| Updated: December 2, 2024Are you looking for the best Forex Brokers in the Czech Republic? The team of expert analysts at BestBrokers has run extensive tests of multiple platforms and has come up with a list of the top-rated trading brands by opening real money accounts, depositing real funds, and placing real trades. Each of our handpicked brokers is licensed either by the Czech regulator or by another reputable financial watchdog based in the EU or EEA.
Fusion Markets74-89% of retail CFD accounts lose money
Global Prime74-89% of retail CFD accounts lose money
BlackBull Markets
Trade Nation86% of retail investor accounts lose money
Capital.com75% of retail investor accounts lose money
City Index69% of retail investor accounts lose money
Admirals73% of retail investor accounts lose money
FXCM70% of retail investor accounts lose money
Saxo Bank65% of retail investor accounts lose money
Iron FX67.62% of retail investor accounts lose moneyCzechians Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 1,862 | 4.9 ⭐ |
| 2. Global Prime | 161 | 4.5 ⭐ |
| 3. BlackBull Markets | 808 | 4.5 ⭐ |
| 4. Trade Nation | 961 | 4.4 ⭐ |
| 5. Capital.com | 11,249 | 4.3 ⭐ |
| 6. City Index | 334 | 4.2 ⭐ |
| 7. FXCM | 548 | 3.9 ⭐ |
| 8. Admirals | 1,851 | 3.9 ⭐ |
| 9. Saxo Bank | 6,484 | 3.8 ⭐ |
| 10. Iron FX | 0 | N/A ⭐ |
Czechians Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. BlackBull Markets | 0.1 | 0.2 | 0.7 | 0.4 |
| 2. Admirals | 0.1 | 10 | 0.00003 | 1.00 |
| 3. Fusion Markets | 0.07 | 0.13 | 0.23 | 1.01 |
| 4. Global Prime | 0.13 | 0.28 | 0.28 | 1.11 |
| 5. FXCM | 0.6 | 1.1 | 1 | 0.8 |
| 6. Trade Nation | 0.6 | 1.9 | 1.8 | 1.9 |
| 7. Capital.com | 0.6 | 10 | 2 | 1.3 |
| 8. Iron FX | 0.7 | 0.4 | 0.9 | 0.8 |
| 9. Saxo Bank | 0.9 | 1.2 | 0.8 | 1 |
| 10. City Index | 1.1 | 1.8 | 1.6 | 2 |
Czechians Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. Saxo Bank | $3 per lot |
| 2. City Index | $0 |
| 3. FXCM | $0 |
| 4. Trade Nation | $0 |
| 5. Iron FX | $0 |
| 6. Capital.com | $0 |
| 7. Fusion Markets | $0 Classic Account, $4.50 round turn on Zero Account |
| 8. Admirals | $3 per lot |
| 9. BlackBull Markets | $0 Standard; $6 per lot Prime; $4 per lot Institutional |
| 10. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
Important Note: Forex brokers in the Czech Republic are subject to the regulation of Česká národní banka, the Czech National Bank (CNB). The CNB monitors the business activity of all companies engaged in the financial sector and the safe and stable functioning of the local economy. To learn more about this regulatory entity, head over to the official CNB website or follow the watchdog on X (formerly Twitter) @CNB_cz.
Read on to find out more about the legality of Forex trading in the Czech Republic, further information about the regulatory body, investor protection mechanisms, taxes, and more.
Top 10 FX Brokers in Czech Republic
Fusion Markets Broker Details Supports Czech No Czech Currency (CZK) Yes 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: 1.01Forex Commission per Lot per Trade $0 Classic Account, $4.50 round turn on Zero Account Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire, ZotaPay, VNPay, DuitNow, XPay, DragonPay, VAPay, FasaPay, 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 Key Pros
- Offers some of the lowest spreads
- ASIC clients enjoy a negative balance protection
- Supports popular trading platforms
- Offers two copy trading platforms
- Supports fiat and crypto payment solutions
Key Cons
- Does not offer investor protection
- Traders outside Australia have no negative balance protection
- Cannot set up an account in a minor currency
- Has no FCA license
Global Prime Broker Details Supports Czech No Czech Currency (CZK) No 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: 1.11Forex Commission per Lot per Trade $0 Standard Accounts; $7 round turn on Raw Accounts Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto Withdrawal Methods Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies
Key Pros
- Overseen by a top-tier financial regulator (ASIC)
- No fees on deposits and withdrawals
- Low fees for FX trading
- Streamlined sign-up process
- A broad range of currency pairs
Key Cons
- Could use more trading platforms
- A limited range of educational resources
- Does not offer Islamic or cent accounts
Admirals Broker Details Supports Czech Yes Czech Currency (CZK) Yes Regulators CySEC (No. 201/13), ASIC (No. 410681), FCA (No. 595450), JSC (No. 57026), FSCA (No. FSP51311), EFSA (No. 4.1-1/46), CMA (No. 178), CIRO, FSA (No.SD073) Min Deposit $100 ($1 for Invest MT5 Account) Trading Platforms MT4, MT5, WebTrader, MT Supreme Edition, StereoTrader Trustpilot Rating 3.9 out of 1,851 reviews Number of CFD Forex Pairs to Trade 82 Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread EURUSD: 0.1
USDJPY: 10
EURGBP: 0.00003
GBPUSD: 1.00Forex Commission per Lot per Trade $3 per lot Deposit Methods Visa, Mastercard, Skrill, Klarna, Bank Transfer, PayPal, Neteller, iDeal, POLi, Perfect Money, Cryptocurrencies Withdrawal Methods Bank transfer, Visa, Mastercard, PayPal, Neteller, Skrill, Perfect Money Key Pros
- Over 8,000 markets available
- 80 forex pairs tradable through CFDs
- Swap-free forex accounts for Islamic customers
- Offers forex trading in micro lots
- No fees on deposits
Key Cons
- Only one free withdrawal per calendar month
- Does not trade publicly on a stock exchange
Saxo Bank Broker Details Supports Czech Yes Czech Currency (CZK) Yes Regulators FCA (No. 551422), FSA Denmark (No. 1149), MAS (No. 200601141M), ASIC (No. 32110128286), SFC Hong Kong (No. 1395901), FSA Japan (No. 0104-01-082810) Min Deposit $0 Classic$200,000 + Platinum $1,000,000 + VIP Trading Platforms SaxoTraderGO, SaxoTraderPRO, TradingView, SaxoInvestor Trustpilot Rating 3.8 out of 6,484 reviews Number of CFD Forex Pairs to Trade 185+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread EURUSD: 0.9
USDJPY: 1.2
EURGBP: 0.8
GBPUSD: 1Forex Commission per Lot per Trade $3 per lot Deposit Methods Visa, Visa Electron, Mastercard, Maestro, Bank Transfer, Quick Payment Withdrawal Methods Bank Transfer Key Pros
- Offers a varied range of major, minor, and exotic FX pairs
- Provides tier-1 liquidity for high order fill rates
- Boasts over 30 years of experience in the financial industry
- Offers more than 140 FX forward contracts
- Excellent fill rates for FX majors like EUR/USD
Key Cons
- Steep minimum deposits for VIP and Platinum accounts
- Overcrowded and hard-to-navigate website
- Customizing SaxoTraderPRO for desktop takes some time
City Index Broker Details Supports Czech No Czech Currency (CZK) No Regulators FCA (No. 446717), CySEC (No. 400/21), MAS, ASIC Min Deposit $0 Trading Platforms MT4, WebTrader, Trading App, TradingView Trustpilot Rating 4.2 out of 334 reviews Number of CFD Forex Pairs to Trade 84 Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread EURUSD: 1.1
USDJPY: 1.8
EURGBP: 1.6
GBPUSD: 2Forex Commission per Lot per Trade $0 Deposit Methods Visa, Visa Electron, Mastercard, Maestro, PayNow, Bank Transfer, Online Banking, PayPal, PayID, BPAY, EFT Withdrawal Methods Mastercard, Visa, Visa Electron, Maestro, PayPal, Bank Transfer Key Pros
- No commissions on spot forex and CFD trades
- Lightning-fast speed of order execution
- Long track record spanning over 40 years
- Over 1 million registered customers
- Excels in delivering quality educational content
Key Cons
- No support for MT5 for the time being
- Higher min. deposit requirements compared to rival brokers
- Stores client funds in top-tier banks like J.P. Morgan
BlackBull Markets Broker Details Supports Czech Yes Czech Currency (CZK) No Regulators SFSA (No. SD045), FMA (No. FSP403326), FSA Min Deposit $0 (Standard)$2,000 (Prime)$20,000 (Institutional) Trading Platforms MT4, MT5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade, BlackBull Invest, ZuluTrade Trustpilot Rating 4.5 out of 808 reviews Number of CFD Forex Pairs to Trade 70+ Leverage Forex & Metals CFDs: 1:500
Index CFDs: 1:500
Cryptocurrencie CFDs: 1:500Spread 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 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
FXCM Broker Details Supports Czech No Czech Currency (CZK) No Regulators FCA, CySEC, ASIC, FSCA, ISA, IIROC Min Deposit $50 Trading Platforms MetaTrader 4, TradingView Pro, Trading Station, Capitalise.ai Trustpilot Rating 3.9 out of 548 reviews Number of CFD Forex Pairs to Trade 40+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread EURUSD: 0.6
USDJPY: 1.1
EURGBP: 1
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Bank Transfer, Neteller, Skrill, Google Pay, Open Banking, Apple Pay, PayPal, Paysafecard Withdrawal Methods Visa, Mastercard, Bank Transfer, PayPal, Neteller, Skrill Key Pros
- Offers up to 1:1,000 leverage on all new accounts
- Supports popular trading platforms
- Does not charge depositing and withdrawal fees
- Regulated by multiple top-tier regulators
- Offers competitive spreads
Key Cons
- Charges a rather high inactivity fee
- Offers limited number of products
- Number of currency pairs is average
Trade Nation Broker Details Supports Czech No Czech Currency (CZK) No Regulators FCA (ref.no 525164), SCB (SIA-F216), ASIC (AFSL No. 422661), FSA (license no. SD150), FSCA Min Deposit $0 Trading Platforms TN Trader, MetaTrader 4, TradeCopier, TradingView Trustpilot Rating 4.4 out of 961 reviews Number of CFD Forex Pairs to Trade 30+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread EURUSD: 0.6
USDJPY: 1.9
EURGBP: 1.8
GBPUSD: 1.9Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Bitcoin, Skrill, Bank Transfer, GrabPay, DuitNow, Shopee Pay, Boost, Binance Pay, Ethereum, Tether, Ripple, Dogecoin, Litecoin, BinanceCoin, Solana, Tronix Withdrawal Methods Visa, Mastercard, Bitcoin, Skrill, Bank Transfer, GrabPay, DuitNow, Shopee Pay, Boost, Binance Pay, Ethereum, Tether, Ripple, Dogecoin, Litecoin, BinanceCoin, Solana, Tronix Key Pros
- Regulated by multiple trustworthy authorities
- Suitable for trading beginners
- Offers proprietary trading platform
- Easy trading on mobile app
- Supports various payment solutions
Key Cons
- Number of forex pairs is underwhelming
- Some payment methods are available only in specific markets
- Chat service available only 24/5
Iron FX Broker Details Supports Czech No Czech Currency (CZK) No 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: 1:2Spread 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 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
Capital.com Broker Details Supports Czech No Czech Currency (CZK) No Regulators ASIC, FCA, CySEC, SCB, SCA (UAE) Min Deposit $20 Trading Platforms MetaTrader 4, TradingView Trustpilot Rating 4.3 out of 11,249 reviews Number of CFD Forex Pairs to Trade 125+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread EURUSD: 0.6
USDJPY: 10
EURGBP: 2
GBPUSD: 1.3Forex Commission per Lot per Trade $0 Deposit Methods Bank transfers, VISA, MasterCard, Maestro, Apple Pay, PayPal, Neteller, Skrill, Sofort, Przelewy, TrueLayer, iDEAL, Trustly, SPEI, Volt, Lean Withdrawal Methods Bank transfers, bank cards, Apple Pay, PayPal, Neteller, Skrill, Sofort, Trustly Key Pros
- Trusted by 580K+ traders across the globe
- Trading guides for beginner, intermediate, and advanced traders
- Mobile apps for Android and iOS devices
- Low FX fees built into the spread
- Negative balance protection
Key Cons
- There is an inactivity fee after 1 year
- No two-step login
- No price alerts on the web platform
Is Forex Trading Legal in the Czech Republic?
Though the Czech Republic is part of the European Single Market and an EU-member country, it uses its own currency, the Czech Koruna (CZK). As part of the EU, the Czech Republic allows all European brokers to provide their services to Czech citizens.
Forex trading is a legal and properly regulated activity in the Czech Republic. As mentioned above, Forex brokers are under the regulation of the Czech National Bank. Brokers intending to offer such services in the country must be authorized either by the CNB or by the regulator of another EU member state. Czech traders can open accounts with CNB-regulated brokers and brokers under the MiFID Directive. Said directive provides a unified regulatory framework and enables brokers licensed in the EU and EEA to provide cross-border services through a passporting regime.
Traders willing to register an account with regulated Czech Forex brokers need to provide an ID and proof of residence to verify it. Brokers typically require their customers to complete several Know Your Customer (KYC) questions regarding their familiarity with the financial markets. Opting for a demo account first is highly recommended, as traders will have the opportunity to explore the markets by placing risk-free trades using virtual funds.
Besides standard Forex trading, Islamic Forex trading is also legal, with approximately 20,000 Muslims living in the country, according to a recent census. The minimum age requirement to open a live trading account in the Czech Republic is 18 years. We should also point out that Czech retail traders are prohibited from engaging in binary options trading. The distribution of these high-risk speculative instruments is illegal in the Czech Republic and most other European countries.
The Czech National Bank (CNB) Regulation Info
The CNB is the central bank in the Czech Republic and the regulatory body monitoring the Czech financial market. Established in 1993 under the Constitution of the Czech Republic in conformity with Act No.6/1993, the CNB has its headquarters in Prague and several regional offices spread across the country, including in Brno and Ostrava.
The entity is part of the European System of Central Banks and the European System of Financial Supervision. It also collaborates with the European Systemic Risk Board and with European Supervisory Authorities.
The Bank Board of the Czech National Bank is the uppermost governing body, comprising the Governor, two Deputy Governors, and four Bank Board members. In addition to its main role in maintaining price stability, the CNB oversees the banking sector, the capital market, electronic money institutions, pension funds, and the insurance industry, among others. Czech traders can contact the regulator by visiting an office in person, sending an email to infoNC@cnb.cz, or calling on the phone (+420 224 411 111, +420 800 160 170).
How Can I Verify CNB Authorization?
There are several ways to verify if a Forex broker provides its services legally to Czech traders. As Forex brokers operating within the Czech Republic fall under the regulations of the European Securities and Markets Authority (ESMA), traders can navigate to the official website of the institution and check a specific entity’s authorization in the regulatory in the agency’s register. Users can filter authorized entities by licensing status, office, home and host member state.
As Forex trading is strictly monitored by the Czech National Bank, traders can perform the authorization check by navigating to the Bank’s website. The CNB maintains a register of all regulated market participants operating on Czech soil. Local traders can search companies by brand name, registration number, or registered address. Many of the approved brokers serve the Czech market via licenses granted by the regulatory bodies of other EU and EEA member states thanks to the passporting regime introduced by MiFID II.
Last but not least, they can check the regulatory status of an entity by the information provided on its own web page.
Are My Funds Safe with Forex Brokers in the Czech Republic?
While trading in the Forex markets is anything but certain and carries risks due to market fluctuations, traders in the Czech Republic should be aware of several aspects of a secure trading experience.
First of all, as a reputable regulatory authority, the Czech National Bank monitors Forex trading and creates policies designed to bolster market transparency, bring fraudulent practices to a minimum, and maintain financial stability. The Central National Bank has strict regulations in place, including licensing requirements, adhering to fair trading policies, and conducting regular audits of license holders.
Forex trading brokers are obliged to keep client funds in segregated accounts and provide transparent pricing information. Furthermore, to make informed trading decisions, Czech traders should stay up-to-date with global market developments that could cause dramatic shifts in Forex prices.
Risk management is an essential factor in Forex trading and ensuring the safety of one’s funds and assets. Forex brokers catering to traders in the Czech Republic offer various risk-reduction strategies, including setting stop-loss orders, strategically leveraging, and diversifying portfolios.
The so-called investor protection funds or investor compensation schemes are aimed at protecting the capital and assets of retail traders. In case of broker bankruptcy, traders’ assets will be protected. The coverage limits vary based on jurisdiction, with minimums of €20,000 in EU member states.
Do Czech Republic Forex Brokers Provide Negative Balance Protection?
Forex brokers catering to traders in the Czech Republic offer a set of risk management tools designed to help them secure their trades, accounts, and funds. Negative balance protection is one of them, ensuring traders’ account balances will never go beyond zero.
In a dynamically changing market, your account may go into negative balance. Negative balance protection means that even if the market conditions become unfavorable, traders’ accounts will be protected against losses surpassing their original account balance. This protection mechanism could be especially valuable for novice traders who are not accustomed to market volatility. It is typically available to retail traders, with professional trader account holders usually lacking this feature.
Traders can easily distinguish between brokers claiming they provide negative balance protection and those that actually guarantee it, by checking how long they have been in operation. Market presence for more than 10 years is usually an indicator of stability and good standing.
Do You Pay Tax on Forex Trading in the Czech Republic?
Forex trading is a taxable activity in the Czech Republic. As there is no separate capital gains tax in the Czech Republic, Forex traders report their capital gains in the individual income tax base as regular income. The applicable tax rate for citizens of the country is 15%. The Czech Financial Administration provides in-depth information about local tax policies and rates, alongside exemplary forms for filing your personal income taxes.
How Does the Available Leverage of CNB-Regulated Brokers Compare to the Leverage at Brokers Regulated Offshore?
The utilization of leverage and trading on margin is key in Forex trading, as both impact the security of one’s investments. The regulatory bodies, in charge of monitoring the financial sector set leverage and margin limitations to ensure the safety and transparency of markets. Being aware of these regulatory limitations will help you build a successful trading strategy and calculate the size of your trades.
Both leverage and margin trading increase traders’ buying power and therefore the existing limits protect retail traders from exposing them to unjustified risk. The maximum allowable leverage ratios in EU countries, such as the Czech Republic, range between 1:30 and 1:2, based on the volatility of the underlying asset.
In addition to leverage limitations, brokers operating within EU countries are required to provide negative balance protection, which we already covered in one of the previous sections of this publication. The maximum allowable leverage applicable to major Forex pairs is 1:30, whereas the upper limit for non-major currency pairs is 1:20.
For comparison’s sake, the leverage restriction in the US for major currency pairs is 1:50, for non-major currency pairs is 1:20, and for exotic currency pairs is 1:10.
What Do You Need to be Designated as a Professional Trader in the Czech Republic?
Experienced traders may qualify for Professional client status. Most Forex brokers set several criteria for eligible candidates. Some of the most common requirements involve carrying out transactions of significant size at a particular frequency. Additionally, professional account holders must typically have an investment portfolio worth €500,000 and above. Forex brokers may also inquire about a customer’s former experience in the financial markets sector.
Professional customers enjoy greater freedom in terms of their investing decisions and have a greater portfolio of features at their disposal. While retail customers are subjected to more restrictions, they receive more protections, such as negative balance protection and maximum allowable leverage.
Customers who have applied for professional trading accounts but failed to meet all the requirements will preserve their retail accounts. Typically, to open a professional trading account, customers must first set up their retail account.
What Trading Platforms Are Available to Traders from the Czech Republic?
The most common Forex trading platforms available to traders from the Czech Republic are MetaTrader4, MetaTrader5, and cTrader. While MetaTrader4 is the most popular platform for Forex trading, MetaTrader5 offers some of the best solutions for CFDs, and cTrader performs excellently as a platform for automated trading.
Among MetaTrader4’s multiple platform features are the customizable interface, one-click trading, expert analysis, customizable alerts, and mobile compatibility across iOS, Android, and Mac devices.
MetaTrader5 is ideally equipped for trading in Forex and a variety of other assets such as indices, cryptocurrencies, and commodities. This platform’s features are multiple as well, with some of the standout characteristics being depth of market display and technical indicators, trading functions and alerts with email, push notifications on mobile devices, exchange trading, and copy trading, among others.
Designed for trading in Forex and CFDs, cTrader provides an advanced charting solution for traders. The ability to work with split screens is yet another prominent feature of cTrader. The platform is available for download for devices running on iOS, Android, and Windows.Below you can find some useful references with links to organisations that monitor the forex market in the Czech Republic.
- CNB (Česká národní banka): Homepage of the Czech National Bank (CNB).
- ESMA (European Securities and Markets Authority): Homepage of Europe’s Securities and Markets Authority.
- CNB Register: Here, traders can verify the licensing status of an entity claiming to be regulated by the CNB.
- CNB Licensing: This page contains information on the licensing procedure that investment firms need to undergo in order to obtain a CNB licence.
- The CNB maintains a presence on social media platforms like Facebook, X, Instagram, YouTube, and LinkedIn. Follow the regulator on social media to keep abreast of new regulatory decisions, announcements, and news.