At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories. A final rating is produced for each forex broker based on a total of 187 data points. Learn more about our review process and methodology.
We have collected in one place some of the best forex brokers in Belgium. We have taken into consideration several factors in order to give you the best top ten possible.
- Regulation of the broker
- Minimum Deposit
- Base Currencies
- Assets offered
- Spreads charged
- Leverage accepted
- Platforms provided
Table of Content
- eToro: best for professional traders overall
- Pepperstone: best professional rebates program
- AvaTrade: best for fixed spread trading
- FBS: best MetaTrader service
- Admiral Markets: wide range of account types
- FXTM: best service quality
- Trading 212: best trading flexibility
- City Index: solid and trustworthy broker for pro traders
- Oanda: best for high-volume traders
- Interactive Brokers: best number of assets type
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
Top 10 Best Forex Brokers in Belgium: 2022 Review
With some knowledge established, here are some of the 10 of the top brokers to help you find the best forex broker in Belgium.
- eToro is well-authorized to provide its service in Belgium via the FSMA regulator.
- The eToro website is available in French, German, and Dutch for Belgians.
- Within Belgium, eToro requires a $50 minimum deposit.
- eToro has only one base currency available in Belgium, which is the USD base currency.
- eToro features 145 ETFs, more than 2,000 shares, and over 100 crypto assets, as well as forex, indices, and commodities as CFDs.
- eToro Belgian clients will find spreads from 1 pip on 45+ forex pairs.
- Belgian traders have access to maximum leverage up to 400:1 for professional traders on major forex.
- The eToro proprietary platform is available for Belgian clients: this platform is top-notch when it comes for social and copy trading, both areas in which eToro excels.
(78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money)
- Pepperstone is available in Belgium and authorized by FSMA.
- Pepperstone requires a minimum deposit of $200 for Belgian clients.
- The Pepperstone account base currencies available for Belgian traders are EUR, USD, CHF, and GBP.
- Belgian traders can trade among 200+ assets which include forex, indices, stocks, commodities, and crypto.
- In Belgium, Pepperstone spreads start from 0 pips on 60+ forex pairs.
- The Pepperstone leverage for Belgian clients is up to 500:1 (professional) on major forex.
- Belgian clients will be able to use the MT4, MT5, and cTrader platforms with Pepperstone.
(75.9% of retail CFD accounts lose money)
- Avatrade is well-authorized by FSMA within Belgium.
- AvaTrade accepts French, German, and Dutch as languages for Belgian traders.
- Belgian clients can start with an AvaTrade minimum deposit of $100.
- AvaTrade Belgian traders find EUR, USD, and GBP as account base currencies.
- The AvaTrade assets provided are 1250+ in Belgium, and they include forex, options, commodities, crypto, stocks, indices, ETFs and bonds.
- In Belgium, AvaTrade charge fixed spreads from 0.9 pips on 60+ forex pairs.
- The maximum AvaTrade leverage in Belgium is up 400:1 on major forex.
- AvaTrade in Belgium offers the following platforms: MT4, MT5, AvaOptions, WebTrader and AvaGO.
(79% of retail CFD accounts lose money)
- FBS is available to be used by Belgian clients thanks to the FSMA authorization in place.
- German and French languages are available on the FBS’s website for traders of Belgium.
- There is a minimum deposit starting from $10 for Belgian traders who want to open a FBS account.
- In Belgium, FBS accepts both EUR and USD as base currencies.
- Belgian traders have access to 180+ assets, including forex, shares, commodities, indices, crypto.
- FBS spreads in Belgium start from 1 pip on 30+ forex pairs.
- FBS accepts leverage up to 500:1 for Belgian professional traders on major forex.
- Belgian clients can use the following FBS platforms: MT4, MT5 and FBS Trader.
74-89% of retail CFD accounts lose money
- Admirals are comprehensively authorized to provide their service in Belgium via the FSMA regulation.
- The Admirals website is available in French, German and Dutch for Belgian.
- The minimum deposit requested by Admirals in Belgium is $100.
- The Admirals base currencies available in Belgium include both EUR and USD.
- 3,900+ assets, both CFD and real, can be traded in Belgium with Admirals. The assets consist of forex, commodities, stocks, ETFs, bonds, indices, and crypto.
- Admirals Belgian clients find spreads from 0 pips on 40+ forex pairs.
- The leverage accepted by Admirals in Belgium is up to 500:1 for professional traders on major forex.
- Belgian clients can trade using the MT4 and MT5 platforms offered by Admirals.
76% of retail CFD accounts lose money
- FXTM are a top broker which accepts Belgian traders and are authorized by FSMA to operate in Belgium.
- There is a $10 FXTM minimum deposit for Belgian clients.
- FXTM accepts EUR, USD, and GBP as their account base currencies in Belgium.
- Belgian traders can trade among 250+ assets which consist of: forex, commodities, stocks, indices and crypto.
- FXTM spreads start from 0 pips on 60+ forex pairs in Belgium.
- The FXTM professional leverage available for Belgian clients is up to 200:1 on major forex.
- Belgian traders can trade with the FXTM Trader, MT4 and MT5 platforms provided by FXTM.
81% of retail CFD accounts lose money
7. Trading 212
- Trading 212 is authorized to operate in the Belgium via FSMA.
- German and French languages can be both chosen on the Trading 212’s website by Belgian traders.
- Belgian clients need to deposit at least $10 to open a CFD account.
- EUR, USD, and GBP are the base currencies accepted by Trading 212 in Belgium.
- Trading 212 in Belgium provide 3500+ assets, both as forex, indices, commodities and stocks as CFD and real stock trading.
- The spreads charged by Trading 212 in Belgium start from 0.8 pips on 210+ forex pairs.
- Trading 212 allow Belgian clients a leverage up to 500:1 (professional) on major forex.
- Belgian traders can benefit from the Trading 212 proprietary platform.
Visit Trading 212
76% of retail CFD accounts lose money
8. City Index
- City Index are available in Belgium and are authorized by FSMA to operate within Belgium.
- Belgium traders are asked to start with at least a $100 City Index minimum deposit.
- USD, EUR and GBP base currencies are all available for City Index Belgian traders.
- 12000+ CFD assets, including forex, indices, stocks, options, interest rates, bonds and commodities, are made available in Belgium by City Index.
- In Belgium, City Index charge spreads from 0. 3 pips on 84+ forex pairs.
- The maximum leverage for professional clients is up to 400:1 on major pairs.
- City Index provides both a proprietary webtrader platform and the MT4 platform for Belgian clients.
Visit City Index
73% of retail CFD accounts lose money
- Oanda accepts Belgian clients and have trusted authorization from FSMA to operate in Belgium.
- Oanda’s website provides French and German language for traders of Belgium.
- No Oanda minimum deposit is needed for Belgian clients.
- The base currencies provided by Oanda in Belgium are USD, EUR, CHF and GBP.
- 100+ Oanda CFD assets can be traded by Belgian clients and these are forex, crypto, bonds, indices, and commodities.
- Belgian clients are charged spreads from 0.8 pips on 70+ forex pairs.
- In Belgium, the professional leverage is up to 200:1 on major forex while trading with Oanda.
- Belgian traders have access to the MT4, MT5 and Oanda Trade platform.
73.5% of retail CFD accounts lose money
- Interactive Brokers is available in Belgium and are well-authorized by FSMA.
- French and German are both available as languages on the Interactive Brokers’ website for Belgians.
- No Interactive Brokers minimum deposit is required for Belgian clients.
- Both USD and EUR are accepted as base currencies from Interactive Brokers in Belgium.
- Interactive Brokers provides a good number of assets for Belgian traders including CFD Shares, Indices, Metals, Forex as well as Spot Forex, ETFs, Options, Bonds, Mutual Funds and Futures are available.
- Belgians find that spreads charged by Interactive Brokers start from 0.2 pips on 100+ forex pairs.
- The Interactive Brokers leverage is up to 30:1 for Belgian professional clients on major forex.
- In Belgium, Interactive Brokers provides the Client Portal (webtrader), Trader WorkStation (desktop) and IBKR mobile platforms.
Visit Interactive Brokers
74-89% of retail CFD accounts lose money
Is Forex Trading legal in Belgium?
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.
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
egulation 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 it 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?
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.
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