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Best Poland Forex Brokers 2022

May 09, 2022
Last modified May 10, 2022

Poland’s financial sector has a long history, with its Warsaw stock exchange dating back to 1817 when the Warsaw Mercantile Exchange was founded. The country has since seen notable economic growth since the fall of the Soviet Union and the country’s transition to democracy, with the economy experiencing a number of market reforms, including large-scale privatizations.

The primary stock market in Poland is the Warsaw Stock Exchange (GPW), which is located in Warsaw, Poland and was created in 1991 after the overthrow of Poland’s communist leadership. In addition to stocks and their derivatives, the GPW also provides a listing service for fixed income products, subscription rights, index participation units, allotments and derivatives like futures and options. The GPW now ranks as the 33rd largest stock exchange group worldwide by market capitalization based on information compiled by the World Federation of Exchanges.

The oldest and main broad stock index for the GPW is the WIG which consists of 318 companies. The GPW’s narrower blue chip indices are the WIG20 and the WIG 30, which are capitalization-weighted indices that respectively include the largest 20 and 30 companies listed on the GPW.

Forex traders could be familiar with the Polish zloty (PLN) which is the Polish national currency. The PLN is issued and managed by the National Bank of Poland (NBP). The zloty is further comprised of 100 lesser units called groszy.

As per the Bank for International Settlements (BIS)’s data for 2016, the zloty ranks as the 22nd most commonly traded currency worldwide and accounted for 0.7% of total forex turnover that year. The zloty did not rank among the most popular reserve currencies held by central banks in 2018, based on information provided by the International Monetary Fund (IMF).

The financial sector, including forex trading, in Poland is regulated by the Polish Financial Supervision Authority (PFSA) or the Komisja Nadzoru Finansowego (KNF) in Polish. This regulator aims to ensure the proper functioning, stability, transparency and security of Polish financial markets, as well as to maintain investor confidence in them and ensure that market participants’ interests are protected.

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 Online Brokers for Poland

  • Saxo Bank - 9.5/10 Overall
  • XTB - 8.7/10 Overall
  • eToro - 8.4/10 Overall
  • AvaTrade - 8.2/10 Overall
  • Admiral Markets - 8.1/10 Overall
  • Markets.com - 8.1/10 Overall
  • XM Group - 8/10 Overall
  • Pepperstone - 8/10 Overall
  • HYCM (Henyep) - 7.7/10 Overall
Overall Rating
9.5 / 10
Minimum 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 - Standard0.8 (August 2020)
All-in Cost EUR/USD - Active0.6 (August 2020)
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
Trading - Forex or CFDsYes
Tradeable Symbols (Total)40000
Forex Pairs (Total)182
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)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
8.7 / 10
Minimum 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 - Standard0.9 (Q3 2021)
All-in Cost EUR/USD - Active0.9 (Q3 2021)
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
Trading - Forex or CFDsYes
Tradeable Symbols (Total)10000
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
8.4 / 10
Minimum Deposit
$10-$200
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 override

Average Spread EUR/USD - Standard1 (August 2021)
All-in Cost EUR/USD - Active-1
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
Trading - Forex or CFDsYes
Tradeable Symbols (Total)3056
Forex Pairs (Total)47
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


Overall Rating
8.2 / 10
Minimum 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 - Standard0.91 (Aug 2020)
All-in Cost EUR/USD - Active0.61 (Aug 2020)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2006
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses4
Tier-2 Licenses3
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)1260
Forex Pairs (Total)55
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)90
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
8.1 / 10
Minimum Deposit
$100
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.8 (July 2021)
All-in Cost EUR/USD - Active0.7 (July 2021)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2001
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)8425
Forex Pairs (Total)50
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)30
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
8.1 / 10
Minimum Deposit
$100
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
98
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.9 (as of Oct 2019)
All-in Cost EUR/USD - Active1.9 (as of May 2019)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1999
Publicly Traded (Listed)Yes
BankNo
Tier-1 Licenses2
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsNo
Tradeable Symbols (Total)2179
Forex Pairs (Total)57
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformYes
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)89
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsNo
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


Overall Rating
8 / 10
Minimum Deposit
$5
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard1.6 (Aug 2020)
All-in Cost EUR/USD - Active0.8 (Aug 2021)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2009
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses1
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)1372
Forex Pairs (Total)57
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformNo
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)30
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 / 10
Minimum Deposit
$200
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 - Standard0.77 (November 2021)
All-in Cost EUR/USD - Active0.87 (November 2021)
PayPal (Deposit/Withdraw)Yes
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded2010
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)1200
Forex Pairs (Total)62
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformNo
Social Trading / Copy TradingYes
Charting - Indicators / Studies (Total)15
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
7.7 / 10
Minimum Deposit
100
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard0.6 (Sept 2021)
All-in Cost EUR/USD - Active0.6 (Sept 2021)
PayPal (Deposit/Withdraw)No
Skrill (Deposit/Withdraw)Yes
Visa/Mastercard (Credit/Debit)Yes
Regulationexpand_moreexpand_less
Year Founded1977
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses2
Tier-2 Licenses2
Investment Optionsexpand_moreexpand_less
Forex TradingNo
Trading - Forex or CFDsYes
Tradeable Symbols (Total)245
Forex Pairs (Total)71
BitcoinYes
Trading Platformsexpand_moreexpand_less
Virtual Trading (Demo)Yes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Proprietary PlatformNo
Social Trading / Copy TradingNo
Charting - Indicators / Studies (Total)30
Apps & Toolsexpand_moreexpand_less
Android AppYes
Apple iOS AppYes
Has Education - Forex or CFDsNo
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Economic CalendarYes


How to Trade in Poland

Many online brokers who offer forex or contracts for difference (CFDs) will accept clients from Poland, although finding an EU-based broker will typically be preferable since they have a reputation to uphold within the EU. This may also allow a trader based in Poland to sue them locally if a problem arises.

If a non-EU broker seems better, remember that they should be competently regulated in a strict jurisdiction. They should also segregate client funds from their own to be considered trustworthy since this helps keep deposited money safe in case of their insolvency. They should also be reputable and have a decent range of services and tradable asset classes.

Almost all online brokers will provide prospective traders with demo accounts complete with virtual money so they can practice trading with the broker’s platform and test out strategies. Online brokers generally also offer funded trading accounts that require a minimum initial deposit to let a trader start making real transactions. Quite a few brokers will also offer Sharia law compliant or Islamic Accounts without swaps on rollovers that will suit Muslim traders.

Regarding the various asset classes available for online trading, the choices can differ substantially between brokers. Online forex and contract for difference (CFD) brokers will generally allow forex trading of some type, while CFD brokers might allow transactions to be executed in a wider set of tradable assets.

Regarding stock trading, The Warsaw Stock Exchange provides a fair and transparent market in a variety of asset classes, in addition to Polish stocks. GPW exchange trades are generally executed in Polish zlotys.

The GPW and other consolidated Euronext stock and derivatives exchanges previously employed the UTP trading software, but that is in the process of being replaced with the Optiq multi-market platform, which will be fully operational by late November 2019. Euronext also has a Single Order Book which lets traders to clear, trade and settle across all Euronext markets uniformly.

Biggest Opportunities of Trading in Poland

Poland is also the 6th largest economy in the European Union (EU) and the largest among the former Eastern Bloc nations, with a land area of 306,230 square kilometers. Poland’s has a population of 38 million ranks 37th globally, and 60.9% of its population lives in urban areas.

Furthermore, according to GOV.UK, Poland offers a number opportunities for businesses including:

  • A domestic market with over 38 million consumers which enjoys widespread English language use, particularly amongst younger people.
  • A strong, dynamic economy with access to the emerging markets of eastern Europe.
  • A central location in Europe, with EU and NATO membership.
  • A €105.8 billion EU fund allocation between 2014 and 2020.
  • Investment incentives in Special Economic Zones (SEZ), business and technology parks.

Poland was ranked 33rd overall by the World Bank for the easy of doing business in the country. Other favorable rankings include trading across borders (1st), resolving insolvencies (25th), getting credit (32nd), dealing with construction permits (40th) and registering property (41st).

Biggest Challenges of Trading in Poland

EU countries, such as Germany, the UK, the Czech Republic, France, Italy, and The Netherlands are among Poland’s top trading partners, according to data provided by the World Bank Group. Therefore, the UK’s impending Brexit on October 31st, 2019 could strain the close trading relationship between the two countries and result in considerable uncertainty for Poland’s economy.

In addition, while it is a member of the EU, Poland does not yet enjoy the currency stability provided by the Eurozone, so even European trade partners can experience an unstable currency environment while Poland continues to use its national currency the zloty.

After being a consistent net importer for many years, Poland started running balance of trade surpluses for most periods since 2013. This suggests Poland’s economy can suffer from trade wars or tariffs, especially if key trade accords fail. Furthermore, The World Bank determined that Poland had a somewhat high 54.3% ratio of its trade to GDP numbers in 2017, which raises its economic vulnerability to trade issues.

The World Bank ranked Poland 121st for starting a business, so that indicates considerable room for improvement in that area. The country also ranked rather low at 69th for paying taxes, 58th for getting electricity, 57th for protecting minority investors and 53rd for enforcing contracts.

Summary

In summary, businesses and traders should find Poland a reasonably secure and improving place to operate in because of its position in the EU, although the country is not yet part of the Eurozone. Poland also enjoys a top ranking for trading across borders, as per the World Bank.

Furthermore, Polish financial institutions and online brokers operating in Poland are competently overseen by the PFSA/KNF. They are also required to comply with the EU’s Markets in Financial Instruments Directive (MiFID) regulations and the EMSA’s forex trading rules.

When considering which online broker to trade through from Poland, traders will want to check that the broker has a sufficient asset class range, a strong reputation, a suitably featured trading platform, and strict local regulation. Trustworthy brokers will also keep client funds deposited as margin segregated from their own money in case they run into financial troubles.

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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 the Author

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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