| Updated: May 15, 2024Looking to venture into forex trading but cannot find a reliable broker serving customers from Sweden? Look no further than this page. Our research team tested dozens of trading sites to create this list of the most trusted forex brokers for Swedish traders. The hands-on analysis we conducted revealed the brokers shortlisted below offer the tightest spreads, the fastest order execution, and the best forex trading conditions overall.
We singled out the brokers recommended below based on a host of additional factors, including range of tradable currency pairs, financing costs, software, educational content, and overall track record in the Swedish retail trading community. The members of our team opened live trading accounts with all recommended brokers to assess their services based on first-hand experience. All shortlisted brokers consistently keep on high standards of transparency, fairness, and regulatory compliance in Sweden.
IC Markets70.64% of retail investor accounts lose money
Fusion Markets74-89% of retail CFD accounts lose money
AvaTrade76% of retail investor accounts lose money
easyMarkets71% of retail investor accounts lose money
City Index69% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
Admirals73% of retail investor accounts lose money
FxPro74% of retail investor accounts lose money
Swissquote61% of retail investor accounts lose money
Iron FX67.62% of retail investor accounts lose moneySwedish Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. IC Markets | 35964 | 4.8 ⭐ |
| 2. Fusion Markets | 1409 | 4.8 ⭐ |
| 3. AvaTrade | 8469 | 4.5 ⭐ |
| 4. easyMarkets | 1618 | 4.5 ⭐ |
| 5. City Index | 314 | 4.2 ⭐ |
| 6. Global Prime | 100 | 4.1 ⭐ |
| 7. Admirals | 1706 | 4.1 ⭐ |
| 8. FxPro | 209 | 3.9 ⭐ |
| 9. Swissquote | 2349 | 3.6 ⭐ |
| 10. Iron FX | 0 | N/A ⭐ |
Swedish Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. Admirals | 0.1 | 10 | 0.7 | 0.5 |
| 2. Fusion Markets | 0.11 | 0.13 | 0.15 | 0.11 |
| 3. Global Prime | 0.13 | 0.28 | 0.28 | 0.22 |
| 4. FxPro | 0.25 | 0.38 | 0.67 | 0.37 |
| 5. Iron FX | 0.7 | 0.4 | 0.9 | 0.8 |
| 6. easyMarkets | 0.7 | 1.0 | 1.0 | 0.9 |
| 7. IC Markets | 0.8 | 0.8 | 0.8 | 0.8 |
| 8. AvaTrade | 0.9 | 1.3 | 1.2 | 1.3 |
| 9. City Index | 1.1 | 1.8 | 1.6 | 2 |
| 10. Swissquote | 1.7 | 1.6 | 1.7 | 2.0 |
Swedish Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. AvaTrade | $0 |
| 2. easyMarkets | $0 |
| 3. City Index | $0 |
| 4. Iron FX | $0 |
| 5. Fusion Markets | $0 Classic Account, $4.50 round turn on Zero Account |
| 6. Admirals | $3 per lot |
| 7. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
| 8. FxPro | $0 on Standard Account; $3.5 per side on Raw+ and Elite Accounts |
| 9. IC Markets | $0 Standard MT; $6 round turn on Raw cTrader; $7 round turn on Raw MT |
| 10. Swissquote | $9 per lot (Standard); $0 (Premium) |
Important Note: Forex brokers domiciled in the EU and the EEA are not required to obtain authorization from Sweden’s Financial Supervisory Authority to carry out trades on behalf of Swedish residents. They can legally conduct business in the country with licenses granted from the financial regulators of other EU and EEA member states through a passport system. Nevertheless, trading forex with Sweden-authorized brokers is always preferable.
Top 10 FX Brokers in Sweden
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
AvaTrade Broker Details Regulators FFAJ (License No.1574),CySEC (No. 347/17) ISA (No. 514666577), IIROC, ADGM / FSRA (No.190018), CBI (No.C53877), BVIFSC (No. SIBA/L/13/1049), FSCA(No.45984), ASIC(No.406684) Min Deposit $100 Trading Platforms MetaTrader4, MetaTrader5, WebTrader, AvaTadeGO, AvaSocial Trustpilot Rating 4.5 out of 8469 reviews Number of Forex Pairs to Trade 250+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.9
USDJPY: 1.3
EURGBP: 1.2
GBPUSD: 1.3Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire Withdrawal Methods Visa, Mastercard, Skrill, WebMoney, Neteller, bank wire AvaTrade is one of the most well-experienced brokers offering online trading since 2006. Licensed and regulated to operate across six continents, this brand focuses on offering CFD and Forex trading, with popular platforms like MetaTrader 4 and 5 available to members of the broker. Alongside the MetaTrader platform, AvaTrade also offers its AvaTrade WebTrader and AvaTradeGO platforms, which introduce several innovative features such as AvaProtect.
Those inexperienced in trading can also try copy trading with AvaTrade’s AvaSocial platform. Trading on the go is also a seamless process, with AvaTrade’s mobile platforms, all available on the AvaTrade mobile app, available both to Android and iOS users.
It is no wonder that so many traders have chosen to trust AvaTrade, with the brand offering some of the greatest trading conditions online. Hedging on short selling and scalping is allowed, with traders having no restrictions to worry about. Fast order executions as well as competitively low spreads are also some of the reasons that have earned the broker a score of 4.6 out of 5 on Trustpilot. A total of 9 jurisdictions regulate the services offered by Ava Trade, with the Financial Futures Association of Japan, the Cyprus Securities and Exchange Commission, and the Australian Securities and Investments Commission being some of them.
Key Pros
- Regulated by 9 jurisdictions in 6 continents
- Offers various trading platforms suitable for beginners and expert traders
- Enables smooth mobile forex trading via dedicated app
- Offers 55 forex options and numerous CFDs
- Easy copy trading via the AvaSocial platform
Key Cons
- Retail account pricing trails behind top brokers’ offerings
- Desktop platform may seem a tad outdated
- Many payment solutions are country-specific
easyMarkets Broker Details Regulators CySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), and FSC (license no. SIBA/L/20/1135). Min Deposit $100 Trading Platforms easyMarkets, MetaTrader 4, MetaTrader 5, TradingView Trustpilot Rating 4.5 out of 1618 reviews Number of Forex Pairs to Trade 60+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.7
USDJPY: 1.0
EURGBP: 1.0
GBPUSD: 0.9Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer Withdrawal Methods Visa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer Starting in 2001, nowadays, easyMarkets is one of the top brokers that cater to the preferences of a wide range of traders, with several licenses authorizing the brand to operate in multiple markets. To ensure traders’ safety, the broker is regulated by authorities like CySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), and FSC (license no. SIBA/L/20/1135).
Being among the pioneers in online trading, easyMarkets was the first one to introduce advanced tools like dealCancellation, Freeze Rate, and Inside Viewer. As for the platforms available to members of the broker, first, we would like to highlight the easyMarkets platform, which boasts a simple design and a selection of advanced trading tools that will appeal to experienced traders. Meanwhile, there is also the alternative to use platforms like MetaTrader 4 and 5 as well as TradingView. Mobile trading is also very accessible thanks to the dedicated easyMarkets app available to both Android and iOS users.
Competitive spreads and low fees are also among the features that make easyMarkets a preferable destination for a large number of traders. The company enjoys an average score of 4.6 out of 5 on Truspilot’s review platform, further cementing the broker’s reputation. Going live requires a minimum deposit of only $100, with the broker supporting a wide selection of deposit methods.
Key Pros
- Offers tight spreads and low fees
- Supports trading of over 60 currency pairs
- Regulated by several reputable authorities
- Supports a wide range of payment methods
- Offers a proprietary platform
Key Cons
- Number of supported products is somewhat limited
- Does not offer copy trading platform
- Traders from certain countries may have access to fewer payment methods
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
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
Swissquote Broker Details Regulators FCA, MFSA, FINMA, DFSA, MAS, CySEC Min Deposit $1,000 Trading Platforms CFXD, MetaTrader 4, MetaTrader5 Trustpilot Rating 3.6 out of 2349 reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1.7
USDJPY: 1.6
EURGBP: 1.7
GBPUSD: 2.0Forex Commission per Lot per Trade $9 per lot (Standard); $0 (Premium) Deposit Methods Visa, Mastercard, Bank Transfer, Online Banking Withdrawal Methods Visa, Mastercard, Bank Transfer, Online Banking Swissquote is one of the most secure brokers you can trade with online. Starting as a financial company specializing in the development of financial software and web applications in 1990, by 1996, it introduced its first financial platform offering traders prices on all securities trading on the Swiss stock market. Today, Swissquote is publicly traded, runs two entirely online-operating banks, and is one of the most trustworthy brokers for Swiss traders as well as trading enthusiasts from multiple foreign markets.
To offer seamless CFD and Forex trading to its customers, Swissquote has introduced its CFXD platform, boasting a simple interface that provides multiple features for an extra intuitive trading experience. In addition to CFXD, the broker also supports MetaTrader 4 and 5, while the Autochartist tool can offer traders access to a large library of charts and trading analysis.
Offering only the best value for your trading is one of Swissquote’s strongest features. It offers competitive spreads as well as low margin rates. Traders’ accounts will enjoy cash deposit protection for transactions up to $/€100, 000 as well as negative balance protection. With major regulators like the FINMA, FCA, DFSA, and more regulating the services offered to Swissquotes customers, it comes as no surprise that many have trusted the broker with their investments.
Key Pros
- Publicly traded reputable brand
- Broker with extensive experience in trading
- Offers competitively low spreads
- Supports various trading platforms
- Forex traders can choose from over 80 currency pairs
Key Cons
- Traders must pay an inactivity fee
- Desktop trading platform looks a bit outdated
- Trading fees tend to be higher
FxPro Broker Details Regulators FCA (No. 45052), CySEC (No. 078/07), SCB (No. SIA-F184), FSCA (No.45052) Min Deposit $100 Trading Platforms MT4, MT5, cTrader, FxPro Edge (proprietary) Trustpilot Rating 3.9 out of 209 reviews Number of Forex Pairs to Trade 70+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.25
USDJPY: 0.38
EURGBP: 0.67
GBPUSD: 0.37Forex Commission per Lot per Trade $0 on Standard Account; $3.5 per side on Raw+ and Elite Accounts Deposit Methods Visa, Mastercard, Maestro, Bank Transfer, Neteller, PayPal, Skrill, Union Pay Withdrawal Methods Bank Transfer, Mastercard, Visa, Union Pay, Maestro, PayPal, Skrill, Neteller Founded in 2006, FxPro is a multi-award-winning broker that provides online trading services with licenses granted by the financial regulators of the UK, Cyprus, and the Bahamas. Over 2,100 instruments are tradable at FxPro via a variety of platforms, including MT5, MT4, cTrader, and proprietary software. Customers can dip their toes into forex, commodity, index, stock, and cryptocurrency trading at FxPro.
Forex traders, in particular, will benefit from over 70 major, minor, and exotic currency pairs tradable with fixed or marked-up floating spreads, depending on the platform and account type. Orders are filled at ultra-low latency, ensuring lightning-fast execution of under 13 milliseconds. FxPro stores the money of its clients in segregated accounts at major international banks and offers negative balance protection to all retail customers, regardless of their trading volume and country.
Minimum deposits at FxPro align with industry standards at $100, although new customers are generally recommended to start with at least $1,000 in their live accounts. Deposits and withdrawals incur no additional transaction fees at FxPro. Cards, bank transfers, and e-wallets are all viable funding options for clients with live accounts.
Key Pros
- Over 2,100 CFDs across six asset classes
- Zero fees on deposits and withdrawals
- Floating spreads with no commissions on MT4 FX trades
- Winner of over 100 industry awards
- Fills orders within less than 13 milliseconds
Key Cons
- FX spreads are slightly higher than industry averages
- Charges maintenance fees after six months of inactivity
IC Markets Broker Details Regulators FSA (Seychelles), CySEC, ASIC Min Deposit $200 Trading Platforms MetaTrader4, MetaTrader5, cTrader, ZuluTrade Trustpilot Rating 4.8 out of 35964 reviews Number of Forex Pairs to Trade 61 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.8
USDJPY: 0.8
EURGBP: 0.8
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Standard MT; $6 round turn on Raw cTrader; $7 round turn on Raw MT Deposit Methods Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna Withdrawal Methods Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, FasaPay, Poli, RapidPay, Klarna Launched in 2007, IC Markets is a well-experienced Australian-based broker, catering to traders across multiple markets. We recommend the brand mainly to forex traders due to its tight spreads and a rather decent currency pair coverage. Supporting the standard MetaTrader 4 and 5 platforms as well as cTrader and ZuluTrade, IC Markets offers a smooth trading experience to both seasoned and less experienced traders.
Cost-effectiveness is definitely one of the reasons for so many traders choosing the services of IC Markets. With no inactivity or withdrawal fees, traders can enjoy a better value for their trading. Forex commission fee is as low as $3.50 per lot traded, while the average spread for a standard pair like EUR-USD is 0.2 for raw spread accounts.
The minimum deposit at IC Markets starts at $200, with traders having multiple secure payment options to choose from. Further ensuring its clients’ security, the broker follows strict trading guidelines imposed by regulators like the Cyprus Securities and Exchange Commission (License No. 362/18) and Australian Securities and Investments Commission ( License No. 335692). Another proof of the broker’s excellent trading services is the extremely high score of 4.8 out of 5 on Trustpilot.
Key Pros
- Offers a large number of forex pairs to trade
- Great for forex traders due to low spreads
- Supports all industry-standard trading platforms
- Supports a wide range of payment solutions
- Low forex trading commission
Key Cons
- Non-EU customers have no investor protection
- Not listed on stock exchange
- List of products can be further expanded
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
Is Forex Trading Legal in Sweden?
Swedes can legally engage in forex trading on condition they do so at brokerage firms operating with licenses from the Swedish Financial Supervisory Authority or another financial regulator based in a member state of the European Union (EU) or the European Economic Area (EEA). Licenses issued by national competent authorities like CySEC (Cyprus), BaFin (Germany), FI-FSA (Finland), and AMF (France), among others, all hold legal weight in Sweden. These watchdogs adhere to the requirements outlined in the Markets in Financial Instruments Directive 2014 (MiFID II), which serves as a standardized rulebook for all financial services providers operating in the EU and the EEA.
Trading forex through local banks is also a legal option for Swedish residents. Forex brokers must satisfy various criteria to receive operational authorization in the Nordic country. European-based brokers must meet minimum capital requirements ranging from €50,000 to €730,000, a threshold they should always maintain. The firms must also have sufficient funding to meet their operating expenses until they manage to reach profitability.
Customers of Sweden-authorized brokers should have access to transparent pricing. Brokers must fill their orders at the best possible bid-ask spreads. Various mechanisms for consumer protection should be in place, including retail leverage caps, negative balance protection, automated margin closeouts, and standardized risk warnings for CFD trading.
There are various ways to legally trade forex in the country, including spot trading and derivative trading through CFDs, forex options, and futures. Marketing and distributing binary options to non-professional traders in Sweden is prohibited, although some residents engage in binary options trading at offshore brokerages at their own risk.
Forex Trading Regulators in Sweden
The Swedish Financial Supervisory Authority (Finansinspektionen) regulates all financial services providers in the country under the provisions of the Securities Market Act (2007:528). The legislation is based on MiFID II so most of the rules it contains overlap with EU regulations. The Stockholm-based watchdog assumed its regulatory responsibilities after the merger of the Bank Inspectorate and the Insurance Supervision Authority in 1991. It falls under the umbrella of the Swedish Ministry of Finance.
The primary tasks of Finansinspektionen are ensuring the stability of the local financial system and overseeing the operations of all authorized market participants, including local banks, insurance companies, and firms facilitating trading in securities. Finansinspektionen issues operating permits to approved forex broking companies and monitors them for compliance with local laws and MiFID II.
Ensuring high levels of consumer protection is another important responsibility of Finansinspektionen. The regulator achieves this by imposing restrictions on leveraged trading with derivatives and ensuring authorized brokers act in the best interests of their clients. Finansinspektionen has the remit to issue warnings and levy fines on brokers for non-compliance, revoking their licenses in cases of repeated or severe transgressions.
How to Identify Forex Brokers Authorized in Sweden
Although not obligatory, trading with brokers regulated by Finansinspektionen is advisable if you reside in Sweden. Locally licensed forex broking firms maintain high standards of security, price transparency, and consumer protection, ensuring fair trading conditions for all Swedes. Identifying Sweden-authorized brokers is beyond simple since this information is easily verifiable at Finansinspektionen’s website.
The Swedish regulator runs an official company register of all local and cross-border businesses sanctioned to offer financial services in the Nordic country. If your broker is featured in the database, its name will come up in the search results, alongside its registered address, corporate ID number, and license status (active, revoked, etc).
Finansinspektionen also maintains a warning list of entities providing trading and financial services without due authorization. Clone firms illegally borrowing the names of regulated companies for fraudulent purposes are also featured on Finansinspektionen’s investor warning list. Feel free to check it upon suspicion your broker operates outside the regulatory frameworks of Sweden and the EU.
Security at Swedish Brokers
Security should be your last concern if you trade forex at Sweden-compliant brokers. Broking firms authorized to serve customers from the Swedish market maintain high standards of investor protection and transparency. Segregating client funds from broking companies’ operational capital is a standard practice mandated by Swedish and EU financial regulations. It ensures client assets remain well-protected at all times, even in the unlikely event of broker insolvency. Swedish traders can have their peace of mind as their money is stored in segregated accounts at tier-one banks based in Europe.
Retail clients are also entitled to investor compensation of up to SEK 250,000 (€20,000) per person if a regulated broker is unable to return their assets due to bankruptcy or other financial challenges. Trading with derivatives like CFDs is a risky endeavor, especially for unversed retail traders who often underestimate the financial dangers associated with using excessive leverage.
Sweden-authorized broking firms implement maximum leverage caps (30:1) to at least partially mitigate the risk of margin trading. Automatic margin closeout rules are in place on a per-account basis, meaning that clients’ equity must cover at least 50% of the margin necessary to maintain their leveraged positions open.
Brokers must additionally post standardized warnings on their websites to inform retail traders about the risk of losing money when trading CFDs with leverage. Regulated firms cannot actively encourage retail clients to invest in complex leveraged derivatives. The aggressive advertising of such high-risk products is also prohibited in Sweden (and the EU as a whole).
Negative Balance Protection at Swedish Brokers
Negative balance protection is another fundamental practice mandated by EU financial watchdogs, including Finansinspektionen. This safeguard prevents traders from losing more money than their available balance. Without negative balance protection, traders risk becoming indebted to their brokers when the markets gap or move abruptly against their leveraged CFD positions. Should this happen, regulated brokers will reset their balance to zero and traders will sustain no residual losses. This mechanism goes hand in hand with the automated margin closeouts we discussed in the previous section.
Taxes on Forex Trading Profits in Sweden
Before you venture into the exciting (and hopefully lucrative) world of forex trading, you should consider using the services of a professional tax advisor. Profits derived from successful forex trades are liable for capital gains taxes in Sweden. The rate is set at 30% and applies to currency trades and derivatives, including options, futures contracts, and leveraged contracts for difference. Residents of the Nordic country are responsible for reporting their taxes themselves and must do so via Form K4, Section C. Swedish traders have until May 2nd of the respective tax year to report their profits. Losses are deductible against a trader’s capital gains up to 70%.
Leverage Comparison at Sweden-Regulated and Offshore Brokers
Finansinspektionen-approved brokers can provide leverage but certain restrictions are in place to protect non-professional clients. Leverage is a useful tool because it enables traders to open bigger positions with a smaller capital overlay, inflating their market exposure and any resulting profits. But there are two sides to every coin and leverage is no exception. Traders can sustain enormous losses if a CFD market gaps or moves quickly in an unfavorable direction.
To prevent clueless retail customers from losing their shirts, Sweden-authorized brokers restrict the maximum leverage on retail accounts to 30:1 for major forex pairs and 20:1 for forex crosses, exotic pairs, gold, and major stock market indices. These ratios drop even further down for other asset classes proportionately to their volatility.
Leverage is capped at 10:1 for all commodities bar gold and non-major stock market indices, 5:1 for individual stocks, and 2:1 for cryptocurrencies. These restrictions apply in all EU and EEA member states as they all adhere to MiFID regulations.
The Australian financial regulator ASIC enforced the same caps on its licensees in 2021 as part of its product intervention. Other watchdogs like Japan’s FSA have introduced even more significant cuts, capping leverage ratios for currency pairs at 25:1. We should point out that professional traders in Sweden can benefit from higher leverage rates of 400:1 or 500:1. Continue reading for further information on how to qualify for a professional trading account at Swedish brokers.
Professional Trader Requirements in Sweden
If forex trading is your prime source of income, you should consider applying for a professional trading account at your Swedish broker. Applicants must cover several requirements to become eligible, starting with a large enough investment portfolio valued at least €500,000 in cash and financial instruments. To prove this, traders must provide recent bank statements from other regulated brokers with whom they hold accounts.
Trading frequency and trade size also bear consideration. Clients should have executed no fewer than ten large-size trades (€50,000 each) in leveraged instruments per quarter in the last twelve months prior to application. Professional traders must demonstrate greater accountability and have sufficient knowledge of derivative trading. They must have at least one year of professional experience in working in the financial industry.
Clients who satisfy the criteria will benefit from higher leverage caps and lower minimum margin requirements but these benefits come at the expense of losing their access to negative balance protection and investor compensation.
Trading Platforms at Swedish Brokers
While regulatory compliance, tight spreads, and low financing costs are all important factors to consider, Swedish traders should also pay attention to the trading platforms brokers rely on to fill their forex orders. Becoming a successful trader requires a good deal of analysis and market research. A good trading platform comes bundled with a robust range of tools for technical and fundamental analysis.
MetaTrader 4 (MT4) is ideal for this purpose as it offers 30 built-in technical indicators, hundreds of custom ones, and great charting tools. Many Sweden brokers have adopted this platform, and unsurprisingly so. MT4 supports trading across multiple asset classes, including forex, not to mention its user-friendly interface greatly streamlines the trading process for inexperienced users.
If you are looking for a slightly better speed of order execution, a richer range of features, and more tradable instruments, you should perhaps consider switching to MetaTrader 5 (MT5). MT5 has additional technical indicators, graphical objects, more widgets, and enhanced charting capabilities. All these features render it a great fit for seasoned traders but this comes at the expense of a slightly overcrowded interface that is unlikely to appeal to inexperienced traders.
TradingView is another popular choice among Swedish traders doing business with authorized brokers, although it is less broadly available. It offers multiple timeframes and quick order execution, coupled with advanced filtering options for market screening. Users can connect with other investors around the globe as TradingView is home to a thriving social-trading community. As usual, we recommend you give your chosen platform a test drive before you connect it to your live account. Most of these platforms either have demo versions or offer free trials for a limited period.
Below you can find some useful references with links to organisations that monitor the forex market in Sweden.