Best CFD Brokers

Which is the best CFD broker?

Our top-rated CFD broker is Pepperstone, with a rating of 93.5/100. I rate it first because it supports all four third-party platforms (MT4, MT5, cTrader, and TradingView), requires no minimum deposit, holds licences with eight regulators including the FCA and CySEC, and posts our top category scores for trading experience, platforms, and customer service. If the widest range of markets matters more to you than anything else, I would send you to Eightcap instead.

Ordered by our global rating, highest first.

1. Pepperstone: highest-rated CFD broker
2. Eightcap: widest market range score
3. IC Markets: four platforms with raw pricing
4. OANDA: highest trust score
5. Fusion Markets: lowest raw commission
6. BlackBull Markets: five platforms including copy trading
7. MultiBank Group: most regulators on this list
8. Exness: own terminal plus MT4 and MT5
9. FP Markets: large share CFD range
10. Tickmill: low-cost forex-focused CFDs

The 10 Best CFD Brokers Reviewed

The cards below sit in our rating order, highest first. Each card also shows the entity a client outside the UK, the EU, and Australia is usually onboarded to, because that entity decides which rules protect you.

Highest-Rated CFD Broker

1. Pepperstone

93.5/100

Global score

#1 of 10 in this ranking

Visit Pepperstone

Read the full Pepperstone review

Platforms

MT4, MT5, cTrader, TradingView

Minimum deposit

US$0

Regulators

FCA, ASIC, BaFin, CySEC + 4 more

Raw commission (round turn, per lot)

US$7.00

Why We Recommend Pepperstone

I recommend Pepperstone to traders who want every major platform in one place and no barrier to starting. It earns our highest published rating at 93.5/100. If you trade across MT4, MT5, cTrader, and TradingView, you get all four with no minimum deposit. The trade-off is a limited crypto range and an education suite that could do with a refresh.

Pros & cons

• Four major platforms including cTrader
• No minimum deposit
• Full marks for trading experience

• Limited crypto range
• Education suite needs a refresh
• Copy trading runs through offshore entities

Which Entity You Trade With

If you live outside the UK, the EU, Australia, and the UAE, you are served by Pepperstone's offshore entity regulated by the Securities Commission of The Bahamas, where retail leverage rises to 200:1. That is far above the 30:1 cap the FCA and ASIC arms apply to retail accounts. Its standalone copy platforms also run through the CMA (Kenya) and SCB entities rather than the ASIC, FCA, or CySEC ones.

Widest Market Range Score

2. Eightcap

91.8/100

Global score

#2 of 10 in this ranking

Visit Eightcap

Read the full Eightcap review

Platforms

MT4, MT5, TradingView

Minimum deposit

US$100

Regulators

ASIC, FCA, CySEC, SCB + 2 more

Raw commission (round turn, per lot)

US$7.00

Why We Recommend Eightcap

Eightcap suits you if range matters as much as cost. It scores 10 of 10 for Range of Markets, the highest on this list, with exotic currency pairs, shares, and a wide crypto CFD range, plus 10 of 10 for Customer Service. What I would weigh is a high currency conversion fee, though deposits and withdrawals carry no fee.

Pros & cons

• Highest market range score on our list
• No deposit or withdrawal fees
• Wide crypto CFD range

• High currency conversion fee
• Narrower platform access in the UK and Europe
• Minimum deposit of US$100

Which Entity You Trade With

Clients outside Australia, the UK, and Europe register with Eightcap's global branch regulated by the Securities Commission of The Bahamas, where leverage goes up to 200:1. That branch sits outside the FCA and ASIC rule sets, so the negative balance protection and leverage caps of those regimes do not follow you there.

Four Platforms, Raw Pricing

3. IC Markets

89/100

Global score

#3 of 10 in this ranking

Visit IC Markets

Read the full IC Markets review

Platforms

MT4, MT5, cTrader, TradingView

Minimum deposit

US$200

Regulators

ASIC, CySEC, FSA, SCB + 1 more

Raw commission (round turn, per lot)

US$7.00

Why We Recommend IC Markets

IC Markets is my pick for platform choice at a low cost, with MT4, MT5, cTrader, and TradingView and a US$200 minimum deposit. If you want a raw account at a US$7.00 round-turn commission, it is one of several brokers here at that price. Its education material is thin and there is no proprietary mobile app, which I think matters more if you are starting out.

Pros & cons

• Four major platforms including cTrader
• Raw account commission of US$7.00 round turn
• Regulated by ASIC and CySEC

• No FCA licence
• No proprietary mobile app
• Thin education material

Which Entity You Trade With

EU clients are served by IC Markets (EU) Ltd, regulated by CySEC. If you are in Canada, Singapore, Malaysia, New Zealand, or the UK, you are onboarded through IC Trading, IC Markets' Mauritius entity regulated by the FSC. The Seychelles division offers leverage up to 1000:1 while the Bahamas entity caps it at 200:1, so the two offshore divisions are not equivalent.

Highest Trust Score

4. OANDA

88.3/100

Global score

#4 of 10 in this ranking

Visit OANDA

Read the full OANDA review

Platforms

OANDA Trade, MT4, TradingView

Minimum deposit

US$0

Regulators

CIRO, ASIC, CFTC, NFA + 5 more

Raw commission (round turn, per lot)

US$7.00

Why We Recommend OANDA

OANDA is the broker I would point you to if trust comes first. It holds our highest Trust score at 10 of 10, with regulators including the FCA, MAS, CIRO, and the CFTC, and no minimum deposit. If you want guaranteed stop-loss orders on OANDA Trade, this is your broker. You give up copy trading and a swap-free account.

Pros & cons

• Highest Trust score on our list
• Guaranteed stop-loss orders on OANDA Trade
• No minimum deposit

• No copy trading
• No swap-free account

Which Entity You Trade With

Clients outside its regulated regions are served by the entity regulated by the BVI Financial Services Commission. That arm sits outside the FCA, MAS, and CIRO rule sets, so the negative balance protection and leverage caps of those regimes do not apply to it.

Lowest Raw Commission

5. Fusion Markets

85/100

Global score

#5 of 10 in this ranking

Visit Fusion Markets

Read the full Fusion Markets review

Platforms

MT4, MT5, cTrader, TradingView

Minimum deposit

US$0

Regulators

ASIC, VFSC, FSA

Raw commission (round turn, per lot)

US$4.50

Why We Recommend Fusion Markets

Fusion Markets is my choice if low costs are your priority. Its US$4.50 round-turn commission on the raw account is the lowest of the ten, it scores 10 of 10 for Trading Costs, and there is no minimum deposit. The trade-off is a limited product range and a Trust score of 5 of 10, which I would weigh carefully.

Pros & cons

• Lowest raw commission of the ten
• 10 of 10 for trading costs
• No minimum deposit

• Trust score of 5 of 10
• Limited product range
• No advanced education tools

Which Entity You Trade With

Clients outside the United States may be onboarded under Gleneagle Securities Pty Limited trading as Fusion Markets, a Vanuatu company regulated by the VFSC, or Fusion Markets International Ltd, regulated by the Seychelles FSA. Both sit outside the main retail rule sets, so check which entity your account agreement names and what that means for your protections.

Five Platforms Including Copy Trading

6. BlackBull Markets

84.5/100

Global score

#6 of 10 in this ranking

Visit BlackBull Markets

Read the full BlackBull Markets review

Platforms

MT4, MT5, cTrader, TradingView, BlackBull CopyTrader

Minimum deposit

US$0

Regulators

FMA, FSA

Raw commission (round turn, per lot)

US$6.00

Why We Recommend BlackBull Markets

BlackBull Markets suits experienced traders more than beginners, in my view, with MT4, MT5, cTrader, TradingView, and BlackBull CopyTrader and no minimum deposit. Across the ten brokers here, raw commission runs from US$4.50 to US$7.00 round turn, so its US$6.00 sits in the middle of that range. Against that, count a Trust score of 5 of 10, a flat US$5 withdrawal fee, and higher spreads on the standard account.

Pros & cons

• Five platforms including CopyTrader
• No minimum deposit
• US$6.00 round-turn raw commission

• Trust score of 5 of 10
• Flat US$5 withdrawal fee
• Standard account spreads are higher

Which Entity You Trade With

International clients are served by BBG Limited, regulated by the Seychelles FSA, with leverage up to 500:1 on forex. That is far above what regulated retail regimes allow, and the lighter rule set means fewer protections on your account.

Most Regulators On This List

7. MultiBank Group

80.3/100

Global score

#7 of 10 in this ranking

Visit MultiBank Group

Read the full MultiBank Group review

Platforms

MT4, MT5, MultiBank-Plus

Minimum deposit

US$50

Regulators

ASIC, BaFin, MAS, CySEC + 9 more

Raw commission (round turn, per lot)

US$6.00

Why We Recommend MultiBank Group

MultiBank Group is the pick if you want a wide regulator footprint and a proprietary platform with social and copy trading tools. Its Trust score of 9.5 of 10 is among the highest here, and the minimum deposit is US$50. The trade-off is that the Pro account needs US$1,000, the ECN account US$10,000, and a US$60 monthly inactivity fee applies after three months.

Pros & cons

• Trust score of 9.5 of 10
• Copy trading tools built in
• Low US$50 minimum deposit

• US$60 monthly inactivity fee
• No demo account in our dataset
• ECN account needs US$10,000

Which Entity You Trade With

In the UAE, MultiBank Group is regulated by the CMA as MEX Global Financial Services LLC. Our review does not name the entity for other countries, so you should check the entity on your own account agreement. The group holds licences from ASIC, BaFin, MAS, CySEC, and others, but the entity you sign with decides which rules protect you.

Own Terminal Plus MT4 And MT5

8. Exness

80/100

Global score

#8 of 10 in this ranking

Visit Exness

Read the full Exness review

Platforms

Exness Terminal, Exness Trade App, MT4, MT5

Minimum deposit

US$200

Regulators

FCA, CySEC, FSCA, CMA + 6 more

Raw commission (round turn, per lot)

US$7.00

Why We Recommend Exness

Exness appeals to traders who want flexible offshore terms, including unlimited leverage on its offshore entities. The platform line-up covers Exness Terminal, the Exness Trade app, MT4, and MT5. I would note it is not available to residents of Canada, the USA, most of Europe, Australia, or New Zealand, and its spreads are not especially competitive.

Pros & cons

• Unlimited leverage on offshore entities
• Own terminal plus MT4 and MT5
• FCA licence in the group

• Unavailable in several major markets
• Spreads not especially competitive

Which Entity You Trade With

The retail offshore product is provided by Exness (SC) Ltd under the Seychelles FSA, Exness B.V. under the Central Bank of Curacao and Sint Maarten, and Exness (VG) Ltd under the BVI FSC. Those entities sit outside the FCA rule set, and the unlimited leverage they allow carries none of the retail protections that regime requires.

Large Share CFD Range

9. FP Markets

78.4/100

Global score

#9 of 10 in this ranking

Visit FP Markets

Read the full FP Markets review

Platforms

MT4, MT5, cTrader, TradingView

Minimum deposit

US$100

Regulators

ASIC, FSA, FSC-M, FSCA + 1 more

Raw commission (round turn, per lot)

US$6.00

Why We Recommend FP Markets

FP Markets is worth your attention if share CFDs matter to you, since the range is large, and the raw commission is US$6.00 round turn with a US$100 minimum deposit. The crypto selection is limited, and the product range differs between countries, so check what your entity offers.

Pros & cons

• Large range of share CFDs
• US$6.00 round-turn raw commission
• Up to 500:1 on offshore entities

• Limited crypto selection
• Product range differs between countries
• Minimum deposit of US$100

Which Entity You Trade With

Residents of the UAE, Malaysia, and Chile are onboarded under First Prudential Markets Limited, regulated by the Seychelles FSA. Clients of the offshore entities, in Seychelles or Saint Lucia, can use up to 500:1 on forex and metals. Those entities sit outside the ASIC rule set, so the retail leverage caps and negative balance protection of that regime do not apply there.

Low-Cost Forex-Focused CFDs

10. Tickmill

75.8/100

Global score

#10 of 10 in this ranking

Visit Tickmill

Read the full Tickmill review

Platforms

MT4, MT5, TradingView, Tickmill Trader, Tickmill Mobile App

Minimum deposit

US$100

Regulators

FCA, CySEC, FSCA, FSA + 1 more

Raw commission (round turn, per lot)

US$6.00

Why We Recommend Tickmill

Tickmill suits forex-focused traders who put low costs first, with a US$6.00 round-turn raw commission and a US$100 minimum deposit. I recommend it if your trading lives in MT4, MT5, and TradingView. Beyond forex and indices the range narrows, and some CFDs carry low leverage.

Pros & cons

• US$6.00 round-turn raw commission
• FCA and CySEC licences
• Wide platform line-up on the Seychelles entity

• Narrow range beyond forex and indices
• Some CFDs carry low leverage
• UK and EU clients get fewer platforms

Which Entity You Trade With

Clients from countries not covered by the FCA, CySEC, FSCA, or Labuan FSA entities are typically onboarded under Tickmill Limited, regulated by the Seychelles FSA. Seychelles clients get the wider platform line-up, including Tickmill Social Trading, while UK and EU clients get MT4, MT5, and the app only. The FCA and CySEC entities carry the retail caps and protections. The Seychelles entity does not.

How To Choose A CFD Broker

Before you commit money, I suggest you check five things in this order: the regulator named on your account agreement and the entity behind it, the platform you will actually trade on, the full cost of your typical trade, whether a demo account is available, and the risk controls such as negative balance protection and guaranteed stops.

1

Check the entity

The regulator on your account agreement.

2

Match the platform

MT4, MT5, cTrader, TradingView or proprietary.

3

Price the full cost

Spread + commission + overnight financing.

4

Test on a demo

Virtual funds, same platform.

5

Confirm risk controls

Stops and negative balance protection.

Compare brokers by the factor that decides it

The platform decides it

MT4 brokers MT5 brokers cTrader brokers TradingView brokers Copy trading platforms

Cost decides it

Lowest spread brokers Low commission brokers ECN brokers

The market decides it

Crypto CFD brokers Gold trading platforms CFDs vs shares

The account decides it

High leverage brokers Islamic accounts Demo accounts

How We Rated The CFD Brokers

Our rating is out of 100 and combines eight categories, each scored 0 to 10, using our standard weights, which we apply to every broker we rate: Trading Costs 2.5, Trading Experience 2, Trust 1.5, Trading Platform 1.5, Customer Service 1, Range of Markets 0.5, Education 0.5, and Funding 0.5. For you as a trader, that weighting means a cheap broker with a clunky platform will not beat a slightly dearer one that gets execution and service right, because costs alone carry only a quarter of the score.

When two brokers publish the same rating, the higher Trading Costs score ranks first, then Trading Experience, Trust, Trading Platform, Customer Service, Range of Markets, Education, and Funding, in that order. I wrote this page. You can read the full methodology in our methodology.

What is a CFD?

A CFD (contract for difference) is an agreement between a trader and a broker to exchange the difference in an asset’s price between the moment the position opens and the moment it closes. The trader never owns the underlying asset. That single feature drives everything else on this page, from the costs paid to the risks carried.

Because nothing is owned, direction is all that matters. You can go long, and gain if the price rises, or go short, and gain if the price falls. CFDs are also traded on margin: at 30:1 leverage the margin is about 3.33% of the position’s value, and at 500:1 it is 0.2%, so a 0.2% move against the position equals the whole margin. Most CFDs trade over the counter, which means the broker, not an exchange, is the counterparty to the trade, so the broker’s reliability matters as much as the price. Brokers offer CFDs on forex, stock indices, commodities such as gold and oil, individual shares, cryptocurrencies, and ETFs, though the range differs by broker and by the entity you open the account with.

Two restrictions worth knowing: CFDs are not offered to retail clients in the United States, and crypto CFDs are banned for UK retail clients under the FCA’s rules PS20/10, in force since 6 January 2021. Our CFD vs stock trading guide covers the ownership question in more detail, and how leverage works explains margin with worked examples.

Market Maker Vs ECN And DMA Pricing

A market maker quotes its own prices and can take the other side of client trades, which usually means no commission but a spread set by the broker. An ECN or STP broker passes your orders to outside liquidity providers and usually charges a commission on raw spreads. Direct market access (DMA) goes further and sends share CFD orders to the underlying exchange’s order book. In our dataset, seven of the ten brokers on this page are listed as ECN brokers and two (OANDA and Exness) as market makers, while MultiBank Group has no type listed. If you want the detail, our market maker brokers, ECN brokers, and DMA brokers pages break down each model.

CFD Leverage Limits By Regulator

Regulators cap retail CFD leverage, and the cap you get depends on who regulates your account, with the table below listing the limits. Brokers also serve clients from outside the UK, the EU, and Australia through offshore entities, in places such as the Bahamas, Seychelles, Mauritius, Vanuatu, or the British Virgin Islands, and those entities often allow much higher leverage because these caps do not apply to them. The regulator that protects you is the one named on your own account agreement, not the strongest licence the group holds, and that name decides which row of the table applies to you. Our high leverage brokers and offshore brokers pages go deeper if you need more.

These caps are the retail limits set by the regulators named above. Professional clients and offshore entities sit outside them, and a broker may set lower limits than its regulator requires.

How CFD Costs Work

A CFD’s trading cost has three parts: the spread (the gap between buy and sell prices), a commission on raw-spread accounts, and overnight financing (a swap) charged or paid when a position is held past the daily rollover. Among the ten brokers on this page, raw-account commission runs from US$4.50 (Fusion Markets) to US$7.00 per standard lot round turn. If you trade in and out within minutes, the spread and commission dominate your costs, so a raw account with a tight spread usually wins; our lowest spread brokers and low commission brokers comparisons help there.

Overnight financing is the cost that catches newer traders out. Hold a position for days or weeks and the swap, charged or paid each night, can outweigh the spread chosen so carefully, especially on highly leveraged positions where the value of the trade is large relative to the account. Before opening a longer-held position, I would check the swap rate on the broker’s specification page and run the numbers through our margin calculator so both the margin and the nightly cost are clear before the position is funded.

CFD Risks And How To Manage Them

The first risk to internalise is the base rate: most retail CFD accounts lose money. Pepperstone states that 79.6% of its retail CFD accounts lose money, and Tickmill states 69%, and other brokers publish their own figures. Leverage does the damage, because a small adverse move can consume the margin quickly. Under the FCA, ESMA, and ASIC rules, retail CFD accounts carry negative balance protection, so a trader cannot lose more than the money in the account, and a margin close-out kicks in at 50% of required margin. Accounts held with an offshore entity may not carry that protection, so check the agreement before funding. Our negative balance protection page explains which regimes require it.

Tools and practice help too. Some brokers offer guaranteed stop-loss orders, which close a trade at the set price even through a gap, usually for a premium; OANDA offers them on OANDA Trade, and our guaranteed stop-loss brokers comparison lists others. A demo account lets a trader practise with virtual money, and nine of the ten brokers on this page offer one (all except MultiBank Group, per our dataset), so I see little reason to skip that step. Learning the basics before trading real money helps, and our demo accounts and forex trading courses pages are the two places I would start.