Home » Top 10 CFD Trading Brokers in 2024: A Comprehensive Review
Top 10 CFD Trading Brokers in 2024: A Comprehensive Review
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There are many different tradable instruments that create a fully-rounded trading experience. However, before jumping in, it’s important to understand the differences and identify which is the best according to personal preferences. One very common trading tool is CFDs, traded through a CFD broker.
CFD stands for Contract for Difference, and this is a widespread tool for trading derivatives. It allows forex traders to take advantage of fluctuating prices within financial markets and make a profit. When using CFDs, traders don’t actually own the asset itself, therefore avoiding taxes and costs associated with ownership. CFDs are also a useful tool to help reduce risk through portfolio diversification and trading across different markets.
The popularity of CFDs is evident, especially due to the number of CFD trading brokers. Choosing the right one can be a confusing situation, and it’s important to consider all aspects. With that in mind, I have created a review of the top CFD brokers.
Strong Regulation: FXGiants is distinguished by its strong regulation under the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) in Australia. This regulatory oversight ensures that FXGiants adheres to strict financial standards and provides clients with high security and trust.
Diverse Range of Instruments: With FXGiants, traders gain access to a diverse range of instruments, including forex currency pairs, indices, stocks, energies, metals, bonds, commodities, cryptocurrencies, and shares.
Competitive Spreads: FXGiants offers competitive spreads, providing traders with favorable pricing conditions. These lower spreads can reduce trading costs, maximizing potential client profitability.
Cons
Doesn’t Allow Hedging: Traders are not permitted to open opposing positions on the same instrument. While this restriction may not align with specific trading strategies that rely on hedging for risk management, alternative risk management approaches can be explored.
Limited Regional Availability: This restricted regional availability could be a drawback for traders who reside in those areas but wish to trade with FXGiants. Traders should ensure that their country of residence is eligible for opening an account with FXGiants before considering them as their preferred broker.
Inactivity Fees: FXGiants impose inactivity fees on dormant accounts. Traders who do not actively engage in trading may incur these fees, which could be a disadvantage for those who prefer a more passive trading approach. Traders need to be mindful of these fees and actively manage their accounts to avoid inactivity charges.
Strong Regulation: FXGiants is distinguished by its strong regulation under the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) in Australia. This regulatory oversight ensures that FXGiants adheres to strict financial standards and provides clients with high security and trust.
Diverse Range of Instruments: With FXGiants, traders gain access to a diverse range of instruments, including forex currency pairs, indices, stocks, energies, metals, bonds, commodities, cryptocurrencies, and shares.
Competitive Spreads: FXGiants offers competitive spreads, providing traders with favorable pricing conditions. These lower spreads can reduce trading costs, maximizing potential client profitability.
Cons
Doesn’t Allow Hedging: Traders are not permitted to open opposing positions on the same instrument. While this restriction may not align with specific trading strategies that rely on hedging for risk management, alternative risk management approaches can be explored.
Limited Regional Availability: This restricted regional availability could be a drawback for traders who reside in those areas but wish to trade with FXGiants. Traders should ensure that their country of residence is eligible for opening an account with FXGiants before considering them as their preferred broker.
Inactivity Fees: FXGiants impose inactivity fees on dormant accounts. Traders who do not actively engage in trading may incur these fees, which could be a disadvantage for those who prefer a more passive trading approach. Traders need to be mindful of these fees and actively manage their accounts to avoid inactivity charges.
NeoMarkets is praised for its user-friendly approach, making it accessible and straightforward for novice and experienced traders to navigate the platform.
NeoMarkets allows trading cryptocurrencies through CFDs at competitive costs, providing traders with exposure to this popular asset class.
NeoMarkets is regulated by the Financial Services Commission (FSC) in Mauritius, adding an element of oversight and security for its clients.
Cons
NeoMarkets has a limited selection of deposit and withdrawal methods, potentially inconveniencing clients who prefer a broader range of options.
To access the demo account, users must first complete the registration process, which might deter those who prefer exploring the platform before committing.
NeoMarkets’ website lacks readily available information about its various account types, potentially making it challenging for traders to select the most suitable option.
NeoMarkets is praised for its user-friendly approach, making it accessible and straightforward for novice and experienced traders to navigate the platform.
NeoMarkets allows trading cryptocurrencies through CFDs at competitive costs, providing traders with exposure to this popular asset class.
NeoMarkets is regulated by the Financial Services Commission (FSC) in Mauritius, adding an element of oversight and security for its clients.
Cons
NeoMarkets has a limited selection of deposit and withdrawal methods, potentially inconveniencing clients who prefer a broader range of options.
To access the demo account, users must first complete the registration process, which might deter those who prefer exploring the platform before committing.
NeoMarkets’ website lacks readily available information about its various account types, potentially making it challenging for traders to select the most suitable option.
Ventorus offers multiple account types, allowing traders to choose an account that fits their specific needs and experience levels.
With a maximum leverage of up to 1:400, traders can control larger positions with smaller amounts of capital, which can significantly amplify potential profits.
The broker provides low spreads, starting at an impressively low 0.03 pips, ensuring cost-effective trading conditions.
Cons
Ventorus is that it is not regulated by a tier-one financial regulator.
Additionally, the platform lacks educational materials, which can be a significant drawback for beginners who need guidance.
Ventorus does not support MetaTrader 4 and MetaTrader 5 platforms, which are popular among traders for their advanced features.
Ventorus offers multiple account types, allowing traders to choose an account that fits their specific needs and experience levels.
With a maximum leverage of up to 1:400, traders can control larger positions with smaller amounts of capital, which can significantly amplify potential profits.
The broker provides low spreads, starting at an impressively low 0.03 pips, ensuring cost-effective trading conditions.
Cons
Ventorus is that it is not regulated by a tier-one financial regulator.
Additionally, the platform lacks educational materials, which can be a significant drawback for beginners who need guidance.
Ventorus does not support MetaTrader 4 and MetaTrader 5 platforms, which are popular among traders for their advanced features.
eToro is a popular social and copy trading broker with a wide range of CFDs.
AVATrade has several trading platforms and offers CFDs across different asset classes.
RoboForex offers CFD trading platforms for both beginner and advanced traders.
Exness has a range of CFD instruments and many account types with low minimum deposits.
Pepperstone is one of the best CFD brokers and is known for its low cost trading and fast execution speeds.
FOREX.com is a well-established and well-regulated broker with many CFD opportunities.
City Index has large market access and excellent analysis and research tools for CFDs.
FP Markets is ideal for advanced traders, with a large range of CFDs across different asset classes.
IC Markets has a strong focus on forex and CFD trading and innovative trading technology.
FxPro focuses on technology and has a no-dealing-desk approach.
Comparison Table
Broker
Min Deposit
Regulation
Trading Platforms
Asset Range
Spreads *from
eToro
$50
FCA, CySEC, ASIC
Proprietary, MT4, CopyTrader
3,000+ instruments
1.0 pips
AvaTrade
$100
ASIC, CBI, FSA, FSCA
AvaTradeGO, MT4, MT5
1,250+ instruments
0.9 pips
RoboForex
$10
IFSC
MT4, MT5, cTrader, R Trader
12,000+ instruments
0.0 pips
Exness
$0
CySEC, FCA, FSCA
MT4, MT5
100+ forex pairs
0.3 pips
Pepperstone
$0
FCA, ASIC, CySEC
MT4, MT5, cTrader, TradingView
1,200+ instruments
0.0 pips
FOREX.com
$100
FCA, CFTC, IIROC
Advanced Trading Platform, MT4
80+ forex pairs
0.8 pips
City Index
$50
FCA, ASIC, MAS
Advantage Web, AT Pro
12,000+ markets
0.5 pips
FP Markets
$100
ASIC, CySEC
MT4, MT5, IRESS
10,000+ instruments
0.0 pips
IC Markets
$200
ASIC, CySEC, FSA
MT4, MT5, cTrader
2,200+ instruments
0.0 pips
FxPro
$100
FCA, CySEC, FSCA
MT4, MT5, cTrader
70+ instruments
0.6 pips
Criteria Breakdown Summary
To fully assess brokers with CFD trading accounts, I needed something to measure each one of them against. Therefore, I created a set of key criteria that allowed me to understand the pros and cons of each CFD brokerage firm in detail. My criteria was wide-ranging and included regulation, platforms, assets, fees, leverage, educational materials, execution, account types, deposit and withdrawals, and customer support. I then rated each CFD broker out of five based on each criteria group.
eToro
Best Known for: Social and Copy Trading Features
eToro is a popular online CFD trading broker with social and copy trading as its standout features. It is a very easy platform to use and it’s suitable for all trading ability levels. Beginners will find a lot of value with this broker, as it has many educational resources and the copy trading element. Additionally, there are many asset classes to choose from.
eToro is a popular CFD trading broker with copy and social trading capabilities. Source: eToro
Features
eToro is designed for both beginner and experienced traders and it has a range of innovative features to suit all levels. Access to CopyTrader and CopyPortfolios allows users to emulate past successful trades, and the social trading aspect adds another dimension. Additionally, this broker offers charting tools, live news feeds, and many educational resources.
Pros
Pioneering social trading features
Wide range of asset classes, including cryptocurrency CFDs
Intuitive platform for beginners and advanced traders alike
Cons
Limited customization options for experienced traders
Overall, eToro enjoys positive feedback from users, mostly for its platform ease of use and the copy trading capabilities. Additionally, users praise the fast execution speeds and range of tradable assets.
“I have been using eToro for the last 3-4 years, Totally happy. There’s never any problem with sending or receiving money or anything else. I bought and sold cryptos and never experienced any trouble. I have received all my funds from selling cryptos, and really fast too. They have honest and decent people working there. And quite helpful too. I recommend everyone to use a decent and honest exchange like eToro.” – Language Publishing via Trustpilot
“Been with eToro for more than a decade now, a great platform, seen it progress so much over the years. Special shout out to Kallum, my account manager, been fantastic.” – Tao Tang via Trustpilot
Industry experts recommend eToro for both beginner and advanced traders. They especially highlight strong regulatory compliance and copy trading functions. Read our eToro review for details.
Price
eToro offers commission-free trading on CFDs with competitive spreads. For details, visit eToro’s website.
AVATrade
Best Known for: Range of Platforms and Tools
Many users feel AvaTrade is the best CFD broker due to its excellent customer support and user-friendly approach. With several trading platforms available, including MetaTrader 4 & 5 and its proprietary AvaTradeGO platform, this broker offers flexibility. Additionally, AvaTrade emphasizes trader education and offers many resources and trading tools.
AvaTrade is a popular CFD broker focused on trader education. Source: AvaTrade
Features
AvaTrade has a range of platforms and tools for traders of all ability levels. Along with MetaTrader, this broker’s proprietary platform is high quality and has a range of associated tools. AvaProtect is another notable feature, along with advanced trading tools like DupliTrade and AutoChartist for technical analysis and risk management.
Pros
Diverse platform options for all trading styles
Comprehensive educational content
Strong regulatory oversight
Cons
Limited selection of account types
Fixed spreads can be higher on some assets
Criteria Evaluation
Regulation: 5/5
Trading Platforms: 5/5
Asset Range: 4/5
Fees and Spreads: 3/5
Leverage: 4/5
Customer Support: 4/5
Education and Research: 5/5
Deposit/Withdrawal Options: 4/5
Execution Speed: 4/5
Demo Account: 5/5
Community Reviews and Expert Recommendations
AvaTrade receives positive feedback from the trading community, with many giving high praise to its range of trading platforms. Additionally, users highlight the strong regulatory oversight and additional risk management features. AvaProtect is regularly mentioned in positive terms.
“Support at AvaTrade is Great! Talked to Ron, Great guy! Overall AvaTrade is easy and understandable to use, and if you need help with anything, the best support is there for you!” – Wilhelm via Trustpilot
“Ava broker has good customer rep. I like how that person called me and spent some time giving me the details of Ava. This broker offers training and the platform has a variety of instruments that traders can trade with.” – Evon Houston via Trustpilot
Industry experts recommend AvaTrade for both beginner and experienced traders and particularly highlight its range of trading tools and educational focus. Read our AvaTrade review for more insights.
Price
AvaTrade offers fixed and variable spreads, depending on the asset and platform. Check AvaTrade’s website for the latest details.
RoboForex
Best Known for: Low-Cost Trading Options
RoboForex is renowned for its low cost trading environment and several available account types. MetaTrader 4 & 5 are both available, along with cTrader. Additionally, Roboforex has standard and cent accounts available, so it’s ideal for CFD traders who prioritize low cost trading.
RoboForex is a long-standing CFD trading broker with many platforms. Source: RoboForex
Features
RoboForex is known for its unique trading approach over several platforms, including MetaTrader 4 & 5 and R Trader. There is a large range of tradable assets along with a free VPS service for algorithmic trading. Additionally, RoboForex offers many advanced charting options and real-time market news. Many users believe this is one of the best CFD trading platforms.
Pros
Low fees and tight spreads
Wide variety of assets, including cent accounts
Excellent platform selection for all trader levels
Cons
Limited educational resources
Some account types have restricted features
Criteria Evaluation
Regulation: 4/5
Trading Platforms: 5/5
Asset Range: 4/5
Fees and Spreads: 5/5
Leverage: 5/5
Customer Support: 4/5
Education and Research: 3/5
Deposit/Withdrawal Options: 4/5
Execution Speed: 4/5
Demo Account: 5/5
Community Reviews and Expert Recommendations
Overall, RoboForex receives positive praise from users and industry experts. Traders particularly highlight the low cost trading and several platform options. Customer support is also mentioned in positive terms, along with general ease of use.
“I’ve been using this broker for a while now (4 Years), and they’re honestly the best I’ve come across. Their customer support is top-notch – always quick to help and super knowledgeable. What I love most is the speedy withdrawals for bank transfers, usually processed in under 12 hours. Electronic Payouts are even faster. The trading conditions are fantastic too – tight spreads, low commissions and fast executing. Overall, this broker makes trading a breeze. Can’t recommend them enough!” – Johannes Pichler via Trustpilot
“For me, RoboForex is an excellent broker. Deposits and withdrawals within seconds to minutes. Support is also available in my language (Czech) and they respond quickly and always provide assistance. Moreover, you cannot actually go into a negative balance here. The broker will reset your account to zero.” – Radek Trvaj via Trustpilot
Industry experts recommend RoboForex for beginner and advanced traders, particularly highlighting its large range of tradable assets. Our RoboForex review provides more information.
Price
RoboForex offers competitive spreads and commissions, especially in ECN accounts. For the latest prices, visit RoboForex’s official site.
Exness
Best Known for: High Leverage and Fast Execution
Exness is a reputable CFD trading broker with high leverage ratios. As a result, this is a good broker for advanced traders in particular. It has a large range of assets along with fast execution speeds and a user-friendly approach. Both MetaTrader 4 & 5 are available, along with several educational resources for learning and development.
Exness is a popular ECN broker with strong regulatory oversight. Source:Exness
Features
Exness is an excellent choice for intermediate to experienced traders thanks to its number of advanced trading tools. This broker also offers high leverage which gives the opportunity to maximize potential profits. Both MetaTrader 4 & 5 are available, along with instant withdrawals and fast execution speeds.
Pros
Extremely high leverage options
Fast order execution with minimal slippage
Multiple trading platforms and tools
Cons
High leverage may not suit beginners
Limited research resources
Criteria Evaluation
Regulation: 4/5
Trading Platforms: 5/5
Asset Range: 4/5
Fees and Spreads: 4/5
Leverage: 5/5
Customer Support: 4/5
Education and Research: 3/5
Deposit/Withdrawal Options: 5/5
Execution Speed: 5/5
Demo Account: 5/5
Community Reviews and Expert Recommendations
Exness receives positive reviews for its trading services, especially for its competitive spreads and fast execution speeds. Experienced users in particular enjoy the high leverage ratios and range of platforms on offer. Users also mention that customer support is high quality and response times are fast.
“Exness has truly exceeded my expectations. From the smooth account setup to the wide range of assets—Forex, commodities, and crypto—I’ve been able to diversify my portfolio with ease. But the best experience has been with withdrawals. They’re fast, reliable, and hassle-free, which is a huge relief, especially when I need quick access to my funds. Their customer support has also been incredibly responsive and helpful whenever I’ve had questions.” – Andrew Angelos via Trustpilot
“I tried Exness with everything (open account, deposit, trade, withdrawal), the best company I have used by far! The most important thing is that even after I registered and didn’t use my account no one called me, no annoying calls until I decided to use it! Their support is good and the deposit and withdrawal was easy!” – Scriptoot via Trustpilot
Industry experts recommend Exness’ CFD trading accounts for intermediate to experienced traders and praise its fast withdrawal processing times. Our Exness review provides more insights.
Price
Exness offers competitive spreads with no hidden fees. Check Exness’s website for up-to-date pricing.
Pepperstone
Best Known for: Advanced Trading Tools and Low Latency
Pepperstone is one of the best CFD brokers and it has gained a positive reputation for its trading environment. It is a particularly good choice for experienced traders, thanks to its many advanced trading tools and charting capabilities. It also provides access to several trading platforms and is an ideal option for low-latency trading through the cTrader option.
Pepperstone is a quality CFD broker with a range of tradable assets. Source: Pepperstone
Features
Pepperstone is suitable for beginner traders but it gives a lot more value to advanced traders. Its low latency means faster execution speeds, and it has a range of charting tools through TradingView. Algorithmic trading is easy with this broker, along with several platform options. Overall, this is a good choice for traders who focus on speed and accuracy.
Pros
Low-latency trading for better execution
Extensive platform choices and add-ons
Ideal for algorithmic and technical traders
Cons
Limited educational content
High minimum deposits for some accounts
Criteria Evaluation
Regulation: 5/5
Trading Platforms: 5/5
Asset Range: 4/5
Fees and Spreads: 4/5
Leverage: 4/5
Customer Support: 4/5
Education and Research: 3/5
Deposit/Withdrawal Options: 4/5
Execution Speed: 5/5
Demo Account: 5/5
Community Reviews and Expert Recommendations
Pepperstone receives positive feedback from users for its trading platforms and fast execution speeds in particular. Advanced traders mention the low-latency and the range of trading tools that make high-frequency trading easier and more accurate.
“I am new to the platform and had some questions. Pei (support) is quick, and straight to the point, very helpful. The customer support is really helpful and doesn’t just keep you waiting or re-direct you to nowhere.” – Y W via Trustpilot
“Great company, they can assist you in any questions and doubts you have, plus low spreads!” – Andrea Putzolu via Trustpilot
Industry experts recommend Pepperstone for intermediate to experienced traders and praise its excellent regulatory oversight. Read our Pepperstone review for details.
Price
Pepperstone offers competitive spreads, especially on ECN accounts. For details, visit Pepperstone’s website.
FOREX.com
Best Known for: Forex Trading Expertise
FOREX.com is one of the most reputable CFD brokers. It has a large number of features, including several trading platforms on offer. Its proprietary platform is particularly impressive, and it has access to a wide range of markets. This broker has a strong focus on both CFD and forex trading, and it is a good choice for beginners thanks to the wide array of educational materials.
FOREX.com is a reputable and well-regulated CFD broker. Source: FOREX.com
Features
FOREX.com has many standout features and its proprietary platform is certainly one of them. In addition, the mobile app allows on-the-go trading, and the extensive analytical tools are useful for all trading abilities. There is also a very comprehensive range of educational resources which target both beginner and advanced traders.
Pros
Competitive pricing for forex trading
Robust research tools and market analysis
Extensive range of forex pairs
Cons
Limited MT5 offering compared to proprietary platforms
Higher spreads on some non-forex CFDs
Criteria Evaluation
Regulation: 5/5
Trading Platforms: 4/5
Asset Range: 4/5
Fees and Spreads: 4/5
Leverage: 4/5
Customer Support: 4/5
Education and Research: 4/5
Deposit/Withdrawal Options: 4/5
Execution Speed: 5/5
Demo Account: 5/5
Community Reviews and Expert Recommendations
FOREX.com receives high praise from both users and industry experts, many of whom appreciate the strong regulatory oversight from top-tier regulators. Users highlight the user-friendly platforms and range of advanced trading tools. Additionally, competitive spreads and excellent educational resources are also mentioned.
“It was my first broker and it was life changing because I was able to build my account through this website by using guidelines they provide and indicators.” – Nigel Nousenga via Trustpilot
“I really appreciate that I was able to get the help really fast. Much appreciated, honestly it has been the best help service from any other brokers. I didn’t have to wait 2 or 3 business days!! Great online customer service.” – Angel Gonzalez via Trustpilot
Industry experts recommend FOREX.com for both beginner and advanced traders and praise its regulatory compliance. Read our FOREX.com review for more information.
Price
FOREX.com is one of the top CFD brokers and offers competitive spreads on forex pairs, with commission-based pricing available on some account types.
City Index
Best Known for: Diverse Market Range
City Index is known for its range of trading platforms, strong market research, and global market access. It is one of the best CFD brokers thanks to its advanced charting features, and strong risk management tools. City Index also has a strong focus on trader education for beginner traders in particular.
City Index is a popular CFD broker with an excellent proprietary platform. Source: City Index
Features
City Index is known for its proprietary platform which has a range of advanced features, along with a mobile app. This is a good choice of broker for experienced traders in particular thanks to its advanced charting tools and market analysis. There are also a large number of technical indicators. While there are many educational resources available, these are mostly aimed toward less experienced users.
Pros
Wide range of markets across multiple asset classes
Solid research tools and market insights
User-friendly platforms suitable for various trading styles
Cons
Average pricing compared to some top-tier competitors
Limited educational content for advanced traders
Criteria Evaluation
Regulation: 5/5
Trading Platforms: 5/5
Asset Range: 5/5
Fees and Spreads: 4/5
Leverage: 4/5
Customer Support: 4/5
Education and Research: 4/5
Deposit/Withdrawal Options: 4/5
Execution Speed: 5/5
Demo Account: 5/5
Community Reviews and Expert Recommendations
Overall, City Index receives positive reviews from users, mostly due to its large range of tradable instruments and user-friendly platforms. Additionally, many traders mention the research features and customer support.
“Excellent customer support so far. Had some questions and got on a live chat with a support staff within minutes and got all my answers!” – Jonathan via Trustpilot
“Have been with City Index for several years and am very pleased. Up until recently I have traded only from my laptop. Have just started using the City Index app and it works perfectly, which is good news because now I can go out and get some fresh air.” – David Scott via Trustpilot
Industry experts recommend City Index for both beginner and advanced traders. However, they believe the advanced features may be a learning curve for new users at first. Discover more information in our City Index review.
Price
As one of the best CFD brokers, City Index offers competitive spreads, with commissions applied on some markets. They provide a tiered pricing structure for active traders.
FP Markets
Best Known for: Competitive Trading Conditions
The next CFD broker review is FP Markets, which has strong regulatory oversight and a focus on low-cost trading. There are many CFDs available across several markets and trading conditions are generally competitive. Additionally, there are several advanced trading platforms to choose from and VPS hosting for fast execution of algorithmic trades.
FP Markets is a well-regulated CFD broker with several trading platforms. Source: FP Markets
Features
A standout feature of FP Markets is its large choice of tradable platforms, including both MetaTrader 4 and 5, along with cTrader, and the IRESS platform. There are many advanced charting tools available, and market analysis, and technical indicators. While educational resources are lacking compared to other comparable brokers, FP Markets is a strong choice with fast execution speeds and competitive pricing.
Pros
Extensive market selection across multiple asset classes
Competitive spreads and low commissions
Fast execution speeds with minimal slippage
Cons
Limited proprietary platforms compared to some competitors
Educational resources could be more comprehensive
Criteria Evaluation
Regulation: 5/5
Trading Platforms: 4/5
Asset Range: 5/5
Fees and Spreads: 5/5
Leverage: 4/5
Customer Support: 4/5
Education and Research: 4/5
Deposit/Withdrawal Options: 4/5
Execution Speed: 5/5
Demo Account: 5/5
Community Reviews and Expert Recommendations
Overall, FP Markets is a reputable choice and receives good feedback from users for its range of platforms. Users also emphasize fast execution speeds and low spreads. Customer support is also mentioned in positive terms, particularly response times.
“Great support. Good choice of platforms. Set your own leverage. Fast withdrawals. No extra charges for multiple withdrawals.” – Nicki Tunbridge via Trustpilot
“Very quick to respond in the live chat and gave a detailed answer. Highly recommend this broker as I’ve had no problems so far and have been using them for over 6 months.” – SP via Trustpilot
Industry experts recommend FP Markets for intermediate to advanced traders in particular, and note that their educational materials could be more extensive. Our FP Markets review provides details.
Price
FP Markets offers competitive spreads with no commissions on standard accounts. It stands out as one of the top CFD brokers due to its transparent fee structure with volume-based discounts available on some account types.
IC Markets
Best Known for: Low Spreads and Fast Execution
IC Markets is one of the most reputable CFD brokers and is particularly known for its low-cost trading conditions and range of tradable assets. This broker aims to provide liquidity at institutional grade, making it a good choice for advanced traders. It also places a strong emphasis on advanced trading technology, while supporting algorithmic trading.
IC Markets is a reputable CFD broker focused on advanced trading technology. Source: IC Markets
Features
IC Markets is a good choice for experienced traders, thanks to its range of advanced tools. Both MetaTrader 4 and 5 are available, alongside cTrader and IC Social for social trading. There are many charting tools, analysis, and real-time market news, along with technical indicators. The platforms can be easily customized for a flexible approach, while also being very easy to use.
Pros
Extremely low spreads across major currency pairs
Wide range of markets and instruments
Fast execution with minimal slippage
Cons
Limited proprietary platforms compared to some competitors
Basic research tools compared to industry leaders
Criteria Evaluation
Regulation: 5/5
Trading Platforms: 4/5
Asset Range: 5/5
Fees and Spreads: 5/5
Leverage: 4/5
Customer Support: 4/5
Education and Research: 4/5
Deposit/Withdrawal Options: 5/5
Execution Speed: 5/5
Demo Account: 5/5
Community Reviews and Expert Recommendations
IC Markets receives positive feedback from users with its low spreads and fast execution speeds. High-frequency traders in particular rate this broker for its liquidity and excellent customer support.
“I have been using IC Markets for a few years now. Anytime I had an issue (archived account due to inactivity), it was dealt with promptly. This time was no different. I feel confident that my funds are secure and will never have any issues when and if I am ever a successful trader.” – George Bonatsos via Trustpilot
“I have been using IC Markets for just over six months, and I must say that their customer service is excellent.”Consumer via Trustpilot
Industry experts recommend IC Markets for experienced traders, thanks to its large range of advanced tools, along with a professional trading setting. Read our IC Markets review for deeper insights.
Price
Out of all the CFD brokers on the market, IC Markets boasts some of the industry’s lowest spreads, with competitive commissions on certain account types. They offer a transparent fee structure with volume-based rebates for high-volume traders.
FxPro
Best Known for: Multiple Trading Platforms
The final CFD broker I reviewed was FxPro. This broker is well-established, having been around since 2006. It offers many trading platforms and a large range of CFDs. The real focus is on a no-dealing-desk execution style, which is a good choice for many different traders across various strategies. Additionally, there are many advanced risk management tools for peace of mind, including negative balance protection.
FxPro is a well-established CFD trader which has been on the market since 2006. Source: FxPro
Features
FxPro offers several different trading platforms, including both MetaTrader 4 and 5, cTrader, and the proprietary FxPro Edge platform. There are many advanced charting tools available, and several order types, and analytical tools. Additionally, this broker offers many quality educational resources for different trading ability levels.
Pros
Choice of multiple trading platforms to suit different preferences
No dealing desk execution for transparent pricing
Solid educational resources and market analysis
Cons
Limited range of non-forex CFDs compared to some competitors
Higher minimum deposits for some account types
Criteria Evaluation
Regulation: 5/5
Trading Platforms: 4/5
Asset Range: 4/5
Fees and Spreads: 4/5
Leverage: 4/5
Customer Support: 4/5
Education and Research: 4/5
Deposit/Withdrawal Options: 4/5
Execution Speed: 5/5
Demo Account: 5/5
Community Reviews and Expert Recommendations
In general, FxPro receives positive feedback from users, particularly for its range of trading platforms and associated tools. Many users also mention seamless execution and fast speeds. Additionally, users also appreciate the educational resources on offer, and fast customer support.
“I am satisfied with my trading experience on this platform. I don’t think this is the best online trading broker as many clients of FxPro claim, but they possess a seriously advanced trading infrastructure, which is making them a major player in the industry. So, choosing to trade with FxPro wouldn’t be a bad decision.” – Rowan Beckwith via Trustpilot
“Fully reliable broker. FxPro’s regulation status is impressive, as is its reputation among traders. So, choosing to trade with FxPro shouldn’t be a wrong decision. Regarding the trading terms, I would say they are within the industry standards. The stand-out feature of this platform is its overall trading infrastructure.” – Adli Rahman via Trustpilot
Industry experts recommend FxPro for both beginner and advanced traders, and praise its educational resources. Our FxPro review gives more details.
Price
FxPro offers competitive spreads with no commissions on standard accounts. This CFD broker provides a transparent fee structure with volume-based discounts available on some account types.
Notable Mentions
While the ten CFD brokers in this review are all high quality and suit different needs, the following brokers also deserve a mention.
AMarkets
AMarkets is known for its high leverage ratios, up to 1:3000 in some cases. It is arguably the best CFD broker for advanced traders in particular. Read more in our AMarkets review.
Vantage FX
Vantage FX is a well-regulated broker with a strong focus on ECN trading. It offers copy trading capabilities and low fees. However, there is a high minimum deposit that must be considered. Discover more in our Vantage FX review.
Plus500
Plus500 is a popular ECN broker with a quality proprietary platform. It has a simple approach to trading, making it a good choice for both beginner and advanced traders.
ThinkTrader
ThinkTrader was formerly known as Trade Interceptor and it’s widely known for its mobile trading approach. Unlike some other CFD brokers, this option is ideal for users who like to trade on-the-go. Additionally, there are many charting tools and analytics.
Frequently Asked Questions
What factors should I consider when choosing a CFD broker?
When searching for the best CFD trading platform, it’s important to take certain elements into consideration. The most important areas to focus on are regulatory compliance, customer support fees, markets, platforms, and educational resources. Additionally, think carefully about your personal trading aims and preferences to find a broker that aligns with them.
How do CFD brokers make money?
CFD brokers make profits through spreads. This is the difference between the buy and sell prices. They also make money through trade commissions, overnight charges for leveraged positions. Every broker has a different fee structure and it’s important to understand thoroughly before making a decision.
What is leverage in CFD trading, and how does it work?
In CFD trading, leverage allows traders to take control of a larger part of a small capital outlay. While this can undoubtedly increase the chances of gains, it can also lead to greater losses. Brokers offer different leverage ratios and these are often under regulation to protect traders against large financial losses. Our guide to the highest leverage forex brokers provides more information.
Are CFD brokers regulated, and why is regulation important?
It’s vitally important to check the regulation of any broker you’re considering trading with. Many CFD brokers have regulation through authorities in their local jurisdiction. However, protection depends on which regulator the broker is with. Look for top tier regulators, such as ASIC, CySEC, and FCA for the best level of protection for your investments.
What types of CFDs can I trade with these brokers?
Different CFD trading platforms all have their own range of available CFDs, but typically these include forex, stocks, cryptocurrencies, commodities, bonds, or ETFs. When looking for the best CFD trading platform, brokers regulated by top-tier entities often have access to a larger range of markets with multiple asset classes. This is ideal for diversifying portfolios and minimizing risk.
Final Thoughts
Choosing the ideal CFD broker for your needs is an important step. There is no single broker on the market that suits every trader, so it’s important to first consider your personal trading needs and goals.
In this CFD trading broker review, it’s clear to me that all brokers have their unique strengths and weaknesses. Assessing these carefully is vital to ensure you make the right decision. However, it’s just as important to understand CFD trading in detail. This type of trading carries a higher risk due to the introduction of leverage. While this can certainly amplify gains, it can just as simply increase the risk of losses.
At TopBrokers, we understand broker selection is a complex process. To help, we have a number of comparisons and reviews on our site to allow you to make an informed decision. Additionally, we’re committed to helping traders grow and develop through consistent training and education. We offer many resources for both beginner and advanced users. For instance, our resource on how to create and manage a trading strategy is ideal for new traders, along with our article on how to manage forex trading stress. Advanced traders will also find value, including understanding Gartley and how to trade with it.
Knowing the best brokers for CFD trading is just the first step. A successful journey also includes ongoing training and development, market understanding and careful risk management.
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