Best Forex Brokers in Estonia

logomark Filippo Ucchino calendar Last Updated: December 2021 timer 10 min read
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Forex trading is a leading source of income for several online entrepreneurs in Estonia.

The country boasts some of the Top 10 Forex Brokers in the world.

What are the leading Forex brokers in the country?

This article gives a breakdown of the top trading platform for Forex traders.

Table of contents

Top 10 Best Forex Brokers in Estonia: 2022 List

Here is a list of the foremost forex brokers in Estonia:

Admiral Markets is an Estonian broker regulated in the European Union by CySEC. It is also authorized by the Estonian FSA.

The broker offers a demo account for prospective traders and inexperienced ones who are looking for opportunities to learn more trading skills before investing in the industry.

Admiral Markets offers 6 account types, 3 apiece on MT4 and MT5. With a minimum deposit of Estonia €100, you can trade on the platform. The broker accepts deposits with EUR. However, if you operate an Admiral Markets Invest account for real stock, the minimum amount is significantly lower at €1.

The spreads on Forex on this broker starts from 0 pips.


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76% of retail investor accounts lose money

The popular regulator, CySEC, regulates eToro in the European Union. The broker, one of the leading names in the Forex industry, is also authorized by the Estonia FSA.

eToro is widely considered the best copy-social trading broker and offers a demo account with unlimited trading time to allow inexperienced or newbie traders to improve their trading skills and trade like a pro.

The minimum deposit in Estonia is $200 and the broker doesn’t support EUR accounts, although it accepts the currency for deposit.

Spreads on Forex starts from 1 pip and no commission is charged on real stocks. eToro allows its clients to trade cryptocurrencies as well.


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68% of retail investor accounts lose money

XM is another broker in the European Union that is regulated by CySEC and authorized by the European FSA.

It is one of the leading brokers that support trading with a small amount of money. With a minimum deposit of $5 across all its account types, you can trade with the broker.

XM accepts EUR account currency and deposits in the currency as well. The XM micro account allows opening positions with a few cents, thanks to the nano lots, 0.0001 of standard lots.

A demo account is also available. If you doubt your trading skills or need to up your game, head to this section to improve your skills for as long as you desire.

Besides the demo account, X offers tons of free educational resources to train traders and allow them to enjoy its spreads on Forex starting from 0 pips.


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73.57% of retail investor accounts lose money

Pepperstone has been in the business for years and has carved a niche for itself in the European Union market. It is regulated in the region by CySEC while the Estonian FSA authorized its operations.

The broker is great for scalpers and day traders in general. These groups of traders can enjoy the broker’s spreads, considered the lowest in the industry.

Its spreads start from 0 pips and very low averages. It offers an average EUR/USD spread of 0.09 pips.

Thanks to its demo account, you can become a better trader by honing your skills before trading with real money via its Live account.

In Estonia, Pepperstone doesn’t charge a minimum deposit amount and accepts EUR account currency and deposits in the currency as well.

Pepperstone guarantees fast ECN execution. An order takes about 30 minutes on average to execute and it equally offers deep liquidity.


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

This veteran broker is regulated in the European Union by CSF and the Central Banks of Ireland and Hungary. It is one of the main brokers in the world that the Estonian FSA authorized for operations.

The broker’s Forex spreads start from 0.1 pips while new and inexperienced traders can visit the demo account section to learn some helpful trading skills.

This broker doesn’t charge a minimum deposit amount. However, the broker may charge transaction fees on equity below $2000.

Interactive Brokers is a multipurpose trading platform that offers a wide range of trading instruments such as CFDs, Forex, and stock trading.


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74-89% of retail CFD accounts lose money

BaFin regulates this popular broker while it is fully authorized by the reputable Estonian FSA. It is ranked among the best Forex and CFD brokers in the European Union.

It offers one of the lowest spreads in the industry. Spreads on Forex start from 0.6 pips on the trading platform. Traders can choose from its over 17,000 tradable assets to trade.

The minimum deposit amount in Estonia is €300. For easy usage, the broker accepts EUR account currency and EUR deposits.

You can check its demo account out if you are looking for opportunities to become a better trader. You can learn a couple of trading hacks that will help you to up your game.


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76% of retail CFD accounts lose money

XTB is duly regulated in the European Union by KNF while the Estonia FSA authorized its activities in the region.

If you’re looking for a broker that offers a good amount of educational resources to help you become a better player, XTB is the answer. Check the broker for helpful materials.

Its spreads on Forex starts from 0.3 pips and it doesn’t charge commissions on real stocks.

XTB offers over 5,000 tradable assets without requiring a minimum deposit amount. The broker accepts EUR account currency and deposits in the currency as well.

The demo account feature is a great feature for traders who will be better off with some helpful trading hacks. Visit the section and learn the skills you need to excel in the Forex trading business.


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73% of retail investor accounts lose money

Saxo Bank is a Danish bank regulated in the European Union to offer investing services. The bank is one of the financial institutions authorized by the Estonian FSA.

This bank is one of the best brokers for institutional traders and offers spreads on Forex starting from 0.6 pips with over 40,000 tradable assets available for investors to trade.

Thanks to its demo account, prospective traders can cover their inadequacies by learning some helpful trading hacks that will help them trade like professionals.

The trading bank charges a high minimum deposit of €10000 in the European Union while you need €1000000 to operate the most expensive account type.

Through SaxoStrats, it offers a high-quality market analysis service. It also offers private consultations with SaxoStrats analysts for Saxo Bank VIP account holders.


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72% of retail investor accounts lose money

HotForex is another Forex broker that CySEC regulates, besides being authorized by the Estonian FSA.

The broker offers very low spreads and demo accounts to train prospective traders with valuable trading skills and tricks.

The minimum deposit amount in Estonia is €100 and the broker accepts EU account currency while traders can make deposits in the currency too.

The spreads start from 0 pips and traders can seize that opportunity to engage in copy trading through its HF Copy service. The minimum deposit for copies and signal providers is €300 and €1000 respectively.

To help you become a better trader, the broker offers some quality market analysis tools that traders will do good to check out.


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71.64% of retail investor accounts lose money

AvaTrade is regulated in the European Union by CBI while the Estonia FSA did the authorization. It is regarded as the best fixed spread broker in the region.

The spreads on Forex on the trading platform starts from 0.9 pips (fixed) and 0.6 for professional traders.

The minimum deposit amount in Estonia is €100 while it accepts EUR account currency. You can also deposit in the EUR currency if you wish.

AvaTrade provides a good mobile trading experience and a demo account to learn one or two trading hacks that will improve your trading skills before investing your money in Forex.

Through its AvaSocial app, the broker offers social-copy trading service.


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79% of retail investor accounts lose money

Is Forex Trading Legal in Estonia?

Yes, Forex trading is legal in Estonia. The country’s Forex market is duly regulated by Finantsinspektsioon (FSA).

A broker that intends to offer its services in Estonia is mandated to register within any European Union country.

How to Trade Forex in Estonia

ESMA made it mandatory for all EU nations to adopt a uniform regulatory structure. So, within the EU, a Forex broker must request the following documents:

  • An ID or Passport to confirm a prospective trader’s identity.
  • A proof of identity.

Furthermore, the broker will ask questions in compliance with the Know Your Customer (KYC) ESMA rules that are designed to know you better. The question session will test the following:

  • Your knowledge of the product it’s offering.
  • Your current economic situation.

After your identity and your knowledge/current situation have been tested, you will be ready to start trading by funding your account.

However, you don’t need to go through the process highlighted above if you’re using the demo account. With just your email and password, you’ll have access to the account.

What Estonian traders should look for in a forex broker in Estonia

Are you an Estonian Forex trader and are looking for the best Forex broker in the country? If you are, it’s important to note that in Estonia and Europe in general, retail traders face three main limitations when it comes to Forex trading. These are:

  • You can’t trade with more than 1:30 leverage on Forex.
  • Spread betting is banned.
  • Binary options are banned.
  • Brokers can’t offer welcome or deposit bonuses. However, they can offer benefits to active and loyal traders.

When choosing the best broker in Estonia, here are three helpful tips that will help you make an informed decision:

1. Look for regulated Forex brokers

It is noteworthy that ESMA is a top-tier market regulator. Hence, brokers are not allowed to offer their services in any European Union country if the broker isn’t regulated by ESMA.

2. Choose brokers that offer low spreads and commission

The rule of thumb is that spreads should be kept low, usually below 1 pip on major Forex pairs. Deposits and withdrawal fees are usually low to encourage traders. However, some brokers don’t comply with this instruction and apply higher fees than normal.

More so, Active Trader programs are usually a plus since they offer lower rebates or spreads.

3. If you want to keep your budget low, look for brokers with nano lots

In Europe, it’s hard to trade freely with less than €100 with 30:1 leverage. That’s the more reason why standard deposits on most brokers are usually between €100 and €200.

However, with nano lots, you can open positions on Forex with just €0.33, although the normal minimum amount is €33. You may consider a Cent account as an alternative to nano lots. Usually, these accounts charge a minimum deposit amount that is lower than €10.

How to Verify if a Forex Broker is Regulated in Estonia

Forex trading is a bit tricky. However, you can minimize the risks by patronizing regulated brokers only. If you want to check the ESMA regulation, visit the ESMA official website and look for the list featuring the European national regulators. There, you’ll find all the brokers regulated by the body.

If the broker is based in one of the listed countries, usually Cyprus, then it is ESMA regulated. If the broker holds at least an EU regulation, it will most likely hold the FSA license as well.

To double-check a broker’s regulation status, go to the official website of Finantsinspektsioon (FSA), and find the firms registered on the website.

Is Forex Trading Taxable in Estonia?

Yes, Forex trading is taxable in the country. Taxes are paid yearly with the capital gain tax. If the trader invests €1000, and earns €100 during the year, the next year he will be paying taxes on those 100€ earned, not on the total of €1100.

Estonia boasts some of the best brokers in the world. If you are an Estonian Forex trader, here are some of them you should check out.

You should also know some of the features that make a Forex broker great so you can effortlessly choose the best one that suits your requirements.


About the Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. 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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