Forex trading is legal in Belgium, with a multitude of Forex and CFDs brokers operating within the country. However, all the brokers who want to offer their services and operate a branch within Belgium have to follow the rules and regulations of the Financial Services and Markets Authority (FSMA).
The important aspect of selecting the best Forex broker in Belgium is to check whether they are offering a negative balance protection for retail clients. Many of the top FX brokers in Belgium offer multiple other safety policies to ensure traders are trading in a safe environment.
The one critical aspect of trading Forex in Belgium is the country’s exceptionally high tax rates. The capital gains tax in Belgium is called a “speculation tax”, and all retail traders' profits are charged with a 33% tax rate.
Since Belgium is a member of the EU brokers that are regulated by ESMA (European Securities and Markets Authority) or follow the MiFID II can offer services to Belgian traders.
A quick comparison of top-rated FX brokers in Belgium
To select the best Forex broker in Belgium, there are several factors to consider such as safety, platforms, fees, spreads, accounts, education, and more. Depending on the trader’s style and experience, different brokers might be more suitable. The best Forex brokers in Belgium are selected in the list below:
AvaTrade
Read the review
Visit broker 8.8 7.63 CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
|
Pepperstone
Read the review
Visit broker 8.2 7.75 Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.7% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
|
Tickmill
Read the review
Visit broker 7.6 6.29 CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd. You should consider whether you understand how CFDs or our other products work and whether you can afford to take the high risk of losing your money.
|
Saxo Bank
Read the review
Visit broker 8.32 6.85 CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. Losses can exceed deposits on some products.
|
HFM
Read the review
Visit broker 7 5.86 CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.77% of retail investor accounts lose money when trading CFDs with HF Markets (Europe) Ltd. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| |
| Regulated by FSMA, ESMA | No | No | No | Yes | No |
| Adheres to the rules and standards of MiFID II | Yes | Yes | Yes | Yes | Yes |
| Offers accounts in Euro | Yes | Yes | Yes | Yes | Yes |
| Account entity for Belgian residents | AVA Trade EU Ltd | Pepperstone EU Ltd | Tickmill Europe Ltd | Saxo Bank A/S | HF Markets (Europe) Ltd |
| Spreads on EURUSD | From 0.9 pips | From 1 pip | From 1.6 pips | From 0.6 pips | From 1.3 pips |
| Maximum Leverage | 30:1 (400:1 for pros) | 30:1 (400:1 for pros) | 30:1 (500:1 for pros) | 30:1 (1:1 for pros) | 1:30 retail, 1:2000 pros |
| Minimum Deposit | 100 EUR | 0 EUR | 100 EUR | 0 EUR | 5 EUR |
| Deposits via cards and PayPal | Yes | Yes | Yes | Yes | Yes |
| Trading Platforms | MetaTrader 4 and 5, DupliTrade | MetaTrader 4 and 5, cTrader | MetaTrader 4, MetaTrader 5 | SaxoTraderGo, SaxoTraderPro | MetaTrader 4, MetaTrader 5 |
AvaTrade
AVA Trade EU Ltd is licensed and available in Belgium for both retail and professional traders.
The firm offers MetaTrader 4 and 5. The maximum leverage offered by AvaTrade to its clients is 400:1, with maximum leverage for EU clients of 30:1 because of strict regulations in the EU region.
More than 1250 assets are available for trading with AvaTrade, including:
- 64 Forex pairs
- 629 shares as CFDs
- 19 cryptocurrencies as CFDs
- 30 indices
- 17 commodities
Spreads for Belgian traders from AvaTrade are low from 0.9 pips on the standard account, but there is no 0 pips spread account at this point.
Visit broker
8.8
7.63
| Standard Account | |
|---|---|
| Spread on EUR/USD | From 0.9 pips |
| Minimum Deposit | 100 USD |
| Maximum leverage | 1:30 for Belgium |
| Minimum Lot Size | 0.01 lots |
| Islamic Account | Yes |
| Negative Balance Protection | Yes |
| Trading Platforms | MetaTrader 4, MetaTrader 5, DupliTrade |
Pepperstone
The Pepperstone subsidiary Pepperstone EU Ltd is available in the EU and Belgium and is a regulated and licensed entity.
Pepperstone provides its traders with advanced trading platforms of MT4, MT5, and cTrader, and offers over 1250 tradable instruments in diverse markets:
- 62 currency pairs
- 1,000+ share CFDs
- 23 crypto CFDs
- 32 commodities
- 23 indices
The two trading accounts at Pepperstone are the Razor and Standard accounts. The Razor account has spreads from 0 pips on EURUSD aimed at scalpers, while the standard account has a spread from 1 pip on the same pair. The Razor account comes with small commissions to account for 0 spreads. The leverage for Belgian retail traders is 1:30 as per EU regulations, and professional traders can get up to 1:400 leverage for CFDs.
Visit broker
8.2
7.75
| Razor account | Standard account | |
|---|---|---|
| Spreads on EUR/USD | From 0 pips | From 1 pip |
| Minimum Deposit | 0 USD | 0 USD |
| Minimum lot size | 0.01 lots | 0.01 lots |
| Negative Balance Protection | Yes | Yes |
| Maximum Leverage | 1:30 for retail, 1:400 for professionals | 1:30 for retail, 1:400 for professionals |
| Islamic Account | No | Yes |
| Trading Platforms | MetaTrader 4, MetaTrader 5, cTrader | MetaTrader 4, MetaTrader 5, cTrader |
Tickmill
Tickmill is available in Belgium and is regulated by many trusted authorities including the FCA, CySEC, FSA, Labuan FSA, and FSCA. Spreads start from 1.6 pips on EURUSD for the Classic accounts and 0 pips on the Pro account. This 1.6 pips is expensive, and the broker is mostly suited for scalpers, with its Pro account offering 0 pips spreads for low commissions. The minimum required deposit starts from 100 EUR for pro and classic, and 50,000 EUR is required for the VIP accounts.
The leverage is capped at 1:500 for professionals and 1:30 for retail traders in Belgium, and there is a multitude of trading assets provided:
- 62 Forex pairs
- 8 cryptos
- 25 indices
- 7 commodities
The legal entity operating accounts in Belgium is Tickmill Europe Ltd which is regulated by CySEC of Cyprus. All the trading accounts opened from Belgium will be under CySEC regulations. Tickmill Europe Ltd is also part of the investor compensation scheme and keeps user funds in segregated bank accounts, protecting Belgian traders in case something goes wrong.
Visit broker
7.6
6.29
| Pro | Classic | VIP | |
|---|---|---|---|
| Spread on EUR/USD | From 0.0 pips | From 1.6 pips | From 0.0 pips |
| Minimum Deposit | 100 USD | 100 USD | 50,000 USD |
| Maximum Leverage | 1:500 | 1:500 | 1:500 |
| Negative Balance Protection | Yes | Yes | No |
| Minimum Lot Size | 0.01 lots | 0.01 lots | 0.01 lots |
| Islamic Account | Yes | Yes | Yes |
| Trading Platforms | MetaTrader 4, MetaTrader 5 | MetaTrader 4, MetaTrader 5 | MetaTrader 4, MetaTrader 5 |
Saxo Bank
Saxo Bank is operating within Belgium and its website offers two languages targeted exclusively at Belgian traders. Saxo Bank has recently adjusted its trading accounts and initial deposit requirements to appeal to an even wider audience. The three main account types by Saxo are Classic, Platinum, and VIP accounts. Classic account minimum deposit starts from 0 USD, the platinum account requires 200,000 USD, and the VIP account will require traders to have at least 1,000,000 USD available.
The number of tradable instruments is
- 185+ Forex pairs
- 16+ crypto assets
- 300+ futures
- 8,800+ CFDs in various asset classes
- 62,000+ instruments in other assets including bonds, futures, options, shares, stocks, ETFs, and more.
The leverage for CFDs is 1:30 per EU and Belgium regulations, while it is 1:1 for other accounts.
Visit broker
8.32
6.85
| Classic | Platinum | VIP | |
|---|---|---|---|
| Spreads on EUR/USD | From 0.6 pips | From 0.6 pips | From 0.6 pips |
| Minimum Deposit | 0 USD | 200,000 USD | 1,000,000 USD |
| Islamic Account | Yes | Yes | Yes |
| Minimum Lot Size | 0.01 lots | 0.1 lots | 1 lot |
| Maximum leverage | 1:30 | 1:1 | 1:1 |
| Negative Balance Protection | Yes | No | No |
| Trading Platforms | SaxoTraderGo, SaxoTraderPro | SaxoTraderGo, SaxoTraderPro | SaxoTraderGo, SaxoTraderPro |
HFM
HFM is a regulated Forex and CFDs broker that is available in Belgium. HFM accepts deposits in EUR and offers multiple trading account options. HF Markets (Europe) Ltd which is a legal entity operating in Belgium and within the EU is under the regulations of CySEC. CySEC and EU regulators in general prohibit brokers from offering more than 1:30 leverage for retail Forex traders. Therefore, the leverage for major Forex pairs is 1:30 and 1:20 for minor pairs. HFM accepts deposits in Euro and traders can use popular payment methods in Belgium including bank cards and PayPal.
Here is the complete list of tradable instruments offered by HFM:
- 53 Forex pairs
- 2,170 shares
- 11 indices
- 13 commodities
- 40 cryptos
- 32 ETFs
- 3 bond CFDs
Professional Forex traders from Belgium can get up to 1:2000 leverage as they are exempt from strict regulations on leverage. The cent account only accepts USC for deposits while all other accounts come with an EUR option.
Visit broker
7
5.86
| Cent | Zero | Pro | |
|---|---|---|---|
| Spreads on EUR/USD | From 1.2 pips | From 0 pips | From 0.6 pips |
| Minimum Deposit | 0 EUR | 0 EUR | 100 EUR |
| Minimum Lot Size | 0.01 lots | 0.01 lots | 0.01 lots |
| Maximum leverage | 1:2000 | 1:2000 | 1:2000 |
| Negative Balance Protection | Yes | Yes | Yes |
| Trading Platforms | MetaTrader 4, MetaTrader 5 | MetaTrader 4, MetaTrader 5 | MetaTrader 4, MetaTrader 5 |
Best Forex brokers in Belgium ranked for Forex trading
Let’s take a look at the top Forex brokers in Belgium and define which one of them is more attractive for FX trading. By looking at the ranking table, it is much easier to find the most attractive broker for Forex trading.
| AvaTrade | Pepperstone | Tickmill | Saxo Bank | HFM | |
|---|---|---|---|---|---|
| Number of forex pairs | 64 | 62 | 62 | 185+ | 53 |
| Min. Spreads on EUR/USD | 0.9 pips | From 1 pip | From 1.6 pips
| From 0.6 pips | From 1.2 pips |
Interactive brokers have the lowest spreads for standard accounts, while Saxo Bank has the highest number of Forex pairs. Other brokers have higher spreads for standard accounts, but most of them offer dedicated low-spread accounts from 0.0 pips. So, the choice belongs to traders.
Best brokers in Belgium by trading platforms
| AvaTrade | Pepperstone | Tickmill | Saxo Bank | HFM | |
|---|---|---|---|---|---|
| MetaTrader 4 | Yes | Yes | Yes | No | Yes |
| MetaTrader 5 | Yes | Yes | Yes | No | Yes |
| cTrader | No | Yes | No | No | No |
| Other platforms | DupliTrade | No | No | Yes | No |
Pepperstone has the most number of advanced trading platforms, with cTrader being an option. However, Saxo and Interactive Brokers have advanced platforms to accommodate the abundance of trading asset types they offer for trading.
How do you check if your broker can operate in Belgium and the EU?
There are two ways for Forex brokers to be able to accept clients from Belgium, by being regulated by the Financial Services and Markets Authority (FSMA) of Belgium or by having a license from any of the EU member country’s regulators and utilizing the MiFID passporting system. The MiFID (Markets in Financial Instruments Directive) passporting system allows financial firms that are regulated in one EU member state to offer their services and operate in other member states without the need for additional regulatory approval in each individual country.
Reputable and popular Forex broker regulators within the EU are
- Cyprus Securities and Exchange Commission (CySEC)
- Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) — Germany
- Autorité des marchés financiers (AMF) — France
If a broker is regulated by any of these authorities, it can offer services inside Belgium.
Check for the broker regulators on their website
Every Forex broker lists their regulator's name and license number on their website, usually at the bottom of the main webpage. If the list of regulators includes authorities operating within the EU, then it can offer services within Belgium as well. Belgium has been a member of the EU since 1956.
All FSMA-regulated Forex Broker Reviews
Here is the list of all brokers that are licensed and regulated by the Belgian authority.
