Best Brokers For Professional Traders
Professional traders can qualify for more attractive account conditions than their retail counterparts, in return for a larger deposit and fewer safeguards. To compile a list of the best brokers for professional traders, our experts considered:
- The minimum deposit
- The maximum leverage
- The fees and rebates
- The personalized support
- The exclusive perks
Best Brokers For Professional Traders 2023
These are the 3 best professional trading accounts based on our findings:
Top 3 Broker Comparison
| Forex.com | OANDA US | IG Group | |
|---|---|---|---|
| Minimum Deposit | $100 | $0 | $0 |
| Leverage | 1:50 | 1:50 | 1:30 (Retail), 1:250 (Pro) |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral | MT4, TradingView, AutoChartist | MT4, AutoChartist, TradingCentral |
| Automated Trading | Expert Advisors (EAs) on MetaTrader | Expert Advisors (EAs) on MetaTrader | Expert Advisors (EAs) on MetaTrader, build your own on ProRealTime |
| Fast Execution | Yes | Yes | Yes |
| Instruments | Forex, Spot Metals | Forex, Crypto | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting |
| Regulators | NFA, CFTC | NFA, CFTC | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA |
| Visit | Visit | Visit | Visit |
#1 - Forex.com
The Forex.com pro account is a good option for active traders with one-on-one priority support, deep liquidity, and reimbursed bank transfer fees. The broker also offers up to 4.5% APY interest on daily available margin balances up to $500K, with a further 1.5% on $500K+. Discounted commissions are also available up to $40 per million.
"Forex.com is an excellent broker for forex traders with over 80 currency pairs, tight spreads, low commissions and powerful platforms. The brand is also heavily regulated while its parent company is listed on the NASDAQ, giving it a high trust score."
- DayTrading Review Team
- Instruments: Forex, Spot Metals
- Regulator: NFA, CFTC
- Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
- Min. Deposit: $100
- Min. Trade: 0.01 Lots
- Leverage: 1:50
Forex Trading
Forex.com is a leading FX broker. The brand offers a wide range of currency pairs and some of the lowest fees in the industry. Spreads on the EUR/USD come in as low as 0.0 with a $7 commission per $100k.
Stocks Trading
Forex.com offers access to thousands of US, EU and UK stocks, with spreads of just 1 point. Speculate on household names as well as new IPOs. US stocks are available from just 1.8 cents per share.
About Forex.com
Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
Pros
- Beginner-friendly web platform and mobile app
- Excellent trading tools including Trading Central, SMART Signals and MetaTrader 4
- Up to 15% cashback rebates for active traders
Cons
- Investment offering varies between countries
- $15 monthly inactivity fee
- No copy trading platform
#2 - OANDA US
OANDA US offers a popular professional trading account with oversight from the NFA. Clients can get lower fees with up to $15 per million rebates or spreads from 0.1 pips with a $3.50 commission per side. A free VPS is also available to pro traders.
"We recommend OANDA for US traders seeking a user-friendly platform with premium market research and a straightforward joining process. OANDA is a particularly good pick if you want a heavily regulated broker with a secure trading environment."
- DayTrading Review Team
- Instruments: Forex, Crypto
- Regulator: NFA, CFTC
- Platforms: MT4, TradingView, AutoChartist
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:50
Forex Trading
OANDA offers 68 forex pairs, more than many alternatives. The broker's in-house platform also offers impressive execution speeds and a suite of advanced charting and analysis tools.
Crypto Trading
Speculate on the world's biggest cryptos by market cap. Commissions are lower than many peers starting at 0.25%. Clients can spot trade cryptocurrencies on Paxos's itBit exchange through the OANDA platform via OANDA’s partnership with Paxos. Users can trade digital currencies in a few taps through the iOS and Android mobile app.
About OANDA US
OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available, alongside flexible contract sizes and automated trade executions.
Pros
- Transparent pricing structure with no hidden charges
- API facilitates access to 25 years of historical data and rates from 200+ currencies
- Industry-leading platforms including MT4 and TradingView
Cons
- Customer support not available on the weekend
#3 - IG Group
IG offers a competitive professional trading account with tiered cash rebates, up to 90% lower margins and additional trading products, including access to digital 100s and cryptocurrencies. Pro traders can also use up to 95% of their IG share dealing account as margin for leveraged trades.
"IG offers a superb all-round package. Beginners will appreciate the user-friendly web platform and secure trading environment while established investors will rate the 17,000+ markets and top-tier market research."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
- Regulator: FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA
- Platforms: MT4, AutoChartist, TradingCentral
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:30 (Retail), 1:250 (Pro)
CFD Trading
IG offers an impressive suite of 17,000+ CFD instruments. Negative balance protection ensures accounts cannot drop below zero while custom price alerts and the IG Academy enhance the trading experience.
Forex Trading
IG offers currency trading on its award-winning web platform and mobile app. Comprehensive charts and forex analysis tools are also available through ProRealTime.
Stocks Trading
IG offers 13,000+ shares, with more listed firms than most competitors. Fees are low with no commission on US stocks. Extended hours trading is also available alongside ultra-fast execution speeds of 0.014 seconds.
Crypto Trading
11 popular cryptos are available, plus two crypto crosses. A crypto index is also offered, following the value of the top 10 digital currencies by market cap. All cryptos are available via CFDs.
About IG Group
IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
Pros
- Users have access to a comprehensive range of charts, market news, client sentiment data, and analysis tools
- 24/5 customer support is available
- Opening an account takes less than 5 minutes
Cons
- Inactivity charge
- No copy trading platform
Comparing Brokers With Pro Accounts
Based on our tests, the best professional trading accounts offer low deposits, high leverage, tight spreads, fee rebates, advanced tools, and priority support.
Our team unpack these comparison factors and our methodology in more detail below.
Minimum Deposit
While professional traders tend to have more capital than retail investors, a lower minimum deposit still makes a broker more accessible.
Our team compare the initial deposit requirements at different pro trading accounts to find the brands with the most straightforward funding requirements.
- AvaTrade requires a reasonable $100 deposit to get started with its professional trading account.
Leverage
Brokers tend to offer higher leverage in their professional trading accounts.
While in the EU, UK and Australia, leverage is generally capped at 1:30 for retail traders, pro traders can access rates in excess of 1:400.
Fees
Fees are particularly important for professional traders who often employ highly leveraged strategies with very tight margins.
We consider brokers with low, raw spreads as the most suitable for professional traders. As well as the tightest spreads, we also assess the round-turn commission, and any additional fees such as charges for account maintenance, withdrawals, and third-party tools.
- IC Markets offers tight spreads from 0.0 pips alongside a $3.50 commission. You can also lower the commission to $3.00 on cTrader.
Rebates
The level of rebates and volume requirements can have a significant impact on the bottom line of a high-volume trader.
As a result, we evaluate the discounts available in professional trading accounts.
- Pepperstone offers rebates on trading fees starting from 15% for traders with a volume from £20–£99 million, rising to 20% from £100–£199 million, 25% up to £299 million, and a tailored rate thereafter.
Support
The best brokers for professional traders offer dedicated account managers with priority support and shorter queue times.
This is because any downtime could effectively stop you from doing your day job, and an issue with your platform or funding method could scupper a carefully planned position or lead to heightened losses.
- OANDA stands out for its personal relationship manager on-hand to support with queries.
Tools
Professional traders can benefit from specialized tools to help execute strategies.
These can include Virtual Private Servers (VPS), which facilitate 24-hour access to financial markets with reduced latency. These are especially useful for algorithmic trading, and are frequently used in conjunction with MetaTrader’s Expert Advisors.
- XM offers a free VPS when you trade 5 lots per month and have an account balance of $5,000 – achievable criteria for high-volume pro traders.
How To Qualify For A Professional Trading Account
The key difference between professional and retail trading accounts is that the former are normally only available to traders who meet certain criteria, whereas the latter are available to most adults who want to trade online.
The criteria to become a professional trader varies between regulators and brokers, but usually includes:
- Demonstrating you have experience with relevant derivative products for at least one year
- Evidencing that you have completed suitably sized trades at least 10 times per quarter over the last year
- Holding a significant financial portfolio of at least €500,000
Brokers for professional traders normally only require two of these three criteria to be fulfilled. This means they can accommodate both working professionals who can prove they frequently make trades, and experienced retail traders who can show they have sufficient capital and are actively trading with large amounts.
FAQ
What Is A Professional Trading Account?
Professional trading accounts are offered by some brokers and provide specialized trading terms for high-volume traders.
Importantly, pro trading accounts differ from retail trading accounts by offering higher leverage, lower spreads, fee rebates, advanced tools and dedicated support.
Can Anyone Open A Professional Trading Account?
Whereas retail trading accounts are available to most adults with the required documents and initial deposit, professional trading accounts are reserved for pro traders who meet certain criteria.
Criteria can vary depending on the regulator and broker, but applicants usually have to show they have experience in relevant trading products (e.g. forex and CFDs), a track record of placing large and frequent trades (e.g. at least 10 per quarter for the last 4 quarters), and/or a sufficiently-sized financial portfolio (e.g. upwards of €500,000).
What Are The Benefits Of A Professional Trading Account?
Pro traders are not restricted to the lower rates of leverage that top-tier regulators usually stipulate for retail investors – normally around 1:30. As a result, a regulated, reliable broker can offer professional clients up to 1:500 or more.
Professional clients usually execute a much higher volume of trades, and thus they are generally afforded more competitive fees with tighter spreads and lower commissions. Rebates are also common through schemes that offer greater discounts the more you trade.
Many brokers for professional traders will offer clients one-to-one, personalized account support, to ensure they can get the most out of their platforms and services.
Professional trading accounts often have access to the best tools and features a brokerage offers. This can include free access to or reimbursement for Virtual Private Servers (VPS).
What Are The Risks Of A Professional Trading Account?
Professional traders are not covered by the same safeguards imposed by regulators to protect retail traders. This means you may waive negative balance protection and restrictions on high-risk products like cryptocurrency.
Brokers for professional traders also require larger sums of upfront investment. These can take the form of higher minimum deposits and ongoing monthly trading volume requirements.
Are There Alternatives To Professional Trading Accounts?
Funded trading accounts are an attractive alternative for retail traders who want to make a step up from their standard trading accounts but do not meet the criteria to count as professionals.
A funded trading account allows traders to earn money from the profits of trades they make from capital provided by a prop firm. Most brokers with funded accounts require traders to complete a trading challenge to prove their skills, and then supply them with a set amount of starting capital that the traders can increase by meeting profit targets.
What Brokers Do Professional Traders Use?
Our team have ranked the best brokerages for professional traders. In running our comparison, we took into account multiple factors, from leverage, support, tools and fee rebates, to the safeguards you may have to give up, including negative balance protection and access to investor compensation schemes.
What Trading Platform do Professional Traders Use?
MetaTrader 4 (MT4) is the independent trading platform most commonly used by professional traders. It has been around for a long time and is still the most popular, despite the later released MetaTrader 5. MetaTrader 4 offers technical indicators, charts and automated trading support, while also being very customizable.
Some brokers have proprietary trading platforms that are good enough for many professional traders. See our list of top brokers for trading professionals above for options.
Article Sources
- AvaTrade - Professional Trading Account Requirements
- Pepperstone - Professional Trading Account Requirements
- IC Markets - Professional Trading Account Requirements
- IG - Professional Trading Account Requirements
- CMC Markets - Professional Trading Account Requirements
- Forex.com - Professional Trading Account Requirements
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