In Estonia, all forex & CFD brokers are jointly regulated by the Estonian Financial Supervision Authority (EFSA) and the European Securities and Markets Authority (ESMA). This of course also includes all brokers that offer stock trading in the form of CFDs. Unfortunately for some, this also means that these brokers must follow ESMA regulations that limit leverage on stocks to just 1:5 for non-professional traders.
Although Estonia is not known as a particularly popular jurisdiction for CFD brokers, there are still some companies that operate out of the country. This means that Estonian stock and forex traders may choose whether they want to trade with a domestically registered broker, or go for a broker registered outside of the EU which offers higher trading leverage.