4 Best Online Forex Brokers in Romania – In Depth Review 2023
Want to jump straight to the answer? The best forex broker for traders is Avatrade
The #1 Forex Trading Course is Asia Forex Mentor
The foreign exchange market is the most active financial market in the world, and that’s why you’re looking for the best online forex broker in Romania. This guide is focused on helping Romania forex traders, both beginners, and professionals, in finding the best online forex broker for their style and experience in trading.
To find the best, the following is a breakdown of top forex brokers for commission and spread, trading portals, trade execution, and overall customer experience. Every broker considered for this guide must be regulated and licensed to offer brokerage services in Romania and the greater EU jurisdiction. Adding to this, each broker must meet a strict set of criteria to ensure every trader is protected from online forex scams.
Over $5 trillion exchange hands every day on the forex market, and the key to success is to have an edge. It is all about starting with the best foot forward, and so the purpose of this guide is to find the brokerage that works in your interest. For a more in-depth comparison of top online forex brokers in Romania, keep on reading until the very end.
Table of Contents
Best Online Forex Brokers in Romania
4 Best Online Forex Brokers in Romania
#1. Best Advanced for Non-US Traders: Avatrade
AvaTrade is a major CFD and forex broker founded in 2006. It’s branded as the broker committed to empowering traders to harness the potential of financial markets around the world. With AvaTrade, traders enjoy innovative products and a reliable environment to perform profitable trading. Besides, AvaTrade delivers best-in-class features and functionality, alongside the uncompromising integrity that has become the hallmark of this broker.
Aside from the US, AvaTrade is licensed to operate in multiple jurisdictions. Its services extend beyond forex to include other tradeable instruments such as cryptos, stocks, commodities, and indices. Away from services and features, traders enjoy industry-standard spreads that make trading affordable to many.
Designed with the novice forex trader in mind, AvaTrade still offers a product and feature suite for all experience levels. The client portal offers educational and research resources for traders seeking a better understanding or refining a trading strategy. It’s a five-star rated broker because it excels on all fronts. That includes everything from the reasonable spread, fast execution, to user experience.
AvaTrade comes highly recommended to beginner and undercapitalized traders by trading experts. The broker offers significant room for maneuverability to develop and build on limited trading skills in a cost-effective manner. There is no denying its number #1 position on this list.
How does it work?
New traders are required to make a deposit of at least 100 units of their base currency. For traders in Romania, this deposit can be made either in Euro or RON. However, before you can stake your money against your skills, consider perfecting your craft on the demo account first. The demo account is there to help you familiarize yourself with the features and functionality of the AvaTrade live trading account.
The very first step in your journey to take your trading skill a notch higher on AvaTrade is to create an account. This process is straightforward; a brightly colored button labeled “register now” ushers you into the account creation form. The process can be broken down as follows:
- Enter your personal information
- Create an AvaTrade live account profile
- Choose your preferred trading platform
- Submit your legal and supporting documentation to verify your account
- Wait for verification before you can begin trading
AvaTrade is built for novice users; it is less intimidating and emphasizes the basic understanding of trading currencies. WebTrader is the default trading interface. The platform can be accessed on a browser, and carrier the hallmarks of a user-friendly and intuitive trading workspace. Unfortunately, AvaTrade discontinued RoboX and AvaTradeAct.
The alternative platforms available offer rather basic features, but clients can opt for the full suite of MetaTrader. The trading platform is also available for Android and iOS devices in the form of proprietary mobile platforms including AvaTradeGO and AvaOptions. The AvaTradeGO app is designed to resemble the web-based platform, while the AvaOptions is designed to enhance usability and functionality with more features for reading charts.
Pros
- Social trading features
- Extensive educational resources
- Negative balance protection
- Easy and fast account opening
Cons
- Not regulated by FCA
- No guaranteed stop loss
Price
AvaTrade offers spreads that are close to the industry standard. For a trading pair of EURUSD, AvaTrade charges a spread at 0.9 pips, which is slightly higher than a majority of forex brokers licensed to operate in Romania. However, there is an exception for high volume, professional forex traders. For instance, the EURUSD trade drops the spread from 0.9 pips to 0.6 pips.
The spreads offered to professional traders are competitive against other competitors. AvaTrade does not charge a commission for trading. The spread is the source of revenue for this broker. There is a fee of $50 charged when an account is inactive for more than three months, and $100 for a year of inactivity.
#2. Best Intermediate for Non-US Traders: FXCC
FXCC is rated one of the best Romanian forex brokers for order execution, fast and efficient trading, and superior trading technology. The broker also has a wide range of tradable assets available and allows you to trade CFDs with leverage.
In fact, FXCC is headquartered in Cyprus and was founded in 2010 to give traders access to a huge variety of financial markets. Today, the brokerage has spread its reach and is available in several countries. FXCC is also regulated by the best tier 1 agencies including the Cyprus Securities and Exchange Commission CYSEC and others.
FXCC also delivers low fees and tight spreads, a leverage of 1:500, and a reliable customer support team that strives to offer the best customer service. The only downside with FXCC is the fact that it has a single trading platform. But other than that, it is one of the best forex brokers out there.
How Does it Work
Based in Cyprus, one of the most liberal financial centers in the world, you can be sure opening an account with FXCC is a breeze. You only need to verify your identity and address and after that, you will be good to go.
Before you open a trading account here, it is important to remember that a huge percentage 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 money rapidly due to leverage.
Nonetheless, once you open an account, go ahead and fund it using the various deposit methods offered by FXCC. You can then access the Metatrader 4 trading platform and start to trade forex and other assets. Cyprus in essence is the leader when it comes to accommodative financial regulations. You should be able to trade at FXCC with minimal restrictions.
Pros
- Offers leveraged trading with max leverage of up 1:500 in some assets
- Regulated by the Cyprus Securities and Exchange Commission CYSEC and other tier-1 regulators
- You get tight spreads on various assets for lower fees
- A wide range of tradable assets are also available here
Cons
- You only get the MT4 trading platform and nothing else
- The broker is not open to US investors
Pricing
Over the years, FXCC has built a reputation as one of the most affordable brokers in the world. As the best forex brokers in the market, FXCC uses a spread-based system to charge for its financial services. The great thing is that spreads on various assets are very low.
In fact, in the EUR/USD Pair, spreads are as low as 0.1 pips and this may even be lower if the trade volume is high. There are no fixed commissions here. Do not however forget that there will always be inactivity charges and a min deposit of USD 100 for new accounts.
