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Top Forex brokers in Estonia – Is it worth joining one?

Top Forex brokers in Estonia – Is it worth joining one?

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Located in the Northern part of Europe, this Baltic state has long been showing accelerated growth and development, ever since it gained its independence from both the Soviet Union and Germany. The history of Estonia is filled with the attempts for the occupation and incorporation of the country by various different states across the time.

Nevertheless, with the notion of national identity only emerging relatively recently, Estonia both managed to multiply and preserve it well, emerging into what is now known as the strong threshold of the Democratic values and Western ideologies.

The country has not only achieved some very high levels of freedom and one of the best-ranking indexes of human rights protection but has also successfully developed various segments of the national economy and presented itself as one of the strongest economies in the Baltic region of Europe. The country’s interest in the development of the digital industry manifested into Estonia becoming the pioneer of digital technologies and cybersecurity.

It is, therefore, unsurprising that Forex trading in Estonia is quite popular – and the local FX market is both sufficiently developed and regulated in accordance with the standards put forward by the European regulatory bodies.

In this review, you will be able to find the list of the best Estonian Forex brokers, an overview of the country’s economy, and a careful assessment of the local regulatory environment.

List of best Forex brokers in Estonia – the complete guide

If the Forex trading market is as developed as the Estonian one, it may become especially hard for someone to find the brokerage that is right for them. This process usually takes up hours upon hours of extensive research, some very detailed analysis of the market specifics, and, eventually, the hard moment of stressing over making up one’s mind. Moreover, the procedure is, almost always, quite stressful, as making the mistake at this point can actually lead to some financial losses, if not a lifetime of debt.

Having considered just how hard it is to do that, both for the beginners and the experienced traders alike, our team of experts decided to take it upon themselves to do all the hard work for you. We have called upon the skills and knowledge that we already possess in order to draw out the ultimate crème de la crème of the Estonian brokerages.

What you are about to read below is the list of best Forex brokers in Estonia, that will also contain a full breakdown of their success rates, tools of trading, and information about their licensing.


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XM Group

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IQ Option

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Licensing and regulation of brokers in Estonia

The key to the success of any FX market is the amount and the efficiency of the regulations that it receives. When it comes to Estonia, this factor becomes especially important because, despite its impressive success, the local Forex trading market is yet to reach the level of its European counterparts – such as the UK, Cyprus, and Germany.

Nevertheless, Estonia, without a doubt, does have the ambition to elevate its Forex trading market, and, in doing that, is constantly upgrading the way in which it is regulated. There is definitely a lot to examine when it comes to the Estonian regulatory environment, and we shall do just that in the sections below.

Main regulatory bodies in Estonia – what are they?

Having read this, you are probably thinking – they? It is true, that it is uncommon for a country to have two regulatory bodies instead of one, and it becomes especially surprising since Forex trading is not that popular in Estonia. Nevertheless, it seems like this system is working well for the country, as no one can accuse the local FX market of not being safe. Hence, without further ado, let us tell you exactly what those regulatory bodies are.

The first entity to consider is the  Estonian Ministry of Economic Affairs and Communications, or MKM. This regulatory body came up with a unique system of monitoring locally licensed brokers – a database called MTR. This online resource holds information and assessment of every single brokerage licensed in Estonia and is a great starting point for those searching for a broker to signing up with.

On the other hand, the Estonian Financial Supervisory Authority (EFSA) is independent. a self-funded body that is responsible for the very licensing of the Forex trading brokers in Estonia. The body was created in 2001, with the main purpose of reinforcing customer protection and safety across various markets within the financial sector of Estonia.

It is hard to single out the most important entity among those two, as even the duality of this system is very unusual. Nonetheless, Estonia is strictly following the recommendations issued by the Markets in Financial Instruments Directive (MiFID) and the European Securities and Market Authority (ESMA), and, despite having a relatively relaxed approached towards the licensing of brokers, does manage to maintain a significant level of security for the local traders.

But what exactly are the standards that the local brokers have to meet in order to obtain a license from the EFSA and register with MTR?

Ban on bonuses and promotions

Many believe that the provision of bonuses is the single most effective marketing tool that the brokerage can possess. Moreover, unlike other instruments of promotion, this one seems to be benefitting both the brokers and traders alike. The former are bound to appreciate the sustainable and ever-expanding customer base, while the latter can take a full advantage of the gifts to kickstart their respective trading sessions.

But what are the bonuses that the brokerages can provide? Well, there are two main types of those – welcome and refill bonuses. Welcome bonuses are issued to the traders who have newly joined a particular brokerage, while the refill bonuses are provided periodically to those who are making consequent deposits.

At the risk of sounding anti-climactic, we have to warn you that the provision of such bonuses in Estonia, like in many other countries in Europe, is strictly prohibited. According to the MiFID and ESMA, trading Forex is not a reliable financial enterprise, and the availability of certain bonuses might be marketing it too aggressively.

We are well aware that many traders are actively seeking the accessibility of bonuses when searching for the brokerage to join, however, there are many other beneficial instruments of trade that the top Forex brokers in Estonia have to offer, with leverage being a good example of that.

Periodic assessment of the local brokers

This popular measure is often implemented by various regulatory bodies across Europe. In order to assess whether the licensed broker is strictly following the standards and regulations that are issued by the EFSA and MKM, the former are required to submit regular audit reports of their performance.

Such reports contain a detailed breakdown of every financial activity, including every transaction that has been made prior to the report submission, as well as additional information such as the traders’ success rates and more.

When the report is submitted, the regulatory body then carries out a careful examination of whether the regulatory requirements are sufficiently met, and, in case the brokerage fails to demonstrate that, the appropriate measures are implemented. Similarly, every single signee on the list of regulated brokers in Estonia has to be approved on the lack of any illicit activities, or else the license will be stripped altogether.

This regulatory mechanism is a great way of ensuring that every licensed brokerage in the country is well-deserving of being listed among the most qualified and trustworthy service providers, and, it also acts as an efficient contribution to the overall safety of traders in Estonia.

The requirement for minimum operating capital

Another popular measure drawn directly from the guidelines issued by MiFID and ESMA, the requirement for the broker to possess minimum operating capital can often be witnessed in various countries of the Eurozone.

The reason behind this requirement is very simple – a broker should never be functioning on the verge of bankruptcy, and, thus, put the funds of its traders at risk. The amount of the capital varies and is usually determined by the regulatory body, from which the brokerage wishes to obtain a license. Nevertheless, the common denominator across Europe is demanding brokers to maintain the determined bare minimum at all times, or else face the appropriate measures – and one can be sure that this rule is strictly followed by every Estonian Forex broker in 2020.

Investor Compensation Fund

Investor Compensation Fund ( ICF) is commonly used to provide the trader with an additional layer of security, especially in case of some unforeseen circumstances occurring. The amount kept in such find will be used to compensate traders, should the broker go bankrupt, or if any other developments lead to the traders’ funds being lost or frozen.

The maximum amount that a single trader can receive is also defined by the regulatory body that the brokerage is associated with. For example, with the brokers licensed by the UK-based FCA, one can expect a maximum compensation of 85 000 GBP, while the Cypriot CySEC only approves a total of 20 000 EUR per individual trader in compensation.

One should also note that not everyone is eligible for such repayment, as the errors in judgment made by the trader themselves during the trading session are not subject to financial compensation of any kind.

Nonetheless, it is easy to see how knowing that your best Forex broker in Estonia will compensate you in case of unforeseen circumstances will surely bring you that additional peace of mind that every trader craves when getting into a risky financial endeavor such as the FX trading itself.

Account segregation

The final requirement that the best online trading platforms in Estonia have to meet is the segregation of accounts. The broker’s account with the operating funds should be kept separate from the accounts of their respective traders at all times – and there is a good reason for that.

Before this regulatory measure came about, the misuse of traders’ funds was a common occurrence, whether on purpose or otherwise, however, nowadays, the chances of that happening are reduced to little to none. Moreover, with such a requirement in place, traders are well protected from having their accounts frozen or lost altogether in case the brokerage goes bankrupt.

Who can start trading Forex in Estonia? Is it free?

Having learned all about the regulatory environment of the country’s FX market, and provided with the list of top Forex brokers in Estonia, you are probably wondering whether you are eligible to start trading there.

We are happy to report that starting to trade Forex in Estonia is no rocket science, with only a few requirements that you will have to meet. The main one is being of the age of 18 or older, and the rest will depend heavily on the brokerage that you will end up joining. If you manage to successfully meet all of them, you will be able to start trading in no time.

When it comes to the costs of starting to trade Forex in Estonia  – it is, indeed, free. However, we need to clarify what exactly we mean by that: you will not be asked for any additional costs when joining a brokerage, however, you will need to make your initial deposit to have access to the actual trading.

In theory, the deposit can be as little as 1 USD, however, you will often find that each individual brokerage has its own requirement for the minimum deposit that the trader should make. In Estonia, it can range from anything between an equivalent of 5 USD and all the way up to 500 USD.

Your final verdict on best Estonian Forex brokers

The Estonian FX market does definitely have a long way to go until it reaches the level of the region’s giants – such as Cyprus, the UK, and Germany. Nevertheless, it is already regulated efficiently and offers a significant degree of safety to the traders who choose to join it. On top of that, the rate at which the national economy is developing, and the diversity of the segments that are currently growing in Estonia offer a plentiful of opportunities for profit.

We suggest that the Estonian citizens take a closer look at the local Forex trading market and make the most out of the benefits that the regulated Forex brokers in Estonia have to offer.

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