Contrary to what you might have heard, there are plenty of Forex / CFD brokers which accept Belgian residents as clients. I’ve looked at the best Forex brokers in Belgium in detail and compiled the shortlist below. Read on to find the best Forex broker for you, and to learn some important facts about trading in Belgium.
- AvaTrade, Highly regulated, choice of fixed or floating spreads.
- ACY Securities, Swap-free trading with the MT5 trading platform.
- BlackBull Markets, Best ECN trading environment, with scalping and hedging.
- Eightcap, Competitive pricing + excellent daily videos.
- FP Markets, ECN trading with leverage up to 1:500.
Best Belgium Brokers Comparison
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Regulators | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID | ASIC | FMA, FSA | ASIC, CySEC, FCA, SCB | ASIC, CySEC, FSCA |
Year Established | 2006 | 2011 | 2014 | 2009 | 2005 |
Execution Type(s) | Market Maker | ECN/STP, Market Maker | ECN/STP, No Dealing Desk | ECN/STP, Market Maker | ECN/STP |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 0.9 pips | 1.1 pips ($11.00) | 1.3 pips | 1.0 pips | 1.1 pips |
Average Trading Cost GBP/USD | 1.5 pips | 1.1 pips ($11.00) | 2.0 pips | 1.2 pips | 1.4 pips |
Average Trading Cost Gold | $0.29 | $0.15 | $0.90 | $0.12 | $0.21 |
Trading Platform(s) | Other, MetaTrader 4, MetaTrader 5, Web-based+ | MetaTrader 4, MetaTrader 5 | MetaTrader 4, MetaTrader 5, Trading View | MetaTrader 4, MetaTrader 5, Trading View | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based |
Islamic Account | |||||
Negative Balance Protection | |||||
| Visit Website | Visit Website | Visit Website | Visit Website | Visit Website |
The Most Trusted Trading Platforms in Belgium
AvaTrade
In Summary Highly regulated, choice of fixed or floating spreadsAvaTrade is one of the largest Forex / CFD brokers and well-known for offering their clients a choice of fixed or floating spreads. They have a very high and strong level of regulation. AvaTrade is directly regulated in Ireland (and by extension, the European Union), Australia, Japan, South Africa, and the British Virgin Islands. Outside the European Union, Ava offers maximum leverage on Forex currency pairs as high as 400 to 1. AvaTrade offers trading in over 55 different Forex currency pairs, 17 commodities, 20 equity indices, 14 cryptocurrencies, plus 66 individual stocks and shares. 2 bonds and 6 ETFs are also on the menu.
Pros & Cons
- High-quality educational offering via SharpTrader
- Excellent choice of trading platforms catering to various trading needs
- Broad asset selection and cross-asset diversification opportunities
- Well-regulated and trusted broker with oversight from a central bank
- Trading costs competitive but nothing special
ACY Securities
In Summary Swap-free trading with the MT5 trading platformThe 15 plugins for MT4/MT5 and Capitalise AI for algorithmic trading in a code-free environment make ACY Securities one of the best Forex brokers in Belgium. Demanding algorithmic traders get 24/5 market access via VPS hosting, fast order execution under 30ms, and 46 liquidity providers ensure deep liquidity. ACY Securities maintains a well-balanced asset selection of 2,200+ trading instruments.
Traders get 16 payment processors in 16+ currencies plus numerous cryptocurrencies, and ACY Securities grants three free withdrawals monthly. ACY Securities is also an excellent choice for copy traders, as it features embedded MT4/MT5 services, Signal Start, and SoFinX.
Pros & Cons
- Large repository of daily analysis and educational content
- Low spreads starting at 0 pips in the Spread Zero account
- 16 payment processors, including cryptocurrencies
- Competitive trading fees in its commission-based accounts
- Only 1 regulator
BlackBull Markets
In Summary Best ECN trading environment, with scalping and hedgingBlackBull Markets was founded in 2014 in New Zealand. Like many antipodean Forex brokers, BlackBull Markets is an ECN broker, offering raw spreads and commissions. They are regulated in New Zealand by the Financial Services Providers Register (FSPR) and offer a maximum leverage on some Forex currency pairs as high as 500 to 1. In addition to their global headquarters in New Zealand, BlackBull Markets also has presences in the form of branch offices in New York and Malaysia. BlackBull Markets offers a relatively tight range of tradable assets: 27 Forex currency pairs and crosses, gold, silver, crude oil, natural gas, and 6 major equity indices. That should be sufficient for those traders with more focused strategies not requiring wide diversification.
Pros & Cons
- ECN/NDD execution model with deep liquidity
- Institution-grade pricing for retail traders via proprietary price aggregation
- ZuluTrade and Myfxbook for social trading
- Leverage of up to 1:500
- Limited deposit options
Eightcap
In Summary Competitive pricing + excellent daily videosEightcap ranks among the best Forex brokers in Belgium due to its cutting-edge trading tools. MT4 traders get Capitalise AI, enabling algorithmic trading in a code-free environment. VPS hosting ensures 24/5 low latency Forex trading. Eightcap upgrades MT5 with Flash Trader, while Cryptocurrency traders get the dedicated cryptocurrency solution Crypto Crusher. Social traders can connect their Eightcap trading account to TradingView, where 50M+ traders discuss and share ideas.
The AI-powered economic calendar is a valuable tool for manual traders, and copy traders can use the embedded MT4/MT5 solution. Completing the excellent trading tools is a competitive commission-based cost structure.
Pros & Cons
- Low minimum deposit and high leverage of up to 1:500
- Competitive cost structure
- Excellent technology infrastructure and seasoned management team
- Daily research and quality educational content
- Limited leverage in some areas
FP Markets
In Summary ECN trading with leverage up to 1:500fpmarkets is an ASIC-regulated Australian brokerage which launched in 2005. For most traders, the unique selling point of this broker is in the extremely wide range of tradable assets offered, providing the opportunity to trade over ten thousand individual stocks and shares including publicly quoted Hong Kong and Australian companies. Ffpmarkets also offers 60 Forex pairs and crosses, 11 equity indices, the major commodities, and 5 cryptocurrencies including Bitcoin. fpmarkets offers an unusual hybrid ECN/STP execution model, meaning their clients can choose between ECN style of execution giving a very high level of speed, and a “straight through processing” execution style which allows for more “natural” spreads.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
Forex in Belgium: Legality, Tax, and Getting Started
Is Forex Trading Legal in Belgium?
The simple answer is that there is no law against a Belgian resident trading Forex. However, Belgium does have strict laws aimed at Forex brokers. In 2016, the Belgian regulator, the Financial Services and Markets Authority (FSMA), banned brokers from offering CFDs, rolling spot Forex contracts, and binary options to retail traders. They also banned most forms of marketing. Of course, the FSMA has no way to enforce these regulations against offshore Forex / CFD brokers outside Belgium who are prepared to accept Belgian residents as clients, and there are several such brokers.
Belgian-regulated brokers can still offer unleveraged trading in stocks, shares, and a few other products.
Also note that if you are resident in Belgium but hold the passport of another country, brokers are probably not going to breaking regulations by accepting you as a retail client and offering you trading in Forex products.
Is Forex Trading Taxable in Belgium?
Yes, Forex trading is taxable in Belgium. However, as Forex trading is domestically prohibited for retail traders in Belgium, it is hard to find publicity about tax details which apply to profitable Forex traders using an offshore brokerage, although it is clear the individual trader breaks no Belgian law in this example.
Any Belgian tax resident making a profit trading Forex should always consult with a professional tax adviser for details of their tax liability. It is possible that Forex trading profits will be taxed at the same rate as a “professional salary” under the Belgian tax code.
How Much Do I Need to Start Trading Forex in Belgium?
Although some Forex brokers have no minimum deposit requirements, or very low minimums, beginners should ideally aim to deposit at least $120 to trade with a safe level of risk. Depositing an affordable amount every month can also work well after the initial deposit.
How to Verify a Broker’s Regulation in Belgium?
All brokers regulated in Belgium are listed at the website of the Belgian financial regulator, the Financial Services and Markets Authority (FSMA). A search can be made easily by choosing the “Consumer” tab, then clicking on “search function” under “Check your provider”. If the broker you are searching for is not listed, it is not regulated in Belgium.
Retail Forex traders wishing to trade spot Forex or CFDs will anyway have to use a broker which is not regulated in Belgum.
How to Choose a Forex Broker in Belgium
Finding the right competitive Forex broker for you can be a challenge, as there are literally hundreds of international Forex brokers. We give you a head start in building a shortlist to choose from by composing a list of the best Forex brokers in Belgium to help you make the best choice.
Here is a checklist on how to choose a Forex broker:
1. Regulation – As most Belgian resident traders are going to need to use a broker based outside Belgium, it is especially important to choose a well-regulated, trustworthy broker with a good reputation. It is important to avoid unregulated brokers.
2. User Reviews – These can be inaccurate, with some reviews likely posted by traders who have failed to understand terms and conditions or by employees of brokers to post fake positive reviews about their services and fake negative ones on competitors. So, while you should take an individual review with a pinch of salt, if many reviews are mostly positive or negative, this is something worth noting.
3. Trading Platforms - The MT4 trading platform, fully supportive of algorithmic and copy trading, remains the best choice for Forex traders, as it comes with 25,000+ EAs, plugins, and custom indicators. In any case, if there is a particular trading platform you are determined to use, you must make sure your chosen broker offers it. However, the importance of trading platforms is very exaggerated, as most traders can get used to new platforms without much of a problem.
4. Trading Fees – Every broker has a different cost structure which will impact the cost of trading and therefore profit and loss. Some brokers will have a better overall offer for shorter-term traders or longer-term traders, and some will be more competitive on some asset classes than others. It is very important to carefully examine the spreads, commissions, and overnight fees typically offered by any broker before making a choice.
5. Customer Support - A 24/5 multilingual customer support team, a phone number, and live chat are essential for quality customer support.
6. Risk Management – Anyone trading Forex on a leveraged basis should be looking for a broker offering negative balance protection, Forex traders must ensure negative balance protection and an automatic stop-out level exist., and ideally automatic loss limiting stops.
7. Selection of Assets – Your trading style will determine how many currency pairs or other instruments you will want to trade. Some brokers with wide asset offerings are better for traders needing to be strongly diversified across asset classes. If you are a more narrowly focused trader and only want to trade a few different assets, then a wide choice will not be an important factor for you.
How to Trade Forex in Belgium?
The number one step for anyone wanting to get started trading Forex is to learn the basics about Forex trading and understand what they are trying to achieve: to profit by selling higher than buying, or by buying lower than selling.
Once you have educated yourself in the basics, you are ready to start looking for a Forex / CFD broker. It is a good idea to open a demo account with your chosen broker to familiarize yourself with their offering before depositing real funds, as a kind of road test.
The following steps are a good guide in your search:
- Select a trustworthy Forex broker from this best Forex brokers in Belgium list
- Ensure a low-cost Forex cost structure exists, with total trading fees per lot not exceeding $7.00
- If you have any special algorithmic, social, or mobile trading needs, you will probably need a broker which offers one of the MT4, MT5, or cTrader trading platforms
- A competitive and appropriate leverage offer, plus negative balance protection
Final Thoughts
Although many people in Belgium think Forex and CFD trading has been effectively banned, it is quite possible for Belgian resident traders to open accounts with offshore Forex brokers and generate profits from these markets without breaking any Belgian laws, provided any profits are declared, and taxes paid.
There are a reasonable number of Forex brokers which will accept Belgian residents of clients, and several of them enjoy regulation in Tier 1 jurisdictions. Regulatory excellence is an especially important factor when you are choosing an offshore Forex broker.
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