26 Best EFSA Regulated Forex Brokers – (Reviewed) 2025

There are a number of foreign and domestic Forex brokers in Estonia trying to attract new customers and the Estonian Financial Supervision Authority (EFSA) has been formed to administer brokers and advise traders. This list of the 26 Best EFSA Regulated Forex Brokers will supply you with a list of licensed brokers operating in Estonia.

The EFSA was founded in 2001. The agency was established and is run as an independent organisation. It is not linked to the government and it uses membership fees and fines to fund the operation. Its role is to oversee all financial institutions including banks and securities.

Estonia is a member of the European Union. As a result, all brokers licensed by the EFSA can also operate within EU member nations and vice versa. However, in saying this the Estonia regulation, whilst still protecting the investors, is more lenient on brokers than other European countries. As a result, a number of brokers have opened offices under the EFSA rules and procedures.

The EFSA is a member of the Committee of European Securities Regulators. As a regulatory body its role is to promote the stability and consistency of the financial markets, reduce risks, protect the traders and investors and promote market and general financial transparency as well as competitiveness.

We have put a list together of the 26 Best EFSA regulated forex brokers. The list is not ranked in any particular order.

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Alpari

Alpari was opened in 1996. The broker is one of the biggest players in the Forex industry.y.

Alpari is licensed and regulated by the SVG FSC (Financial Services Authority) in Mauritius, by the FCA (Financial Conduct Authority) in the UK and by the IFSC (International Financial Services Commission) in Belize

Alpari has 2 million active clients across 150 countries. Alpari provides a wide range of services like guidance, advice and educational material for advanced and beginner traders.

Features

• Choice between ECN and market-maker execution models
• Maximum leverage 1000:1
• Over 60 Forex currency pairs and crosses

Pros and Cons

FXTM

FXTM was founded in 2011 and is well known among traders all over the world.

When it opened it intended to provide its clients with technologically advanced trading platforms. This broker has been able to meet the needs of all types of traders, advanced and beginners.

FXTM is constantly striving to improve with new market inventions and exciting offers for traders.

FXTM is regulated by different watchdogs around the world and is managed by different companies in different countries. Regulation bodies FXTM has licenses with are CySEC, FSCA, FCA,

Features

• 200+ instruments
• Attractive bonuses
• Trading prizes for traders
• Competitive trading conditions

Pros and Cons

FP Markets

FP Markets was established in 2005. It is an Australian brokerage company regulated by the ASIC. The ASIC license, and regulation, provides a safe trading environment for traders.

The Australian broker has also received a CySEC license that allows European clients to trade freely.

The FP Markets head office is in Sydney Australia and the broker serves over 12 000 clients worldwide. They offer more than 13000 instruments for trading.

VPS hosting, extremely fast execution speed and a no dealing desk (NDD) execution model create ideal trading conditions for automated trading solutions.

Features

• Offers CFD trading to international clients
• MT4 and MT5 platforms
• Direct marketing share trading via Iress trading platform
• Offers tight spreads
• Competitive leverage
• Extremely fast execution
• VPS hosting
• No dealing desk (NDD)

Pros and Cons

XM Group

The XM Group is a group of online regulated brokers. The group is highly regulated by CySEC in Cyprus, ASIC in Australia and FCA in the UK. This provides for a safe environment to trade.

The website has fantastic customer support with all queries being answered in multiple languages 24/5.

The XM website has a number of trading options including foreign currencies, commodity, stocks, precious materials etc. They provide 100 financial instruments with numerous currency options.

The broker has more than 60 currency pairs to trade with.

There is a minimum deposit required to start trading which is ideal for beginners.

Features

• Bonus system is fantastic
• 4 types of accounts
• Demo account
• Strong regulation
• Solid reputation
• Efficient and fast trade execution
• Leverage 1:30
• Transparent commissions & fees

Pros and Cons

AvaTrade

AvaTrade was founded in 2006 and is one of the oldest online brokerages with a reputation for reliability. Their head office is in Dublin, Ireland with sales centres in Dublin, Paris, Milan, Sydney, Tokyo, Madrid, Mongolia, Beijing, Nigeria, Santiago, and Johannesburg.

AvaTrade is regulated by the Central Bank of Ireland, in Europe, the British Virgin Islands, ASIC (in Australia), FSA (Japan), Abu Dhabi and FSB (South Africa).

The broker offers more than 250 instruments with on a range of automated trading platforms with EA compatibility, more than 60 currency pairs, majors stock indices, cryptocurrencies, commodities, bonds, individual shares and ETFs.

Features

• Platforms MT4 and MT5
• AvaTradeGO app
• Islamic accounts
• 250 + instruments
• Over 60 currency pairs
• Offers competitive spreads
• Websites offer 20+ languages

Pros and Cons

Go Markets

Go Markets was founded in Australia in 2006 and is regulated by the Australian watchdog ASIC. Its head office is in Melbourne, Australia.

This allows for a safe trading environment. All clients’ accounts are in separate trust accounts at top rated banks.

With Go Markets traders can trade on 350+ financial CFD instruments covering Forex, Shares, Indices, Metals and Commodities.

There are 2 main account types, the standard account which is commission-free trading with spreads from 1 pip and the GoPlus Account which is commission-based with spreads from 0 pips.

The broker offers a large amount of educational resources through the Go Trading Academy.

Features

• Max Leverage: 1:500
• Many deposit and withdrawal options
• Trading platforms: MT4, MT5 and webtrader
• Commission on trading
• No fixed spreads
• Trading Desk: ECN, Market Maker, No dealing desk, STP
• Mobile platform

Pros and Cons

Exness

Exness has been operating since 2008 and is a leading international CFD/Forex broker.

Exness is regulated by CySEC in Cyprus, FCA in the UK and the FSA in the Seychelles.

The broker offers traders access to more than 120 financial instruments including Crypto, Forex, Stocks and Indices.

Their website is available in 23 different languages and customer support is in 13 languages

Features

• Tight spreads from 0.1 pips
• Copy trading
• No hidden commission fees
• Trading platform MT4
• Segregated accounts for clients
• Compensation scheme
• Quick withdrawals

Pros and Cons

HotForex

HotForex was voted as the Best Online Broker for Asia in 2012. HotForex is located and registered in Mauritius. It is a safe platform to trade as it is also regulated by Financial Services Commission (FSC). HotForex is also regulated by the EU.

The company motto is “Honesty, Openness and Transparency” three features every trader looks for.

Their customer service is excellent with employees speaking multiple languages.

Only EUR and USD can be used to open an account.

Features

• Interesting bonus system
• Free trading tools
• Educational material
• Minimum deposit to start trading is $50
• Leverage: 1000:1
• Many payment methods
• Low spreads from 0.2 pips
• 40 different currency pairs
• Six account types

Pros and Cons

FBS

Financial Brokerage Services (FBS) is an Asian Forex Broker with offices in China, Malaysia, Phillippines, Indonesia, Jordan, Vietnam and Russia.

FBS is regulated by the IFSC in Belize. It has 15 000 000 traders and 410 000 partners and is present in 190 countries worldwide.

The broker is a multi-award-winning broker having received numerous international awards.

Features

• Low minimum deposit
• Maximum leverage 1:3000
• Five types of accounts
• Spreads start from 0 pip
• Full range of payment options
• Trading instruments include 32 currencies and two metals
• MetaTrader 4 & MetaTrader 5 Trading Platform

Pros and Cons

Trading 212

Trading 212 was opened in 2004 originally in Bulgaria but since 2013 has their head office in London. The broker is regulated by the FCA (UK authority), making it a safe brokerage due to the FCA strict regulations, and the FSC (Bulgarian Financial Supervision Commission).

The trading platforms are intuitive and user friendly. Trading 212 is a CFD and Forex broker and is recommended for traders interested in investing in equities or trading with leveraged FX and CFD products.

Features

• Low min deposit
• Zero inactive account fee
• No fees on deposit or withdrawals
• Demo account
• Products: Stock, ETF, Forex, CFD and Crypto
• Commission-free stock and ETFs
• Low CFD fees
• User friendly trading platform
• Negative balance protection

Pros and Cons

IG Trading

In 1974 IG Trading was established in the UK and today it is one of the biggest CFD brokers in the world.

It is regulated by a few regulatory bodies world-wide including the UK’s Financial Conduct Authority (FCA) and Germany’s Federal Financial Supervisory Authority (BaFin)

IG is considered a safe environment in which to trade because of the regulatory bodies but also because it is listed on the London stock exchange and discloses its financials.

The IG web trading platform is excellent for beginners and professional traders.

Negative balance protection is provided for forex spot and CFD trading, but only for retail clients from the EU. Professional and non-EU clients are not covered.

Features

• Inactive account fee charged
• Low min deposit
• Demo account
• Trading fees on commissions, spreads, financing rates and conversion fees
• No fees on withdrawals / inactive accounts

Pros and Cons

Tickmill

Tickmill was established in 2014 and is a low-cost global forex and CFD broker.

It is a safe broker to trade with due to it being regulated by the FCA in the UK, CySEC in Cyprus and FSA in

The process of opening an account is simple and easy. There are a lot of free deposit and withdrawal options and the fees for forex and CFD are low.

Tickmill is recommended to clients who prefer trading on MetaTrader trading platforms and who are interested in CFD and forex trading.

Features

• Excellent trading tools
• Trade 80+ Instruments
• Spreads as low as 0.0 pips
• Educational resources
• Trade Forex, Stocks, Indices and Oil, Precious Metals and Bonds
• Competitive commission-based pricing
• 4 account types
• Demo account
• Islamic account available
• MetaTrader 4 and WebTrader

Pros and Cons

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Markets.com

Markets.com opened in 2010 and is a global Forex broker. The broker is licensed in five different countries and offers 2200+ assets.

They are regulated by the FCA in the UK, CySEC in Cyprus and the ASIC in Australia. These 3 regulatory bodies ensure a safe trading environment for any trader.

The CySEC license means that they are subject to the Financial Instruments Directive of MIFID II and the EU’s 4^th Anti-Money Laundering Directive. Both directives mandate participation in the Investor Compensation Fund (CIF) with a maximum coverage of 20 000 pounds.

Features

• Client funds segregated
• Negative balance protection
• Leverage ratios 1:30
• Free demo account
• 2200+ assets to select
• 15 trading tools

Pros and Cons

XTB

XTB is an online CFD, Crypto and forex broker. Founded in 2002 it has offices in more than 10 countries with its head office in London and Warsaw.

XTB is a highly regulated company with licenses from the UK’s Financial Conduct Authority (FCA) and the Polish Financial Supervision Authority (KNF), CySEC and IFSC

As a result, XTB is considered low-risk.

They are listed on the Warsaw stock exchange and have 140 000 + clients worldwide trading over 1500 global markets.

It offers negative balance protection for Forex spot and CFD trading for clients from the EU. Non-EU clients are not covered.

Features

• 1500+ trading instruments
• MetaTrader 4
• Great for beginner traders
• Easy and user-friendly research tools
• Good customer support
• Demo account
• Leverage only 1:30 inside the EU
• Min Forex and Crypto CFD trade size are 0.1 lot

Pros and Cons

Forex.com

Forex.com has a long track-record and is regulated by top-tier financial authorities like

the FCA in the UK, CIMA in the Cayman Islands and IIROC in Canada.

Forex.com is one of the largest retail forex brokers globally with 71000+ active clients.

The broker operates several subsidiaries worldwide and traders will be helped by the one according to where they live.

Forex.com is a multi-award-winning broker and is a great broker for both beginners and advanced traders.

They offer more than 4,500 CFD instruments to trade with. They also allow access to over 180 markets which include stocks, Forex pairs, Commodities, Indices and Cryptocurrencies.

Features

• Great mobile and desktop functionality
• Research tools are good
• Trading View charts built in
• 40,000 + traders
• Regulated
• Technical research tools

Pros and Cons

Oanda

Oanda was founded in 1996 and is an American forex broker and technology-driven financial services corporation.

The broker is a global corporation with offices in eight financial centres in the USA, Canada, UK, Japan, Singapore and Australia.

Oanda is regulated by 6 regulatory bodies namely CFTC in the USA, FCA in the UK, ASIC in Australia, IIROC in Canada, MAS in Singapore and FFAJ in Japan.

According to these regulatory bodies all client funds are kept in segregated accounts in top tier banks and is protected by negative balance protection.

Oanda offers both Forex and CFD trading, corporate FX payments and exchange rate services for many organisations and investors.

Features

• Web trading platform
• Good fees
• Powerful research tools
• No min deposit
• Open pricing
• Excellent market research
• Limited offering of FX pairs and CFDs

Pros and Cons

Pepperstone

Pepperstone is well known for its selection of third-party trading platforms namely MetaTrader suite, cTrader and a selection of copy-trading platforms.’

The broker is regulated in Australia (USIC) and the UK (FCA). Beginner traders like to use Pepperstone because they don’t charge for inactive accounts or a minimum deposit for standard accounts.

Pepperstone provides Forex and CFD traders with pricing that is competitive, excellent customer service, a large selection of third-party platforms including several options for social copy trading.

They have offices in the USA, UK, China and Thailand and their niche offering is for traders who focus on Forex and CFD markets.

Features

• Forex and equity index fees low
• Good customer service
• No fees on deposits and withdrawals
• No inactive account fee
• No minimum deposit
• Competitive pricing for Forex and CFD traders
• One of largest selections of third-party platforms
• Social copy trading options
• Negative balance protection

Pros and Cons

FXCM

FXCM has been operating for 20+ years and in that time, it has acquired several awards and titles and thousands of traders.

It was opened in 1999 in the UK. It boasts impressive trading platforms and beneficial offerings.

It has licenses from four different countries reassuring that the broker is reputable.

FXCM focuses on traders wanting to start out. Beginner traders can take advantage of the resource tools and education offered.

Features

• 70+ trading instruments
• 5 top-tier licenses
• Extensive research tools
• Competitive spreads
• Profitable leverage ratios
• Min initial deposit
• Active trader discounts

Pros and Cons

Saxo Bank

Saxo Bank is a leading fintech and regtech specialist broker. Found in 1992 it is highly regulated by six top tier regulatory bodies namely the FCA in the UK, MAS in Singapore, FINMA in Switzerland, ASIC in Australia, FSA in Denmark and the JFSA in Japan.

Saxo Bank connects traders, investors and partners to 35000+ instruments and sets itself apart by building digital platforms to facilitate multi-asset market access. Assets include CFDs, stocks, forex, ETFs and more.

The broker supplies clients with advanced research tools, industry competitive and leading prices and excellent customer service.

Features

• Great trading platforms
• Ave leverage ratio. Maximum 1:200
• Three account types
• Impressive product portfolio
• 9 different asset classes
• Low pricing on trading
• Tight variable spread
• 160+ currency pairs
• Excellent liquidity
• 41 binary & vanilla touch options

Pros and Cons

Swissquote

Swissquote, established in 1996 is a Swiss Investment Bank. The bank is regulated by FINMA the Swiss Financial Market Supervisory Authority and by FCA the UK’s financial authority.

It is considered safe by brokers because it has a banking license and is listed on the Swiss stock exchange.

Swissquote is a Swiss Forex broker and a major European bank that is known to be very reliable.

It has two main trading arms, namely a Swiss unit for trading stocks, options, funds, and futures and a company in the UK for CFDs and Forex.

In Forex they have sixty currency pairs. They also have other financial instruments like Stocks, Energies and Commodities.

Swissquote offers client support in multiple languages such as English, German, French, Spanish and Chinese and in multiple channels such as Phone, Live Chat (for using Live Chat the client has to login to the broker’s website) and Email.

They offer 3 different platforms to choose from and they are also optimized for mobile devices with Android, Windows and IOS mobile operating systems. The mobile versions of their platforms are fully functional.

Features

• Highly regulated by FCA
• Large range of financial instruments
• Competitive spreads
• Commission free trading
• Demo Account
• Boasts 330,000+ traders
• Scalping
• Hedging

Pros and Cons

LCG

LCG is regulated by 3 regulatory bodies namely LCG BHS in the Bahamas, FCA in the UK and CySEC in Cyprus.

The broker is a member of the FSCS and the ICF, both providing compensation of up to 85000 pounds per client. Clients in Cyprus are entitled to 20000 euro compensation from the ICF.

LCG is a reliable broker providing a secure trading environment and competitive, convenient conditions to trade.

For traders who can afford the $10000 minimum deposit, LCG’s LCGTrader (cTrader) ECN account type offers the best pricing. Howeve, trading through MT4 is very expensive.

Features

• 7000+ instruments
• STP and ECN broker
• Competitive spreads
• Quick execution speeds
• Client segregated accounts

Pros and Cons

Darwinex

Darwinex is a London based brokerage. It has 3000+ traders who can choose from several trading options like forex, commodities, cryptocurrencies, USA stocks and indices.

Darwinex is regulated by the strict regulatory body the FCA in the UK.

The FSCS (Financial Services Compensation Scheme) protects customers’ funds in the event of liquidation of darwinex. Customer funds are also kept in segregated accounts with a top tier bank.

Darwinex has a good reputation for offering excellent customer support, a wide selection of market instruments and technologically advanced programmes to assist traders.

Features

• Leverage levels of 1:30 for major currency pairs, 1:20 for minor pairs and 1:10 for commodities
• One account offered
• Minimum deposit: 50 USD
• 300+ market instruments: Forex, USA stocks, indices, commodities and cryptocurrencies
• FSCS protection
• Monthly volume-based rebates
• Variety of platforms and technologies for DMA access
• Customer support in several languages
• Educational resources

Pros and Cons

easyMarkets

easyMarkets founded in 2001 introduced CFD trading in 2016. It is a solid and reliable broker who can boast impressive operational statistics. The company has also won many awards the latest award being in 2019 – Best Forex Broker – The Forex Expo – Dubai.

easyMarkets is regulated by the CySEC, and as a result also compliant to MiFID II, meaning that client funds are segregated from the business accounts and that in the event of a problem the Investor Compensation Fund (CIF) will compensate the traders with a maximum coverage of 20 000 Euro. A guaranteed stop loss and negative balance protection are also available for clients.

Features

• Max leverage ratio of 1:400
• 3 types of accounts
• 200+ assets across six investment classes
• Free deposits and withdrawals
• Customer support 24/5
• Educational resources available
• Research division

Pros and Cons

OctaFx

OctaFx has the best trading conditions, which is one of the primary reasons why it has grown from strength to strength since its launch in 2011.

Their offering is wide and comprehensive and caters for a number of different traders with varying levels of experience.

OctaFx is an ECN Forex broker who offers the MetaTrader and cTrader platforms.

OctaFx is a multi-award-winning broker and operates in more than 100 countries worldwide.

Features

• Over 300,000+ traders worldwide
• More than 30 Forex pairs to trade
• Educational & research resources
• First time deposit match of 50%
• Unlimited demo
• Spread offerings are competitive in the Forex industry.
• Advanced technology

Pros and Cons

HYCM

HYCM is based in the UK and is licensed and regulated by FCA.

HYCM offers traders access to a large range of different trading markets, from currencies to commodities and stocks.

They are also a good platform for advanced traders and beginners. They offer educational material for all traders to improve their knowledge.

HYCM offers state-of-the art technology with 100+ financial instruments with which to trade

Features

• Client funds kept in segregated accounts
• FSCS Compensation of up to 50 000 pounds
• Mobile trading
• 120+ tradeable assets
• Leverage up to 200:1

Pros and Cons

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Conclusion

If you are looking to trade Forex within Estonia these 27 Best EFSA Regulated Forex Brokers are the safest brokers to use. In saying this, due to the EFSA having less strict regulations there are plenty of other European agencies issuing licenses and guaranteeing a higher level of customer service and security