27 Best CFD Trading Platforms and Brokers 

27 Best CFD Trading Platforms and Brokers

27 Best CFD Trading Platforms and Brokers

According to research in South Africa, CFDs stand for Contracts for Difference. It is an agreement between the trader and the broker. CFD’s allow traders to profit from price movement calculated by the asset’s movement between trade entry and exit, computing only the price change without consideration of the asset’s value.

The trader can speculate on the price movement on a wide range of different assets which include currency pairs, commodities, stocks and cryptocurrencies.

One of the main benefits of CFD trading is that you can speculate on price movements in either direction.  You can actually earn money by speculating correctly on loss just as much as you could with profit.

Below you will find a comprehensive list of some of the best CFD brokers in the market.  This list is not meant to be a ranking but rather a comprehensive list of good discount brokers in the marketplace

Good luck and good trading.

AvaTrade Review

 

AvaTrade

AvaTrade, one of the largest and most regulated online brokerages in the world.  They are regulated in 6 different jurisdictions and offices worldwide which boast over 200,000 clients with monthly trades of over 2 million.

The company has also won numerous awards for “Best Customer Support”, “Best Alert System”, “Best Financial Derivative Trading Provider”, and “Best Forex Broker Year”.  They offer customer support in multiple channels in multiple languages as well, all of which make it a good option to traders of all levels.

 

Overall Pros and Cons

ProsCons
Easy and Fast account openingOnly CFDs, Forex and Crypto offered
Free deposit and withdrawal optionsPoor phone support
No withdrawals feesInactivity fee

 

XM.com Review

 

XM

XM is known for its superb platform that is great for both beginner traders as well as experienced traders.

For the beginner trader, XM offers a great deal of educational resources as well as a demo account with $100,00 USD of virtual currency to “play” with.

The platform boasts over 1.5 million clients with traders in 196 countries.

 

Overall Pros and Cons

ProsCons
Great Educational toolsLimited product portfolio
Easy and fast account openingInactivity fee after 90 days
No withdrawal feesOnly average Forex fees
Low minimum deposit 
Alpari Review

 

Alpari

Alpari Financial Services Ltd (Alpari) is one of the world’s leading independent forex brokers globally and offers a wide range of products.

Alpari offers a variety of account types and have an excellent customer support team with support in over 30 languages.

They also offer demo accounts and copy trading as well for beginner traders to learn with.

Overall Pros and Cons

ProsCons
Low minimum depositLimited educational resources
Best Broker for copy trading accountsLack of resource tools
Diverse selection of tradeable assetsHigh fees
Demo accounts and social trading available for the beginner traderWithdrawal fees
Good support in over 30 languages 
FXTM Review

 

FXTM

FXTM is an award-winning broker that places a huge emphasis on their customer support offering support over multiple channels, in multiple language 24/7.

They offer a huge range of educational resources, materials and tools available making it a great place for a beginner trader to start and grow.

Overall Pros and Cons

ProsCons
Great customer ServiceInactivity and withdrawal fees
Strong Educational tools for the beginner traderHigh CFD fees
Fast account openingLimited product range.

 

FP Markets Review

  

FP Markets

FP is an ASIC-regulated, STP broker with simple account options and an exciting set of tools for traders.

Their minimum deposits are higher than average, but you will find a lot of value for your money.  Great educational tools, exceptional customer service, large product offerings and great pricing all make the initial deposit worth it as you get a lot out of the relationship.

 

Overall Pros and Cons

ProsCons
Great Educational toolsLimited portfolio
Great Customer ServiceWeb Platform needs to be updated a bit
Large Product offeringHigh fee for international bank withdrawal
Easy and quick account opening.
GO Markets Review

 

Go Markets

GO Markets has grown to become a leading broker with a huge client base from over 150 countries and they are known to be especially strong as Forex and CFD brokers for both new and experienced traders.

They have a long track record in the industry and are know for their fast and efficient execution of trades and low fees.

GO Markets’s offering of educational materials are good but they shine with good research tools and analysis too.

 

Overall Pros and Cons

ProsCons
Low minimum depositOnly two account types
Very fast execution of trades 
Good trading analysis tools on offer 
Demo option available 
Low Forex fees 
XTB Review

 

XTB

XTB is a leader in the Forex trading space mainly due to its proprietary award-winning trading platform.

They also offer excellent educational material in its training academy and a host of analysis resources as well.

Great customer service backs up their already solid offering.

 

Overall Pros and Cons

ProsCons
Award winning platform which is very user friendlyLimited product portfolio
Free and fast deposit and withdrawalNo website trading platform
Training AcademyPoor support
Low trading fees.
No withdrawal fees 
Trading 212 Review

 

Trading 212

Trading 212 has created state of the art web and mobile trading platforms that are both easy to use and navigate.

They also have made opening an account easy and fast, with no minimum deposit as well.

They could improve a bit on their customer service platform, however.

Overall Pros and Cons

ProsCons
No minimum depositLimited product portfolio
Great user friendly platformBasic research tools
Quick and easy account openingNo live chat for support
Large product portfolioSometimes problems with verification
No Inactivity fee 
Plus500 Review

 

Plus 500

The Plus500 boast an amazing, easy to use, web-based trading platform and a good selection of tools and instruments.

They could improve in their educational materials and research tools.

They have a limited product range which although listed as a con, can be a pro if you focus on Forex and CFD’s as a trader.

 

Overall Pros and Cons

ProsCons
Easy, user friendly platformLack of depth in research tools
Listed on the London Stock ExchangeOnly an average educational section
Low trading feesLimited product range.  Only CFD and Forex
eToro Review

 

eToro

eToro is one of the biggest and most well-known names in the online trading market.

They have a AAA grade support rating through multiple channels, with a wide range of languages on offer as well.

They make account opening fast and easy with no deposit fee or minimum deposit requirements.

 

Overall Pros and Cons

ProsCons
Easy and fast account openingWithdrawing money is slow and expensive
No deposit fees Account only based in one currency
Low minimum depositHigh Forex fees
CityIndex Review

 

City Index

City Index is well known in the marketplace for having a top-notch trading platform.  The also offer great market analysis, very good research tools and multiple platform options.

Their educational resources are also first grade through their own Trading Academy which provides a host of videos covering a host of subjects as well as webinars.

 

Overall Pros and Cons

ProsCons
First class trading platform12 weeks is better than some but may not be be enough time to skill up and gain confidence in forex trading
Great educational resourceBasic research tools
No minimum initial deposit to start trading for bank transfersNo Volume discounts
Low Forex fees 
IC Markets Review

 

IC Markets

If Copytrading is your thing, IC Markets may be the broker for you.  They offer their proprietary copytrading platform Zulutrade which is one of the best in the market.

With 500,000 trades per day they understandably cater most to high volume traders.

IC Markets isn’t limited to copytrading and high volume, however.  They offer many services and features designed for both beginner and experienced traders.

They have an excellent trading platform and wide range of products and have a quality 24/7 support team over multiple channels round their offering out.

Overall Pros and Cons 

ProsCons
Low Forex feesNo negative balance protection
Easy and fast account openingOnly Forex, crypto and CFD trading
Free deposit and withdrawal 
Low minimum deposit 

 

OANDA Review

 

Oanda

Oanda was one of the early online forex brokers and was the first to have a fully automated forex trading platform, which is easy to use and excellent.

They operate across eight global financial centres, with clients in over 196 countries.

Overall Pros and Cons

ProsCons
Low feesHigh bank withdrawal fee
Easy and digital account openingPoor customer service
Easy to use web trading platformLimited offering of only Forex and CFDs
Low minimum depositID verification issues can delay account opening
  
Pepperstone Review

 

Pepperstone

Pepperstone trades in accordance with the regulatory principles set down by the European Securities and Markets Authority and the Financial Conduct Authority and was founded and launched in London.

Pepperstone has built its highly regarded reputation on providing institutional grade trading to the online forex trader.  They offer a huge amount of tools and a ton of different platforms to choose from.   This comes from an ethos of being a bespoke solution for each individual trader by giving a host of technological options.

Overall Pros and Cons

ProsCons
Free withdrawals and depositsLimited product portfolio of CFD, Forex an Crypto
Great customer serviceNo Research or technical analysis data
Low minimum deposit 
Low Forex fees.
No Minimum deposit 
FxPro Review

 

FxPro

FXPro is another of the most well-known brokers in the forex trading market and are solidly considered as on of the top MetaTrader brokers, offering the full suite of MT4 and MT5 platforms.

Their trading executions are quick and they have great customer service to back it all up.

Overall Pros and Cons

ProsCons
Great customer serviceTemperamental website
Quick transactions Minimum transaction size
Access to multiple trading platforms 
easyMarkets Review

 

EasyMarkets

Easy Markets started with the ideology that they would be a very beginner-friendly forex broker which is evident in its wide range of excellent educational and training resources.

They also have a great support platform on multiple channels.

 

Overall Pros and Cons

ProsCons
Excellent customer supportDeal cancellations not available on the MT4 platform
Real world scenarios to trade in 
FXCM Review

 

FXCM

FXCM is a broker that successfully tries to please everyone.  They are equally suited to the experienced trader no matter if you are a high-volume trader or algorithmic trader with great research tools and analysis

On the other end of the spectrum FXCM show their commitment to the beginner trader by their rich training resources and responsive support team.

 

Overall Pros and Cons

ProsCons
Good and technical research toolsLimited product portfolio
Great educational contentNo website trading platform
Low minimum depositPoor mobile platform
Good support team 
IG Group Review

 

IG

IG has first and foremost an excellent web trading platform. This combined with a long track record and the fact that they are one of the most regulated platforms in the world make them a powerful broker.

They offer a wide list of tradeable products and is one of the biggest CFD brokers in the world.

They round off their long list of pros with very good educational resources, excellent research and trading tools

 

Overall Pros and Cons

ProsCons
First class web trading platformLimited product portfolio
Excellent Educational programsPoor phone support
Very good deposit and withdrawal optionsHigh stock CFD fees
No minimum initial deposit 

  

Saxo Bank Review

  

Saxo Bank

Saxo Bank’s proprietary trading platforms SaxoTraderGO (web) and SaxoTraderPRO (desktop) are considered amongst the best of the best of online platforms on the market.

They are both easy to use but with great features that even experienced and professional traders like.

 

Overall Pros and Cons

ProsCons
Great Proprietary trading PlatformHigh minimum deposit
Outstanding ResearchPoor support with no 24/7 availability or live chat
No withdrawals fees 

 

CMC Markets Review

 

CMC Markets

CMC have an excellent mobile app, and a wide selection of nearly 10,000 tradeable instruments and its acclaimed proprietary Next Generation trading platform.

They offer great educational materials, fantastic tools and market research as well.

 

Overall Pros and Cons

ProsCons
Wide range of productsWithdrawing money is slow
Next Generation platform with tons of featuresSlow support response times
Great educational resources for beginner traders 
Low forex fees.
No fees for deposit and withdrawals 
Markets.com Review

 

Markets.com

For Markets.com have multiple platforms to choose from and also offer more than 70 global currency pairs to trade with no forex trading commissions at all.

 

Overall Pros and Cons

ProsCons
Large range of trading instrumentsProfessional account needed for best trading conditions
Fixed spreadsMinimum transaction size
Commission free accountsLack of telephone support
Low minimum deposit.
Multiple trading platforms 
HotForex Review

 

Hot Forex

HotForex began really making its mark in the market as it refocused their attention to costumer service.  This approach has paid off big as HotForex has won numerous awards globally from institutions.

HotForex offers more than 45 top currency pairs and can also trade risk free with over 70 CFD trading options available across the board in stocks, indices, commodities, cryptos, futures, and bonds.

 

Overall Pros and Cons

ProsCons
No fees for deposits or withdrawalsCommissions high on Zero account
Spreads are low on EURUSD and average on other pairsLimited range of instruments
Low deposit requirement for new traders with Micro accountsAccount opening not the easiest
Lots of premium trader tools available 
ETX Capital Review

 

ETX Capital

Traders choose ETX Capital for its reputation built up over 50 years through its FCA-regulated offering.

Their customer service is excellent having finished Best in Class in the Customer Service category in 2020.

ETX also offers very good educational resources although their research offering is basic and could be improved.

Overall Pros and Cons

ProsCons
Great customer serviceHigh trading fees
Very good educational toolsBasic research tools
Free multiple deposit and withdrawal options 
Flexible trading platforms.
Easy and fast account opening 

 

Dukascopy Review South Africa

 

Dukascopy

Dukascopy Bank is an excellent choice for highly experienced traders thanks to its JForex platform suite which offers flexible trading platforms,  industry-leading trading tools and market research and analysis.

Overall Pros and Cons

ProsCons
Multiple currency accountsHigh commissions
Expert news and analysisWithdrawal fees
Great market research toolsMinimum deposit is high
Flexible trading platforms 
Swissquote Review

 

Swissquote

Swissquote is a broker that offer access to many different markets, numerous instruments as well as wide range of currency pairs as well.

Swissquote also has a renowned customer service team providing multiplatform communication channels – live chat, mobile, WhatsApp and email.

 

Overall Pros and Cons

ProsCons
No inactivity feeHigh trading fees
Access to many marketsNot all research tools are free
Great market research toolsConfusing platform
Flexible trading platforms 
Low forex fees 

 

Fusion Markets Review

 

Fusion Markets

Fusion Markets provides a comprehensive selection of instruments, including 90 forex pairs, commodities, CFDs, and cryptocurrencies and are a good choice for experienced forex traders but may not be the best choice for beginning or inexperienced traders.

 

Overall Pros and Cons

ProsCons
Very low pricingNot really a beginner trader platform
No fees for deposits and withdrawalsMinimal educational materials
Fast and easy digital account openingLimited range of products
Demo account 

                

Interactive Brokers Review 

 

Interactive Brokers

Interactive Brokers’ Traders Workstation is a first class desktop software that provides a lot of analytical and charting power.

IB offers a wide range of products, research tools, and markets to trade in.  Interactive Brokers is a great home for traders a professional trading environment and low fees.   They have a very wide range of products and markets on offer with a massive resource of analytical tools and instruments, according to research in South Africa,

Overall Pros and Cons

 

ProsCons
Industry leading technologyAccount opening is long and tedious
No minimum depositLimited payment options (bank transfers only)
Broad range of research and trading toolsWorkstation software very powerful but not as modern or user friendly as some
Wide range of markets and tradeable assets 

 

What does CFDs in forex trading stand for?

Contracts for difference.

What is CFDs?

In short – it is the agreement between the trader and forex broker.

What is the benefit of CFDs?

The main benefit being that it allows you the opportunity to speculate on the price
movements in any direction.

Who are good CFD brokers?

See the comprehensive list of the 27 Best CFD trading platforms & brokers on
SAShares website.

https://www.sashares.co.za/best-cfd-trading-platforms-and-brokers/

Is CFD trading legit? 

Sign up with a regulated licensed CFD broker – see our list.



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