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Best EUR-USD Forex Brokers

Marcus Taylor

Written by Marcus Taylor

September 08, 2022

Forex Trading: The EUR/USD Forex Currency Pair

The EUR/USD is a major forex currency pair and is among the most traded currency pairs in the world. According to the Bank of International Settlements (BIS), US dollar trades accounted for 88% of the daily turnover of OTC forex instruments in 2016. This amounted to a daily average of US$4,438 billion. The Euro accounted for 31% of the daily forex OTC turnover which amounted to an average of $US1,591 per day.

Because the US dollar and the Euro are the two largest currencies in the world, significant numbers of multinational corporations conduct business between the US and the European economies. This gives rise to the need to hedge against foreign exchange risk which is one of the main reasons why the EUR/USD is a popular trading pair.

In addition, due to the liquidity of the two currencies, the spreads are relatively low, making trading opportunities attractive for retail traders.

At the end of trading on Friday, February 24, 2017, the currency pair closed at a price of 1.0563, a 0.16% fall from the previous close. The volatility of the EUR/USD currency pair during the last 10 weeks was 0.85%, with the pair moving by some 88.86 pips during the period.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Forex Brokers for Trading EUR-USD

Here are the best forex brokers for trading the EUR-USD.

  • IG
    - 9.9/10 Overall
  • Saxo Bank - 9.7/10 Overall
  • Interactive Brokers - 9.7/10 Overall
  • CMC Markets - 9.6/10 Overall
  • TD Ameritrade - 9.5/10 Overall
  • FOREX.com
    - 9.3/10 Overall
  • City Index - 9.2/10 Overall
  • XTB - 9/10 Overall
  • eToro - 8.8/10 Overall
Overall Rating
9.9 / 10
Minimum Initial Deposit
£250.00
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.86 (September 2022)
All-in Cost EUR/USD - Active0.5957 (September 2022)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1974
Publicly Traded (Listed)Yes
BankYes
Tier-1 Licenses7
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)19537
Forex Pairs (Total)100
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)33
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
9.7 / 10
Minimum Initial Deposit
€2,000
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.9 (September 2022)
All-in Cost EUR/USD - Active0.7 (September 2022)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1992
Publicly Traded (Listed)No
BankYes
Tier-1 Licenses6
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)60000
Forex Pairs (Total)190
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)62
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
9.7 / 10
Minimum Initial Deposit
$0
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.6 (Aug 2022)
All-in Cost EUR/USD - Active0.6 (Aug 2022)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)No
Regulationexpand_moreexpand_less
Year Founded1977
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses8
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)8500
Forex Pairs (Total)90
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)128
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
9.6 / 10
Minimum Initial Deposit
$0
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.51 (August 2022)
All-in Cost EUR/USD - Active0.51 (August 2022)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1989
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses5
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)12377
Forex Pairs (Total)158
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)84
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
9.5 / 10
Minimum Initial Deposit
$0
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.25 pips (September 2022)
All-in Cost EUR/USD - Active1.25 pips (September 2022)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)No
Regulationexpand_moreexpand_less
Year Founded1955
Publicly Traded (Listed)Yes
BankYes
Tier-1 Licenses4
Tier-2 Licenses0
Investment Optionsexpand_moreexpand_less
Forex TradingYes
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)0
Forex Pairs (Total)73
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)360
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
9.3 / 10
Minimum Initial Deposit
$100
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.0 (July 2022)
All-in Cost EUR/USD - Active1.0 (July 2022)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1999
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses4
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)5500
Forex Pairs (Total)91
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)203
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
9.2 / 10
Minimum Initial Deposit
£100.00
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.0 (July 2022)
All-in Cost EUR/USD - Active1.0 (July 2022)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)No
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1983
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses3
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)13500
Forex Pairs (Total)84
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)88
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
9 / 10
Minimum Initial Deposit
$0
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.07 (Q3 2022)
All-in Cost EUR/USD - Active1.04 (Q3 2022)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2002
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses1
Tier-2 Licenses3
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)12000
Forex Pairs (Total)49
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)39
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
8.8 / 10
Minimum Initial Deposit
$10-$10,000
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1 (August 2021)
All-in Cost EUR/USD - ActiveN/A
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2007
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Mobile Trading - Forex or CFDsYes
Tradeable Symbols (Total)3458
Forex Pairs (Total)49
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)66
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsYes
Daily Market CommentaryYes
Forex News (Top-Tier Sources)No
Economic CalendarYes


Fundamental Factors Affecting the EUR/USD

There are several fundamental factors that may affect the EUR/USD currency pair, with the more impacting factors being interest rates and employment numbers. Other factors include political decisions, Gross Domestic Product (GDP), trade balances and retail sales, and Consumer and Producer Price Indices.

Brexit has had a negative impact on not only the Pound Sterling but also the Euro, with the euro falling by some 1% versus the US dollar since the June 23rd referendum in 2016. Factors that are likely to affect the EUR/USD in 2017 include Trump policies, European economies, and interest rates.

There is some amount of uncertainty surrounding what will happen to the dollar if President Trump makes good on his promises of border tariffs and taxes. This may lead to an increase in the real effective exchange rate. If the Federal Reserve increases interest rates in the US, this is likely to create greater demand for the dollar, pushing up the exchange rate.

How to Trade the EUR/USD

Trading the EUR/USD through a CFD broker is a popular way of trading among retail traders. With CFD trading, it is advisable to use a regulated CFD broker such as London Capital Group (LCG), since trading is supervised and therefore is likely to present a safer trading environment.

Brokers allow traders to buy and sell currencies using their computers or mobile devices.

Some of the advantages of CFD trading with a regulated broker include:

  • The opportunity to trade several different currency pairs with smaller deposit requirements than traditional trading methods. CFD brokers may allow for trading with margin deposits ranging between 2% and 10%. With traditional trading, much larger deposits, sometimes as much as 50%, are usually required. It is important to remember that leverage can go both ways and amplify both losses and profits.
  • For larger deposit sizes, reputable brokers such as LCG, and ECN accounts are available which means tighter spreads. However, this will only prove beneficial for high-volume traders due to commission structures. LCG offers traders up to 60 forex pairs.
  • The ability to trade smaller lot sizes to a minimum of 0.01 lots per trade
  • Access to live feeds, charting information, and education

Summary: Trading The Major Forex Pair: EUR/USD

The EUR/USD currency pair is a popular choice among traders. The pair is characterized by a high amount of liquidity which gives rise to relatively smaller spreads. Using a CFD broker is a popular way to trade the pair given the tighter spreads, smaller deposit requirements, greater leverage, access to several markets, and trading support.

BrokerNotes.co 2022 Overall Rankings

To recap, here are our top forex brokers for 2022 allowing you to trade the EUR/USD pair, sorted by Overall ranking.

Company Overall Rating Minimum Initial Deposit Average Spread EUR/USD - Standard Trust Score Trust Score Tradeable Symbols (Total) Visit Site
IG logoIG 9.9 £250.00 0.86 (September 2022) 99 Highly Trusted 19537 Visit Site
Saxo Bank logoSaxo Bank 9.7 €2,000 0.9 (September 2022) 99 Highly Trusted 60000
Interactive Brokers logoInteractive Brokers 9.7 $0 0.6 (Aug 2022) 99 Highly Trusted 8500
CMC Markets logoCMC Markets 9.6 $0 0.51 (August 2022) 99 Highly Trusted 12377
TD Ameritrade logoTD Ameritrade 9.5 $0 1.25 pips (September 2022) 99 Highly Trusted 0
FOREX.com logoFOREX.com 9.3 $100 1.0 (July 2022) 99 Highly Trusted 5500 Visit Site
City Index logoCity Index 9.2 £100.00 1.0 (July 2022) 99 Highly Trusted 13500
XTB logoXTB 9 $0 1.07 (Q3 2022) 95 Highly Trusted 12000
eToro logoeToro 8.8 $10-$10,000 1 (August 2021) 93 Highly Trusted 3458
Swissquote logoSwissquote 8.7 $1000 N/A 99 Highly Trusted 466
AvaTrade logoAvaTrade 8.6 $100 0.91 (Aug 2020) 93 Highly Trusted 1260
FXCM logoFXCM 8.5 Starts from $50 1.38 (Q2 2022) 96 Highly Trusted 441
Plus500 logoPlus500 8.5 €100 0.6 (as of Aug 2018) 98 Highly Trusted 2800
Capital.com logoCapital.com 8.4 $20 0.6 (July 2021) 77 Average Risk 6000
XM Group logoXM Group 8.4 $5 1.6 (Aug 2020) 90 Trusted 1372
Pepperstone logoPepperstone 8.4 $200 0.77 (September 2022) 93 Highly Trusted 1200
OANDA logoOANDA 8.4 $0 1.26 (5/22-5/27/22) 92 Highly Trusted 124
Admiral Markets logoAdmiral Markets 8.3 $100 0.8 (July 2021) 87 Trusted 8425
FP Markets logoFP Markets 8.3 $100 AUD 1.2 (August 2022) 86 Trusted 9956
IC Markets logoIC Markets 8.2 $200 0.62 (August 2021) 86 Trusted 3583
Markets.com logoMarkets.com 8.2 $100 1.9 (as of Oct 2019) 98 Highly Trusted 2179
FxPro logoFxPro 8.1 $100 1.51 (August 2020) 90 Highly Trusted 2249
Fineco Bank logoFineco Bank 7.9 $0 N/A 92 Highly Trusted 126
Tickmill logoTickmill 7.9 $100 0.51 (August 2022) 82 Trusted 295
BlackBull Markets logoBlackBull Markets 7.9 $0 0.827 (August 2022) 74 Average Risk 26000
DooPrime logoDooPrime 7.8 $100 -1 84 Trusted 10000
BDSwiss logoBDSwiss 7.8 $100-$5000 (depending on account type) 1.6 (08/10/22) 83 Trusted 1081
TMGM logoTMGM 7.8 $100 0.96 (July 2021) 79 Average Risk 12000
HFM logoHFM 7.7 $5 1.2 (August 2021) 85 Trusted 3500
FlowBank logoFlowBank 7.7 $0.00 N/A 77 Average Risk 408600
HYCM (Henyep) logoHYCM (Henyep) 7.7 $100 0.6 (Sept 2021) 86 Trusted 245
Vantage logoVantage 7.7 $50 1.22 (August 2021) 83 Trusted 257
Trading 212 logoTrading 212 7.6 EUR 10 N/A 77 Average Risk 1785
Eightcap logoEightcap 7.6 $100 1.0 (Aug 2022) 87 Trusted 326
Trade Nation logoTrade Nation 7.5 $0 0.6 83 Trusted 601
Moneta Markets logoMoneta Markets 7.5 $50 1.27 (September 2022) 71 Average Risk 965
ThinkMarkets logoThinkMarkets 7.4 $250.00 N/A 86 Trusted 1674
VT Markets logoVT Markets 7.4 $200 1.2 (September 2021) 71 Average Risk 168
ACY Securities logoACY Securities 7.4 $50 1.2 (Sept 2021) 75 Average Risk 1600
easyMarkets logoeasyMarkets 7.3 $100 0.9 (as of Mar 2020) 84 Trusted 199
RoboForex (RoboMarkets) logoRoboForex (RoboMarkets) 7.3 $100 1.4 (Jan 2022) 69 High Risk 12000
IronFX logoIronFX 7.2 $50 1.2 84 Trusted 340
Exness logoExness 7.2 $1 0.9 (as of May 19) 74 Average Risk 112
Spreadex logoSpreadex 7.2 $0 -1 70 Average Risk 2000
Trade360 logoTrade360 7.1 $250 N/A 75 Average Risk 1062
AxiTrader logoAxiTrader 7.1 0 N/A 83 Trusted 175 Visit Site
GKFX logoGKFX 7.1 $0 N/A 66 High Risk 354
Vestle logoVestle 7.1 -1 -1 79 Average Risk 750
OctaFX logoOctaFX 7 $25 0.6 (August 2021) 67 High Risk 80
FXOpen logoFXOpen 7 $100 N/A 80 Trusted 87
TeleTrade logoTeleTrade 7 $100 -1 67 High Risk 500
FXPrimus logoFXPrimus 6.9 $100 N/A 69 High Risk 140 Visit Site
Forex4you logoForex4you 6.9 $0 -1 62 High Risk 150
LegacyFX logoLegacyFX 6.9 $500 0 75 Average Risk 425
GBE brokers logoGBE brokers 6.8 $500 -1 69 High Risk 500
Alpari logoAlpari 6.8 $20 N/A 67 High Risk 105
TopFX logoTopFX 6.7 Depends on payment method N/A 67 High Risk 655
Libertex (Forex Club) logoLibertex (Forex Club) 6.7 $10 -1 72 Average Risk 300
ATFX logoATFX 6.6 $500 -1 70 Average Risk 150
UFX logoUFX 6.6 $100 3 (Jan 2021) 67 High Risk 619
Xtrade logoXtrade 6.5 $250 -1 80 Trusted 142
Tradeo logoTradeo 6.4 $200 -1 67 High Risk 256
View More

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Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

About the Author

Marcus Taylor
Marcus Taylor

BrokerNotes was founded in 2014 by Marcus Taylor, founder and CEO of Venture Harbor, a venture studio in Oxford that develops innovative online tools & technology across a range of sectors.


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