4 Best Online Forex Brokers in Romania – In Depth Review 2022

Want to jump straight to the answer? The best forex brokers for traders are Avatrade and FXCC

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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.

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.

#3. Best Overall Broker: Forex.com

Forex.com is a leading global online broker that caters to retail FX traders. It opens the doors to the global markets for millions of traders around the world. Forex.com has one of the most extensive lists of tradeable assets that cut across different classes. From CFDs to spread betting, Forex.com serves us everything, though not all are available to every jurisdiction.

This broker derives its name from forex, and that explains why many consider it first in forex trading. However, forex.com ranks high in commodities, stocks, ETFs, and more trading opportunities. The Romanian forex trading community ranks forex.com as one of the best forex brokers in multiple categories. Forex.com Romania also offers client account protection, as insurance against market gap risk, and guarantees to stop-loss orders.

For traders outside the US, this license is considered an endorsement of its business model that protects the interest of traders. It’s the perfect environment for trading. Besides, the trading portal itself is well organized offering a fully customizable user interface across multiple platforms. The fees and charges are industry standards and regulatory oversight exists to ensure everything runs above board. Forex.com has several reasons why it can stake its claim to the number #1 online broker for FX traders in Romania.

How does it work?

Product offerings vary by region, but forex.com offers access to all types of asset classes. The trading platform is designed to accommodate active day traders. The clients have the option of advanced platforms such as MetaTrader 4, the forex.com mobile application, web trader for the browser, and more. The trading platforms offer access to charts, economic calendars, news, and trading histories.

There are no major drawbacks to using the trading platform. It comes with a variety of indicators and drawing tools to help with your analytical skills. The platforms are built for making rapid-fire trades with all the charting packages to make your trading as profitable as it can be.

Forex.com trading platform comes with four order types namely:

• Market – this order is executed at the prevailing market rate.
• Limit – It is a pending order where a trader signals an entry that is made at a predetermined point either below or above the market rate depending on the trading strategy.
• Stop – It is another pending order where the trader signals for an entry at a predetermined price that can also be above or below the market rate depending on whether the trade is a buy or sell.
• OCO – It is a pair of pending orders designed for the execution of one to cancel the other automatically, allowing the trader to also set an expiration time for the order.

Pros

• Regulated by FCA, CFTC, and NFA among others
• Client account protection
• Rebates for professional traders
• Impressive built-in web platform

Cons

• No account protection for US clients
• Poor website maintenance

Price

The spreads vary depending on the type of account. Forex.com offers different execution methods for its three account types. The standard account has MetaTrader client options only. That means the average spread is higher at 1.4 pips for forex traders in Romania for a EURUSD trade. The Direct Market Access (DMA) account offers agency execution and the best discounts of all accounts on forex.com.

The typical spread for the EURUSD trading pair is 1.5 pips, of which a commission equivalent of 1.2 pips and a typical spread of 0.3 pips are included. The commission account is only available to US traders. Forex.com charges a $15 per month inactivity fee for accounts that have had no trading activity for more than 12 months.

#4. Best for International Forex/CFD Traders: eToro

eToro boasts a trading community of more than 17 million traders from close to 100 countries, including US traders. This broker is an obvious winner because of its easy-to-use social copy-trading function that allows traders to mimic the trading activities of more successful traders. Its broad list of tradable assets cuts across different classes including ETFs, Stocks, Bonds, Forex, CFDs, and cryptocurrencies.

All in all, the list of tradable instruments is over 2300. EToro is a top pick in many categories, key among them is social copy trading and affordability of the broker. The broker is also considered low risk with regards to security with a higher trust score among forex traders having been authorized to operate by multiple tier-1 regulators.

Founded in 2007, eToro is the youngest entry on this list, but also boasts a community numbering in the tens of millions. After all, the broker delivers a user-friendly web platform, as well as a desktop and mobile app for trading. These portals are modeled with the casual trader in mind and beginner traders as well.

It’s an excellent choice for traders who want to crowdsource trading strategies and investing ideas from professionals. The number of highly experienced traders is ever-growing, as these FX pros rush to cash in for sharing strategies and ideas with other traders. It is a perfect system for less experienced trader who wants the added benefit of learning from pro traders.

How does it work?

At the heart of eToro is copy trading and self-directed trading, which combined form a unified trading experience that is a powerful combination for forex traders. The trading platform is designed to deliver ease of carrying out currency trading and completing tasks quickly. Unfortunately, eToro only supports manual trading, which means fully automated trading systems created on MetaTrader will not work. Overall, eToro offers competitive features and functionalities even though the platform remains solely manual.

eToro has done an amazing job with the mobile experience. The trading app looks and feels like a browser-based app, complete with customizable features such as dark and light themes. It offers functionalities such as syncing watchlists across platforms for a well-rounded workspace. Like popular apps, eToro allows clients to access charts with responsive features closely matched to the web platform.

It also offers five of the popular indicators compared to the 67 available on the web platform. While the app does not have typical drawing tools, it carries everything a trader needs to do profitable trading and readjustments on the go.

The process of trading currency on eToro is as simple as that. It is easy to carry out a basic trading operation and complete an order from a watchlist. Such designs help eToro rank high in the category of ease of trading for beginners and established traders.

Pros

• Ease to use the web and mobile application
• Fast account opening
• Social trading
• Affordable min deposit for account opening

Cons

• High minimum amount for copy trading
• High withdrawal fees

Price

EToro lists a typical spread of 1 pip for EURUSD trading pair, which is a bit higher than the industry standard. The broker charges an activity fee of $10 per year for no trading activity for 12 months, which is below the industry standard.

However, FX traders in Romania have to deal with a withdrawing funds fee of $5 for a withdrawal minimum of $30. Traders do not choose eToro for its spread alone, rather the broker is popular for its copy trading feature.

How we rank the Best Online Forex Brokers in Romania?

The goal of ranking the best online forex brokers in Romania is to help individual traders to make informed decisions about trading online. As such, this review process ranks brokers based on how they perform in various categories among other variables. Each element considered entails a critical aspect of forex trading, which has the ability to make or break a forex trading career.

Above all, the best way to rank these platforms is hands-on testing of the trading platform, including everything from account creation, the learning curve of the trading platform, to commissions and other fees. These tests reveal how one trading brokerage is different from the next, and what sets them apart as compared to what’s relevant to the trader.

More precisely, the needs of each trader and investor persona play a critical role in determining how a broker ranks on this list. First off, the review considers the needs of the active investors, who invest for the long term, and realign investment strategy to current market trends. The casual trader prefers shorter-term trades and remains moderately aggressive and hands-on with reallocating funds.

Finally, the day trader who capitalizes on the intraday market price action needs some level of automation for trade identification and formulation. Testing each forex broker based on these three personas gives significant insights on how to rank the best brokers operating in Romania.

Next, the review organizes the short-listed candidates based on several categories such as trading experience level, platform usability, tradable instruments, trading technology, education, security, charges, and more. Each investor has individual needs depending on their level of trading experience.

Beginner-level traders need ease of use and educational resources, whereas experienced traders look for risk analysis tools and modeling features. All these variables feature prominently on this guide, alongside the overall best ranking that ranks considerably well in a majority of the categories. The goal is to meet each trader and investor at their point of need based on their individual goals.

How to choose the Best Online Forex Brokers in Romania?

Profitable forex trading starts with investing with the brokerage service that aligns with your goals and skill level. This guide ranks the best online forex brokers based on key parameters that are a critical pillar for building a strategy that works both for short-term and long-term investing. To choose the one that works for you, begin by deciding what is most important to you.

Before you settle on a broker based on the marketing campaigns, take the time to know what is important to you as an FX trader. Especially for new investors, the best choice in a forex broker should be one that prioritizes basic educational resources, access to customer support staff, and the ability to practice.

Even though there are no sure-fire ways to make money from trading forex, there is a way you can set yourself up for making a consistent profit by choosing the best forex broker. To help you get the analytical juice to make the right choice, consider whether you are an active or passive trader. Also, consider the amount of help you will need to achieve your trading goals.

Be honest with yourself about the amount of effort, resources, time, and energy you will be willing to put up for your trading endeavor. This information may change over time, but it offers a critical first step closer to your ideal forex broker.

Armed with a clear idea of what your goals and preferences are, you can narrow down the field to reflect a list that meets your needs. Remember to confirm whether the broker is regulated and licensed to operate in Romania. For this, check the notation or disclaimer that is found at the bottom of the home page.

It is also important to know what steps the broker website has taken to protect your information. While there are other things that will play a role in your choice, consider the fees and commission to get a clear idea of how much it will cost you to trade on the brokerage service.

Conclusion: Best Online Forex Brokers in Romania

Romanian citizens looking to trade forex online have a variety of options. Online FX brokers come in all different sizes and flavors, some known for their trading tools and research resources, others popular in beginner or expert level circles. When it comes to trading forex in Romania, multiple sources are often cited to give an authoritative list of the top ten brokers to consider. In most cases, the list boils down to four options that are relevant to the traders in Romania, and they include AvaTrade, FXCC, Forex.com, and eToro.

There are so many Romanian forex brokers and to be fair you are indeed spoilt for choice here. But despite this, if you were to really choose between the options, then AvaTrade should be top of your list. This is after all one of the most dominant global brokers in the world and comes with a lot of incredible features for the average trader.

AvaTrade is also regulated and licensed by some top-tier agencies for that extra bit of safety. But even then, you may end up paying very high inactivity fees with this broker. The educational materials offered are also not as comprehensive as possible and you also need to pay a USD 100 minimum deposit. But other than that, this is a solid brokerage for investors in Romania.

Best Online Forex Brokers in Romania FAQs

Is Forex trading legal in Romania?

Yes. Forex trading is a legal business in Romania. Currency trading is one of the biggest income earners in the world, and most importantly, in Romania. It offers traders an opportunity to create wealth by engaging with registered brokers who provide access to the global markets.

What should you do to reduce the high risk of losing money?

The potential to reap profit from the forex market is high for traders of all skill levels. However, the potential to lose money from the forex market is just as high for all. The key to making consistent profits starts by finding a reputable broker to settle concerns over the safety of your deposit. Next, learning all that you can about the forex market is also integral to your success. Trading currencies is easy, but that does not mean you can do without them.

Make use of the demo account to simulate the lessons you have learned to eliminate problems and mistakes that could lead to large losses. However, remember to keep the chart clean and avoid crowding your workspace with every little strategy you find. Start small and build your skill as you go.

Does forex trader lose money?

Yes, traders lose money when trading. The losses a trade can incur from the forex market can be high and can affect the individual investor adversely and unfavorably. As a result, it is important to consider the best forex broker based on the resources and functions that can allow you to do profitable trading such as educational resources, a free demo account, research tools, analytical features, negative account balance protection, and more. One commonly known fact about the forex market is that a significant number of traders fail. Various statistics even go as far as saying that up to 90% of traders lose money because of various reasons.