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If youre a French investor and you want to find thebest forex brokerthat services clients in France, youll find some solid opportunities in France.
Its imperative to ensure the safety of your funds and determine whether they can satisfy your trading requirements before you fund an account with a specific broker.
France has a long history of involvement in the financial markets, and the French enjoy the opportunities made available by being part of the European Union (EU). Trading currencies have become popular among French traders, so theres demand for brokers that service customers in France.
A member of the Eurozone, Franceuses the EUs consolidated euro (EUR) currency as its national currency, which replaced the French franc in 2002 after the euro was introduced on Jan. 1, 1999. In its 2016 Triennial Central Bank Survey, the Bank for International Settlements (BIS) noted that the euro has been involved in 31.4 percent of daily forex market turnover. The consolidated currency was also ranked second among the most actively-traded currencies of 2016.
Frances chief financial regulator is theAutorit Des Marchs Financiers (AMF), or financial markets regulator. The AMF was established under the Financial Security Act (2003) by merging three national regulators into one, and the rules that Frances AMF enforces include the EUs MiFID regulations.
Forex and CFD brokers who want to take on French clients can either be authorized by the AMF or use the MiFIDs passporting rules if theyre regulated in another member state of the EU.
In September 2016, the French AMF banned all advertising for over the counter (OTC) derivative financial products with leverage ratios higher than 5:1. This marketing restriction includes forex, CFD and binary options trading, and it was done in response to an AMF report about disreputable online forex and binary options brokers which fraudulently take advantage of French traders.
Furthermore, the European Securities Markets Authority (ESMA) has taken on a supranational role regarding the regulation of EU financial markets. The ESMA recently rolled out new regulations that impose leverage limits of 30:1 for forex trading at EU-based brokers. They also prohibit binary options trading and require brokers to offer negative balance protection to prevent EU clients from losing more than their deposits.
All forex brokers are not created equal, so you need to make sure a broker will keep your money safe and has the services you need as a trader operating from France. Here are some important considerations to keep in mind before choosing to trade through an online broker:
Make sure any broker you decide to trade through is well regulated, ideally with oversight by the AMF.
Most online brokers are market makers, Electronic Communications Network (ECN) brokers or No Deal Desk (NDD) brokers.
Dealing spreads and commissions raise trading costs, so youll need to keep them as low as possible. Generally, ECN brokers offer narrower dealing spreads but charge commissions, while market makers have wider spreads but dont charge commissions.
Check out thetrading softwareor platforms to see if theyre easy to use and meet your requirements. Many traders want to see support for MetaTrader 4 or 5.
Make sure you can read your brokers website and communicate effectively with its support staff via phone and live chat, especially if you prefer to use French.
Both new and experienced traders need learning tools.
A list of our picks for thebest online brokeragefirms that provide services to French traders appears below. Most of them have a website translated into French, and if the broker supports MetaTrader 4 or 5, then you can use that trading platforms French language option.
Choosing a broker with an office in France or at least the EU might be ideal in case you ever need to solve a dispute. A local presence also tends to encourage brokers to meet regulations so they can avoid customer complaints to their regulators.
Many major online forex brokers offer customer service in French. They may even have their website and trading platform translated into the language, especially advantageous for you if you prefer to do business in French rather than English.
Note that the maximum leverage ratios permitted for EU-based clients dealing through ESMA-regulated providers like the EU-based subsidiaries of the brokers listed below are:
The following recommended forex brokers or their parent companies all appear on the Banque de Frances searchable Financial Agents Register (Regafi) that lists all French or foreign companies authorized to operate in France by the Autorit de Contrôle Prudentiel et de Rsolution (ACPR).
FOREX.com submits to regulation in the United States under the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). The broker is also regulated in another seven jurisdictions, including the U.K. and Canada.
Although its website does not currently appear to have a version in French, traders from France may open accounts at FOREX.com with the brokers U.K. entity regulated by the EMSA.
The minimum deposit for a live account is €50, and the broker allows you to trade micro lots. FOREX.com segregates clients money from its own and has an Islamic swap free account option. You will also enjoy the security of negative balance protection.
FOREX.com provides clients withitsproprietary Advanced Trading Platform and its Web Trading platform. It also supports popular third-party platforms like MetaQuotes MetaTrader 4 and 5 platforms, as well as NinjaTrader.
eToro is a social trading platform that has provided forex products and more to retail clients for over 10 years.
With 10 million account holders worldwide, eToro allows users to be a part of the trading community.
eToros most popular trading features for forex trading are CopyTrader, CopyPortfolios, and the Social News Feed.
With CopyTrader and CopyPortfolio, you can locate a successful trader and copy their strategy. With the ability to copy up to 100 traders, this feature is easy to set up and access.
With the Social News Feed, you get access to a Twitter-esque feed to trader updates. Traders discuss the markets, their strategies, and are able to get alerts based on certain market factors.
easyMarkets allows traders to invest in forex with MetaTrader 4. They offer traders the unique features of Freeze Rate, Insider Viewer, DealCancellation, and easyTrade.
With Freeze Rate, traders can freeze live rates for a moment to open and close trades.
Insider Viewer is an indicator that allows you to see what other traders are doing.
You can undo certain losing trades within 60 minutes with DealCancellation. easyTrade lets you set your minimum trading risk that will never be surpassed.
With easyMarkets, there is no commission on trades but there is fixed dealing on spreads.
Get access to over 15,000 global markets and support from teams in Geneva and Zurich.
U.K.-basedIGis a well-regulated forex broker that uses the market maker model. IG has a long list of regulators, including the U.K.s FCA, BaFin in Germany and FINMA in Switzerland. IG accepts clients from France.
IG provides a trading service in contracts for difference (CFDs) on forex currency pairs, stocks, indices and commodities. They also offer binary options, where permitted, since they own the Nadex binary option exchange.
IG does not allow micro lot trading, and you can choose to have a negative balance protected account. While IG does not require a specific minimum deposit, you still have to fund your account with enough margin to make your first trade.
Like most top brokers, IG allows clients to use MetaQuotes MetaTrader 4 trading platform that offers desktop, mobile and web versions. The broker also has its own IG platform for desktops and its ProRealTime platform that runs in web browsers. You can also use their direct market access (DMA) trading platform called L2 Dealer.
Open and practice with a demo account with a $100,000 virtual balance.
An online broker based in Cyprus,XMtakes clients from France and also has offices in the U.K. and Australia. XM is well-regulated by CySEC, the FSA and ASIC in its relevant jurisdictions.
French clients are protected by the MiFID regulations with this broker that also offers negative balance protection and segregates client funds from its own money. The broker even offers a multilingual live chat service that includes French.
You can trade a wide range of assets via XM in addition to currency pairs using its supported platforms, including precious metals, energy commodities and stocks. XM allows traders to use MetaQuotes MetaTrader 4 and 5 platforms that have desktop, mobile and web-based versions. You can also use MT4 MultiTerminal if you want to manage different accounts at the same time and from the same interface.
The maximum leverage ratio XM permits for French clients is only 30:1 when trading currency pairs. Trading accounts can be opened with as little as $5, and you can trade micro lots and open an Islamic account too.
Trade Forex 24 hours a day and 5 days a week with commission-free micro CFDs. Start your account now, with $50.
FXCMhas become well-established as an online forex broker and maintains offices in the U.K., Australian and South Africa. It is regulated in the EU under the U.K.s FCA, so French traders currently have the protection of the ESMAs and MiFID regulations.
Traders from France can fund their trading account with only €50. You can also trade in micro lots if you want to fine-tune positions or keep your risk low. FXCM also keeps its clients funds segregated from its own.
FXCM allows you to trade currencies using the MetaTrader 4, NinjaTrader and Trading Station platforms, with desktop, web and mobile platforms available. It also lets you use the copy trading features of ZuluTrades web platform if youre interested in social trading.
FXCM has its website translated into French and lets you live chat to support staff in French. It even has an FMA-regulated partner called Bourse Direct that offers a multi-asset trading service and lets clients use FXCMs TradeBox and MT4 platforms to trade forex.
Provides clients with payment options such as bank transfers, debit cards, credit cards, PayPal, Skrill, Neteller, and Union Pay.
FxProis a top online broker that uses a No Dealing Desk (NDD) service model. With offices in the U.K., Cyprus, South Africa, the Bahamas and the UAE, the firm is well regulated in the EU under CySEC and the U.K.s FCA, and the Securities Commission of the Bahamas (SCB) oversees its operations in the Bahamas. EU accounts enjoy negative balance protection, segregated client accounts and the other benefits of ESMA and MiFID regulations with this broker.
French traders will appreciate the live chat support and website in French, as well as support number from France. You can open up a trading account with FxPro with at least €100. The broker also lets you trade micro lots and open Islamic accounts.
FXPros supported trading platforms include cTrader and MetaTrader4 and 5, as well as its own highly-rated FxPro Markets platform. You can trade with this broker using desktop, web and mobile platforms.
Although its U.K. entity is limited to offering leverage of 30:1, FxPro offers a much larger amount of leverage up to 500:1 for currency pairs on as much as 100 open lots as long as you trade through their Bahama entity FxPro Global Markets Ltd. Lower leverage ratios apply to bigger open lot sizes.
You can choose any of the reputable brokers listed above to approach to open an account just by visiting their website. The brokers also allow you to check out their services and trading platform by quickly opening up a demo account initially.
Once you want to open a live account, the broker will then ask you for more detailed information to identify you and obtain funding from you in a sufficient amount to satisfy the brokers minimum deposit requirement.
$5 per trade, Per-share pricing: $0.006-$0.01 per share ($1 minimum per trade) based on trading volume, Unbundled pricing: $0.002-$0.01 per share ($0.50-$1 minimum) based on trading volume
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