| Updated: May 15, 2024If you are seeking the best forex broker for Belgium traders, we recommend checking our list of top brands offering fair and safe trading to their customers. The brokers we have covered all cover a wide selection of currency pairs, with trading tools and platforms enabling easy and secure trading. Our team of experts has thoroughly reviewed the overall experience that each of the brokers below will provide to Belgian traders, making sure that they can enjoy only the best conditions while trading currency pairs.
Fusion Markets74-89% of retail CFD accounts lose money
Pepperstone75.5% of retail investor accounts lose money
AvaTrade76% of retail investor accounts lose money
Eightcap76.09% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
IG70% of retail client accounts lose money
FxPro74% of retail investor accounts lose money
Swissquote61% of retail investor accounts lose money
Vantage FX
Iron FX67.62% of retail investor accounts lose moneyBelgian Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 1409 | 4.8 ⭐ |
| 2. Pepperstone | 2398 | 4.5 ⭐ |
| 3. AvaTrade | 8469 | 4.5 ⭐ |
| 4. Eightcap | 2133 | 4.3 ⭐ |
| 5. Global Prime | 100 | 4.1 ⭐ |
| 6. IG | 6723 | 4.1 ⭐ |
| 7. FxPro | 209 | 3.9 ⭐ |
| 8. Swissquote | 2349 | 3.6 ⭐ |
| 9. Vantage FX | 3033 | 3.4 ⭐ |
| 10. Iron FX | 0 | N/A ⭐ |
Belgian Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. Fusion Markets | 0.11 | 0.13 | 0.15 | 0.11 |
| 2. Global Prime | 0.13 | 0.28 | 0.28 | 0.22 |
| 3. FxPro | 0.25 | 0.38 | 0.67 | 0.37 |
| 4. IG | 0.6 | 0.9 | 0.9 | 0.9 |
| 5. Iron FX | 0.7 | 0.4 | 0.9 | 0.8 |
| 6. AvaTrade | 0.9 | 1.3 | 1.2 | 1.3 |
| 7. Eightcap | 1 | 1.1 | 1 | 1 |
| 8. Vantage FX | 1.0 | 1.0 | 1.2 | 1.0 |
| 9. Pepperstone | 1.0 | 1.0 | 1.2 | 1.0 |
| 10. Swissquote | 1.7 | 1.6 | 1.7 | 2.0 |
Belgian Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. Iron FX | $0 |
| 2. Eightcap | $0 on Standard and TradingView Accounts; $7 round turn on Raw Accounts |
| 3. Vantage FX | $3 per side on Raw; $1.50 per side on Pro |
| 4. IG | $0 |
| 5. AvaTrade | $0 |
| 6. Fusion Markets | $0 Classic Account, $4.50 round turn on Zero Account |
| 7. Pepperstone | $0 (Standard Account), $7 round-turn (Razor Account) |
| 8. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
| 9. FxPro | $0 on Standard Account; $3.5 per side on Raw+ and Elite Accounts |
| 10. Swissquote | $9 per lot (Standard); $0 (Premium) |
Important Note: The official body regulating financial markets and companies offering financial services in Belgium is the Financial Services and Markets Authority (FSMA). In 2016, it banned local brands from offering any form of leverage trading, including forex. That said, since Belgium is a member of the EU, Belgian traders might be able to trade on offshore websites regulated in different jurisdictions across the EU and EEA. To learn more about the FSMA, you can visit its website or follow its X profile.
Top 10 FX Brokers in Belgium
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
Iron FX Broker Details Regulators FCA (licensing no. 585561), FSCA (licensing no. 45276) Min Deposit $100 Trading Platforms MetaTrader 4, WebTrader, VPS, PMAM, TradeCopier, Mobile App Trustpilot Rating N/A out of N/A reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.7
USDJPY: 0.4
EURGBP: 0.9
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Deposit Methods Visa, MAstercard, Bank Wire, Skrill, Neteller, China Union Pay, Fasapay, Perfect Money, Bitwallet, Paysafecard Withdrawal Methods Bank Wire Founded in 2010, Iron FX is a broker with extensive experience in the trading field, offering traders a vast selection of products. Providing CFDs on forex pairs, commodities, indices, shares, and futures, this online brokerage is a great place for a vast variety of traders. With seven different types of accounts, members of Iron FX can pick the option that suits their preferences the best, with each of the account types offering either low or low fees that offer the best value for your trading.
Unfortunately, while Iron FX was regulated by the Cyprus Securities and Exchange Commission (CySEC), its Bermuda entity currently holds no license authorizing its operations. Meanwhile, its UK and South African entities are regulated by the Financial Conduct Authority (FCA) and the Financial Sector Conduct Authority (FSCA), respectively. We would also like to highlight the company’s dedication to traders’ safety, with Iron FX utilizing enterprise-class security tools to keep you and your money safe.
Members of the broker will have access to trading platforms like MetaTrader 4, WebTrader, VPS, PMAM, and TradeCopier as well as the mobile app of Iron FX that enables seamless trading on the go. To fund your account, you are required to deposit $100, which is the minimum required for the standard account type.
Key Pros
- Offers a wide selection of trading instruments
- Supports several popular trading platforms
- Enables easy trading on the go via dedicated app
- Supports various deposit methods
- Traders can choose from 7 different account types
Key Cons
- Bahamas entity operates with no license
- Trustpilot score not available due to many fake review detected
- Withdrawals are possible only via bank wire
Eightcap Broker Details Regulators SCB (No. SIA-F220), ASIC (No.391441), CySEC (No. 246/14), FCA (No. 921296) Min Deposit $100 Trading Platforms MT4, MT5, WebTrader, TradingView Trustpilot Rating 4.3 out of 2133 reviews Number of Forex Pairs to Trade 50+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1
USDJPY: 1.1
EURGBP: 1
GBPUSD: 1Forex Commission per Lot per Trade $0 on Standard and TradingView Accounts; $7 round turn on Raw Accounts Deposit Methods Visa, PayPal, Mastercard, Wire Transfer, Neteller, Skrill, Tether, Bitcoin, BPAY, Dragonpay, Fasapay, Interac, Pix Withdrawal Methods Mastercard, Visa, PayPal, Skrill, Neteller, Bitcoin, Tether, Wire Transfers, BPAY, Fasapay, Pix, Interac Eightcap was established back in 2009 in Melbourne. The brokerage has greatly grown over the years, currently reaching traders from more than 100 countries around the globe. The Australian company is licensed to conduct online trading by first-tier financial watchdogs like FCA, ASIC, and CySEC. It provides favorable trading conditions but its product range is a bit slimmer compared to competitors.
There are around 800 financial instruments to choose from, which puts the broker’s selection of tradable products slightly below the industry averages. Various asset classes are covered, including equity indices, shares, cryptocurrencies, forex, and commodities. The broker specializes in providing speculative trading via contracts for difference, with maximum leverage ratios capped at 30:1 or 200:1, depending on the country of access.
Traders at Eightcap can go long or short on approximately 50 forex pairs, with minimum spreads starting from zero pips on Raw accounts where a $7 round-turn commission is in place instead. Standard accounts allow for commission-free forex trading but have slightly higher spreads (from 1 pip) compared to their Raw counterparts. Capitalizing on currency price movements is possible via the TradingView, MT5, and MT4 platforms. Minimum deposit requirements align with the industry average ($100), with plenty of secure payment methods at customers’ disposal.
Key Pros
- Commission-free FX trading via standard accounts
- Spreads from 0 pips on major currency pairs
- Accepts cryptocurrency deposits
- Fantastic variety of deposit and withdrawal methods
- Insights section with webinars, trade ideas, and weekly forecasts
Key Cons
- Below-average range of tradable instruments
- Crypto withdrawals incur transaction fees
Vantage FX Broker Details 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 3.4 out of 3033 reviews Number of Forex Pairs to Trade 40+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1.0
USDJPY: 1.0
EURGBP: 1.2
GBPUSD: 1.0Forex 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 Vantage is an online broker offering traders over 1,000 CFD products, with competitive pricing offering members of the company to enjoy the best value for their investments and sales. Founded in 2009, the broker has proven to be one of the most trustworthy names in this industry, with authorities like ASIC, FCA, FSCA, CIMA, and VFSC regulating the services provided by Vantage.
Trading at Vantage FX is possible through several platforms, including MetaTrader 4 and 5, TradingView, and ProTrader. Copy Trading is also available to Vantage FX clients, with the broker receiving the ForexBrokers’ recognition for the Best in Class for Copy Trading in 2024. Copy Trading is available on the Vantage FX app, offering smooth trading on the go for both Android and iOS users.
Once they decide to top up their Vantage FX account, traders will be able to choose from methods like credit and debit cards, bank transfers, e-wallets like Neteller and Skrill, crypto wallets, and the instant banking service of Boleto. Keep in mind that some methods are country-specific and may not be available to all traders using the services of Vantage FX. You can fund your account with as little as $50 or the equivalent in another currency.
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
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
FxPro Broker Details Regulators FCA (No. 45052), CySEC (No. 078/07), SCB (No. SIA-F184), FSCA (No.45052) Min Deposit $100 Trading Platforms MT4, MT5, cTrader, FxPro Edge (proprietary) Trustpilot Rating 3.9 out of 209 reviews Number of Forex Pairs to Trade 70+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.25
USDJPY: 0.38
EURGBP: 0.67
GBPUSD: 0.37Forex Commission per Lot per Trade $0 on Standard Account; $3.5 per side on Raw+ and Elite Accounts Deposit Methods Visa, Mastercard, Maestro, Bank Transfer, Neteller, PayPal, Skrill, Union Pay Withdrawal Methods Bank Transfer, Mastercard, Visa, Union Pay, Maestro, PayPal, Skrill, Neteller Founded in 2006, FxPro is a multi-award-winning broker that provides online trading services with licenses granted by the financial regulators of the UK, Cyprus, and the Bahamas. Over 2,100 instruments are tradable at FxPro via a variety of platforms, including MT5, MT4, cTrader, and proprietary software. Customers can dip their toes into forex, commodity, index, stock, and cryptocurrency trading at FxPro.
Forex traders, in particular, will benefit from over 70 major, minor, and exotic currency pairs tradable with fixed or marked-up floating spreads, depending on the platform and account type. Orders are filled at ultra-low latency, ensuring lightning-fast execution of under 13 milliseconds. FxPro stores the money of its clients in segregated accounts at major international banks and offers negative balance protection to all retail customers, regardless of their trading volume and country.
Minimum deposits at FxPro align with industry standards at $100, although new customers are generally recommended to start with at least $1,000 in their live accounts. Deposits and withdrawals incur no additional transaction fees at FxPro. Cards, bank transfers, and e-wallets are all viable funding options for clients with live accounts.
Key Pros
- Over 2,100 CFDs across six asset classes
- Zero fees on deposits and withdrawals
- Floating spreads with no commissions on MT4 FX trades
- Winner of over 100 industry awards
- Fills orders within less than 13 milliseconds
Key Cons
- FX spreads are slightly higher than industry averages
- Charges maintenance fees after six months of inactivity
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
Pepperstone Broker Details Regulators UK FCA (No.684312), CySEC (No. 388/20), ASIC (No. 414530), BaFin (No.151148), DFSA, CMA Min Deposit $0 Trading Platforms TradingView, MT5, MT4, cTrader Trustpilot Rating 4.5 out of 2398 reviews Number of Forex Pairs to Trade 100 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1.0
USDJPY: 1.0
EURGBP: 1.2
GBPUSD: 1.0Forex Commission per Lot per Trade $0 (Standard Account), $7 round-turn (Razor Account) Deposit Methods Visa, Mastercard, PayPal, Bank Transfer Withdrawal Methods Visa, Mastercard, PayPal, Bank Transfer Pepperstone was launched in 2010 by a group of seasoned traders but has greatly expanded its global presence since then, currently reaching over 400,000 traders worldwide. The company enjoys an immaculate reputation and operates with licenses from several top-tier regulators, including the FCA, ASIC, and CySEC. Pepperstone also ranks among the world’s largest brokerages, boasting an average daily trading volume of $12.6 billion.
Customers of the award-winning company can trade with more than 1,200 financial instruments, ranging from stocks, indices, and ETFs to commodities and currency pairs. FX traders, in particular, can go long or short on over 90 major, minor, and exotic currency pairs. Spreads are highly competitive at Pepperstone, starting at zero pips for majors like EUR/USD traded via Raw accounts. MT4, MT5, TradingView, and cTrader all pose as viable platform options for Pepperstone customers. All these factors combined have earned Pepperstone an above-average rating of 4.5 stars at Trustpilot.
Key Pros
- Winner of multiple industry awards
- Commission-free FX trades via standard accounts
- Over 1,200 instruments across all major asset classes
- Competitive spreads on FX trades via Razor accounts
- Seamless withdrawals within 1 to 3 workdays
Key Cons
- A somewhat limited range of deposit and withdrawal options
- High swap rates on overnight positions
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
Is Forex Trading Legal in Belgium?
Despite being a part of the EU, Belgium has taken a stricter approach to forex trading compared to other jurisdictions across the EU and EEA. In 2016, the FSMA banned local trading websites from distributing several products, including binary options, derivative contracts with a maturity of less than an hour, and leverage derivative contracts such as CFDs and rolling spot forex contracts. The reason for the local regulator introducing such a strict law is the high risk related to forex trading and other forms of leverage trading.
Since the ban applies only to entities distributing the aforementioned products and not Belgium traders, the regulation does not apply to any offshore brokers that welcome traders from Belgium. You can come across quite a few brands regulated by other authorities across the EU and the EEA that will welcome Belgian traders. That said, forex trading enthusiasts from the country are advised to always do a thorough background check of any brand before they go ahead and join it.
How Are Forex Brokers Catering to Belgian Traders Regulated?
As mentioned above, due to the ban on the distribution of leverage trading products by online trading platforms based in Belgium, there are no forex trading licenses issued from the FSMA. That leaves Belgian traders no other option but to look for brands regulated offshore. In that case, it is recommended to opt for trading brokers licensed anywhere in the EU or EEA. That ensures the brands are following ESMA (European Securities and Markets Authority) guidelines for offering clients fair trading conditions.
While different regulators across the EU may require brokers to follow various guidelines, in most cases, brokers are asked to meet certain conditions to be authorized to offer financial services to traders across the EU and EEA. Usually, each licensing body will require license applicants to have a minimum starting capital that ensures they can afford to carry out different high-risk financial services. The starting capital in different jurisdictions may differ, but it usually ranges between €50,000 to €730,000.
Strict forex trading regulators may also ask license applicants to provide a detailed business plan that describes their marketing strategy, the types of services they intend to offer, the policies that will be implemented to ensure a safe and fair trading environment as well as an analysis of the market. Ensuring competent company personnel is also a condition brokers must meet when applying for a license from most of the regulators in the EU and EEA.
While the process may be similar across most jurisdictions, depending on the regulator and whether license applicants have submitted the correct documents in time, the licensing process may take somewhere around 6 and 12 months. That said, some regulators may have a shorter licensing process.
How Can Belgian Traders Verify a Broker’s Authorization?
When choosing a brand to trade with, Belgian forex traders must be very cautious about approaching foreign brokers. While they can join offshore trading websites, Belgian investors are advised to always opt for properly licensed and regulated brands. If a broker has been authorized to operate by different regulatory bodies, it should provide information about its registration number or license number, stating each of the bodies that have issued the company’s financial service authorizations.
To further confirm the validity of said regulations, Belgian traders can head to the official website of any of the listed regulators and check its register list. If the brand’s operator is listed on the official register page of the regulator, one can verify the integrity of the broker.
Are My Funds Safe with Forex Brokers Welcoming Belgian Traders?
When you are trading forex pairs, you should always make sure that you can trust the broker you have joined and use real money to complete your orders. If Belgian traders opt for brands that have been authorized by top regulators like the FCA, CySEC, or some bodies across the EU and EEA, they can be certain that their money will be properly protected.
The reason for EU-regulated brokers being a safe option for Belgian traders is the fact that they are required to follow ESMA regulations and ensure a secure trading environment for their customers.
Most forex brokers licensed to operate in the EU are required to keep their customers’ funds in segregated accounts, meaning there is no risk of clients’ money being affected by any possible financial struggles of the trading company, as its funds are stored in a separate bank account.
Top forex brokers operating following ESMA guidelines are also required to include industry-standard tools and instruments that prevent money laundering and terrorist financing. To prevent identity theft, licensed brokers also ask their clients to go through a standard KYC (Know Your Customer) process.
As already mentioned, strict regulators also require license applicants to maintain a certain minimum starting capital that will ensure the entity is capable of distributing various financial products. What is more, once they are licensed brokers are required to maintain their operational capital and inform the local regulator about any significant changes in the company’s capital, shareholders, or other major operational amendments.
Do Forex Brokers Catering to Belgian Traders Provide Negative Balance Protection?
Since Belgian traders can join a wide range of offshore brokers, they may have access to a different set of additional account security features. The availability of negative balance protection depends on the regulation of the entity. Most brands holding licenses from authorities like the FCA, CySEC, or a regulator in the EU will apply negative balance protection to the accounts of their retail customers.
Belgian traders can do their research and opt for brokers that offer this additional layer of protection. With negative balance protection attached to your trading account, you cannot amass losses that can exceed the amount you have deposited into your trading balance. This is extremely suitable for forex traders as high leverage does increase the risk of losing excessive amounts of money.
Do Belgians Pay Tax on Forex Trading Income?
With the FSMA banning entities offering online trading services to distribute leverage-induced forms of trading, there is no specific taxation system for forex trading in Belgium. Instead, traders residing within the country might be required to tax their offshore forex trading gains as a different form of income.
To make sure they are compliant with current Belgian laws and taxation system, forex traders from Belgium are advised to contact local professionals who are well aware of the taxation system that is currently relevant for this form of income. The tax rate that may apply to their forex trading gains may vary depending on the volume of their trading income.
What is the Maximum Leverage that Belgian Traders Can Have on Forex Trading?
Just like most of the rest of the aspects covered in this review, the available maximum leverage that applies to Belgian forex traders will depend on the broker they have joined. With different regulators imposing specific leverage limits to minimize the risk factor, Belgian traders may see various leverage maximums applied to forex trading products.
While each jurisdiction issuing permission to forex brokers may impose different leverage limits, ESMA has introduced a set of risk-management measures with leverage limits being one of them. According to the authority overseeing trading markets across the EU and EEA, all brokers licensed to operate within those areas are required to offer leverage of up to 30:1 on major currency pairs and 20:1 on non-major pairs.
The same leverage limits have also been adopted by brokers operating under the regulation of the FCA and ASIC, further increasing the chances of Belgian traders having maximum leverage of 30:1 on major currency pairs and up to 20:1 on exotic pairs. It is worth mentioning that these are some of the lowest leverage caps you can find while trading forex, with some regions introducing significantly higher limits.
In the US, forex brokers are allowed to offer their customers forex trading leverage of up to 50:1 on major currency pairs. That said, US brokers are allowed to impose lower leverage maximums if they find it to be more suitable for retail traders. On the other hand, you also will have regions like the Seychelles where the leverage can go as high as 1:5,000 on major currency pairs.
Traders who are looking for ways to make use of high leverage may not appreciate mandatory leverage maximums in certain regions. However, there is a way to increase the potential return by trading with higher leverage. Upgrading to professional trading accounts will allow traders to significantly boost the maximum leverage on both major and exotic currency pairs.
What Do You Need to Qualify to be Designated as a Professional Trader in Belgium?
Belgian traders may often be allowed to either upgrade from a retail trading account to a trader with professional trading status or open a professional account with their preferred forex broker. Depending on the authority that has licensed the operations of the broker, the steps required to become eligible for a professional trading account may differ. That said, almost any regulator demands that traders prove they are well-experienced, have the financial stability to support professional trading, or have the knowledge required to be experts in this field.
Since in most cases, Belgian traders would pick brokers regulated either by the FCA, CySEC, or some other reputable regulator in the EU, we will break down the requirements for professional trading in said regions.
There are three major conditions that can make traders eligible for professional trading accounts. According to ESMA, as long as European traders can meet at least two of these three requirements, they can be classified as professional broker clients. The three conditions for professional traders include:
- Making at least 10 transactions of significant size per quarter in the last one year
- Provide proof of working at least one year in the financial market sector
- Have a portfolio of financial instruments whose worth is equal to or exceeds €500,000
When you apply for a professional trading account, follow the steps listed on the official website of the broker of your choice. Providing the required documents in time guarantees you a faster verification process.
What Trading Platforms are Available to Belgian Traders?
Traders may often base their choice of broker on the types of platforms they will be able to use for their orders and market evaluations. Belgian traders will typically have access to a wide range of popular platforms like MT4, MT5, cTrader, WebTrader, and more. It is also worth noting that many brands are offering their proprietary platforms that often allow more advanced, smooth, and more informed trading. Below, we have listed the most common trading platforms Belgian traders can come across while exploring various forex brokers.
MetaTrader 4: This platform is often offered by forex brokers as it is suitable for both inexperienced traders and experts in forex trading. Adopted for both desktop and mobile devices, MT4 covers a decent number of markets and provides traders with a set of instruments that can help them get the most out of their trading.
MetaTrader 5: If forex traders wish to explore more products, they may often pick MT5, which is also a platform supported by a large number of brokers catering to Belgian traders. Offering more markets and more refined instruments, MT5 is often preferred by more advanced traders, allowing them to improve their trading endeavors.
WebTrader: This platform is very suitable for traders who prefer a simpler and less cluttered interface. Allowing easy trading straight on your browser, this platform eliminates the need to install any software on your device. Conveniently enough, WebTrader can run smoothly across different devices, including your smartphone, allowing easy trading on the go.
cTrader: Many brokers will also feature cTrader in their list of supported platforms, allowing a more advanced trading experience for traders of currency pairs as well as other products. It is easier to get better insights into various markets, with cTrader featuring advanced charting, analysis, and drawing tools. Another great advantage of this platform is the speed of execution, allowing faster processing of orders.Below you can find some useful references with links to organisations that monitor the forex market in Belgium.