| Updated: September 1, 2025Belgium is home to a growing community of traders who have taken a keen interest in the foreign exchange market. To meet this demand, many brokerages have begun catering to a Belgian audience, giving local traders an ample choice of online trading brands.
Some of the companies that target Belgian traders are licensed by the Financial Services and Markets Authority (FSMA), the supervisory body of Belgium’s financial sector. However, given Belgium’s status as an EU member, brands that are not licensed by the FSMA can still offer their services to Belgian clients, provided their operations are overseen by another European regulatory body.
Below you can find a list of the best Forex brokers regulated in Belgium:
Top 10 Forex Brokers in Belgium
-
Fusion Markets
- Australia regulated broker
- MT4, MT5, TradingView, Ctrader
- Leverage up to 500
Trading InstrumentsDeposit Methods- Commodities CFDs
- Crypto CFDs
- Forex CFDs
- Indices CFDs
- Metals CFDs
- Stock CFDs
-
IG
- Offers different account types, including DMA (Direct Market Access) one
- Offers turbo warrants on forex pairs, commodities, indices, and equities
- Supports popular platforms like MT4 and TradingView as well as ProRealTime, L2, and more
Trading InstrumentsDeposit Methods- Bond Futures
- Bond Options
- Bond Spread Betting
- Bonds CFDs
- Commodities CFDs
- Commodity Futures
- Commodity Options
- Commodity Spread Betting
- Crypto CFDs
- Crypto Options
- Crypto Spread Betting
- Currency Futures
- Energy CFDs
- Energy Futures
- Energy Options
- Energy Spread Betting
- ETF CFDs
- ETF Options
- ETF Spread Betting
- Forex CFDs
- Forex Options
- Forex Spread Betting
- Index Futures
- Index Options
- Index Spread Betting
- Indices CFDs
- Interest Rate Futures
- Metal Futures
- Metal Options
- Metals CFDs
- Metals Spread Betting
- Share CFDs
- Stock CFDs
- Stock Options
- Stock Spread Betting
- US Stock CFDs
- US Stock Options
- US Stock Spread Betting
-
FP Markets
- Australia and CySEC regulated broker
- MT4/MT5, TradingView, Ctrader, Iress
- EUR/USD spread from 0.0 pips
Trading InstrumentsDeposit Methods- Commodities CFDs
- Crypto CFDs
- Energy CFDs
- Forex CFDs
- Indices CFDs
- Metals CFDs
- Stock CFDs
-
BlackBull Markets
- Broker boasting lightning-fast execution speed
- ECN brokers with tight spreads from 0.0 pips
- $0 minimum deposit requirement
Trading InstrumentsDeposit Methods- Commodities CFDs
- Crypto CFDs
- Forex CFDs
- Indices CFDs
- Metals CFDs
- Stock CFDs
-
Global Prime
- Australia regulated broker
- Advanced MT4
- $0 Minimum Account Size
Trading InstrumentsDeposit Methods- Commodities CFDs
- Forex CFDs
- Indices CFDs
- Metals CFDs
-
Axi
- Raw spreads start from 0.0 pips
- Offers order execution faster than standard ECN model
- Axi Select Funded Trader Program offers funding up to $1 million
Trading InstrumentsDeposit Methods- Commodities CFDs
- Crypto CFDs
- Forex CFDs
- Indices CFDs
- Metals CFDs
- Stock CFDs
-
eToro
- Popular broker for social trading
- Trading is conducted on innovative in-house platform
- Offers both investing and trading products
Trading InstrumentsDeposit Methods- Commodities CFDs
- Crypto CFDs
- ETF CFDs
- Forex CFDs
- Indices CFDs
- Metals CFDs
- Share CFDs
- Stock CFDs
- US Stock CFDs
-
XM Group
- XM provides great trading experiences using MetaTrader 4 and MetaTrader 5, which are improved by personalized features.
- Zero commission accounts are available
- Top-tier regulation from CySEC, ASIC, FSC, and DFSA oversee XM's operations, assuring transparency and client safety.
Trading InstrumentsDeposit Methods- Bonds CFDs
- Commodities CFDs
- Crypto CFDs
- Energy CFDs
- ETF CFDs
- Forex CFDs
- Forex Options
- Index Options
- Indices CFDs
- Metals CFDs
- Share CFDs
- Stock CFDs
- Stock Options
- US Stock Options
-
FxPro
- NDD broker offering deep liquidity and ultra-fast execution
- Over 99% instant order executions with no requotes
- Supports MT4, MT5, cTrader, and a proprietary platform
Trading InstrumentsDeposit Methods- Commodities CFDs
- Crypto CFDs
- Energy CFDs
- Forex CFDs
- Indices CFDs
- Metals CFDs
- Stock CFDs
-
ActivTrades
- Winner of 20+ Global Awards
- MT4/MT5, TradingView
- Leverage up to 1:400
Trading InstrumentsDeposit Methods- Bonds CFDs
- Commodities CFDs
- Crypto CFDs
- ETF CFDs
- Forex CFDs
- Indices CFDs
- Share CFDs
Brokers Compared by Spread
FX Brokers Deposit Method Comparison
| Brand | Minimum deposit | |
|---|---|---|
| Fusion Markets |  |
$0 |
| IG | |
$50 |
| FP Markets | |
$50 (AU$100) |
| BlackBull Markets |  |
$0 (Standard)$2,000 (Prime)$20,000 (Institutional) |
| Global Prime | |
$0 |
| Axi | |
$0 |
| eToro | |
$50 or $100 based on country ($10 for the UK) |
| XM Group | |
$5 |
| FxPro | |
$100 |
| ActivTrades | |
$0 |
The Best Forex Brokers by Regulator
| Brand | Maximum leverage | |
|---|---|---|
| Fusion Markets | |
1:500 (ASIC | Pro Account), 1:30 (ASIC | Retail Account), 1:500 (VFSC | Retail Account) |
| IG | |
1:222 (BaFin | Pro Account), 1:30 (ASIC | Retail Account), 1:30 (BaFin | Retail Account), 1:200 (BMA | Retail Account), 1:30 (FCA | Retail Account) |
| FP Markets | |
1:500 (CySEC | Pro Account), 1:30 (ASIC | Retail Account), 1:30 (CySEC | Retail Account), 1:500 (FSAS | Retail Account) |
| BlackBull Markets | |
1:500 (FMA), 1:500 (FSAS) |
| Global Prime | |
1:500 (ASIC | Pro Account), 1:30 (ASIC | Retail Account), 1:500 (VFSC) |
| Axi | |
1:500 (Elite Account), 1:400 (Pro Account), 1:30 (ASIC | Retail Account), 1:30 (CySEC | Retail Account), 1:30 (DFSA | Retail Account), 1:30 (FCA | Retail Account), 1:500 (SVGFSA) |
| eToro | |
1:400 (CySEC | Pro Account), 1:30 (CySEC | Retail Account), 1:400 (FSAS | Retail Account) |
| XM Group | |
1:30 (CySEC | Retail Account), 1:1000 (IFSC | Retail Account) |
| FxPro | |
1:30 (CySEC | Retail Account), 1:30 (FCA | Retail Account), 1:10000 (SCB | Retail Account) |
| ActivTrades | |
1:400 (CMVM | Pro Account), 1:30 (CMVM | Retail Account), 1:1000 (FSC), 1:200 (SCB) |
Forex Brokers Platform Availability
| Brand | FX pairs to trade | |
|---|---|---|
| Fusion Markets | |
cTrader, MetaTrader 4, MetaTrader 5, TradingView |
| IG | |
MetaTrader 4, Proprietary Web, TradingView |
| FP Markets | |
cTrader, TradingView |
| BlackBull Markets | |
cTrader, MetaTrader 4, MetaTrader 5, TradingView |
| Global Prime | |
MetaTrader 4 |
| Axi | |
MetaTrader 4 |
| eToro | |
Proprietary |
| XM Group | |
MetaTrader 4, MetaTrader 4 MultiTerminal, MetaTrader 5, Proprietary Mobile, Proprietary Web |
| FxPro | |
cTrader, MetaTrader 4, MetaTrader 5 |
| ActivTrades | |
MetaTrader 4, MetaTrader 5, Proprietary Web, TradingView |
Comprehensive Comparison of the Best Belgium Forex Brokers
| Brand | Min. Deposit | Trading Platforms | Spread | Regulation | Trustpilot |
|---|---|---|---|---|---|
 |
$0 |
|
AVG 0.93 pips |
|
|
 |
$50 |
|
AVG 1.13 pips |
|
|
 |
$50 (AU$100) |
|
AVG 1.2 pips |
|
|
 |
$0 (Standard)$2,000 (Prime)$20,000 (Institutional) |
|
AVG 0.3 pips |
|
|
 |
$0 |
|
AVG 0.96 pips |
|
|
 |
$0 |
|
AVG 0.1 pips |
|
|
 |
$50 or $100 based on country ($10 for the UK) |
|
AVG 1 pips |
|
|
 |
$5 |
|
AVG 1.2 pips |
|
|
 |
$100 |
|
AVG 0.5 pips |
|
|
 |
$0 |
|
AVG 0.5 pips |
|
In recent years, the FSMA has taken steps to protect consumers from risky financial products. In 2016, the regulator banned domestic brokers from offering leveraged trading products, citing concerns about the high risk of losses for retail traders. Despite this prohibition, Belgian traders can still access the forex markets through brokers operating in other EU countries. This publication provides an overview of the legal forms of forex trading in Belgium, the restrictions affecting currency trading, and the regulatory framework that governs the industry.
Legal Forms of Forex Trading in Belgium
The FSMA is the primary regulator of the financial markets in Belgium, responsible for overseeing the activities of financial institutions and ensuring that they comply with the relevant regulations. In 2016, the FSMA banned local brokers from offering leveraged trading products, including contracts for difference (CFDs) and rolling spot forex contracts.
As explained above, this ban was imposed due to concerns about the high risk of losses for retail investors, who may lack the necessary knowledge and expertise to trade these products safely. However, as Belgium is a member of the EU, local traders can still access forex markets through brokers operating in other EU countries. These brokers are subject to the regulatory framework of their home countries, which must comply with EU regulations.
The FSMA’s ban on leveraged trading products applies to brokers based in Belgium and does not affect traders who access the forex markets through brokers operating in other EU countries. However, traders should be aware that the ban is intended to protect consumers from risky financial products and that leveraged trading can result in significant losses if not managed properly. Traders should carefully consider their investment goals and risk tolerance before engaging in forex trading. Additionally, they are advised to trade with reputable brokers only that are licensed and regulated by a European financial regulator.
Restrictions on Currency Trading in Belgium
The financial regulator of Belgium has imposed significant restrictions on currency trading in Belgium, including:
- A prohibition on offering binary options
- A ban on derivative contracts with a maturity of less than 1 hour
- A prohibition on leveraged derivative contracts, such as contracts for difference and rolling spot forex contracts
These restrictions apply to all brokers operating in Belgium and are intended to protect consumers from risky financial products. The FSMA has also banned certain aggressive or unsuitable distribution techniques, such as unsolicited marketing calls via external call centres and other practices that may be deemed unfair or misleading.
The FSMA’s restrictions on currency trading in Belgium are designed to protect consumers from financial harm and to ensure that traders are aware of the risks associated with forex trading. Traders should carefully consider these restrictions before engaging in forex trading, and, if they decide to register an account, they should do so with reputable brokers that are licensed and regulated by a European financial regulator. Traders should also be aware of the risks associated with leveraged trading and should carefully manage their risk exposure to avoid significant losses.
What are the reasons for the tight restrictions imposed on trading by the Belgian financial regulator?
The FSMA has imposed tight restrictions on trading in Belgium due to concerns about the high risk of losses for retail investors. The regulator has received multiple complaints about unauthorised providers offering financial services or products and has noted that these providers often target vulnerable consumers, such as seniors, the unemployed and financially disadvantaged people. The authority has also observed that these providers frequently use aggressive or inappropriate marketing techniques, such as cold calling via external call centres, to sell their products.
The FSMA’s restrictions on trading are designed to protect consumers from financial harm and to ensure that traders are aware of the risks associated with forex trading. The regulator has also noted that other jurisdictions have imposed similar restrictions, citing concerns about the high risk of losses for retail investors. For instance, Israel, Japan and the United States have adopted regulations restricting or banning CFDs and/or binary options, and some countries have prohibited the use of leverage in trading.
Who Regulates Forex Trading in Belgium?
The FSMA is the primary regulator of the financial markets in Belgium, responsible for overseeing the activities of financial institutions and ensuring that they comply with relevant regulations. However, due to the limitations imposed on leveraged trading products, there are no forex licences issued by the FSMA. Instead, traders can access forex markets through brokers operating in other EU countries, which are subject to the regulatory framework of their home countries.
The FSMA’s regulatory framework is designed to protect consumers from financial harm and to ensure that traders are aware of the risks associated with forex trading. The regulator has imposed significant restrictions on currency trading in Belgium, including a prohibition on the distribution of binary options, derivative contracts with a maturity of less than 1 hour, and leveraged derivative contracts, such as CFDs and rolling spot forex contracts.
Requirements for Forex Brokers in Belgium
While there are no forex brokers licensed by the FSMA, traders can still access forex markets through brokers operating in other EU countries. These brokers are subject to the regulatory framework of their home countries, which must comply with EU regulations. Some of the customer protection mechanisms available at forex brokers operating in these EU countries include:
- Negative balance protection: Negative balance protection prevents traders from incurring losses exceeding their initial investment.
- Retail leverage limits: This mechanism limits the amount of leverage available to retail traders to prevent them from taking on excessive risk.
- Investor compensation: Investor compensation schemes are designed to provide compensation to traders in the event of a broker being unable to meet its financial obligations.
- Risk disclaimers: This mechanism requires brokers to provide clear and transparent information about the risks associated with forex trading.
- Fund segregation: Brokers are obliged to keep traders’ funds separate from their operating funds to prevent commingling and ensure that traders’ funds are protected.
- Automatic margin close-outs: This mechanism automatically closes out trades when a trader’s margin falls below a certain level, to prevent significant losses.
Traders should carefully consider these customer protection mechanisms before engaging in forex trading and should only trade with reputable brokers that are licensed and regulated by a European financial regulator.
How to Identify Reliable Forex Brokers Accepting Belgian Clients?
To identify reliable forex brokers accepting Belgian clients, traders should look for brokers that are licensed and regulated by a European financial regulator. They should also check the register of licensed brokers (in the respective jurisdiction) to ensure that the broker is authorised to operate in the EU. Additionally, traders should consider the following factors:
- Price transparency: Traders should look for brokers that provide clear and transparent pricing, with no hidden fees or commissions.
- Reputation: Traders should research the broker’s reputation online and read reviews from other traders to ensure that the broker is reputable and trustworthy.
- Regulatory compliance: Traders should ensure that the broker is compliant with EU regulations and that it is authorised to operate in the EU.
Are There Taxes on Profits from Forex Trading in Belgium?
As the FSMA has banned brokers from offering remote trading services, there are no specific tax laws concerning the taxation of currency trading in Belgium. However, traders may still be subject to taxation on their profits, depending on their individual circumstances. They should consult a tax professional to determine their tax obligations and to ensure that they adhere to Belgian tax laws.
FAQs
When did the regulation of the FSMA enter into force? How does the FSMA enforce the Regulation?
The regulation of the FSMA entered into force on 18 August 2016. The authority is empowered to impose administrative measures or sanctions on providers that do not abide by the regulation.
Why is the distribution of derivative products with leverage prohibited?
The distribution of derivative products with leverage is prohibited because it can result in significant losses for retail investors, who may not have the necessary knowledge and experience to trade these products safely.
What are the risks associated with leverage trading?
The risks associated with leveraged trading include the potential for significant losses, as well as the risk of losing more than the initial investment.
Can I trade forex with a broker that is not licensed by the FSMA?
Yes, you can trade forex with a broker that is not licensed by the FSMA, but the broker must be licensed and regulated by a European financial regulator.
How can I protect myself from financial harm when trading forex?
You can protect yourself from financial harm when trading forex by carefully considering the risks associated with forex trading and by only trading with reputable brokers that are licensed and regulated by a European financial regulator.
Conclusion
In conclusion, the Belgian financial market is regulated by the FSMA, which has imposed significant restrictions on currency trading in Belgium. The regulator has banned local brokers from offering leveraged trading products and has imposed restrictions on the distribution of binary options, derivative contracts with a maturity of less than 1 hour, and leveraged derivative contracts such as CFDs and rolling spot forex contracts.
Traders can still access forex markets through brokers operating in other EU countries, which are subject to the regulatory framework of their home countries. Forex investors should carefully consider the risks associated with forex trading and should only trade with reputable brokers that are licensed and regulated by a European financial regulator.
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