Federal Financial Supervisory Authority (BaFin) Brokers 2025
The Federal Financial Supervisory Authority, better known as BaFin, is Germany’s chief financial regulator that oversees online brokers. Considered a ‘green-tier’ regulator in line with our Regulation & Trust Rating, it ensures excellent safeguards for traders in Germany.
Authorized platforms must comply with various regulations, notably the Securities Trading Act. Brokers that fail to comply risk hefty penalties, with the BaFin issuing 40 fines totaling over €8.1 million in 2023 alone.
We’ve identified the best brokers regulated by the BaFin, after personally verifying their credentials on the regulator’s Database of Companies.
Top BaFin Brokers
These 5 BaFin-regulated trading platforms go the extra mile for day traders:
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1
PepperstoneCFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.8% of retail investor accounts lose money when trading CFDs.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:500 (Pro)FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCBCFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread BettingMT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade, QuantowerVisa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, Skrill, PIX Payment, Apple Pay, Google WalletUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
2
CMC MarketsSpread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:500 (Pro)FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSACFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread BettingWeb, MT4Visa, Mastercard, Wire Transfer, Credit Card, Debit Card, PayPalUSD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN -
3
FXCM
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50Variable1:30FCA, CySEC, ASIC, FSCA, BaFin, CIROForex, Stock CFDs, Commodities CFDs, Crypto CFDsTrading Station, MT4, TradingView, QuantowerCredit Card, Debit Card, PayPal, Apple Pay, Google Wallet, Wire TransferUSD, EUR, GBP, AUD -
4
IGForex trading involves risk. Losses can exceed deposits.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:250 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral, ProRealTimePayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
5
MultiBank FX20% deposit bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$500.1 Lots1:500SCA, MAS, CySEC, ASIC, AUSTRAC, BaFin, FMA, FSC, CIMA, TFG, VFSCForex, CFDs, indices, shares, metals, commodities, cryptocurrenciesMultiBank-Plus, MT4, MT5, cTraderWire Transfer, Swift, Visa, Mastercard, Credit Card, Skrill, Neteller, Perfect Money, GlobePay
Here is a summary of why we recommend these brokers in February 2025:
- Pepperstone - Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
- CMC Markets - Established in 1989, CMC Markets is a respected broker listed on the London Stock Exchange and authorized by several tier-one regulators, including the FCA, ASIC and CIRO. More than 1 million traders from around the world have signed up with the multi-award winning brokerage.
- FXCM - FXCM is a respected forex and CFD broker, established since 1999. The British-headquartered broker has won multiple awards and operates in various jurisdictions, including the UK and Australia. With zero commissions, over 400 assets, and a range of analysis tools, FXCM remains a popular choice for day traders. The broker is also regulated by top-tier authorities including the FCA, ASIC, CySEC, FSCA, BaFin.
- IG - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
- MultiBank FX - MultiBank FX is an established broker offering forex and CFD products since 2005. With 20,000+ instruments, plenty of local payment methods and 24/7 multilingual customer support, the broker is a popular choice among traders globally. New clients can also access a variety of bonus offers and access the hugely popular MT4 and MT5 trading platforms.
BaFin Brokers Comparison
| Broker | Regulated by BaFin | EUR Account | Minimum Deposit | Markets |
|---|---|---|---|---|
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✔ | ✔ | $0 | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting |
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✔ | ✔ | $0 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting |
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✔ | ✔ | $50 | Forex, Stock CFDs, Commodities CFDs, Crypto CFDs |
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✔ | ✔ | $0 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting |
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✔ | - | $50 | Forex, CFDs, indices, shares, metals, commodities, cryptocurrencies |
Pepperstone
"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."
Christian Harris, Reviewer
Pepperstone Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting |
| Regulator | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB |
| Platforms | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade, Quantower |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.
- Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
- Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
Cons
- Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
- Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
- Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets, though it has introduced an intuitive copy trading app.
CMC Markets
"With advanced charting tools and an extensive range of tradable CFDs, including an almost unrivalled selection of currencies and custom indices, CMC Markets provides a fantastic online platform for traders of all levels. "
CMC Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting |
| Regulator | FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA |
| Platforms | Web, MT4 |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SEK, NOK, SGD, PLN |
Pros
- The brokerage continues to stand out with its wide range of value-add resources, including pattern recognition scanners, webinars, tutorials, news feeds, and research from respected sources like Morningstar.
- CMC Markets is heavily regulated by reputable financial authorities and maintains its stellar reputation, helping to ensure a secure and trustworthy trading environment.
- CMC Markets has a rich investment offering with over 12,000 CFDs and in 2024 added options trading while in 2025 added extended hours trading on the 'Magnificent 7' US tech stocks, providing opportunities to trade market volatility and hedge existing positions.
Cons
- While CMC offers an above-average suite of assets, there is no support for trading real stocks and UK clients can’t trade cryptocurrencies.
- The CMC Markets app offers the complete trading package but the design and user experience trails category leaders like eToro.
- Despite improvements, the web platform still requires enhancements to make it as intuitive to trade on as software from rivals like IG.
FXCM
"FXCM maintains its position as a top pick for traders deploying automated trading strategies, with four powerful platforms, strategy backtesting and algo trading through APIs. The broker is also great for active traders, with discounted spreads and low to zero commissions on popular assets."
FXCM Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, Stock CFDs, Commodities CFDs, Crypto CFDs |
| Regulator | FCA, CySEC, ASIC, FSCA, BaFin, CIRO |
| Platforms | Trading Station, MT4, TradingView, Quantower |
| Minimum Deposit | $50 |
| Minimum Trade | Variable |
| Leverage | 1:30 |
| Account Currencies | USD, EUR, GBP, AUD |
Pros
- FXCM has expanded its range of trading opportunities with 24-hour stock CFDs through MetaTrader 4
- Traders can utilize several top-tier trading tools including a market scanner, forex signals and third-party research site, eFXPlus
- Alongside the 4 charting platforms, FXCM also offers a market-leading range of specialist software for experienced investors, including QuantConnect, AgenaTrader and Sierra Chart
Cons
- There is no choice of retail accounts for traders, nor any Cent/Micro account options
- The live chat support can be slow and unreliable compared to the top competitors
- Although FXCM continues to gear their services towards experienced traders, it’s a shame that there are no managed accounts on offer
IG
"IG continues to provide a comprehensive package with an intuitive web platform, best-in-class education for beginners, advanced charting tools bolstered by its recent TradingView integration, real-time data, and fast execution speeds for experienced day traders."
IG Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting |
| Regulator | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM |
| Platforms | Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral, ProRealTime |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:250 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis.
- The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our 'Best Trading App' award.
- IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, plus recently added US-listed futures and options, providing ample diversification opportunities.
Cons
- IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors.
- IG has discontinued its swap-free account, reducing its appeal to Islamic traders.
- Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests.
MultiBank FX
"MultiBank FX is a great option for active forex traders with 55 currency pairs, spreads from 0.0 pips and high leverage up to 1:500."
Tobias Robinson, Reviewer
MultiBank FX Quick Facts
| Bonus Offer | 20% deposit bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, CFDs, indices, shares, metals, commodities, cryptocurrencies |
| Regulator | SCA, MAS, CySEC, ASIC, AUSTRAC, BaFin, FMA, FSC, CIMA, TFG, VFSC |
| Platforms | MultiBank-Plus, MT4, MT5, cTrader |
| Minimum Deposit | $50 |
| Minimum Trade | 0.1 Lots |
| Leverage | 1:500 |
Pros
- Vast range of local payment methods with fast withdrawals within 24 hours
- Renowned MT4 and MT5 platforms, plus proprietary MultiBank-Plus solutions and social trading
- Global presence with 10+ regulatory licenses, including ASIC (Australia) and MAS (Singapore)
Cons
- $5,000 minimum deposit required to access ECN spreads
- Average education and market research
- $60 monthly inactivity fee
Methodology
To identify the top brokers regulated in Germany, we:
- Scanned our database of 219 brokers to identify those who claim to be regulated by the BaFin
- Ran their company credentials through the public register to verify they were authorized
- Ranked them by their rating, blending 100+ data points with the findings of our testers
How Can I Check A Broker Is Regulated By The BaFin?
Checking a broker is regulated by the BaFin is straightforward:
- Navigate to the BaFin’s Database of Companies
- Enter the broker’s name or BaFin-ID in the left-hand search bar and press ‘search’
- Click on the ‘selected’ companies to check details, such as authorized activities and date issued
Below you can see the results of a search I ran on CMC Markets (sports one of the best charting platforms I’ve used), showing the broker is authorized.
Below you can see the results of a search I ran on eToro (offers a fantastic social trading network), showing the broker is not authorized.
What Rules Must BaFin-Regulated Brokers Follow?
Online brokers regulated by the German Bundesanstalt für Finanzdienstleistungsaufsicht, or Federal Financial Supervisory Authority, must follow a robust set of rules to safeguard retail investors and the country’s financial system, notably:
- Brokers must deliver high-quality order execution, considering speed, price and likelihood of execution (key for short-term traders).
- Brokers must display risk warnings on websites, apps and social media, indicating the number of clients losing money trading products like CFDs (vehicle of choice among many day traders).
- Brokers must not offer leverage beyond 1:30 and should close out open CFD positions when an account’s total margin drops to 50%.
- Brokers must provide negative balance protection so clients can’t lose more than their balance while trading on margin (popular with active traders).
- Brokers must use segregated accounts with German banks to protect client money in case of broker insolvency.
- Brokers must routinely report financial and other relevant information to the BaFin.
- Brokers must not use bonuses to entice investors to deposit more money.
- Brokers must meet minimum capital requirements of €750,000.
Brokers that fail to satisfy the regulator’s rules risk enforcement action. For example, Degiro, one of the largest brokers in Europe and part of German-listed Flatex bank, was handed a €1,050,000 fine in 2023 for internal control failings relating to its money laundering and risk management systems.
The BaFin have also published a number of useful reports over the years that aim to educate retail investors about the risks of online investing, popular short-term trading products, and trends in the German financial markets.
I recommend reading the articles I’ve collated below.
- Beware of fraud
- Crypto tokens remain a risk for consumers
- Risks of CFDs – every other provider fails to comply with the requirements
- The promises neo-brokers make – and the ones they keep
Bottom Line
Choosing a broker regulated by the BaFin is advisable for German day traders. This highly trusted, widely respected and proactive regulator helps ensure authorized brokers provide a secure, transparent and fair trading environment.
That said, online trading remains risky, even when you use a German-regulated broker. As such, only deposit what you can afford to lose.
Article Sources
- Federal Financial Supervisory Authority (BaFin) Website
- Database of Companies - BaFin
- Securities Trading Act - BaFin
- European Passport for Securities Trading Firms - BaFin
- Degiro Fine - BaFin
- Financial Services Fine Tracker - SteelEye
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