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Best CFD Trading Platforms of 2024

Steven Hatzakis

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck

January 05, 2024

When you trade a contract for difference (CFD), you are taking part in a special form of derivative trading that has a range of unique speculative possibilities. You can speculate on assets that you don't actually own, or short sell an asset without borrowing it from your broker in the first place. You can even get exposure to Bitcoin without having to mess about with a crypto wallet.

Of course, it's a bit more complicated than that. It's also extremely risky - most retail traders end up losing money when trading CFDs.

The team at BrokerNotes wanted to clarify the realities of CFD trading and iron out any misconceptions you might have about this complex subject, so we created this guide to take you on an educational journey deep into the world of CFDs.

Along the way, we'll explain what CFDs are, go over some key concepts, and dive into the pros and cons that come with CFD trading. We also conducted our own extensive research to determine which brokers are the best choice if you want to start trading CFDs.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best brokers for trading CFDs

CFD trades are typically made with the click of a button from an online trading platform, and exist between an individual (the consumer) and a broker (the issuer). This means that when you buy or sell a CFD, the broker is acting as your counterparty (on the opposite side of your CFD trade) or as your agent (and sending the order to another market-maker for execution).

This is why it's essential to choose a trustworthy CFD trading platform offered by a highly-regulated, reputable broker.

Based on our extensive research, meticulous data collection, and assessment based on over 100 variables, here are the brokers that offer the best CFD trading experience:

  • IG
    - 9.9/10 Overall
  • Interactive Brokers - 9.9/10 Overall
  • Saxo Bank - 9.7/10 Overall
  • CMC Markets - 9.6/10 Overall
  • FOREX.com
    - 9.4/10 Overall
  • TD Ameritrade - 9.3/10 Overall
  • City Index - 9.3/10 Overall
  • XTB - 9.1/10 Overall
  • eToro - 8.8/10 Overall
IG
9.9/10 Overall
Minimum Deposit£250.00
Tier-1 Licenses8
Tradeable Symbols (Total)19537

Year after year, IG has shown itself to be the best broker in the forex industry and a fantastic choice for forex traders. Highly trusted and regulated across the globe, IG delivers a wide variety of rich features, market research, and powerful trading tools. Fans of copy trading will appreciate IG’s seamless integration of trading signals into its web platform.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Visit Site

Join 239,000+ traders worldwide.

(Trading forex carries a high level of risk.)

Interactive Brokers
9.9/10 Overall
Minimum Deposit$0
Tier-1 Licenses9
Tradeable Symbols (Total)8500

Interactive Brokers is a highly trusted broker regulated across the globe that delivers access to over 100 markets, including forex and CFDs. Its Trader Workstation (TWS) platform offers a variety of advanced trading tools for experienced traders, and IBKR's web-based platform is great for beginner forex traders.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Saxo Bank
9.7/10 Overall
Minimum Deposit$0
Tier-1 Licenses7
Tradeable Symbols (Total)70000

Saxo Bank is a highly trusted broker that operates multiple banks and is regulated across the globe. Saxo Bank delivers an incredible cross-platform experience alongside powerful research and a vast selection of more than 60,000 symbols across multiple asset classes. It’s worth noting that minimum deposits at Saxo are steep.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
CMC Markets
9.6/10 Overall
Minimum Deposit$0
Tier-1 Licenses5
Tradeable Symbols (Total)12074

CMC Markets is a highly trusted multi-asset broker regulated in multiple Tier-1 jurisdictions. CMC's powerful Next Generation trading platform for web and mobile delivers a huge selection of markets and a fantastic user experience. CMC Markets also ranks highly for its high-quality research and educational content.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
FOREX.com
9.4/10 Overall
Minimum Deposit$100
Tier-1 Licenses7
Tradeable Symbols (Total)5500

FOREX.com is a highly trusted brand with a long history of offering forex in the U.S. and across the globe. FOREX.com offers its own flagship trading platforms for web and desktop, as well as the full MetaTrader suite. Though its pricing is higher than average, FOREX.com is a balanced choice for traders of all experience levels.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Visit Site

A Global Market Leader!

(Trading forex carries a high level of risk.)

TD Ameritrade
9.3/10 Overall
Minimum Deposit$0
Tier-1 Licenses5
Tradeable Symbols (Total)0

TD Ameritrade, part of financial conglomerate Charles Schwab, is a leader in platform technology and trusted by millions of investors globally with trillions in assets under its brands. Available exclusively to U.S. residents, TD Ameritrade's forex offering consists of just over 70 currency pairs, along with powerful research and trading tools.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
City Index
9.3/10 Overall
Minimum Deposit£100.00
Tier-1 Licenses7
Tradeable Symbols (Total)13500

City Index, part of StoneX Group, is an award-winning, highly trusted broker with a long history of offering forex and CFDs across its global offices. City Index delivers a well-designed mobile trading app and a powerful web platform, as well as a large range of tradeable markets (though pricing is just average).

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
XTB
9.1/10 Overall
Minimum Deposit$0
Tier-1 Licenses2
Tradeable Symbols (Total)6010

XTB is a highly trusted brand with a proprietary platform (xStation 5) that delivers a rich selection of trading tools. XTB also offers CFDs for a wide range of asset classes, including multiple cryptocurrencies. Beginners will appreciate XTB's excellent educational content and the hundreds of lessons that are available via its Trading Academy.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
eToro
8.8/10 Overall
Minimum Deposit$10-$10,000
Tier-1 Licenses3
Tradeable Symbols (Total)3479

Best known for its copy trading platform suite, eToro is a highly trusted broker offering a large selection of cryptocurrency products, CFDs, shares, forex pairs, and a wide range of powerful trading tools. It’s worth noting that eToro is not a discount broker (though it offers zero-dollar commissions for U.S. stocks).

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)No
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No

What are CFDs?

When learning about CFDs, it can help to think about what the name itself implies: a contract for a difference. A CFD is a contract that reflects a specific price for a given asset. For the duration that you hold the contract, the price for that asset may go up, or it may go down.

Depending on the difference between the initial price and the price at which you exit the contract, you'll either be paid out for that difference, or you'll lose money on the deal

For example: If you buy a CFD on the EUR/USD pair and the contract price jumps higher than your initial purchase price, your profit will be the difference between those two prices. Likewise, if your contract price for the EUR/USD drops below your initial purchase price, you'll incur a loss.

The price of the CFD trades just like the underlying market it tracks. So, a CFD for the EUR/USD pair will have nearly the same price as the actual currency pair (CFD traders may need to account for a minor degree of tracking error). The same goes for CFDs on other asset classes, such as shares.

Note: When you purchase an asset like company stock, you become the owner of those actual shares. When purchasing a CFD, however, you never actually own the asset itself. As mentioned earlier, you are only buying (or selling) a contract expressing a price difference for that asset. The associated (underlying) asset could be a company's stock, cryptocurrency, forex pair, market index, or a commodity like gold or oil.

Let's look at another example, but this time with stock instead of a currency pair:

Let's say you glanced at TSLA stock in October of 2021 when it hit $1,000. Your belief at the time was that it would hit, say, $1,200. You decide to buy a TSLA CFD.

Boom, it's November 1st, 2021, and TSLA has hit $1,200! You close your CFD position, netting a $200 profit (minus commissions, fees, and the spread).

Or, perhaps TSLA's stock ended up dropping from $1,000 to $800. What you hoped would be a profitable CFD has now produced a $200 loss.

To recap: CFDs are speculative contracts set up for the trader to pay the difference in the value of a particular underlying asset, between when the contract is agreed upon and entered into force, and when it expires (though the contract can be sold at any time).

Important reminder: CFDs fall into the high-risk category of the trading world you'll find that most sites (including ours; just scroll up) feature risk disclaimers specifically for CFDs (they really are that risky).

Why trade CFDs?

Traders decide to purchase and trade CFDs for a variety of reasons. Perhaps they are looking for an easier way to short sell an asset. They may be hoping for a convenient way to access a wider variety of trading products from within one brokerage account. Or, maybe they are just looking for access to lower margin requirements. Below, we'll spell out the reasons why CFDs can be a potential solution for these concerns.

Selling short: Under normal circumstances (without CFDs), if a trader expects the price of a given stock to drop (and wants to short sell), they'd need to borrow those shares from their broker and then sell them at the market price. The trader is hoping that the price of the stock does drop so that they can then buy the shares back at a lower price.

With CFDs, short selling operates under more or less the same principle, except the trader doesn't have to do any borrowing of any assets. Instead, they can simply create a sell to open order, which will open a new short position in the form of a CFD trade. Then, just like the above example, the trader waits for the price to drop before they buy and (hopefully) close the position with a profit.

Of course, if the market moves higher when selling short a CFD and the trader exits the position with a "buy to close" order, that trade would result in a loss. It may be simpler to sell short a CFD than it is for the underlying asset, but that doesn't make it less risky. In fact, the use of leverage can actually make it riskier - more on that next.

Leverage: Another reason investors may choose to use CFDs is for the potential leverage, the availability of which varies depending on the product you trade and the country you reside in (and any restrictions or leverage limits).

A leverage limit of 10:1 means an investor can control $100,000 worth of CFDs with just $10,000 in their margin account. This lower margin requirement means there is more capital available in their account to use (or risk) for opening additional positions.

As one can imagine, with a leverage ratio of 10:1, the potential for both gains and losses is significantly increased. Profits can soar fast, but losses can pile up just as quickly (hence the ever-present disclaimers that detail how risky it is to trade CFDs).

Product availability: Forex and CFD brokers are increasingly offering a wider selection of asset classes and a greater total number of available symbols for trading.

For example, you might have a trader who wants exposure to the price of Bitcoin but would prefer to avoid owning a cryptocurrency wallet and related exchange account. Instead, they can use a CFD as a means to get that exposure to Bitcoin. It's worth remembering that CFD trading does come with associated fees that may not be present when trading the underlying asset(s).

Pros & Cons of trading CFDs:

Pros:
  • Wide range of markets. CFD traders can gain access to a huge range of markets – including instruments that may not normally be readily accessible, or typically available in your country of residence.
  • Go long and short. With CFD trading, it's relatively easy to open a short (sell) position, allowing traders to potentially make money when an instrument goes down in price.
  • Instant order execution. When trading CFDs, most orders are executed instantly with the click of a button, meaning there is less risk of slippage or requotes (though this depends on the type of order and your account's execution method).
  • Low fees and commissions. Most CFD trading platforms charge a relatively low commission.
Cons:
  • You can lose everything. While assets rarely plummet to zero in traditional stock or commodity trading, it's possible to lose your entire balance when trading CFDs, due to leverage.
  • Overnight fees. CFD trading is not ideal for holding positions for long periods of time, as there are fees (known as carry charges, or overnight premiums) for holding a position overnight (again, due to leverage).
  • Lack of ownership. When you buy a CFD, you own the contract – not the asset. So, you can trade Bitcoin without having a crypto wallet, for example, but you won't actually own those assets, and you aren't eligible for shareholder voting rights or dividends.
  • Capital gains tax. Unlike spread betting (which carries no capital gains tax for U.K. residents), CFD trades are subject to capital gains tax.

How are CFDs different than investing in stocks?

When you purchase a stock, the shares are held by your broker on your behalf. You become the shareholder of record and are eligible to partake in certain voting and proxy meetings as part of the governance process. CFDs operate a bit differently, and there are some advantages that come with "real" stocks, and some that come with share CFDs. We'll sort out some of the differences below:

Regulatory requirements: Unlike share CFDs, exchange-traded shares may involve certain regulatory and exchange fees, reporting requirements, and disclosures (i.e., if you own more than 10% of a public company it triggers a filing requirement in the U.S.).

Dividends: Shareholders are eligible to receive potential dividends and other rights depending on the class of stock they hold (i.e. during a liquidity event or in the case of bankruptcy). When you are trading CFDs you have no such ownership rights or benefits. It's worth noting that some CFD brokers may still offer you the ability to receive dividends, in an attempt to mimic the trading of real (underlying) stocks.

Stock certificates: As mentioned above, CFDs can replicate much of the experience that comes with owning an underlying stock, albeit with some exceptions. One such exception would be stock certificates. As CFD traders don't actually own any of the underlying assets, they aren't entitled to a certificate of ownership for any stock. A relic of the past, stock certificates today aren't as crucial as they once were. Few investors request to physically own the real stock certificates to which they are entitled (unless they plan on voting during shareholder meetings).

Risk: Share CFDs - just like all CFDs - are risky investments, and carry additional risks that aren't present when trading underlying stocks. For example, during a fast market move, your broker may not have time to fill your position when trading a share CFD. Also, though your portfolio rarely plummets to zero when trading or investing in underlying stocks, it's possible to lose your entire balance (or even go into the negative) when trading share CFDs (due to leverage).

What is the spread?

The spread, or bid/ask spread, communicates the (often minuscule) difference between the buying and selling price for an asset (such as a currency pair). When you open a CFD trade, your online brokerage account will immediately show a loss equal to the size of the spread, because in that instant the rate that you'll pay to exit the trade is equal to the cost of the spread.

So, if the broker charges a spread of 10 cents, your CFD trade will immediately show a loss of 10 cents when opened.

The spread is the primary means for CFD brokers to profit from trading. Alternatively, they may charge you a commission, while passing your trade to another market-maker (who will in turn profit from the spread).

Either way, the spread is always crossed, even if it is close to zero. In other words, you'll always pay the spread, one way or another. It's important to always keep an eye on the spread, as this important trading cost can add up over time, whether on large positions or over the course of many trades.

What is leverage?

Leverage refers to a strategy in which traders control a greater amount of investment capital by borrowing funds, in what is known as a margin account. Each margin account will have different margin requirements, which indicate the maximum allowable margin ratio.

For example, if the margin requirement for a trading account is 100%, this means that a trader with $10,000 is allowed to buy $10,000 worth of securities. So, the ratio of capital to borrowed capital is 1:1.

If the margin account allows for a 10% margin (or, a 10:1 ratio), that same investor can control nearly $100,000 when putting down the same initial $10,000. The other 90% (or, $90,000 in this example) is obtained by borrowing money from a broker.

In other words, with $10,000 of your own funds (the required margin), a margin account with 10:1 leverage would allow you to open a position of $100,000 by borrowing from your broker.

Despite the potential for larger positions and larger profits, there is also the potential for larger losses. When using leverage in a margin account, there is the potential to incur a negative balance due to the large amounts of borrowed capital.

In the event of an abrupt market move against you, for example, that sudden loss may be greater than what your account balance can cover, thus creating a negative balance. Brokers often have automated liquidation mechanisms in place that are designed to help prevent a negative balance scenario, making it a somewhat rare occurrence - but it can still happen.

Pro tip: Every investor needs to be aware of the major risks that come with using leverage. Due to those risks - and the potential for big losses - leverage should only be used by experienced investors.

Are CFDs legal in the U.S.?

CFDs are not legal or permitted in the U.S. or to U.S. residents, irrespective of your broker's regulatory status. If you are not a U.S. resident, you can trade CFDs with most forex brokers that accept clients in your country of residence.

The closest analog to CFD trading in the U.S. would be trading on the futures and derivatives markets. CFDs are considered a derivative in the U.S. and fall under the jurisdiction of the U.S. Commodity Futures Trading Commission (CFTC), which requires that brokers meet the licensing requirements for offering derivatives.

The CFTC also regulates the spot forex cash market, which requires that U.S. residents trade with a U.S.-regulated forex broker. Futures brokers in the U.S. are regulated as Financial Commission Merchants (FCMs), and those that offer forex to retail clients must obtain the Retail Forex Exchange Dealer (RFED) license and become members of the National Futures Association (NFA).

It's important to note that not all spot forex transactions are considered CFDs. In the U.S. for example, spot forex transactions behave just like CFDs but are considered rolling-spot contracts for legal purposes. While you cannot access CFDs as a U.S. resident, it is important to know there are many alternative exchange-traded products that U.S. brokers offer that can provide you with similar exposure to underlying assets, including options, forex, futures, and securities.

What is the best CFD trading platform?

Saxo Bank offers the best forex and CFD trading platform in 2024, thanks to its SaxoTraderGO web and mobile suite, along with its equally impressive SaxoTraderPRO desktop platform.

Saxo Bank allows you to switch between shares, CFDs, and even options from the same trade ticket window when placing an order. Saxo Bank offers a whopping 40,000 tradeable symbols (including a massive list of CFDs), and its platform suite is loaded with trading tools, cutting-edge research, and powerful charting. Simply put, Saxo Bank is our favorite forex and CFD trading platform in 2024.

What CFD instruments can you trade?

There is an enormous number of possible CFD instruments that can be traded. IG and Saxo Bank are two great examples of award-winning multi-asset brokers that each offers immense CFD offerings. IG offers close to 20,000 CFDs, and Saxo Bank has a staggering 40,000 available symbols and a huge offering of CFDs.

Are there good CFD brokers?

The best CFD brokers are highly-regulated and a great choice whether you are a beginner or an expert trader. These trusted brokers offer the best platforms, product range, and trading tools, including research and client education, providing everything that CFD traders need.

At the same time, there are some brokers that are best avoided, due to their lack of licenses, minimal product offering, and narrow range of markets and services. That is why it is crucial to choose a highly-regulated broker for your CFD trading needs.

BrokerNotes.co 2023 Overall Rankings

To recap, here are our top forex brokers for 2023, sorted by Overall ranking.

Company Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Trust Score Tradeable Symbols (Total) Read Review Visit Site
IG logoIG 9.9 £250.00 0.98 info 99 19537 IG Review Visit Site
Interactive Brokers logoInteractive Brokers 9.9 $0 0.63 info 99 8500 Interactive Brokers Review
Saxo Bank logoSaxo Bank 9.7 $0 1.1 info 99 70000 Saxo Bank Review
CMC Markets logoCMC Markets 9.6 $0 0.61 info 99 12074 CMC Markets Review
FOREX.com logoFOREX.com 9.4 $100 1.4 info 99 5500 FOREX.com Review Visit Site
TD Ameritrade logoTD Ameritrade 9.3 $0 1.25 info 99 0 TD Ameritrade Review
City Index logoCity Index 9.3 £100.00 1.4 info 99 13500 City Index Review
XTB logoXTB 9.1 $0 1.07 info 96 6010 XTB Group Review
eToro logoeToro 8.8 $10-$10,000 1 info 90 3479 eToro Review
Swissquote logoSwissquote 8.8 $1000 N/A info 99 472 Swissquote Review
Capital.com logoCapital.com 8.7 $20 info 0.67 info 87 3021 Capital.com Review
AvaTrade logoAvaTrade 8.7 $100 0.92 info 94 1260 AvaTrade Review
Plus500 logoPlus500 8.6 €100 0.8 (August 2021) info 99 5500 info Plus500 Review
OANDA logoOANDA 8.5 $0 1.57 info 93 1744 info OANDA Review
FXCM logoFXCM 8.5 Starts from $50 0.74 info 95 440 FXCM Review
Admirals logoAdmirals 8.5 $100 0.8 info 93 8702 Admiral Markets Review
Pepperstone logoPepperstone 8.4 $200 0.77 info 95 2342 Pepperstone Review
XM Group logoXM Group 8.4 $5 1.6 info 88 1429 XM Group Review
FP Markets logoFP Markets 8.3 $100 AUD 1.1 info 87 10000 FP Markets Review
FxPro logoFxPro 8.1 $100 1.51 info 90 2249 FxPro Review
IC Markets logoIC Markets 8.1 $200 0.62 info 84 3583 IC Markets Review
Markets.com logoMarkets.com 8.1 $100 1.9 info 96 2179 Markets.com Review
Tickmill logoTickmill 8.1 $100 0.51 info 83 725 Tickmill Review
Fineco Bank logoFineco Bank 8.0 $0 N/A info 94 9770 Fineco Bank Review
BlackBull Markets logoBlackBull Markets 8.0 $0 0.827 info 77 26000 BlackBull Markets Review
Vantage logoVantage 8.0 $50 1.30 info 90 1000 Vantage Review
HYCM (Henyep Capital Markets) logoHYCM (Henyep Capital Markets) 7.9 $20 0.6 info 88 1199 HYCM Review
HFM logoHFM 7.9 $0 1.2 info 86 3500 HFM Review
ThinkMarkets logoThinkMarkets 7.8 $0 info 1.1 info 92 4000 ThinkMarkets Review
FlowBank logoFlowBank 7.7 $0 N/A info 80 408600 FlowBank Review
DooPrime logoDooPrime 7.8 $100 N/A info 83 10000 DooPrime Review
Trading 212 logoTrading 212 7.7 €10 1.9 info 79 8025 Trading 212 Review
BDSwiss logoBDSwiss 7.7 $10-$5000 info 1.6 info 76 1081 BDSwiss Review
Trade Nation logoTrade Nation 7.6 $0 0.6 85 601 Trade Nation Review
TMGM logoTMGM 7.6 $100 0.96 info 83 12000 TMGM Review
Moneta Markets logoMoneta Markets 7.5 $50 1.27 info 72 1016 Moneta Markets Review
Eightcap logoEightcap 7.5 $100 1.0 info 85 736 Eightcap Review
MultiBank logoMultiBank 7.5 $50 N/A 84 1042
ACY Securities logoACY Securities 7.4 $50 1.2 info 75 2200 ACY Securities Review
RoboForex (RoboMarkets) logoRoboForex (RoboMarkets) 7.3 $100 1.4 info 71 12000 Roboforex (RoboMarkets) Review
VT Markets logoVT Markets 7.3 $100 1.2 info 70 1000 VT Markets Review
easyMarkets logoeasyMarkets 7.3 $50 0.9 info 80 199 easyMarkets Review
IronFX logoIronFX 7.2 $50 1.2 83 340 IronFX Review
Spreadex logoSpreadex 7.2 $0 0.81 info 71 10000 Spreadex Review
IFC Markets logoIFC Markets 7.2 $1 1.44 info 67 630 ATFX Review
Trade360 logoTrade360 7.2 $250 N/A info 76 1062 Trade360 Review
Octa logoOcta 7.2 $25 0.9 info 70 230 OctaFX Review
Axi logoAxi 7.1 $0 N/A info 81 175 Axitrader Review
TeleTrade logoTeleTrade 7.1 $100 N/A 71 500 Teletrade Review
GKFX logoGKFX 7.0 $0 N/A info 65 354 GKFX Review
Exness logoExness 7.0 $1 0.9 info 71 112 Exness Review
Vestle logoVestle 7.0 -1 N/A 78 750 Vestle Review
FXOpen logoFXOpen 7 $100 N/A info 80 87 FXOpen Review
FXPrimus logoFXPrimus 7.0 $100 N/A info 71 140 FXPrimus Review Visit Site
Forex4you logoForex4you 6.9 $0 N/A info 61 150 Forex4you Review
GBE brokers logoGBE brokers 6.8 $500 N/A info 71 500 GBE Brokers Review
Alpari logoAlpari 6.8 $20 N/A info 68 105 Alpari Review
TopFX logoTopFX 6.7 Depends on payment method N/A info 67 655 TopFX Review
Libertex (Forex Club) logoLibertex (Forex Club) 6.7 $10 N/A info 73 300 Libertex Review
LegacyFX logoLegacyFX 6.7 $500 N/A 67 425 LegacyFX Review
FXGT.com logoFXGT.com 6.6 $5 N/A 69 117 FXGT Review
ATFX logoATFX 6.5 $500 N/A info 73 150 ATFX Review
Xtrade logoXtrade 6.5 $250 N/A info 80 142 Xtrade Review

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Methodology

At BrokerNotes.co, our data-driven reviews of online brokers are based on our own extensive testing of each broker's products and services as well as the qualified observations of our expert editorial team. In conjunction with our sister site, ForexBrokers.com, we’ve published well over 100,000 words of research and collected thousands of data points across hundreds of variables. Our in-depth trading guides are created with the same rigorous, data-driven approach.

Our proprietary Trust Score rating system tracks data from over 100 regulatory jurisdictions to help forex traders understand the regulatory status of their forex broker and choose a broker that they can trust.

Our editorial team is led by Steven Hatzakis, an industry veteran with decades of experience and a deep understanding of the forex market. Our team conducts thorough testing on a wide range of brokers, platforms, products, technologies, third-party trading tools, and mobile apps. We also test for the availability of high-quality educational content, actionable market research resources, and the accessibility and capabilities of mobile platforms. All of our ratings and rankings are based on the collection and validation of thousands of data points and our in-depth product testing.

Part of our testing process involves in-depth research into commissions and fees. We dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads (we always strive to determine the average spreads for each broker to better serve our readers), and a variety of other fee-based data points.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go.

When testing mobile apps or mobile products, we test on both Apple and Android devices. For Apple, we test with the iPhone XS running iOS 16, and for Android we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 13.

All of the content on BrokerNotes.co is researched, fact-checked, and edited by members of our editorial team. Our ratings and rankings are driven by our independent data collection. We may use generative AI tools to assist in some of the rote aspects of our content production processes, but the substance of our content, as well as our opinions and evaluations are based on our extensive research and product testing. Read our Generative AI policy to learn more.

Our rigorous data validation process provides our readers with quality data they can trust. Click here to learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

About the Editorial Team

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

John Bringans
John Bringans

John Bringans is the Senior Editor of BrokerNotes.co and ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.

Joey Shadeck
Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.

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