| Updated: Belgium 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 Belgian traders, giving them a wide 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 for 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 they are overseen by another European regulatory body.
Below is a list of the best forex brokers available in Belgium:
Top 10 Forex Brokers in Belgium
-
Fusion Markets
- Australia regulated broker
- MT4, MT5, TradingView, Ctrader
- Leverage up to 500
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Stock CFDs
-
FP Markets
- Australia and CySEC regulated broker
- MT4/MT5, TradingView, Ctrader, Iress
- EUR/USD spread from 0.0 pips
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Energy CFDs
- ETF CFDs
- Forex CFDs
- Index CFDs
- Metal 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- Commodity CFDs
- Crypto CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Stock CFDs
-
Blueberry Markets
- Well-known broker, established in Australia
- Low trading fees
- MT4, MT5, Mobile Trading Platform
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- Forex CFDs
- Index CFDs
- Share 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
- Commodity 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 CFDs
- Index Futures
- Index Options
- Index Spread Betting
- Interest Rate Futures
- Metal CFDs
- Metal Futures
- Metal Options
- Metals Spread Betting
- Share CFDs
- Stock CFDs
- Stock Options
- Stock Spread Betting
- US Stock CFDs
- US Stock Options
- US Stock Spread Betting
-
Global Prime
- Australia regulated broker
- Advanced MT4
- $0 Minimum Account Size
Trading InstrumentsDeposit Methods- Commodity CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
-
eToro
- Popular broker for social trading
- Trading is conducted on innovative in-house platform
- Offers both investing and trading products
Trading InstrumentsDeposit Methods- Commodity CFDs
- Crypto CFDs
- ETF CFDs
- Forex CFDs
- Index CFDs
- Metal 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- Commodity CFDs
- Crypto CFDs
- Energy CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Share CFDs
- Turbo Stocks
-
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- Commodity CFDs
- Crypto CFDs
- Energy CFDs
- ETF CFDs
- Forex CFDs
- Index CFDs
- Metal CFDs
- Stock CFDs
-
ActivTrades
- Winner of 20+ Global Awards
- MT4/MT5, TradingView
- Leverage up to 1:400
Trading InstrumentsDeposit Methods- Bonds CFDs
- Commodity CFDs
- Crypto CFDs
- ETF CFDs
- Forex CFDs
- Index CFDs
- Share CFDs
Our 8-step guide to choosing a forex broker
- Verify regulation and authorisation (e.g., FCA, ASIC).
- Check trading costs: spreads, commissions, swaps.
- Compare execution quality: slippage, fills, order types.
- Check platforms and tools: MT4/MT5, cTrader, TradingView.
- Ensure risk controls: stop-loss, guaranteed stops, negative balance protection.
- Review funding and withdrawals: local options, fees, processing times.
- Evaluate research, education, and alerts.
- Prioritise security and support: segregated client funds, two-factor authentication, support hours.
Brokers Compared by Spread
FX Broker Deposit Method Comparison
| Brand | Minimum deposit | |
|---|---|---|
| Fusion Markets |  |
$0 |
| FP Markets | |
$50 (AU$100) |
| BlackBull Markets |  |
$0 (Standard)$0 (Prime)$20,000 (Institutional) |
| Blueberry Markets | |
$100 |
| IG | |
$50 |
| Global Prime | |
$0 |
| eToro | |
$50 or $100 based on country ($10 for the UK) |
| XM Group | |
$5 |
| FxPro | |
No fixed minimum deposit requirement |
| 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) |
| 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) |
| Blueberry Markets | |
1:30 (ASIC | Retail Account), 1:500 (FSCM), 1:500 (VFSC) |
| 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) |
| Global Prime | |
1:500 (ASIC | Pro Account), 1:30 (ASIC | Retail Account), 1:500 (VFSC) |
| 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 Broker Platform Availability
| Brand | FX pairs to trade | |
|---|---|---|
| Fusion Markets | |
cTrader, MetaTrader 4, MetaTrader 5, TradingView |
| FP Markets | |
cTrader, MetaTrader 4, MetaTrader 5, TradingView |
| BlackBull Markets | |
cTrader, MetaTrader 4, MetaTrader 5, TradingView |
| Blueberry Markets | |
cTrader, MetaTrader 4, MetaTrader 5, TradingView |
| IG | |
MetaTrader 4, Proprietary Web, TradingView |
| Global Prime | |
MetaTrader 4, MetaTrader 5 |
| eToro | |
Proprietary |
| XM Group | |
MetaTrader 4, MetaTrader 4 MultiTerminal, MetaTrader 5, Proprietary Mobile, Proprietary Web |
| FxPro | |
cTrader, MetaTrader 4, MetaTrader 5, TradingView |
| ActivTrades | |
MetaTrader 4, MetaTrader 5, Proprietary Web, TradingView |
Comprehensive Comparison of the Best Forex Brokers in Belgium
| Brand | Min. Deposit | Trading Platforms | Spread | Regulation | Trustpilot |
|---|---|---|---|---|---|
 |
$0 |
|
AVG 0.91 pips |
|
|
 |
$50 (AU$100) |
|
AVG 1.29 pips |
|
|
 |
$0 (Standard)$0 (Prime)$20,000 (Institutional) |
|
AVG 0.1 pips |
|
|
 |
$100 |
|
AVG 1.1 pips |
|
|
 |
$50 |
|
AVG 0.86 pips |
|
|
 |
$0 |
|
AVG 1 pips |
|
|
 |
$50 or $100 based on country ($10 for the UK) |
|
AVG 1.1 pips |
|
|
 |
$5 |
|
MIN 1.6 pips |
|
|
 |
No fixed minimum deposit requirement |
|
AVG 0.48 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 market through brokers operating in other EU countries. This page provides an overview of the legal forms of forex trading in Belgium, the restrictions affecting currency trading, and the regulatory framework governing the industry.
Legal Forms of Forex Trading in Belgium
The FSMA is the primary regulator of Belgium’s financial markets. It is 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 knowledge and expertise needed to trade these products safely. However, as Belgium is an EU member, local traders can still access the forex market through brokers operating in other EU countries. These brokers are subject to the regulatory frameworks 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 prevent traders from accessing the forex market 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 it is not managed properly. Traders should carefully consider their investment goals and risk tolerance before engaging in forex trading. Additionally, they are advised to trade only with reputable brokers that are licensed and regulated by a European financial regulator.
Restrictions on Currency Trading in Belgium
The Belgian financial regulator has imposed significant restrictions on currency trading, 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 made through external call centres and other practices that may be considered unfair or misleading.
The FSMA’s restrictions on currency trading in Belgium are designed to protect consumers from financial harm and ensure that traders understand the risks associated with forex trading. Traders should carefully consider these restrictions before engaging in forex trading. If they decide to open an account, they should do so only with a reputable broker that is licensed and regulated by a European financial regulator. Traders should also be aware of the risks associated with leveraged trading and carefully manage their 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, unemployed people, and those facing financial hardship. The authority has also observed that these providers frequently use aggressive or inappropriate marketing techniques, such as cold calling through external call centres, to sell their products.
The FSMA’s trading restrictions are designed to protect consumers from financial harm and ensure that traders understand the risks associated with forex trading. The regulator has also noted that other jurisdictions have imposed similar restrictions because of 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, binary options, or both, while some countries have prohibited the use of leverage in trading.
Who Regulates Forex Trading in Belgium?
The FSMA is the primary regulator of Belgium’s financial markets. It is responsible for overseeing the activities of financial institutions and ensuring that they comply with the relevant regulations. However, due to the restrictions imposed on leveraged trading products, the FSMA does not issue forex licences. Instead, traders can access the forex market through brokers operating in other EU countries, which are subject to the regulatory frameworks of their home countries.
The FSMA’s regulatory framework is designed to protect consumers from financial harm and ensure that traders understand the risks associated with forex trading. The regulator has imposed significant restrictions on currency trading in Belgium, including prohibitions 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 the forex market through brokers operating in other EU countries. These brokers are subject to the regulatory frameworks of their home countries, which must comply with EU regulations. Some of the customer protection mechanisms available through forex brokers operating in these EU countries include:
- Negative balance protection: Negative balance protection prevents traders from incurring losses that exceed their initial investment.
- Retail leverage limits: This mechanism limits the amount of leverage available to retail traders, helping to prevent them from taking on excessive risk.
- Investor compensation: Investor compensation schemes are designed to compensate traders if a broker is 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 required to keep traders’ funds separate from their operating funds to prevent commingling and help protect client funds.
- Automatic margin close-outs: This mechanism automatically closes 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 trade only 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 that accept Belgian clients, traders should look for brokers licensed and regulated by a European financial regulator. They should also check the register of licensed brokers in the relevant 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 determine whether the broker is reputable and trustworthy.
- Regulatory compliance: Traders should ensure that the broker complies with EU regulations and is authorised to operate in the EU.
Are There Taxes on Profits from Forex Trading in Belgium?
Although the FSMA has banned local brokers from offering certain leveraged trading products, Belgian 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 ensure that they comply with Belgian tax laws.
FAQs
When did the FSMA regulation enter into force? How does the FSMA enforce the regulation?
The FSMA regulation entered into force on 18 August 2016. The authority is empowered to impose administrative measures or sanctions on providers that do not comply with the regulation.
Why is the distribution of leveraged derivative products prohibited?
The distribution of leveraged derivative products is prohibited because these products can result in significant losses for retail investors, who may not have the knowledge and experience needed to trade them safely.
What are the risks associated with leveraged trading?
The risks associated with leveraged trading include the potential for significant losses and 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 associated risks and trading only with reputable brokers that are licensed and regulated by a European financial regulator.
Conclusion
In conclusion, Belgium’s financial market is regulated by the FSMA, which has imposed significant restrictions on currency trading in the country. The regulator has banned local brokers from offering leveraged trading products and has restricted 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 the forex market through brokers operating in other EU countries, which are subject to the regulatory frameworks of their home countries. Forex traders should carefully consider the risks associated with forex trading and trade only with reputable brokers that are licensed and regulated by a European financial regulator.
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