Best Forex Brokers in Belgium for 2024

If 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 picked 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.

1Fusion Markets

Rating: 4.9 ⭐

74-89% of retail CFD accounts lose money

Top Rated

2Pepperstone

Rating: 4.6 ⭐

75.5% of retail investor accounts lose money

3Global Prime

Rating: 4.5 ⭐

74-89% of retail CFD accounts lose money

4AvaTrade

Rating: 4.4 ⭐

76% of retail investor accounts lose money

5Eightcap

Rating: 4.2 ⭐

76.09% of retail investor accounts lose money

6FxPro

Rating: 4.0 ⭐

74% of retail investor accounts lose money

7Swissquote

Rating: 3.8 ⭐

61% of retail investor accounts lose money

8IG

Rating: 3.7 ⭐

70% of retail client accounts lose money

9Vantage FX

Rating: 3.5 ⭐

10Iron FX

Rating: N/A ⭐

67.62% of retail investor accounts lose money

Belgian Forex Brokers Ranked by Trustpilot Score

Belgian Forex Brokers Ranked by Spread Commission

Belgian Forex Brokers Ranked by Commission per Lot

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

1. 

   1. Fusion Markets

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   TRADE NOW 74-89% of retail CFD accounts lose money

   Fusion Markets Broker Details
   Regulators	ASIC, FSA (Seychelles), VFSC (Vanuatu)
   Min Deposit	$0
   Trading Platforms	MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, TradingView
   Trustpilot Rating	4.9 out of 1,862 reviews
   Number of CFD Forex Pairs to Trade	90+
   Leverage	Forex & Metals CFDs: 1:30 (1:500 for forex and metals via VFSC) Index CFDs: 1:5 Cryptocurrencie CFDs: 1:2 (ASIC), 1:10 (FSA, VFSC)
   Spread	EURUSD: 0.07 USDJPY: 0.13 EURGBP: 0.23 GBPUSD: 1.01
   Forex 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, AstroPay, PayID, Jetonbank, Sticpay, Interac, LuqaPay, Zotapay, MiFinity
   Withdrawal Methods	Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple, MiFinity, Interac, PayPal, AstroPay, Jetonbank, DragonPay

   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, cost-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 4.9 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
   • Has no FCA license
2. 

   2. Global Prime

   READ REVIEW

   TRADE NOW 74-89% of retail CFD accounts lose money

   Global Prime Broker Details
   Regulators	ASIC (No. 385620), VFSC (No. 40256)
   Min Deposit	$0
   Trading Platforms	MT4 Desktop, MT4 Webtrader, MT4 Android
   Trustpilot Rating	4.5 out of 161 reviews
   Number of CFD Forex Pairs to Trade	56
   Leverage	Forex & Metals CFDs: 1:500 (1:30 for ASIC entity) Index CFDs: 1:100 (1:20 for ASIC entity) Cryptocurrencie CFDs: Up to 1:2 (ASIC); Up to 1:5 (Pro and VFSC)
   Spread	EURUSD: 0.13 USDJPY: 0.28 EURGBP: 0.28 GBPUSD: 1.11
   Forex 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 4.4 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
3. 

   3. Iron FX

   READ REVIEW

   TRADE NOW 67.62% of retail investor accounts lose money

   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 CFD Forex Pairs to Trade	80+
   Leverage	Forex & Metals CFDs: 1:30 Index CFDs: 1:20 Cryptocurrencie CFDs: 1:2
   Spread	EURUSD: 0.7 USDJPY: 0.4 EURGBP: 0.9 GBPUSD: 0.8
   Forex 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 spreads or low commission rates 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
4. 

   4. Eightcap

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   TRADE NOW 76.09% of retail investor accounts lose money

   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, Capitalise.ai, FlashTrader
   Trustpilot Rating	4.2 out of 2,668 reviews
   Number of CFD Forex Pairs to Trade	50+
   Leverage	Forex & Metals CFDs: 1:30 Index CFDs: 1:20 Cryptocurrencie CFDs: 1:2
   Spread	EURUSD: 1.00 (min) USDJPY: 1.1 EURGBP: 1 GBPUSD: 1
   Forex 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, UnionPay
   Withdrawal Methods	Mastercard, Visa, PayPal, Skrill, Neteller, Bitcoin, Tether, Wire Transfers, BPAY, Fasapay, Pix, Interac, UnionPay

   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 1:30 or 1:200, 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
5. 

   5. Vantage FX

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   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	3.5 out of 4,089 reviews
   Number of CFD Forex Pairs to Trade	60+
   Leverage	Forex & Metals CFDs: 1:30 Index CFDs: 1:20 Cryptocurrencie CFDs: 1:2
   Spread	EURUSD: 0.2 USDJPY: 0.5 EURGBP: 0.3 GBPUSD: 0.4
   Forex 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, POLi, FasaPay, Perfect Money, BPay, Pagsmile, AstroPay, JCB
   Withdrawal Methods	Visa, Mastercard, Union Pay, Bank Wire, Skrill, Neteller, Crypto, AstroPay, Perfect Money, JCB

   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
6. 

   6. Swissquote

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   TRADE NOW 61% of retail investor accounts lose money

   Swissquote Broker Details
   Regulators	FCA, MFSA, FINMA, DFSA, MAS, CySEC, FSC, FSCA
   Min Deposit	$1,000
   Trading Platforms	CFXD, MetaTrader 4, MetaTrader5
   Trustpilot Rating	3.8 out of 2,877 reviews
   Number of CFD Forex Pairs to Trade	80+
   Leverage	Forex & Metals CFDs: 1:30 Index CFDs: 1:20 Cryptocurrencie CFDs: 1:2
   Spread	EURUSD: 1.0 USDJPY: 0.6 EURGBP: 1.2 GBPUSD: 1.0
   Forex Commission per Lot per Trade	$/€0 on Premium and Prime Accounts; $/€2.5 per side per lot for Elite Accounts
   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
7. 

   7. FxPro

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   TRADE NOW 74% of retail investor accounts lose money

   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	4.0 out of 434 reviews
   Number of CFD Forex Pairs to Trade	70+
   Leverage	Forex & Metals CFDs: 1:30 Index CFDs: 1:20 Cryptocurrencie CFDs: 1:2
   Spread	EURUSD: 0.25 USDJPY: 0.38 EURGBP: 0.1 (MT4) 1.3 (MT5) GBPUSD: 0.37
   Forex 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
8. 

   8. IG

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   TRADE NOW 70% of retail client accounts lose money

   IG Broker Details
   Regulators	ASIC, FCA, DFSA, CFTC, FMA, FINMA, BaFin, MAS, JFSA, FSCA, BMA (Bermuda)
   Min Deposit	$50
   Trading Platforms	MT4, L2 Dealer, ProRealTime, IG proprietary software, TradingView
   Trustpilot Rating	3.7 out of 7,200 reviews
   Number of CFD Forex Pairs to Trade	80+
   Leverage	Forex & Metals CFDs: 1:30 Index CFDs: 1:20 Cryptocurrencie CFDs: 1:2
   Spread	EURUSD: 0.85 USDJPY: 0.9 EURGBP: 0.9 GBPUSD: 1.40
   Forex Commission per Lot per Trade	$0
   Deposit Methods	Visa, Mastercard, Bank Transfer, Wire Transfer, Visa Electron, Discover, PayPal, Apple Pay, BPAY
   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
9. 

   9. Pepperstone

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   TRADE NOW 75.5% of retail investor accounts lose money

   Pepperstone Broker Details
   Regulators	UK FCA (No.684312), CySEC (No. 388/20), ASIC (No. 414530), BaFin (No.151148), DFSA, CMA, SCB (Bahamas)
   Min Deposit	$0
   Trading Platforms	TradingView, MT5, MT4, cTrader
   Trustpilot Rating	4.6 out of 2,789 reviews
   Number of CFD Forex Pairs to Trade	90+
   Leverage	Forex & Metals CFDs: 1:30 Index CFDs: 1:20 Cryptocurrencie CFDs: 1:2
   Spread	EURUSD: 1.00 (min) USDJPY: 1.0 EURGBP: 1.2 GBPUSD: 1.00 (min)
   Forex Commission per Lot per Trade	$0 (Standard Account), $7 round-turn (Razor Account)
   Deposit Methods	Visa, Mastercard, PayPal, Bank Transfer, BPay, Neteller, Skrill
   Withdrawal Methods	Visa, Mastercard, PayPal, Bank Transfer, BPay, Neteller, Skrill

   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 that exceeds 4 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
10. 

    10. AvaTrade

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    TRADE NOW 76% of retail investor accounts lose money

    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), JFSA (No. 1662)
    Min Deposit	$100
    Trading Platforms	MetaTrader4, MetaTrader5, WebTrader, AvaTadeGO, AvaSocial, AvaOptions, DupliTrade
    Trustpilot Rating	4.4 out of 8,855 reviews
    Number of CFD Forex Pairs to Trade	53
    Leverage	Forex & Metals CFDs: 1:30 Index CFDs: 1:20 Cryptocurrencie CFDs: 1:2 for EU residents 1:25 for non-EU residents
    Spread	EURUSD: 0.9 USDJPY: 1.3 EURGBP: 1.2 GBPUSD: 1.3
    Forex 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 4.4 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 Financial Services and Markets Authority (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 leveraged 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 and €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 exceeding 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 1:30 on major currency pairs and 1:20 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 1:30 on major currency pairs and up to 1:20 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 1:50 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.

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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.

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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.

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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.

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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.

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Below you can find some useful references with links to organisations that monitor the forex market in Belgium.

1. FSMA (Financial Services and Markets Authority): This will take you to the homepage of Belgium’s financial regulator.
2. FSMA Regulation of Certain Derivative Financial Instruments: If you are looking to learn more about FSMA’s stance on trading and what financial derivatives are banned by the regulator, this page offers details.
3. ESMA (European Securities and Markets Authority): Belgium traders can familiarise themselves with the various financial authorities that supervise their respective jurisdictions across Europe.
4. CySEC (Cyprus Securities and Exchange Commission) Investment Firms (Member States): This is where traders can find CySEC’s register of Cyprus-licensed entities that belong to the category dedicated for cross-border services.
5. CySEC Investment Firms (Cypriot): Here, you can browse all licensed Cypriot investment firms.
6. BaFin (Federal Financial Supervisory Authority) Register: All brokers that are regulated by Germany’s financial supervisory entity can be found in this register.
7. FINMA (Swiss Financial Market Supervisory Authority): This is FINMA’s register of regulated entities.
8. FINMA Regulatory Requirements: Here, traders can gain further insight into what requirements securities dealers must meet in order to earn the approval of Switzerland’s financial regulator.
9. FCA (Financial Conduct Authority): By visiting this page and searching the company name or reference number of a broker claiming to be licensed by the UK’s FCA, you can verify its licensing status.
10. FSMA: This page offers instructions on what actions Belgian traders can take if they have fallen victim to investment fraud.