Key facts
- Regulators: AMF (markets and conduct) and ACPR (prudential)
- Retail leverage: up to 1:30 on major FX pairs
- Marketing: strict limits on advertising high-risk products
- Tax: generally the 30% flat tax (PFU)
Regulation
The Autorité des marchés financiers (AMF) oversees market conduct and investor protection, while the ACPR supervises firms prudentially. Brokers can serve French clients if authorised in France or passported from another EEA country. The AMF regularly publishes lists of unauthorised forex and CFD websites.
Advertising restrictions
Since the Sapin II law of 2016, France has restricted electronic advertising of certain high-risk financial products to retail clients, including many leveraged CFD offers. This is one reason fewer CFD adverts appear in France than in other EU countries.
Retail protections
- ESMA leverage limits and 50% margin close-out
- Negative balance protection
- Ban on bonuses and incentives
- Risk warnings with provider loss percentages
Tax
Gains from CFDs and forex trading by private individuals are generally subject to the prélèvement forfaitaire unique of 30% (12.8% income tax + 17.2% social charges), with an option to be taxed under the progressive income tax scale. Foreign accounts must also be declared. Rules can be complex — take advice.
Choosing a broker
- Check the broker on the AMF's REGAFI/authorised lists and blacklists.
- Confirm the EU entity in your agreement.
- Look for French-language support and tax documents if needed.
Forex brokers to compare in France
Pepperstone (EU entities supervised by CySEC and BaFin) and IG (IG Europe GmbH, BaFin) serve clients in many EEA countries. Check that each broker accepts residents of France before applying, and see our European broker rankings.
| Broker | EU entity | Retail loss rate |
|---|---|---|
| Pepperstone | CySEC / BaFin | 72.9% |
| IG | IG Europe GmbH (BaFin) | 74% |
Frequently asked questions
Is forex trading legal in France?
Yes, with brokers authorised in France or passported from another EEA country. The AMF publishes blacklists of unauthorised websites.
How are trading gains taxed in France?
Generally under the 30% flat tax (prélèvement forfaitaire unique): 12.8% income tax plus 17.2% social charges, with an option for the progressive scale.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most 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. Tax information is general and may change. Consult a French tax adviser.