Admirals
Visit Admirals
76% of retail investor accounts lose money
10 Best Forex Brokers in Estonia for 2023
Top Picks
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eToro
Visit eToro77% of retail investor accounts lose money -
XM
Visit XM77,37% of retail investor accounts lose money -
Pepperstone
Visit Pepperstone74-89% of retail investor accounts lose money when trading CFDs -
IG Markets
Visit IG Markets70% of retail CFD accounts lose money -
XTB
Visit XTB79% of retail investor accounts lose money -
HF Markets
Visit HF Markets70.51% of retail investor accounts lose money -
AvaTrade
Visit AvaTrade79% of retail investor accounts lose money -
Saxo Bank
Visit Saxo Bank72% of retail investor accounts lose money -
Interactive Brokers
Visit Interactive Brokers74-89% of retail CFD accounts lose money
Forex (Foreign Exchange) brokerage firms are authorized to offer their trading services in Estonia to Estonian traders.
Estonia is a northern European country bordered by Latvia to the south and Russia to the east. Tallinn, its capital, is famed for its well-preserved medieval architecture.
Estonia is a member of the European Union, and as such, its official currency is the Euro (€).
When it comes to retail forex trading oversight, Estonia’s regulatory framework aligns with that of the European Securities and Markets Authority (ESMA).
However, the primary body responsible for the regulation of financial markets, including forex trading, within Estonia is the Financial Supervision Authority (Finantsinspektsioon in Estonian). This authority ensures that forex brokers and other financial entities operate with transparency and in the best interests of their clients, following both national and EU-wide regulatory standards.
We have taken the following factors into consideration when choosing the best Estonian forex brokers:
- 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.
Table of Content
What are the best forex brokers in Estonia?
Below is our curated list 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 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.
eToro : best for social trading
- 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 €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.
XM : best for beginners
- 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).
Pepperstone : best for lowest spreads
- 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.
74-89% of retail investor accounts lose money when trading CFDs
IG Markets : best for number of platforms
- 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.
XTB : best for educational resources
- 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).
HF Markets : best for micro accounts
- 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).
AvaTrade : best for fixed spreads
- 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.
Saxo Bank : best for number of assets
- Saxo Bank 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 requires a €2,000 minimum deposit.
- Estonian traders with Saxo Bank 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.
Interactive Brokers : best for stocks trading
- 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.
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.
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.
10 Best Forex Brokers in Estonia for 2023
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