| Updated: May 15, 2024As one of the most prosperous countries in Europe, Austria has plenty to offer to traders looking to tap into the highly liquid forex markets. Retail forex trading has been witnessing steady growth in the country, with more and more residents engaging in such activities. While Austrians face no shortage of broking firms to trade with, finding a reliable forex broker is often laborious and time-consuming.
To simplify this process, we compiled a list of what we consider the best forex brokers catering to retail traders from Austria. Our research team invested much time and effort into identifying the most trusted broking firms operating in the country.
We thoroughly tested all brokers recommended below with live trading accounts to ensure they offer the best possible trading conditions. Our team assessed the brokers across multiple parameters, including regulatory compliance, software, range of tradable currency pairs, bid-ask spreads, and overall financing costs.
Fusion Markets74-89% of retail CFD accounts lose money
Markets.com74.2% of retail investor accounts lose money
AvaTrade76% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
IG70% of retail client accounts lose money
XTB80% of retail investor accounts lose money
BlackBull Markets
Swissquote61% of retail investor accounts lose money
Tickmill70% of retail investor accounts lose money
AxiThe vast majority of retail client accounts lose moneyAustrian Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 1409 | 4.8 ⭐ |
| 2. Markets.com | 1165 | 4.7 ⭐ |
| 3. AvaTrade | 8469 | 4.5 ⭐ |
| 4. Global Prime | 100 | 4.1 ⭐ |
| 5. IG | 6723 | 4.1 ⭐ |
| 6. XTB | 1044 | 3.7 ⭐ |
| 7. BlackBull Markets | 34 | 3.6 ⭐ |
| 8. Swissquote | 2349 | 3.6 ⭐ |
| 9. Tickmill | 525 | 3.4 ⭐ |
| 10. Axi | 1436 | 3.3 ⭐ |
Austrian Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. Tickmill | 0.1 | 0.1 | 0.4 | 0.3 |
| 2. BlackBull Markets | 0.1 | 0.2 | 0.7 | 0.4 |
| 3. Fusion Markets | 0.11 | 0.13 | 0.15 | 0.11 |
| 4. Global Prime | 0.13 | 0.28 | 0.28 | 0.22 |
| 5. Markets.com | 0.6 | 0.7 | 0.9 | 0.9 |
| 6. IG | 0.6 | 0.9 | 0.9 | 0.9 |
| 7. AvaTrade | 0.9 | 1.3 | 1.2 | 1.3 |
| 8. XTB | 0.9 | 14 | 1.3 | 2.2 |
| 9. Axi | 1.2 | 1.4 | 1.1 | 1.2 |
| 10. Swissquote | 1.7 | 1.6 | 1.7 | 2.0 |
Austrian Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. AvaTrade | $0 |
| 2. IG | $0 |
| 3. Markets.com | $0 |
| 4. XTB | $0 |
| 5. Fusion Markets | $0 Classic Account, $4.50 round turn on Zero Account |
| 6. Tickmill | $0 on Classic Account; $3 per side on Raw Account |
| 7. BlackBull Markets | $0 Standard; $6 per lot Prime; $4 per lot Institutional |
| 8. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
| 9. Axi | $0 on Standard Account; $7 round trip on Pro Account |
| 10. Swissquote | $9 per lot (Standard); $0 (Premium) |
Important Note: Forex brokers must acquire licenses from Austria’s Financial Markets Authority (FMA) to legally conduct trades on behalf of Austrian residents. Broking firms authorized by the local financial watchdog operate in full compliance with Austrian and European financial laws. They are subject to stringent regulations and maintain some of the highest levels of investor protection in the world.
Top 10 FX Brokers in Austria
Fusion Markets Broker Details Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade Trustpilot Rating 4.8 out of 1409 reviews Number of Forex Pairs to Trade Over 200 Leverage Forex & Metals: 30:1
Index CFDs: 5:1
Cryptocurrencies: 2:1Spread EURUSD: 0.11
USDJPY: 0.13
EURGBP: 0.15
GBPUSD: 0.11Forex 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 Withdrawal Methods Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple Founded by Australian trading experts, Fusion Markets was launched in 2017 and is currently one of the top destinations for traders all over the globe. While it is common for brokers to advertise low spreads, Fusion Markets was actually recognized by Brookerchooser, receiving the award “Lowest Spread Forex Broker” four years in a row.
In addition to offering traders tight spreads, Fusion Markets is committed to offering the best value for your trading, charging a significantly low commission of only $2.25 per lot ($4.50 per side). As you can see, const-effectiveness is one of the main values of this top-shelf broker.
Safety is always a priority for Fusion Markets, with major regulatory bodies like the Australian Financial Services (license No.385620), the Financial Services Authority of Seychelles (license No.SD096), and authorities in Vanuatu regulating the services provided by the broker. Under ASIC’s (Australian Securities & Investments Commission) regulation, the broker also provides a negative balance protection to some of its clients.
With no minimum on deposits and a wide range of popular trading platforms like MetaTrader4, MetaTrader5, cTrader, and more, it is no surprise that Fusion Markets is one of the top choices of traders. With an average score of 4.6 out of 5 on Trustpilot, this broker has received an Excellent rating from more than 1,300 happy customers.
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
Global Prime Broker Details Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MT4 Desktop, MT4 Webtrader, MT4 Android Trustpilot Rating 4.1 out of 100 reviews Number of Forex Pairs to Trade 56 Leverage Forex & Metals: 500:1
Index CFDs: 100:1
Cryptocurrencies: 10:1Spread EURUSD: 0.13
USDJPY: 0.28
EURGBP: 0.28
GBPUSD: 0.22Forex 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
Global Prime is a reliable brokerage that has been providing low-cost trading services since 2010. Regulated by the watchdogs of Vanuatu and Australia, the broker facilitates trading with over 150 financial instruments, including indices, bonds, commodities, cryptocurrencies, and more than 50 currency pairs. Major-pair spreads on raw accounts start at zero pips, with most orders being executed within 10 milliseconds on average. The broker works with MT4 only but plans to soon expand its range of supported platforms with cTrader, MT5, and TradingView.
These excellent trading conditions, coupled with a streamlined registration process, fee-free transactions to and from customer accounts, and round-the-clock support, have earned the broker a solid 4.1 score on Trustpilot. Still, there is scope for improvement as the company offers no cent and swap-free accounts for Islamic customers. The broker has no compensation scheme for client funds, either, which is yet another area Global Prime could improve in.
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 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 Trustpilot Rating 4.5 out of 8469 reviews Number of Forex Pairs to Trade 250+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread 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 AvaTrade is one of the most well-experienced brokers offering online trading since 2006. Licensed and regulated to operate across six continents, this brand focuses on offering CFD and Forex trading, with popular platforms like MetaTrader 4 and 5 available to members of the broker. Alongside the MetaTrader platform, AvaTrade also offers its AvaTrade WebTrader and AvaTradeGO platforms, which introduce several innovative features such as AvaProtect.
Those inexperienced in trading can also try copy trading with AvaTrade’s AvaSocial platform. Trading on the go is also a seamless process, with AvaTrade’s mobile platforms, all available on the AvaTrade mobile app, available both to Android and iOS users.
It is no wonder that so many traders have chosen to trust AvaTrade, with the brand offering some of the greatest trading conditions online. Hedging on short selling and scalping is allowed, with traders having no restrictions to worry about. Fast order executions as well as competitively low spreads are also some of the reasons that have earned the broker a score of 4.6 out of 5 on Trustpilot. A total of 9 jurisdictions regulate the services offered by Ava Trade, with the Financial Futures Association of Japan, the Cyprus Securities and Exchange Commission, and the Australian Securities and Investments Commission being some of them.
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
Tickmill Broker Details 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 3.4 out of 525 reviews Number of Forex Pairs to Trade 62 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread 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 ickmill is a multi-licensed broker with over 780,000 registered customers worldwide. It provides low-cost trading with over 180 financial instruments, including currency pairs, equity indices, commodities, cryptocurrencies, bonds, and stocks. Raw spreads start at zero pips for FX majors, with nominal commissions on Raw accounts. It is also worth mentioning that Tickmill is one of the few online brokers to issue no requotes. It receives heaps of praise for delivering some of the fastest execution times in the industry, filling client orders within 0.20 seconds on average.
The brokerage supports trading via the robust MT4 and MT5 platforms, with customers facing a choice from their downloadable and web-based versions. Clients interested in dipping their toes in copy trading can conveniently connect their Tickmill accounts to the ZuluTrade platform. Tickmill keeps client funds in segregated accounts and maintains insurance against insolvency with Lloyds Bank despite boasting sufficient liquidity to weather hard times. On the downside, bank-transfer deposits incur additional fees when below the $5,000 threshold.
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
IG Broker Details Regulators ASIC (No. 515106), FCA (No. 114059), CFTC, DFSA (No. F001780), MAS, BMA Min Deposit $50 Trading Platforms MT4, L2 Dealer, ProRealTime, IG proprietary software Trustpilot Rating 4.1 out of 6723 reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.6
USDJPY: 0.9
EURGBP: 0.9
GBPUSD: 0.9Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Bank Transfer, Wire Transfer, Visa Electron, Discover, PayPal Withdrawal Methods Visa, Visa Electron, Mastercard, Discover, Bank Transfer IG is a trusted online broker regulated in multiple jurisdictions, including Australia, Singapore, Dubai, the UK, and the US. It provides low-cost trading in thousands of financial markets, ranging from forex and commodities to cryptocurrencies, shares, bonds, and indices. Seasoned traders can dabble in options contracts, bonds, and spread betting. Interest rate trading is also available to IG customers.
The brokerage charges no commissions on forex trades, deriving its profits mostly from spreads. IG predominantly caters to customers looking to capitalize on price movements without purchasing underlying assets by offering them a broad range of CFDs. Forex traders have access to complex speculative instruments like turbo warrants, vanilla options, contracts for difference, and barrier options.
IG’s proprietary software does an excellent job at delivering seamless trading sessions, although clients can also connect third-party platforms like MT4 and ProRealTime to their IG accounts. Both platforms are suitable for algorithmic trading. Moving funds to and from your live account is entirely free, although the broker could expand its range of accepted payment methods. Cards, bank transfers, and PayPal are the only banking options IG works with at the moment. Bank transfers have no minimum threshold on deposits.
Key Pros
- Towering selection of over 17,000 tradable markets
- Listed on the FTSE 250 index
- Competitive pricing and low forex spreads
- No fees on deposits or withdrawals
- Demo accounts for risk-free forex trading practice
Key Cons
- Payment options are a bit limited
- Customer support is slow to respond during busy hours
BlackBull Markets Broker Details Regulators SFSA (No. SD045), FMA (No. FSP403326) Min Deposit $0 (Standard)$2,000 (Prime)$20,000 (Institutional) Trading Platforms MT4, MT5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade Trustpilot Rating 3.6 out of 34 reviews Number of Forex Pairs to Trade 70+ Leverage Forex & Metals: 500:1
Index CFDs: 500:1
Cryptocurrencies: 500:1Spread EURUSD: 0.1
USDJPY: 0.2
EURGBP: 0.7
GBPUSD: 0.4Forex Commission per Lot per Trade $0 Standard; $6 per lot Prime; $4 per lot Institutional Deposit Methods Visa, Mastercard, Neteller, Airtm, Skrill, Bank Transfer, HexoPay, American Express, POLi, Payment Asia, Help2Pay, FXPay, Fasapay, China Union Pay, Boleto, AstroPay, Beeteller, Bitcoin, Ethereum, Tether, Ripple, Litecoin, Bitcoin Cash, Chainlink, USD Coin, Stellar Withdrawal Methods Visa, Mastercard, Bank Transfer, Airtm, Skrill, Neteller, American Express, POLi, HexoPay, Payment Asia, Help2Pay, FXPay, China Union Pay, Boleto, Fasapay, Beeteller, AstroPay, Bitcoin, Litecoin, Bitcoin Cash, Tether, Ripple, Stellar, Chainlink, Ethereum, USD Coin Founded in 2014, BlackBull Markets takes the lead when it comes to tradable asset diversity, providing a choice from a whopping 26,000 financial instruments. The broker caters to forex traders with over 70 major, minor, and exotic currency pairs tradable via three types of ECN accounts (Standard, Prime, and Institutional). Commodities, shares, indices, and futures can also be traded at BlackBull Markets.
The Seychelles-licensed broker offers relatively reasonable trading conditions, although the exact trading costs largely depend on what type of live account you open. Customers looking to trade commission-free can do so via ECN Standard accounts, where spreads generally start from 0.8 pips and there are no minimum deposit requirements. ECN Prime and ECN Institutional accounts are suitable for seasoned and high-volume traders. Both account types incur above-average commissions per lot.
Customers with live accounts can top up their balance with cards, digital wallets, online banking gateways, bank transfers, and cryptocurrencies. While deposits come at no extra cost, the New Zealand-based broker charges a $5 processing fee on all withdrawals, regardless of the payment method used.
Key Pros
- Uses proprietary copy-trading platform
- Swap-free trading via ECN Standard and Prime accounts
- Multi-platform support
- Provides a 24/7 customer support service
- Great Education Hub for traders looking to hone their skills
Key Cons
- High commissions per lot on Prime and Institutional accounts
- Charges a $5 fee on withdrawals
Axi Broker Details Regulators FSA, FCA, CySEC, DFSA, ASIC Min Deposit $0 Trading Platforms MT4 Desktop, MT4 WebTrader, Axi Mobile Trustpilot Rating 3.3 out of 1436 reviews Number of Forex Pairs to Trade 80 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1.2
USDJPY: 1.4
EURGBP: 1.1
GBPUSD: 1.2Forex Commission per Lot per Trade $0 on Standard Account; $7 round trip on Pro Account Deposit Methods Visa, Mastercard, Bank Transfer, Neteller, Skrill, AstroPay, Fasapay, Przelewy24, Boleto, Pix, Bitcoin, Ethereum, Ripple, Litecoin, Tether, Stellar Withdrawal Methods Mastercard, Visa, Bank Transfer, Przelewy24, Fasapay, Skrill, AstroPay, Pix, Boleto, Neteller, Bitcoin, Ripple, Ethereum, Litecoin, Tether, Stellar Since 2007, Axi has served 60,000 traders from more than 100 countries, offering low-cost trading with over 290 financial instruments across five major asset classes. The company carries licenses from Australia’s ASIC, New Zealand’s FMA, and the UK’s FCA. It enjoys a fine reputation among traders worldwide and has not seen any controversies.
The Sydney-based broker caters to customers with over 70 currency pairs and charges no commissions on FX trades conducted via Standard retail accounts. Commissions are in place only on Pro and Elite accounts but fall within the industry averages. Hard and soft commodities, equity indices, cryptocurrencies, and stocks are tradable at favorable conditions and low pricing via the MT4 platform.
Leverage caps are jurisdiction-specific, with customers in some countries benefiting from leverage ratios of up to 500:1. Multiple base currencies are available for retail accounts, allowing traders to save on currency conversion fees. The broker caters to its international client base with over a dozen payment methods. Using payment solutions like Fasapay and Boleto is restricted to specific regions only.
Key Pros
- Provides multilingual customer support
- Standard and Pro accounts available in 10 base currencies
- No minimum deposit requirements on Pro and Standard accounts
- Over 70 FX pairs tradable from zero pips
- Swift order execution and tight spreads
Key Cons
- A limited choice of trading platforms
- Below-average number of tradable symbols
Swissquote Broker Details Regulators FCA, MFSA, FINMA, DFSA, MAS, CySEC Min Deposit $1,000 Trading Platforms CFXD, MetaTrader 4, MetaTrader5 Trustpilot Rating 3.6 out of 2349 reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1.7
USDJPY: 1.6
EURGBP: 1.7
GBPUSD: 2.0Forex Commission per Lot per Trade $9 per lot (Standard); $0 (Premium) Deposit Methods Visa, Mastercard, Bank Transfer, Online Banking Withdrawal Methods Visa, Mastercard, Bank Transfer, Online Banking Swissquote is one of the most secure brokers you can trade with online. Starting as a financial company specializing in the development of financial software and web applications in 1990, by 1996, it introduced its first financial platform offering traders prices on all securities trading on the Swiss stock market. Today, Swissquote is publicly traded, runs two entirely online-operating banks, and is one of the most trustworthy brokers for Swiss traders as well as trading enthusiasts from multiple foreign markets.
To offer seamless CFD and Forex trading to its customers, Swissquote has introduced its CFXD platform, boasting a simple interface that provides multiple features for an extra intuitive trading experience. In addition to CFXD, the broker also supports MetaTrader 4 and 5, while the Autochartist tool can offer traders access to a large library of charts and trading analysis.
Offering only the best value for your trading is one of Swissquote’s strongest features. It offers competitive spreads as well as low margin rates. Traders’ accounts will enjoy cash deposit protection for transactions up to $/€100, 000 as well as negative balance protection. With major regulators like the FINMA, FCA, DFSA, and more regulating the services offered to Swissquotes customers, it comes as no surprise that many have trusted the broker with their investments.
Key Pros
- Publicly traded reputable brand
- Broker with extensive experience in trading
- Offers competitively low spreads
- Supports various trading platforms
- Forex traders can choose from over 80 currency pairs
Key Cons
- Traders must pay an inactivity fee
- Desktop trading platform looks a bit outdated
- Trading fees tend to be higher
Markets.com Broker Details Regulators ASIC (license no. 424008), FCA (license no. 481853), CySEC (license no. 092/08), FSCA (license no. 46860), FSC (license no. SIBA/L/14/1067), FSA (license no. 27030 BC 2023) Min Deposit $100 Trading Platforms MetaTrader 4, MetaTrader 5, WebTrader, Mobile App Trustpilot Rating 4.7 out of 1165 reviews Number of Forex Pairs to Trade 50+ Leverage Forex & Metals: 30:1
Index CFDs: 20;1
Cryptocurrencies: 2:1Spread EURUSD: 0.6
USDJPY: 0.7
EURGBP: 0.9
GBPUSD: 0.9Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, PayPal, Apple Pay, Skrill, Neteller, Bank Transfer Withdrawal Methods Visa, Mastercard, PayPal, Apple Pay, Skrill, Neteller, Bank Transfer When it comes to online trading, it is always recommended to trust only reliable brokers that are capable of offering great trading conditions to their clients. Luckily for you, Markets.com is one of the most reputable trading brands, operating since 2008 and offering traders a wide selection of markets. Whether you are an expert in trading or you are a beginner, at Markets.com, you can find plenty of tools to help you improve your trading sessions.
Security is one of the broker’s strongest suits, with major regulators like ASIC, FCA, CySEC, and many more overlooking the operations of Markets.com. To make the trading process smoother and more intuitive, the brand supports popular platforms like MetaTrader 4 and 5 as well as WebTrader. The dedicated Markets.com app will also allow a seamless transition to mobile trading, with both MT4 and MT5 adapted for mobile trading.
When it comes to managing your deposits and withdrawals at Markets.com, you will be able to choose from several convenient methods, including bank cards, popular e-wallets, and bank transfers. Withdrawals are also possible via the same selection of methods, enabling easy bankroll management for members of the broker.
Key Pros
- Offers tight spreads and low fees for FX traders
- Traders can choose from over 50 currency pairs
- Supports a wide range of payment methods
- Mobile trading available through dedicated app
- Supports popular trading platforms
Key Cons
- Offers only CFD and FX products
- Charges inactivity fee
- No dedicated platform for copy trading
XTB Broker Details 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 $0 Trading Platforms xStation 5, xStation Mobile Trustpilot Rating 3.7 out of 1044 reviews Number of Forex Pairs to Trade 50+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread 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 Established in 2002 under the name X-Trade, XTB is a broker of Polish origin that traders from across the globe gravitate towards thanks to its low fees, excellent reputation, and versatile selection of financial instruments that encompasses forex, stocks, ETFs, and more.
This broker’s operations are overseen by multiple regulatory entities, including but not limited to Poland’s Financial Supervision Authority (KNF) and the British Financial Conduct Authority (FCA). What is more, it also offers negative balance protection, which is an absolute must for many modern traders.
Although XTB does not support the familiar MT4, MT5, NinjaTrader, or cTrader platforms, the broker does offer its proprietary xStation 5 platform. It comes in several variants, the first one being the convenient web platform. There are also dedicated software applications for desktop computers and smartphone devices.
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 Austria
Forex trading is a regulated activity in Austria and requires authorization from the Austrian Financial Markets Authority (FMA). Residents of the country can legally trade spot forex and currency derivatives like CFDs, options, and futures as long as they do business with licensed brokers. Broking firms must satisfy certain criteria to gain authorization, starting with minimum capital requirements ranging from €75,000 to €750,000.
This ensures that approved companies can maintain sufficient liquidity throughout their operations in the country. Applicants must additionally provide detailed information about their business plan and corporate structure. Their managing directors and other key personnel must have clean criminal records, sufficient knowledge and experience in working in the financial sector.
Companies seeking authorization from the FMA must also have a physical presence and registered offices in the country. Approved broking firms submit regular financial reports to the FMA and adhere to strict policies against anti-money laundering and terrorist financing. All licensed brokers participate in investment compensation schemes, a common requirement in all European jurisdictions.
The FMA prohibits licensed brokers from marketing, distributing, and selling binary options to retail customers in Austria. Offering promotional incentives for high-risk derivatives to retail clients is also a violation of FMA rules. FMA licensees can offer CFD to retail traders but certain restrictions are in place to protect inexperienced investors from suffering losses they cannot foresee.
Forex Trading Regulators in Austria
The legal provision of forex trading services falls within the regulatory remit of Austria’s Financial Markets Authority (FMA). The regulatory body was established in 2002 after the passage of the Financial Market Authority Act. The Vienna-based watchdog oversees the operations of all investment services providers, pension funds, insurance companies, and credit institutions in the country. Local stock exchanges and the companies listed on them are also subject to FMA oversight.
Beyond licensing and regulation, the FMA actively works to preserve the integrity and stability of the local financial markets. The regulator closely monitors licensed financial service providers to ensure they fulfill their contractual obligations to Austrian customers at all times. Non-compliance with the regulator’s rules results in harsh penalties, including fines, license suspension, and revocation.
Considering all this, it is easy to see why FMA-authorized forex brokers uphold such high standards of service. Austria acceded to the European Union (EU) in 1995 and ditched its local currency, the schilling, for the euro four years later. As a result of Austria’s EU membership, the local financial watchdog works closely with the European Securities and Markets Authority (ESMA) and has adopted the guidelines laid down in the Markets in Financial Instruments Directive of 2014 (MiFID II).
How to Identify Forex Brokers Authorized in Austria
MiFID II paved the way for a harmonized financial regulatory framework applicable to all EU and EEA member states. It created a passporting regime that enables brokers authorized in other EU countries to legally operate in Austria without necessarily procuring licenses from the FMA.
While recommended, trading forex with an FMA-regulated broker is not mandatory for Austrian residents. Local traders can confirm the regulatory status of their forex brokers by searching the official company database of the FMA. We recommend you visit the regulator’s website occasionally as FMA regularly publishes investor warnings to alert local consumers about unauthorized brokers and clone firms.
Security at Austrian Forex Brokers
Austrian residents have nothing to be concerned about when trading with FMA and EU-licensed forex brokers. Such companies are subject to stringent regulations mandating robust consumer protections, ethical business practices, and full price transparency. FMA regulations largely align with MiFID restrictions on short-term derivatives like contracts for difference. Austria introduced permanent curbs on retail derivative trading aimed at safeguarding inexperienced consumers from high-risk financial instruments.
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Retail Leverage Restrictions and Risk Disclaimers
FMA requirements mandate caps on the maximum leverage available to retail traders who can boost their currency CFD positions at rates of up to 30:1. Properly regulated brokers must warn retail clients about the high risk involved in CFD trading via comprehensible risk disclosures. Broking firms should also inform potential clients about the percentages of retail traders losing money when entering into contracts for difference.
Brokers must position these risk warnings in prominent places, either at the top or the bottom of their websites. The risk disclaimers should be visible to retail traders at all times for a broker to be fully compliant with FMA and ESMA requirements. This applies to both desktop trading platforms and mobile apps.
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Restrictions on Promotional Incentives
Regulated brokers should not motivate retail customers to engage in complex derivative trading by offering them bonus payments or similar promotional incentives. In fact, the aggressive marketing of such high-risk products to laypersons is altogether prohibited in Austria.
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Margin Closeout Protection and Encryptions
All retail traders from the country have access to negative balance protection preventing them from running up debt. Margin closeouts are enforced on retail accounts with a limited balance that cannot absorb further losses. Licensed brokers implement robust security measures to protect clients and their transactions. They rely on advanced security protocols to encrypt all customers’ personal and financial information during transmission.
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Funds Segregation and Investor Compensation
Regulated forex broking companies abide by strict fund segregation rules, storing the assets of their clients in separate accounts at accredited financial institutions. This measure gives customers complete peace of mind that their funds can never be misappropriated by a broker.
Austrian financial law mandates that all regulated brokers must make annual contributions to investor compensation funds. Retail clients can thus claim compensation of up to €20,000 per person if their broker faces financial challenges or declares insolvency. Austria’s FMA slaps hefty fines on licensees infringing on these requirements. Repeated transgressions result in license suspension and revocation.
Negative Balance Protection at Austrian Forex Brokers
Let’s tackle negative balance protection in more depth. Mandated by EU regulations, this measure has been adopted by all licensed brokers operating on Austrian soil, effectively preventing retail customers from sustaining losses exceeding the capital available in their trading accounts. Licensed brokers achieve this by implementing automated margin closeouts on accounts with a rapidly declining balance due to unexpected price movements against traders’ CFD positions.
As per FMA and EU regulations, brokers must close out all leveraged positions in retail accounts when their equity declines to 50% of the margin initially required to keep them open. This initial margin is also known as a “maintenance” margin. In other words, retail traders must have enough capital in their accounts to cover at least half of their losses. If a trader still ends up in the red (an unlikely scenario but still), their broker will absorb any excess losses and restore their account to zero without requiring additional deposits.
Taxes on Forex Trading Profits in Austria
The income derived from capital assets is liable for taxation under Section 9, Article 27 of Austria’s Income Tax Act. The capital asset category is rather broad and covers profits from savings accounts interest, derivatives, equities, dividends, and securities. Income generated from these financial instruments is generally taxed as capital gains at a rate of 27.5%. The exact amounts due are calculated based on the net profits a forex trader realizes during a given tax year.
There are certain exceptions, however, when lower rates apply. Austrian residents holding trading accounts for over a year are subject to a lower “long-term” capital gains tax of 25%. Forex earnings used for purchasing and holding assets for one or more years are exempt from taxation. Traders are taxed on a per-annum basis and have until April 30 to submit their tax returns.
Leverage Caps at Austrian and Offshore Forex Brokers
Inexperienced retail traders are prone to downplaying the financial risks involved in CFD trading and this can cost them dearly. Licensed brokers safeguard retail clients from sustaining massive losses by limiting the maximum leverage they can use as per FMA and EU regulations. Austria’s leverage caps coincide with those in other EU and EEA member states as they all adhere to MiFID guidelines.
Leverage restrictions are proportionate to the volatility of the underlying assets; the higher it is, the lower the maximum leverage accessible to retail traders. Forex major pairs like EUR/USD are less volatile, so brokers cap their leverage rates at 30:1. Forex crosses and exotic pairs have higher volatility, hence their lower leverage caps of 20:1. Leverage rates decrease even further for riskier asset classes like commodities (10:1), individual stocks (5:1), and cryptocurrency CFDs (2:1).
Brokers regulated in countries like Japan and Singapore have even lower leverage caps for forex majors (25:1 and 20:1, respectively). By contrast, companies operating from jurisdictions with a more lenient regulatory approach tend to provide considerably higher leverage to retail customers. For example, traders doing business with broking firms from Belize can use maximum leverage of 1000:1 on certain forex pairs.
Professional Trader Requirements in Austria
It is worth noting the aforementioned leverage curbs apply only to retail clients in Austria. FMA-compliant forex brokers raise this ceiling for professional accounts but customers must satisfy certain requirements to become eligible. One condition is to have a large enough portfolio valued at over half a million euros in the form of derivatives, cash, stocks, and debt instruments.
Applicants must also prove they have relevant experience in leveraged trading and spread betting. They must have been professionally employed in the financial services sector for twelve months or more in a position that requires high levels of expertise in over-the-counter derivatives. The last requirement is to have made ten or more large-volume transactions per quarter over the last year before applying.
Clients must fulfill two of these three conditions for FMA-regulated brokers to deem them fit for setting up a professional account. Keep in mind that you renounce your rights to certain protections when switching to a professional account. Professional traders typically lose their access to investor compensation and negative balance protection.
Forex Trading Platforms at Austrian Forex Brokers
The top-rated forex brokers shortlisted on this page all deliver first-class trading experience to customers from Austria but this is unsurprising considering they run on award-winning platforms like MetaTrader 4 (MT4), MetaTrader 5 (MT5), and TradingView. Order execution is as fast as lightning with all three platforms but traders should also take into account their individual style and investment goals before settling for any software.
MT4 is a common choice for novice forex traders as it has a relatively simple interface, enabling them to easily find their way around. It enjoys huge popularity among Austrian retail traders thanks to its great charting capabilities, quick execution, and features for algorithmic trading. MT4 was built specifically for forex trading, although it also supports other asset classes.
MT5 is the platform of choice for many active CFD and day traders from Austria as it offers all the advantages they could possibly ask for. Loaded with features for advanced technical analysis, the platform also supports a larger order volume than its predecessor. MT5 offers dozens of technical indicators, including the Moving Average that proves useful for forex scalping.
TradingView is also picking up steam in Austria’s forex trading community but is yet to receive broader support at local brokers. It has some of the best charting capabilities we have seen to date. Additionally, TradingView boasts a vast user base of over 50 million traders, allowing you to identify lucrative trade opportunities by following other traders. Some FMA-regulated forex brokers offer proprietary desktop platforms as well. Testing them with free demo accounts will allow you to get a proper feel of their features and peculiarities.Below you can find some useful references with links to organisations that monitor the forex market in Austria.
- Austrian Financial Markets Authority (FMA)
- Official company database of the FMA