The best Forex brokes in the country of Estonia, according to our research, are:
- Admirals
- eToro
- XM
- Pepperstone
- IG Markets
- XTB
- HF Markets
- AvaTrade
- Saxo
- Interactive Brokers
When choosing these brokers we have taken the following factors into consideration :
- FSA Estonia regulation and offices;
- Estonian language availability on the website;
- The availability of EUR currency and the minimum deposit for Estonian traders;
- Spread and leverage for Estonian traders.
What are the best forex brokers in Estonia?
Below is our curated list and review of the best forex brokers for traders living in Estonia, with details and information about the country laws, the features, and the characteristics.
Warning
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.
Admirals
best for account types choice
Admirals is an Estonian broker regulated by the Estonian FSA, offering EUR base currency with a minimum deposit of €100, providing spreads from 0 pips, and leverage up to 30:1 for retail traders.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Admirals
Admirals, formerly Admiral Markets, is a global forex and CFD broker founded in 2001. Admirals offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader platforms. Admirals is regulated by multiple authorities including CySEC and FCA. Admirals is known for competitive spreads and extensive educational resources. Admirals recently halted onboarding of new EU clients to comply with regulatory standards. The co-founder of Admirals and CEO of Admirals Group is Alexander Tsikhilov.
Admirals Features
The features of Admirals are listed below.
- Admirals is an Estonian broker authorized by the Estonian FSA with number 10932555 under the name Admiral Markets AS, with an office in Tallinn (Estonia).
- Estonian language available on the website.
- Admirals in Estonia accept EUR as an account base currency.
- For Estonian traders, Admirals require a minimum deposit of €100.
- Admirals Estonian traders can find spreads from 0 pips with leverage on forex up to 30:1 as retail clients and up to 500:1 as professional clients in line with ESMA guidelines.
Admirals Pros and Cons
Advantages of Admirals
The advantages of Admirals are listed below.
- Extensive Forex Options
- Strong Regulatory Framework
- Advanced Educational Resources
Disadvantages of Admirals
The disadvantages of Admirals are listed below.
- Charges Inactivity Fee
- Mobile App Limitations
- Higher Average Spreads for Some Assets
eToro
best for social trading
eToro operates cross-border in Estonia under CySEC registration. It uses USD as the base currency and requires a USD 50 minimum deposit, offering leverage up to 30:1 for retail clients.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About eToro
eToro is a global multi-asset investment platform founded in 2007, offering trading on stocks, ETFs, Crypto CFDs, commodities, and forex. eToro provides a proprietary web and mobile platform with social trading features. eToro is regulated by multiple authorities including FCA, ASIC, and CySEC. eToro is known for its user-friendly interface, copy trading functionality, and commission-free stock trading. eToro serves over 30 million users worldwide. The eToro CEO and co-founder is Yoni Assia.
eToro Features
The features of eToro are listed below.
- eToro is authorized by the Estonia FSA from 01/08/2013 to operate cross-border with CySEC registration number 200585.
- Estonian language is not available on the website.
- eToro’s only account base currency is USD. A conversion fee may be applied if you use EUR or another currency.
- Estonian traders with eToro need to make a minimum deposit of USD 50.
- Estonian traders will have access to spreads from 1 pip, with a maximum leverage up to 30:1 as retail clients and up to 400:1 as professional clients.
eToro Pros and Cons
Advantages of eToro
The advantages of eToro are listed below.
- Great copy trading and social trading features
- Wide range of asset classes
- It allows to buy fractional stocks from $10
Disadvantages of eToro
The disadvantages of eToro are listed below.
- The eToro spreads can be high
- Offers only USD accounts
- Transferring cryptocurrencies to other platforms can be hard
XM
best for beginners
XM operates cross-border under Estonian FSA authorization. It provides EUR as a base currency with a minimum deposit of €5, offering spreads from 0 pips and leverage up to 30:1.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About XM
XM is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. XM provides MetaTrader 4, MetaTrader 5, and proprietary platforms. XM is regulated by multiple authorities including CySEC, ASIC, and IFSC. XM is known for competitive spreads, extensive educational resources, and multilingual customer support. XM serves over 5 million clients from 196 countries. XM offers various account types and a no-requote policy.
XM Features
The features of XM are listed below.
- XM is also authorized by the Estonian FSA to operate cross-border with CySEC 251334.
- Unfortunately, you won’t find the Estonian language option on the website.
- XM provides their Estonian traders EUR as account base currency.
- Estonian traders can make a minimum deposit as low as €5 with XM.
- Estonian clients with XM can trade with spreads from 0 pips and leverage up to 30:1 (retail).
XM Pros and Cons
Advantages of XM
The advantages of XM are listed below.
- There’s a wide range of account types
- The demo account at XM is unlimited
- Wide range of educational resources
Disadvantages of XM
The disadvantages of XM are listed below.
- No social trading features available
- The account availability changes depending on the location of the trader
- High minimum deposit to invest in securities ($10000 for the XM Shares account)
Pepperstone
best for lowest spreads
Pepperstone is authorized by the Estonian FSA. It accepts EUR currency and has no minimum deposit, recommending €200, with forex leverage up to 30:1 for retail clients.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Pepperstone
Pepperstone is a global forex and CFD broker founded in 2010 in Melbourne, Australia. Pepperstone offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader and cTrader platforms. Pepperstone is regulated by multiple authorities including ASIC, FCA, and CySEC. Pepperstone is known for competitive spreads, fast execution, and extensive educational resources. Pepperstone serves clients in over 160 countries worldwide. The Pepperstone CEO is Tamas Szabo.
Pepperstone Features
The features of Pepperstone are listed below.
- Pepperstone is authorized by the Estonia FSA to operate in the country from 10/11/2020 with CySEC registration number 398429.
- Estonian language is not available on the website.
- Pepperstone Estonian traders can find EUR as account base currency.
- Estonian clients have no minimum deposit requirement though Pepperstone recommends €200 as a first deposit.
- Low spreads from 0 pips and with a maximum leverage on forex of 30:1 for retail clients and up to 500:1 for professional traders.
Pepperstone Pros and Cons
Advantages of Pepperstone
The advantages of Pepperstone are listed below.
- Stable raw spreads (0,09 pips on EUR/USD on average)
- Caters for algorithmic trading
- Has won over 30 Forex industry awards
Disadvantages of Pepperstone
The disadvantages of Pepperstone are listed below.
- The demo account is not unlimited
IG Markets
best for number of platforms
IG Markets is authorized to operate cross-border in Estonia, requiring a €300 minimum deposit. It accepts EUR base currency and offers forex leverage up to 30:1 for retail clients.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About IG Markets
IG Markets is a global online trading provider founded in 1974, offering access to over 17,000 financial markets including forex, stocks, indices, commodities, and cryptocurrencies. IG Markets provides proprietary trading platforms alongside MetaTrader 4 and ProRealTime. IG Markets is regulated by multiple top-tier authorities worldwide, including the FCA and ASIC. IG Markets is known for competitive spreads, extensive educational resources, and innovative features like weekend trading. The IG Markets’ parent company “IG Group” CEO is Breon Corcoran.
IG Markets Features
The features of IG Markets are listed below.
- IG Markets is fully authorized by the Estonian FSA to operate cross-border from 13/06/2018 with BaFIN registration number 148759.
- Unfortunately, Estonian is not one of the languages available on the website.
- Estonian traders can accept EUR as account base currency.
- IG Estonian clients’ minimum deposit is €300.
- Estonian clients can find spreads from 0.6 pips with a leverage up to 30:1 as retail clients, while Estonian IG professional traders have access to leverage up to 222:1.
IG Markets Pros and Cons
Advantages of IG Markets
The advantages of IG Markets are listed below.
- Low spreads from 0.6 pips on Forex
- Wide range of financial instruments
- 40 years of experience in the Forex industry
Disadvantages of IG Markets
The disadvantages of IG Markets are listed below.
- No copy trading features
- No social trading features
XTB
best for educational resources
XTB operates under Estonian FSA authorization with no minimum deposit required. It provides EUR as a base currency offering spreads from 0 pips and leverage up to 30:1.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About XTB
XTB is a global forex and CFD broker founded in 2002 and headquartered in Poland. XTB offers trading on over 2,000 instruments including currencies, stocks, indices, commodities, and cryptocurrencies. XTB provides the proprietary xStation platform and is regulated by multiple authorities including FCA, CySEC, and KNF. XTB is listed on the Warsaw Stock Exchange and serves over 897,500 clients worldwide. The XTB CEO is Omar Arnaout since March 2017.
XTB Features
The features of XTB are listed below.
- XTB is FSA authorized in Estonia to operate cross-border with CySEC registration number 296794.
- Estonian clients cannot benefit from Estonian language on the broker’s website.
- XTB in Estonia provides EUR as account base currency.
- XTB Estonian clients do not have a minimum requirement for deposits.
- Estonian traders will be able to use XTB spreads from 0 pips, alongside a maximum leverage up to 30:1 (retail) and up to 200:1 (professional).
XTB Pros and Cons
Advantages of XTB
The advantages of XTB are listed below.
- No minimum deposit
- Wide selection of assets
- Competitive trading costs
Disadvantages of XTB
The disadvantages of XTB are listed below.
- Small withdrawal fee
- No social or copy trading
- XTB demo account is limited to 30 days
HF Markets
best for micro accounts
HF Markets operates in Estonia authorized by the Estonian FSA, accepting EUR as base currency with no minimum deposit, offering leverage up to 30:1 for retail clients.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About HF Markets
HF Markets, formerly known as HotForex, is a global multi-asset broker founded in 2010. HF Markets offers trading on forex, stocks, commodities, indices, and cryptocurrencies through MetaTrader platforms. HF Markets is regulated by multiple authorities including CySEC, FCA, DFSA, and FSCA. HF Markets serves clients worldwide and is known for competitive trading conditions and extensive educational resources. HF Markets recently rebranded to emphasize its expanded product range. The HF Markets Group CEO is George Koumantaris.
HF Markets Features
The features of HF Markets are listed below.
- HF Markets is authorized by the Estonian FSA from 03/04/2013 to operate cross-border with CySEC registration number 183/12.
- Estonian language cannot be chosen on the website.
- HF Markets allows Estonian traders to use EUR as one of their account base currencies.
- HF Markets Estonian traders need to make a minimum deposit of €0.
- Estonian traders can benefit from HF Markets’ spreads from 0 pips and maximum leverage up to 30:1 (retail) and up to 400:1 (professional).
HF Markets Pros and Cons
Advantages of HF Markets
The advantages of HF Markets are listed below.
- High Leverage Options
- Low Minimum Deposit
- Wide Range of Trading Instruments
Disadvantages of HF Markets
The disadvantages of HF Markets are listed below.
- Higher Trading Costs
- Limited Educational Resources
AvaTrade
best for fixed spreads
AvaTrade operates cross-border in Estonia with authorization from the FSA. It requires a €100 minimum deposit, providing EUR as base currency with fixed spreads from 0.9 pips.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About AvaTrade
AvaTrade is a global forex and CFD broker founded in 2006 and headquartered in Dublin, Ireland. AvaTrade offers trading on currencies, commodities, indices, stocks, bonds, ETFs, and cryptocurrencies. AvaTrade provides proprietary platforms alongside MetaTrader 4 and 5. AvaTrade is regulated by multiple authorities including CySEC, ASIC, and FSA. AvaTrade serves over 300,000 clients worldwide. AvaTrade is known for competitive spreads and extensive educational resources. The AvaTrade CEO is David Dryzin since 2016.
AvaTrade Features
The features of AvaTrade are listed below.
- AvaTrade is authorized by Estonian FSA to operate cross-border with CBI registration number C53877.
- Estonian language is not an option on the website.
- Estonian clients can accept EUR as base currency from AvaTrade.
- AvaTrade requires a minimum deposit of €100.
- AvaTrade Estonian clients will find fixed spreads from 0.9 pips. Moreover, note that the maximum leverage available is up to 30:1 for retail clients and up to 400:1 for professional traders.
AvaTrade Pros and Cons
Advantages of AvaTrade
The advantages of AvaTrade are listed below.
- Tight fixed spreads from 0.6 pips (0.9 pips for retail traders)
- The mobile apps are well designed
- Can be connected to ZuluTrade and Duplitrade
Disadvantages of AvaTrade
The disadvantages of AvaTrade are listed below.
- High inactivity fees
- The demo account is limited to 30 days
Saxo
best for number of assets
Saxo is a Danish bank and operates cross-border under Estonian FSA authorization. Saxo Bank accepts EUR currency with no minimum deposit and offers forex leverage up to 30:1 for retail clients.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Saxo
Saxo is a Danish investment bank and online trading platform founded in 1992. Saxo offers trading in forex, stocks, CFDs, futures, options, and other financial instruments across global markets. Saxo provides proprietary trading platforms and white-label solutions for institutional clients. Saxo is regulated by multiple authorities including the Danish FSA and UK FCA. Saxo serves retail and institutional clients in over 170 countries. The Saxo CEO and co-founder is Kim Fournais.
Saxo Features
The features of Saxo are listed below.
- Saxo is a Danish bank regulated by the Danish FSA (license number 1149), and is authorized by the Estonian FSA to operate cross-border.
- Estonian language is not an option on the website
- Saxo in Estonia accepts EUR as base currency.
- Saxo for Estonian traders does not require a minimum deposit.
- Estonian traders with Saxo have access to spreads from 0.4 pips a to leverage up to 30:1 as retail clients and up to 66:1 as professional traders.
Saxo Pros and Cons
Advantages of Saxo
The advantages of Saxo are listed below.
- Regulation and Trust
- Extensive Product Range
- Advanced Trading Platform
Disadvantages of Saxo
The disadvantages of Saxo are listed below.
- High Minimum Deposits for Premium Accounts
- Lack of Spread Betting Options
- Custody Fees in Certain Regions
Interactive Brokers
best for stocks trading
Interactive Brokers operates in Estonia with FSA authorization, allows EUR as a base currency with no minimum deposit requirement, providing leverage up to 30:1 for retail clients.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Interactive Brokers
Interactive Brokers is a global electronic broker founded in 1978, offering trading in stocks, options, futures, forex, bonds, ETFs, and cryptocurrencies across 150 markets in 33 countries. Interactive Brokers provides advanced trading platforms, low commissions, and access to a wide range of financial instruments. Interactive Brokers is known for its sophisticated technology and serves both retail and institutional clients. Interactive Brokers is regulated by multiple top-tier authorities worldwide. The CEO of the Interactive Brokers Group is Milan Galik.
Interactive Brokers Features
The features of Interactive Brokers are listed below.
- Estonian FSA has authorized operations in Estonia for Interactive Brokers from 27/01/2021 for Interactive Brokers Central Europe (n. H-EN-III 623/2020) and from 23/12/2020 for Interactive Brokers Ireland (n. C423427).
- Interactive Brokers has an office in Tallinn (Estonia).
- The Estonian language option is not available on the broker’s website.
- Interactive Brokers allows Estonian traders to use EUR as an account base currency.
- Estonian traders with IBKR do not have a minimum deposit requirement.
- Estonian traders can trade through IBKR with spreads from 0 pips and can benefit from maximum 30:1 leverage as retail clients, while professionals have access to much higher leverage.
Interactive Brokers Pros and Cons
Advantages of Interactive Brokers
The advantages of Interactive Brokers are listed below.
- Low Trading Fees
- Advanced Trading Tools
- Wide Market Access
Disadvantages of Interactive Brokers
The disadvantages of Interactive Brokers are listed below.
- Not user-friendly
- No MetaTrader Support
- Additional Fees
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 should Estonian traders look for in a forex broker?
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.