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Written By
Michael MacKenzie
Written By
Michael MacKenzie
Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.
» Michael MacKenzie Profile Page
Edited By
James Barra
Edited By
James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks.James authors, edits and fact-checks content for a series of investing websites.
» James Barra Profile Page
Updated
Jan 11, 2024
Discover our list of the best CFD brokers and trading platforms. Every CFD broker we recommend has been tested by our research team, earning a high overall rating and the trust of our experts.
Top 5 CFD Brokers
As of March 2024, we have reviewed almost 500 brokers and our hands-on tests show that these are the 5 top CFD brokers:
- Interactive Brokers - Over 8,000 CFDs are offered on a vast array of instruments, encompassing stocks, indices, forex, and commodities. Moreover, the TWS platform lends itself to seasoned day traders, offering a comprehensive selection of over 100 order types and algorithms, alongside premium market data sourced from reputable sources such as Reuters and Dow Jones.
- DNA Markets - DNA Markets offers a small suite of 250 CFDs covering stocks, indices, forex, commodities and cryptos, providing opportunities to speculate on rising and falling prices. There are no restrictions on strategies with leverage up to 1:30 (Australia) or 1:500 (rest of world).
- IG - IG offers a huge selection of 17,000+ CFDs, providing more trading opportunities than most CFD brokers. Traders can go long or short on popular markets like stocks, currencies, commodities and cryptos, while custom price alerts and the IG Academy continue to enhance the trading experience.
- IQCent - CFDs are available on forex, indices, commodities and cryptos, although the range of 100+ instruments is limited compared to alternatives such as Quotex with 400+. Leverage is available up to 1:500 but the $250 minimum deposit is noticeably higher than competitors.
- Videforex - Videforex CFDs are available on forex, indices, cryptocurrencies and commodities with up to 1:500 leverage and tight spreads from near zero. CFDs incur a commission fee of 1%–2.5% and up to 5% for leveraged trades.
Best CFD Brokers and Trading Platforms in 2024 Comparison
| Broker | Minimum Deposit | Leverage | Platforms | Regulators | Visit |
|---|---|---|---|---|---|
| | $0 | 1:50 | Trader Workstation (TWS), Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral | FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB | Visit |
| | $100 | 1:500 | MT4, MT5 | ASIC | Visit |
| | $0 | 1:30 (Retail), 1:250 (Pro) | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA | Visit |
| | $250 | 1:500 | Online Platform, TradingView | IFMRRC | Visit |
| | $250 | 1:500 | TradingView | - | Visit |
| | $50 | 1:2000 | Scope Trader, MT4, MT5 | CMA, FSC, FSCA | Visit |
| | $10 | 1:1000 | MT4, MT5 | VFSC | Visit |
| | $1 | 1:1000 | MT5 | SVGFSA | Visit |
| | $10 | 1:500 | TradeLocker | Pending | Visit |
| | 0.001 BTC | 1:500 | MT4, MT5 | - | Visit |
| | $250 | 1:500 | TradingView | - | Visit |
| | $250 | 1:500 | Own | VFSC | Visit |
| | $1 | 1:1000 | MT4, MT5 | SVGFSA | Visit |
#1 - Interactive Brokers
Why We Chose Interactive Brokers
Over 8,000 CFDs are offered on a vast array of instruments, encompassing stocks, indices, forex, and commodities. Moreover, the TWS platform lends itself to seasoned day traders, offering a comprehensive selection of over 100 order types and algorithms, alongside premium market data sourced from reputable sources such as Reuters and Dow Jones.
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
- DayTrading Review Team
- FTSE Spread: 0.005% (£1 Min)
- GBPUSD Spread: 0.08-0.20 bps x trade value
- Stocks Spread: 0.003
- Leverage: 1:50
- Regulator: FCA, SEC, FINRA, CBI, CIRO, SFC, MAS, MNB
- Platforms: Trader Workstation (TWS), Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
About Interactive Brokers
Interactive Brokers (IBKR) is a premier brokerage for experienced traders, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
Pros
- With low commissions, tight spreads and a transparent fee structure, IBKR delivers a cost-effective environment for short-term traders.
- IBKR is one of the most respected and trusted brokerages and is regulated by top-tier authorities, so you can have confidence in the integrity and security of your trading account.
- While primarily geared towards experienced traders, IBKR has made moves to broaden its appeal in recent years, reducing its minimum deposit from $10,000 to $0.
Cons
- IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
- Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
Visit Interactive Brokers
#2 - DNA Markets
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Review
Why We Chose DNA Markets
DNA Markets offers a small suite of 250 CFDs covering stocks, indices, forex, commodities and cryptos, providing opportunities to speculate on rising and falling prices. There are no restrictions on strategies with leverage up to 1:30 (Australia) or 1:500 (rest of world).
"DNA Markets is an excellent choice for short-term traders familiar with the MetaTrader platforms. The smooth sign-up process also makes it easy to get started while the $100 minimum deposit is accessible. That said, DNA Markets trails the top brokers in education, research and mobile trading. "
- DayTrading Review Team
- FTSE Spread: 1.7
- GBPUSD Spread: 1.0
- Stocks Spread: 1.0 cent + $0.02 per share, per side (Apple)
- Leverage: 1:500
- Regulator: ASIC
- Platforms: MT4, MT5
About DNA Markets
DNA Markets is a forex and CFD broker established in 2020. The broker operates two entities in Australia and the offshore jurisdiction, St Vincent and the Grenadines. Traders can access 250+ markets, with a Standard account for beginners and a Raw account for experienced traders. The reliable MetaTrader 4 and MetaTrader 5 platforms are available, alongside Signal Start.
Pros
- Short-term trading strategies are permitted including scalping and automated trading using Expert Advisors (EAs)
- Convenient account funding with 7 base currencies, a $100 deposit and a wide range of payment methods
- Top-rate platforms and charting tools for day traders with access to MT4 and MT5
Cons
- Although it continues to strengthen its client base and reputation DNA Markets lacks the track record of top brokers like Vantage
- The investment offering trails alternatives, especially in terms of stocks, cryptos and commodities
- Despite access to MT4 and MT5, there is no proprietary trading app
Visit DNA Markets
#3 - IG
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Review
Why We Chose IG
IG offers a huge selection of 17,000+ CFDs, providing more trading opportunities than most CFD brokers. Traders can go long or short on popular markets like stocks, currencies, commodities and cryptos, while custom price alerts and the IG Academy continue to enhance the trading experience.
"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."
- DayTrading Review Team
- FTSE Spread: 1.0
- GBPUSD Spread: 0.9
- Stocks Spread: 0.02
- Leverage: 1:30 (Retail), 1:250 (Pro)
- Regulator: FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA
- Platforms: Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
About IG
Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
Pros
- The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met
- IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis
- IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, providing ample diversification opportunities
Cons
- Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
- While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients
- Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges
Visit IG
#4 - IQCent
Visit
Review
Why We Chose IQCent
CFDs are available on forex, indices, commodities and cryptos, although the range of 100+ instruments is limited compared to alternatives such as Quotex with 400+. Leverage is available up to 1:500 but the $250 minimum deposit is noticeably higher than competitors.
"IQCent will appeal to day traders looking for a straightforward binary options and CFD trading platform with low fees, a range of accounts, and copy trading. Getting started takes less than 1 minute and a $250 deposit. "
- DayTrading Review Team
- FTSE Spread: 1.4
- GBPUSD Spread: 0.8
- Stocks Spread: N/A
- Leverage: 1:500
- Regulator: IFMRRC
- Platforms: Online Platform, TradingView
About IQCent
IQCent is an offshore binary options and CFD broker based in the Marshall Islands. The brand continues to offer a range of unique account types with bonuses and perks, including payout boosts, TradeBacks and free rollovers. With 100+ assets, around-the-clock trading and 98% payouts, the firm is popular with aspiring short-term traders.
Pros
- The proprietary terminal offers TradingView-powered charts which deliver dozens of technical indicators and studies
- IQCent is one of the few binary options brokers that also offers a copy trading service for hands-off traders
- There's an accessible $0.01 minimum stake for new day traders with a small budget
Cons
- There's no automated trading support for algo traders
- The broker is not overseen by a respected regulator, though this is common among binary options firms
- The market analysis is very basic with limited technical summaries and insights from analysts
Visit IQCent
#5 - Videforex
Visit
Review
Why We Chose Videforex
Videforex CFDs are available on forex, indices, cryptocurrencies and commodities with up to 1:500 leverage and tight spreads from near zero. CFDs incur a commission fee of 1%–2.5% and up to 5% for leveraged trades.
"Newer traders will find a lot to enjoy about trading binary options on Videforex's easy-to-use proprietary platform, as well as the broker's copy trading solution. Payouts also remain higher than most alternatives climbing to 98%."
- DayTrading Review Team
- FTSE Spread: Floating from 0.2
- GBPUSD Spread: Floating from 0.1
- Stocks Spread: NA
- Leverage: 1:500
- Platforms: TradingView
About Videforex
Launched in 2017, Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.
Pros
- Videforex allows you to enter positions with just ¢0.01
- The support times are fast and reliable based on tests - few brokers offer 24/7 multi-lingual video support
- Global clients can make free and fast transfers via a wide range of payment types, from credit cards to cryptocurrencies
Cons
- US clients aren’t accepted due to legal restrictions
- The broker isn’t overseen by a trusted regulatory agency
- No MetaTrader 4 integration
Visit Videforex
How To Choose A CFD Broker
Contracts for difference (CFDs) are a high-risk product available from hundreds of online brokers, however not all firms can be trusted and trading conditions vary. That’s why we, and you, should look at several factors to find the right CFD broker for your needs:
Trust
The most important consideration is choosing a trusted CFD broker.
You risk losing money in scams or from business failure if you sign up with an unreliable broker. This was demonstrated in 2023 when a seemingly credible CFD broker, EverFX, was found to be operating a scam where account managers encouraged traders to move capital to high-risk, unregulated entities, leaving clients with little to no regulatory protection.
The best sign that a CFD broker can be trusted is oversight from a top-rate regulator like the UK Financial Conduct Authority (FCA), Australian Securities & Investments Commission (ASIC), or Cyprus Securities & Exchange Commission (CySEC).
That’s why we review each CFD broker’s licensing details to ensure they have the regulatory authorizations they advertise.
We also test each broker carefully to check for unethical practices and only recommend brokers that earn the confidence of our in-house experts, who have reviewed hundreds of brokers over many years.
- Plus500 maintains a very high trust score of 4.9/5 thanks to its oversight from the likes of the FCA, ASIC and CySEC, listing on the London Stock Exchange, 15+ years of industry experience, transparent trading conditions, and excellent reputation.
Markets
Selecting a CFD broker that offers access to the financial markets you want to speculate on is key.
CFDs are a versatile trading vehicle that can be used to trade a wide range of asset classes, including stocks, forex, commodities and cryptocurrencies, and we look for brokers that provide enough variety for traders to build a diverse portfolio.
- CMC Markets continues to excel for its above-average selection of 12,000+ CFDs, including 300+ currency pairs – more than every other CFD broker we have tested to date.
Fees
Picking a CFD broker with competitive fees is an important consideration, especially for active day traders for whom frequent costs can cut into profits.
Most CFD brokers make money through spreads. This is the difference between the quoted buy and sell prices, and real market prices. It’s essentially a markup for the broker’s services.
Fees also come in the form of commissions which take a percentage of each trade. The good news is that to stay competitive, many of the best CFD brokers are waiving commission fees.
CFD brokers also make money through financing. When you trade using margin or leverage, you essentially borrow funds from the brokerage to increase your position size. Most firms factor in a fee for these financing services.
We monitor the trading fees of our top CFD brokers each year to ensure they maintain their edge by continuing to offer tight spreads with low or no commission fees.
We also weigh the trading and non-trading fees (deposit/withdrawal charges and inactivity penalties) against the total package available, including market access and trading tools, on the basis that value for money is more important than simply having the lowest fees.
- IC Markets consistently ranks as one of our cheapest CFD brokers. The Standard account is great for beginners with commission-free CFDs and spreads from 0.8 pips, while the Raw account will serve intermediate and advanced traders with spreads from 0.0, a low commission of $3.50, plus rebates for high-volume traders.
Leverage
Given the risk of high losses with derivatives like CFDs, choosing a broker with transparent leverage and margin requirements is key.
Leverage allows you to greatly increase the potential profitability of trades with a relatively small amount of capital. Leverage is often written as a ratio, for example 1:10. Here, a $100 outlay would give you $1,000 in buying power ($100 x 10).
Importantly, the amount of leverage available can vary greatly among CFD brokers. If your broker is regulated by a top-tier body like the FCA, ASIC or CySEC, then it is likely to be restricted to a maximum of 1:30 for forex and lower amounts for more volatile instruments like crypto.
These regulators also require CFD brokers to provide negative balance protection, ensuring you cannot lose more than your account balance.
Still, many traders choose to sign up with offshore CFD brokers who can offer higher amounts of leverage, sometimes reaching 1:3000.
I do not recommend beginners trade CFDs with high leverage given the risk of substantial losses. And if you do, make use of risk management tools in your broker’s platform like stop-loss orders. These can limit potential losses.
Michael MacKenzie
Author
- FXCC is a good example of a reliable CFD broker that offers leverage up to 1:500 for traders who sign up with its global entity.
Platforms and Apps
Choosing a broker with a user-friendly CFD trading platform and the features you need to analyze the markets is essential.
Based on our extensive experience, the top CFD brokers offer popular third-party software like MetaTrader 4, which is great for advanced traders interested in technical analysis and algo trading, alongside user-friendly proprietary platforms and mobile apps that deliver an intuitive user experience for beginners.
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Pro Tip: Test the broker’s CFD trading platform using a demo account to make sure you like the interface and that it offers the features you need.
- AvaTrade stands out for its excellent platform line-up, from MT4 and MT5 to the in-house WebTrader that performed well during testing with an intelligent design, smooth user experience and a strong charting package comprising 60+ indicators, 14 drawing tools and 10 timeframes.
Value-Add Features
With many CFD brokers offering competitive packages today, considering the additional features available can be a great way to find a firm that best caters to your experience level and strategy.
We’ve seen that the best CFD brokers offer a variety of extra tools to give traders the best chance at success. This can include engaging educational materials and social investing platformsto support new traders, market research tools like Trading Central to help you discover opportunities and virtual private server (VPS) hosting to give advanced day traders the fastest execution speeds with low latency.
- Pepperstone excels for its large suite of extra tools that elevate the CFD trading experience, from daily market news, code-free automation tools like Capitalise.ai, and top-rate education with guides to CFDs for beginners.
Bottom Line
The best CFD brokers provide a secure environment where you can speculate on global financial markets with user-friendly tools and low fees. Choose from our list of top CFD brokers to find the right platform for your needs.
Find out more about how we test CFD brokers.
FAQ
What Is A CFD?
In a CFD trade, you can place a long or short bet on the price movement of an instrument without needing to actually buy or sell it.
The profit (or loss) is determined by the difference between the starting price and the price when you close the contract.
Since CFDs can be traded with leverage, even traders with a relatively small amount of capital can generate significant profits (or large losses).
CFDs can also be a good way for day traders to earn from smaller price movements over short timeframes.
What Is A CFD Broker?
A CFD broker is a financial intermediary that enables you to speculate on price movements in various financial markets without owning the underlying assets.
They facilitate the trading process through an online platform. You sign up for an account, deposit funds, trade CFD products and then withdraw any profits.
Are All CFD Brokers Regulated?
CFDs are legal financial instruments that are tightly regulated in many jurisdictions. That said, brokers are banned from offering CFDs in some countries, including the United States.
Recommended Reading
Article Sources
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