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Best forex brokers for beginners in Belgium in 2022

CMC Markets Logo
1st place
CMC Markets
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76% of retail CFD accounts lose money
Forex.com Logo
2nd place
Forex.com
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73% of retail CFD accounts lose money
Swissquote Logo
3rd place
Swissquote

To help you find the best forex brokers for beginners in Belgium in 2022, we first looked at 102 online brokers; then we checked and compared their fees, currency pair selection, charting tools and educational materials.

Our top 5 picks for the best forex brokers for beginners in Belgium in 2022:

  1. CMC Markets is the winner, the best forex broker for beginners in Belgium in 2022. Low forex fees. Great web and mobile platforms. Advanced research and educational tools.
  2. Forex.com takes second place. Low forex fees. Great variety of currency pairs. Diverse technical research tools.
  3. Swissquote rounds out the top three. Access to many markets and products. No inactivity fee. Rock-solid background.
  4. Saxo Bank is ranked fourth. Great trading platform. Outstanding research. Broad product portfolio.
  5. Interactive Brokers just made it on the list, taking the number five spot. Low trading fees. Wide range of products. Many great research tools.
Best forex brokers for beginners in 2022 for Belgian citizens
Broker Info Minimum deposit Forex fee score
#1 CMC Markets Global CFD broker $0 3.7 stars
#2 Forex.com Global CFD and forex broker $100 4.6 stars
#3 Swissquote Swiss investment bank $0 4.2 stars
#4 Saxo Bank Danish investment bank $2,000 4.4 stars
#5 Interactive Brokers International broker providing all asset classes $0 3.3 stars

What makes a top forex broker for beginners?

  • First of all, fair forex fees.
  • A lot of currency pairs.
  • A great platform with advanced charting.
  • Educational tools to guide you through the basics of trading.


If you're a beginner, be careful with forex trading as forex products are complex and risky, therefore not suitable for everyone. You can easily lose all your invested money. If you don't know how forex trading works, take a look at our forex education articles.

If you feel a bit more comfortable with forex trading, we suggest you also check out our overall list of the best forex brokers.

Didn't find the best broker for you? Answer a few questions and get a personalized broker list!

And now, let's see the top forex brokers for beginners in 2022 for Belgian citizens one by one, starting with the winner, CMC Markets.

CMC Markets Logo

#1 Best forex brokers for beginners
CMC Markets

CMC Markets is a global CFD and forex broker, founded in 1989. It is regulated by several authorities globally, including the top-tier UK Financial Conduct Authority (FCA). The company is also listed on the London Stock Exchange.

Having a long track record, being listed on a stock exchange and being regulated by top-tier authorities are great signs for CMC Markets' reliability.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders looking for an advanced trading platform with many research tools

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76% of retail CFD accounts lose money

#1 CMC Markets
Fees

CMC Markets has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

CMC Markets trading fees
CMC Markets Forex.com Swissquote Saxo Bank Interactive Brokers
EURUSD benchmark fee $8.8 $5.9 $7.1 $6.9 $10.4
GBPUSD benchmark fee $5.8 $3.6 $5.2 $4.7 $8.3
AUDUSD benchmark fee $8.2 $5.6 $6.6 $5.1 $7.9
EURCHF benchmark fee $8.9 $5.8 $5.3 $5.1 $7.5
EURGBP benchmark fee $10.2 $7.1 $7.6 $8.3 $10.7

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

CMC Markets non-trading fees
CMC Markets Forex.com Swissquote Saxo Bank Interactive Brokers
Account fee No No No No No
Inactivity fee Yes Yes No Yes No
Withdrawal fee $0 $0 $10 $0 $0

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76% of retail CFD accounts lose money

#1 CMC Markets
Markets and products

CMC Markets gives access to 338 currency pairs.
CMC Markets currency pairs
CMC Markets Forex.com Swissquote Saxo Bank Interactive Brokers
Currency pairs (#) 338 91 80 190 105

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76% of retail CFD accounts lose money

Forex.com Logo

#2 Best forex brokers for beginners
Forex.com

Forex.com is a global FX and CFD broker established in 2001. Forex.com is a brand of StoneX Financial Ltd, whose parent company StoneX Group Inc is listed on the NASDAQ Stock Exchange (NASDAQ:SNEX). The company is regulated by several financial authorities, including the top-tier Financial Conduct Authority (FCA) in the UK, the US Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). The group is also regulated by the Securities and Futures Commission of Hong Kong (SFC).

Forex.com is considered safe because it has a long track record, it is regulated by top-tier financial authorities, and its parent company is listed on a stock exchange.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Aslo, please note that CFDs are not available in the US – The products and services available to you at FOREX.com will depend on your location, and on which of its regulated entities holds your account.

Recommended for forex traders looking for low fees and great research tools

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73% of retail CFD accounts lose money

#2 Forex.com
Fees

Forex.com has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Forex.com trading fees
CMC Markets Forex.com Swissquote Saxo Bank Interactive Brokers
EURUSD benchmark fee $8.8 $5.9 $7.1 $6.9 $10.4
GBPUSD benchmark fee $5.8 $3.6 $5.2 $4.7 $8.3
AUDUSD benchmark fee $8.2 $5.6 $6.6 $5.1 $7.9
EURCHF benchmark fee $8.9 $5.8 $5.3 $5.1 $7.5
EURGBP benchmark fee $10.2 $7.1 $7.6 $8.3 $10.7

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

Forex.com non-trading fees
CMC Markets Forex.com Swissquote Saxo Bank Interactive Brokers
Account fee No No No No No
Inactivity fee Yes Yes No Yes No
Withdrawal fee $0 $0 $10 $0 $0

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73% of retail CFD accounts lose money

#2 Forex.com
Markets and products

Forex.com gives access to 91 currency pairs.
Forex.com currency pairs
CMC Markets Forex.com Swissquote Saxo Bank Interactive Brokers
Currency pairs (#) 338 91 80 190 105

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73% of retail CFD accounts lose money

Swissquote Logo

#3 Best forex brokers for beginners
Swissquote

Swissquote is a Swiss investment bank established in 1996. It has three main trading entities:

  1. Swissquote Bank - it provides all asset classes, including stocks and ETFs. This entity is based in Switzerland and has multiple regulations, including the top-tier Swiss Financial Market Supervisory Authority (FINMA). 
  2. Swissquote Bank Europe - it provides stocks, ETFs, funds, cryptos, forex, and CFD trading. This entity is based in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg's regulator.
  3. Swissquote LTD - it provides CFD and forex trading. The entity is based in the UK and regulated by the Financial Conduct Authority (FCA).

The fact that Swissquote Bank Ltd has a banking license, is listed on the Swiss stock exchange, discloses detailed financials regularly, and has a long track record are all great signs with respect to Swissquote's safety. 

In this review, we focus mainly on the Swiss entity, sometimes referred to as "Swissquote Bank (CH)" and we will refer to the Luxembourg and UK-based entities as "Swissquote Europe (LUX)" and "Swissquote LTD (UK)", respectively.

Recommended for affluent investors who value safety and are ok with higher fees

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#3 Swissquote
Fees

Swissquote has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Swissquote trading fees
CMC Markets Forex.com Swissquote Saxo Bank Interactive Brokers
EURUSD benchmark fee $8.8 $5.9 $7.1 $6.9 $10.4
GBPUSD benchmark fee $5.8 $3.6 $5.2 $4.7 $8.3
AUDUSD benchmark fee $8.2 $5.6 $6.6 $5.1 $7.9
EURCHF benchmark fee $8.9 $5.8 $5.3 $5.1 $7.5
EURGBP benchmark fee $10.2 $7.1 $7.6 $8.3 $10.7

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

Swissquote non-trading fees
CMC Markets Forex.com Swissquote Saxo Bank Interactive Brokers
Account fee No No No No No
Inactivity fee Yes Yes No Yes No
Withdrawal fee $0 $0 $10 $0 $0

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#3 Swissquote
Markets and products

Swissquote gives access to 80 currency pairs.
Swissquote currency pairs
CMC Markets Forex.com Swissquote Saxo Bank Interactive Brokers
Currency pairs (#) 338 91 80 190 105

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Saxo Bank Logo

#4 Best forex brokers for beginners
Saxo Bank

Saxo Bank, a Danish investment bank founded in 1992, provides online trading and investment services. The company is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK's Financial Conduct Authority (FCA).

Saxo Bank is a global service provider and as such it operates a number of separate legal entities in different regions of the world. The services offered by the various entities may differ slightly, especially with respect to fees and product portfolios. In this review, we tested Saxo Markets UK.

Being regulated by top-tier financial authorities, having a long track record and a banking background are all good signs for Saxo Bank's safety.

Recommended for investors and traders looking for a great trading platform and solid research

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#4 Saxo Bank
Fees

Saxo Bank has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Saxo Bank trading fees
CMC Markets Forex.com Swissquote Saxo Bank Interactive Brokers
EURUSD benchmark fee $8.8 $5.9 $7.1 $6.9 $10.4
GBPUSD benchmark fee $5.8 $3.6 $5.2 $4.7 $8.3
AUDUSD benchmark fee $8.2 $5.6 $6.6 $5.1 $7.9
EURCHF benchmark fee $8.9 $5.8 $5.3 $5.1 $7.5
EURGBP benchmark fee $10.2 $7.1 $7.6 $8.3 $10.7

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

Saxo Bank non-trading fees
CMC Markets Forex.com Swissquote Saxo Bank Interactive Brokers
Account fee No No No No No
Inactivity fee Yes Yes No Yes No
Withdrawal fee $0 $0 $10 $0 $0

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#4 Saxo Bank
Markets and products

Saxo Bank gives access to 190 currency pairs.
Saxo Bank currency pairs
CMC Markets Forex.com Swissquote Saxo Bank Interactive Brokers
Currency pairs (#) 338 91 80 190 105

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Interactive Brokers Logo

#5 Best forex brokers for beginners
Interactive Brokers

Interactive Brokers, one of the biggest US-based discount brokers, was founded in 1977. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).

Given that the broker has licenses from multiple top-tier regulators, has a long track record and publicly disclosed financials while being listed on a stock exchange; it all points towards IB being a safe service provider.

Interactive Brokers recently launched a new app for global stock trading: read our review of IBKR GlobalTrader.

In addition, Interactive Brokers also has an app you can use for ESG investing: read our review of IMPACT by Interactive Brokers.

Recommended for traders looking for broad market access and a professional trading environment

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#5 Interactive Brokers
Fees

Interactive Brokers has average fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Interactive Brokers trading fees
CMC Markets Forex.com Swissquote Saxo Bank Interactive Brokers
EURUSD benchmark fee $8.8 $5.9 $7.1 $6.9 $10.4
GBPUSD benchmark fee $5.8 $3.6 $5.2 $4.7 $8.3
AUDUSD benchmark fee $8.2 $5.6 $6.6 $5.1 $7.9
EURCHF benchmark fee $8.9 $5.8 $5.3 $5.1 $7.5
EURGBP benchmark fee $10.2 $7.1 $7.6 $8.3 $10.7

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

Interactive Brokers non-trading fees
CMC Markets Forex.com Swissquote Saxo Bank Interactive Brokers
Account fee No No No No No
Inactivity fee Yes Yes No Yes No
Withdrawal fee $0 $0 $10 $0 $0

Visit broker More

#5 Interactive Brokers
Markets and products

Interactive Brokers gives access to 105 currency pairs.
Interactive Brokers currency pairs
CMC Markets Forex.com Swissquote Saxo Bank Interactive Brokers
Currency pairs (#) 338 91 80 190 105

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Best forex brokers for beginners
Forex broker fees

Forex brokers can charge commissions, spreads and financing fees.

When it comes to commissions, there are two different fee structures forex brokers normally use:

  1. All trading fees are included in the spread except the financing rate. Basically, think of it as the broker giving you a wider spread than it gets from the market.
  2. You get the market spread, but you pay a commission based on the traded amount. This model is usually used by ECN brokers.

The second version is more transparent, but this doesn't always mean it's more expensive.

When you trade forex on leverage and hold your position overnight, a fee will be charged. This is called financing cost. Financing costs change daily, and can add up if you hold your positions for a longer period.

Best forex brokers for beginners
Bottom line

You saw the details, now let's zoom out. Here are the top forex brokers for beginners in 2022 for citizens in Belgium:

Top forex brokers for beginners in 2022 for Belgian citizens
CMC Markets Forex.com Swissquote Saxo Bank Interactive Brokers
Fees score 3.6 stars 3.8 stars 2.4 stars 3.4 stars 4.5 stars
Markets and products score 2.6 stars 2.4 stars 5.0 stars 5.0 stars 5.0 stars
Education score 5.0 stars 5.0 stars 5.0 stars 4.5 stars 4.5 stars
Charting quality High High High High High
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76% of retail CFD accounts lose money
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CMC Markets is our winner, the best forex broker for beginners for Belgian citizens in 2022. Low forex fees. Great web and mobile platforms. Advanced research and educational tools.

If you know enough about forex trading and are comfortable with possible risks, pick your favourite and take the next step in your trading journey. Let us know what you think in the comments section.

Still unsure? Use our broker finder to pick the best broker for you.

Author of this article

Dan Sallai

Author of this article

My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.
My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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