Finland
France
Georgia
Greece
IrelandNikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to BaFin's decision, including banking and payment rails.
Get a forex license in Germany.
Germany licenses forex and CFD brokerage as a Wertpapierinstitut: a BaFin licence under § 15 of the Wertpapierinstitutsgesetz of 12 May 2021, with initial capital of €750,000 for the market-maker model and €75,000-€150,000 for agency brokers. BaFin must decide within six months of a complete file (§ 16(3) WpIG), the file is written in German, and the Bundesbank runs the day-to-day supervision afterwards. The passport covers 30 EEA states. The 2026 tax bill is 29.8% at a 400% trade-tax rate, with the federal part legislated to fall to 10% by 2032. We build the file from Frankfurt.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated · Reviewed by the Prifinance team
Germany in brief
Germany's MiFID licence, rebuilt in 2021.
Germany moved its non-bank MiFID firms out of the banking act in 2021: a forex or CFD broker is now a Wertpapierinstitut licensed by BaFin under § 15(1) of the Wertpapierinstitutsgesetz (WpIG) of 12 May 2021, in force since 26 June 2021. The services carry German names. A market maker that is counterparty to its clients needs Eigenhandel (§ 2(2) Nr. 10); an STP broker needs Anlagevermittlung or Abschlussvermittlung (Nr. 3 and Nr. 5); copy trading adds Finanzportfolioverwaltung (Nr. 9). Initial capital follows § 17(1): €750,000 for Eigenhandel, €150,000 for an agency broker holding client money, €75,000 for one that holds nothing. Any broker with client money or own-account positions is a Mittleres Wertpapierinstitut, so the full IFR K-factor calculation sits above the floor. BaFin tells the applicant within six months of complete documents whether the licence is granted (§ 16(3)).
Two things make the German file different. The first is language and geography: the application goes to BaFin in Frankfurt, in German, in three copies or through a secure data room, and the Bundesbank's regional Kompetenzzentrum wants to hear from you before you file, because it runs the ongoing supervision under § 9 WpIG. The second is the cost structure. A market maker's licence fee is charged by the hour rather than fixed, and the annual BaFin levy starts at €6,500 and climbs with the balance sheet. BaFin is also one of the strictest product-intervention authorities in the Union: negative balance protection has been German law since May 2017, fifteen months before ESMA. Against that stand 682 supervised Wertpapierinstitute at end-2025, 319 of them passporting across the EU, and a corporate tax rate already legislated to fall from 15% to 10% between 2028 and 2032. We run the file from our Frankfurt office.
A Wertpapierinstitut licence from BaFin under § 15 WpIG: €750,000 for Eigenhandel, €150,000 with client money, €75,000 without; decision within six months of a complete, German-language file (§ 16(3)); passport into 30 states.
Costs: hourly licence fee for market makers, BaFin levy from €6,500 a year, 15.825% corporate tax plus trade tax - the federal rate falls to 10% by 2032. Filed from Frankfurt.
The two routes
Eigenhandel - or the agency Wertpapierinstitut.
One WpIG licence, two architectures: Eigenhandel at €750,000 for the market maker, or Anlagevermittlung and Abschlussvermittlung at €75,000-€150,000 for the STP broker. The licence lists the services by number, so we fix the model before drafting a line.
Eigenhandel at €750k - or the agency licence at €75k-€150k.
01 - EIGENHANDEL · DEALING ON OWN ACCOUNT
The market-maker licence
§ 2(2) Nr. 10 WpIG Eigenhandel: the firm is counterparty to its clients' CFDs and rolling spot forex at €750,000 initial capital under § 17(1) - a Mittleres Wertpapierinstitut with K-NPR and K-TCD capital above the floor, client money on § 84 WpHG trust accounts and BaFin's 2019 CFD Act built into the product.
§ 2(2) Nr. 10 WpIG Eigenhandel: the firm is counterparty to its clients' CFDs and rolling spot forex at €750,000 initial capital under § 17(1) - a Mittleres Wertpapierinstitut with K-NPR and K-TCD capital above the floor, client money on § 84 WpHG trust accounts and BaFin's 2019 CFD Act built into the product.
- ✓Eigenhandel - § 2(2) Nr. 10 WpIG
- ✓€750,000 initial capital · § 17(1)
- ✓K-factor capital above the floor
- ✓Client money on trust accounts · § 84 WpHG
- ✓BaFin CFD Act 2019 - 30:1 to 2:1
- ✓Passport into 30 EEA states · § 71
02 - ANLAGEVERMITTLUNG · ABSCHLUSSVERMITTLUNG
€75k-€150k initial capitalThe agency broker
Reception and transmission (Nr. 3) or execution in the client's name (Nr. 5) at €75,000 when the firm never touches client money, €150,000 when it does - the STP architecture, with Finanzportfolioverwaltung (Nr. 9) added for copy trading. The €75,000 class is also the only one with a fixed licence fee: €6,336.
Anlagevermittlung/Abschlussvermittlung; €75k without client money, €150k with; the only fixed fee (€6,336); upgrade path.
- ✓Anlagevermittlung · Abschlussvermittlung
- ✓€75,000 without client money
- ✓€150,000 with client money
- ✓Fixed fee €6,336 - only without client money
- ✓Portfolio management for copy trading
- ✓Upgrade path to Eigenhandel
We confirm costs and the calendar for your case before any work begins. BaFin charges the market-maker licence by the hour at the AGebV rates, and a fee is due even if the application is withdrawn; capital, EdW contributions and substance costs are itemised in your quote.
Why Germany
The BaFin stamp, priced honestly.
The German licence costs more effort than a Cypriot one and buys a different kind of credibility - this is what the file actually delivers.
✓
A statutory six-month clock
§ 16(3) WpIG binds BaFin to a decision within six months of complete documents, and receipt is acknowledged within ten days with the case officer's contact details. Completeness is the lever, and our job.§ 16(3) WpIG, from completeness.
✓
Capital classes you can plan on
€750,000 for Eigenhandel, €150,000 with client money, €75,000 without - § 17(1) WpIG mirrors the IFD classes, so the model fixes the cheque before anyone drafts.§ 17 WpIG mirrors IFD Art. 9.
✓
The 2019 CFD Act is settled law
Initial margin from 3.33% to 50%, close-out at 50%, negative balance protection and the bonus ban have been BaFin's permanent rule since 1 August 2019 - the same package every EU host state enforces on passported firms.Settled law since 1 August 2019.
✓
Negative balance protection since 2017
BaFin banned CFDs with additional payment obligations in May 2017, fifteen months before ESMA, then restricted futures (2022) and turbo certificates (2025). Expect any new margin-traded retail product to be read closely before it is sold here.NBP since 2017; futures, turbos too.
✓
A levy, not a share of revenue
The annual BaFin levy is a minimum of €6,500 for a market maker, climbing with the balance sheet: €20,000 at €3 million, €51,000 at €12.5 million (§ 16g FinDAG). Predictable, and independent of how many clients you onboard.€6,500 floor, balance-sheet scale.
✓
Tax already legislated downwards
Corporate tax is 15% to 2027, then 14% in 2028, falling one point a year to 10% from 2032 (§ 23(1) KStG). The cut is enacted, not promised.15% now, 10% from 2032.
How it compares
How Germany differs from other routes.
Germany sells supervision and weight, not price. Where that leaves it against the cheaper MiFID desks is set out plainly below.
Germany vs other jurisdictions
| Feature |  Germany | Other jurisdictions |
|---|---|---|
| Regime | WpIG 2021 · BaFin - MiFID II | Same directive or offshore |
| Licence fee | By the hour · €6,336 fixed only without client money | €947 Lithuania to €50,000 Luxembourg |
| Supervisors | BaFin licenses, Bundesbank supervises | One authority in Cyprus, Malta, Lithuania |
| Corporate tax | 29.8% at a 400% Hebesatz (2026) | 10% Bulgaria · 15% Cyprus |
Regime
GermanyWpIG 2021 · BaFin - MiFID II
Other jurisdictionsSame directive or offshore
Licence fee
GermanyBy the hour · €6,336 fixed only without client money
Other jurisdictions€947 Lithuania to €50,000 Luxembourg
Supervisors
GermanyBaFin licenses, Bundesbank supervises
Other jurisdictionsOne authority in Cyprus, Malta, Lithuania
Corporate tax
Germany29.8% at a 400% Hebesatz (2026)
Other jurisdictions10% Bulgaria · 15% Cyprus
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Germany | WpIG Wertpapierinstitut - BaFin | 15.825% + trade tax | IFD €75k-€750k, German file, 6-month clock |
 Cyprus | CySEC CIF | 15% CIT (2026) | IFD €75k-€750k, EU passport |
 Netherlands | AFM investment firm | 19% · 25.8% above €200k | IFD €75k-€750k, 13-week clock, €200/h fee |
 Luxembourg | CSSF investment firm | 23.87% Luxembourg City | IFD €75k-€750k, €50,000 fee, 12-month limit |
GermanyLicense typeWpIG Wertpapierinstitut - BaFin
Taxation15.825% + trade tax
RequirementsIFD €75k-€750k, German file, 6-month clock
CyprusLicense typeCySEC CIF
Taxation15% CIT (2026)
RequirementsIFD €75k-€750k, EU passport
NetherlandsLicense typeAFM investment firm
Taxation19% · 25.8% above €200k
RequirementsIFD €75k-€750k, 13-week clock, €200/h fee
LuxembourgLicense typeCSSF investment firm
Taxation23.87% Luxembourg City
RequirementsIFD €75k-€750k, €50,000 fee, 12-month limit
Europe
Forex licences in neighbouring jurisdictions
Before you apply
Requirements for the WpIG licence.Requirements for the licence.
§ 18 WpIG lists the refusal grounds and the BaFin/Bundesbank Merkblatt of 27 January 2025 lists the documents; the craft is a German-language file that answers both before the first question round. What a passing application contains is listed below.
01
German entity - a GmbH or AG with its registered seat and head office (Hauptverwaltung) in Germany, § 18(1) Nr. 9 WpIG.
02
Initial capital - €750,000, €150,000 or €75,000 by service class under § 17(1) WpIG, paid in and confirmed by an EEA credit institution before filing.
03
Two Geschäftsleiter - at least two managers who are not merely honorary wherever the firm may hold client money or securities (§ 18(1) Nr. 8, BaFin Merkblatt 01/2024), each reliable, competent and with the time to run the business.
04
Transparent owners - every holder of a significant participation vetted for reliability (§ 18(1) Nr. 3) under the WpI-Inhaberkontrollverordnung, with the 60-working-day assessment of § 25.
05
The EU forms, in German - the application form and management-body list of Implementing Regulation (EU) 2017/1945 with the content of Delegated Regulation (EU) 2017/1943; the wrong forms bring a fee-bearing rejection.
06
Business plan and own-funds model - the services by § 2(2) number, the flows, and IFR own funds (fixed overheads, permanent minimum, K-factors) projected forward with the ICARA of § 39 WpIG.
07
Organisation - compliance, risk control and internal audit under § 80 WpHG and §§ 40-46 WpIG, outsourcing that leaves substance in Germany, and the bank MaRisk until BaFin's WpI-MaRisk circular lands.
08
Client money on trust accounts - § 84 WpHG segregation at credit institutions, intra-group deposits capped at 20%, no title-transfer collateral from retail clients.
09
The CFD Act engineered in - initial margin from 3.33% (30:1) to 50% (2:1), close-out at 50%, negative balance protection, no bonuses and the standardised risk warning per BaFin's Act of 23 July 2019.
10
AML under the GwG - a Wertpapierinstitut is an obliged entity (§ 2(1) Nr. 2 GwG) with goAML reporting to the FIU in Cologne and the safeguards of §§ 33-37 WpIG.
01
GmbH or AG, seat in Germany.
02
Capital per § 17 class.
03
Two full-time Geschäftsleiter.
04
Owners vetted, 60 working days.
05
EU forms, in German.
06
IFR own-funds model, ICARA.
07
Compliance, risk, audit in place.
08
Trust accounts per § 84 WpHG.
09
CFD Act built in.
10
GwG AML with goAML reporting.
Reflects the WpIG, the WpHG, the FinDAG and FinDAGebV and the BaFin/Bundesbank Merkblatt of 27 January 2025, as of 2026.WpIG, WpHG, FinDAG and the Merkblatt of 27 January 2025, as of 2026.
How it works
From first call to the Wertpapierinstitutsregister.
01
Model and services
Eigenhandel or agency, the § 2(2) numbers and the § 17 capital class - fixed in writing before any drafting.Numbers and class fixed.
02
Company, capital, people
GmbH formation, capital confirmed by an EEA bank, two Geschäftsleiter and the owners vetted under § 18.GmbH, capital, two managers.
03
Bundesbank first, then the file
Erstgespräch with BaFin, contact with the Kompetenzzentrum, then the German-language file on the EU forms - complete at filing.German file, complete.
04
BaFin review
Receipt acknowledged within ten days, question rounds answered, decision within six months of completeness (§ 16(3)). We plan for 9-12 months end to end.6 months statutory; plan 9-12.
05
Licence, EdW, passport
Register entry, automatic EdW assignment under § 16(1), § 71 passport notifications - 30 states from one German licence.Register, EdW, 30 states.
Quick facts
RegulatorBaFin · Bundesbank
FrameworkWpIG 2021 · WpHG
Capital - no client money€75,000
With client money€150,000
Eigenhandel€750,000
Statutory clock6 months · § 16(3) WpIG
Minimum levy€6,500 a year
Our planning range9-12 months
The six months run from complete documents and BaFin decides what complete means. A German-language file that is complete on day one is the whole schedule strategy, and that is what we are paid for.
On the ground in Germany
Run from our Frankfurt office.
Prifinance - Germany
Frankfurt · Germany
Frankfurt, Germany
01
German company formation
GmbH or AG with the seat, the paid-in capital and the two-manager board § 18 WpIG expects - incorporated for the licence, not retrofitted to it.Built for § 18 WpIG.
02
The German-language file
Forms, business plan, own-funds model and policies drafted in German to the Merkblatt's list, filed in Frankfurt and defended through the question rounds.To the Merkblatt, defended.
03
Bundesbank liaison
The Kompetenzzentrum Wertpapierinstitute hears from us before filing and stays the supervisor afterwards - a relationship we run from day one, not after grant.From the first contact.
04
Substance and staffing
Resident Geschäftsleiter, compliance and risk officers sourced in Germany - a firm the Bundesbank can visit, with the EdW assignment and § 84 trust accounts in place at launch.Managers the Bundesbank can visit.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of forex brokers in Germany.
Three layers and one honest total: 15% corporate tax, the 5.5% solidarity surcharge and municipal trade tax - about 30% today, with the federal part legislated to fall from 2028.
Corporate tax 15% · falling
§ 23(1) KStG: 15% for assessment periods to 2027, then 14% (2028), 13% (2029), 12% (2030), 11% (2031) and 10% from 2032.10% from 2032.
Solidarity surcharge 5.5%
Levied on the corporate tax, not on the profit - 15.825% combined in 2026 (§ 4 SolZG 1995).15.825% combined.
Trade tax by municipality
3.5% base rate times the local Hebesatz (§ 11, § 16 GewStG): 14% at 400%, 16.1% at 460%. The statutory minimum rises from 200% to 280% in 2027. Not creditable for a GmbH.14% at a 400% Hebesatz.
Dividend withholding 26.375%
25% plus surcharge on distributions (§ 43a EStG); non-resident corporate shareholders are refunded to 15% (§ 44a(9)), and EU parents holding 10% for twelve months are exempt under § 43b.15% corporate, 0% EU parent.
VAT-exempt dealing
Brokerage and dealing in securities, derivatives and currencies are exempt under § 4 Nr. 8 UStG - no VAT on revenue, no input-VAT recovery; the 19% standard rate touches only overheads.§ 4 Nr. 8 UStG.
No boutique regimes
No IP box, no notional interest deduction, no non-dom status. Germany's offer is the rate path and the 95% participation exemption on group dividends (§ 8b KStG), nothing else.The rate path only.
Tax summary
Corporate tax15% · 10% from 2032
With solidarity surcharge15.825% (2026)
Trade tax14% at a 400% Hebesatz
Total 202629.8% · 31.9% at 460%
Dividend withholding26.375% · 15% corporate · 0% EU parent
*As of 2026 per the KStG, SolZG, GewStG, EStG and UStG. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: German company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed broker.
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Germany · BaFin
Launch your forex project in Germany with expert support.
Full-service assistance - from GmbH formation to the BaFin licence, EdW assignment, passporting and ongoing compliance - run through our Frankfurt office.
Get a consultation →Free legal opinion
Is Germany the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Germany forex licence, answered.
What licence does a forex broker need in Germany?+
A Wertpapierinstitut licence from BaFin under § 15(1) WpIG. A market maker that is counterparty to client CFDs needs Eigenhandel (§ 2(2) Nr. 10); an STP broker needs Anlagevermittlung or Abschlussvermittlung (Nr. 3, Nr. 5). CFDs and rolling spot forex are financial instruments under § 2(5) and (8); physically settled spot FX is not.
How much capital does BaFin require?+
€750,000 for Eigenhandel, €150,000 for an agency broker that holds client money, €75,000 for one that holds neither money nor securities (§ 17(1) WpIG). Ongoing own funds follow the IFR: the highest of fixed overheads, the permanent minimum and the K-factors, plus any add-on BaFin imposes under § 50.
How long does BaFin take?+
By statute, six months from complete documents (§ 16(3) WpIG). BaFin publishes no average and says the duration depends on the model's complexity and the quality of the documents. With the Bundesbank pre-contact, the German-language file and the question rounds, we plan for 9-12 months end to end.
What does the BaFin licence cost?+
A fixed €6,336 only for a firm that neither holds client money nor deals on own account (FinDAGebV Nr. 29.1.1.1). Every broker with client money or Eigenhandel is charged by the hour at the AGebV rates, and a fee is due even if the application is withdrawn or refused - the hourly figure is confirmed in your quote.
What does supervision cost each year?+
The BaFin levy has a floor of €6,500 for a market maker or any firm holding client money (€4,500 without), rising with the balance sheet: €8,500 from €750,000, €20,000 from €3 million, €51,000 from €12.5 million (§ 16g FinDAG). The EdW adds at least €2,100 a year and a one-off minimum of €6,300 on assignment.
Does the file have to be in German?+
Yes. The official language is German and English documents are accepted only by agreement with BaFin. The application goes to BaFin Frankfurt in three copies or through a secure data room, and the Bundesbank's Kompetenzzentrum should hear from you before you file.
Which retail CFD rules apply in Germany?+
BaFin's General Administrative Act of 23 July 2019: initial margin from 3.33% (30:1) on major pairs to 50% (2:1) on crypto, close-out at 50% of margin, negative balance protection, no bonuses and the standardised risk warning. Futures (2022) and turbo certificates (2025) carry their own restrictions.
Can a Cypriot or Maltese broker serve German clients without a BaFin licence?+
Yes - an EEA investment firm notifies under its home passport (§§ 73-74 WpIG) and needs no German licence, but BaFin's CFD Act binds it in Germany as if it were local. A German licence is for firms that want BaFin as home supervisor and the Bundesbank at the table.
Germany or Cyprus for a retail CFD broker?+
Cyprus wins on cost and speed: 15% corporate tax, an English-language file, Limassol's broker cluster and a regulator that reads broker files daily. Germany wins on supervisory weight and on rate direction - 10% federal tax by 2032 - at the price of a German file, two managers and hourly fees. We model both before you choose.
Why Prifinance for Germany?+
We build the Wertpapierinstitut from our Frankfurt office: GmbH formation, the German-language file on the EU forms, the IFR own-funds model and the § 84 WpHG client-money set-up, then the Bundesbank relationship after grant. The same team has obtained 400+ licences; the German file is drafted by people who have done it before.
What licence?+
Wertpapierinstitut - BaFin, § 15 WpIG.
Capital?+
€75k/€150k/€750k by class.
How long?+
6 months statutory; plan 9-12.
Fee?+
Hourly; €6,336 only without client money.
Yearly cost?+
Levy from €6,500; EdW from €2,100.
In German?+
Yes - English only by agreement.
Retail rules?+
CFD Act 2019: 30:1, NBP, no bonuses.
Passport in?+
Yes, but the CFD Act binds.
Vs Cyprus?+
Their cost; your supervisor's weight.
Why you?+
Frankfurt desk, German file, 400+ licences.
Client notes
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.