Best FINMA-Regulated Forex Brokers of 2023

Since 2011, we’ve traded with and reviewed over 150 brokers in Europe. To find the best FINMA-regulated brokers 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.

By: Plamen StoyanovReviewed By: FX Empire Editorial Board
Updated: Sep 18, 2023
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Switzerland holds a special place in the world of finance due to its stable economy, political neutrality, and stringent financial regulations. When it comes to forex and CFD trading, the country sets high operational standards, largely overseen by the Swiss Financial Market Supervisory Authority, more commonly known as FINMA.

For traders, choosing a FINMA-regulated broker not only adds a layer of trust but also ensures a balanced trading environment that’s built around transparency, fair play, and robust financial practices. With stringent oversight and a focus on customer protection, trading with a FINMA-regulated broker can significantly minimize systemic risks, helping you focus on strategy and performance.

However, even among these Swiss-guarded entities, not all brokers are created equal. That’s why we’ve taken it upon ourselves to bring you a comprehensive review of the best FINMA-regulated forex brokers out there.

List of Top Forex Brokers Regulated by FINMA

  • Swissquote – Best Overall
    Ultra-fast execution under 9 milliseconds. Listed on the Swiss Stock Exchange. Holds multiple top-tier licenses. MT4, MT5, Advanced Trader platform. Autochartist, Trading Central.
  • Flowbank – Best Low Spreads
    Over 50,000 tradable instruments. Custom-built proprietary FlowBank Pro platform. Comprehensive research materials. Competitive pricing. Multiple options for automated trading.
  • Dukascopy – Best Trading Platform
    Highly regulated member of the Swiss Bankers Association. Feature-rich JForex platform with over 350 analytical tools. Multiple trading APIs for automatic trading. Low spreads and commissions.

How Did FX Empire Select the Best FINMA-Regulated Forex Brokers?

  • Regulated by FINMA. We only selected brokers that are licensed and authorized by the Swiss national regulator, with offices in Switzerland.
  • Accepting Swiss residents. Our picks for each category are Swiss-based brokers that accept local traders as clients.
  • CHF as a base currency and for deposits and withdrawals. We preferred brokers with convenient offerings for Swiss traders.
  • High trustworthiness. All our picks have a high level of trustfulness and comply with most of the strictest safety policies in the industry.
  • Low trading fees. We looked for brokers that offer low floating spreads and round-turn commissions per traded volume.
  • User-friendly and feature-rich platforms. We picked brokers with a diverse offering of trading platforms and a wide range of analytical and supporting tools.
  • Diverse trading accounts. We only considered brokers with a good choice of account types that can serve traders with different preferences, experiences, and trading strategies.
  • Choice of instruments. We picked brokers that offer a wide selection of tradable instruments from different asset classes.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

Now, let us go over the selected brokers for each category.

Best Overall

Start Trading
Trading involves risks. Products and services of Swissquote are only intended for those permitted to receive them under local law.
  • Min Deposit
  • Tradable Instruments
  • Fees

Having been founded in 1996, Swissquote ranks among the best-established names in the financial industry. According to its website, the Geneva-based bank serves over 500,000 clients worldwide and holds over CHF 50 billion in client assets. One of the biggest attestations to Swissquote’s stability and transparency is its listing on the SIX Swiss Exchange since 2000.

Key Features:

  • FINMA-Regulated Entity: Swissquote Bank SA
  • Fees: Spreads from 1.7 pips, commission (CFD Shares) from $0.03/share
  • Trading Platforms: Advanced Trader, MetaTrader 4&5
  • Tools: Autochartist, Trading Central, FIX API
  • CHF as Base Currency: Yes
  • CHF for Deposits and Withdrawals: Yes

I was also impressed by Swissquote’s offering of over 3 million trading and investing instruments as well as with its exceptional order execution speeds of around 9 milliseconds – one of the fastest in the industry.

I found the combination of ultra-fast execution, a diverse selection of research materials and automated trading tools, and a wide range of tradable instruments suitable for implementing all kinds of trading strategies. Swissquote’s service is equally well-suited for scalpers, intraday, day, position, and swing traders.

Swissquote has developed a professional-grade Advanced Trader platform which I found versatile and providing a more intricate insight into price action behavior. The broker also incorporates the renowned MetaTrader 4&5. Except for share CFDs, Swissquote offers commission-free trading, and its floating spreads start from 1.7 pips.

  • Multiple top-tier licenses
  • Listed on a major exchange
  • Over 3 million instruments
  • Ultra-fast order execution
  • Versatile proprietary platform
  • Above-average costs
  • No ‘best execution policy’

Best Low Spreads

Start Trading
CFDs are complex instruments and are not suitable for everyone as they can rapidly trigger losses that exceed your deposits. You should consider whether you understand how CFDs work.
  • Min Deposit
  • Tradable Instruments
  • Fees

Founded in 2020, Flobank is a relative newcomer to the trading industry. Nevertheless, it is quickly establishing itself as a trustworthy partner. Flowbank offers low trading costs, multiple trading tools, a sophisticated platform, and over 50,000 tradable instruments. It can be used for scalping, automated trading, and longer-term trading.

Key Features:

  • FINMA-Regulated Entity: FlowBank S.A.
  • Fees: Spread from 1.1 pips, commission (CFD Shares) from $0.02/ share
  • Trading Platforms: FlowBank, FlowBank Pro, MetaTrader 4&5
  • Tools: Technical Speak Easy, Trading API, Trading Central
  • CHF as Base Currency: Yes
  • CHF for Deposits and Withdrawals: Yes

Regarding its costs, I discovered that Flowbank offers some of the lowest fees for trading CFD shares in Switzerland and the industry as a whole. Its commissions start from 2 cents per share. I measured 1.4 pips spread on the EURUSD and estimated that in order to trade 1 lot (100,000 units), you will need to pay $14 (FX pairs are traded commission-free). This is above the $10 industry average but lower than most other Swiss brokers offer.

I had a great time probing the FlowBank Pro platform. It has a very sleek and intuitive design, which is what chart artists such as myself look for. It is exceedingly easy to study price action behavior and observe the development of various price patterns. You can use the platform to execute individual and bulk orders. There are also sophisticated TWAP (Time Weighted Average Price) orders for automated trading.

  • Lowest fees for CFD in Switzerland
  • Intuitive platform with sophisticated orders
  • Multiple trading tools
  • Over 50,000 tradable instruments
  • 360-degree research materials
  • No negative balance protections

Best Trading Platform

Start Trading
Trading FX, precious metals and CFD on margin (i.e. using leverage) is not suitable for everyone. Investing in such instruments involves a high degree of risk of loss. Before trading on margin you should be aware of the risks involved due to the fluctuation in the value of such instruments' prices, which can cause fluctuations in the value of your investment. Any type of market or trade speculation that can yield an unusually high return on investment is subject to unusually high risks. Large losses may be suffered within a relatively short period of time due to adverse market movements or to position build-up. Before deciding to enter into FX, precious metals or CFD trading on margin, you should carefully consider your investment objectives, level of experience, and risk appetite. You should only trade the portion of your own assets you are disposed and cannot afford to lose entirely: only your surplus funds should be placed at risk and if you do not have such surplus funds you should imperatively avoid engaging in margin trading. In case of doubts on the risks related to FX, precious metals and CFD trading on margin you should consult any independent financial advisor and request any necessary information.
  • Min Deposit
  • Tradable Instruments
  • Fees

Dukascopy has invested heavily in developing a highly customizable platform with multiple supporting tools. Founded in 2004 and headquartered in Geneva, Dukascopy is licensed as an online bank by FINMA and is a member of the Swiss Bankers Association. It offers access to over 1000 tradable instruments from 7 asset classes.

Key Features:

  • FINMA-Regulated Entity: Dukascopy Bank S.A.
  • Fees: From 0.1 pips, commission up to $3.5 round-turn per lot
  • Trading Platforms: JForex, MetaTrader 4, Binary Desktop Platform
  • Tools: FIX API, JForex API,
  • CHF as Base Currency: Yes
  • CHF for Deposits and Withdrawals: Yes

I was impressed by the diverse collection of trading APIs offered by Dukascopy for automated trading. Additionally, it implements the SWFX execution method, accommodating low-latency trading with a low risk of negative slippage. I found Dukascopy suitable for both high-frequency and high-volume trading.

Broker’s proprietary JForex platform is intuitive, with a sleek design and multiple features. It consists of the impressive 302 technical indicators, setting a record for a retail platform of this caliber, 41 drawing tools, 19 timeframes, and 4 chart types. I gave the platform a test run and found it very enjoyable, especially when examining price action behavior. The platform supports one-click and two-click trading and is an excellent choice for algorithmic trading.

I opened a JForex Trading account with floating spreads from 0.1 pips and a $3.5 round-turn commission per traded lot. I assessed Dukascopy’s trading fees to be below the industry average.

  • Versatile and feature-rich platform
  • Member of the Swiss Bankers Association
  • Competitive pricing
  • Multiple APIs for algo trading
  • Slow customer support

Our Methodology

Here at FX Empire, we have pioneered a unique methodology for evaluating forex and CFD brokers worldwide. Our goal is to provide a comprehensive picture of a broker’s pros and cons so that our readers can make informed decisions. We understand their need to choose the best partner for their particular goals and needs.

Our team of dedicated professionals is working continuously to improve our system and keep it up-to-date with current market trends. We test each broker systematically by employing over 250 variables across nine categories:

  • Trust
  • Fees
  • Account Types
  • Tradable Instruments
  • Platforms and Tools
  • Deposits and Withdrawals
  • Customer Support
  • Research
  • Education

We strive to be as objective as possible, which is why our rigorous examinations are devoid of any personal bias as much as possible. We review the licenses of all the subsidiaries of a broker and check the fine print in the Client Agreement. The reliability of a broker is further determined based on the website’s regulations, fees, and general transparency.

We collect essential information by opening a live account with a broker entity and testing its services in real time. We measure the spreads, swaps, and commissions on its most popular account type and compare our findings to the industry average. We also test the functionality of the available platforms, the number and types of tradable instruments, the reliability of customer support, and the quality of the research and educational materials.

For this guide, we only considered FINMA-regulated Swiss brokers with the most flexible and safe offerings. We scrutinized each broker’s adherence to safety regulations and assessed its maximum leverage. We measured spreads and commissions, comparing them to the industry average, and selected the brokers with the most competitive pricing.

Also, we assessed the usability of brokers’ platforms and confirmed whether they are integrated for implementing longer-term strategies, such as swing and day trading, or shorter-term, like intraday trading and scalping.

We abide by our strict guidelines for editorial integrity based on the objective standards we have set for our reviews. You can read more about our review process here.

Meet Our Writers

The team of forex and CFD analysts and editors at FXEmpire is composed of trading industry professionals and seasoned financial journalists. Our experts have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

Get to Know Our Authors

Dan Blystoneauthor

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 Solankiauthor

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.

Plamen Stoyanovauthor

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.

Vladimir Zernovauthor

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.

How to Choose a Forex Broker Regulated by FINMA?

In this section, I outlined the specific considerations traders need to make when looking for a FINMA-regulated broker.

What protections does FINMA ensure?

As Switzerland’s national regulator, FINMA is responsible for supervising the operations of financial institutions, banks, and other entities in the country. It also authorizes and regulates the activities of Swiss-based CFD and Forex brokers.

I outlined the most essential safety requirements in the industry, differentiating between the ones mandated by FINMA and the ones that are not available to Swiss retail traders:

  • Segregation of client funds. Brokers must keep their clients’ funds in separate bank accounts from the ones used for their corporate capital. This is a universal safety requirement that ensures mitigating the risk of accounting errors.
  • Negative balance protection guarantees that traders’ losses cannot exceed their account balance. This protection is indispensable when trading high-risk instruments, such as CFDs. Under FINMA regulation, CFD and forex brokers are not required to provide negative balance protection to both retail and professional traders.
  • Limited market exposure. Top-tier regulators often cap leverage at 1:30 to minimize risk, while more lenient ones may allow up to 1:2000. FINMA strikes a balance by setting the maximum leverage at 1:200 for retail clients. This offers traders more freedom but also requires them to exercise greater caution due to fewer built-in protections.
  • Compensation scheme. Depending on the jurisdiction where a broker is situated, a compensation scheme may also protect its clients against the company’s credit risk and liabilities. Under FINMA, Swiss brokers are required to participate in Esisuisse (the Swiss Deposit Insurance), ensuring traders by up to CHF 100,000.

Read more about Best regulated forex brokers.

How to verify if a broker is regulated by FINMA?

  • Check the Broker’s Website: Legitimate, regulated brokers typically display their license number and the name of their regulator on their website, often in the footer or “About Us” section.
  • Visit the Regulator’s Website: All country’s financial regulators list brokers they regulate on their website. You can access FINMA’s register here and search for the broker’s name you need.
  • Contact the Regulator: If you can’t find the information you’re looking for, you can contact the regulator with the broker’s name and any other identifying information you have.
  • Check for Memberships: Regulated brokers often belong to compensation schemes or organizations that protect clients’ funds. Check if the broker mentions such memberships on their website.

Check out our guide on Best European-regulated brokers.

How to check if a broker’s fees are competitive?

A broker may have 1,2, or several account types, each with different pricing mechanisms. The question is, how to know which one is best fitted for your particular style of trading? I will try to answer this question by providing an example with two distinct accounts, one STP and the other ECN:

The biggest difference between STP and ECN accounts, apart from the execution model, is the pricing mechanism. Usually, STP accounts afford commission-free trading and floating spreads, whereas ECN accounts have fixed commissions and raw spreads (typically starting from 0.1 pips). At first glance, the former sounds more favorable because you only have to pay one cost – the spread – rather than two.

Read more about Best STP forex brokers and Best ECN forex brokers.

Many brokers recognize the psychological significance of this sort of thinking and seek to exploit it by raising the spreads on their STP accounts to the point where they are no longer the more competitive option. I will now demonstrate how to do a quick test for yourself to evaluate the competitiveness of a broker’s ECN and STP accounts.

Pick an instrument, say, the EURUSD. Suppose also that the spread on the pair is 0.9 pips on a broker’s STP account and 0.1 pips on its ECN account. There is also a $6 commission for trading a 1 lot (100,000 units) contract. If the EURUSD pip value is $10, you can do a simple calculation to determine the value of a hypothetical position on the EURUSD executed on both account types. The formula is the value of a trade = spread x pip value + commission.

This is just a hypothetical example, but hopefully, it illustrates how more can be less in trading. So, it’s worthwhile evaluating the costs of a broker you consider opening an account with for yourself before doing so. And if you are still uncertain, you can always check out our database of reviews to sort out the most competitive brokers.

Check out our list of Best lowest spread forex brokers.

How to choose a trading platform?

A trading platform is your window into the market. It allows you to observe price action behavior and study potential opportunities for placing orders. Technical traders use a platform’s array of indicators, drawing tools, and other features to examine various price patterns, changes in volatility, liquidity, and so on in order to gauge the most favorable times to enter or exit the market.

The best platforms are also the most versatile ones. They include a wide spectrum of technical indicators, such as Fibonacci retracement levels, oscillators, trend-based and range-based indicators, and others, as well as drawing tools, such as trend lines, channels, wedges, etc. They are also the ones that allow you to easily scale price action up and down.

In addition to these components, when looking for a suitable platform, you must also look for efficiency. Ask yourself: Does the platform facilitate easy and rapid order placement through one-click trading? Does it support algorithmic trading via Expert Advisors (EAs)? Can it handle market, limit, and stop orders? These factors, and more, contribute to a platform’s overall effectiveness.

The two most popular retail platforms in the industry are MetaTrader 4&5. Over the years, the two have become the benchmark for simplicity and reliability. The two entries in the popular franchise have a decent range of technical indicators and drawing tools and afford multi-timeframe analysis.

Read more about best MT4 brokers and best MT5 brokers.

However, despite MetaTrader’s easy learning curve, its rugged design becomes apparent when contrasted against newer and sleeker platforms. In my estimation, MetaTrader is a good choice for newbies wanting to learn the ropes, but to take your trading to the next level, you may need something more sophisticated.

The answer of some brokers is to develop their proprietary platforms. The advantage of most such platforms is their convenience. The ability to search for instruments by asset class, scale price action up and down with ease, or execute complex box orders are benefits you cannot find in MetaTrader. To summarise, the question of choosing the best platform for you is one of simplicity vs. practicality.

Check out our dedicated guide on Best forex trading platforms.

What to Avoid When Choosing a Forex Broker?

Here is a quick rundown of what traders must avoid:

  • Unregulated brokers. Trading with an unregulated broker exposes you to a higher risk of fraud or unethical business practices, as they are not bound by any regulatory standards or rules. Additionally, in case of any disputes or if the broker goes bankrupt, there might be no legal recourse or compensation schemes available to recover your funds.
  • Lack of client protection. Avoid brokers that cannot ensure more than two of the following: segregated funds, negative balance protection, compensation scheme, and maximum leverage for retail traders no bigger than 1:200
  • Low execution quality. Try to avoid brokers that cannot ensure more than two of the following: best execution policy, regular quality execution statements, and average execution speed under 50 milliseconds.
  • High spreads and commissions. Sidestep brokers with floating spreads from 1.8 pips or above on STP accounts and with round-turn commissions above $7 on ECN accounts.

How to Avoid Forex and CFD Scams?

Scammers rely on the gullibility of traders. A common tactic fraudsters employ is to promise quick and easy profits at no risk to the trader. Often scammers would use labels that closely resemble the brands of real and legitimate companies. That is why regulators like the FCA have registers where traders can read about such fraudulent companies pretending to be others.

The best and easiest way to protect yourself is to make sure you work with a trustworthy and transparent broker. You can find a comprehensive list of reliable brokers by jurisdiction here.

Another important consideration is online safety. Be cautious about where you leave your personal information. Registering your details on suspicious pop-ups that promise enormous profits could lead to your contact information landing on a scammer’s dialing list. Remember, no licensed broker would make unsolicited cold calls.

The next time you get contacted out of the blue with promises of becoming the next Warren Buffet, you must remember that you are most likely speaking to a scammer. I am of the opinion that nowhere is the “if something sounds too good to be true…” saying more accurate than in the world of trading. That is why you should do your due diligence before opening an account with any broker.


FINMA stands for the Swiss Financial Market Supervisory Authority. It's the government agency responsible for regulating financial markets in Switzerland, including banks, insurance companies, and trading brokers. FINMA's main goals are to protect investors, ensure the proper functioning of the financial markets, and maintain transparency and fairness.
Yes, forex trading is allowed in Switzerland and is highly regulated to ensure the integrity and stability of the financial markets. Oversight is provided by the FINMA, which sets high standards for financial institutions including Forex brokers.
They ensure segregated funds, a maximum retail leverage of 1:200, and a compensation scheme under Esisuisse of up to CHF 100,000.
You can visit the official FINMA website and use their search feature to look for the broker's name in their regulated entities list. Additionally, reputable brokers usually display their FINMA registration number on their website, often in the footer or the 'About Us' section, which you can cross-reference with the FINMA database to confirm its authenticity.
The differences may vary drastically. Brokers regulated by FINMA are subject to Switzerland's rigorous financial regulations, which mandate segregated client accounts, adequate capital reserves, and regular auditing. This ensures a high level of protection for traders, emphasizing transparency and stability. Offshore-regulated brokers, on the other hand, operate in jurisdictions with less stringent regulations. This often means fewer protections such as lower capital requirements and less rigorous oversight. While trading with offshore brokers may offer higher leverage and lower fees, it often comes at the cost of reduced security and consumer protection.
Yes, you may open an account with an EU broker operating under MiFID II or an offshore broker at your risk. Note that trading with a broker not regulated by FINMA means you won't benefit from the stringent financial protections that Swiss regulation offers, such as segregated accounts, capital adequacy requirements, and transparent reporting.
We determined that Dukascopy’s JForex platform is extremely versatile and intuitive providing the greatest amount of analytical tools.
Yes, cryptocurrency trading is permitted in Switzerland.
In Switzerland, Forex trading gains are generally subject to income tax for individual traders. It's considered part of your ordinary income and is taxed at the progressive federal and cantonal rates, which vary depending on your place of residence. However, if you are trading Forex as a professional activity or through a legal entity, different tax implications could apply. It's essential to consult with a Swiss tax advisor to understand the specific tax obligations and allowances applicable to your trading activities.
FINMA-regulated brokers typically offer more conservative leverage levels, with maximums often set around 1:200 for retail traders. In contrast, offshore-regulated brokers may offer significantly higher leverage, sometimes reaching up to 1:1000 or even 1:2000. While high leverage can amplify profits, it also increases the risk of significant losses. Therefore, trading with FINMA-regulated brokers generally provides a more balanced risk environment, whereas offshore brokers may offer more speculative opportunities but with higher risk exposure.
Technically, it is possible, but this is highly impractical for most individual traders. For the vast majority of traders, brokers offer a far more accessible entry point into forex trading. They provide trading platforms, leverage, and other tools that make trading feasible for retail clients.

About the Author

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.

Why you can trust FX Empire

At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

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Why you can trust FX Empire

FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.