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4 Best Forex Brokers in Iceland

Last Update: June 26th, 2024

Forex Brokers Iceland

The 4 Best Forex Brokers in Iceland – Rated and Reviewed. We have listed the Best Forex Brokers accepting traders in Iceland.

 

In this in-depth guide, you will learn:

  • The Best Forex Brokers in Iceland – a List
  • Is Forex Trading Legal in Iceland?
  • The Best Forex Brokers for Beginners
  • Forex Brokers with Icelandic Króna Accounts
  • Low ISK (Íkr) Minimum Deposit Brokers

and much, MUCH more!

 

4 Best Forex Brokers in Iceland

 

4 Best Forex Brokers in Iceland – a Comparison

🔎 Broker🚀Open an Account🤝 Accepts Icelandic Traders💴 Min. Deposit (ISK)
🥇 AvaTrade👉 Click Here✅Yes13902
🥈 XM👉 Click Here✅Yes695,10
🥉 FxPro👉 Click Here✅Yes13902
🏅 BDSwiss👉 Click Here✅Yes1390,20

 

4 Best Forex Brokers in Iceland (2024)

  1. ☑️ AvaTrade – Overall, the Best Forex Broker in Iceland
  2. ☑️ XM – Best Forex Broker for Beginners
  3. ☑️ FxPro – Best Overall Offering
  4. ☑️ BDSwiss – Best Online Trading Experience

 

AvaTrade Review New

 

AvaTrade

AvaTrade is a popular, highly regulated Forex Broker. ASIC, FSCA, JFSA, FFAJ, ADGM, and,  CySEC regulate it. Accounts available are Retail, Islamic, and, Professional. The minimum deposit is 100 USD. Moreover, Trading Instruments offered are Forex, Stocks, Commodities, Crypto CFDs, Treasuries, Bonds, Indices, Exchange-Traded Funds (ETFs), Options, Precious Metals, and, CFDs.

Trading Platforms include AvaTrade WebTrader, AvaOptions, AvaTradeGO, MetaTrader 4, MetaTrader 5, AvaSocial, DupliTrade, and,  ZuluTrade.

🔎 Broker🥇 AvaTrade
💴 Minimum Deposit100 USD
🖱️ Account TypesRetail, Islamic, Professional
🪙 Base CurrenciesZAR, USD, GBP, AUD
5️⃣ Ease of Use Rating4/5
🎁 Bonuses✅ Yes, referral bonus
⏰ Support Hours24/5
💵 Currency Pairs51; Major, Minor, Exotic Pairs
🤝 Affiliate Program✅ Yes
🚀 Open an Account
👉 Click Here

 

AvaTrade Overview

 

Pros and Cons

✅ Pros❌ Cons
Over 1,260 instrumentsInactivity fees on dormant accounts
Fixed spreads from 0.6 pips on the Pro AccountThe demo account is available for 21 days
Islamic AccountDeposit and withdrawal options are limited
There is a free demo account availableLeverage is capped at 1:30 for retail accounts

 

Our Insights

AvaTrade is suited to all Traders with benefits including a Referal Bonus and Multilingual Customer Support. However, the high minimum deposit and inactivity fee may be better suited to established traders.

 

XM Review

 

XM

XM is a well-established Forex and CFD Broker. the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the International Financial Services Commission Belize (IFSC) regulate it.

Accounts offered are Micro, Standard, Ultra-Low, and, Shares. Trading Platforms available are MetaTrader 4 and MetaTrader 5. In addition, a mobile trading app is offered. Instruments available for trade include Forex, cryptocurrencies, stock CFDs, commodities, equity indices, precious metals, energies, individual shares, and, Turbo Stocks.

🔎 Broker🥇 XM
💴 Minimum Deposit$5 USD
🎁 Bonus Offers✅Yes
📈 Account TypesMicro Account, Standard Account, XM Ultra-Low Account, Shares Account
⏰ Support Hours24/7
🆓 Demo Account✅Yes
🚀 Open an Account
👉 Click Here

 

XM Overview

 

Pros and Cons

✅ Pros❌ Cons
Low Minimum depositNo social trading features available
Unlimited Demo AccountInactivity Fees

 

Our Insights

XM is a popular broker amongst beginner traders. Benefits include Multilingual, 24/7 Customer Support.

 

FXPro Review

 

FxPro

FxPro is a trustworthy and highly regulated Forex Broker with competitive spreads and innovative trading tools. The FCA, CySEC, SCB, FSCA, and FSC regulate it.  Trading instruments include Forex, futures, indices, shares, metals, energies, and, crypto CFDs. Accounts include Standard, Pro, Raw+, and, ECN. The minimum deposit is 100 USD.

Trading Platforms offered are MetaTrader 4, MetaTrader 5, and, cTrader. Moreover, a Proprietary Trading Platform and Mobile App is available.

🔎 Broker🥇 FxPro
📌 Year Founded2006
📍 Amount of staff500+
⭐ Publicly TradedNone
🛡️ RegulationFCA,
CySEC,
ASIC
🌎 Country of regulationUK,
Cyprus,
Australia
↪️ Account Segregation✅Yes
🚨 Negative balance protection✅Yes
📈 Investor Protection SchemesFSC, FSCS, and
others
🅰️ Institutional Accounts✅Yes
🅱️ Managed Accounts✅Yes
📉 Minor account currenciesMultiple
📊 Minimum Deposit100 USD
⏰ Avg. deposit processing timeInstant to 1
business day
⏱️ Avg. Withdrawal processing time1-5 business days
💴 Fund Withdrawal FeeNone
💶 Spreads from0.0 pips
💵 CommissionsVariable
💷 Number of base currencies6
💳 Swap FeesVariable
⏹️ LeverageUp to 1:500
⏺️ Margin requirementsVariable
☪️ Islamic account✅Yes
🆓 Demo Account✅Yes
🖥️ Order Execution TimeMilliseconds
💻 VPS Hosting✅Yes
📊 CFDs Total Offered2000+
💹 CFD Stock Indices✅Yes
🍎 CFD Commodities✅Yes
💱 CFD Shares✅Yes
💴 Deposit OptionsBank transfer,
Credit/Debit cards,
e-wallets
💶 Withdrawal OptionsBank transfer,
Credit/Debit cards,
e-wallets
➡️ Trading PlatformsMetaTrader 4,
MetaTrader 5,
cTrader
↪️ OS CompatibilityWindows,
macOS,
iOS,
Android
⚙️ Forex trading toolsEconomic calendar, trading signals, charting tools
🥰 Customer SupportResponsive
🗯️ Live chat availability✅Yes
💌 Support Email[email protected]
☎️ Support ContactVaries by Region
🐦 Social mediaTwitter,
Facebook,
LinkedIn,
Instagram
📍 LanguagesEnglish,
Spanish,
German,
French,
Italian,
Arabic,
Chinese,
Japanese
✏️ Forex course✅Yes
📔 Webinars✅Yes
📚 Educational ResourcesTutorials,
articles,
videos
📒 Affiliate program✅Yes
📑 IB Program✅Yes
🗃️ Sponsor notable events/teams✅Yes
🗄️ Rebate program✅Yes
📌 Account TypesStandard,
Raw+,
Elite
🅰️ Cent AccountsNone
🅱️ Micro AccountsNone
😊 Suited to Beginners✅Yes
😎 Suited to Professionals✅Yes
🌟 Suited to Active Traders✅Yes
*️⃣ Suited to Scalpers✅Yes
🌞 Suited to Day Traders✅Yes
🚀Open an Account👉 Click Here

 

FxPro

 

Pros and Cons

✅Pros❌Cons
MetaTrader 4 and 5Basic FXPro App
cTrader accountsCommissions on cTrader accounts
Wide Range of Trading InstrumentsWithdrawal Processing Times
Diverse Educational ResourcesLimited Advanced Content
Multiple Platform OptionsSpread Variability
Flexible LeveragePotential for Higher Risk with Leverage
No Deposit or Withdrawal FeesComplexity for New Traders

 

Our Insights

The benefits of trading with FxPro include the lack of an Inactivity Fee. Moreover, multilingual customer support is offered 24/5.

 

BDSwiss

 

BDSwiss

BDSwiss is amongst the highest-regulated Forex Brokers in the World. Regulations include CySEC, FSC, FSA, and, BaFin. Accounts offered are Cent, Classic, VIP, Zero Spread, Islamic, and,  Demo. The Minimum deposit is USD. Trading Platforms available are MetaTrader 4 and MetaTrader 5. Moreover, a proprietary trading platform and mobile app are available.

Trading Instruments available for trade are Forex, Commodities, Shares, Indices, and, Cryptocurrencies.

🔎 Broker🥇 BDSwiss
📈 RegulationCySEC, FSC, FSA, BaFin, Mwali International Services Authority
📉 Trading PlatformsMetaTrader 4, MetaTrader 5, BDSwiss Web, BDSwiss Mobile
💴 Minimum Deposit10 USD
⏰ Support Hours24/5
⚙️ Account TypesCent, Classic, VIP, Zero Spread, Islamic, Demo
🆓 Demo Account✅Yes
☪️ Islamic Account✅Yes
📊 Leverage1:2000
🚀 Open an Account
👉 Click Here

 

BDSwiss Review

 

Pros and Cons

✅ Pros❌ Cons
BDSwiss offers an impressive number of markets that can be tradedThere is an inactivity fee applied to dormant accounts
There are account levels for all types of tradersThe spreads on popular accounts are wide, starting from 1.5 pips
BDSwiss is a highly reputable, award-winning broker regulated globallyCommission fees apply to all account types

 

Our Insights

The benefits of trading with BDSwiss include access to award-winning trading platforms and a leverage of up to 1:2000. However, trading is not commission-free and a high inactivity fee is charged.

 

Forex in Iceland

 

The Central Bank of Iceland

The Central Bank of Iceland or Seðlabanki Íslands is the central bank of Iceland.

 

The Central Bank of Iceland

 

The Icelandic króna (ISK)

The Icelandic Króna (ISK) is the official national currency of Iceland. The krona is represented by the symbols kr or Íkr and is abbreviated as ISK in the international currency market.

 

The Icelandic króna (ISK)

 

Is Forex Trading Legal in Iceland?

Forex Trading in Iceland is unrestricted and well-regulated by the Central Bank of Iceland.

 

Is Forex Trading Legal in Iceland?

 

In Conclusion

Forex Trading in Iceland has proven to be popular and well-regulated. Moreover, multiple International Regulated Forex Brokers accept traders in Iceland.

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker
🥈Read ReviewFSCA, IFSC, ASIC, CySEC, DFSA, FCAUSD 5Visit Broker
🥉Read ReviewFCA, FSCA, FSC, CMAUSD 10Visit Broker
4Read ReviewASIC, BaFin, CMA, CySEC, DFSA, FCA, SCBUSD 200Visit Broker
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker
6Read ReviewCySEC, MISA, FSCAUSD 25Visit Broker
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker
8Read ReviewCBCS, CySEC, FCA, FSA, FSC, FSCA, CMAUSD 10Visit Broker
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker
10Read ReviewIFSC, FSCA, ASIC, CySECUSD 1Visit Broker

 

Our Insights

While reviewing the Best Forex Brokers that accept Icelandic Traders, we found 4 excellent options. Each broker has its list of Benefits, ranging from multiple account types to multilingual customer support. Finding the Best Forex Broker will depend on a trader’s individual trading needs.

 

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FAQs

Forex Trading is 100% legal in Iceland.

Forex trading in Iceland falls under the regulatory authority of the Central Bank of Iceland.

AvaTrade offers multiple partnership options, including an affiliate program.

Micro, Standard, Ultra Low, and, Shares.

The minimum deposit to open a FxPro account is 100 USD.

BDSwiss regulations include CySEC, FSC, FSA, and, BaFin.

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