Best Forex Brokers in Denmark 2018
Danish trader? It is necessary to have a broker that works specifically within your market. We have created a list that will not only simplify the process of finding the right broker, but we also recommended the most qualified brokers. This information has been created through researching brokers’ reliability, suite of products, and services.
How to Choose a Danish Forex Broker
When you are trying to find a broker, you have to take several areas into consideration. The first is the company’s overall reliability, as you will be trusting them with your hard-earned money. Then comes the level and efficiency of customer service – with no shop window, this will be your only link to the company. You will need to determine the quality of their trading platform, the trading conditions that they offer, and any other features that can help push up your bottom line.
General Regulation & Danish Regulation
As you might imagine getting licensed as a broker in Denmark is not that easy at all. Denmark has been left fairly unscathed by global recessions and as such is in real need to boost the local economy by giving out licenses to just anyone. The Danish regulator, the FSA who are responsible for issuing licenses and maintaining levels of fairness and transparency, maintains a rigid control over the online trading industry. That means it’s not easy to get regulated in Denmark and if you do manage to get regulated, you can have it snatched away by one foul move.
Denmark does not accept offshore brokerage firms to market to the local people, no matter what their quality. This means that a broker regulated in Denmark must be located there. This is a good thing because it builds trust with the traders, who know that if they need to file a complaint, it is much easier to do so.
The FSA require regular reporting from their licensed brokers, who must maintain transparency and fair-trading standards at all times – a veritable haven for forex traders.
Trading Platform & Software
The type of trading platform offered varies with each broker. Some of the most common local brands of platforms are NinjaTrader, cTrader ECN, ActTrader, MT4/MT5, and JForex platforms. If there is a specific platform you like you will almost certainly find it is offered by various Danish brokers.
Some brokers go to the trouble of designing and building their own proprietary platforms, this is quite common in Denmark and a sign that the broker is investing in their own product.
Commissions & Spreads
Commissions and spreads are a broker’s source of income. There are brokers that will combine their commission and a small percentage on the spread (the difference from the buy and sell price), while other brokers won’t charge any commission because all of their money is made on a wider spread. Brokers that charge a wider spread could be an issue, because your profits will be depleted by the spread.
Danish brokers offer a number of different account types. Some of the more common accounts are:
- Standard Account – This is the most commonly used trading account.
- Mini Account – This or the mico account are perfect for beginniner traders as they require a lower level of deposit.
- VIP Account – You will normally have slightly better conditions with this account, such as free VPN that allows you to speed up the platform and lower spreads. This is recommended for high-end traders and institutions.
Because forex trading is 24/7, you can expect to receive customer service around the clock. One of the perks is not having to deal with an automated system and actually speaking to a live person, in Danish.
Some of the top additional services available are market analysis and daily news, an education center which features courses and webinar sessions and free trade alerts.
When it comes to choosing a high quality forex broker in Denmark, there are a number of key attributes to consider. We realize how key this decision is and we’ve made sure to choose only the best brokers in Denmark, through our extensive research.
- New Zealand
- South Africa
- South Korea
- Hong Kong
- United Arab Emirates
- Russian Federation
List of Brokers
|BROKER||USER RATING||REGULATED BY||HEADQUARTERS||MIN. DEPOSIT||OFFICIAL SITE|
|ASIC, CySEC, FCA||Israel||$100||Open Account|
|ASIC, BVI, FSA(JP), FSB, MiFID||Ireland||$100||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|CySEC, FSB||Cyprus||$100||Open Account|
|BaFin, FCA||United Kingdom||$300||Open Account|