Best CFD Brokers and Trading Platforms in 2024

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

Apr 1, 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.

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AvaTrade is the best CFD trading platform in 2024

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AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.

Top 5 CFD Brokers

As of April 2024, we have reviewed almost 500 brokers and our hands-on tests show that these are the 5 top CFD brokers:

1. AvaTrade - AvaTrade's 1250+ leveraged CFD products span a wide range of asset classes including stocks, indices, commodities, bonds, crypto, and ETFs. You can speculate on underlying assets in the broker’s feature-rich web and mobile platforms with market-leading research tools to help discover opportunities.
2. Deriv.com - You can trade CFDs on popular markets, including the broker's exclusive synthetic indices which are available 24/7. There are plenty of charting tools available for technical traders, including over 20 indicators in the Deriv Trader platform. New users can also open an account and start trading CFDs instantly.
3. Pepperstone - Pepperstone maintains its position as one of the fastest and most dependable CFD brokers during our latest round of testing. With execution speeds averaging around 30ms and an outstanding fill rate of 99.90%, the broker ensures a seamless trading experience without requotes or dealing desk interference. It also provides ample trading opportunities across over 1,300 assets.
4. XM - Day traders can speculate on leveraged CFDs with zero commissions, spanning popular markets including currencies, equities and commodities. Additionally, the MetaTrader platforms collectively offer dozens of advanced technical indicators built for short-term strategies.
5. IC Markets - You gain access to over 2,250 CFDs, available for trading 24/5 across popular markets such as forex, commodities, indices, stocks, and bonds. Utilizing deep liquidity and advanced bridge technology, IC Markets ensures optimal conditions for scalpers, hedgers, and algo traders alike.

Best CFD Brokers and Trading Platforms in 2024 Comparison

Best CFD Brokers and Trading Platforms in 2024 Comparison

Broker	Minimum Deposit	Leverage	Platforms	Regulators	Visit
	-	1:30 (Retail) 1:400 (Pro)	WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade	ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM	Visit
	$5	1:1000	Deriv Trader, MT5	MFSA, LFSA, VFSC, BFSC	Visit
	$0	1:30 (Retail), 1:500 (Pro)	MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade	FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB	Visit
	$5	-	MT4, MT5	ASIC, CySEC, DFSA, FSC, FSCA	Visit
	$200	1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)	MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade	ASIC, CySEC, FSA	Visit
	$100	-	MT4, MT5, TradingView	ASIC, FCA, xCySEC, SCB	Visit
	$50	1:30	MT4, MT5	CySEC	Visit
	$0	1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction.	MT4, TradingView, TradingCentral	ASIC, FCA, MAS	Visit
	$10	1:2000	Exness Trade App, MT4, MT5, TradingCentral	FSA, CySEC, FCA, FSCA, FSC, CBCS	Visit
	$100	-	MT4, MT5	ASIC	Visit
	$100	1:200 (Retail), 1:500 (Pro)	MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral	NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA	Visit
	$50	-	eToro Web, CopyTrader, TradingCentral	FCA, ASIC, CySEC, FSA, FSRA, MFSA	Visit
	$10	1:2000	R StocksTrader, MT4, MT5, TradingView	IFSC	Visit
	-	-	MT4, MT5	-	Visit
	$20	1:1000	MT4	-	Visit

#1 - AvaTrade

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Review

Why We Chose AvaTrade

AvaTrade's 1250+ leveraged CFD products span a wide range of asset classes including stocks, indices, commodities, bonds, crypto, and ETFs. You can speculate on underlying assets in the broker’s feature-rich web and mobile platforms with market-leading research tools to help discover opportunities.

"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."

- DayTrading Review Team

• FTSE Spread: 0.5
• GBPUSD Spread: 1.5
• Stocks Spread: 0.13
• Leverage: 1:30 (Retail) 1:400 (Pro)
• Regulator: ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM
• Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade

About AvaTrade

AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.

Pros

• Day traders can access stable spreads and zero commissions with no hidden fees
• The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform
• AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more

Cons

• There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
• Traders from the US are not accepted
• A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners

Visit AvaTrade

#2 - Deriv.com

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Review

Why We Chose Deriv.com

You can trade CFDs on popular markets, including the broker's exclusive synthetic indices which are available 24/7. There are plenty of charting tools available for technical traders, including over 20 indicators in the Deriv Trader platform. New users can also open an account and start trading CFDs instantly.

"Deriv.com will suit day traders looking to make fast-paced trades using CFDs and multipliers with high leverage up to 1:1000. The broker is also the industry leader in synthetic indices, which simulate real market movements and are available around the clock. "

- DayTrading Review Team

• FTSE Spread: 0.5
• GBPUSD Spread: 0.5
• Stocks Spread: 0.07
• Leverage: 1:1000
• Regulator: MFSA, LFSA, VFSC, BFSC
• Platforms: Deriv Trader, MT5

About Deriv.com

Deriv.com is a low cost, multi-asset broker with over 2.5 million global clients. With just a $5 minimum deposit, the firm offers CFDs, multipliers and more recently accumulators, alongside proprietary synthetic products which can't be found elsewhere. Deriv provides both its own in-house charting software and the hugely popular MetaTrader 5.

Pros

• Traders can use multipliers between 1 and 30, with take profit, stop loss and deal cancellation parameters
• Deriv bolstered its short-term trading opportunities in 2024 with accumulator options on simulated indices featuring up to 5% growth rates
• The free demo account is ideal for practicing short-term trading strategies and no registration is required

Cons

• The range of 100+ assets trails some competitors such as Quotex which offers 400+
• There's no loyalty program or rebate scheme for high volume traders
• There are limited copy trading tools and analysis features compared to alternatives like IQ Cent

Visit Deriv.com

#3 - Pepperstone

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Review

Why We Chose Pepperstone

Pepperstone maintains its position as one of the fastest and most dependable CFD brokers during our latest round of testing. With execution speeds averaging around 30ms and an outstanding fill rate of 99.90%, the broker ensures a seamless trading experience without requotes or dealing desk interference. It also provides ample trading opportunities across over 1,300 assets.

"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."

- DayTrading Review Team

• FTSE Spread: 1.0
• GBPUSD Spread: 0.4
• Stocks Spread: 0.02
• Leverage: 1:30 (Retail), 1:500 (Pro)
• Regulator: FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
• Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade

About Pepperstone

Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.

Pros

• Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
• Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.
• Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.

Cons

• Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
• There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
• Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.

Visit Pepperstone

#4 - XM

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Review

Why We Chose XM

Day traders can speculate on leveraged CFDs with zero commissions, spanning popular markets including currencies, equities and commodities. Additionally, the MetaTrader platforms collectively offer dozens of advanced technical indicators built for short-term strategies.

"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."

- DayTrading Review Team

• FTSE Spread: 1.5 pts
• GBPUSD Spread: 1.9
• Stocks Spread: 0.002
• Regulator: ASIC, CySEC, DFSA, FSC, FSCA
• Platforms: MT4, MT5

About XM

XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.

Pros

• 1000+ instruments are available, including recently added thematic indices, providing exposure to emerging industries
• XM is a hugely respected broker authorized by tier-one regulators
• Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools

Cons

• There's $5 inactivity fee after only 3 months, though this won't affect active traders
• PayPal deposits are not supported
• There is weak regulatory oversight through the global entity

Visit XM

#5 - IC Markets

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Review

Why We Chose IC Markets

You gain access to over 2,250 CFDs, available for trading 24/5 across popular markets such as forex, commodities, indices, stocks, and bonds. Utilizing deep liquidity and advanced bridge technology, IC Markets ensures optimal conditions for scalpers, hedgers, and algo traders alike.

"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."

- DayTrading Review Team

• FTSE Spread: 1.0
• GBPUSD Spread: 0.23
• Stocks Spread: 0.02
• Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
• Regulator: ASIC, CySEC, FSA
• Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade

About IC Markets

IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.

Pros

• You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
• With ultra-fast execution speeds averaging 35 milliseconds and deep liquidity, IC Markets provides an optimal trading environment for scalpers, hedgers, and algorithmic traders.
• IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.

Cons

• There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
• The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
• While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.

Visit IC Markets

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.

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.

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.

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

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.

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 platforms to 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.

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.

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