| Updated: May 15, 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 and available to traders in the Czech Republic.
Fusion Markets74-89% of retail CFD accounts lose money
Trade Nation86% of retail investor accounts lose money
City Index69% of retail investor accounts lose money
FXCM70% of retail investor accounts lose money
Capital.com75% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
Admirals73% of retail investor accounts lose money
Saxo Bank65% of retail investor accounts lose money
BlackBull Markets
Iron FX67.62% of retail investor accounts lose moneyCzechians Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 1409 | 4.8 ⭐ |
| 2. Trade Nation | 605 | 4.5 ⭐ |
| 3. City Index | 314 | 4.2 ⭐ |
| 4. FXCM | 494 | 4.2 ⭐ |
| 5. Capital.com | 10490 | 4.2 ⭐ |
| 6. Global Prime | 100 | 4.1 ⭐ |
| 7. Admirals | 1706 | 4.1 ⭐ |
| 8. Saxo Bank | 5596 | 3.7 ⭐ |
| 9. BlackBull Markets | 34 | 3.6 ⭐ |
| 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 | 0.7 | 0.5 |
| 3. Fusion Markets | 0.11 | 0.13 | 0.15 | 0.11 |
| 4. Global Prime | 0.13 | 0.28 | 0.28 | 0.22 |
| 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. The CNB’s website is https://www.cnb.cz/en/. Following the CNB on X (former Twitter), @CNB_cz is also recommended for Czech Forex traders.
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 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
Admirals Broker Details Regulators CySEC (No. 201/13), ASIC (No. 410681), FCA (No. 595450), JSC (No. 57026), FSCA (No. FSP51311) Min Deposit $100 ($1 for Invest MT5 Account) Trading Platforms MT4, MT5, WebTrader, MT Supreme Edition, StereoTrader Trustpilot Rating 4.1 out of 1706 reviews Number of Forex Pairs to Trade 82 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.1
USDJPY: 10
EURGBP: 0.7
GBPUSD: 0.5Forex 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 Formerly Admiral Markets, Admirals is a multi-asset online broker that commenced operations in 2001. The company’s commitment to excellence, innovation, and low-cost trading has earned it the reputation of one of the world’s leading and most reliable brokers. Licensed by ASIC and FCA, among others, Admirals gives its clients access to a broad range of financial instruments, including 82 forex pairs, hard and soft commodities, over 4,500 stocks, cryptocurrencies, bonds, and indices.
Admirals mainly specializes in CFD trading, offering leverage of up to 500:1 to professional forex traders. Fees on forex trades are largely built in the spreads, although clients with Zero/ECN accounts pay a $6 round-turn commission per lot. Those new to the financial markets can trade in micro lots or with fractional shares. Trading at Admirals is possible via familiar platforms like MT4, MT5, and MT WebTrader.
The broker offers negative balance protection to retail clients and fills 90% of all orders within 150 milliseconds. Customers can fund their live accounts for free via bank transfers, cards, digital wallets, and online banking. There is room for enhancement where withdrawals are concerned, though. Admirals customers can request no more than one free withdrawal per month.
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 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 Trustpilot Rating 3.7 out of 5596 reviews Number of Forex Pairs to Trade 185+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread 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 Established in 1992, Saxo Bank provides a superior trading experience across multiple asset classes and more than 71,000 financial instruments. The brokerage is operated by one of Denmark’s largest investment banks and carries licenses from several first-tier financial regulators, including the British FCA, Australia’s ASIC, and Singapore’s MAS. Saxo Bank provides a solid choice from over 185 major, minor, and exotic currency pairs available for commission-free trading at highly competitive spreads.
Apart from trading on the spot markets, Saxo Bank clients can dabble in Forex forwards, vanilla options, contracts for difference, and futures. All costs are built into the spreads as the brokerage charges no additional commissions on foreign exchange trades. Customers looking to diversify their portfolios can trade in various hard and soft commodities, equity indices, mutual funds, bonds, and ETFs. Its somewhat limited range of deposit and withdrawal methods is one of the very few shortcomings of Saxo Bank, whose overall score on Trustpilot averages 4.2 out of 5 stars.
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 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 314 reviews Number of Forex Pairs to Trade 84 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread 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 City Index gives traders access to over 6,000 financial markets tradable at highly competitive pricing. Established in 1983, the company has a long track record of delivering low-cost trading with a varied range of financial instruments, including forex, stocks, equity shares, hard and soft commodities, bonds, and options. Spread betting is also available to customers from specific jurisdictions. City Index offers a superb proprietary web-based trading platform, although third-party software like MetaTrader 4 and TradingView also pose viable options for registered customers.
Over 80 major, minor, and exotic currency pairs are available to FX traders at City Index. Average spreads go as low as 0.5 pts, with no commissions on spot forex trades and forex CFDs. The broker enjoys an excellent reputation for delivering lightning-fast order execution, with few to no requotes. Currency-pair orders are filled within 0.02 seconds on average. City Index is overseen by ASIC, FCA, and CySEC and provides tier-1 bank liquidity. Its parent company (StoneX Group) is publicly listed on Nasdaq, further adding to the broker’s excellent reputation.
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 Regulators SFSA (No. SD045), FMA (No. FSP403326) Min Deposit $0 (Standard)$2,000 (Prime)$20,000 (Institutional) Trading Platforms MT4, MT5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade Trustpilot Rating 3.6 out of 34 reviews Number of Forex Pairs to Trade 70+ Leverage Forex & Metals: 500:1
Index CFDs: 500:1
Cryptocurrencies: 500:1Spread EURUSD: 0.1
USDJPY: 0.2
EURGBP: 0.7
GBPUSD: 0.4Forex Commission per Lot per Trade $0 Standard; $6 per lot Prime; $4 per lot Institutional Deposit Methods Visa, Mastercard, Neteller, Airtm, Skrill, Bank Transfer, HexoPay, American Express, POLi, Payment Asia, Help2Pay, FXPay, Fasapay, China Union Pay, Boleto, AstroPay, Beeteller, Bitcoin, Ethereum, Tether, Ripple, Litecoin, Bitcoin Cash, Chainlink, USD Coin, Stellar Withdrawal Methods Visa, Mastercard, Bank Transfer, Airtm, Skrill, Neteller, American Express, POLi, HexoPay, Payment Asia, Help2Pay, FXPay, China Union Pay, Boleto, Fasapay, Beeteller, AstroPay, Bitcoin, Litecoin, Bitcoin Cash, Tether, Ripple, Stellar, Chainlink, Ethereum, USD Coin Founded in 2014, BlackBull Markets takes the lead when it comes to tradable asset diversity, providing a choice from a whopping 26,000 financial instruments. The broker caters to forex traders with over 70 major, minor, and exotic currency pairs tradable via three types of ECN accounts (Standard, Prime, and Institutional). Commodities, shares, indices, and futures can also be traded at BlackBull Markets.
The Seychelles-licensed broker offers relatively reasonable trading conditions, although the exact trading costs largely depend on what type of live account you open. Customers looking to trade commission-free can do so via ECN Standard accounts, where spreads generally start from 0.8 pips and there are no minimum deposit requirements. ECN Prime and ECN Institutional accounts are suitable for seasoned and high-volume traders. Both account types incur above-average commissions per lot.
Customers with live accounts can top up their balance with cards, digital wallets, online banking gateways, bank transfers, and cryptocurrencies. While deposits come at no extra cost, the New Zealand-based broker charges a $5 processing fee on all withdrawals, regardless of the payment method used.
Key Pros
- Uses proprietary copy-trading platform
- Swap-free trading via ECN Standard and Prime accounts
- Multi-platform support
- Provides a 24/7 customer support service
- Great Education Hub for traders looking to hone their skills
Key Cons
- High commissions per lot on Prime and Institutional accounts
- Charges a $5 fee on withdrawals
FXCM Broker Details Regulators FCA, CySEC, ASIC, FSCA, ISA, IIROC, Min Deposit $50 Trading Platforms MetaTrader 4, TradingView Pro, Trading Station Trustpilot Rating 4.2 out of 494 reviews Number of Forex Pairs to Trade 40+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.6
USDJPY: 1.1
EURGBP: 1
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Bank Transfer Withdrawal Methods Visa, Mastercard, Bank Transfer Starting its journey back in 1999, FXCM is the first Forex broker that was listed on the New York Stock Exchange. The company was among the innovators who introduced features like automated trading and flexibility in position sizing. Currently, the broker is one of the most reliable destinations for CFD and Forex trading, offering traders different instruments and platforms for smooth trading.
While the broker lacks offerings like stocks and ETFs, it does offer tight spreads and a rather cost-effective way to handle your trading account. Traders will be charged no fee for depositing and withdrawing funds, and since the commission is built into the spread, there are no additional surcharges for trading. One thing we should note is that the broker does charge a $50 inactivity fee for accounts that have not been active for over a year.
When it comes to trading platforms, FXCM definitely outshines some of its competitors, offering traders seamless action through the Trading Station platform, available both via desktop and web. Meanwhile, traders can also use the MetaTrader4 and TradingView Pro platforms. The minimum deposit at FXCM is $50, with broker’s clients being able to use credit/debit cards and bank transfers for their payments. Security is a top priority for FXCM, with multiple authorities like the FCA, CySEC, ASIC, and more being responsible for the regulation of the broker.
Key Pros
- Offers up to 1,000:1 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 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 Trustpilot Rating 4.5 out of 605 reviews Number of Forex Pairs to Trade 30+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread 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 Withdrawal Methods Visa, Mastercard, Bitcoin, Skrill, Bank Transfer, GrabPay Trade Nation was launched in 2014, bringing top-shelf trading services to its customers from different parts of the world. When it comes to security, one can be certain of Trade Nation’s integrity with the FCA, one of the most reputable authorities in the industry, regulating the broker. Meanwhile, Trade Nation has also been authorized to operate in several other markets, with regulators like the SCB, ASIC, FSA, and FSCA making sure the brand follows strict trading guidelines.
To offer seamless trading to all of its members, the broker supports the popular platform MetaTrader 4, offering CFDs across various markets. In addition, traders can also use the broker’s proprietary TN Trader platform, which allows intuitive trading while fees and risk levels are kept under control. Trading on the go is also extremely easy through the dedicated Trade Notion app, available to both Android and iOS users.
When it comes to funding their accounts or withdrawing money, Trade Nation allows its customers to resort to various payment solutions. These include credit/debit cards, bank transfers, and even crypto. There is no set minimum for your deposits at Trade Nation, allowing you to start with as little as you are comfortable with.
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 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
Capital.com Broker Details Regulators ASIC, FCA, CySEC, SCB, MiFID Min Deposit $20 Trading Platforms MetaTrader 4, TradingView Trustpilot Rating 4.2 out of 10490 reviews Number of Forex Pairs to Trade 125+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread 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 Withdrawal Methods Bank transfers, bank cards, Apple Pay, PayPal, Neteller, Skrill, Sofort, Trustly Capital.com is a broker that has been providing its services since 2016. It has licenses from several Tier-1 regulators, including the ASIC, CySEC, and FCA, ensuring a secure trading environment. More than 580K registered traders enjoy an excellent user experience, from hassle-free account opening to streamlined trading.
Capital.com offers market-leading spreads on more than 125 currency pairs. The brand’s product offering goes far beyond forex trading, with 3,000 indices, commodities, shares, major cryptocurrencies, and altcoins tradable both on desktop and mobile.
The minimum deposit requirements at Capital.com start from $20, with diverse payment methods, including bank transfers, bank cards, and various e-wallet brands. Withdrawals do not entail processing fees and demo accounts are available to practice in a simulated trading environment with virtual funds. The brand is praised for its rich assortment of educational materials, the latest market news, and advanced analytical tools.
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.
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.
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.
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.
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, https://www.esma.europa.eu/, and check a specific entity’s authorization there.
As Forex trading is strictly monitored by the Czech National Bank, traders can perform the authorization check by navigating to the Bank’s website, https://www.cnb.cz/en/.
Last but not least, they can check the regulatory status of an entity by the provided information on its own webpage.
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 remain 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%.
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 30:1 and 2:1, 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 30:1, whereas the upper limit for non-major currency pairs is 20:1.
For comparison’s sake, the leverage restriction in the US for major currency pairs is 50:1, for non-major currency pairs is 20:1, and for exotic currency pairs is 10:1.
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.
- Česká národní banka, the Czech National Bank (CNB)
- ESMA-regulated Forex brokers in the Czech Republic.
- Czech National Bank authorization check for Forex trading.