Since 2011, we’ve traded with and reviewed over 150 brokers in Germany. To find the best brokers regulated by BaFin for you, we’ve dedicated over 50 hours per broker, exploring more than 250 factors across 9 key areas. We’ve then compared them to identify the top performers in various categories. With decades of combined experience, our team of trading experts provides reliable and trusted opinions.
BaFin is Germany’s Federal Financial Supervisory Authority, serving as a vigilant watchdog over the financial sector. Just like its global counterparts, BaFin ensures that brokers provide critical safeguards such as segregated funds and negative balance protection, while also setting leverage limits for retail traders.
Choosing the right broker is a crucial step to your financial success. Traders should carefully assess several key factors, including regulation, fees, available instruments, and trading platforms, among others. With over a decade of experience in reviewing forex brokers, FX Empire is an established industry leader. Using our unique evaluation methodology, which includes an analysis of over 250 factors across nine crucial categories, we guide you toward forex brokers that best align with your trading aspirations.
Considering the different needs of traders, we have broken down this list into five primary categories.
Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Drawing on my 16 years of hands-on forex trading experience, I thoroughly examined and analyzed all our findings, resulting in the selection of the best BaFin-regulated forex brokers across various categories. You can read more about it and how we conduct our tests here.
Now, let’s explore the selected brokers.
Founded in 2005, MultiBank offers access to a diverse range of trading instruments, including forex pairs, indices, cryptocurrencies, commodities, and stocks. The broker is overseen by multiple regulators across the globe, including top-tier authorities such as BaFin, ASIC, and CySEC.
Regional Features:
My research revealed that MultiBank offers a wide range of tradable instruments, with a particularly strong emphasis on stocks. The broker provides access to 20,000 stock CFDs from various exchanges, including German stocks, giving traders a diversity of options to choose from.
MultiBank offers the popular MetaTrader 4 and MetaTrader 5 platforms. A standout feature of this broker is the delivery of comprehensive weekly market analysis updates via email — an offering that's fairly unusual but interesting. Additionally, MultiBank's customers can benefit from free VPS hosting and the FIX API, popular among experienced traders.
Regarding fees, our tests showed that MultiBank features tight spreads, low commissions, and minimal swap fees. A swap-free Islamic Account is also available. The spreads were recorded at 1.9 for GBP/JPY and 0.05 for WTI oil. Notably, the broker doesn't charge deposit or withdrawal fees but does levy an inactivity fee.
Founded in 1974, IG provides access to more than 17,000 financial instruments in forex, stocks, indices, commodities, bonds, ETFs, and cryptocurrencies. IG’s entities are regulated by 11 regulators, including BaFin, FSCA, ASIC, FINMA, and FCA.
Regional Features:
IG offers a custom-built web platform and mobile trading app, which are simple and easy to use. Advanced traders can benefit from third-party platforms like L2 Dealer, MetaTrader 4, and ProRealTime. Traders have access to direct market access (DMA) trading and algorithmic trading.
The broker offers 17,000+ financial instruments, so advanced traders will have plenty of options to choose from. IG provides an excellent range of research materials, including detailed market news, videos, special event webinars, and trading ideas. In my opinion, the quality of the research offering is always important for advanced traders who feel the pressure to employ money at any given point in time, so they always search for new trading ideas. Personally, I prefer to go through others’ trading ideas to spot opportunities I might have missed and take a look at a second opinion on the instruments I trade.
Our tests indicated that IG’s fees are highly competitive overall and better than the industry average. For example, during our test, spreads for EUR/USD ranged from 0.6 to 0.9 pips, while spreads for WTI oil stood at 0.02 pips.
Founded in 2012, RoboMarkets is a European broker overseen by top-tier regulators CySEC and BaFin. The broker provides access to a diverse array of markets, featuring 12,000+ stocks, ETFs, and CFDs on stocks and ETFs via its specialized R StocksTrader account.
Regional Features:
RoboMarkets offers the popular MetaTrader 4 and MetaTrader 5 platforms, as well as the in-house R StocksTrader platform and RoboMarkets Terminals. As usual, algorithmic trading and MetaTrader Market (for buying trading robots and indicators) are available for MetaTrader 4. Traders who choose MT4 have access to 4 account types. The broker provides access to a wide range of tradable instruments, including 12,000+ stocks from various exchanges.
My tests showed that RoboMarkets’ spreads are low to medium for the instruments I measured. For example, the spread for EUR/USD at the RoboMarkets R Stocks Trader account was 0.2, while the spread for GBP/JPY varied between 1.7 and 1.8. Notably, the broker does not charge inactivity fees.
Founded in 2010, Pepperstone offers trading in forex pairs, commodities, stocks, and indices. The broker has a strong global presence and is regulated by multiple top-tier regulators, including BaFin, CySEC, ASIC, and FCA.
Regional Features:
Pepperstone offers an extensive array of tradable platforms, including MT4/MT5, cTrader, TradingView, and Capitalize.ai. I’d recommend beginner traders to start their journey with TradingView, given its user-friendly interface. The broker also provides custom indicators for MetaTrader 4 and MetaTrader 5, as well as VPS hosting.
My research showed that Pepperstone excels in educational resources, featuring articles, video tutorials, courses, and live webinars. Our assessments confirmed that the broker's customer support is prompt, knowledgeable, and supportive — key attributes for newcomers who often require guidance with platforms, deposits, withdrawals, and more.
Talking about fees, our analyses indicated that Pepperstone's Standard Account fees are largely in line with industry averages. For example, EUR/USD spreads varied between 1 and 1.1 at the time of our evaluation, while GBP/JPY spreads were in the 2.5 – 2.8 range. German DAX is also available for trading, with spreads ranging between 0.9 and 1.5 during our tests.
Founded in 1989, CMC Markets offers trading in currency pairs, indices, cryptocurrencies, stocks, ETFs, and Treasuries. The broker operates under the oversight of multiple financial authorities, including top-tier regulators such as BaFin, ASIC, and the FCA.
Regional Features:
CMC Markets performed favorably in our fees tests, showcasing attractive numbers for various instruments. For instance, the spreads for EUR/USD were recorded at 0.7, while WTI Oil spreads stood at 0.3. The swap fees align with industry standards, presenting a fair deal for traders. The broker does not charge fees for deposits and withdrawals but has an inactivity fee of 10 units of the account base currency.
CMC clients have access to MetaTrader 4 on desktop, web, and mobile. Additionally, the broker offers its proprietary Next Generation platform via web and mobile interfaces. For MT4, CMC provides 12 add-ons, including Mini Terminal for streamlined pending order management and Sentiment Trader for insightful sentiment analysis. The broker also incorporates the popular Autochartist tool for in-depth technical analysis and offers a free VPS service to eligible clients.
In addition to their suite of research tools, CMC introduced the Alpha Premium Trader Netzwerk — a dedicated community for German traders. This platform offers an interactive space for traders to share strategies and insights. Plus, members benefit from exclusive research provided by in-house analysts.
Moreover, my research revealed that CMC Markets offers an extensive selection of more than 12,000 tradable instruments. This diverse offering greatly exceeds the industry average in almost all categories except for cryptocurrencies, so CMC Markets’ clients will always have something to trade.
Use our guide to define the best-suited BaFin-regulated forex broker according to your trading goals.
The process of choosing a broker begins with learning where your potential broker is regulated. BaFin is a top-tier regulator which ensures that brokers provide maximum protections to their clients. In our research, we divide regulators into three tiers: Tier-1, Tier-2, and Tier-3.
Traders should prioritize essential safeguards such as negative balance protection, segregated funds, and compensation funds, all of which offer reassurance in case of financial issues. Traders should note that offshore regulators do not impose strict limits on leverage, allowing traders to access high levels of leverage but offer lower levels of protection. You should be aware that compensation schemes may not be available. Consequently, if a broker faces financial difficulties, traders will have to navigate the situation independently.
In stark contrast, BaFin stands as a Tier-1 regulator, ensuring that traders are comprehensively shielded with all necessary protections.
Read more about best regulated forex brokers in our detailed guide.
Typically, brokers charge spreads, commissions, swap/rollover fees, and inactivity fees.
You should understand the differences between various types of accounts.
Typically, most brokers offer access to MetaTrader 4 and/or MetaTrader 5. Those are sophisticated platforms with a variety of tools tailored mainly for experienced traders. Hence, beginners may need to spend some time learning the ropes.
Some brokers have also developed their own in-house trading platforms. These platforms are usually tailored to the needs of traders at various experience levels. They are easy to navigate and simple to use.
The choice of trading platform largely depends on personal preferences and trading experience. In my opinion, for novice traders, it’s better to start with a user-friendly platform or a mobile app, whereas experienced traders would often prefer MT4/MT5. Read more about the platforms in our dedicated guides on the best MT4 and best MT5 forex brokers.
Leverage provides traders with the opportunity to boost their profits through the use of borrowed funds. The higher the leverage, the greater your potential profits may be. However, leverage can be a double-edged sword, as it can also magnify potential losses. Thus, I would advise beginner traders to start with low levels of leverage to avoid the risk of substantial losses.
For those comfortable with these dynamics, FX Empire offers a list of the best forex brokers with high leverage, carefully selected to suit specialized trading needs.
The maximum potential leverage a broker can offer is determined by the regulator. BaFin-regulated forex brokers limit leverage for retail clients. Usually, clients can get access to higher leverage if they qualify for professional status.
Based on my trading experience, I have outlined the five things to avoid when choosing a broker:
To safeguard yourself against forex scams, follow these essential guidelines:
And if you are still uncertain, you can always check out our database of reviews to find the most reliable brokers.
FX Empire, with a history dating back to 2011, has established itself as a reputable authority in broker reviews. Our extensive experience in evaluating CFD brokers, spanning over a decade, has led us to develop a meticulous and comprehensive review strategy. Adhering to stringent guidelines for editorial integrity, we consistently uphold our commitment to deliver unbiased evaluations.
We follow a diligent protocol for our review process, integrating objective criteria and quantifiable data. This methodical approach allows us to generate a justified score that accurately reflects the performance of a broker. Our mission is to provide traders with thorough and unbiased reviews, empowering you to make well-informed decisions aligned with your specific needs.
To choose the best brokers for you, we rate them across nine categories and calculate a score that reflects their performance. The categories include:
We open accounts, test platforms, measure spreads, and chat with support teams to collect as much data as possible for each broker. Overall, we evaluate brokers based on more than 250 distinct data points. Every category receives a rating from one star (weak) to five stars (excellent). The broker’s total score depends on its performance in each of these nine categories.
We highlight each broker’s strengths and weaknesses, explain regulatory details, and share the results of our live tests of brokers’ fees, customer support, and trading platforms. To learn more about our review process, click here.
In this article, I focused on forex brokers regulated by BaFin. I’ve given priority to brokers that offer specific local features, including the availability of EUR as a base currency or trading pair, a German version of the website, and customer support in the German language.
The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.
Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.
Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.
Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.