As the leading forex broker comparison site in the Middle East, we are dedicated to helping Israeli traders make the right decision. So, if you are based in Israel, considering trading forex and about to open an account, read on to learn more.
Despite a gloomy forecast for the Israeli economy, mainly due to the effects of COVID-19, Israel boasts a well-developed free-market and a high standard of living. Since the turn of the Millennium, Israel has built up its credibility with investors from abroad by keeping costs down and implementing an effective fiscal restraint policy. As a result there is a thriving forex community in the country.
Which Are the Top Forex Brokers in Israel in 2020?
To help Israeli forex traders make sense of all the options available to them, here at Business24-7 we have expanded our methodology to go into more detail than ever. Immediately prior to publishing this list of the top forex brokers available to Israeli residents, our team also spent six weeks researching the options available. This process comprised systematic checks and comparisons between each of the eligible brokers we found. Now, having explained the huge efforts expended on getting the most accurate results possible, let’s cut to the chase. Here are our rankings for 2020!
- eToro – Best overall offer
- Swissquote – Best banking services
- Saxo Bank – Best VIP client experience
- Interactive Brokers – Best for professionals
- FxPro – 4.0 Stars
- XM Group – 4.0 Stars
- XTB – 3.5 Stars
- Pepperstone – 3.5 Stars
eToro - Best Overall Offer
eToro is an established social trading company, operating since 2007. It is an FCA regulated entity when operating in the UK, an Australian entity in Australia, and a Cypriot entity for international customers.
In our review eToro has been awarded as the best social trading platform - social trading means you can follow other traders and copy their investment strategies.
Swissquote - Best Banking Service
Swissquote is a trustworthy and well-regulated online broker, operating with two units. Its Swiss unit offers, among others, stock, features, funds and options while the London-based unit is specialized in Forex and CFDs trading.
From the results in our review, we would recommend this platform to users looking for fast deposit and withdrawal + great research tools.
Saxo Bank - Best VIP client experience
If you are a trader that can afford a minimum deposit of USD 10,000 (or GBP 500 for the UK), an excellent forex broker for you is Saxo Bank. Saxo Bank stands out since it provides a unique trading platform, competitive prices, professional research, more than 40,000 trading instruments, and outstanding customer service.
In our review we also liked the incredible pricing on the platform and the exclusive SaxoTraderGO flagship platform. You will get everything you need to perform well in the market.
Interactive Brokers - Best For Professionals
In our 2020 review, Interactive Brokers has ranked second overall because of its vast array of tools for advanced investors that track global investing trends.
The firm can connect to any global electronic exchange, which means trading futures, equities, and options around the world is easy and straightforward, whether from your mobile device or your desktop.
Even though Interactive Brokers is an excellent advisory, new investors may find its extensive capabilities to be overwhelming and distracting, and we recommend that they start trading somewhere else.
Founded in 2006, FXPro operates in the United Kingdom and is in the spread betting and CFD market. In 2017, Global Brands Magazine voted FXPro as the most trusted Forex brand in the UK.
FXPro has more than 870,000 clients in 173 countries. The DFSA, FSCA, SBC, FCA, and the CySEC all participate in the regulation of FXPro.
- Easy-to-understand pricing
- News in Realtime
- Large product offering
XM.com is part of a much larger organization called the Trading Point of Financial Instruments UK Limited. This organization created the exam group in 2009, which then founded XM.com, which is now one of the best established and well-known investment firms in the world.
With over 1.5 million clients in 196 countries, the XM forex global company focuses on three core principles:
Be big, Be fair, Be human.
XTB is primarily a CFD and forex broker regulated by the most trusted financial regulators including the FCA and is also listed on the Warsaw stock exchange.
We would recommend this platform to users looking for fast deposit and withdrawal + great research tools.
Since opening its doors in 2010, Pepperstone Group has become one of the best brokerages in the Australian financial industry. They have built a full-featured trading portal with highly competitive benefits that focuses on indexes, Forex, and commodity instruments.
A wide variety of web-based, desktop, and mobile trading platforms accessible by multiple account types is attractive to novice traders.
Is Forex Trading Legal in Israel?
Domestic forex brokers are required to possess licenses issued by the ISA, and licensing conditions are very stringent. So far, only four have achieved this feat: PLUS500IL LTD, ATRADE LTD, TGL COLMEX CAPITAL MARKETS LTD, and FXCM TRADING LTD. Since the standards set by the ISA are so high and exacting regarding capital requirements, market volatility, recategorization, transparency, and reporting, many brokers choose to operate in Israel under overseas regulations.
Forex Trading Options Available
A wide range of accounts are available to forex traders in Israel. These range from micro to standard and professional options. As always, we recommend that inexperienced traders use their preferred broker’s virtual trading account before risking their own money. When you’re ready to get started, just some of the factors to be considered at the outset include the ease and cost of withdrawals and deposits, the fee schedule in place, the range of products on offer, the educational resources available, research standards, UX and UI, and much more.
Israel Securities Authority (ISA)
Formed in 1968, the Israel Securities Authority regulates the country’s forex industry, and works to protect investors and traders based in Israel. However, despite making good progress combatting fraud, creative accounting, and insider trading, it has not been free from scandal. It has so far failed to exercise its powers to reign in often fraudulent binary trading schemes, the majority of which fall under its oversight. The disappointments associated with the Or Fund and Kela Fund also occurred under its watch. Nevertheless, the ISA has made a concerted efforts in recent years to stop the public falling prey to unregulated offerings. As part of your due diligence, our analysts recommend following the ISA’s social media channels (a Facebook, LinkedIn and YouTube) to stay up to date with all the latest announcements.
Which Forex Broker Is Best for Israel Residents?
Why not start using our forex broker tool now to compare the forex brokers available to traders living in Israel? Each broker is ranked in accordance with our methodology, where you can find a deep dive into our systems and approach.
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The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of online providers. User experience, the mobile experience, customer service, costs and fees, security, the quality of trade executions, the products available on their platforms are all part of our six-month evaluation of a providers’s platform. The rating scale was based on thousands of data points that have been weighted into the scoring system.
Providers were also required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online providers we reviewed.
Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.
- 1 Which Are the Top Forex Brokers in Israel in 2020?
- 2 Swissquote - Best Banking Service
- 3 Saxo Bank - Best VIP client experience
- 4 Interactive Brokers - Best For Professionals
- 5 FxPro
- 6 XM Trade
- 7 XTB Trading
- 8 Which Forex Broker Is Best for Israel Residents?