Top 10 Best Forex Brokers in Belgium for 2022

filippo ucchino Filippo Ucchino calendar Last Updated: April 2022 timer 12 min read
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Selecting between the top forex brokers for any trader can always represent something of a challenge. This the same for traders in each and every country around the world.

To help you as a forex trader in Belgium though, we have compiled a listing to help you choose the best belgische forex broker for your forex trading future.

Alongside that, we will cover some of the key issues and questions that forex traders in Belgium face when they want to start trading.

Table of contents

Round-up of the best forex brokers in Belgium

  1. eToro: best for professional traders overall
  2. FXTM: best service quality
  3. Pepperstone: best professional rebates program
  4. AvaTrade: best for fixed spread trading
  5. FBS: best MetaTrader service
  6. Admiral Markets: wide range of account types
  7. Trading 212: best trading flexibility
  8. City Index: solid and trustworthy broker for pro traders
  9. Oanda: best for high-volume traders
  10. Instaforex: best ECN pro account


CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you can afford to take the high risk of losing your money

Is Forex Trading legal in Belgium?

The simple answer here to this question is yes. Forex trading is legal in Belgium.

Being a member of the EU you would expect this to be a simple process, and it may well be that if you are a non-Belgium citizen. However, for Belgians, while forex trading is legal, you do have to be a professional trader to engage in the forex market as retail forex trading is banned.

The market in Belgium itself is regulated by the FSMA (Financial Services and Markets Authority). Under that regulation, some forex brokers can still offer trading in the likes of shares and non-leveraged products and be in line with the law. Also, as a European based in Belgium but with the passport of another nation, you will likely have no problem in trading forex.

How to trade forex in Belgium

Trading forex in Belgium first of all you will be asked for proof of two things. Namely that you have some proof of ID, this would ideally be your passport. Second, you have proof of residence.

Beyond this, if you are a Belgian forex trader and based in Belgium, there will be a few more things needed. Here you will have to show proof that you are a professional trader by providing 2 of the following 3 pieces of evidence:

  • Proof of at least 1 year of experience within the finance field.
  • A Financial portfolio of at least 500.000€ (excluding properties such as houses, cars, etc)
  • Proof of having opened and closed at least 40 large leveraged positions in the last year (at least 10 per quarter)

Once you have provided this evidence, your forex broker verification will be completed and you will be free to start trading.

Top 10 Best Forex Brokers in Belgium

With some knowledge established, here are 10 of the top brokers to help you find the best forex broker in Belgium.

First on our list of top forex brokers in Belgium is a very well known name in the form of eToro. They are regulated by both CySEC and the FCA and offer a great choice for those interested in social trading. You can also engage in non-leveraged fractional crypto, ETFs and shares from $10. Other CFDs and forex markets are offered too for those qualified.

Here you will find one type of account that requires a $200 minimum deposit and features 145 ETFs, more than 2,000 shares and over 100 crypto assets with both demo and Islamic accounts available.

Deposits can be made through wire transfer, credit card, or eWallets and are fee-free typically and with EUR deposits supported though a small conversion fee will be charged to convert to the USD base currency. Trading is through eToro’s own platform and they do have an eToro Club loyalty program in place to reduce costs and lower spreads and commissions.

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68% of retail investor accounts lose money

FXTM is another ever present as a top broker in Belgium. They are comprehensively regulated by both CySEC and the FCA.

Here you will find 3 available account types, which are Micro, Advantage and Advantage Plus. The Micro account requires a 10 EUR  minimum deposit. The Advantage and Advantage Plus accounts can be opened with a minimum deposit of 500 EUR.

Your account can be funded through credit cards or eWallet methods with EUR deposit and base currencies available alongside the USD and GBP. While there are no bonuses availablespreads do start from 0 pips on ECN accounts, 1.3 pips on standard accounts and there is a loyalty program that can help you reduce costs.

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81% of retail investor accounts lose money

Next on our list of top Belgian brokers is Pepperstone. Again they are regulated by the FCA and recognized for their top ECN execution methods.

Here you can choose from 3 account types each offering trading through a different top trading platform. The Standard MT4, Standard MT5, or Razor through cTrader. You will need a minimum deposit of 200 EUR for each account types and both EUR deposits and base currency is supported along with USD, and GBP. Islamic and demo accounts are also both available.

You can fund your account through a wire transfer, credit cards, or eWallets and most methods are free. As mentioned, trading is available through all the top trading platforms and spreads begin from 0 pips. An Active Trader program is also available to help you reduce trading costs.

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74-89% of retail investor accounts lose money when trading CFDs

Avatrade is well-regulated by the Central Bank of Ireland within Europe and is one of the few top brokers available in Belgium to offer a fixed spread only.

You can open a retailoptions, or spread betting account with this broker although pay attention that all of these are limited by the Belgian regulations. Therefore, you will have to look into opening a professional AvaTrade account which you can also do. Both Islamic and demo accounts are also both available.

When it comes to funding, wire transfer, credit card, and eWallets are all viable options with EUR supported for deposit and base currency together with the USD and GBP. Your fixed spread here will typically start from 1.3 pips on major markets and trading takes place through MT4, MT5, and Webtrader.

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79% of retail investor accounts lose money

Renowned as a top broker around the world, particularly for beginners, FBS is another well-regulated broker for Belgian traders. They boast CySEC regulation and both a Cent and Standard account to choose from.

You can open a Cent account with a 10 EUR minimum deposit and a Standard account with a 100 EUR minimum deposit and both Islamic and Demo accounts are available.

When it comes to deposits, you have the option to choose between wire transfers, credit cards, and eWallets, many of which are fee-free and do support EUR deposits. USD, EUR, and GBP base currencies among others are available.

FBS forex trading is done through MT4 and MT5 trading platforms and whilst there is no bonus available, spreads do start from an excellent value 1 pip.

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74-89% of retail CFD accounts lose money

Admiral Markets is another top broker in Belgium and they are again comprehensively regulated by both CySEC and the FCA as well as having a good range of account types to select from.

On that topic of account types, you will be able to choose from a standardprime, or MT5 account for shares trading that may appeal to Belgian traders. The minimum deposit on these accounts is all 100 EUR.

You can fund your chosen account through wire transfer, credit card, or eWallet and the majority of methods are fee-free with both EUR deposits and base currencies catered for alongside the USD. You can expect trading to take place on MT4MT5, and the brokers own proprietary trading platform.

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76% of retail investor accounts lose money

Trading212 is another top Belgium forex broker and regulated by the FCA. They also support traders with excellent budget choices on non-leveraged real shares and ETFs trading with no commissions. Fractional ETFs and Shares trading is available here.

There is an invest account that offers real shares, and there is also a CFD account available with more than 3,000 assets in both categories available. These are supported by a full demo account you can try as well as an Islamic account you can request.

You can fund your account with Trading 212 through wire transfer, credit card, or eWallet and most of the methods are fee-free with both EUR deposits and base currencies supported. Trading is done through the brokers own proprietary and easy to use trading platform.

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76% of retail investor accounts lose money

City Index is the next to feature as a top broker for Belgium based traders. They are well-regulated by the FCA and are known for the range of tradable assets they offer being more than 12,000 and a low spread.

Here you can choose between a CFDMT4, and DMA account that each have no minimum deposit in place although the broker does recommend a minimum deposit of at least 100 EUR. A full demo account is available.

When it comes to funding your account you can do this through wire transfer, credit/debit card, or eWallets and most will be competitive although there is a 2% credit card fee. Euro deposits are also accepted alongside the USD and for base currencies too. You can expect spreads to start from 0.3 pips and trading to be through MT4, Webtrader, and AT Pro.

Although there is no direct bonus, a rebate program of up to $8.50 per 10 lots traded is in place.

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73% of retail CFD accounts lose money

Next on the list of top Belgium forex brokers in Oanda. They are also known for their popularity among new traders for their low minimum deposit, their nano-lots service as well as the extensively trusted regulation from CySEC and the FCA.

You will find one account type available here with no minimum deposit in place. This account can be funded through card payment or eWallet and these methods are usually fee-free. Euro deposits and base currencies alongside the USD are supported.

Trading takes place through the MT4 trading platform and although no bonus is available, spreads start at a competitive 1 pip.

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73.50% of retail investor accounts lose money

Last but not least on our listing of top brokers for Belgian traders is Instaforex. They are well-known as a top ECN broker with a low minimum deposit suited to many new traders and are well-regulated by the FCA of the UK.

Here you will be met with 3 account typesStandardEurica, and ECN. Each of these have no minimum deposit in place and demo accounts available to try out. You can fund these account types through wire transfer, credit/debit cards, and eWallets with the methods usually being fee-free.

Both EUR deposits and a EUR base currency alongside the USD are supported and although no bonus is available, spreads on the MT4 trading platform offered start from a very competitive 0.3 pips.

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61.14% of retail investor accounts lose money

Belgian trader? Here’s what to look for in a forex broker

As a Belgian forex trader, now that you have seen some of the top forex brokers, lets cover a few points on things to look out for when trading forex in Belgium and how to make the best broker choice possible.

You should first keep note that in Belgium, there are a few elements of trading forex that are banned. This includes spread betting, binary options, leveraged products, and spot forex trading if you are not a professional trader. Also, forex brokers in Belgium can offer loyalty and active trader programs to help reduce your costs, but they cannot offer any kind of direct welcome or deposit bonus.

With these things in mind, here are three important tips for making sure you choose the best broker to fit your needs:

1. Choose ESMA/FCA brokers

Of course regulation is key. This applies whether you are a professional forex trader or not. The good point here though that can help you avoid unregulated offshore brokers, is that forex brokers are actually only allowed to offer services within the EU if they are well-regulated and ESMA compliant.

2. If you’re not a professional trader, choose Forex/Stock Brokers

As a non-professional trader in Belgium, you may find your trading opportunities limited to the likes of stocks. In this case, both eToro and Trading 212 are some of the best available in terms of what they can still offer you to trade with and at great prices.

3. Choose brokers that offer low commissions

Keeping the commissions and fees as low as you can is always something important to consider. This applies even more so in Belgium since you will likely be investing more in long-term assets such as shares.

With these kinds of assets, your profits may not be as fast to generate. Ultimately this means is may be even more important for you to minimize costs, commissions, and fees when trading forex in Belgium.

How to verify if a forex broker is regulated in Belgium

Every broker you come across in Belgium should be ESMA compliant first off. This is something that you can check out at the ESMA website. With that said, you will need to know the EU body that regulates that particular broker. In Belgium, this is likely to be the FSMA or CySEC (Cyprus).

You can also check the regulation here by going to the official FSMA website, and typing the business name of the broker on the search bar. This business name of your forex broker can typically be found in the small print information at the bottom of your broker homepage.

Is forex trading taxable in Belgium?

Yes. Forex trading is taxable in Belgium. With that said, since the authorities there tend not to actively promote forex trading, there is little information to advise on what the process and capital gains tax may be. Given that, and the fact that forex and leveraged trading is only available in Belgium to professional traders, we would recommend contacting the local tax authorities for more information on this issue since we are not professional tax advisors.

About the Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

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