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Best Forex Brokers in Finland for 2024

Written by Zornitsa Stefanova
Zornitsa Stefanova is experienced forex and crypto analyst. She also covers various financial topics such as stocks trading and retirement investments.
, | Updated: December 2, 2024

Looking for a reputable forex broker can be a burdensome task for Finnish traders. Luckily, our team of experts has compiled a list of the best brokers in Finland, offering investors a fair trading environment, rigorous funds protection, competitive pricing, and smooth trading across different devices. Each broker on our list has been tested using real money, allowing us to confirm whether a brand is a good choice for Finnish traders.

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
4FBS
Rating: 4.3 ⭐
72.12% of retail investor accounts lose money
5Eightcap
Rating: 4.2 ⭐
76.09% of retail investor accounts lose money
6FXCM
Rating: 3.9 ⭐
70% of retail investor accounts lose money
7IG
Rating: 3.7 ⭐
70% of retail client accounts lose money
8XTB
Rating: 3.7 ⭐
80% of retail investor accounts lose money
9XM Group
Rating: 2.9 ⭐
72.82% of retail investor accounts lose money
10Iron FX
Rating: N/A ⭐
67.62% of retail investor accounts lose money

Finnish Forex Brokers Ranked by Trustpilot Score

Finnish Forex Brokers Ranked by Spread Commission

Forex BrokerEURUSDUSDJPYEURGBPGBPUSD
1. Fusion Markets0.070.130.231.01
2. Global Prime0.130.280.281.11
3. IG0.850.90.91.40
4. FXCM0.61.110.8
5. Iron FX0.70.40.90.8
6. FBS0.71.32.71.2
7. XM Group0.80.91.50.9
8. XTB0.9141.32.2
9. Pepperstone1.00 (min)1.01.21.00 (min)
10. Eightcap1.00 (min)1.111

Finnish Forex Brokers Ranked by Commission per Lot

Forex BrokerCommission per lot
1. FBS$0
2. IG$0
3. Eightcap$0 on Standard and TradingView Accounts; $7 round turn on Raw Accounts
4. FXCM$0
5. Iron FX$0
6. XTB$0
7. Fusion Markets$0 Classic Account, $4.50 round turn on Zero Account
8. Global Prime$0 Standard Accounts; $7 round turn on Raw Accounts
9. XM Group$0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account
10. Pepperstone$0 (Standard Account), $7 round-turn (Razor Account)

Important Note: To be eligible to operate in Finland and offer forex trading services, brokers must obtain a license from the Financial Supervision Authority (FIN-FSA). This is the official regulator in Finland, ensuring brokers are following trading guidelines, and providing competitive yet secure market conditions. To learn about the latest regulatory actions taken by FIN-FSA, we suggest checking its official website or following its X account.

Top 10 FX Brokers in Finland

  1. TRADE NOW 74-89% of retail CFD accounts lose money
    Fusion Markets Broker Details
    RegulatorsASIC, FSA (Seychelles), VFSC (Vanuatu)
    Min Deposit$0
    Trading PlatformsMetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, TradingView
    Trustpilot Rating4.9 out of 1,862 reviews
    Number of CFD Forex Pairs to Trade90+
    LeverageForex & 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)
    SpreadEURUSD: 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 MethodsVisa, 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 MethodsVisa, 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. TRADE NOW 74-89% of retail CFD accounts lose money
    Global Prime Broker Details
    RegulatorsASIC (No. 385620), VFSC (No. 40256)
    Min Deposit$0
    Trading PlatformsMT4 Desktop, MT4 Webtrader, MT4 Android
    Trustpilot Rating4.5 out of 161 reviews
    Number of CFD Forex Pairs to Trade56
    LeverageForex & 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)
    SpreadEURUSD: 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 MethodsVisa, 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. TRADE NOW 72.82% of retail investor accounts lose money
    XM Group Broker Details
    Regulators(ASIC) (ref. No. 443670), FSC (license no. 000261/397), DFSA (ref. no. F003484), CySEC (license no. 120/10), CFTC; Registrations for EU passporting: - BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA (Finland), KNF, AFM, FSA (Sweden)
    Min Deposit$5
    Trading PlatformsMetaTrader 4 and 5, MetaTrader 4 and 5 on mobile, MT4 WebTrader, MT5 WebTrader, MT4 Multiterminal
    Trustpilot Rating2.9 out of 956 reviews
    Number of CFD Forex Pairs to Trade50+
    LeverageForex & Metals CFDs: 1:30
    Index CFDs: 1:20
    Cryptocurrencie CFDs: 1:2
    SpreadEURUSD: 0.8
    USDJPY: 0.9
    EURGBP: 1.5
    GBPUSD: 0.9
    Forex Commission per Lot per Trade$0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account
    Deposit MethodsVisa, Mastercard. Skrill, Bank Transfer, Neteller, Apple Pay, Google Pay, UnionPay, Maestro
    Withdrawal MethodsVisa, Mastercard, China Union Pay, Skrill, Neteller, Bank Transfer

    Since its inception in 2009, XM managed to attract over 10,000,000 customers, providing the best trading experience for traders online. There are quite a few reasons for so many people trusting XM, with tight spreads and cost-effective pricing being just a few of them. Operated by Trading Point of Financial Instruments Ltd, the broker is regulated by major authorities like the FCA, CySEC, IFSC, ASIC, and many more reputable regulators.

    The brand offers more than 10 full-feature trading platforms that include the MetaTrader 4 and MetaTrader 5 platforms adapted for mobile trading on Android and iOS devices. Mt4 WebTrader, M5 WebTrader, and MT4 Multiterminal are also among the platforms available to XM traders, making trading equally easy and intuitive for any type of trader.

    No matter the account type you opt for, the least amount you are required to deposit to your XM account is $5, with the same limit also imposed on your withdrawals from XM. Conveniently enough, the brand supports a variety of banking methods, with bank cards, e-wallets, and bank transfers being among the solutions one can use to handle their XM balance.

    Key Pros

    • Traders can choose from over 10 platforms
    • Covers a great number of currency pairs
    • Regulated by major authorities
    • Offers smooth trading on the go
    • Supports different account types with tight spreads and low fees

    Key Cons

    • Trading platform’s design seems outdated
    • Not listed on stock exchange
    • Charges an inactivity fee
  4. 4. FBS
    TRADE NOW 72.12% of retail investor accounts lose money
    FBS Broker Details
    RegulatorsCySEC (No. 331/17), FSC (No. 000102/6), ASIC (No. 426359)
    Min DepositStandard accounts: $100
    Cent accounts: $10
    Trading PlatformsMT5 Desktop, MT5 WebTrader, MT4
    Trustpilot Rating4.3 out of 2,926 reviews
    Number of CFD Forex Pairs to Trade35+
    LeverageForex & Metals CFDs: 1:30
    Index CFDs: 1:20
    Cryptocurrencie CFDs: 1:2
    SpreadEURUSD: 0.7
    USDJPY: 1.3
    EURGBP: 2.7
    GBPUSD: 1.2
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, Maestro, Skrill, Bank Transfer, Neteller, EFT, Sticpay, Perfect Money, Fasapay, AstroPay, Pix, JCB, BitWallet
    Withdrawal MethodsVisa, Mastercard, Maestro, Skrill, Bank Transfer, Neteller, EFT, Sticpay, Perfect Money, Fasapay, AstroPay, Pix, JCB, BitWallet

    FBS is a global forex broker with over a decade of experience in providing low-cost trading services. Regulated by CySEC, ASIC, and Belize’s FSC, the company has a whopping 23 million customers across more than 150 countries. FBS clients have access to over 40 currency pairs, indices, hard commodities, and major US stocks, available for trading with floating spreads that start from zero pips in some cases.

    The brokerage has many upsides going for it, including 24/7 client support, reasonable pricing, and a great collection of learning materials for customers looking to hone their skills. Its detailed Guidebook for FX trading features chapters for beginner, elementary, intermediate, and experienced traders. Two main account types are on offer, Standard and Cent, with minimum initial deposits starting at $100 and $10, respectively. The broker offers demo versions of both account types.

    FBS is ideal for customers with a high risk tolerance and large appetites for rewards, allowing them to leverage their positions at ratios of up to 1:3000. As generous as it is, this leverage cap applies only to clients registering through the Belize-licensed version of the website. Various funding methods are supported, although availability largely depends on region.

    Key Pros

    • Leverage of up to 1:3000 on FX majors (non-EU)
    • Excellent learning content
    • Novice FX traders can set up cent accounts
    • Market execution speed averages 0.3 seconds
    • Great Guidebook for FX trading

    Key Cons

    • Facilitates trading via MT5 only
    • Below-average range of tradable products
    • Lacks FCA authorization
  5. TRADE NOW 75.5% of retail investor accounts lose money
    Pepperstone Broker Details
    RegulatorsUK FCA (No.684312), CySEC (No. 388/20), ASIC (No. 414530), BaFin (No.151148), DFSA, CMA, SCB (Bahamas)
    Min Deposit$0
    Trading PlatformsTradingView, MT5, MT4, cTrader
    Trustpilot Rating4.6 out of 2,789 reviews
    Number of CFD Forex Pairs to Trade90+
    LeverageForex & Metals CFDs: 1:30
    Index CFDs: 1:20
    Cryptocurrencie CFDs: 1:2
    SpreadEURUSD: 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 MethodsVisa, Mastercard, PayPal, Bank Transfer, BPay, Neteller, Skrill
    Withdrawal MethodsVisa, 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
  6. 6. IG
    TRADE NOW 70% of retail client accounts lose money
    IG Broker Details
    RegulatorsASIC, FCA, DFSA, CFTC, FMA, FINMA, BaFin, MAS, JFSA, FSCA, BMA (Bermuda)
    Min Deposit$50
    Trading PlatformsMT4, L2 Dealer, ProRealTime, IG proprietary software, TradingView
    Trustpilot Rating3.7 out of 7,200 reviews
    Number of CFD Forex Pairs to Trade80+
    LeverageForex & Metals CFDs: 1:30
    Index CFDs: 1:20
    Cryptocurrencie CFDs: 1:2
    SpreadEURUSD: 0.85
    USDJPY: 0.9
    EURGBP: 0.9
    GBPUSD: 1.40
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, Bank Transfer, Wire Transfer, Visa Electron, Discover, PayPal, Apple Pay, BPAY
    Withdrawal MethodsVisa, 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
  7. TRADE NOW 76.09% of retail investor accounts lose money
    Eightcap Broker Details
    RegulatorsSCB (No. SIA-F220), ASIC (No.391441), CySEC (No. 246/14), FCA (No. 921296)
    Min Deposit$100
    Trading PlatformsMT4, MT5, WebTrader, TradingView, Capitalise.ai, FlashTrader
    Trustpilot Rating4.2 out of 2,668 reviews
    Number of CFD Forex Pairs to Trade50+
    LeverageForex & Metals CFDs: 1:30
    Index CFDs: 1:20
    Cryptocurrencie CFDs: 1:2
    SpreadEURUSD: 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 MethodsVisa, PayPal, Mastercard, Wire Transfer, Neteller, Skrill, Tether, Bitcoin, BPAY, Dragonpay, Fasapay, Interac, Pix, UnionPay
    Withdrawal MethodsMastercard, 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
  8. 8. FXCM
    TRADE NOW 70% of retail investor accounts lose money
    FXCM Broker Details
    RegulatorsFCA, CySEC, ASIC, FSCA, ISA, IIROC
    Min Deposit$50
    Trading PlatformsMetaTrader 4, TradingView Pro, Trading Station, Capitalise.ai
    Trustpilot Rating3.9 out of 548 reviews
    Number of CFD Forex Pairs to Trade40+
    LeverageForex & Metals CFDs: 1:30
    Index CFDs: 1:20
    Cryptocurrencie CFDs: 1:2
    SpreadEURUSD: 0.6
    USDJPY: 1.1
    EURGBP: 1
    GBPUSD: 0.8
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, Bank Transfer, Neteller, Skrill, Google Pay, Open Banking, Apple Pay, PayPal, Paysafecard
    Withdrawal MethodsVisa, Mastercard, Bank Transfer, PayPal, Neteller, Skrill

    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 1:1,000 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
  9. TRADE NOW 67.62% of retail investor accounts lose money
    Iron FX Broker Details
    RegulatorsFCA (licensing no. 585561), FSCA (licensing no. 45276)
    Min Deposit$100
    Trading PlatformsMetaTrader 4, WebTrader, VPS, PMAM, TradeCopier, Mobile App
    Trustpilot RatingN/A out of N/A reviews
    Number of CFD Forex Pairs to Trade80+
    LeverageForex & Metals CFDs: 1:30
    Index CFDs: 1:20
    Cryptocurrencie CFDs: 1:2
    SpreadEURUSD: 0.7
    USDJPY: 0.4
    EURGBP: 0.9
    GBPUSD: 0.8
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Mastercard, Bank Wire, Skrill, Neteller, China Union Pay, Fasapay, Perfect Money, Bitwallet, Paysafecard
    Withdrawal MethodsBank 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
  10. 10. XTB
    TRADE NOW 80% of retail investor accounts lose money
    XTB Broker Details
    RegulatorsFCA (License No. FRN 522157), CySEC (License No.169/12), FSC (FSC License No.: 000302/438), IFSC (License No.: 000302/46.), KNF (N/A), CNMV (N/A), BaFin (registered), FSCA (N/A), FSA Norway (registration ID - FT00118162)
    Min Deposit$250
    Trading PlatformsxStation 5, xStation Mobile
    Trustpilot Rating3.7 out of 1,311 reviews
    Number of CFD Forex Pairs to Trade70+
    LeverageForex & Metals CFDs: 1:30
    Index CFDs: 1:20
    Cryptocurrencie CFDs: 1:2
    SpreadEURUSD: 0.9
    USDJPY: 14
    EURGBP: 1.3
    GBPUSD: 2.2
    Forex Commission per Lot per Trade$0
    Deposit MethodsVisa, Maestro, Mastercard, Bank Transfer, Neteller, Skrill, PayPal, Ecommpay, PayU
    Withdrawal MethodsBank Transfers, Visa, Mastercard, Skrill

    Established in 2002 under the name X-Trade, XTB is a broker of Polish origin that traders from across the globe gravitate towards thanks to its low fees, excellent reputation, and versatile selection of financial instruments that encompasses forex, stocks, ETFs, and more.

    This broker’s operations are overseen by multiple regulatory entities, including but not limited to Poland’s Financial Supervision Authority (KNF) and the British Financial Conduct Authority (FCA). What is more, it also offers negative balance protection, which is an absolute must for many modern traders.

    Although XTB does not support the familiar MT4, MT5, NinjaTrader, or cTrader platforms, the broker does offer its proprietary xStation 5 platform. It comes in several variants, the first one being the convenient web platform. There are also dedicated software applications for desktop computers and smartphone devices.

    Key Pros

    • Bears the seal of approval of both the FCA and the KNF, along with other regulators
    • Mobile-friendly platform
    • Offers negative balance protection
    • Standard users are not charged commission when it comes to forex
    • Low fees

    Key Cons

    • Traders from the US cannot register and trade at XTB
    • No support for MT5 and other popular platforms
    • Withdrawals under certain thresholds are accompanied by fees

Forex trading is legal in Finland and it is fully regulated by the local regulator. As already mentioned, the FIN-FSA is responsible for overseeing the activity of forex brokers operating on the territory of the country. We recommend traders opt for brands that have obtained FIN-FSA’s authorization as this ensures that brokers are compliant with local trading regulations and guarantee safe and fair trading for their customers.

Finnish brokers are also obligated to follow trading regulations imposed by the European Securities and Markets Authority (ESMA) since Finland is a member of the EU. That means MiFID 2 directives apply to local brokers, asked to ensure fair trading conditions for their clients. That also means Finnish traders can join forex brokers licensed by other regulatory bodies across the EU. Meanwhile, residents of EU countries as well as territories within the EEA can join brokers licensed in Finland.

We recommend that Finnish traders always pick forex brokers that have been licensed by tier-1 regulators like the FCA and CySEC. Meanwhile, brands that have been authorized to operate by the local regulator are also safe options, ensuring fair trading conditions.

FIN-FSA Regulation Info

As mentioned above, to be eligible to operate in Finland, brokers must be licensed either in the EU or receive a license from the FIN-FSA, which is the official financial regulatory body in Finland. Since its inception in 2009, the FIN-FSA has been responsible for managing the financial market within the European country. Among the various responsibilities of this agency, there is also the licensing of trading brokers who wish to cater to Finnish traders.

In order to obtain FIN-FSA’s permission, brokers are required to meet a certain list of conditions, proving they are eligible to operate as financial service providers in Finland. What is more, those who have already obtained a license from the local regulator are obligated to regularly present financial statements and other documents that ensure they are following FIN-FSA requirements for fair and safe trading.

Since the Finnish regulatory body is also responsible for taking action against brokers that operate illegally or have breached regulatory rules, the FIN-FSA will regularly publish public notices to inform traders about any brand offering illicit trading services.

How Can I Verify FIN-FSA Authorization?

Confirming whether the broker you have chosen to join has been authorized by the FIN-FSA is a simple process. If a forex brand is regulated by the Finnish authorities, it should clearly state information about its operator and the license it has obtained from the FIN-FSA.

To confirm the legal status of the broker and the validity of its license, you can head to the official website of FIN-FSA and visit the registry page. There, you can search for the operator of the broker and confirm whether it has been registered with the official regulator in Finland. Additionally, you may regularly check FIN-FSA’s publications as they will notify readers about any brand that has been penalized due to participation in unregulated activities.

Are My Funds Safe with Forex Brokers in Finland?

If you want to make sure that your money will be in safe hands while you are trading forex pairs, you should always opt for properly regulated brokers. In the case of Finnish traders, that is true for brands that have been licensed either by the FIN-FSA or any other reputable regulator within the EU and EEA.

Since Finnish brokers are directed to follow a wide range of regulatory guidelines, they are required to ensure extra protection for their clients. That is why traders’ funds are kept in segregated bank accounts, ensuring their money cannot be lost in case of broker’s financial predicaments.

To be eligible to operate in Finland, brokers are required to be fully transparent and warn traders about risks related to trading, which is a highly volatile activity. Meanwhile, brokers must always be fair and offer easy access to markets, ensuring free trading to all EU and EEA residents.

Following ESMA regulations, Finnish forex brokers are also required to implement several security measures like leverage limits and negative balance protection. These instruments balance the risk levels, allowing any retail trader a safe trading experience.

Do Finnish Brokers Provide Negative Balance Protection?

If you have selected a FIN-FSA-regulated trading brand or a broker licensed by a tier-1 regulator, you should be offered negative balance protection when you open a retail trading account. ESMA requires all brokers operating in the EU and EEA markets to ensure this additional protection to traders as trading with high leverage does expose investors to higher risk, potentially accumulating losses that exceed the amount available in their accounts.

Since regulated Finnish brokers do offer negative balance protection, traders can rest assured that when they are making use of higher leverage, their potential losses cannot exceed the amount they have deposited into their trading accounts. That means they cannot become indebted to the broker and trade volumes that are higher than what they can afford.

Do Finnish Traders Pay Tax on Forex Trading Income?

As previously mentioned, forex trading is legal in Finland, with the FIN-FSA supervising any trading activity within the country. As for Finnish traders, they are responsible for constantly checking for any regulatory changes as well as any law amendments that concern their trading activities. Taxes also fall under that category, with Finnish traders being required to pay surcharges related to their forex income.

Forex traders in Finland are required to pay tax on their trading income but if their profit does not surpass €500, they are exempted from this type of surcharge. Otherwise, the tax rate imposed on forex trading gains in Finland is 30%. While this is the tax related to forex incomes at the moment of writing this article, we recommend traders contact local financial professionals to make sure they are aware of any updates and possible amendments related to taxes they must pay on their capital gains.

How Does the Available Leverage of FIN-FSA-Regulated Brokers Compare to the Leverage at Brokers Regulated Offshore?

Whether some forex traders are looking forward to taking advantage of higher leverage while they are trading currency pairs, they should know that depending on the market where the broker is operating, there might be certain limits on maximum allowed leverage. For traders from Finland, there is a cap of 1:30 leverage on major currency pairs. Meanwhile, trading on exotic and non-major pairs will have an even lower maximum leverage of 1:20. These limits are compliant with the mandatory leverage maximums imposed by ESMA, with every broker operating in the EU and EEA required to implement said limitations.

If we compare the allowed leverage in Finnish forex brokers to the caps imposed by trading websites operating offshore, we might see that some have identical or very similar maximums. Brokers authorized to operate in Australia or the UK will be asked to impose the same limits of maximum leverage of 1:30 on major currency pairs and 1:20 on nonmajor forex pairs. Meanwhile, brokers operating legally in the US may introduce maximum leverage of 1:50 on major pairs. That said, they allow brokers to impose even lower maximum leverage if they wish to further reduce risk levels on forex trading.

There are also markets like the Seychelles, regulated by the FSA, which allow forex traders to trade currency pairs with a leverage that can go as high as 1:5,000. Needless to say, such brokers are not required to offer negative balance protection as the extremely high risk coming with this type of leverage can easily accumulate massive losses.

What Do You Need to Qualify to be Designated as a Professional Trader in Finland?

While a maximum leverage cap can be a great security tool for retail forex traders, those who enjoy operating with higher volumes may not appreciate such restrictions. Luckily for them, they might be able to apply for professional trading accounts, allowing them to place orders with significantly higher leverage on both major and exotic pairs. Professional trading accounts often come with lower or no commission fees, allowing traders to enjoy better value for their trading.

To qualify for a professional trading account on a broker website operating in the EU or EEA, you will need to meet several conditions stipulated by ESMA. These include having extensive experience in the financial market sector, having a significant amount traded over a certain period of time, and boasting a portfolio valued higher than €500,000.

Most reputable Finnish regulators will allow you to either open a professional trading account or upgrade your existing retail account if you meet at least two of the three aforementioned conditions. Usually, to be designated as a professional trader, Finnish investors must:

  • Complete at least 10 transactions of significant amount per quarter in the last 12 months
  • Prove they have experience of at least one year working in the financial market sector
  • Have a financial instruments portfolio worth at least €500,000

Each forex broker will guide you through the steps you need to take and the documents you are required to provide in order to complete the professional trading verification process.

What Trading Platforms Are Available to Finnish Traders?

Naturally, the majority of the forex brokers operating in Finland are providing their financial services under licenses issued by regulators within the EU and EEA. That is why traders are met with the choice of trading via several of the most popular trading platforms one can use for forex trading. Meanwhile, quite a few brands also offer their purpose-developed proprietary platforms, offering smooth trading on forex, CFDs, and other products.


MT4MetaTrader 4: As far as forex trading goes, MT4 is probably one of the most popular options for trading platforms that most traders prefer. With an interface that enables seamless trading for both beginners and expert traders, MT4 offers access to a decent selection of markets, with several instruments allowing traders to make trading decisions easier. Often optimized for both desktop and mobile use, MT4 is a great platform solution for any forex trader.


MetaTrader 5MetaTrader 5: While MT4 is great for forex trading, those who wish to explore more options may prefer MT5, which adds more markets and slightly more advanced tools to the trading experience. Usually, advanced traders prefer using MT5 as it gives them better insight into various markets, allowing them to assess risk levels and make trading decisions easier.


WebTraderWebTrader: If you are already used to MT4, you will have no issue utilizing WebTrader for your forex trading orders. Boasting a simpler interface and a few trading tools, WebTrader allows you instant access to trading through its browser-based platform. Since there is no need to install any software on your device, you can start trading right away, using your preferred browser to launch WebTrader.


cTradercTrader: This is definitely a more advanced platform version, often enabling a more modern trading experience, with many expert traders appreciating the cTrader option. Featuring various instruments like technical analysis, charts, and drawing tools, cTrader allows traders to track different markets and always get a more accurate estimation of risk levels while they trade with Finnish brokers.


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

  1. FIN-FSA (Financial Supervision Authority): Homepage of Finland’s financial regulator.
  2. FIN-FSA Warning Lists: The FSA offers information on how Finnish traders can learn to recognize potential fraudulent activities. This is also where traders can find warning lists that inform traders about suspicious or unauthorised entities.
  3. FIN-FSA Registers: Detailed information on which financial entities are supervised by FIN-FSA.
  4. FIN-FSA Problems With a Service Provider: Here, FIN-FSA offers insight into what Finnish traders can do if they run into issues with financial service providers.
Written by Z. Stefanova