| Updated: May 15, 2024The Polish forex market has witnessed considerable growth over the past few years, with an increasing number of residents engaging in online retail trading. Industry experts estimate approximately 80,000 Poles were actively speculating with contracts for difference and other forex derivatives in 2020. The number of forex broking firms catering to local traders is understandably also on the rise, making it increasingly difficult for Poles to find trusted brokers that cover all their individual criteria.
To make this process easier, we looked into dozens of companies operating on local soil and picked out the best brokers for forex trading in Poland. We spent hours on research to adequately evaluate all aspects of their operations and single out the brokers offering the most competitive trading conditions. The brokers featured on this page have established themselves as undisputed leaders in terms of regulatory compliance, competitive pricing, and order execution. Our team created live accounts with all recommended brokers to ensure they really live up to our high expectations and provide nothing short of a best-in-class forex trading experience.
Fusion Markets74-89% of retail CFD accounts lose money
Markets.com74.2% of retail investor accounts lose money
City Index69% of retail investor accounts lose money
FXCM70% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
Plus50080% of retail investor accounts lose money
IG70% of retail client accounts lose money
Saxo Bank65% of retail investor accounts lose money
Swissquote61% of retail investor accounts lose money
XM Group72.82% of retail investor accounts lose moneyPolish Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 1409 | 4.8 ⭐ |
| 2. Markets.com | 1165 | 4.7 ⭐ |
| 3. City Index | 314 | 4.2 ⭐ |
| 4. FXCM | 494 | 4.2 ⭐ |
| 5. Global Prime | 100 | 4.1 ⭐ |
| 6. Plus500 | 13168 | 4.1 ⭐ |
| 7. IG | 6723 | 4.1 ⭐ |
| 8. Saxo Bank | 5596 | 3.7 ⭐ |
| 9. Swissquote | 2349 | 3.6 ⭐ |
| 10. XM Group | 561 | 2.7 ⭐ |
Polish Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. Fusion Markets | 0.11 | 0.13 | 0.15 | 0.11 |
| 2. Global Prime | 0.13 | 0.28 | 0.28 | 0.22 |
| 3. Markets.com | 0.6 | 0.7 | 0.9 | 0.9 |
| 4. IG | 0.6 | 0.9 | 0.9 | 0.9 |
| 5. FXCM | 0.6 | 1.1 | 1 | 0.8 |
| 6. XM Group | 0.8 | 0.9 | 1.5 | 0.9 |
| 7. Saxo Bank | 0.9 | 1.2 | 0.8 | 1 |
| 8. City Index | 1.1 | 1.8 | 1.6 | 2 |
| 9. Plus500 | 1.2 | 1.5 | 1.5 | 1.5 |
| 10. Swissquote | 1.7 | 1.6 | 1.7 | 2.0 |
Polish Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. Fusion Markets | $0 Classic Account, $4.50 round turn on Zero Account |
| 2. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
| 3. XM Group | $0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account |
| 4. Saxo Bank | $3 per lot |
| 5. City Index | $0 |
| 6. Plus500 | $0 |
| 7. IG | $0 |
| 8. Swissquote | $9 per lot (Standard); $0 (Premium) |
| 9. FXCM | $0 |
| 10. Markets.com | $0 |
Important Note: Forex brokers must acquire licenses from the Komisja Nadzoru Finansowego (KNF) to legally provide their services in the country. Trading at KNF-authorized brokers is recommended, albeit not mandatory, if you wish to benefit from robust investor protections, fair trading conditions, and transparent pricing. Choosing a locally regulated broker will also significantly reduce your chances of falling victim to forex scams and investment fraud.
Is Forex Trading Legal in Poland?
Trading forex currency pairs is completely legal in Poland but requires authorization from the country’s financial watchdog, the Komisja Nadzoru Finansowego (Polish Financial Supervision Authority). Locally authorized forex brokers adhere to stringent guidelines and maintain high levels of investor protection. They are sufficiently capitalized and submit quarterly reports about the loss and profit percentages of their clients.
Compliant brokers must also provide clients from the Polish market with adequate educational resources to ensure they properly understand the risks associated with speculating on derivatives like options, futures, and contracts for difference. They must confirm local retail customers have enough knowledge and experience in derivative trading before allowing them to use leverage.
KNF-compliant brokers are fully transparent about their pricing and fill traders’ orders at the best possible ask-bid spreads. Various protections are in place to safeguard Polish traders and their assets. These include offering negative balance protection, client funds segregation, and restrictions on the maximum leverage available to retail traders speculating with contracts for difference (CFDs).
Forex Trading Regulators in Poland
Companies offering forex broking services in Poland require authorization from the Komisja Nadzoru Finansowego (KNF) and are constantly under its surveillance. The regulatory body was established in 2006 after the Financial Market Supervision Act passed into law. This legislation effectively transferred all financial regulatory responsibilities from the Polish Securities and Exchange Commission to the newly created KNF, giving it full autonomy in monitoring all financial services providers operating in the country.
The KNF plays a vital role in maintaining the stability of the local financial market and is largely regarded as one of the strictest regulatory bodies in the European Union (EU). It issues licenses to approved forex brokers and oversees their operations to ensure they are fully compliant with Poland’s financial legislation. As a member of the EU, Poland also falls under the regulatory scope of the European Securities and Markets Authority.
Forex broking firms serving the local market must adhere to MiFID (Markets in Financial Instruments Directive). This far-reach legislation extends to all EU and EEA countries and enables EU-regulated brokers to legally service traders from Poland. With this in mind, it is recommended to trade forex with companies regulated in Poland as this will give you access to maximum regulatory protections.
How to Identify Forex Brokers Authorized in Poland
Poles should always verify their forex brokers are properly regulated before registering at any trading platform. In doing so, they considerably reduce their chances of becoming victims of forex scams and gain access to the best possible trading conditions. Checking KNF’s official register of authorized companies is the easiest way to confirm the regulatory status of your broker.
If the company is registered in Poland or the EU, it will appear in the database. The register provides detailed information about featured firms, including their registered address, home states, and the supervisory authorities regulating them. Many companies operate on Polish soil with licenses obtained from other EU regulatory bodies, with the Cyprus Securities and Exchange Commission (CySEC) serving as a prominent example.
Security at Polish Forex Brokers
Poland’s regulatory framework mimics the requirements introduced by ESMA under MiFID. Various protective measures are in place to safeguard residents of the country from investment fraud, business collapses, and unethical practices. Brokers doing business in Poland must comply with certain restrictions on leveraged derivative products, starting with leverage caps that limit local traders’ maximum market exposure.
Providing negative balance protection is a common practice all regulated brokers have adopted to prevent the balance of retail traders from slipping into the red zone. It is coupled with a closeout mechanism that automatically liquidates losing positions once a trader’s balance drops below the threshold required to maintain them. Minimum retail margin requirements are set at 50% in EU countries, including Poland.
Forex brokers regulated in Poland must additionally provide disclosures warning retail customers about the financial risk involved in entering into contracts for difference. Said disclosures must inform potential clients about the percentage of retail traders losing money through CFD trading at the respective broker.
Each retail client must complete a brief questionnaire, allowing brokers to determine whether they are experienced enough to trade high-risk derivatives. Customers who fail to pass this standardized test are denied access to leverage and cannot enter into such derivative contracts.
Clients must have access to accurate and up-to-date forex price quotes. Their orders should be filled at the best possible pricing. Poles trading with regulated brokers have no reason to worry about brokers misusing their funds. Broking firms in the country champion robust compliance with EU fund segregation rules.
They never use client money for operating expenses as traders’s funds are kept separately from brokers’ operating capital. Also, all authorized brokerages participate in investment compensation schemes serving as safety nets against potential bankruptcies. Should a broker go bust, their retail clients can claim up to €20,000 in compensation per person.
Negative Balance Protection at Polish Forex Brokers
As we previously mentioned, Pole-friendly forex brokers must provide negative balance protection (NBP) to all retail customers who engage in CFD trading with leverage. This mechanism is beyond useful as it prevents inexperienced traders from losing more than the amount deposited in their accounts. In other words, it protects customers from becoming indebted to their brokers in the event of unexpected market caps.
Brokers offering this risk-management tool implement automatic margin calls to close all rapidly declining leveraged positions in retail accounts. The NBP mechanism enables customers to better manage their volatility and take advantage of higher leverage without worrying about their accounts ending up in the red.
Taxes on Forex Trading Profits in Poland
Traders from Poland should keep in mind profits derived from forex trading are treated as taxable income. Personal income taxes in the country range from 17% to 32%. It is important to specify that earnings from cryptocurrency trades are liable for capital gains taxes of 19%. Navigating the legal tax landscape is no easy task, especially if one lacks experience in trading. If you are unsure how to report your forex-related income to the local tax authorities, it would be best to consult a professional tax advisor to avoid getting into legal trouble.
Comparing Maximum Leverage at Polish and Offshore Forex Brokers
According to recent data published by the Polish financial regulator, over 73% of all active retail traders in the country incurred losses from leveraged derivatives in 2023. Margin trading carries a significant risk for inexperienced investors but financial danger is at least partially mitigated by the introduction of leverage caps.
Poland was one of the first countries to enforce restrictions on the maximum leverage accessible by retail clients. The country decided to cut down leverage to 100:1 in 2015 after KNF established that many Pole-friendly brokers offer unreasonably high ratios of 500:1 or more.
Leverage caps in Poland largely align with those in all other EU countries under MiFID. Retail clients trading in forex majors can leverage their positions at a ratio of no more than 30:1. The rates are lower for forex crosses and exotic pairs at 20:1 due to their higher volatility and coincide with those for gold and major index CFDs.
The caps for other commodities and indices are set at 10:1. Stock and cryptocurrency traders can leverage their positions at maximum rates of 5:1 and 2:1, respectively. Experienced traders from Poland have access to higher leverage, as you shall see shortly.
Experienced Retail Trader Requirements in Poland
One unique aspect of the Polish regulatory framework is that it makes a distinction between two types of retail traders, inexperienced and experienced. The category of “experienced” retail traders was introduced in 2019, providing access to leverage ratios as high as 100:1. Customers interested in switching to “experienced retail client” status must submit written requests to their brokers.
| Leverage Caps for Experienced Retail Traders in Poland | |
|---|---|
| Major Forex Pairs | 100:1 |
| Forex Crosses | 100:1 |
| Major Indices and Gold | 100:1 |
| Other Commodities and Indices | 10:1 |
| Individual Stocks | 5:1 |
| Cryptocurrencies | 1:1 |
To gain approval, applicants for this classification must have opened 10 or more leveraged positions per quarter, of €50,000 each, during the previous four quarters. At least 50 or 40 positions are needed if the nominal value of your leveraged transactions amounts to €10,000, and €2 million. Retail clients must confirm they are experienced enough by presenting certificates from their brokers, investment advisors, or professional risk managers.
The alternative is to provide a certificate for the successful completion of a derivative training course, comprising 50 or more hours. Employment in the financial sector for one or more years will also do if you fail to meet the previous two requirements. Experienced retail traders can take advantage of higher leverages for forex pairs, gold, and several major equity indices, including FTSE 100 and NASDAQ.
Forex Trading Platforms at Polish Brokers
When looking for a new broker, Poles should take the time to check what software it implements and preferably test it by setting up a free demo account. The best forex brokers operating on Polish soil typically work with powerful software capable of delivering lightning-fast order execution. Some broking firms develop proprietary platforms, each with unique features and capabilities. Others prefer to use software created by third-parties like MetaQuotes and Spotware.
To make an informed choice, Polish traders should consider their frequency of trading, style, and experience level. MetaQuotes’ MetaTrader 4 (MT4) is broadly implemented by Pole-friendly brokers and is suitable for beginner traders. It comes with a relatively intuitive interface and a diverse range of features, including one-click and automated trading with the help of expert advisors. MetaTrader 5 (MT5) is the improved version of MT4, giving you access to more technical indicators, among other features, but is slightly less user-friendly.
Spotware’s cTrader is another robust alternative for Polish forex traders but is not as broadly supported as MT4 and MT5. It is ideal for high-frequency day trading and algorithmic trading. Additionally, it supports copy trading, allowing users to follow successful traders from around the world and replicate their positions in their own portfolios.
Below you can find some useful references with links to organisations that monitor the forex market in Poland.
- Komisja Nadzoru Finansowego (Polish Financial Supervision Authority)
- KNF’s official register of authorized companies