Risk Warning: Your Capital is at Risk.
Contracts for Difference (CFDs) are popular trading instruments that allow traders to speculate on the price movements of financial assets like gold or oil without having to own the underlying assets themselves.
Your choice of a CFD broker will determine the quality of your trading experience – especially if you prefer trading on mobile with an iPad, iPhone, or Android device.
Here we recommend the best CFD brokers in who offer trading on mobile and desktop platforms, including a wide variety of underlying assets – from gold, crude oil, and forex, to cryptocurrencies* and world events.
*Availability subject to regulations. Cryptocurrency CFDs are not available to UK retail traders.
Contents
Top-Rated CFD Brokers
This table allows you to compare brokers via our proprietary scoring system. You can click through to our full review or go directly to the broker’s website.
Scroll down below the table to read mini reviews for each of our top-rated CFD brokers.
IMPORTANT: CFDs are not available in the USA due to local regulation, and regulated brokers do not accept US citizens or US residents as clients.
Recommended CFD Brokers: Edition
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. <b>Between 71.00%-89.00% of retail investor accounts lose money when trading CFDs.</b> You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Next we give summaries for each CFD broker we’ve reviewed on our site.
Or you can learn more about CFDs in general or compare brokers on individual features, by jumping to:
CFD Broker Quick Reviews
For each CFD broker below, you’ll find links to our full review of that broker or you can click through to the broker’s website.
AvaTrade: One of the UK’s Top Brokers
HQ: Ireland | Min Deposit: $100 | Full Review |
Founded: 2006 | Regulators: ASIC, CBoI, FSA, FSCA, BVIFSC, ISA, ADGM |
This screenshot is only an illustration. Current market prices can be found on the broker website.
Pros
- ✅ Robust mobile app
- ✅ Customer support available 24/5 via phone, live chat or email in 14 languages
- ✅ Up to 400:1 leverage.
Cons
- ❌ Demo account only lasts 21 days
- ❌ High minimum deposits.
AvaTrade | |
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Products | CFDs: Commodities, Shares, Indicies, Crypto, Forex, ETFs, Bond/US Treasuries. Other Products: Spreadbetting, Buy Shares |
Fees | Overnight, Inactivity |
Spreads | See our Avatrade review for spreads & commissions information. |
Mobile Platforms | iOS, Android, MT4, MT5 |
Other Platforms | AvaTrade Web, MT4, MT5, DupliTrade, MQL5, ZuluTrade |
Deposits & Withdrawals | Min. Deposit: $100. Payment Types: Credit/debit card, wire transfer, Skrill, WebMoney, Neteller |
Max Leverage | 30:1 on major currency pairs |
Negative Balance Protection | ✅ (excl. Professional Accounts) |
Special Account Types | Retail, Professional, Demo, Islamic |
Social Trading | AvaSocial, Copy trading |
Account Security | - |
Educational Resources | Getting started guide, Strategy guide, Economic indicators, eBooks, video tutorials |
Customer Support | Availability: 24/5 via Live chat, phone, email. Languages: 10+ |
CityIndex: Global Broker for 30+ Years
HQ: UK | Min Deposit: None | Full Review |
Founded: 1983 | Regulators: FCA, MAS, ASIC |
This screenshot is only an illustration. Current market prices can be found on the broker website.
Pros
- ✅ Scored 100 out of 100 on our broker trust rating
- ✅ 1-click trading feature
- ✅ 30+ years’ experience in global markets and available in 180 countries
Cons
- ❌ Demo account isn’t linked to live account
- ❌ Card withdrawals take 3-5 days.
City Index | |
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Products | CFDs: Commodities, Shares, Indicies, Forex, ETFs, Bond/US Treasuries, Options, Interest Rates. Other Products: Spreadbetting |
Fees | Overnight, Inactivity, same-day CHAPS |
Spreads | See our CityIndex review for spreads & commissions information. |
Mobile Platforms | iOS, Android, MT4 |
Other Platforms | Web Trader, AT Pro, MT4 |
Deposits & Withdrawals | Min. Deposit: $100. Payment Types: Credit/debit card, wire transfer, PayPal |
Max Leverage | 200:1 (UK and Australia), 50:1 (Singapore) |
Negative Balance Protection | ✅ (excl. Professional Accounts) |
Special Account Types | Retail, Professional, Demo |
Social Trading | - |
Account Security | - |
Educational Resources | Trading academy, video tutorials, analytics guide, strategy guide, news and sentiments |
Customer Support | Availability: 24/5 via Live chat, phone, email. Languages: Unspecified |
easyMarkets: Cancel & Reverse Trades
HQ: Cyprus | Min Deposit: $100 | Full Review |
Founded: 2001 | Regulators: FSA, CySEC, ASIC |
This screenshot is only an illustration. Current market prices can be found on the broker website. Please note, this is an example trade – not a recommendation.
Pros
- ✅ dealCancellation feature allows traders to cancel and reverse trades
- ✅ Over 300 markets in a variety of asset classes
- ✅ Scored 85/100 in our broker trust rating
Cons
- ❌ Only 3 major cryptocurrencies available to trade
- ❌ Live chat trading unavailable on lower-tiered accounts
EasyMarkets | |
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Products | CFDs: Commodities, Shares, Indicies, Crypto, Forex |
Fees | Overnight, dealCancellation |
Spreads | See our easyMarkets review for spreads & commissions information. |
Mobile Platforms | iOS, Android, MT4 |
Other Platforms | Web platform, MT4 |
Deposits & Withdrawals | Min. Deposit: $100 (EU + VIP), $200 (outside EU). Payment Types: Credit/debit card, wire transfer, SoFort, GiroPay, iDeal, WebMoney, BPay, Neteller, Skrill, FasaPay, UnionPay, WeChatPay |
Max Leverage | ✅ (excl. Professional Accounts) |
Negative Balance Protection | Retail, Professional, Islamic, Demo |
Special Account Types | - |
Social Trading | Getting started guide, eBooks, video tutorials |
Account Security | - |
Educational Resources | Live webinars, trading courses (beginner, advanced, intermediate, premium) |
Customer Support | Availability: 24/5 via Live chat, phone, email. Languages: Unspecified |
eToro: The First Social Trading Platform
HQs: Cyprus, UK, Israel | Min Deposit: $50 | Full Review |
Founded: 2006 | Regulators: FCA, CySEC, ASIC, FinCEN, MiFID |
Pros
- ✅ Traders can integrate social features into their trading through the CopyTrader tool
- ✅ Free demo account for life
- ✅ Can purchase & trade crypto coins
Cons
- ❌ First screen only shows some of the instruments available for trading
- ❌ Potentially confusing way of displaying leverage
eToro | |
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Products | CFDs: Commodities, Shares, Indicies, Crypto, ETFs. Other Products: Buy Cryptos |
Fees | Withdrawal, Overnight, Currency conversion, Inactivity, Crypto Fees |
Spreads | See our eToro review for spreads & commissions information. |
Mobile Platforms | iOS, Android, MT4 |
Other Platforms | Web platform, MT4 |
Deposits & Withdrawals | Min. Deposit: $50 (AUS/US), $1,000 (Islamic Accounts), $200 (Everywhere else), $500 (wire transfers). Payment Types: Credit/debit card, Neteller, PayPal, Skrill, wire transfer, Diners Club |
Max Leverage | 30:1 on major currency pairs |
Negative Balance Protection | ✅ |
Special Account Types | Retail, Professional, Islamic, Demo |
Social Trading | Copy trading, investor groups |
Account Security | 2FA via SMS |
Educational Resources | Trading academy, podcast, video tutorials, fintech guide, market overview |
Customer Support | Availability: 24/5 via Live chat, phone, email, fax. Languages: 20+ |
Forex.com: Extensive Tutorials & Education Materials
HQs: Cyprus, UK, Israel | Min Deposit: $50 | Full Review |
Founded: 2006 | Regulators: FCA, CySEC, ASIC, FinCEN, MiFID |
This screenshot is only an illustration. Current market prices can be found on the broker website.
Pros
- ✅ Scored 100 out of 100 on our broker trust rating
- ✅ Extensive chart drawing tools & technical indicators
- ✅ “Getting Started” tutorial
Cons
- ❌ Website available only in English & Chinese
- ❌ Demo account isn’t linked to live account
Forex.com | |
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Products | CFDs: Commodities, Shares, Indicies, Crypto, Forex. Other Products: Spot Metals |
Fees | Withdrawal, Overnight, Currency conversion, Inactivity, Borrowing costs for shorting, Same-day CHAPS |
Spreads | See our Forex.com review for spreads & commissions information. |
Mobile Platforms | iOS, Android, MT4, MT5 |
Other Platforms | Web standard, web advanced, mobile |
Deposits & Withdrawals | Min. Deposit: $100. Payment Types: Credit/debit card, wire transfer, PayPal |
Max Leverage | 50:1 on major currency pairs |
Negative Balance Protection | ✅ (excl. Professional Accounts) |
Special Account Types | Retail, Commission, DMA, Demo |
Social Trading | - |
Account Security | - |
Educational Resources | Trading course (beginner, intermediate, advanced), trading theme guides, video tutorials |
Customer Support | Availability: 24/5 via Live chat, phone, email, fax. Languages: Unspecified |
Fortrade: UK Broker + Easy-To-Use Platform
HQs: Cyprus, UK, Israel | Min Deposit: $50 | Full Review |
Founded: 2006 | Regulators: FCA, CySEC, ASIC, FinCEN, MiFID |
This screenshot is only an illustration. Current market prices can be found on the broker website.
Pros
- ✅ Extensive educational tools
- ✅ Getting started tutorial
- ✅ Islamic accounts
Cons
- ❌ Some withdrawals can take up to 15 business days
- ❌ Some traders may prefer MT4 over Fortrade’s proprietary platform
Fortrade | |
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Products | CFDs: Commodities, Shares, Indicies, Crypto, Forex, ETFs, Bond/US Treasuries |
Fees | Withdrawal, Overnight, Inactivity |
Spreads | See our Fortrade review for spreads & commissions information. |
Mobile Platforms | iOS, Android |
Other Platforms | |
Deposits & Withdrawals | Min. Deposit: $100, $2,000 (Islamic accounts). Payment Types: Credit/debit card, wire transfer, Neteller, Skrill |
Max Leverage | 30:1 |
Negative Balance Protection | ✅ (excl. Professional Accounts) |
Special Account Types | Retail, Professional, Islamic, Demo |
Social Trading | - |
Account Security | - |
Educational Resources | Trading academy, eBooks, video tutorials, market analysis course, practice trading tools |
Customer Support | Availability: 9am - 9pm (Mon - Fri) via Live chat, phone, email. Languages: 10+ |
FXCM: Custom Baskets + Variety of Platforms
HQs: Cyprus, UK, Israel | Min Deposit: $50 | Full Review |
Founded: 2006 | Regulators: FCA, CySEC, ASIC, FinCEN, MiFID |
This screenshot is only an illustration. Current market prices can be found on the broker website.
Pros
- ✅ Custom baskets
- ✅ No deposit or withdrawal fees
- ✅ Extensive knowledgebase and trading tools
Cons
- ❌ Can’t browse shares on demo account
- ❌ Trading platform can be clunky
FXCM | |
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Products | CFDs: Commodities, Shares, Indicies, Crypto, Forex, Baskets. Other Products: Spreadbetting |
Fees | Inactivity |
Spreads | See our FXCM review for spreads & commissions information. |
Mobile Platforms | iOS, Android, MT4 |
Other Platforms | Trading Station, MT4, ZuluTrade, NinjaTrader, TradingView, Mobile |
Deposits & Withdrawals | Min. Deposit: $50 (Retail + Non-EU), $300 (EU). Payment Types: Credit/debit card, wire transfer, Skrill, Union Pay, Neteller |
Max Leverage | 30:1 on major currency pairs |
Negative Balance Protection | ✅ (excl. Professional Accounts) |
Special Account Types | Retail, Active Trader, Professional, Demo |
Social Trading | Copy trading |
Account Security | - |
Educational Resources | Online classrooms, live market news, forex-specific guide, trading tool guide |
Customer Support | Availability: 24/5 via Live chat, phone, email. Languages: Unspecified |
HYCM: 40+ Years Plus MT4 & MT5 Platforms
HQ: UK | Min Deposit: $100 | Full Review |
Founded: 1977 | Regulators: FCA, CySEC, CIMA, DFSA |
Pros
- ✅ Multiple chart windows and instant tickets
- ✅ 40+ years in business
- ✅ Scored 85/100 in our broker trust rating
Cons
- ❌ Website can be difficult to search
- ❌ $250 minimum withdrawal on wire transfers
HYCM | |
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Products | CFDs: Commodities, Shares, Indicies, Crypto, Forex, ETFs |
Fees | Withdrawal, Overnight |
Spreads | See our HYCM review for spreads & commissions information. |
Mobile Platforms | iOS, Android, MT4, MT5 |
Other Platforms | MT4, MT5 (Desktop + Mobile) |
Deposits & Withdrawals | Min. Deposit: $100, $250 (wire transfers). Payment Types: Credit/debt card, Neteller, Skrill, wire transfer |
Max Leverage | 200:1 |
Negative Balance Protection | ✅ |
Special Account Types | Fixed, Classic, Raw, Islamic, Demo |
Social Trading | - |
Account Security | - |
Educational Resources | Knowledge base, webinars, online workshops |
Customer Support | Availability: 24/5 via Live chat, phone, email, fax. Languages: Unspecified |
Markets.com: Award-Winning Customer Service
HQ: Cyprus | Min Deposit: $100 | Full Review |
Founded: 2008 | Regulators: FCA, CySEC, ASIC, FSCA, BVIFSC |
This screenshot is only an illustration. Current market prices can be found on the broker website.
Pros
- ✅ $5 minimum withdrawal amount
- ✅ Nearly 100 technical indicators
- ✅ Scored 85/100 in our broker trust rating
Cons
- ❌ Fixed stop-loss & profit contingency levels
- ❌ Only major cryptocurrencies available to trade
Markets.com | |
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Products | CFDs: Commodities, Shares, Indicies, Crypto, Forex, ETFs, Bond/US Treasuries. Other Products: Buy Shares |
Fees | Overnight, Currency conversion, Inactivity, Borrowing costs for shorting (in some cases), Islamic account fee |
Spreads | See our Markets.com review for spreads & commissions information. |
Mobile Platforms | iOS, Android, MT4, MT5 |
Other Platforms | Marketsx, Marketsi, Mobile, MT4, MT5 |
Deposits & Withdrawals | Min. Deposit: $100. Payment Types: Credit/debit card, wire transfer, PayPal, Skrill, Neteller, iDeal, Sofort |
Max Leverage | ✅ |
Negative Balance Protection | Retail, Professional, Demo |
Special Account Types | - |
Social Trading | Trading tool guide, financial live-stream service, webinars, market analysis |
Account Security | - |
Educational Resources | Live webinars, trading courses (beginner, advanced, intermediate, premium) |
Customer Support | Availability: 24/5 via Live chat, phone, email. Languages: Unspecified |
Pepperstone: One of the World’s Largest Forex Brokers
HQ: Cyprus | Min Deposit: $100 | Full Review |
Founded: 2008 | Regulators: FCA, CySEC, ASIC, FSCA, BVIFSC |
This screenshot is only an illustration. Current market prices can be found on the broker website. Please note, this is an example trade – not a recommendation.
Pros
- ✅ Three customizable platforms
- ✅ Regulated by two top-tier regulators
- ✅ Scored 85/100 in our broker trust rating
Cons
- ❌ Relatively small variety of instruments to trade
- ❌ Negative balance protection only applies to UK & Europe
Pepperstone | |
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Products | CFDs: Commodities, Shares, Indicies, Crypto, Forex. Other Products: Spreadbetting |
Fees | Withdrawal, Overnight |
Spreads | See our Pepperstone review for spreads & commissions information. |
Mobile Platforms | iOS, Android, MT4, MT5 |
Other Platforms | MT4, MT5, cTrader (Mobile + Desktop) |
Deposits & Withdrawals | Min. Deposit: $200. Payment Types: Credit/debit card, Neteller, Skrill, PayPal, Poli, wire transfer |
Max Leverage | 500:1 (Australia), 30:1 (UK) |
Negative Balance Protection | ✅ (excl. Professional Accounts) |
Special Account Types | Retail, Razor, Swap-Free, Islamic, Demo |
Social Trading | MetaTrader Signals, Duplitrade |
Account Security | 2FA via Authenticator App |
Educational Resources | CFD trading guide, forex trading guide, market analysis hub |
Customer Support | Availability: 24/5 via Live chat, phone, email, fax. Languages: Unspecified |
Plus500: #1 CFD Broker in the UK
HQ: Israel | Min Deposit: $100 | Full Review |
Founded: 2008 | Regulators: FCA, CySEC, ASIC |
This screenshot is only an illustration. Current market prices can be found on the broker website. Please note, this is an example trade – not a recommendation.
Pros
- ✅ 2,000+ CFDs in 7 asset classes
- ✅ Free demo account for life
- ✅ Scored 90/100 in our broker trust rating
Cons
- ❌ No integration with MT4 or MT5
- ❌ Withdrawals can take up to 7 days
Plus500 | |
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Products | CFDs: Commodities, Shares, Indicies, Crypto, Forex, ETFs, Options |
Fees | Inactivity, Currency conversion |
Spreads | See our Plus500 review for spreads & commissions information. |
Mobile Platforms | iOS, Android |
Other Platforms | Web, Desktop, Mobile |
Deposits & Withdrawals | Min. Deposit: $100, $500 (wire transfer). Payment Types: Credit/debit card, PayPal, Skrill, iDeal, BPay, Klarna, Giropay, Trustly, wire transfer |
Max Leverage | 300:1 on forex |
Negative Balance Protection | ✅ |
Special Account Types | Retail, Professional, Demo |
Social Trading | - |
Account Security | 2FA via One-Time Password on Google Authenticator app |
Educational Resources | Trader's guide, risk management guide, video tutorials |
Customer Support | Availability: 24/5 via Live chat, WhatsApp, email. Languages: 10+ |
Trading212: Most Mobile App Downloads
HQ: Cyprus | Min Deposit: $100 | Full Review |
Founded: 2008 | Regulators: FCA, CySEC, ASIC, FSCA, BVIFSC |
Pros
- ✅ Zero commissions on trades + no funding fees
- ✅ 3,000+ global stocks, ETFs, & CFDs
- ✅ Scored 90/100 in our broker trust rating
Cons
- ❌ No phone support or live chat
- ❌ Withdrawals limited to original funding method
Trading212 | |
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Products | CFDs: Commodities, Shares, Indicies, Crypto, Forex, ETFs. Other Products: Buy Shares |
Fees | SWAP interest, Currency conversion |
Spreads | See our Trading212 review for spreads & commissions information. |
Mobile Platforms | iOS, Android |
Other Platforms | Web, Mobile |
Deposits & Withdrawals | Min. Deposit: $1 to $10 (Varies by region + method). Payment Types: Credit/debit card, Skrill, Dotpay, Giropay, Carte Bleue, Apple/Google Pay, PayPal, iDEAL, wire transfer |
Max Leverage | 30:1 |
Negative Balance Protection | ✅ (excl. Professional Accounts) |
Special Account Types | 3 Retail Accounts (CFDs, Invest, ISA), Professional, Demo |
Social Trading | - |
Account Security | 2FA via Google Authenticator or Authy app |
Educational Resources | Trading guide, video tutorials, charting guide, trading concepts training |
Customer Support | Availability: 24/5 via Email, support tickets. Languages: Unspecified |
XM.com: No Re-Quotes & No Rejections
HQ: Cyprus | Min Deposit: $5 | Full Review |
Founded: 2009 | Regulators: CySEC, IFSC, FCA, ASIC, DFSA |
Pros
- ✅ Everyday webinars in 19 languages
- ✅ No re-quotes & no rejected trades
- ✅ Support in nearly 30 languages
Cons
- ❌ Variable spreads only
- ❌ No cryptocurrency CFDs
XM | |
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Products | CFDs: Commodities, Shares, Indicies, Forex |
Fees | Overnight, Inactivity |
Spreads | See our XM review for spreads & commissions information. |
Mobile Platforms | iOS, Android, MT4, MT5 |
Other Platforms | XM Web Trader, MT4, MT5 (Mobile + Desktop) |
Deposits & Withdrawals | Min. Deposit: $5 (Micro + Retail), $100 (Zero). Payment Types: Credit/debit card, Neteller, Skrill, wire transfer, Union Pay, Moneta, QIWI, CASHU, Abaqoos, Przelewy24, Giropay, Fasapay |
Max Leverage | 888:1 |
Negative Balance Protection | ✅ |
Special Account Types | Micro, Standard, Zero, Islamic, Demo |
Social Trading | XM Mirror Trader, Forex signals |
Account Security | - |
Educational Resources | Research hub, podcast, video tutorials, live educational streams, webinars, forex-specific live training, trading tool guide |
Customer Support | Availability: 24/5 via Live chat, phone, email. Languages: 25+ |
XTB: European Broker + Cash Back on Trading Volume
HQ: Cyprus | Min Deposit: $100 | Full Review |
Founded: 2008 | Regulators: FCA, CySEC, ASIC, FSCA, BVIFSC |
Pros
- ✅ Three robust trading platforms
- ✅ 1,500+ trading instruments
- ✅ Market sentiment heat maps
Cons
- ❌ Focused on Eastern & Central European countries
- ❌ Italian financial transaction tax
XTB | |
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Products | CFDs: Commodities, Shares, Indicies, Crypto, ETFs |
Fees | Inactivity, Deposit, Withdrawal, Penalty interest, Italian CFDs |
Spreads | See our XTB review for spreads & commissions information. |
Mobile Platforms | iOS, Android, MT4 |
Other Platforms | xStation 5, xStation Mobile, MT4 |
Deposits & Withdrawals | Min. Deposit: $250. Payment Types: Credit/debit card, PayPal, Skrill, wire transfer |
Max Leverage | 30:1 |
Negative Balance Protection | ✅ (excl. Professional Accounts) |
Special Account Types | Retail, Professional |
Social Trading | - |
Account Security | - |
Educational Resources | Live webinars, trading courses (beginner, advanced, intermediate, premium) |
Customer Support | Availability: 24/5 via Live chat, phone, email. Languages: Unspecified |
How Do CFDs Work?
Contracts for Difference (CFDs) are a type of financial product that allows traders to speculate on the price movements of an underlying asset like gold or oil instead of taking physical ownership of the product.
Let’s take crude oil, for example, and compare the difference:
Purchasing Crude Oil | Trading on Crude Oil CFDs |
---|---|
If a trader wants to purchase crude oil and then trade it, they’ll need a place to store it and a means of shipping it. | Storing and shipping costs are unnecessary because you’re not actually purchasing or selling the oil itself. |
With CFDs, a trader is making a wager about whether the price of crude oil (or other underlying asset) will increase or decrease over an agreed-upon period of time.
The amount of this wager, the direction of the price movement (up or down), and the time period are written into a contract between a trader and a CFD broker.
When the time period for the CFD expires, the trader reaps a profit or suffers a loss, depending on whether the price change they predicted comes true or not.
Understanding Leverage
A critical part of understanding how CFDs work is the concept of leverage.
Leverage is a way for a CFD broker to underwrite much larger trades than a trader could otherwise afford. It essentially multiplies a trader’s wager.
Here’s an example of how leverage works:
Let’s say a trader has $400 dollars in funds, crude oil is trading at $40 USD per barrel, and the leverage offered by a broker is 1:10.
- Without leverage – A trader can only speculate on 10 barrels of oil.
- With 1:10 leverage – A trader can speculate on 100 barrels of oil.
Understanding Margin
If leverage sounds similar to a “loan,” that’s because it amounts to CFD broker financing for the contract duration of the CFD. The “loan” part of leverage is called margin.
In the oil CFD trading example above, the trader is borrowing $3,600 on margin from the broker for a trade: $4000 worth of oil CFDs purchased for $400.
Just like with a loan, a trader must have sufficient collateral to trade on margin. In the case of a CFD broker, that collateral comes from a trader’s equity.
It’s important to understand that a trader typically cannot make transactions that exceed their margin amount.
How Do CFD Brokers Make Money?
CFD brokers make money in two ways:
- On an individual trader’s transactions via fees, spreads, and commissions
- Financing and hedging.
Fees, Spreads, and Commissions
These charges allow brokers to make money on trading actions. Note that some CFD brokers may say they charge “no commissions” and still others may say they have “no fees.”
However, they may compensate for these costs in other ways. Check to see what your prospective CFD broker charges for the types of transactions you’re likely to make.
Here are some examples of fees that a CFD broker may charge.
Monthly Account Fee | Withdrawal Fees | Deposit Fees |
Inactivity Fee | Borrowing Costs for Shorting | Currency Conversion Fee |
Overnight Fee | Professional Trader Fees | Other Fees (eg, swap charges) |
Commissions and Spreads
Typically, a CFD broker charges either spreads or commissions, but in some cases may levy both types of overhead, depending on the trade type or account type.
For example, active day traders may be charged commissions while retail traders are only charged spreads.
Financing and Hedging
As we explain above, margin is a method of financing that traders can use in combination with leverage to try for larger profits than they otherwise could afford make.
The flip side of this financing is that losses are larger, too. Losses for a trader turn into profits for the CFD broker.
Brokers also use hedging as a means of making money. Hedging is the practice of making trades (usually in the opposite pricing direction) that can offset potential losses.
Here are some common ways that CFD brokers hedge for profit:
- Forwards and Futures Contracts – These contracts “lock in” the current price of an asset for sale at a later date, regardless of the price at that time. If the later price is greater than the locked-in price, the brokerage firm takes a profit.
- Long/Short Equity – A brokerage may go long or short on instruments that are expected to go in the opposite direction of a client’s trades.
How to Choose a CFD Broker
Use the following features to assess whether a CFD broker is right for you. Where applicable, we’ve also included comparison tables for the brokers we’ve reviewed.
Regulation and Reputation
The most important consideration in choosing an online broker is whether it’s regulated by a credible governmental agency with real enforcement powers.
A regulated CFD broker must obtain a license with government oversight agencies and adhere to the rules established by them.
These rules usually include important customer safeguards such as:
- Segregating customer trading funds in separate accounts
- Submitting regular audits to regulators and
- Maintaining adequate capitalization.
If a CFD broker firm fails to adhere to a regulator’s standards, the regulator can levy fines or even revoke a firm’s license.
The Dangers of Unregulated CFD Brokers
A trader who opens an account with an unregulated broker is taking serious, unnecessary risks.
- An unregulated broker doesn’t answer to any authorities and, therefore, can do whatever it wants with customer funds.
- Since these firms operate online, it can be difficult to track them down if they defraud customers.
Reputable CFD Brokerages Are Licensed
Traders should beware of claims of regulation by bogus brokers or agencies.
Prior to opening an account, traders should check a CFD brokerage firm’s website for the licenses and registrations held by it.
Some of the largest regulatory agencies include:
- Financial Conduct Authority (FCA)
- Cyprus Securities and Exchange Commission (CySEC)
- Australian Securities and Investments Commission (ASIC)
- Financial Crimes Enforcement Network (FinCEN)
For more information about regulators in , see our in-depth regulators page.
CFD Broker Availability in
CFD brokers vary in terms of the countries they serve and the types of financial instruments they offer. Not all financial instruments are legal to trade in all countries.
Mobile and Desktop Trading Platforms
The best trading platforms offer a streamlined experience. They are fast-loading, offer real-time charting and quotes, and provide a variety of technical analysis tools.
Some CFD brokers also incorporate:
- Copy trading: the ability to mimic the trades of others on the platform
- Economic calendars
- Financial news feeds
- Drawing tools, so you can highlight areas of your technical analyses.
Mobile Trading
Since a majority of people trade on-the-go, a key consideration in choosing a CFD broker is the quality of the mobile trading app.
- Is it easy to execute trades on the go?
- Does it have all the features of the desktop app?
- Is the app fast?
- Is the app available for your phone’s mobile operating system (eg, iOS, Android, etc)?
- Does the brokerage regularly update and improve the mobile platform?
This screenshot is only an illustration. Current market prices can be found on the broker website. Please note, this is an example trade – not a recommendation.
CFD Broker Mobile Features Comparison
iOS & Android Apps | MT4 Mobile | MT5 Mobile | Other Features | |
---|---|---|---|---|
AvaTrade | ✅ | ✅ | ✅ | Same features as desktop app, including registration, deposit, social trading notifications |
City Index | ✅ | ✅ | ❌ | Same features as desktop app, including charting, dashboard, real-time price alerts & notifications |
EasyMarkets | ✅ | ✅ | ❌ | Same features as desktop app, including analytical tools, news, real-time account monitoring, news, open/close positions, place pending orders, deposits & withdrawals |
Etoro | ✅ | ✅ | ❌ | Same features as desktop app, including CopyTrader, Crypto wallet, Community forums, Real time market updates, CopyPortfolios |
Forex.com | ✅ | ❌ | ❌ | Same features as desktop app, including real-time trade & order alerts, integrated fund management |
Fortrade | ✅ | ✅ | ❌ | Same features as desktop app, plus low memory footprint, ultra-high speed execution, and take-profit, stop-loss, & pending orders |
FXCM | ✅ | ✅ | ❌ | Mobile available via MT4 only |
HYCM | ✅ | ✅ | ✅ | Mobile available via MT4 only |
Markets.com | ✅ | ✅ | ✅ | Fundamental, technical, and sentiment-based tools, risk management tools, real-time access to experts |
Pepperstone | ✅ | ✅ | ✅ | cTrader mobile: Advanced take-profit/stop-loss levels, multiple monitor support. MT4 & MT5 mobile: Historical data, MT5 mobile only: CFDs on shares |
Plus500 | ✅ | ❌ | ❌ | Same features as desktop app |
Trading212 | ✅ | ❌ | ❌ | Same features as desktop app |
XM | ✅ | ✅ | ✅ | Mobile available via MT4 and MT5 |
XTB | ✅ | ✅ | ❌ | Same features as desktop app |
Proprietary, MT4, and MT5 Trading Platforms
Many brokers offer the popular MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms.
Some CFD brokers like eToro and Plus500 have their own proprietary trading platforms either instead of or in addition to the MetaTrader apps. These platforms may work via your web browser or also as downloadable desktop software.
CFD Broker Desktop Platforms Comparison
CFD Broker | MT4 | MT5 | Proprietary Platforms | Other Platforms |
---|---|---|---|---|
AvaTrade | ✅ | ✅ | AvaTrade Web | DupliTrade, MQL5, ZuluTrade |
City Index | ✅ | ❌ | Web Trader | AT Pro |
EasyMarkets | ✅ | ❌ | Browser-based | |
Etoro | ✅ | ❌ | Browser-based | |
Forex.com | ❌ | ❌ | Web standard, Web advanced | |
Fortrade | ✅ | ❌ | Fortrader | WebTrader4 |
FXCM | ✅ | ❌ | Trading Station, TradingView | ZuluTrade, NinjaTrader |
HYCM | ✅ | ✅ | n/a | |
Markets.com | ✅ | ✅ | Marketsx, Marketsi, | |
Pepperstone | ✅ | ✅ | cTrader | |
Plus500 | ❌ | ❌ | Browser-based | |
Trading212 | ❌ | ❌ | Browser-based | |
XM | ✅ | ✅ | XM Web Trader | |
XTB | ✅ | ❌ | xStation 5, xStation Mobile |
This screenshot is only an illustration. Current market prices can be found on the broker website.
Account Types and Opening Requirements
Check the CFD broker’s available account types to make sure they have one that meets your needs. Here are some common account types.
Account Type | Description | Prevalence |
---|---|---|
Standard | A retail brokerage account that allows CFD trading. | All retail brokers offer these account types. |
Demo | A way to try out a broker’s platform or practice trading using “play money.” | Most brokers offer demo accounts, but many of them have expiry periods. |
Islamic | Halal (swap-free) accounts for traders who follow Sharia law | Some brokers offer these accounts. Contact the broker to be sure. |
Professional | Designed for high-volume day traders. | Some brokers offer these accounts with strict funding and volume minimums. |
Account opening requirements vary by broker and account type, but usually involve the following:
- Proof of identity – Proof of identity typically requires address and phone information plus a government-issued picture ID like a passport.
- Account funding – Minimum account balances can range from $1.00 to $250 for standard retail accounts. Islamic accounts sometimes require higher balances (eg, Fortrade requires $2,000). Day trading account minimums start at $25,000.
Deposits and Withdrawals
- Deposit sources – Most CFD brokers accept wire transfers and credit card funding. However, if you wish to transfer money to your account another way (eg, PayPal or Neteller), make sure the broker you like supports your preferred method.
- Account minimums – Brokers typically require a certain level of funding to be available in your account at all times to cover losses. Be sure to check our reviews: we note the CFD broker’s minimum account requirements so you’ll have the information handy.
CFD Broker Account Funding & Minimums Comparison
Minimum Deposit | Credit/Debit Card, & Wire Transfer | Skrill | PayPal | Neteller | Other Funding Methods | |
---|---|---|---|---|---|---|
AvaTrade | $100 | ✅ | ✅ | ❌ | ✅ | WebMoney |
City Index | $100 | ✅ | ❌ | ✅ | ❌ | |
EasyMarkets | $100 (EU + VIP), $200 (outside EU) | ✅ | ✅ | ❌ | ✅ | SoFort, GiroPay, iDeal, WebMoney, BPay, FasaPay, UnionPay, WeChatPay |
Etoro | $50 (AUS/US), $1,000 (Islamic Accounts), $200 (Everywhere else), $500 (wire transfers) | ✅ | ✅ | ✅ | ✅ | Diners Club |
Forex.com | $100 | ✅ | ❌ | ✅ | ❌ | |
Fortrade | $100, $2,000 (Islamic accounts) | ✅ | ✅ | ❌ | ✅ | |
FXCM | $50 (Retail + Non-EU), $300 (EU) | ✅ | ✅ | ❌ | ✅ | Union Pay |
HYCM | $100, $250 (wire transfers) | ✅ | ✅ | ❌ | ✅ | |
Markets.com | $100 | ✅ | ✅ | ✅ | ✅ | iDeal, Sofort |
Pepperstone | $200 | ✅ | ✅ | ✅ | ✅ | Poli |
Plus500 | $100, $500 (wire transfer) | ✅ | ✅ | ✅ | ❌ | iDeal, BPay, Klarna, Giropay, Trustly |
Trading212 | $1 to $10 (Varies by region + method) | ✅ | ✅ | ✅ | ❌ | Dotpay, Giropay, Carte Bleue, Apple/Google Pay, iDEAL |
XM | $5 (Micro + Retail), $100 (Zero) | ✅ | ✅ | ❌ | ✅ | Union Pay, Moneta, QIWI, CASHU, Abaqoos, Przelewy24, Giropay, Fasapay |
XTB | $250 | ✅ | ✅ | ✅ | ❌ |
CFD Asset Classes Offered
In 2020, derivatives traders have a remarkable array of underlying assets to trade CFDs on:
Underlying CFD Assets | Examples |
---|---|
Commodities | Gold or oil price movements or on commodity futures |
Currency Pairs | EUR/USD |
Cryptocurrency | BTC/USD |
Index Futures | FTSE 100, US 500 |
Stocks and ETFs | Tesla (TSLA), Facebook (FB), and Amazon (AMZN) |
Other Assets | Bonds, US Treasuries, Baskets |
Make sure the broker you’re considering offers CFDs on the underlying assets you’d like to speculate on.
Please Note: Availability subject to regulations. Cryptocurrency CFDs are not available to UK retail traders.
Commodities, Shares, Indicies | Crypto | Forex | ETFs | Other Assets | |
---|---|---|---|---|---|
AvaTrade | ✅ | ✅ | ✅ | ✅ | Bond/US Treasuries |
City Index | ✅ | ❌ | ✅ | ✅ | Options, Interest Rates, Bond/US Treasuries |
EasyMarkets | ✅ | ✅ | ✅ | ❌ | Vanilla Options, Baskets |
eToro | ✅ | ✅ | ❌ | ❌ | ❌ |
Forex.com | ✅ | ✅ | ✅ | ❌ | ❌ |
Fortrade | ✅ | ✅ | ✅ | ✅ | Bond/US Treasuries |
FXCM | ✅ | ✅ | ✅ | ❌ | Baskets |
HYCM | ✅ | ✅ | ✅ | ✅ | ❌ |
Markets.com | ✅ | ✅ | ✅ | ✅ | Bond/US Treasuries |
Pepperstone | ✅ | ✅ | ✅ | ❌ | ❌ |
Plus500 | ✅ | ✅ | ✅ | ✅ | Options |
Trading212 | ✅ | ✅ | ✅ | ✅ | ❌ |
XM | ✅ | ❌ | ✅ | ❌ | ❌ |
XTB | ✅ | ✅ | ❌ | ✅ | ❌ |
Leverage
CFD brokers vary according to whether they offer leverage and how much. Local regulations (such as those required by ESMA in the EU) also affect the amount of leverage that you are allowed to trade with.
For retail accounts, maximum leverage typically tops out at 30:1 on average. Professional trading accounts can offer much higher leverage.
Leverage Limits by Regulatory Agency
Some regulators impose leverage limits on all CFD brokers within their jurisdiction.
Region | Maximum Leverage |
---|---|
Europe | In countries regulated by the European Securities and Markets Authority (ESMA), the maximum leverage on CFDs is 30:1 for retail traders. |
United Kingdom | The UK currently abides by ESMA’s maximum leverage of 30:1 for retail traders. |
Australia | ASIC allows for leverage up to 500:1. |
USA | CFDs are not available to US residents and citizens. |
This screenshot is only an illustration. Current market prices can be found on the broker website. Please note, this is an example trade – not a recommendation.
Max Leverage by CFD Broker
Max Leverage | |
---|---|
AvaTrade | 30:1 on major currency pairs |
City Index | 200:1 (UK and Australia), 50:1 (Singapore) |
EasyMarkets | 30:1 on major currency pairs |
eToro | 30:1 on major currency pairs |
Forex.com | 50:1 on major currency pairs |
Fortrade | 30:1 |
FXCM | 30:1 on major currency pairs |
HYCM | 200:1 |
Markets.com | 30:1 on major currency pairs |
Pepperstone | 500:1 (Australia), 30:1 (UK) |
Plus500 | 300:1 on forex |
Trading212 | 30:1 |
XM | 888:1 |
XTB | 30:1 |
For more about leverage, check our Commodity Trading Guide.
Fees by Broker
Deposit & Withdrawal Fees | Overnight Fee | Currency Conversion Fee | Inactivity Fee | Other Fees | |
---|---|---|---|---|---|
AvaTrade | ❌ | ✅ | ❌ | ✅ | ❌ |
City Index | ❌ | ✅ | ❌ | ✅ | ✅ Same day CHAPS transfers incur a £25 fee, Borrowing costs for shorting |
EasyMarkets | ❌ | ✅ | ❌ | ❌ | ✅ dealCancellation |
Etoro | ✅ | ✅ | ✅ | ✅ | ❌ |
Forex.com | ❌ | ✅ | ✅ | ✅ | ✅ Same-day CHAPS transfers incur a £25 fee for amounts under £5,000. Dividend adjustment fee, Borrowing costs for shorting |
Fortrade | ✅ | ✅ | ❌ | ✅ | ❌ |
FXCM | ❌ | ❌ | ❌ | ✅ | ❌ |
HYCM | ✅ | ✅ | ❌ | ❌ | ❌ |
Markets.com | ❌ | ✅ | ✅ | ✅ | ✅ Islamic account fee: 1%, Borrowing costs for shorting |
Pepperstone | ✅ | ✅ | ❌ | ❌ | ❌ |
Plus500 | ❌ | ❌ | ✅ | ✅ | ❌ |
Trading212 | ❌ | ✅ | ✅ | ❌ | ❌ |
XM | ❌ | ✅ | ❌ | ✅ | ❌ |
XTB | ✅ | ❌ | ❌ | ✅ | ✅ Penalty interest, all transactions on share CFDs from Italy are subject to FTT |
Spreads and Commissions by Broker
Spreads can be tricky to compare across brokers because they can be charged in different ways:
- As a percentage of the trade amount (eg, 0.13%)
- As points or pips for forex trades (eg, 50 pips)
Commissions may be charged as a flat fee per transaction or a percentage of the trade amount.
Market Sentiment and Social Trading
Most CFD brokers offer some way to measure market sentiment which can give insights to how the market as a whole is leaning on a particular position.
This screenshot is only an illustration. Current market prices can be found on the broker website. Please note, this is an example trade – not a recommendation.
Social trading, pioneered by eToro, allows traders to exactly copy the trades of its most successful traders.
Please note, this is an example trade – not a recommendation.
Technical Analysis and Charting
Technical analysis and charting can help traders make decisions about which positions to take. Some CFD brokers offer more complex analysis features or more robust charting than others.
Some of the most popular analyses include:
- Buying Call Options – A bullish strategy using leverage and is a risk-defined alternative to buying stock.
- Candlestick Basics – An effective way of visualizing price movements.
- Inverted Hammer – Can act as a warning of a potential reversal upward.
- Doji Candlestick – Can signal a possible price trend reversal.
- Relative Strength Index (RSI) – An oscillator that measures current price strength in relation to previous prices.
Payment Methods
CFD brokers typically offer a wide variety of payment and deposit methods so that traders can choose which methods work best for them. The most common payment methods are:
- Credit or debit card
- Wire transfers
- PayPal
- Skrill
- Neteller
Some brokers also support niche payment services like: Abaqoos, Apple Pay, BPay, Carte Bleue, CASHU, DotPay, Fasapay, GiroPay, Google Pay, iDeal, Larda, Moneta, Poli, Przelewy24, QIWI, SoFort, Trustly, UnionPay, WebMoney, and WeChatPay.
Click here to compare different funding methods offered by different brokers.
Account Security
Although all CFD brokers require user passwords and employ back end security measures, traders wishing for more security should look for a broker that offers Two-Factor Authentication (abbreviated as 2FA).
Two-factor authentication can be done via:
- An SMS message sent to your mobile device
- An authenticator app like Google or Microsoft Authenticators
- An email message
- A security notification popup on your mobile
- Unique one-time password (OTP)
Only the following brokers offer 2FA:
Broker | Account Security |
---|---|
eToro | 2FA via SMS |
Pepperstone | 2FA via Authenticator App |
Plus500 | 2FA via One-Time Password on Google Authenticator app |
Trading212 | 2FA via Google Authenticator or Authy app |
Education and Customer Support
Consider the available support channels (eg, phone, email, live chat) and hours. Do they cover your time zone? Do they offer support in your preferred language?
Also, review the CFD broker’s site for the type of educational materials available for traders at your level.
CFD Brokers by Education and Customer Support
Educational Resources | Customer Support | |
---|---|---|
AvaTrade | Getting started guide, Strategy guide, Economic indicators, eBooks, video tutorials | Availability: 24/5 via Live chat, phone, email. Languages: 10+ |
City Index | Trading academy, video tutorials, analytics guide, strategy guide, news and sentiments | Availability: 24/5 via Live chat, phone, email. Languages: Unspecified |
EasyMarkets | Getting started guide, eBooks, video tutorials | Availability: 24/5 via Live chat, phone, email. Languages: 5+ |
eToro | Trading academy, podcast, video tutorials, fintech guide, market overview | Availability: 24/5 via Live chat, phone, email, fax. Languages: 20+ |
Forex.com | Trading course (beginner, intermediate, advanced), trading theme guides, video tutorials | Availability: 24/5 via Live chat, phone, email, fax. Languages: Unspecified |
Fortrade | Trading academy, eBooks, video tutorials, market analysis course, practice trading tools | Availability: 9am - 9pm (Mon - Fri) via Live chat, phone, email. Languages: 10+ |
FXCM | Online classrooms, live market news, forex-specific guide, trading tool guide | Availability: 24/5 via Live chat, phone, email. Languages: Unspecified |
HYCM | Knowledge base, webinars, online workshops | Availability: 24/5 via Live chat, phone, email, fax. Languages: Unspecified |
Markets.com | Trading tool guide, financial live-stream service, webinars, market analysis | Availability: 24/5 via Live chat, phone, email, fax. Languages: Unspecified |
Pepperstone | CFD trading guide, forex trading guide, market analysis hub | Availability: 24/5 via Live chat, phone, email, fax. Languages: Unspecified |
Plus500 | Trader's guide, risk management guide, video tutorials | Availability: 24/5 via Live chat, WhatsApp, email. Languages: 10+ |
Trading212 | Trading guide, video tutorials, charting guide, trading concepts training | Availability: 24/5 via Email, support tickets. Languages: Unspecified |
XM | Research hub, podcast, video tutorials, live educational streams, webinars, forex-specific live training, trading tool guide | Availability: 24/5 via Live chat, phone, email. Languages: 25+ |
XTB | Live webinars, trading courses (beginner, advanced, intermediate, premium) | Availability: 24/5 via Live chat, phone, email. Languages: Unspecified |
This screenshot is only an illustration. Current market prices can be found on the broker website.
How We Rate CFD Brokers
When we review CFD brokers, we consider the following areas.
Topic | Questions We Answer | |
---|---|---|
#1 | Reputation | What awards, accolades and publicity has the firm received from the trading community? |
#2 | History | When was the firm founded? What were the major milestones in its history? |
#3 | Operating Territories | Which countries does the broker serve? |
#4 | Regulation | Which agencies regulate the broker? How do these agencies help protect customers? |
#5 | Products | What are the specific financial products traders can trade on the platform? |
#6 | Accounts | What types of trading accounts are available? What are the features of each type of account? |
#7 | Fees | What spreads, fees and commissions does the broker charge its customers? |
#8 | Deposits | What is the minimum deposit required to open an account? What methods can traders use to fund their accounts? What deposit and withdrawal restrictions, if any, does the broker impose on its customers? |
#9 | Platform | What are the most important features of the trading platform? What does the platform look like? What educational materials (e.g., videos, reports and tutorials) does the broker provide to traders? Does the broker provide demo accounts and, if so, are there restrictions on using these accounts? |
#10 | Promotions | Does the broker offer promotions such as signup bonuses for new account holders? |
We revisit our assessments periodically in order to notify our readers in the event action is taken against these brokers by regulatory agencies.
There is no one online broker that’s the best fit for every trader.
Further Reading
Now you’re ready to start researching and trading CFDs!
You can also check out our other broker lists:
- Commodity Trading: Oil, Gold & Everything in Between
- Commodity Brokers: How and Where to Get Started?
- Stock Brokers: Which Broker Is Best For You?
- The Best Brokers For Options Trading
- Cryptocurrency Broker and Exchange Guide
- Best Forex Brokers: How to Choose a Broker for Forex Trading
- Bullion Dealers: How to Add Precious Metals to Your Portfolio
FAQs
Below we answer some commonly asked questions about online brokers and CFD trading.
Are CFDs legal in the US?
No, trading CFDs is illegal for US citizens and residents. Additionally, most CFD brokers don’t accept US citizens or US residents as clients. CFDs are illegal in the US because they are an over-the-counter (OTC) trading product. OTC trading products aren’t listed on regulated exchanges like the New York Stock Exchange (NYSE), bypassing US regulatory bodies.
Thus, for US citizens to trade CFDs, the US Congress would have to change regulatory law.
Is CFD trading safe?
No, CFD trading — indeed any form of trading — is not “safe.” Trading involves complex risks, that is, factors affecting price movements of assets that retail traders are unaware of or that are unpredictable. Most retail CFD accounts lose money. Only experienced traders should consider trading CFDs.
Is eToro a CFD broker?
Yes, eToro is a CFD broker (though not in the US). eToro offers CFD trading on commodities futures, currencies, indices futures, and stocks. They also offer cryptocurrency trading and cryptocurrency-fiat currency trading. In addition, account holders can buy and sell cryptocurrency on eToro without a digital wallet.
eToro is fully regulated by CySEC, FCA and ASIC.
What is the difference between CFD trading and forex trading?
CFD trading and forex (FX) trading differ in terms of the underlying assets you are trading on and the nature of the contracts. When you are trading in the foreign exchange (forex) market, you are trading currency pairs only. CFD contracts are available on a wide range of asset classes, including forex, commodities, indices, stocks, ETFs, and events.
Unlike CFDs, forex trading offers the opportunity to benefit from interest rates associated with currencies and it is legal in the US.
You can also trade spot metals in the forex market because they are considered a form of currency. For example, you can trade gold, silver, platinum, or palladium against fiat currencies. You can also trade metal pairs, such as gold vs. silver (XAU/XAG).
Credits: Originally written by Lawrence Pines. Major updates in October 2020 by Natalie Mootz; in June 2020 by Sherrie Gossett; and with contributions from the Commodity.com editorial team.