Best CFD Brokers and Trading Platforms of 2023

List of Top CFD Brokers

• Vantage – Best Overall
  Competitive fees. Good selection of CFD instruments, including 43 cryptocurrencies. MT4 and MT5, ProTrader. Lots of deposit and withdrawal options. Excellent research materials.
• IronFX – Best MT4
  Regulated by FCA and CySEC. MT4 available across desktop, web, and mobile. MT4 MultiTerminal for managed accounts. VPS Hosting. STP and ECN accounts.
• IC Markets – Best Low Spreads
  Rock bottom fees. MT4 and MT5, cTrader. 1700+ CFDs. Trading Central and AutoChartist.
• TMGM – Best for Share CFDs Trading
  12,000 CFDs on shares. MetaTrader 4 and IRESS platforms. Low spreads and fees. Fast execution. Dividends paid on CFDs on shares and indices.
• FlowBank – Best CFD Trading Platform
  Regulated by Swiss FINMA. 50K+ instruments. Proprietary FlowBank platform for desktop and mobile, MT4 and MT5. Wide range of research tools.
• FP Markets – Best for Professional Traders
  10,000+ CFD instruments. Competitive spreads. MT4 and MT5, cTrader, proprietary mobile app, WebTrader. Autochartist, VPS, Myfxbook. MAM/PAAM.
• BDSwiss – Best CFD Trading App
  User-friendly BDSwiss Mobile App. 250+ instruments, including 26 cryptos in the app. Plenty of deposit and withdrawal options.
• Tickmill – Best for Beginners
  FCA and CySEC regulated. Excellent educational and research materials. TradingView and Agena, MT4 and MT5, proprietary mobile app.
• Markets.com – Best for Education
  Multi-regulated broker. 15+ years of experience. Diverse range of instruments. Reliable support. Live webinars. Educational video series. Beginner-friendly platform.
• AvaTrade – Best for Copy and Social Trading
  Variety of copy and social trading options. Low fees for major instruments. Over 1,250 CFD instruments to trade.

What should you know about CFD trading?

CFD trading has major benefits and at the same time significant risks. It provides flexibility in that you can easily go long (buy) or short (sell without owning) – meaning that it is possible to profit in both rising and falling markets. CFD trading is highly leveraged, which allows you to take a substantial position in the market with a small initial deposit. When using leverage, both profits and losses are magnified.

CFD trading also has the advantage that you can trade a vast range of instruments from a single account. Most leading CFD brokers provide access to forex, indices, commodities, shares, and cryptocurrencies – all from one trading platform. Typically the required minimum deposit is minimal, making a low barrier to entry for trading global financial markets.

How did FXEmpire select the Best CFD Trading Brokers and CFD Platforms?

We carefully considered the needs of CFD traders and focused on the qualities which benefit this group the most.

• We researched the regulations of each broker and assessed their level of trustworthiness, reliability, and financial strength.
• We focused on brokers with low spreads and swap fees, which keeps trading costs minimal for CFD traders.
• We reviewed available software for CFD trading, focusing on platforms with robust charting, diverse order types, 1-click trading, watchlists, alerts, and an intuitive interface.
• We checked the availability of a strong variety of tradable CFD instruments, including forex, indices, commodities, shares, and cryptocurrencies.
• We looked for fast, responsive, and helpful customer support across the phone, live chat, and email.
• We verified the availability of a good variety of deposit and withdrawal methods, making it fast and easy to move money in and out of your account.
• We examined the available leverage for CFD trading. Leverage allows you to trade without paying for the full value of your position upfront.
• We checked the available account types for CFD trading and whether they can cater to both beginners and advanced traders.
• We looked for insightful research and educational content to enhance traders’ understanding of the financial markets, develop effective trading strategies, and make informed decisions.

Our team of experts has identified brokers’ strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

Now let’s go through the selected brokers.

Our Methodology

In selecting the best CFD brokers we used the results of our advanced proprietary methodology. All of the brokers listed were among the leaders in our tests.

FXEmpire has been reviewing brokers since 2010 and has pioneered the in-depth evaluation of CFD brokers. Our process has taken years to refine and involved hundreds of reviews. We’ve gone to a granular level – with over 250 data points in our analysis of each broker – so you can feel confident in selecting the right platform.

To provide the most comprehensive view, we break down the brokers according to nine different categories:

• Trust
• Fees
• Platforms and tools
• Tradable instruments
• Customer service
• Deposit and withdrawal
• Account types
• Research
• Education

In our individual broker reviews, we explain complex areas like regulatory status, so you can easily understand the safety of your funds and the benefits you are guaranteed.

Data is gathered through live testing, research, detailed questionnaires, and in-person broker demonstrations. An account is opened with each broker, focusing primarily on the services of one entity and testing using the most standard account type and platform. We conduct live tests of spreads and measure overnight swap fees and account-related costs.

Our side-by-side analysis reveals whether a broker is competitive in relation to the industry as a whole. Trading platforms take time to master, but we have already done the legwork for you and our evaluations highlight their important features and usability.

FX Empire abides by strict guidelines for editorial integrity. Scoring is based on objective criteria and mostly measurable data, so our reviews cannot be swayed by individual preferences or biases. The review process is independent and follows a strict protocol. In addition, all facts are carefully checked and rechecked, as reviews are continually updated. Read more about our review process here.

In selecting the best CFD brokers, we prioritized well-regulated companies known for their trustworthiness and financial stability. We evaluated the spreads and swap fees of these brokers, favoring those that kept these costs low. We also assessed their trading platforms for a rich set of features and user-friendliness.

Brokers offering a wide range of tradable CFD instruments and a diverse selection of account types to cater to traders of varying experience levels were preferred. We also took into account the responsiveness of customer support, the convenience of deposit and withdrawal methods, and the leverage offered by different brokers.

Finally, we gave preference to brokers providing valuable research and educational resources, with the aim of empowering traders to gain a robust understanding of the markets, develop effective trading strategies, and make well-informed decisions.

Meet our Writers

The team of forex and CFD analysts and editors at FXEmpire is comprised of trading industry professionals and seasoned financial journalists. Our experts are published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

How to Choose a CFD Broker?

When looking for a CFD broker, you should pay special attention to the following points.

Can I trust the broker?

To be authorized and regulated, brokers must undergo audits, meet capital requirements, and provide segregated accounts and negative balance protection. You can search the regulator’s website to confirm the broker’s status and check for any disciplinary action. The broker’s size and operating history are also worth considering. You can usually find these on the company’s LinkedIn page.

Read more about Best regulated forex brokers.

What fees to consider when choosing a CFD broker?

It’s important to understand and compare the fee structures of different brokers before deciding which one to use. When choosing a CFD broker, there are main types of fees that a trader should consider:

Spreads: The spread is the difference between the buying and selling price of a financial instrument. It’s the main way CFD brokers make their money. Lower spreads generally mean lower trading costs.

Commissions: Some brokers charge a commission on trades in addition to spreads. This is often a fixed fee per trade, or it can be a percentage of the total trade volume.

Overnight or Swap Fees: If you hold a CFD position open overnight, you might have to pay a fee, known as an overnight or swap fee. It’s a fee that you pay or receive depending on the interest rate difference between the two currencies involved in the pair and whether you are long or short.

Inactivity Fees: Some brokers charge inactivity fees if you don’t make a certain number of trades within a specified timeframe.

Withdrawal Fees: Some brokers may charge you for withdrawing money from your account. Check the fee structure and withdrawal methods before choosing a broker.

Not all brokers charge fees in the same way. Some charge a commission per trade, while others earn through the spread. Some may also include hidden charges like inactivity fees or withdrawal fees. It’s crucial to understand these fee structures to make an informed comparison.

Read more about best lowest spread forex brokers.

How to choose a CFD trading platform?

An intuitive, easy-to-navigate platform will allow you to launch into the trading world with minimal hitches. The most user-friendly platforms are typically browser-based platforms created by the broker. Look for easy-to-implement features such as watchlists, trading from the chart, search, news, and a customizable interface. MetaTrader and cTrader platforms have advanced features like backtesting, automated trading, and a wide range of order types, though are less user-friendly.

There are a variety of trading platforms available to forex traders. Here are a few that you may want to consider for gaining great trading results.

MetaTrader 4 and MetaTrader 5 are two of the most popular and widely used forex and CFD trading platforms, offering a good range of features and tools, such as advanced charting tools, automated trading through expert advisors, custom indicators and expert advisors, one-click trading and portfolio management.

Check out our dedicated guides on best MT4 brokers and best MT5 brokers.

TradingView is another growing and popular charting platform that makes it possible to track almost all markets, and describes itself as a “supercharged super-charting platform and social network for traders and investors.” TradingView has over 50 million users.

cTrader, developed by Spotware Systems, is a strong platform for high-frequency day traders of the forex market. It specializes in providing an algorithmic, social trading community for the financial market.

Read more about best cTrader brokers.

ZuluTrade is a social forex and CFD trading platform that allows you to easily follow and copy other traders. As Zulutrade has a more social approach, tools for charting and technical analysis are limited.

Check out our dedicated guide on best forex trading platforms.

What is the minimum deposit?

The minimum deposit required by a CFD broker varies widely and depends on the individual broker’s policies. Typically, the minimum deposits at CFD brokers are relatively low. For example, among the brokers listed in this article, minimum initial deposits range from $0 in the case of FlowBank to $200 in the case of IC Markets.

What account types are available?

A broad range of account types helps a broker cater to different trader profiles. For example, a simple STP account may be the best for beginners in the markets, while an ECN/Raw Spread account can help sophisticated, active traders keep their costs to a minimum.

Here are some of the most common account types offered by CFD brokers:

Standard Accounts: These are the most common types of accounts that CFD brokers offer. They usually provide access to a wide range of financial instruments, including indices, commodities, shares, and more. The minimum deposit requirement for standard accounts can vary greatly between brokers.

Mini or Micro Accounts: These accounts are designed for beginners or traders with smaller account balances. They often allow trading with smaller contract sizes, which can be a way to manage risk, especially for new traders learning the ropes.

VIP or Premium Accounts: These accounts are designed for high-volume or professional traders. They often come with lower spreads or commissions, a dedicated account manager, and other perks like free access to premium research or advanced trading tools. However, they usually require a higher minimum deposit.

Demo Accounts: Almost all CFD brokers offer demo accounts where traders can practice their strategies with virtual money before risking real money. This is a great way to get to know the broker’s platform and test your trading skills.

Read more about Best forex demo accounts.

Islamic Accounts: These are swap-free accounts that comply with Islamic law, which prohibits earning or paying interest. They are designed for traders of the Islamic faith.

Read more about Best Islamic forex accounts.

What is the available leverage?

The available leverage at CFD brokers is a significant benefit when trading CFDs. The amount of leverage you have available depends on where your broker (or broker entity) is situated. For example, if you have an account with a UK-based FCA-regulated broker, the maximum leverage available is 1:30. Offshore brokers typically offer higher leverage, often 1:500 or even more in some cases.

Beware of using excessive leverage, even if it is tempting. It’s an enthralling feeling to control a large position in the market. But when markets are moving fast, and you are holding a highly leveraged position, there is a very high risk of losing money. Accounts can get wiped out in seconds.

Is customer support reliable?

Having solid support on hand is essential. Check the hours of availability, for example, whether help is on hand 24/7 or only during business hours. Chat support is the most convenient, so look for an easy-to-access chat window built into the broker platform. In the case of a platform outage, it is also important to be able to contact support via phone.

What to avoid when choosing a CFD broker?

Opening an account with an unregulated offshore broker entails substantial risk. In some instances, brokers with offshore entities purchase private insurance from Lloyds of London to mitigate the risk for clients. Be sure to check what kind of account insurance is available to safeguard your account – whether a compensation fund is provided in association with a regulator or private insurance.

Another important area to check is trading costs and fees. Some brokers may have very wide spreads making it expensive to get in and out of trades. In some cases, for example, when trading CFDs on shares, commissions may also be added. Among account-related fees, find out if there is an inactivity fee – many brokers charge a sum each month after your account has been dormant for a set period. If you take a break from the market and are unaware of this, you could be surprised to find your account balance lower when you return to trading.

How to avoid forex and CFD scams?

High-Return Guarantees. A common scam in the forex and CFD industry involves vendors offering a trading strategy that guarantees an outlandishly high return in little time. These may involve automated trading using bots or a signal service where trades are shared via chat or social media. Nobody can guarantee returns with certainty, and it is more likely that such strategies will lose money. When assessing strategy or signal providers, you should look for a live track record audited by a third party and be conscious that past performance does not guarantee future results.

Lack of Protection. Traders should also be cautious about opening an account with an unregulated offshore broker. Such brokers may offer a straightforward account opening process, bonuses, and high levels of leverage, but client funds are typically not protected. Meanwhile, brokers regulated by top-tier authorities must undergo regular audits and are held accountable for misconduct. Traders can also benefit from having their funds held in segregated accounts, negative balance protection, and a compensation fund in the event of broker insolvency.

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