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Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.
Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.
Headquarters:Five Lamps Place, 77-80 Amiens Street, Dublin 1, DO1A742, Dublin, Ireland
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cTrader, Currenex, eToro Platform, Keystone, Marketspulse, Mirror Trader, MT4, MT5, Tradologic, Zulutrade
A 2010 study found that the Swedish Krona accounts for around 2.3% of the total daily transactions in the global financial market. This means that it is one of the most actively traded currencies in the forex market. For Swedish forex traders, this puts them in an advantageous position as the Swedish Krona is the default currency for all their transactions. In short, they not only earn from trading the Swedish Krona but also from the appreciation of the currency itself.
Sweden represents one of the international forex powerhouses. Per capita basis, it is also one of the richest countries not just in Europe but in the world. The wealth of this country also helps to explain why forex trading has always been popular among Swedish citizens. Not surprisingly, this has prompted every international forex broker to capture a slice of the forex market in Sweden. Although the Swedish forex trading scene is one of the most active markets in the forex industry, there are very few homegrown brokers in Sweden. In fact, the bulk of the forex brokers serving the Swedish forex traders are based outside Sweden.
The Swedish financial market is regulated by the Swedish Financial Supervisory Authority (Finansinspektionen). Part of the Swedish Ministry of Finance, it has regulatory oversight over the participants in the financial markets. The Swedish Financial Supervisory Authority was established in 1991 as a single regulator for the banking, insurance and securities markets. Its main duties include the following:
As a member state of the EU, the Swedish financial markets come under the framework of the MiFID. This mean Sweden permits any authorized and licensed forex brokers from a EU member state to offer their services to Swedish citizen by letting passport their authorization to the Swedish FSA.
The trading platforms which most Swedish forex traders will come across will be the MetaTrader 4 (MT4) trading platform. The MT4 platform is considered as the industry standard trading platform as it is adopted by the majority of the forex brokers in the industry. Other widely adopted trading platforms include the cTrader and the Sirix WebTrader. Although some forex brokers prefer to use their own proprietary trading platforms, their numbers pale in comparison to the above mentioned platforms being used in the forex industry.
The forex industry generally does not charge forex traders commission charges on the trades that they make, unless they are operating on a NDD (Non Dealing Desk) business model. Normally, forex traders are required to pay a slightly widened spread on the quotes that they receive. The spread can either be fixed or variable and they ranges from 0.5 pips to 3 pips for the frequently traded currency pairs.
Most forex brokers cater to a diverse clientele base and as such they offer their clients a choice of trading accounts.
If you are a beginner trader, the types of trading accounts best suited to your trading needs are the Micro and Mini trading accounts. These accounts let you trade in lots smaller than the standard lot size. In addition, the minimum deposit requirement is lower and more affordable.
For traders with more trading experience, most brokers will provide them with the Standard trading account. This type of account usually has lower spreads than the Micro and Mini trading account.
Finally to cater to VIP traders, forex brokers usually have a premium or VIP account to satisfy their trading needs. VIP trading accounts normally have a high minimum deposit requirement and come with a dedicated account manager and a host of other trading privileges such as free trading signals, VPS service for better execution speeds and less downtime, more education resources and better spreads.
If you are a trader that is based in Sweden, you will want to ensure that the broker is able to provide support in Swedish as well. Check out what are the available methods that you can use to contact customer support as well as the support hours. Ideally, you want to have as many ways that you can to contact customer support when the need arises. Since the forex market is a 24 hours market, ensure that the broker you have selected is able to provide customer support on a 24 hours basis throughout the entire trading week.
To differentiate their services, some brokers also provide their traders with value added services such as free daily market signals and free VPS access. The daily market signals can prove useful if you are unsure of what to trade. Where execution speed is a primary concern, then having access to the brokers VPS will help to improve your connectivity speed.
In the case of forex traders from Sweden, the majority of the forex brokers that will be able to meet the their needs will be those from Western Europe due to their similarity in culture. Nevertheless, we understand that for beginner traders, it will be difficult to identify the best forex brokers in Sweden which is why we have compiled a list of recommended forex brokers best suited for Swedish forex traders.
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