Choosing a broker

How to choose a broker in Europe – a checklist that puts safety first

The order in which to evaluate a forex, CFD or share broker as a European resident - licence and entity, protection, costs, platform, product range, money transfers and support.

By Forex.eu.com Editorial Team Updated 2 min read

Comparison tables usually start with spreads and bonuses. We think that is backwards. A broker is a company you trust with your money; start with whether that trust is justified, then look at price and features.

  • Does the firm hold an EU/EEA licence (or FCA if you live in the UK, FINMA/EU if you live in Switzerland)?
  • Which legal entity would onboard you, and is it on the regulator's register with the same website? See how to check a licence.
  • Has the firm notified a passport into your country?

Our broker register shows the licences on record for more than 500 firms.

2. What protection you get

  • Which compensation scheme applies, and its limit? It depends on the licensing country, from €20,000 to €100,000 – see the compensation table.
  • Is the broker a bank (deposit guarantee on cash) or an investment firm?
  • Is the group listed with audited public accounts?

Our Protection Score summarises these factors on a transparent 0–100 scale – read the methodology.

3. Total cost for the way you trade

  • Spread and commission on the instruments you actually trade, at the times you trade them.
  • Overnight financing if you hold positions for days or weeks.
  • Currency conversion if your account currency differs from the instruments.
  • Deposit, withdrawal, custody and inactivity fees.

Use the trading cost calculator with numbers from each broker's contract specifications.

4. Execution and platform

  • Execution model: market maker, STP or agency – see ECN, STP and market makers.
  • Platform: MetaTrader, cTrader, TradingView or the broker's own – see trading platforms.
  • Order types, guaranteed stops, mobile app quality, stability during news.

5. Products and account features

  • Forex only, or also indices, commodities, real shares and ETFs?
  • Account currency options (EUR, GBP, CHF, PLN, SEK…) to avoid conversion costs.
  • Tax reporting: some local brokers produce country-specific tax statements (for example the PIT-8C in Poland); foreign brokers usually do not.

6. Money in and money out

  • Deposit and withdrawal methods and times – withdrawals should go back to an account in your name.
  • Ask current clients or read trader experiences about withdrawal speed. Slow withdrawals are the most common early sign of trouble.

7. Support and language

Local-language support and a clear complaints process matter most when something goes wrong. Test support before you deposit.

This guide is general information, not personal financial, tax or legal advice. Rules change; we review this page regularly and show the date of the last update above. Found an error? Tell us. See our editorial policy.

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