Are some brokers better than others ? There are a wide range of brokers out there but this page will focus on CFD brokers offering markets such as Forex, Metals and other CFDs. Brokers have different features, so this page will attempt to use these as a way of measuring their potential fit for trading.
An important consideration for traders is safety of funds. There are ways to gauge whether a broker may be trusted or not. Brokers which are regulated provide reassurance about safety in general. Brokers which have a longevity, may also provide reassurance this way. This said, there is probably no way to be totally sure about the reliability of a broker. However regulation and range of regulators may be used as pointers to reliability.
The next factor is features. This includes the online trading platforms. However what is best depends on what it is the trader want to do with the platform. For example, if the trader wishes to use robots, then they may want a reliable platform which supports automated trading (reliability can also be gauged here by longevity).
If the trader does not want to use robots, then they may want a platform which is as user friendly as possible, without detracting from essential functions, for example technical and fundamental analysis support. If the trader wishes to use robots at some stage, then a broker which offers platforms for both types of trading (either one or more) may be suitable.
In the case that the trader is really focused on automated trading, then a broker which offers accounts supporting this kind of trading may be preferred. However the trader may wish to trade a wide range of markets, so a broker offering a good 'multi-asset' platform may be applicable.
As can be seen, the issue is potentially complicated, that is what is a best broker in general can depend on a range of factors. This page will attempt to find 10 brokers which can potentially appeal either as one or as part of a group for a wide range of traders, however there are many ways to make such a list of 10 brokers. All of these brokers are regulated in one or more regions and availability is subject to regulations. Broker features can vary in different regions, as can the availability of the broker itself.
1 AvaTrade
- Minimum deposit: $100
- Online trading platforms: MT4, MT5, Web Trader, AvaOptions
AvaTrade can be seen as something of an all rounder. It offers both MT4 and MT5. These are platforms which are well known for supporting automated trading and allowing the platform to be customised. However for the trader who wants to execute their own trades, AvaTrade offers a user friendly Web Trader and mobile app.
Some traders may want to know the views of other traders or to copy their trades, and AvaTrade provides a range of platforms for social and copy trading. Other traders may want to trade Options CFDs. These are not as common at CFD providers as some other markets, but AvaTrade provides Forex Vanilla Options CFDs on its AvaOptions platform.
2 Plus500
- Minimum deposit: $100
- Online trading platform: Plus500 CFD Platform
Plus500 focuses on providing a platform from watch app to desktop for the trader who wants a user friendly platform to plan and execute their own trades. Plus500's platform is designed to be intuitive to use. It offers a wide range of markets, and in particular a wide range of types of markets (for example Indices CFDs and Commodities CFDs).
in terms of tools, Plus500 provides 105+ technical indicators, for technical analysis and offers integrated fundamental tools, including an Economic Calendar referenced to individual markets (for those who do not trade the news, an Economic Calendar can suggest times when the market might become more volatile). Plus500 also offers the +Insights tool for those who want insights into the activites of other Plus500 traders.
3 IC Markets
- Minimum deposit: $200
- Online trading platforms: MT4, MT5, cTrader, TradingView
IC Markets is a CFD broker that offers a wide range of platform, infrastructure to support shorter-term trading, and provides support for copy trading and longer-term trading. IC Markets offers 2,500+ markets to trade, including a relatively large number of Stocks CFDs, for a broker focused on high speed order execution.
IC Markets provides both MT4 and MT5, as well as cTrader and TradingView. TradingView is a user-friendly platform for those who plan and execute their own trades, however it also allows robots, via Pine Script. cTrader integrates copy trading, automated trading and self-directed trading, in a user-friendly platform. In short, this is a broker for those who want to trade at the edges, including higher-volume and short-term trading, as well as those who trade strategies on longer-term time frames.
4 XM
- Minimum deposit: $5
- Online trading platforms: MT4, MT5
XM is a MetaTrader broker with both MT4 and MT5. However it caters specifically to both low volume traders who want an account with low minimum trades sizes and a low minimum deposit and those who want accounts for higher volume trading. The Micro account offers both MT4 and MT5, allows for very small trade sizes and has a $5 minimum deposit. XM supports automated trading as well as other kinds of trading methods used for Forex and other CFDs.
5 ThinkMarkets
- Minimum deposit: None
- Online trading platforms: MT4, MT5, ThinkTrader
ThinkMarkets explicitly caters to traders who want to use robots or want to trade on their own behalf. This is because it provides both MT4 and MT5 and offers an account geared for automated traders and scalpers (the ThinkZero account, with spreads from 0 plus commission) but also provides user friendly ThinkTrader. Spreads on its Standard account are from a tight 0.4 without a commission charge.
6 Pepperstone
- Minimum deposit: $200
- Online trading platforms: MT4, MT5, cTrader, TradingView
Pepperstone is perhaps known as a broker which offers platforms and infrastructure for automated traders and scalpers. However it also provides for those who want to trade on their own behalf at longer time frames, with a wide range of Stocks CFDs and tools as well as social and copy trading platforms. Pepperstone has a wide offering of trading platforms, including the popular TradingView platform (which also supports automated trading via PineScript). cTrader is a relatively user friendly platform which has its own robots (called cBots).
7 AAAFx
- Minimum deposit: $10
- Online trading platforms: MT4, MT5, ActTrader
AAAFx offers spreads from 0, plus a commission charge and provides platforms for automated traders, which includes user friendly ActTrader and has a low minimum deposit. However AAAFx also has a focus on social and copy trading, providing ZuluTrade which is a user friendly platform for social and copy trading. AAAFx thus aims to cover a wide range of types of trading, including automated trading, copy trading and trade execution and planning performed by the trader.
8 Deriv
- Minimum deposit: $5
- Online trading platforms: MT5, Deriv X
Deriv offers a wide range of types of markets to trade and trading platforms and was orginally founded in 1999. For leveraged trading it provides MT5 and its user friendly Deriv X platform. Deriv supports copy trading via MetaTrader signals and provides the innovative Signal Center by Acuity. The Signal Center is for traders who want some pointers to potential trades (which are presented in an intuitive manner) and want to see an enhanced Economic Calendar, but who trade on their own behalf. Robot traders for leveraged markets are supported via MT5.
9 Vantage
- Minimum deposit: $50
- Online trading platforms: MT4, MT5, ProTrader
Vantage is aimed at traders who use robots and scalp, but it also provides user friendly ProTrader for traders who plan and execute their own trades. ProTrader is powered by TradingView. Vantage additionally provides both MT4 and MT5 and offers social and copy trading platforms. Spreads are available from 0, plus a commission charge. Vantage uses Equinix data centers for low latency order transmission.
10 BlackBull
- Minimum deposit: None
- Online trading platforms: MT4, MT5, cTrader, BlackBull Shares, TradingView
BlackBull offers a wide range of platform, supporting strategies from automated trading to Stocks CFD trading. In fact, BlackBull has a dedicated platform for Shares CFDs, with 26,000+ markets to trade. For those who scalp or trade with robots, MT4, MT5, cTrader and TradingView are available.
Different traders want different features and capabilities from a broker. However it is still possible to create a list of 10 brokers which have a longevity and focus on providing features and platforms for a wide range of types of traders.
