21 Best Forex Brokers for Spread Betting – ( Reviewed ) 2020

Spread Betting

 

According to research in South Africa, the concept of spread betting entails having an opinion on the outcome of an event, such as the direction of a financial market, and in turn placing a bet or stake that may benefit from that outcome. Forex spread betting works the same as spread betting on the movement of a stock price or an index and when spread betting on currency pairs, a rolling spot quote means that the bet does not actually expire but instead it gets rolled over for a next session, which may result in a small rollover charge.

 

A review about Alpari
 

 

Alpari

 

Alpari with its long-standing brand history, numerous offices, range of account types and diverse managed account offerings is the perfect choice for Forex and CFD traders who are looking to leverage the power of MetaTrader platforms.

 

Pros and Cons

 

Pros Cons
Licensed in Russia, Belarus, Mauritius, Belize, St. Vincent & the Grenadines Product offering segmented across global brands
Wide range of MT4/MT5 account types Narrow range of CFD trading instruments
Launched CFDs on Bitcoin Less research content on English site compared to Russian version
Member of External Dispute Resolution (EDR) organization

 

 

Is Alpari Safe?

 

Alpari is considered high-risk, and is not publicly traded and does not operate a bank. Alpari is authorised by zero tier-1 regulators (high trust), zero tier-2 regulators (average trust), and one tier-3 regulators (low trust).

 

Commissions & Fees

 

The commissions and fees at Alpari are varied and depend on the account type and platform used.

 

Customer Service

 

  • Average Connection Time:<1 minute
  • Average Net Promoter Score:33 / 10
  • Average Professionalism Score:2 / 10
  • Overall Score:5 / 10
  • Ranking:26th in 43 brokers

 

Alpari integrates research content from several third-party providers under its Forex Analytics section and is a MetaTrader-only broker.  The native versions of the mobile app for MetaTrader 4 and MetaTrader 5 are available for Android and iOS devices straight from the developer.

 

A review of AvaTrade
 

AvaTrade

 

AvaTrade is an online broker which was founded in 2006 and offers Forex, CFDs, Spread Betting and Social Trading and is a global broker with their head office situated in The British Virgin Islands.

 

For those who are looking to start out with AvaTrade will need a minimum deposit of $250 and a demo account is available for those who want to get acquaint with the popular MT4 forex trading platform.  AvaTrade also offer mobile apps for Android and iOS.

AvaTrade is perfect for various levels of traders including beginners and all traders can trade a wide variety of instruments and currency pairs.

 

  • Over 250 instruments
  • Over 80 currency pairs

 

Benefits

 

  • Allows scalping
  • Allows hedging
  • Low min deposit

 

AvaTrade Trading Accounts on offer include: Demo, Micro, Mini, Standard and Islamic and AvaTrade allows traders to execute a minimum trade of 0.01 Lot and support a wide range of languages including English, Italian, German, French and Greek.

 

A review about eToro
 

eToro

 

eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, with a head office based in Cyprus, UK.  eToro offers traders two ways to trade: CFDs, Social Trading and eToro traders will need to make a minimum deposit of $200 and the platform can accommodate various levels of traders from beginner to expert.

 

eToro is supervised by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies and has been in operation for over 14 years.

 

Traders can trade in a wide variety of over 100 instruments and over 50 currency pairs on eToro’s user-friendly custom trading platform which is available as a browser-based web application. eToro also offers traders mobile apps for Android and iOS, making it easier to keep an eye on and execute trades.

 

eToro trading accounts on offer include:  Demo, Micro, Mini, Standard, STP and Islamic.  eToro supports a wide range of languages including English, German, Spanish, French, and Italian.

 

A review about BDSwiss
 

BDSwiss

 

BDSwiss has been a part of the financial market since 2012 and offers traders a carefully curated mix of products and services.  BDSwiss has over a million registered accounts catering to clients across 173 countries and more than 10.2 million client transactions processed annually.

 

Pros and Cons

 

Pros Cons
Ultra-low spreads and affordable commissions Raw Spread Accounts limited to forex and gold trading
Excellent liquidity and rapid execution One-on-one training only available to Black Account holders
Feature rich value-added tools like Autochartist and trading alerts No US citizens currently accepted by the platform
Superb educational materials and daily market webinars
Highly accessible and user-friendly customer support channels

 

BDSwiss is regulated by the Cyprus Securities and Exchange Commission, the Mauritius Financial Services Commission, and registered with the United States National Futures Association. Additionally, a knowledgeable support team is available in over 20 languages across many convenient communication channels.

 

A review about FXTM
 

Forex Time (FXTM)

 

Forex Time (FXTM) is a MetaTrader broker which offers forex and CFD traders multiple account options for both MT4 and MT5 platforms.

 

Pros and Cons

 

Pros Cons
Provides multiple execution methods by account type Leverage caps and margin restrictions on ECN accounts
Regulated in several jurisdictions, including outside the EU Certain range of markets segmented across account types
Offers Cryptocurrency CFDs On ECN accounts, stop and limit levels can be added only post execution
FXTM Invest for auto trading Low max order size of 30 standard lots per trade

 

Is FXTM Safe?

 

FXTM is considered average-risk and is not publicly traded and does not operate a bank. FXTM is authorised by zero tier-1 regulators (high trust), one tier-2 regulator (average trust), and one tier-3 regulator (low trust).

 

Commissions & Fees

 

FXTM offers users seven different accounts types where the execution method, range of markets, available platform, and commissions and fees may vary.  Three accounts are offered under the Standard category.

 

Customer Service

 

  • Average Connection Time:<1 minute
  • Average Net Promoter Score:6 / 10
  • Average Professionalism Score:4 / 10
  • Overall Score:8 / 10
  • Ranking:23rd of 43 brokers

 

FXTM provides research in the form of daily technical and fundamental news analysis provided by an in-house team of analysts.

 

A review of IG Group
 

IG

 

IG offers traders a wide-ranging list of tradeable products, outstanding trading and research tools, industry-leading education, and competitive rates.

 

Is IG Safe?

 

IG is considered low-risk, and is a publicly traded company which operates a regulated bank, and is authorised by six tier-1 regulators (high trust), three tier-2 regulators (average trust), and one tier-3 regulator (low trust). IG is authorised by the following tier-1 regulators.

 

Commissions & Fees

 

IG provides traders competitive pricing across the board, regardless of the product chosen to trade.

 

  • Average spreads:For small and standard size contracts, minimum spreads on the EUR/USD were 0.6 pips, average spreads were 0.73 pips, for the end of November, 2019.

 

  • Active traders:For volume traders who qualify as professionals under EU rules, IG offers even more competitive rates on its commission-based offering, Forex Direct.

 

  • Execution method:Forex Direct streams from interbank liquidity providers where IG acts as an agency broker – not adding on any additional spread. IG adds a commission to each trade made.

 

Platforms & Tools

 

IG provides an outstanding offer of trading platforms and tools.

 

Flagship platform: IG’s main trading platform is its proprietary web-based platform with usability at the centre of the experience.

 

Charting: The default charts within the platform offers traders advanced functionalityincluding the ability to add an alert on a specific indicator, with a total of 28 studies available to select.

 

Additional platforms:  IG offers the MetaTrader4 (MT4) platform and a L2 Dealer platform where Forex Direct and Direct Market Access (DMA) are available for share trading.

 

ProRealTime charts:   Via the ProRealTime premium charting more advanced charting with nearly 100 indicators is provided.

 

Customer Service

 

  • Average Connection Time:<1 minute
  • Average Net Promoter Score:7 / 10
  • Average Professionalism Score:2 / 10
  • Overall Score:17 / 10
  • Ranking:8th in 23 brokers

 

IG provides traders a large selection of quality market research from both in-house and third-party providers plus, a mobile app that comes packed with plenty of features.

 

Mobile app features include:

 

  • Tools:Alerts, sentiment readings, an economic calendar, watch lists, detailed market information and a well-designed layout.
  • Charting:The charting function is loaded with 28 technical indicators and drawing tools.
  • Research:News content and signals from AutoChartist.
  • MetaTrader:MetaTrader is also available for traders who prefer the MT4 mobile app.

 

IG offers traders powerful research tools, competitive spreads and over 17,000 tradeable assets.

 

A review about OANDA
 

Oanda

 

OANDA is the Most Regulated Forex Broker and operate across six of the most credible authorities including:

 

  • Australia AISC (Australian Securities and Investments Commission)
  • United States CFTD (Commodity Futures Trading Commission)
  • Europe and UK FCA – (Financial Conduct Authority)
  • Japan IFFA (Institute Financial Futures Association)
  • Singapore MAS (Monetary Authority Of Singapore)
  • Canada IIROC (Investment Industry Regulatory Organization of Canada)

 

OANDA Focuses on Transparency

 

OANDA is focused on pricing transparency and customer satisfaction and they offer real-time data from liquidity providers and finds mid-points across instruments. When it comes to customer support, OANDA boasts multiple customer service awards for 24 hours/6 days a week support. Live chat, emails and phone support is available.

 

A review about Forex.com
 

Forex.com

 

Forex.com is an online broker which was founded in 1999 and offers Forex, Indices, Commodities, Equities and Cryptocurrencies trading with a minimum deposit of $500 needed to make a start.

 

Traders can trade in:

 

  • Over 4500 instruments
  • Over 80 currency pairs

 

Benefits

 

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Guaranteed stop loss
  • Offers Negative Balance Protection

 

Forex.com Trading Accounts on offer include:

 

  • Demo account
  • Mini account
  • Standard account
  • ECN account
  • STP account
  • Islamic account

 

With Forex.com, the minimum and maximum trade requirements vary depending on the trader and the instrument and all accounts support a wide range of languages including English, Chinese, Arabic to name but a few.

 

A review about CityIndex
 

City Index

 

City Index is an online broker which was founded in 1983 and offers Forex, CFDs and Spread Betting trading and traders can trade in over 12,500 instruments and over 100 currency pairs on the popular MT4 forex trading platform.  City Index also offer mobile apps for Android and iOS.

 

City Index is a global broker and has a head office situated in the UK and new traders will need to make a minimum deposit of $25 to make a start.

 

Benefits

 

  • Allows hedging
  • Offers STP
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection

 

City Index Trading Accounts on Offer include:

 

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • STP account
  • Managed account

 

City Index support a wide range of languages including English, Spanish, German, Arabic, Polish, and Chinese and has a triple AAA grade support rating.

 

Read 18 🥇 Best Share and Stock Trading Brokers – ( Reviewed ) 2020

 

A review of Vantage FX
 

Vantage FX

 

Vantage FX was founded in 2009 and offers retail forex and CFD traders the Metatrader platform suite, ChartIQ, as well as auto trading on ZuluTrade and Myfxbook and is considered average-risk.  Vantage FX is mainly a MetaTrader broker and offers traders the popular platform suite developed by MetaQuotes Software Corporation, which includes MetaTrader4 (MT4) and MetaTrader 5 (MT5).

 

Features

 

Feature Vantage FX
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 38
CFDs – Total Offered 24
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

 

Regardless of the platform a trader chooses to use, the trading cost at Vantage FX depends on the account opened and seeing that Vantage FX is a MetaTrader broker, iOS and Android versions of the MT4 app come standard and are both available for download from the Apple iTunes store and Google Playstore, respectively.

 

A review about Pepperstone
 

Pepperstone

 

Pepperstone is a global online broker which was founded in 2010 and offers Forex, CFDs and Social Trading.   Pepperstone is regulated and supervised by reputable organisations with a head office based in Australia.

 

With Pepperstone new traders will need a minimum deposit of $200 to open an account and the option is available to sign up for a demo account to familiarize themselves with the Pepperstone platform.  Pepperstone can accommodate various levels of traders whether a trader is experienced or just starting off in the trade.  Traders have the option to trade in over 100 instruments and over 70 currency pairs.

 

Pepperstone is one of the few brokers available that offer traders both of the MetaTrader platforms; MT4 and MT5 coupled with cTrader. Pepperstone also offer traders mobile apps for Android and iOS for the complete package.

 

Benefits

 

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

 

Pepperstone allows traders to execute a minimum trade of 0.01 Lot and supports a wide range of languages including English, Spanish, Polish, Chinese, Japanese, Korean, Vietnamese, and Arabic.

 

A review of IC Markets
 

IC Markets

 

IC Markets was founded in 2007 and International Capital Markets Pty Ltd (IC Markets) was established in Sydney and acquired an Australian Financial Services License (AFSL) with the Australian Securities and Investment Commission (ASIC) in 2009 and is considered average-risk.

 

Features

 

Feature IC Markets
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 63
CFDs – Total Offered 41
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

 

IC Markets offers three account types in which trading costs vary from commission-free on the Standard account to commission-based pricing on the True ECN and cTrader accounts and IC Markets provides a mobile version of all the platforms it offers, including MetaTrader 4 and MetaTrader 5 and cTrader, all of which come standard for iOS and Android.

 

A review of FxPro
 

FXPro

 

FXPro is an online broker founded which was founded in 2006 and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals and Spot Energies tradingFXPro is a global broker and has a head office located in the UK.

 

FXPro provide traders with access to top-tier liquidity and advanced trade execution with no dealing desk intervention and a starting account will need a minimum deposit of $100.

 

What can be traded with FXPro?

 

  • Over 250 instruments
  • Over 70 currency pairs

 

FXPro is one of the few brokers in the market who offers both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform and mobile apps for Android and iOS.

 

Benefits

 

  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Offers Negative Balance Protection

 

With FXPro, the minimum and maximum trade requirements vary depending on the trader and the instrument and the broker offers support in a very wide range of languages including Arabic, Chinese, English, French, German, Hungarian, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, and Vietnamese.

 

A review of Oinvest
 

Oinvest

 

Oinvest is a broker that is suitable for all types of traders and offers extensive trading opportunities through a variety of asset classes. Oinvest is a great choice for beginner traders and they provide a significant number of outstanding training resources and a demo account.  Oinvest offers traders excellent customer support, a variety of account types, and periodic bonuses.

 

Pros and Cons

 

Pros Cons
Extensive range of trading instruments Above-average swaps
Excellent training and educational materials
Popular trading platform MT4 available for web and desktop
Various account types with good leverage
Fantastic learning tools for beginner traders

 

Oinvest offers traders three types of accounts customized based on a traders trading activity and investment. These are Silver, Gold, and Platinum.  A Platinum account, as well as Islamic versions of these accounts and a demo account is also on offers and the Silver account is designed for beginners whilst the Gold and Platinum accounts are meant for traders with a higher trading volume and a more significant investment.

 

A review of ThinkMarkets
 

ThinkMarkets

 

Think Markets group accepts clients from all over the world but exclude traders from the USA, Canada, Japan and some other countries where restrictions apply.

 

  • Authorised and regulated by credible government agencies.
  • Various tutorials, guides, educational materials and trading tools.
  • More than a thousand stocks and dozens of ETFs.
  • Negative balance protection promised.
  • Tight spreads on major currency pairs.
  • Bitcoin funding accepted.

 

Trading Instruments on offer include:

 

35+ Currency Pairs Based on major and minor world currencies.
5 Crypto Pairs Based on Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple.
14 Indice CFDs Based on baskets of different blue-chip stocks and US Dollar Index.
7 Metal CFDs Based on Gold, Silver, Platinum and Copper.
3 Energy CFDs Based on Crude Oil (WTI, Brent) and Natural Gas.
6 Soft Futures Based on Cocoa, Coffee, Cotton, Corn, Soybean, Wheat.
1200+ Stock CFDs Based on shares of AU, US, UK, EU, South Africa and Hong Kong companies.
50+ ETF CFDs Based on exchange-traded funds containing various tradable assets.

 

A review about AxiTrader
 

Axitrader

 

Axitrader is an online broker which was founded in 2007 and offers Forex, CFDs and Social Trading, is a global broker and has a head office situated in Australia with no minimum deposit needed to get started plus a demo account is on offer.

 

Axitrader is able to accommodate various levels of traders and offers the MT4 forex trading platform plus mobile apps for Android and iOS, respectively.

 

Axitrader Trading benefits include:

 

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

 

Axitrader Trading Accounts on Offer include Demo, Micro, Mini, Standard, ECN, STP and Islamic and support is offered in a wide range of languages including English, Chinese, Spanish, German, Japanese, Russian, Romanian, and Arabic.

 

A review about FXCM
 

FXCM

 

FXCM caters to multiple trader types including High-volume traders, algorithmic traders, and traders who appreciate robust trading tools and quality market research.

 

Is FXCM Safe?

 

FXCM is considered low-risk. FXCM’s parent company is publicly-traded, does not operate a bank, and is authorised by three tier-1 regulators (high trust), two tier-2 regulators (average trust), and zero tier-3 regulators (low trust).

 

Commissions & Fees

 

FXCM stands out the most in regards to its Active Trader account offering, where low commission rates and average spreads provide competitive pricing for high volume traders.  Active Trader accounts are available for clients who deposit at least $25,000, which comes with a lower commission rate of $25 per million and access to premium research.  Standard account holders are only charged the prevailing spreads, Active Trader accounts are charged a commission per trade, in addition to reduced prevailing spreads.

 

Platforms & Tools

 

FXCM offers a growing range of trading platforms and tools including:

 

  • Trading Station desktop:FXCM’s flagship trading platform, caters well to forex traders of all skill levels.
  • Trading Station web:The web version of Trading Station features includes news, videos, research, market data signals, and links to external resources.
  • Ninja Trader: Features numerous trading tools, including automated trading capabilities.
  • Algorithmic Trading:The FXCM App store provides various add-ons, technical indicators, and automated trading robots.

 

Customer Service

 

  • Average Connection Time:<1 minute
  • Average Net Promoter Score:3 / 10
  • Average Professionalism Score:2 / 10
  • Overall Score:77 / 10
  • Ranking:3rd in 22 brokers

 

FXCM provides a wide variety of market research and related resources. A combination of Trading Station and MetaTrader4 (MT4), FXCM delivers a reliable, feature-rich mobile offering for forex traders.

 

A review of SpreadEX
 

SpreadEx

 

SpreadEx is a forex, CFD and spread betting broker which give traders access to major markets like currencies, indices, commodities and shares plus cryptocurrencies like Bitcoin.

 

Pros and Cons

 

Pros Cons
Segregates client funds Doesn’t allow EAs
Established in 1999 Limited range of instruments
Regulated by Financial Conduct Authority Not ASIC Regulated
Min. deposit from $1

 

SpreadEx offers a demo account and is Regulated by the Financial Conduct Authority, UK (FRN: 190941).

 

GKFX Prime Review South Africa
 

GKFX

 

GKFX is a forex, CFD and spread betting broker which gives traders access to major markets like currenciesindices, commodities and shares plus cryptocurrencies like BitcoinGKFX is Regulated by the Financial Conduct Authority, UK (FRN: 501320).

 

Pros and Cons

 

Pros Cons
Segregates client funds Not ASIC Regulated
Established in 2010
Regulated by Financial Conduct Authority
Min. deposit from $20

 

A review about Core Spreads
 

Core Spreads

 

Core Spreads provides traders access to 1,000’s of markets via two trading platforms, CoreTrader 2 and MetaTrader 4 plus the option to trade forex in more than 30 of the most popular currency pairs, as well as gold, silver and Brent crude oil with Core Spread’s commodities options.

 

Pros and Cons

 

Pros Cons
Segregates client funds Doesn’t allow EAs
Established in 2014 Limited range of instruments
Regulated by Financial Conduct Authority Not ASIC Regulated
Min. deposit from $1

 

Core Spreads is authorised and regulated by the Financial Conduct Authority (FCA) and is fully compliant with the European Securities and Markets Authority (ESMA).

 

A review about Hargreaves Lansdown
 

Hargreaves Lansdown

 

Hargreaves Lansdown offer a multitude of financial services including ISAs, pensions, investment trusts, ETFs, financial advice, spread betting and CFD trading services. For commodity traders, they offer a range of energies, metals and agricultures.

 

Pros and Cons

 

Pros Cons
Segregates client funds Inactivity Fee
Established in 1981 Limited range of instruments
Regulated by Financial Conduct Authority Not ASIC Regulated
Min. deposit from $200

 

Hargreaves Lansdown is Regulated by the Financial Conduct Authority, UK (FRN: 115248).

 

Other Mention worthy Forex Brokers who offer Spread Betting includes:

 

  • 12Trader
  • AlfaForex
  • Capital Index
  • Financial Spreads
  • LMAX
  • SpreadCo

 

Read 20 🥇 Best DMA Forex Brokers – ( Reviewed ) 2020

 

In Conclusion

 

For a trader, finding the best broker between the multitude of spread betting brokers and platforms available to suit their particular needs is an important step and they should research a number of important factors including spreads, margin requirements, regulatory status, reputation, account types, and tradeable assets, according to research in South Africa.

 

Frequently Asked Questions

 

Is spread betting in forex worth it?

If the bets are place correctly it can yield high profits. There are countries such as the UK where profits from spread betting are tax-free.

Who are brokers for spread betting?

Here is a list of the 21 Best Forex brokers for Spread betting

Is Spread betting gambling?

Yes.

Is Spread betting dangerous?

It is deemed not more dangerous than any other form of financial speculation.

Can you make a living spread betting?

Yes, it is possible.

 

Regulated By FSB-SA

Your money is safe with us  |  Enjoy fully segregated accounts