IG Markets
Visit IG Markets
70% of retail CFD accounts lose money
10 Best Forex Brokers in Sweden for 2023
Our Picks
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eToro
Visit eToro77% of retail investor accounts lose money -
IC Markets
Visit IC Markets74-89% of retail CFD accounts lose money -
FP Markets
Visit FP Markets74-89% of retail CFD accounts lose money -
XTB
Visit XTB79% of retail investor accounts lose money -
EasyMarkets
Visit EasyMarkets75% of retail investor accounts lose money -
AvaTrade
Visit AvaTrade79% of retail investor accounts lose money -
Interactive Brokers
Visit Interactive Brokers74-89% of retail CFD accounts lose money -
XM
Visit XM77,37% of retail investor accounts lose money -
HF Markets
Visit HF Markets70.51% of retail investor accounts lose money
Sweden, located in Northern Europe, is a significant player in the global financial markets, renowned for its advanced economy, robust financial infrastructure, and stable political system.
The official currency of Sweden is the Swedish Krona (SEK). While Sweden is part of the European Union, it has not adopted the Euro and maintains its own monetary policy through the Sveriges Riksbank, the central bank.
Overseeing the retail forex trading activities in the country is the Finansinspektionen, also known as the Swedish Financial Supervisory Authority. This regulatory body ensures that financial market participants operate in a transparent and stable manner, thereby instilling confidence among investors and traders. Through its guidelines and oversight, the Finansinspektionen aims to maintain the integrity of the Swedish financial system, positioning Sweden as a trusted partner in global financial exchanges.
In this article we have rounded up some of the most trusted forex brokers in Sweden to provide a comprehensive selection of the choices available.
We have also taken a detailed look at the key features each broker has to offer so you can make the most informed choice possible.
We have taken several factors into consideration, including:
- The overall quality of the broker;
- The regulations of the broker;
- SEK account availability;
- Swedish language availability;
- Physical presence in the country.
Table of Content
What are the best forex brokers in Sweden?
Below is our curated list of the best forex brokers for traders living in Sweden, 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.
IG Markets : Best forex broker overall
- IG Markets is authorized to operate in sweden by Finansinspektionen with licence number 82882.
- IG Markets has an office in Stockholm, and the broker’s website is available in Swedish.
- Swedish traders have over 17000 tradable assets available with IG
- IG Markets makes over 80 forex pairs available in total, with spreads as low as 0.6 pips.
- Swedish forex traders can open forex positions up to 1:30, while professional clients’ up to 1:222.
- In Sweden, the minimum deposit at IG Markets is €300.
- Swedish traders can trade not only CFDs, but also barrier options and vanilla options with IG Markets.
eToro : Best for social trading
- eToro is a broker authorized by the Swedish FI with license number 25621.
- You can trade over 1000 instruments in total.
- Forex spreads with eToro start from 1 pip on forex.
- Swedish traders can open positions with maximum leverage up to 1:30 (1:400 for professionals).
- The minimum deposit at eToro for Swedish customers is €50.
- eToro only offers USD accounts, so Swedish traders may incur conversion fees when making deposits.
- The eToro website is available in Swedish.
IC Markets : Best ECN service
- IC Markets is a broker authorized to operate in Sweden by the FI (license #52469).
- Swedish traders can trade over 60 forex pairs with spreads starting from 0 pips.
- At IC Markets, the maximum leverage available in Sweden is 1:30 (1:500 for professional clients).
- IC Markets in Sweden does not require a minimum deposit.
- Swedish traders can use MT4, MT5 and cTrader with IC Markets.
FP Markets : Best for low spreads
- FP Markets offers its ECN forex service with an FI license number 52070.
- Spreads on forex with FP Markets start at 0 pips.
- Swedish scalpers, in addition to low spreads, can also benefit from FP Markets’ high order execution speed.
- FP Markets platforms available in Sweden are MT4 and MT5.
- The minimum deposit for Swedish clients is 100€.
XTB : Great educational sections
- XTB is authorized to operate in Sweden by the FI (license # 31471).
- Swedish traders can trade over 5400 assets on XTB, including 40 forex pairs.
- XTB’s spreads start from 0.3 pips on forex.
- Swedish traders can open forex positions up to 1:30. Professional traders, on the other hand, up to a maximum of 1:200.
- XTB does not require a minimum deposit in Sweden.
- XTB does not open accounts in Swedish Krona, so traders may incur conversion fees when making deposits and withdrawals.
EasyMarkets : Good risk-management features
- easyMarkets is a broker market maker licensed by Finansinspektionen under license 21173.
- The minimum deposit to open an account with easyMarkets is €25, and traders can also fund their account in SEK.
- Swedish traders can trade over 100 forex pairs with spreads starting from 0.3 pips.
- At easyMarkets it is possible to trade on MT4 and MT5.
- The maximum forex leverage for retail clients is 1:30 (1:500 for professionals).
AvaTrade : Best for fixed spread
- AvaTrade is a fixed spread broker authorized by the FI with license 24576.
- On forex, AvaTrade charges fixed spreads starting from 0.9 pips and 0.6 for professional clients.
- Maximum leverage goes up to 1:400, but Swedish retail clients can access a maximum leverage of 1:30 with AvaTrade.
- AvaTrade’s minimum deposit for Swedish clients is €100.
- AvaTrade offers a demo account in Sweden, but the trial remains active for 21 days.
AvaTrade’s website is available in Swedish.
Interactive Brokers : Great for professional traders
- Interactive Brokers is available in Sweden under multiple licenses, including the FI with license number 62240.
- IB offers a large number of tradable assets, including 100 forex pairs.
- Forex spreads with IB start at 0.1 pips.
- Leverage for Swedish clients is as high as 1:30 (1:400 for professional clients).
- For Swedish traders, IB requires no minimum deposit and allows you to deposit money in SEK as well.
XM : Best for beginners
- XM is a broker market maker authorized to operate in Sweden by the FI with license No. 27257.
- XM’s website is available in Swedish.
- At XM Swedish traders can trade over 55 forex pairs starting from 0 pips.
- The leverage available for retail clients is 1:30.
HF Markets : Wide range of trading accounts
- HF Markets is authorized by the Swedish FI under license number 31987.
- Swedish traders can trade over 1000 CFDs, including over 50 forex pairs with spreads as low as 0 pips.
- The minimum deposit at HF in Sweden is €0, although this may vary depending on the type of account chosen.
- For Swedish clients there is a free unlimited HF demo account.
- The forex leverage offered by HF is 1:30, which extends up to 1:400 for professional clients.
Is forex trading legal in Sweden?
- Yes, it is.
- Forex market is regulated by Finansinspektionen (FI).
- If a broker wants to offer its services in Sweden, it just has to register within any EU country.
How to trade forex in Sweden
- ESMA made mandatory for all EU nations to adopt a uniform regulatory structure.
- So, within the EU a forex broker will ask for the following documents:
- An ID (or the Passport) to confirm your identity;
- A Proof of residence.
- The broker will then ask questions for the KYC (Know Your Customer) ESMA rules:
- Your knowledge on the products it’s offering;
- Your current economic situation.
- Then you will be ready to fund your account.
- Demo accounts, when offered, do not require anything of this. They can be opened with email & password most of the times
What should Swedish traders look for in a forex broker?
- Retail traders face 4 main limitation when it comes to trading in Sweden and Europe in general:
- You cannot trade with more than 1:30 leverage on Forex;
- Spread betting is banned;
- Binary Options are banned;
- Brokers cannot offer welcome bonuses or deposit bonuses, however, they can offer benefits to loyal/active traders.
- 3 tips when choosing the best broker in Sweden:
1. Look for regulated forex brokers
- ESMA is a top tier market regulator.
- Brokers are not allowed to offer their services in an EU country if the broker itself is not ESMA regulated.
2. Choose brokers that offer low spreads and commissions
- As a general rule, spreads should be kept low (below 1 pip on forex major pairs).
- Deposits and withdrawal fees are usually low, however, some broker may apply higher fees than normal.
- In addition to this, Active Trader programs are usually a plus since they offer lower spreads or rebates.
3. If you want to keep your budget low, look for brokers with nano-lots
- In Europe, with 30:1 leverage, it’s hard to trade freely with less than 100€. That’s why standard deposits are usually between 100€ and 200€.
- However, with nano lots you can open positions on forex with just 0.33€. Normally, the minimum amount is 33€.
- An alternative to nano-lots are Cent accounts.
- Usually, the minimum deposit on these accounts is lower than 10€.
How to verify if a forex broker is regulated in Sweden
- If you want to check the ESMA regulation, go to the ESMA official website and look for the list featuring the European national regulators.
- If the broker is based in one of these countries, usually Cyprus, then it’s also ESMA regulated
- If the broker holds at least one EU regulation, it will most likely hold the Swedish FI Licence as well.
- To double check it, go to the official website of Finansinspektionen (FI), and find the firm register within the website
Is forex trading taxable in Sweden?
- Yes, it is.
- Capital gain on forex trading is taxable as investment income.
- Both investment income and capital gain are subject to a flat 30% rate.
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 Sweden for 2023
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