CFD trading software is a vital element of any investor’s toolkit, facilitating trades and aiding with technical analysis. However, finding the best CFD trading platform can be hard given the variety on the market today. This review will show how you can compare the best platforms on the market, provide a comparison of the top platforms on offer and discuss which countries permit the use of CFD trading software.
Best CFD Trading Software
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- FTSE Spread: 2.5
- GBPUSD Spread: 1.5
- Stocks Spread: 1.53 (Apple)
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- FTSE Spread: 1.5
- GBPUSD Spread: 0.5
- Stocks Spread: No mark-up
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- FTSE Spread: 1.10
- GBPUSD Spread: 0.4
- Stocks Spread: 0.17 (Apple)
84.6% of retail CFD accounts lose money. -
- FTSE Spread: 1.0
- GBPUSD Spread: 0.5
- Stocks Spread: 0.01
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- FTSE Spread: 1.64
- GBPUSD Spread: 1.9 average
- Stocks Spread: Variable
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- FTSE Spread: Variable
- GBPUSD Spread: Variable
- Stocks Spread: Variable
Learn how we test brokers and why you can trust our ratings.
Here is a short summary of why we think each broker belongs in this top list:
- Markets.com 4.4/5 Markets.com delivers a broad CFD offering spanning forex, commodities, indices, stocks, ETFs, bonds, cryptocurrencies, and even unique thematic blends and IPOs. Low trading costs and accessible education make it beginner-friendly, while feature-rich charting platforms and specialized tools like hedge fund confidence and insider trading alerts give experienced CFD traders an analytical edge.
- BlackBull 4.5/5 BlackBull is an obvious choice for CFD traders, providing leveraged trading, low spreads from 0.0 pips, and 24/7 support that performed excellently during testing, providing a sense of confidence for active traders operating in fast-moving markets.
- FXCC 4.6/5 FXCC offers a range of CFDs beyond forex with a modest selection of metals, energies, indices, but hundreds of equities and more than two dozen cryptos. The ECN XL account has no restrictions on CFD trading strategies and MetaTrader offers robust charting tools and risk management, including take profit and stop loss orders.
- Vantage 4.7/5 Traders can speculate on 1000+ financial markets with high leverage up to 1:2000 depending on the region. You can bet on rising and falling prices in currencies, commodities, indices, shares, and more without owning the underlying asset. With the comprehensive choice of CFD trading platforms, users can also switch between desktop, web and mobile for a seamless trading experience.
- FP Markets 4.2/5 FP Markets offers CFD trading on a first-rate selection of financial markets, spanning stocks, major global indices, commodities, metals, cryptocurrencies, and bonds. With tight spreads, fast execution speeds, leverage up to 1:500 and top-tier liquidity, short-term traders get an efficient and seamless trading experience.
- Bullwaves 3.9/5 Bullwaves offers CFDs with leverage up to 1:500, providing short-term trading opportunities on upward/downward price movements. However, the selection of CFDs is fairly narrow, with 100 currency pairs, six indices and two metals. Notably, there are no cryptos, although stocks and soft commodities have been added.
CFD Trading Software Comparison
| Broker | CFD Leverage | Minimum Deposit | Minimum Trade | Regulators |
|---|---|---|---|---|
| Markets.com | 1:500 | $200 | 0.01 Lots | ASIC, CySEC, FSCA, BVI FSC |
| BlackBull | 1:500 | $0 | 0.01 Lots | FMA, FSA |
| FXCC | 1:1000 | $0 | 0.01 Lots | CySEC, MISA |
| Vantage | 1:500 | $50 | 0.01 Lots | FCA, ASIC, FSCA, VFSC, CIMA |
| FP Markets | 1:30 (UK), 1:500 (Global) | $0 | 0.01 Lots | ASIC, CySEC, FSA, FSCA, FSC, SCB, CMA-Kenya |
| Bullwaves | 1:500 | $100 | 0.01 Lots | FSA |
Community Sentiment
See how users rate these brokers based on the average customer ratings submitted on DayTrading.com, plus ratings from Trustpilot, the Apple App Store and Google Play.
| Broker | Our Users' Rating | Trustpilot Score | Trustpilot Reviews | iOS App Rating | Android App Rating |
|---|---|---|---|---|---|
| Markets.com | 1258 | ||||
| BlackBull | 3521 | ||||
| FXCC | 225 | ||||
| Vantage | 15864 | ||||
| FP Markets | 10373 | ||||
| Bullwaves | 677 |
Markets.com
Markets.com is best suited to retail investors who trade frequently but don’t want to calculate commissions, thanks to its spread-only pricing (EUR/USD around 1.3 pips). It especially appeals to short-term traders who value fast execution, flexible asset choice spanning 2,200+ instruments and proprietary tools like hedge fund confidence indices and insider trade alerts.
Christian Harris, Reviewer
Markets.com quick facts
- FTSE Spread
- 2.5
- GBPUSD Spread
- 1.5
- Stocks Spread
- 1.53 (Apple)
- Leverage
- 1:500
- Regulator
- ASIC, CySEC, FSCA, BVI FSC
- Platforms
- Web Platform, MT4, MT5, TradingCentral
- Account Currencies
- USD, EUR, GBP, AUD, ZAR, SEK, NOK, DKK, CHF, PLN, CZK
Pros
- Markets.com provides commission-free trading on most assets with spreads starting from around 0.6 pips on major forex pairs, making it cost-effective for casual traders.
- Within the 2,200+ CFDs, Markets.com offers thematic baskets like the Warren Buffett Blend and Cannabis Blend, which behaved like ready-made mini-ETFs during testing, saving the work of balancing weights manually.
- Markets.com’s Hedge Fund Confidence and Insider Trading tools pulls SEC filings into the dashboard within 24 hours of disclosure, helping to spot fund moves and C-suite buys before most retail newsfeeds updated.
Cons
- The proprietary web platform felt a bit basic once we pushed into advanced charting with fewer drawing/indicator options than full TradingView or MetaTrader.
- During sign-up, we hit unclear account type explanations and got stuck in an email verification loop that locked us out for an hour - way less streamlined than other brokers we’ve tested.
- While CySEC and FSCA oversight is solid, the SVGFSA and BVIFSC entities offers 1:500 leverage under a light-touch framework, meaning protections like compensation schemes and strict conduct rules lag behind the strictest regulatory standards.
BlackBull
After improving its trading infrastructure with Equinix servers in London, reducing latency for traders, BlackBull is an obvious choice if you want to day trade stock CFDs with ECN pricing. With competitive spreads and no commission on a growing roster of digital tokens paired with USD, BlackBull also works for active crypto traders.
Christian Harris, Reviewer
BlackBull quick facts
- FTSE Spread
- 1.5
- GBPUSD Spread
- 0.5
- Stocks Spread
- No mark-up
- Leverage
- 1:500
- Regulator
- FMA, FSA
- Platforms
- BlackBull Invest, BlackBull CopyTrader, MT4, MT5, cTrader, TradingView, AutoChartist
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, JPY, ZAR, SGD
Pros
- After partnering with ZuluTrade and Myfxbook, alongside improvements to its own CopyTrader, and finally enabling cTrader Copy, BlackBull offers one of the most comprehensive copy trading experiences we've seen.
- BlackBull is a much greater fit for aspiring traders following the overhaul of its ECN Prime account, now featuring improved spreads averaging 0.16 on EUR/USD and a more accessible minimum deposit of $0 compared to the old $2,000.
- BlackBulls’s research is superb, especially the daily ‘Trading Opportunities’ articles that break down complex market movements into easy-to-understand insights, making it simpler to capitalize on emerging trends.
Cons
- Unlike most top brokers, BlackBull charges an irritating $5 withdrawal fee, which can detract from the overall cost-effectiveness, especially for active traders who frequently move funds.
- Although the Education Hub now features improvements like webinars and tutorials, the courses we’ve explored need more focus on explaining the wider economic factors influencing prices.
- Despite a growing selection of 2,180+ assets, including additions to its Asia Pacific indices, they are mainly stocks with an average selection of currency pairs and indices.
FXCC
FXCC continues to prove itself an excellent option for day traders with a particularly strong selection of 70+ currency pairs, ultra-tight spreads from 0.0 pips during testing, and a free VPS for qualifying traders.
Jemma Grist, Reviewer
FXCC quick facts
- FTSE Spread
- 1.10
- GBPUSD Spread
- 0.4
- Stocks Spread
- 0.17 (Apple)
- Leverage
- 1:1000
- Regulator
- CySEC, MISA
- Platforms
- MT4, MT5
- Account Currencies
- USD, EUR, GBP, CAD
Pros
- FXCC’s ECN XL account has been built with active traders in mind, featuring spreads from 0.0 with no commission, while also passing our execution speed benchmark for day traders.
- Customer support still relies on human agents with response times of under three minutes on live chat during our tests and knowledgeable reps - a welcome break from the frustrating AI chatbots increasingly offered by brokers.
- FXCC has stepped up its offering over the years, adding MT5 to its suite of platforms, hundreds of stocks and more cryptos to its product line-up, plus a copy trading feature and greater margin trading opportunities.
Cons
- Although regulated by the CySEC, FXCC’s offshore entity operates with weak regulatory oversight from MISA and may not provide safeguards like investor compensation in the event of broker insolvency.
- Although the economic calendar has benefited from a facelift, FXCC still offers very little in terms of market research beyond basic daily technical analysis and aggregated market news, with no tools like Autochartist or social sentiment data.
- FXCC charges steep withdrawal fees on many of its payment methods, including $45 for bank transfers and 2% crypto transfers, which may cut into the returns of traders making regular withdrawals.
Vantage
Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly.
Jemma Grist, Reviewer
Vantage quick facts
- FTSE Spread
- 1.0
- GBPUSD Spread
- 0.5
- Stocks Spread
- 0.01
- Leverage
- 1:500
- Regulator
- FCA, ASIC, FSCA, VFSC, CIMA
- Platforms
- ProTrader, MT4, MT5, TradingView, TradingCentral, DupliTrade
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN
Pros
- Vantage has bolstered its algorithmic trading tools for advanced traders with AutoFibo EA identifying reversal opportunities
- The broker has made efforts to expand its suite of CFDs providing further trading opportunities
- There are no short-term strategy restrictions with hedging and scalping permitted
Cons
- A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
- It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
- The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
FP Markets
FP Markets strikes an ideal balance between affordability and quality for active traders. They’ve managed to keep trading costs low while expanding their investment offering, charting tools, and research features, all while providing excellent support you can rely on for urgent trading queries.
Christian Harris, Reviewer
FP Markets quick facts
- FTSE Spread
- 1.64
- GBPUSD Spread
- 1.9 average
- Stocks Spread
- Variable
- Leverage
- 1:30 (UK), 1:500 (Global)
- Regulator
- ASIC, CySEC, FSA, FSCA, FSC, SCB, CMA-Kenya
- Platforms
- Iress, MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentral
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
Pros
- FP Markets offers a superb selection of tradable assets, especially since expanding its suite of commodities and supporting over 10,000 stocks.
- FP Markets has a seamless onboarding experience, standing out with crypto deposits and over 10 base currencies, catering to global traders.
- With MetaTrader, cTrader, Iress and more recently TradingView, FP Markets is one of the most accommodating brokers in terms of platform choice.
Cons
- While pricing in the Raw account is excellent, spreads in the Standard account trail the cheapest brokers with a 1.1-pip average spread on the EUR/USD compared to the 0.8-pip average at IC Markets.
- Although Traders Hub provides rich research, notably the Daily Report, Technical Report, Market Insights, and Fundamental Analysis, it needs to widen its daily content variety and keep its forex news updated to match category leaders like IG.
- FP Markets’ Iress platform is only available to clients in Australia. It also primarily emphasizes stock trading over forex trading, and data fees can accumulate rapidly unless you're an active trader or maintain a high-balance account.
Bullwaves
Bullwaves may appeal to aspiring day traders looking for the MetaTrader charting platforms with a growing suite of research tools, including AI-powered market analysis. However, the limited track record and weak regulatory credentials raise questions about its reliability.
Christian Harris, Reviewer
Bullwaves quick facts
- FTSE Spread
- Variable
- GBPUSD Spread
- Variable
- Stocks Spread
- Variable
- Leverage
- 1:500
- Regulator
- FSA
- Platforms
- MT5
- Account Currencies
- USD, EUR, GBP
Pros
- Some accounts (Classic and VIP) offer commission-free trading, which means users can execute trades without incurring costs beyond the spread.
- MT5 is supported (MT4 has been discontinued), giving day traders a leading charting platform with excellent backtesting capabilities.
- USDT deposits and withdrawals are facilitated, in addition to regular bank cards, bank wire transfers, and an e-wallet.
Cons
- Bullwaves has limited education tools, reducing its appeal for beginners, especially compared to category leaders like IG that provide structured courses and interactive elements.
- Day traders and scalpers will likely prefer the VIP or ECN accounts, but these require significantly higher starting deposits ($3,000 and $5,000) compared to many brokers offering similar trading conditions with lower entry barriers.
- Customer support performed poorly during our initial tests with no 24/7 chat support as advertised, and no response to our email queries, though it performed much better in our latest round of tests with most queries getting answers same-day.
How CFD Trading Works
CFD stands for ‘contract for difference’, an agreement between a buyer and seller to exchange the difference between the current price of an asset and its value at the contract’s expiry date.
So, if an asset goes up in value after purchase, the trader will be able to close the position having made a profit; if the asset loses value, they’ll have made a loss.
CFDs are a type of derivative contract. Their value is derived from that of the underlying asset and traders simply speculate on the price movements without owning the instrument itself.
They are also leveraged products, meaning investors can only put up a fraction of the trade value as a deposit to open a position.
This means that the results of a trade are multiplied, creating larger profits than could have been achieved purely from the original deposit amount. However, leverage also amplifies the risk and losses can exceed your deposit amount.
The best CFD trading platforms provide a gateway to global financial markets, whether you’re trading from Australia, Singapore, Germany, New Zealand (NZ), UAE, South Africa, the UK, Malaysia or Canada. However, the CFD trading software on offer varies by broker, with the top options primarily being MetaTrader4 (MT4) and MetaTrader5 (MT5), a proprietary platform or API capabilities for integrating bespoke CFD trading software.
The best CFD trading software will provide a range of order types, technical analysis indicators, charts, timeframes and more. However, as we touch on later, even the best CFD trading platforms are banned in certain countries (including the US), so your selection could be limited by your jurisdiction.
Best CFD Trading Software Comparison
MT4
MetaTrader 4 is the most popular CFD trading software in the world. It offers 30 built-in technical indicators, access to thousands of trading signals and interactive charts with nine timeframes.
The MT4 Codebase allows investors to access automated trading software (known as bots or Expert Advisors) that execute positions using algorithms. Plus, trade sizes as small as 0.01 lots mean traders can utilise risk management techniques with smaller positions for hedging.
Collectively, these features make it one of the best CFD trading platforms across the globe, including in locations that are well-known for being financial service hubs, such as the UK, UAE, Singapore, Australia and Europe (EU).
MT5
MetaTrader 5 is another popular CFD trading platform, highly regarded in the industry and provided by the same software developers at MetaQuotes. In many ways, MT5 is more advanced than MT4, offering more technical indicators and charting tools, more sophisticated backend infrastructure and additional order types.
Moreover, the MT5 CFD trading software is ideal for experienced CFD traders, equipped with the latest charts and tools like oscillators, Bill Williams and volume indicators.
In particular, MT5’s CFD trading software allows for switching between several broker accounts. Automated trading and EAs are also supported in the same way as with MT4.
ProRealTime
ProRealTime is the CFD trading platform offered by IG Markets for online CFD trading. Notably, this CFD trading software is designed for automation and is equipped with assisted creation tools that allow you to build your strategies without any coding.
Additionally, the CFD trading software offers 100 indicators that are suited to both new and advanced traders. The software is also free for users who trade at least four times a month.
Trader Workstation
Trader Workstation is another great piece of CFD trading software that is designed for active CFD day traders who wish to utilise multiple assets.
The TWS Mosaic CFD trading software offers easy access to order management, charts, watchlists and tools on a customisable interface. Users can get real-time access to news, research and market data.
Additionally, Trader Workstations offers over 100 order types and algorithms that limit risk, speed execution and price improvement. However, Trader Workstation is only available on desktop and is not best-suited for beginners.
eToro CopyTrader
eToro is a CFD trading platform provider. It is well known for its social trading platform where you can follow the most successful top investors. CFD traders can monitor signals and copy successful trader’s positions. With its vast user base, CFD traders can enjoy a highly liquid environment across multiple assets. Plus, its user-friendly interface makes it one of the best CFD social trading platforms for beginners.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Thinkorswim
Thinkorswim is a popular CFD trading software provided by TD Ameritrade. Thinkorswim is typically used for short to medium term CFD trades and is accessible via a desktop, web or mobile. The software has real-time research features and advanced trading and backtesting capabilities. It also offers additional order types beyond the standard ones, such as trailing stop %, stop-limit and limit on close. Therefore, Thinkorswim CFD trading software is more suited to advanced CFD traders.
How To Compare CFD Trading Software
Market Access
CFD trading allows you to trade in multiple markets with ease, including stocks and shares, indices, cryptocurrencies and commodities. However, when making your comparison, be aware that some platforms specialise in a few assets while other software offers access to thousands of global markets. Check out the CFD trading software you’re interested in beforehand to ensure it caters to your needs.
Fees
Whether you’re trading from the UK, Australia or India, most users will be looking for the cheapest CFD trading platform with low commissions. On the other hand, a high-quality service could be the difference between a profitable trade and one that pushes you into the red. The key is to find a happy medium between the two that is most suited to your needs. If you’re a frequent trader, like a scalper, the cheapest CFD trading platform may make more sense, with low fees being vital for your strategy. On the other hand, you may be an advanced trader who wants access to the best tools for technical analysis.
Tools and Features
CFD trading software can vary in the breadth of trading tools on offer. Some advanced CFD trading platforms have charts, indicators and graphical objects used for technical analysis, while others also feature news and sentiments suited to fundamental analysis. On top of that, some CFD trading software comes with automated trading features, APIs, backtesting capability, signals or copy trading functionality. The software you choose should depend on the tools you need to maximise your CFD trading strategy.
Deposit and Withdrawals
It is important to consider whether your CFD broker offers a range of payment methods for funding your CFD trading account. The best CFD trading platforms could allow you to fund your account in any number of ways, including via globalcollect, debit/credit card and even cryptocurrency. Instant deposits and withdrawals are other popular factors that can make or break your trading experience.
User Interface
Your skill level also plays a part in which CFD trading software to choose. A platform that allows for several accounts, hundreds of indicators, detailed price information and several order types can be overwhelming for a beginner, even if it is the best CFD trading platform. Ensure that the CFD trading software’s user interface has all the features that are compatible with your experience.
Leverage
A key advantage of CFDs is the ability to trade with leverage. While most regulated brokers will be limited to the leverage they’re permitted to offer, it is worth shopping around for a suitable leverage amount. CFDs are a very risky instrument that requires careful risk management, so consider whether high leverage fits with your trading strategy. For added security, opt for a CFD provider with negative balance protection and a piece of CFD trading software with sophisticated risk management options.
Mobile Trading
Are you someone that likes to trade CFDs on the go? Unfortunately, not all top CFD trading software is available via an app, which may restrict your trade activity to times when a desktop is accessible. If you wish to trade away from the home office, selecting CFD trading software that is available on a mobile will be key.
CFD Trading Software Around The World
Not all CFD trading software is permitted to operate in every country due to regulation. Therefore, when looking for the best CFD trading platform, it is important to understand the rules and requirements around CFD trading from your country.
CFD trading software is permitted in many of the biggest global financial hubs, including the UK, Germany, Singapore, Australia, South Africa, Canada and Malaysia. While CFD trading platforms are permitted in India, there is limited regulatory oversight through a licensing system. Therefore the best CFD trading platforms for Indian traders can often be found with regulated offshore brokers.
As for the US, CFD trading platforms are banned by the Securities and Exchange Commission for US residents and, while CFD trading software is permitted in Australia, the Australian Securities and Investment Commission (ASIC) has issued tougher restrictions on leverage offered to retail clients.
Final Word
CFD trading software provides a gateway to CFD markets, allowing traders to open positions and complete vital analyses. However, when it comes to the best CFD trading software, there is no one-size-fits-all. Each CFD trading platform will cater to different trading strategies, experience levels and markets. Nonetheless, the most popular pieces of CFD trading software in the market are the MT4 and MT5 platforms, available with many of the top brokers.
FAQs
What Is CFD Trading Software?
CFD trading software provides a gateway for traders to analyse the market and open and close positions. It is the platform interface that enables transactions between traders and the broker and provides access to the markets.
What Are The Cheapest CFD Trading Platforms?
The cheapest CFD trading platforms will be dictated by the broker and not the choice of the software itself. Opt for a broker with low commission, no hidden fees and low interest on overnight positions. Additionally, you should consider any deposit and withdrawal charges or minimum deposit requirements.
What Is The Best CFD Trading Platform For Beginners?
MetaTrader’s MT4 is one of the best CFD trading platforms for beginners. MT4 is available for users all over the world, including the UK, Australia and UAE. The platform has a user-friendly interface with a good range of tools and charts to suit new traders.
Can I Trade On CFD Trading Software In The US?
Unfortunately, CFD trading platforms are not permitted in the US. The Securities and Exchange Commission has banned US residents from trading CFDs. US traders can still trade on unregulated CFD trading platforms but run the danger of being scammed in an already risky market.
How Do I Know If A CFD Trading Software Is Good For Me?
Most CFD providers offer the opportunity for virtual or ‘paper’ trading using a demo account. This gives traders the ability to test out the CFD trading software and its functionality before committing to a real, live account. Demo accounts are ideal for those new to trading as they provide a risk-free environment to test out strategies with virtual funds.