To come up with this list, we have tested forex brokers Estonia.
We opened a real account and deposited between $4,000 and $6,000 with each broker. Then, we placed real trades in each popular market so that we could get the actual picture.
We also contacted customer support to see how the team was able to solve the issues we had encountered. Finally, we withdrew our funds to check the withdrawal process.
We handpicked the best forex brokers Estonia based on our trading data and experience as a trader.
Is Forex Trading Legal in Estonia?
Estonia is a country situated in Northern Europe. Estonia is a member of the European Union and has a developed economy. Still in 2011, the country adopted the euro as a currency. Estonia stands out for its balanced budget, competitive banking sector, non-existent debt, and free trade regime.
In Estonia, Forex trading is not only legal but also well-regulated. First, as an EU member, Estonian traders have access to the brokers under the EU MiFID derivative.
However, the financial sector in the country is strictly and fully regulated by the Ministry of Economic Affairs and Communications. The main goal of the Ministry is to encourage economic competitiveness and transparency in the country, protecting the Estonian interest within the EU.
What is more, all the companies and firms in Estonia should be included in the official MTR registry. This is also true for all the Forex brokers Estonia.
The official website of the Ministry of Economic Affairs and Communications is www.mkm.ee.
| 🏦Regulator | The Ministry of Economic Affairs and Communications |
| 🛡️Is It safe to trade | Yes |
| đź”’Negative Balance Protection | Yes |
| đź’°Compensation Scheme | Yes |
| đź“Š Maximum Leverage | 1:30 |
Best Forex Brokers in Estonia
Choosing a forex broker Estonia has become quite easy. This is due to strict regulation present in the country, as both the local and international brokers should be tightly regulated and meet all the conditions set by the country’s regulated body. Forex brokers are not able to operate in Estonia if they are not MTR-regulated.
However, being a member of the EU, almost all the European brokers are available in the country, due to the ESMA regulation rules. We recommend Estonian traders sign in only with reputable firms, with tight regulations.
Also, when choosing a forex broker Estonia, the residents should pay attention to a number of aspects. For instance, payment methods are essential. Traders are recommended to check if the broker offers deposit and withdrawal methods available in the country. Then, another important aspect is customer support. Before signing with a broker, it is advisable to find out if the broker provides support in the trader’s preferred language.
To select the best forex brokers Estonia, we have reviewed many reputable forex brokers. Based on our test we are able to offer a list of the best forex brokers Estonia:
- Amana Capital – Overall Best Broker in Estonia
- Trading 212 – Best Forex Broker for Beginners Estonia
- Robo Markets – Best Metatrader 4 Broker Estonia
- Think Markets – Best Low Spread Forex Broker for Estonia
Overall Best Broker in Estonia
We picked Amana Capital as the overall best forex broker Estonia.
Amana Capital is a forex and CFDs broker. It was founded in 2010 and has offices in Dubai, London, Limassol, and Beirut. With Amana Capital traders have access to multiple trading instruments: forex, indices, commodities, cryptocurrencies, and shares CFDs. The broker is well-regulated and holds top-tier licenses: FCA, CySEC, and CMA. Amana Capital offers four account types: Amana Classic, Amana Active, Shares Account, and Amana Elite.
Based on our test spreads on forex and share CFDs are mostly on the lower side. Estonian clients can conduct their trades on the popular MT4 and MT5 trading platforms. The broker offers a wide choice of payment methods: bank transfers, credit and debit cards, online wallets like Neteller and Skrill, and many other popular methods.
The broker’s customer support is quite helpful. Traders can contact them through a live chat, email, or phone. Amana Capital also offers decent education: webinars, guides on forex trading, and, a Demo account.
Best Forex Broker for Beginners Estonia
We picked Trading 212 as the best forex broker Estonia for beginners.
Founded in 2004 Trading 212 is a global Forex and CFD broker. It is located in London. The broker is licensed by the UK Financial Conduct Authority (FCA) and the Bulgarian Financial Supervision Commission (FSC). Trading 212 enables traders to trade multiple instruments in the following categories: Indices, Forex, Commodities, Stocks, and Cryptocurrencies.
The broker offers Invest and CFD account types. The broker does not offer the popular MT4 and MT5 platforms. Instead, it has its own proprietary platform that has all the tools and features for favorable trading. It offers various payment methods, such as bank wires, credit and debit cards, as well as e-wallets such as Skrill, and PayPal.
We have chosen Trading 212 as the best forex broker Estonia for beginners. Its educational section is suitable for beginner traders. The broker offers an in-depth video tutorial course that will help newbie traders have a successful start. Trading 212 also offers text tutorials, educational articles, and a demo account.
Best Metatrader 4 Broker Estonia
We picked RoboMarkets as the best MT5 forex broker Estonia.
RoboMarkets (RoboForex) is a forex and CFDs broker. It is headquartered in Cyprus and holds licenses in Cyprus, Belarus, and Belize. RoboMarkets offerings include forex, stocks, indices, and commodities. The broker has different account types: Pro Account, ProCent Account, Prime Account, ECN Account, and R Trader Account.
Based on the tests we conducted on MT5 Pro and R Trader accounts spreads are around the industry average or a bit higher. Spreads on indices and gold are on the lower side.
We have chosen RoboMarkets as the best MT4 best forex broker Estonia, as it offers the popular MetaTrader 4 to its traders, with all the best tools and features suitable for successful trading. RoboMarkets also offers the MT5 platform, as well as its own proprietary platform – R Trader.
Best Low Spread Forex Broker for Estonia
We picked ThinkMarkets as the best lowest spread forex broker Estonia.
ThinkMarkets was founded in 2010 in Australia. It is a forex and CFDs broker and holds licenses in Australia, the United Kingdom, South Africa, and Seychelles. With ThinkMarkets, traders have access to multiple instruments: forex, indices, commodities, cryptocurrencies, and shares CFDs. The broker enables traders to conduct their trades both on MT4 and MT5 platforms. Also, the broker has its own proprietary platform.
We have chosen ThinkMarkets as the best low spread forex broker Estonia, as it offers attractive spreads in almost all categories. Generally, the spreads are below the industry benchmark.
Estonia Forex Brokers List
We have tested many regulated forex brokers Estonia, and based on our research we have been able to make a complete list of available forex brokers Estonia.
| Estonia Forex Broker | About Our Test | Our Review |
|---|---|---|
| eToro | Deposit Amount: Over $6,000 Total Trade: 18 trades | eToro Review |
| Plus500 | Deposit Amount: Over €6,000 Total Trade: 18 trades | Plus500 Review |
| AXI (AxiTrader) | Deposit Amount: Over €6,000 Total Trade: 12 trades | AXI Review |
| XM | Deposit Amount: Over €5,000 Total Trade: 12 trades | XM Review |
| Admiral Markets | Deposit Amount: Over €4,500 Total Trade: 12 trades | Admiral Markets Review |
| Pepperstone | Deposit Amount: Over €6,000 Total Trade: 12 trades | Pepperstone Review |
| Markets.com | Deposit Amount: Over €4,500 Total Trade: 12 trades | Markets.com Review |
| Vantage FX | Deposit Amount: Over €5,000 Total Trade: 15 trades | Vantage FX Review |
| ThinkMarkets | Deposit Amount: Over €5,000 Total Trade: 15 trades | ThinkMarkets Review |
| GO Markets | Deposit Amount: Over €4,500 Total Trade: 12 trades | GO Markets Review |
| Fortrade | Deposit Amount: Over €5,000 Total Trade: 12 trades | Fortrade Review |
| ICM Capital | Deposit Amount: Over €5,000 Total Trade: 12 trades | ICM Capital Review |
| INFINOX | Deposit Amount: Over €4,000 Total Trade: 9 trades | INFINOX Review |
| Capital.com | Deposit Amount: Over €3,500 Total Trade: 15 trades | Capital.com Review |
| Darwinex | Deposit Amount: Over €5,000 Total Trade: 12 trades | Darwinex Review |
| Amana Capital | Deposit Amount: Over €5,000 Total Trade: 12 trades | Amana Capital Review |
| XTB | Deposit Amount: Over €5,000 Total Trade: 12 trades | XTB Review |
| Tickmill | Deposit Amount: Over €8,000 Total Trade: 12 trades | Tickmill Review |
| Trading 212 | Deposit Amount: Over €5,500 Total Trade: 15 trades | Trading 212 Review |
FAQ and More on Forex Trading in Estonia
Traders usually have many questions related to trading in Estonia. In an attempt to be helpful we picked and answered some of the most essential queries related to forex brokers Estonia.
How to Verify Estonia Regulated Broker?
Traders often wonder how they can verify a forex broker Estonia. Well, there are several ways to do so. First, traders can check the information on the ESMA website, as the majority of brokers available in the country fall under the ESMA regulation.
Besides, forex brokers Estonia are also strictly regulated by the local regulator – The Ministry of Economic Affairs and Communications. All the brokers available in the country are listed in the MTR registry. Thus, it is easy to find information about any available broker on the MTR website
Yet, there is another easier option to verify a forex broker Estonia. Traders can seek the information on the broker’s website. Almost all brokers provide information about their availability in certain regions and countries.
No Deposit Bonus Forex in Estonia
To be able to select the best no deposit bonus forex broker Estonia, we reviewed several forex brokers. Based on our test, we were able to come up with only one broker that offers no deposit bonus in the country. To get a no deposit bonus in Estonia, traders can sign with XM.
Estonia Spread Betting Brokers
Spread betting is a beneficial way to invest in different financial markets. Commonly, spread betting is legal and regulated in the UK and Ireland. Based on our research, we have come up with the following forex brokers Estonia suitable for spread betting:
- Vantage FX
- ThinkMarkets
Swing Trading Forex in Estonia
When traders use swing trading their main aim is to capture gains in a short span of time. Generally, this trading strategy is allowed by most brokers in the EU. However, before signing with a broker, it is still necessary to check trading conditions.
Tax in Estonia for Forex Trading
In Estonia, forex trading is subject to taxation. Estonia has a unique tax structure. Corporate tax rates in Estonia are comparatively lower than in other EU countries, which is about 20% of the taxable income. Generally, income tax is also 20%. Non-residents pay taxes only for the income that is from an Estonian source.
Traders should be very careful to file tax forms to the relevant tax institutions in Estonia. Any delays or avoidance from taxes may lead to penalties.