AuthorBy Jeffrey Cammack
Updated: March 19, 2021

CFD trading is a form of investment made popular by tales of generous profits from trading both sides of the market – all from the comfort of working from home. CFD brokers provide the trading software needed to connect traders with the CFD market, so the first step for a new trader will be to choose from a long list of potential brokers.

To start our review process, we evaluated the broker’s financial regulation, trading platforms, educational material, minimum deposit requirements, and fee structure. To test these CFD brokers further, we created live trading accounts, depositing the minimum required amount, and started researching the trading conditions and functionality offered to emulate a beginner trader’s experience. These are the best CFD brokers in South Africa for 2021, according to our testing and our research, where extra consideration was given for low trading costs and local FSCA regulation. 

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Best CFD Trading Brokers 2021

Last updated on 19 Mar 2021
Updated 19 Mar 2021
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
Blackstone Futures
Min. Deposit
ZAR 1000
4.484.48
Min. Spread
0.60 pips
Fx Pairs
32
Deposit & Withdrawal Methods
Overall Rating
11110.54.48/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.6 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 and CloudTrade platforms supported. Blackstone Futures is regulated by the FSCA - FSP:49846
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Blackstone Futures is an established FSCA-regulated CFD broker based in Johannesburg, offering clients trading in commodities, cryptocurrencies, equities, energies, Forex, futures, indices, and metals. Blackstone offers ZAR and USD accounts on MT4 and the proprietary CloudTrade platforms – both with STP execution.

While trading costs are low, and spreads are tight and maximum leverage is 400:1, Blackstone Futures restricts traders by offering a limited set of 32 FX pairs. Beginner traders are well-catered with outstanding educational support for beginners, weekly webinars, and in-person Masterclass sessions around South Africa.  Unfortunately while BlackStone Futures caters to Malaysian clients, it does not offer Islamic swap-free accounts.

Pros
  • ZAR accounts
  • Tight spreads
  • Fast and free withdrawals
Cons
  • Limited platform choice
Read More About Blackstone Futures
2
FXTM
Min. Deposit
USD 10
4.174.17
Min. Spread
0.10 pips
Fx Pairs
59
Deposit & Withdrawal Methods
Overall Rating
11110.54.17/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.90 pips on trading account with lowest minimum deposit. Max leverage Flexible. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
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FXTM is a multi-regulated FSCA registered CFD broker offering clients trading on Forex, cryptocurrencies, indices, metals and stocks. With a complete education and market analysis section, and the unique FXTM Invest copy trading platform, FXTM is plagued by unfavourable trading conditions and platform choice limits on their entry-level accounts and charging withdrawal fees.

Beginners at FXTM will find a good overview of how Forex trading works and the basics of a beginners course in their guides and tutorials, webinars, ebooks, trading glossary and videos that cover beginner and intermediate topics. Daily market analysis will help beginners understand the real-world implications of news events on the Forex market and where the opportunities lie. However, Serious beginners should consider the ECN Account (minimum deposit 500 USD) or the ECN Zero Account (minimum deposit 200 USD) as trading conditions dramatically improve to fall in line with industry averages.

Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
Cons
  • Expensive withdrawals
Read More About FXTM
3
BDSwiss
Min. Deposit
USD 100
4.324.32
Min. Spread
1 pips
Fx Pairs
50+
Deposit & Withdrawal Methods
Overall Rating
11110.54.32/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.
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BDSwiss is a European CFD broker regulated by CySEC, the FSC (Mauritius) and the FSA (Seychelles). BDSwiss offers trading on Forex, commodities, shares, indices, and cryptocurrencies. While trading costs on the entry-level Classic account are slightly above the industry average, the trading platform choice and the industry-leading education and market analysis material make up for it. A professional 5000 USD Raw account is also available with industry-competitive trading costs of 8 USD per EURUSD lot traded.

BDSwiss offers MT4, MT5 and a bespoke BDSwiss Web Trader application – the star attraction for new traders – with an intuitive and modern interface, an extended set of technical analysis tools, and advanced charting. The BDSwiss trading academy and market analysis are some of the best in the industry, with structured courses for all levels, frequent strategy webinars, and insightful market analysis headlined by a detailed daily market preview.

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
  • Limited market analysis
Read More About BDSwiss
4
AvaTrade
Min. Deposit
USD 100
4.184.18
Min. Spread
0.90 pips
Fx Pairs
50+
Deposit & Withdrawal Methods
Overall Rating
11110.54.18/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
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AvaTrade is an internationally and FSCA regulated CFD broker offering trading on Forex, cryptocurrencies, commodities, indices, stocks, bonds and EFTs. AvaTrade has one of the best mobile trading applications in the industry and, unlike many global brokers, offers a local South African customer support team. 

AvaTrade has over 200,000 active traders on the MT4, MT5, and AvaGo platforms and provides free access to trading tools like Autochartist, Duplitrade and AvaProtect, its own innovative risk management system.

While AvaTrade is a dependable broker for beginners, professional traders looking for advanced educational material and industry-leading market research will be underwhelmed.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited education
Read More About AvaTrade
5
CM trading
Min. Deposit
USD 100
3.243.24
Min. Spread
1.50 pips
Fx Pairs
47
Deposit & Withdrawal Methods
Overall Rating
1110.503.24/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.5 pips on trading account with lowest minimum deposit. Max leverage 200:1. Islamic account available. MT4 & Sirix platforms supported. CM Trading is regulated by the FSCA.
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CM Trading is a major South African CFD broker offering trading on Forex, indices and commodities.  South African traders will be pleased that CM Trading is fully licenced by the FSCA, but should be aware that trading and withdrawal costs are high.

The minimum deposit is 250 USD and CM Trading offers both MetaTrader4 and Sirix trading platforms on desktop computers and mobile devices. A variety of promotions and bonuses are available for new accounts.

The local customer service is generally excellent, but wide spreads and only basic market analysis might discourage traders.

Pros
  • Good for beginners
  • Great customer support
  • Copy trading accounts
Cons
  • Expensive withdrawals
  • Local regulation only
Read More About CM trading
6
XM
Min. Deposit
USD 5
4.384.38
Min. Spread
0.60 pips
Fx Pairs
57
Deposit & Withdrawal Methods
Overall Rating
11110.54.38/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
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XM is a reliable multi-regulated CFD broker offering trading in Forex, stocks, commodities, indices, metals, and energies. XM leads the Forex industry in terms of education and market analysis, but with customer service closed on the weekend, beginner traders with technical issues could face difficultly.

With support for MT4 and MT5, trading costs below the industry average on both introductory and professional accounts, and a low minimum deposit of 5 USD (70 ZAR), XM Group stands out from a crowded field of market maker brokers.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
Read More About XM
7
HotForex
Min. Deposit
USD 5
4.494.49
Min. Spread
0 pips
Fx Pairs
51
Deposit & Withdrawal Methods
Overall Rating
11110.54.49/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
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HotForex is a global CFD broker with FSCA regulation offering a variety of trading products including Forex, commodities, indices, shares and crypto. Trading conditions are unusually good on the 5 USD (5 USD) introductory account, with fast market execution and competitive spreads. Experienced traders will be interested in HotForex’s professional account with EUR/USD spreads starting at 0 pips pips and a 6 USD commission.

HotForex supports both the MT4 and MT5 platforms and provides 18 trading tools to further assist traders. Unfortunately, access to better trading tools like Autochartist, which other brokers offer as a free service, requires an account balance of 6500 ZAR – well above the required minimum deposit.

HotForex offers a structured beginner course and webinars to help newcomers get started, but customer support is closed on the weekend, leaving novices stranded when they may need help the most.

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
Read More About HotForex
8
FxPro
Min. Deposit
USD 100
4.214.21
Min. Spread
0.60 pips
Fx Pairs
70+
Deposit & Withdrawal Methods
Overall Rating
11110.54.21/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA
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FxPro is one of the most respected Forex brokers in the industry. Regulated by the FCA and CySEC and with over 870,000 client accounts in 173 countries, FxPro is a truly global powerhouse.

FxPro offers a no dealing desk execution model on MT4, MT5, cTrader and a browser-based platform. A reasonable 100 USD opening deposit and outstanding customer service are combined with competitive spreads – often as low as 0.6 pips – to match profitability with security.

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
Read More About FxPro
9
Plus500
Min. Deposit
USD 100
3.693.69
Min. Spread
0 pips
Fx Pairs
70+
Deposit & Withdrawal Methods
Overall Rating
1110.503.69/ 5
AlertAccepts South African Clients. Plus500 does not publish their spreads, and thus a cost of trading can not be established. Max leverage 30:1. Islamic account available. Only Plus500 proprietary trading platform supported. Plus500 is regulated by FCA, CySEC, ASIC, and MAS.All information presented is verified as of the date of the review.Most retail CFD accounts lose money. Your capital is at risk.
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Plus500 is a leading CFD provider with CFDs on Forex, equities, indices, cryptocurrencies, commodities and options. Clients of Plus500 have access to an easy to use trading platform with a ZAR account, but membership lacks trading courses for beginners and market analysis. Plus500 is supervised by some of the best global regulators but is not currently licenced by the FSCA.

The Plus500 trading platform offers South African traders a single account option, however, a lack of platform support for copy trading, hedging and scalping, could limit traders looking for new ways to trade. Plus500 falls behind in market analysis, advanced trading tools, and an absence of trading courses, making it less suitable for beginners or inexperienced traders.

Pros
  • Well regulated
  • Wide range of assets
Cons
  • Limited education
  • Limited account options
Read More About Plus500
10
FP Markets
Min. Deposit
USD 100
4.174.17
Min. Spread
0 pips
Fx Pairs
60+
Deposit & Withdrawal Methods
Overall Rating
11110.54.17/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.
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FP Markets is an ASIC-regulated, STP broker with simple account options and an exciting set of tools for traders with higher minimum deposits. Spreads are tight, even on the Standard Account, and the lack of dealing desk intervention for all accounts removes any concern over conflict of interest.

Trader education and market analysis are slightly weaker than other brokers, but the material presented is well-structured and useful. Overall, FP Markets is an excellent choice for beginner and more experienced traders alike.

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
Read More About FP Markets
11
XTB
Min. Deposit
USD 5
4.144.14
Min. Spread
0.80 pips
Fx Pairs
49
Deposit & Withdrawal Methods
Overall Rating
11110.54.14/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.50 pips on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & xStation platforms supported. XTB Group is regulated by CySEC, FCA and the IFSC
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Founded in 2002, XTB is a Polish market-maker with tight spreads on a single account and a focus on providing top-class education and market analysis for its clients. Regulated by the FCA, CySEC and the Belize IFSC, XTB offers negative balance protection for all clients and high-speed trading on over 1500 instruments.

XTB recently dropped support for MT4 to focus on its award-winning proprietary platform, xStation 5, which features more modern elements and a more intuitive design than the MetaTrader platforms.

Pros
  • Well regulated
  • Tight spreads
  • Low minimum deposit
  • Good for beginners
Cons
  • Limited platform choice
Read More About XTB

What are CFDs?

What is CFD Trading?

A CFD is a Contract For Difference. It is an agreement between you and a CFD broker to pay the difference in the price of an asset (like gold, or oil, or Tesla stock) after it increases or decreases.

Trading CFDs is speculating on the price movement of an asset without ever owning it.

CFDs are usually traded with leverage (money borrowed from the CFD broker) and neither the trader nor the broker ever owns the underlying asset.

What is a CFD Broker?

CFD brokers are the companies that provide access to a CFD market and provide a trading platform to open and close trades. To trade CFDs, you will need to open an account with a CFD broker. Once you open an account you will need to fund it with the minimum deposit required by the CFD broker.

CFD brokers usually require a minimum deposit to open an account

All CFD brokers offer the same basic services – like a trading platform and access to a market – but they can be quite different in other ways.

Types of CFD Brokers

CFD brokers come in two main forms: Market Makers or Direct Market Access (DMA)

Market Makers

Market makers are CFD brokers who create an artificial market for traders. When you trade with a market maker, you are not trading with real market prices. Instead, you are trading with prices that a market maker thinks are fair.

Market makers are always counterparty to your trade

Because a market maker is the market, it will always take the other side of your trade. This is called being the counterparty. So, when you lose money the market maker will profit – and when you profit the market maker will lose money.

Market makers will often require low minimum deposits to open an account and offer instant execution of trades.

These are the best market maker CFD brokers in 2021:

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Overall Rating
Official Site
Regulators
Min. Deposit
Cost of Trading
Trading Commission
No. of FX Pairs
Compare
Official Site
4.69 /5
Read Review
Visit Broker >
Your capital is at risk
USD 250
USD 6
Fees Included in Spread
93
Visit Broker >
Your capital is at risk
4.54 /5
Read Review
Visit Broker >
Your capital is at risk
USD 20
USD 6
Fees Included in Spread
166
Visit Broker >
Your capital is at risk
4.39 /5
Read Review
Visit Broker >
Your capital is at risk
USD 250
USD 6
Fees Included in Spread
50+
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Your capital is at risk
4.38 /5
Read Review
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Your capital is at risk
USD 5
USD 16
7 USD / lot - XM Zero Account
57
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Your capital is at risk
4.19 /5
Read Review
Visit Broker >
Your capital is at risk
USD 50
USD 11
Zero Accounts
85
Visit Broker >
Your capital is at risk

Direct Market Access (DMA)

ECN-Network

Unlike market makers, DMA brokers provide access to the CFD market. The most common form of DMA broker is called an ECN (Electronic Communication Network) broker. When you trade with an ECN broker, it will pass your trade to a member of its network to take the other side of your trade.

DMA brokers pass your trade to other members of the CFD market

ECN brokers and other DMA brokers usually require high minimum deposits to open an account and trade execution is never instant.

These are the best ECN CFD brokers in 2021:

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Overall Rating
Official Site
Regulators
Min. Deposit
Cost of Trading
Trading Commission
No. of FX Pairs
Compare
Official Site
4.51 /5
Read Review
Visit Broker >
Your capital is at risk
USD 200
USD 7.90
From 7 USD / lot - Razor Account
80+
Visit Broker >
Your capital is at risk
4.46 /5
Read Review
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Your capital is at risk
USD 200
USD 7
7 USD / lot - True ECN account
60
Visit Broker >
Your capital is at risk
4.34 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5
USD 12
7 USD / lot - PRO account
80+
Visit Broker >
Your capital is at risk
4.25 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5
USD 7
6 USD / Lot
80+
Visit Broker >
Your capital is at risk
4.19 /5
Read Review
Visit Broker >
Your capital is at risk
USD 50
USD 11
Zero Accounts
85
Visit Broker >
Your capital is at risk

What is a CFD Trading Account?

CFD trading accounts are accounts opened with a CFD broker. Many CFD brokers will offer different accounts with different costs and benefits.

Unless it is a CFD demo account, traders have to transfer money into the trading account to start trading.

Types of CFD Trading Accounts

Forex Charts

Accounts with CFD brokers can be split into two main groups: Demo Accounts and Live (or Real) Accounts.

Demo Accounts

Demo accounts are the best way to practice CFD trading with zero risk. All CFD brokers will offer a demo account for beginners to practice trading and get used to the broker’s trading platform. They are free to open, and the broker will load them with virtual money.

Demo accounts have fake money, but real market conditions

Even though there is no real money involved, demo accounts have real market conditions; traders with a demo account are seeing exactly the same thing as traders with a real account. Demo accounts are indispensable for new traders who want to understand how it feels to trade CFDs.

Some CFD brokers will put a time limit on their demo accounts, usually 2 or 3 weeks, forcing new traders to switch to a real account. The best CFD brokers have demo accounts that never expire, so traders can continue to practice as long as they want.

These are the CFD brokers with the best demo accounts in 2021:

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Overall Rating
Official Site
Regulators
Min. Deposit
Cost of Trading
Trading Commission
No. of FX Pairs
Compare
Official Site
4.14 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5
USD 5
Fees Included in Spread
49
Visit Broker >
Your capital is at risk
4.54 /5
Read Review
Visit Broker >
Your capital is at risk
USD 20
USD 6
Fees Included in Spread
166
Visit Broker >
Your capital is at risk
4.69 /5
Read Review
Visit Broker >
Your capital is at risk
USD 250
USD 6
Fees Included in Spread
93
Visit Broker >
Your capital is at risk
4.49 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5
USD 10
6 USD / lot - Zero Account
51
Visit Broker >
Your capital is at risk
4.38 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5
USD 16
7 USD / lot - XM Zero Account
57
Visit Broker >
Your capital is at risk

Live Accounts

Live accounts come in many different forms depending on the CFD broker. Most CFD brokers have several live accounts, with different required minimum deposits. Generally, live accounts with lower minimum deposits have worse trading conditions (i.e. making trades is more expensive).

Lower minimum deposits = worse trading conditions

As well as lower trading costs, CFD brokers will also offer more perks on accounts with higher minimum deposits. Perks can include one-on-one training and advanced trading tools.

Some CFD brokers will offer both market maker accounts (so you will be trading against the broker) and direct market access accounts (so you will be trading on the market).

What Types of CFDs Can You Trade?

Tradeable CFDs include: Forex (currency pairs), commodities (oil, gold, coffee, grain, etc.), stocks (Tesla, Apple, etc.), indices (like the NASDAQ or FTSE 100) and cryptocurrency pairs (such as BTC/USD). There are other CFDs, but these are the most common.

The most popular form of CFD trading is Forex trading

The most popular form of CFD trading is Forex trading, or the trading of currency pairs such as EUR/USD (Euro/US Dollar) or GBP/JPY (British Pound/Japanese Yen).

How do CFD Brokers Make Money?

Money

CFD brokers make money from traders with:

  • Spreads and commission
  • Overnight interest
  • Hedging
  • Deposit and withdrawal fees
  • Optional services.

Once you understand how these fees work, you will be able to compare CFD brokers by cost.

Spreads and Commission

Most CFD brokers will make money from the spread. The spread is the broker’s fee for their services. It is the difference between the buy and sell price a CFD broker gives traders and the real market price. The lower (or tighter) the spread, the cheaper a broker is to trade with.

The spread is the CFD broker’s fee for their services

Market makers brokers have wider spreads than direct market access brokers. But direct market access brokers usually charge a commission. This commission is paid when you open a trade and when you close a trade and is usually a fixed amount, charged in USD.

Direct market access brokers have tight spreads but usually charge a commission

Overnight Interest

CFD brokers also make money from interest. CFD trading is leveraged, which means that you borrow money from the broker to increase the size of your position. Brokers will charge you interest for borrowing money from them, this is charged on all trading positions that are held overnight.

Hedging

Market maker CFD brokers will also hedge their counterparty trades. If a CFD broker is the counterparty to a trader buying gold, it will also sell gold to protect itself from the trader winning.

Deposit and Withdrawal Fees

Some CFD brokers also charge deposit and withdrawal fees. These can be either a fixed fee or a percentage of the deposit or withdrawal. Always check with the CFD broker first before you make a deposit or withdrawal to avoid being surprised.

Other Fees

CFD brokers also charge other fees. The most common is an inactivity fee for trading accounts that have not been used for many months. But brokers may also charge for optional services such as advanced trading tools, in-depth education, and VPS services.

CFD Broker Ratings and Reviews

It is important to read reviews and check the ratings for CFD brokers when comparing them. CFD brokers tend to be strong in some areas and weaker in others, only a very few are excellent overall.

The best CFD broker for you will depend on your trading experience, educational background, and financial situation.

For instance, the best CFD broker for beginners will have excellent education and trading accounts with low minimum deposits. But the best CFD broker for experienced traders will have advanced trading tools and trading accounts with high minimum deposits and exceptional trading conditions.

Regulated CFD Brokers

Regulators are national authorities that protect citizens from financial scams and unethical businesses. Traders should always use CFD brokers that regulated by at least one national authority. In South Africa, the national regulator is the Financial Sector Conduct Authority (FSCA).

Traders should always use a regulated CFD broker

To protect traders, FSCA-regulated CFD brokers are required to comply with the following rules:

  • Segregated Accounts: The FSCA requires CFD brokers to keep trader’s money in a separate bank account from their own. This means that traders can get their money back if a CFD broker goes bankrupt.
  • Regular Audits and Inspections: ASIC-regulated CFD brokers are subject to audits of their finances and surprise inspections of their trading setup. This prevents brokers from cheating their traders.

There are many other regulators around the world. Apart from the FSCA the best regulators are CySEC (Cyprus Securities and Exchange Commission), the UK’s FCA (Financial Conduct Authority) and the Australian Securities and Investments Commission (ASIC). Some CFD brokers are regulated by more than one national authority.

CFD Trading Platforms

All CFD brokers will offer a trading platform to access the markets. Some brokers have their own platforms, while others use popular independent trading platforms that you can download to your computer.

The most popular CFD trading platform is MetaTrader 4

The most popular trading platform in the world is MetaTrader 4 (MT4). Other popular CFD trading platforms are MetaTrader 5 (MT5) and cTrader. All three platforms provide access to the CFD markets and allow users to make trades.

These are the best CFD brokers with MT4 in 2021 according to our expert’s research:

Scroll for more detailsPreviousNext
Overall Rating
Official Site
Regulators
Min. Deposit
Cost of Trading
Trading Commission
No. of FX Pairs
Compare
Official Site
4.69 /5
Read Review
Visit Broker >
Your capital is at risk
USD 250
USD 6
Fees Included in Spread
93
Visit Broker >
Your capital is at risk
4.49 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5
USD 10
6 USD / lot - Zero Account
51
Visit Broker >
Your capital is at risk
4.39 /5
Read Review
Visit Broker >
Your capital is at risk
USD 250
USD 6
Fees Included in Spread
50+
Visit Broker >
Your capital is at risk
4.38 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5
USD 16
7 USD / lot - XM Zero Account
57
Visit Broker >
Your capital is at risk
4.34 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5
USD 12
7 USD / lot - PRO account
80+
Visit Broker >
Your capital is at risk

All three platforms also allow CFD traders to install small software programs called robots and indicators. Robots trade automatically, based on pre-determined signals, and indicators help traders find opportunities in the markets.

Trading robots will trade automatically for you based on pre-set signals

All trading platforms are also available on Android and iOS mobile devices. CFD brokers with their own platforms will often have their own mobile apps too. MT4, MT5 and cTrader are also available as mobile apps.

Deposits and Withdrawals with a CFD Broker

The best CFD brokers offer a range of methods to make deposits and withdrawals. Almost all CFD brokers will accept credit/debit cards, bank wires and ewallets such as Skrill or Neteller.

Deposits can usually be made instantly with credit/debit cards and ewallets, but bank transfers usually take a few days – or longer if you are making an international bank transfer.

Withdrawals tend to take a little longer, but the best CFD brokers will allow you to withdraw to your credit/debit card or ewallet within 24 hours. Again, bank transfers will take a few days and international bank transfers even longer.

The best CFD brokers will not charge for deposits or withdrawals

The best CFD brokers will not charge for deposits or withdrawals, but unfortunately, this is quite rare. Many CFD brokers will allow free deposits but will charge a fee for withdrawals. Some CFD brokers will even charge for both.

International bank transfers will always incur a fee from the banks involved in the transfer and CFD brokers will usually not cover this cost.

Learn How to Trade CFDs

Forex-education

Trading CFDs with a CFD broker (even the best) is risky, and most traders lose money.

The first step to being a profitable CFD trader is to be an educated CFD trader

Most CFD brokers will offer some form of education, but the best CFD brokers excel when it comes to teaching new traders. CFD education should be comprehensive and well-structured. It should be a mix of video and written content, featuring input from market experts and trading professionals.

The best CFD brokers will also have an in-house team of market analysts to provide technical insight and detailed coverage of events that affect the CFD markets.

Final Word

The best CFD brokers will be well-regulated, have low trading costs and will provide excellent education and powerful but easy-to-manage trading platforms. Because there are quite a few brokers who will fit those criteria, it is important to think about what you want from a CFD broker when making your comparison.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

References

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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