0 Standard Accounts; $7 round turn on Raw Accounts Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto Withdrawal Methods Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies
Key Pros
- Overseen by a top-tier financial regulator (ASIC)
- No fees on deposits and withdrawals
- Low fees for FX trading
- Streamlined sign-up process
- A broad range of currency pairs
Key Cons
- Could use more trading platforms
- A limited range of educational resources
- Does not offer Islamic or cent accounts
AvaTrade Broker Details Supports Slovak No Slovak Currency (EUR) Yes Regulators FFAJ (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) Min Deposit $100 Trading Platforms MetaTrader4, MetaTrader5, WebTrader, AvaTadeGO, AvaSocial, AvaOptions, DupliTrade Trustpilot Rating 4.4 out of 8,855 reviews Number of Forex Pairs to Trade 53 Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2 for EU residents 1:25 for non-EU residentsSpread EURUSD: 0.9
USDJPY: 1.3
EURGBP: 1.2
GBPUSD: 1.3Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire Withdrawal Methods Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire Key Pros
- Regulated by 9 jurisdictions in 6 continents
- Offers various trading platforms suitable for beginners and expert traders
- Enables smooth mobile forex trading via dedicated app
- Offers 55 forex options and numerous CFDs
- Easy copy trading via the AvaSocial platform
Key Cons
- Retail account pricing trails behind top brokers’ offerings
- Desktop platform may seem a tad outdated
- Many payment solutions are country-specific
easyMarkets Broker Details Supports Slovak No Slovak Currency (EUR) Yes Regulators CySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), and FSC (license no. SIBA/L/20/1135). Min Deposit $100 Trading Platforms easyMarkets, MetaTrader 4, MetaTrader 5, TradingView Trustpilot Rating 4.5 out of 1,667 reviews Number of Forex Pairs to Trade 60+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.7
USDJPY: 1.0
EURGBP: 1.0
GBPUSD: 0.9Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer Withdrawal Methods Visa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer Key Pros
- Offers tight spreads and low fees
- Supports trading of over 60 currency pairs
- Regulated by several reputable authorities
- Supports a wide range of payment methods
- Offers a proprietary platform
Key Cons
- Number of supported products is somewhat limited
- Does not offer copy trading platform
- Traders from certain countries may have access to fewer payment methods
eToro Broker Details Supports Slovak No Slovak Currency (EUR) Yes Regulators FCA, CySEC, ASIC, MFSA, ADGM, FSA, FINRA/FinCEN Min Deposit $50 or $100 based on country ($10 for the UK) Trading Platforms eToro Investing, eToro App, TradingView, eToro CopyTrader Trustpilot Rating 4.2 out of 25,095 reviews Number of Forex Pairs to Trade 55 Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: Up to 1:2 (European and Australian Retail traders) Up to 1:5 (Pro and FSA traders)Spread EURUSD: 1.0
USDJPY: 1.0
EURGBP: 1.5
GBPUSD: 2.0Forex Commission per Lot per Trade $0 Deposit Methods eToro Money, Visa, Mastercard, Neteller, PayPal, Skrill, iDeal, Klarna, Bank Transfer, Trustly, Przelewy24 Withdrawal Methods PayPal, Skrill, Visa, Mastercard, Neteller, Trustly, Bank Transfer Key Pros
- Offers trading with over 5,000 instruments
- Ideal for social and copy trading
- No commissions on forex trades
- Effortless registration process
- Offers negative balance protection
Key Cons
- Withdrawals are subject to additional processing fees ($5)
- USD is the only base account currency
- Charges inactivity fees on dormant accounts
Tickmill Broker Details Supports Slovak No Slovak Currency (EUR) Yes Regulators CySEC (No. 278/15), FCA (733772), CONSOB (No.4310), BaFin (No.146511), ACPR (No.75473), CNVM (No.4082), FSA Seychelles (SD 008), FSCA (FSP 49464) Min Deposit $100 Trading Platforms MT4, MT5, WebTrader, ZuluTrade Trustpilot Rating 3.7 out of 835 reviews Number of Forex Pairs to Trade 62 Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.1
USDJPY: 0.1
EURGBP: 0.4
GBPUSD: 0.3Forex Commission per Lot per Trade $0 on Classic Account; $3 per side on Raw Account Deposit Methods Bank Transfer, Skrill, Mastercard, Visa, PayPal, Przelewy24, Neteller, Trustly Withdrawal Methods Mastercard, Visa, Skrill, Neteller, Przelewy24, PayPal, Bank Transfer Key Pros
- Offers swap-free accounts for Islamic customers
- No commissions on FX trades via Classic accounts
- Global presence in over 180 countries
- FX spreads from zero pips on Raw accounts
- Swift order execution with no requotes
Key Cons
- Could use more base account currencies
- Bank-transfer deposits below $5,000 incur extra fees
Spreadex Broker Details Supports Slovak No Slovak Currency (EUR) Yes Regulators FCA (No. 190941) Min Deposit $0 Trading Platforms TradingView, proprietary software Trustpilot Rating 4.5 out of 113 reviews Number of Forex Pairs to Trade 60+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.6
USDJPY: 9
EURGBP: 0.9
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Deposit Methods Mastercard, Visa, Maestro, Direct Debit, Check, Bank Transfer Withdrawal Methods Visa, Maestro, Mastercard, Bank Transfer, Check Key Pros
- Provides access to over 10,000 tradable symbols
- Well-designed and intuitive mobile trading app
- Offers spread betting on FX pairs
- Commission-free FX trading with tight spreads
- Seamless registration process
Key Cons
- No support for MetaTrader 4 or 5
- Licensed by a single financial regulator (FCA)
- Deposits under $/£50 may incur additional charges
CMC Markets Broker Details Supports Slovak No Slovak Currency (EUR) Yes Regulators ASIC, MAS, FCA, BaFin, IIROC Min Deposit $0 Trading Platforms CMC Markets’ Next Generation, MetaTrader 4 Trustpilot Rating 4.2 out of 2,090 reviews Number of Forex Pairs to Trade 330+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.5
USDJPY: 0.7
EURGBP: 1.1
GBPUSD: 0.9Forex Commission per Lot per Trade $2.50 per lot (per side) Deposit Methods Visa, Mastercard, Maestro, Online Banking, Bank Transfer Withdrawal Methods Visa, Mastercard, PayPal, Bank Transfer Key Pros
- Publicly traded reputable brand
- One of the first online forex brokers
- Covers an extensive selection of currency pairs
- Offers proprietary trading platform
- Enables smooth mobile trading
Key Cons
- Automated trading available only on MetaTrader4
- Fees on stock CFDs can be high
- Supports a limited number of payment methods
Vantage FX Broker Details Supports Slovak No Slovak Currency (EUR) Yes Regulators FCA (license no. FRN: 590299), VFSC (reg. No. 700271), ASIC (license no. no. 428901), FSCA (license no. 51268), CIMA (no. 1383491) Min Deposit $50 Trading Platforms MetaTrader 4, MetaTrader 5, ProTrader, TradingView, Copy Trading Trustpilot Rating 3.5 out of 4,089 reviews Number of Forex Pairs to Trade 60+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.2
USDJPY: 0.5
EURGBP: 0.3
GBPUSD: 0.4Forex Commission per Lot per Trade $3 per side on Raw; $1.50 per side on Pro Deposit Methods Visa, Mastercard, Union Pay, Boleto, Bank Wire, Skrill, Neteller, Crypto Withdrawal Methods Visa, Mastercard, Union Pay, Bank Wire, Skrill, Neteller, Crypto Key Pros
- Regulated by reputable authorities
- Offers over 1,000 CFD products
- Supports various popular platforms
- Enables easy copy trading on mobile app
- Tight spreads and low commission for forex traders
Key Cons
- Some banking methods are exclusive to certain markets
- Could add more currency pairs to its products
- Limited educational materials
XTB Broker Details Supports Slovak Yes Slovak Currency (EUR) Yes Regulators FCA (License No. FRN 522157), CySEC (License No.169/12), FSC (FSC License No.: 000302/438), IFSC (License No.: 000302/46.), KNF (N/A), CNMV (N/A), BaFin (N/A), FSCA (N/A), FSA (N/A) Min Deposit $250 Trading Platforms xStation 5, xStation Mobile Trustpilot Rating 3.7 out of 1,311 reviews Number of Forex Pairs to Trade 70+ Leverage Forex & Metals: 1:30
Index CFDs: 1:20
Cryptocurrencies: 1:2Spread EURUSD: 0.9
USDJPY: 14
EURGBP: 1.3
GBPUSD: 2.2Forex Commission per Lot per Trade $0 Deposit Methods Visa, Maestro, Mastercard, Bank Transfer, Neteller, Skrill, PayPal, Ecommpay, PayU Withdrawal Methods Bank Transfers, Visa, Mastercard, Skrill Key Pros
- Bears the seal of approval of both the FCA and the KNF, along with other regulators
- Mobile-friendly platform
- Offers negative balance protection
- Standard users are not charged commission when it comes to forex
- Low fees
Key Cons
- Traders from the US cannot register and trade at XTB
- No support for MT5 and other popular platforms
- Withdrawals under certain thresholds are accompanied by fees
Is forex trading legal in Slovakia?
Slovakian traders can rest assured that forex trading is perfectly legal in Slovakia. Under Slovak law, brokers are allowed to target Slovakia-based traders so long as they are licensed to do so. An eligible broker is one whose operations are overseen by either the Slovak National Bank (NBS) or another European regulator. The NBS has also stressed that only licensed companies are permitted to offer financial services and forex trading, in particular. Therefore, unauthorized brokers cannot advertise forex trading to Slovaks, nor can they allow individuals who reside in Slovakia to create an account on their respective websites.
Further details on how Forex Brokers Are Regulated in Slovakia
As established, Slovakia is a member of the European Union. This means that its forex market is characterized by the rules outlined in the Markets in Financial Instruments Directive II (MiFID II), in addition to the regulations of the Slovak National Bank. Brokers must, therefore, comply with a range of requirements in order to be eligible to offer their services to Slovakia-based traders. The said requirements include the provision of negative balance protection, the segregation of client funds away from the broker’s own money, and more.
How can I verify that a Slovakia-friendly forex broker is licensed?
If your broker is reputable, this type of information will be provided on its homepage or somewhere else on the broker’s website. In many cases, a separate page will be designated for the listing of all of the broker’s licenses, but certain brokers have also opted to include this information on their frequently asked questions page. If you struggle to navigate a given broker’s website, you may also send a message to the customer support staff via your preferred method of communication and ask them to confirm if the broker is licensed and by which financial watchdogs.
Many supervisory authorities also have comprehensive registers that include each company that offers financial services in their jurisdictions, and this includes the National Bank of Slovakia (NBS). You can also refer to the said registers to confirm that a broker is truthful about its licensing. Be aware that some registers can be a bit harder to navigate than others. If you are lucky, however, your broker will be included in a list that is as simple to use as the one of the NBS.
Are my funds safe with forex brokers in Slovakia?
If you take care to not stray from regulated brokers, you will not need to be anxious about the safety of your money. NBS-licensed brokers, as well as those authorized by other trusted regulatory entities, need to adhere to strict security requirements and rules that aim to safeguard clients from fraud.
First and foremost, if a broker is to operate in the European Union, they must adhere to the rules of the European Securities and Market Authority (ESMA), and be licensed by either National Bank of Slovakia or another jurisdiction’s respective regulator. Thus, they will be mandated to segregate client funds in bank accounts not tied to the company’s own funds. Your broker is likely to reassure you of this in its terms and conditions.
As you will learn below, if you are a retail trader, you will also be eligible for negative balance protection. This will serve as reassurance that your balance will not fall below the money you had in your account.
Do brokers in Slovakia provide negative balance protection?
Seeing as Slovakia’s forex trading sector is governed by the rules of the European Union’s financial regulator, negative balance protection is something that all Slovakia-facing brokers must offer to retail clients.
If you are curious as to why, European financial authorities aim to protect clients with this rule. The forex market is among the most volatile in Europe, which means that the risk of negative balance is relatively high. One of the most widely known instances of this occurring happened in 2015 when the Swiss National Bank did away with the Swiss Franc’s peg to the Euro. As a result, the Swiss Franc’s value skyrocketed, and many traders lost far more money than they had had in their balances prior. The event served as a wake-up call of sorts, with regulators eventually deciding to implement negative balance protection as a measure to prevent future issues of the same nature.
However, as you may have noticed, we have not mentioned professional traders thus far. This is because the rules for negative balance protection only apply to retail clients. Basically, brokers do not need to offer negative balance protection to pros, which can be a potential downside for some forex traders.
Do you pay tax on forex trading in Slovakia?
The tax rate in Slovakia can go up to 25% and is dependent on just how much money one is successful in making through forex trading. Do keep in mind that the said gains must be reported to the relevant authorities on an annual basis, and the same applies to capital loss.
What is the available leverage at Slovakia-facing brokers?
Europe’s regulations are quite strict when it comes to the leverage that retail traders can utilize. In general, substantial leverage is tempting to retail clients, seeing as it massive profits.
High leverage is a high-risk, high-reward type of deal, however. When trading with leverage, a user is essentially using their own capital multiplied as dictated by the leverage, with the extra funds being borrowed from the broker. Thus, if the trade results in a loss, the individual stands to lose more money than their own initial investment and be indebted to their broker.
Due to the above-described risk, a limit of 1:30 is imposed on the trading of major forex pairs. If you wish to trade minor pairs, the limit is even stricter: 1:20. These are the limits that France, Italy, and even the UK adhere to. There are some jurisdictions where higher privilege is permitted, with the US (1:50) and Poland (1:100) being the prime examples.
If the limits in Slovakia sound too restricting, you could consider becoming a professional trader. This way, you would be able to trade both major and minor forex pairs with a leverage of up to 1:500 at most Slovak-facing forex brokers.
What do you need to qualify to be designated as a professional trader in Slovakia?
Becoming a professional trader comes with a number of perks, the main one being more freedom in terms of how large of a leverage one can choose to trade with. Thus, you might be eager to try to create a professional trading account or upgrade your existing one.
Becoming eligible is not exactly easy, but the good news is that you basically need to meet two out of three total requirements. The first one is to have a substantial financial instrument portfolio. The specific threshold given is €500,000, which means that your portfolio will need to be larger than €500,000 if you plan on becoming a professional.
If your portfolio does not quite meet the above requirement, you have two more potential options. Namely, if you have traded derivatives that were large, and you have done so ten times per quarter over the previous four quarters, you will be one step closer to becoming a professional trader. Finally, you may also be eligible for a professional account if you have worked in the financial sector for at least a year.
What trading platforms are available to Slovak traders?
There are plenty of factors that can practically make or break a forex broker, and its platform is certainly one such aspect. In fact, many would argue that the platform is the single most important feature of a broker, although, of course, things such as a broker’s security and its deposit methods are also crucial.
Thankfully, this is an area that most Slovakia-facing forex brokers tend to excel at, although brokers often go different routes in terms of which platform they pick exactly. MetaTrader 5 and its predecessor are the first platforms Slovak traders might encounter, and any experienced traders will be familiar with both. Other platforms that are popular in the trading scene include cTrader and NinjaTraver.
Some Slovak traders might also come across brokers that have decided to provide clients with proprietary software. Typically, most brokers have their own platforms that also offer industry staples as well, although there are also some that only provide their own platforms and no other options.
Which platform you will be able to utilize will be strictly reliant on the broker you have chosen to go with. This is why, when picking an online broker, you must take its selection of platforms into consideration before you settle.
Below you can find some useful references with links to organisations that monitor the forex market in Slovakia.
- NBS (The Slovak National Bank): Homepage of Národná banka Slovenska (Slovakia’s National Bank).
- NBS Licensing: Details regarding the licensing of investment firms seeking to offer services to Slovak consumers.
- NBS Register: The Slovak National Bank’s register of licensed financial entities.
- ESMA (European Securities and Markets Authority): By going to this page, traders will pay a visit to the website of Europe’s financial supervisor.
- ESMA’s List of Europe-based Regulatory Entities: Slovak traders interested in learning more about the various entities that regulate the financial markets of European jurisdictions can follow this link.