In the ever-dynamic world of Forex trading, having the right broker on your side can make all the difference. If you reside in Finland and are keen on joining the world of Forex trading in 2024, we have made things simpler for you. We have dissected the market, compared different Forex brokers' features, and studied user reviews to come up with a comprehensive guide to the best Forex brokers in Finland for 2024.
This guide acquaints you with crucial aspects like broker regulation, trading platforms, a variety of currency pairs, fee structures, customer service, and more. It paves the way for both beginners finding their footing in Forex trading and professionals looking for advanced trading tools and market access.
Best Forex Brokers in Finland
more
Comparison of Best Forex Brokers in Finland
Forex Broker
License
Minimum Spread
Maximum Leverage
Minimum Deposit
Open account
Details
Compare
Best Forex Brokers in Finland Reviewed
① Saxo
Saxo is known for its professional-grade trading platforms and global market access, making it suitable for sophisticated traders.
 |
⭐⭐⭐⭐⭐ |
| Min Deposit | HKD10,000 |
| Tradable Instruments | Stcoks, ETFs, bonds, mutual funds, IP0, forex, futures, forex options, listed options |
| Demo Account | Yes |
| Costs | Around 0.4 pips on EUR/USD & commission-free (forex) |
| Trading Platforms | SaxoInvestor, SaxoTraderGO, SaxoTraderPRO |
| Deposits & Withdrawals | Free, Visa, MasterCard, Visa Debit, Visa Electron, MasterCard Debit, Maestro (for UK residents), Visa Dankort (for Denmark residents), Carte Bleue (for France residents) |
| Customer Support | 24/5 phone, email |
Pros:
√ Offers extensive access to international markets.
√ Multiple platforms featuring sophisticated trading tools.
√ Excellent customer service.
Cons:
× Not the most suitable for beginners due to its complex platform.
× High minimum deposit is required for some account types.
② IC Markets
IC Markets is an Australian Forex broker recognized for its high-speed execution and competitive spreads.
 |
⭐⭐⭐⭐⭐ |
| Min Deposit | $200 |
| Tradable Instruments | 1780+, forex pairs, commodities, stocks, cryptocurrencies, indices, bonds, futures |
| Demo Account | Yes |
| Costs | From 0.6 pips & no commission (Std) |
| Trading Platforms | MT4, MT5, cTrader |
| Deposits & Withdrawals | Credit/debit cards, PayPal, Neteller, Skrill, UnionPay, Wire Transfer, Bpay, Broker to Broker, POLI, Thai/Vietnamese Internet Banking, Rapidpay, Klarna |
| Customer Support | 24/7 live chat, phone, email |
Pros:
√ Superior execution speeds.
√ Competitive spreads result in lower trading costs.
√ Offers MetaTrader4/5 and cTrader platforms.
Cons:
× Limited educational resources for beginners.
× High-speed trading is not beneficial for beginners or long-term traders.
③ IG
IG is a leading global Forex broker offering a wide range of markets and robust trading platforms.
 |
⭐⭐⭐⭐⭐ |
| Min Deposit | 0 |
| Tradable Instruments | 17,000+, forex, indices, cryptocurrencies, shares, commodities, ETFs, options, interest rates, bonds |
| Demo Account | Yes |
| Costs | Average 1 pip in EUR/USD |
| Trading Platforms | Online trading platform, Mobile trading app, Progressive web app, ProRealTime, MT4, L2Dealer |
| Deposits & Withdrawals | Credit/debit cards (MasterCard/Visa), bank transfer |
| Customer Support | 24h/day, except from 6 am to 4 pm on Saturday (UTC+8)-live chat, phone, email |
Pros:
√ Access to a wide array of markets.
√ Diverse, reliable trading platforms.
√ Comprehensive education and research resources.
Cons:
× Limited payment options.
× Complex platform for beginners.
④ eToro
eToro pioneered social trading and is known for its user-friendly interface and wide selection of assets for trading.
 |
⭐⭐⭐⭐⭐ |
| Min Deposit | $10 |
| Tradable Instruments | 3000+, Stocks, Cryptocurrencies, Currencies, Commodities, ETFs |
| Demo Account | Yes |
| Costs | Around 3 pips on EUR/USD & commission-free |
| Trading Platforms | MT4, eToro proprietary platform |
| Deposits & Withdrawals | ＄5 withdrawal fee for ＄30 withdrawal amount, eToro Money, credit/debit cards, PayPal, Neteller, Skrill, Rapid transfer, iDEAL, Klarna / Sofort Banking, bank transfer, Online Banking – Trustly (EU region), Przelewy 24 |
| Customer Support | 24/5 live chat, email |
Pros:
√ Innovative social trading features.
√ User-friendly platform suitable for beginners.
√ Diversified selection of assets for trading.
Cons:
× Withdrawal and inactivity fees.
× Limited technical analysis tools.
⑤ AvaTrade
AvaTrade is an internationally recognized broker perfect for traders who appreciate a wide selection of trading platforms and a strong education offering.
 |
⭐⭐⭐⭐⭐ |
| Min Deposit | $100 |
| Tradable Instruments | 1250+, stock index, stock, commodities, ETF |
| Demo Account | Yes |
| Costs | Typical 0.9 pips on EUR/USD & commission-free |
| Trading Platforms | MT4, MT5, WebTrader, AvaTrade Go |
| Deposits & Withdrawals | MasterCard, Visa, PayPal, Skrill, Neteller, Wire Transfer, etc. |
| Customer Support | Mon - Fri 8:00 - 23:00 live chat, phone, email |
Pros:
√ Wide variety of platforms for trading.
√ Comprehensive educational resources.
√ Highly regulated.
Cons:
× The withdrawal process is slow compared to other brokers.
× No 24/7 customer support.
⑥ XM
XM is well known for its broad variety of account types, catering for the needs of a wide range of traders.
 |
⭐⭐⭐⭐ |
| Min Deposit | $5 |
| Tradable Instruments | 1000+ |
| Demo Account | Yes |
| Costs | From 1 pip & commission-free (Std) |
| Trading Platforms | MT4, MT5, XM WebTrader |
| Deposits & Withdrawals | Credit/debit cards, Paypal, Skrill Moneybookers, Neteller, WebMoney, CashU, GiroPay |
| Customer Support | 24/7 live chat, phone, email |
| Bonus | Up to $2,000 |
Pros:
√ Offers both MetaTrader 4 and MetaTrader 5 platforms.
√ Comprehensive educational resources.
√ Provides a variety of account types to suit different trading styles.
Cons:
× High spreads on some account types.
× Commissions are applied to the share account.
⑦ Plus500
Plus500 offers a user-friendly trading platform and a wide range of financial instruments.
 |
⭐⭐⭐⭐ |
| Min Deposit | $/€/£100 |
| Tradable Instruments | forex, cryptocurrencies, stocks, indices, commodities, and options |
| Demo Account | Yes |
| Costs | Around 0.6 pips & commission-free |
| Trading Platforms | own proprietary trading platform (desktop, web, and mobile) |
| Deposits & Withdrawals | Visa, MasterCard, PayPal, bank transfers, Apple Pay, Trustly |
| Customer Support | 24/7 live chat, email |
Pros:
√ User-friendly trading platform, ideal for beginners.
√ A wide array of financial instruments for trading.
√ Competitive spreads.
Cons:
× Does not offer MetaTrader platforms.
× Limited educational resources.
⑧ XTB
XTB is known for its award-winning technology and excellent educational resources.
 |
⭐⭐⭐⭐ |
| Min Deposit | 0 |
| Tradable Instruments | 5400+, Forex, Commodities, Indices, Shares, ETFs, Stock CFDs, ETF CFDs |
| Demo Account | Yes |
| Costs | From 0.1 pips & commission-free |
| Trading Platforms | xStation 5, xStation Mobile |
| Deposits & Withdrawals | Free deposits, Bank transfers, credit/debit cards (MasterCard/Maestro/Visa) |
| Customer Support | 24/5 live chat, phone, email |
Pros:
√ The proprietary xStation 5 platform is lauded for its technology and ease of use.
√ Comprehensive educational materials.
√ Excellent customer service.
Cons:
× Spreads can be higher in some instances.
× Some advanced research tools are limited to certain account types.
⑨ Tickmill
Tickmill is recognized for its low costs and rapid trade execution.
 |
⭐⭐⭐⭐ |
| Min Deposit | 100 USD/EUR/GBP/ZAR |
| Tradable Instruments | Forex, stock indices, stocks & ETFs, bonds, commodities, cryptos, futures & options |
| Demo Account | Yes |
| Costs | From 1.6 pips & commission-free (Classic account) |
| Trading Platforms | MT4, MT5, Tickmill Mobile App |
| Deposits & Withdrawals | Bank transfer, crypto payments, Visa, MasterCard, Skrill, Neteller, Sticpay, Fasapay, UnionPay, Webmoney |
| Customer Support | Mon-Fri 7:00 - 16:00 GMT during Daylight Saving Time-live chat, phone, email |
Pros:
√ Wide scope of trading instruments.
√ Rapid execution speeds.
√ Free research tools and educational content.
Cons:
× High spreads on the Classic account.
× No proprietary trading platform.
⑩ Axi
Axi is known for its competitive spreads and trading technology.
 |
⭐⭐⭐⭐ |
| Min Deposit | $0 |
| Tradable Instruments | 220+, forex, shares, indices, commodities, cryptocurrencies |
| Demo Account | Yes |
| Costs | From 0.4 pips & commission-free (Std) |
| Trading Platforms | MT4, MT4 Webtrader |
| Deposits & Withdrawals | Visa, MasterCard, Neteller, Skrill, bank wire, Fasapay, Tether, Bitcoin, Boleto, POLi |
| Customer Support | 24/5 live chat, phone, email |
Pros:
√ Competitive spreads and relatively low fees.
√ MetaTrader4 is available.
√ Offers advanced trader tools for strategy backtesting and analysis.
Cons:
× MetaTrader5 is not available.
× No 24/7 customer support.
Forex Brokers in Finland FAQs
Is Forex Trading Legal in Finland?
Yes, Forex trading is legal in Finland. It is regulated by the Finnish Financial Supervisory Authority (FIN-FSA). The FIN-FSA supervises banks, insurance companies, securities markets, mutual fund companies, pension companies and other entities operating in Finland's financial markets. Their role is to ensure the stable operation of these entities to foster confidence in the financial markets, protect consumers, investors and policyholders, and contribute to the stability of the economy.
Finland is also part of the European Union and hence, Finnish brokers have to comply with the guidelines laid down by the European Securities and Markets Authority (ESMA).
Is Forex Trading Safe in Finland?
Yes, Forex trading in Finland is considered safe as long as traders are using brokers that are regulated by reputable financial authorities such as the Finnish Financial Supervisory Authority (FIN-FSA) or other recognized international regulatory bodies. These regulators help ensure brokers follow certain guidelines and practices that protect traders.
However, while regulation provides a certain degree of safety, Forex trading inherently involves risk. It's possible to lose part or all of your investment, especially if you use leverage. It is important to have a solid understanding of Forex trading, a well-developed trading strategy, and sound risk management practices.
Can I Make Money with Forex Trading in Finland?
Yes, it is possible to make money with Forex trading in Finland. However, Forex trading is not a guaranteed way to make a profit and it involves significant risk. Success in Forex trading requires a good understanding of the markets, a well-strategized trading plan, disciplined risk management, and sometimes, a bit of luck.
Many factors can impact exchange rates and as such, the Forex market is highly volatile. This volatility can lead to both profit and loss. Trading on margin or using leverage can magnify both gains and losses.
Before starting, it is important to educate yourself about Forex trading, starting with a demo account to practice without risking real money. Always keep in mind that while profit potential exists, so too does the potential for significant loss.
Seeking advice from financial advisors or professionals in the field can also be helpful. And finally, make sure that you are using a regulated broker to safeguard your investment to some extent.
Do I Pay Taxes for Forex Trading in Finland?
Yes, residents in Finland are required to pay taxes on their Forex trading profits. However, any losses made could also be claimed as tax deductions. The tax rate could vary depending on your marginal tax rate or your total income in a year. It's essential to keep a thorough record of your trades as documentation for tax purposes. Since tax laws can be complicated, and may change from year to year, it's advised to consult a tax professional or your local tax authority for the most accurate information.
What is the Best Time to Trade Forex in Finland?
Trading forex in Finland can be done 24 hours a day, five days a week due to the worldwide nature of financial markets. However, the 'best' time to trade depends on the currency pairs you're interested in and market volatility.
Generally, the most trading volume and volatility occur during the overlap of the London session and the New York session, which is approximately between 1:00 pm and 4:00 pm GMT (between 4:00 pm and 7:00 pm Finnish time in winter, or between 3:00 pm and 6:00 pm in summer). This is when the most significant movement in currency pairs typically happens, which could provide more trading opportunities.
If you're interested in specific currency pairs involving the Finnish Euro or Scandinavian currencies, you'll want to focus on the European session, which typically runs from 7:00 am to 4:00 pm GMT (10:00 am to 7:00 pm Finnish time in winter, or 9:00 am to 6:00 pm in summer).
Which Forex Broker is Best for Beginners in Finland?
eToro is the best choice for beginners in Finland. The primary reason is its unique social trading feature, which allows newcomers to learn from and copy the strategies of experienced traders. This can be an excellent way for beginners to get started and understand the mechanics of the Forex market. In addition, eToro benefits from a user-friendly platform, making it easy for beginner traders to navigate and execute trades. Nonetheless, it's important for beginners to also take advantage of eToro's educational resources to improve their trading knowledge and strategies over time.
Which Forex Broker is Best for Professionals in Finland?
Saxo is an excellent choice for professional traders in Finland. Saxo provides extensive access to international markets, which can be beneficial for experienced traders looking to diversify their trading and explore various market opportunities. Coupled with a robust trading platform, Saxo's comprehensive market access can support the complex needs and strategies of a professional trader.
Factors to Consider When Choosing a Forex Broker in Finland
Regulation: The broker should be regulated by a recognized and reputable financial authority. In Finland, this would be the Finnish Financial Supervisory Authority (FIN-FSA) or other internationally recognized regulators if the broker operates in multiple countries.
Reviews and Reputation: Carefully read reviews from other traders. Ensure the broker has a largely positive reputation and can be trusted.
Currency Pairs Offered: Depending on your trading strategy, you'll need to ensure the broker offers the currency pairs you're interested in trading.
Demo Account: A demo account allows you to test the platform and your trading strategies before risking real money. A broker that offers this service would be preferable, especially for beginners.
Fees & Commissions: You need to understand the broker's fee structure. This could include spreads, commissions, and any additional fees like withdrawal fees or account inactivity fees.
Trading Platform: You need to check if the broker's platform is user-friendly, and reliable and includes all the necessary tools and charts that would help you in analysing the markets effectively.
Trading Execution Speed: Speed is important in Forex trading. The best brokers execute trades quickly and at the price you expect (or very close to it).
Deposits & Withdrawals: You need to verify if the process of funding and withdrawing money from your account is hassle-free and efficient.
Customer Service: If you encounter any issues or have questions, the broker must deliver prompt and helpful customer service.
Educational Resources: Especially for novice traders, a broker that provides educational materials, webinars, and beginner guides can be very helpful.
Remember, there is no one-size-fits-all broker. You need to evaluate your trading needs and then choose a broker that best meets those needs.
Final Thoughts
As the curtain falls on our comprehensive guide to the best Forex brokers in Finland for 2024, we hope that the information provided proves valuable in your journey to choose the right broker. While we have provided valuable insights, the final decision needs to be made by you, factoring in your personal trading needs and risk tolerance. The exciting world of Forex trading awaits you. Always trade wisely, leveraging the numerous advantages a great broker affords you while staying keenly aware of the risks involved. Whether you are a beginner or a professional trader, there's a broker that fits your bill. Choose wisely and may your trading ventures be fruitful.
Disclaimer
Trading Forex (foreign exchange) carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, risk appetite, and the possibility of incurring losses. There is a possibility that you may sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
You Also Like
Best Forex Brokers in Turkey for 2024
Review top 9 forex brokers in Turkey, elevating their trading pros and cons to give traders more useful guidance.
Best Forex Brokers for Beginners in the United Arab Emirates for 2024
Select the top forex brokers for beginners in UAE from the many available to ensure a safe trading environment.
Best Swiss Forex Brokers for 2024
Explore top 10 forex brokers in Switzerland, elevating their trading pros and cons to give traders more useful guidance.
Best Stock Brokers in the US for 2024
When choosing an online broker, finding the platform that best fits your investment needs is crucial. With the rise in popularity of online trading, more brokers are offering free stock trading and commission-free transactions for various assets. It has become a challenge for users to select suitable brokers.
Best MT5 Forex Brokers in 2024
Here is our pick of the best MT5 Forex Brokers and this list includes only regulated brokers that are highly ranked and come highly recommended for trading.
8 Best Forex Trustworthy Brokers in 2024
Stay informed and avoid forex scams with our list of 8 Top Trustworthy Brokers – trade with peace of mind and profitable potential.
Best Brokers with Smartwatch Apps for 2024
This guide compares the best brokers and their smartwatch app features- a quick way to manage your portfolio.
Best Mac Forex Trading Platforms for 2024
Forex traders, particularly Mac users, need suitable platforms. This article examines the top Mac Forex trading platforms' brokers.
