Contracts for Difference (CFD) is an agreement between the broker and the trader. It offers a couple of benefits but one significant benefit of CFD is that the traders can speculate the price movements whether it rises or falls. More so, you can earn money by correctly predicting the price movement whether it is gains or losses.
If you are interested in trading CFDs, you need to find the best platform that suits your preference. Other than having a competitive trading plan and strategies, you also need a reputable and experienced broker who can help you handle your trades. Here is the list of the most competitive and reputable CFD brokers in the market today.
AvaTrade
AvaTrade is considered the most regulated and also one of the largest brokerages in the world. Every transaction done in AvaTrade is regulated in 6 different jurisdictions around the world. They already have 200,000 satisfied clients and the number is still growing every day. AvaTrade makes more than 2 million trades every month.
Pros
- Free withdrawal and deposit
- Fast and Easy opening of account
Cons
- Offers CFDs, Forex and Cryptocurrency only
- Charges inactivity fee
- Poor phone support
XM
Another great CFD platform offering superb performance for both beginners and experienced traders, XM offers a wide range of educational resources and a demo account with virtual cash amounting to $100,000. They have 1.5 million clients from 196 countries.
Pros
- No withdrawal fees
- Good source of educational tools
- Fast and easy opening of account
- Low required minimum deposit
Cons
- Inactivity fee after 90 days
- Limited product portfolio
- Average forex fees only
Alpari
Alpari Financial Services Ltd (Alpari) is known as the world’s leading independent Forex brokers and offering a huge range of products including CFD. Traders can pick from the different account types offered here plus they have a very excellent customer support team that caters to 30 different languages. For beginners, they also offer demo accounts as well as copy trading.
Pros
- Low minimum deposit
- Wide range of tradable assets
- Best for copy trading accounts
- A demo account is available
- Customer supports 30 different languages
Cons
- Lacks resource tools
- Limited educational resources
- Withdrawal fees
- High fees
FXTM
FXTM boasts very good customer support with multiple channels and languages available 24/7. They also have a wide range of educational resources and tools making them a great place for beginners who are yet to know a lot about trading CFDs.
Pros
- Excellent customer service
- Good source of educational tools for beginners
- Easy opening of account
Cons
- Charges inactivity fee
- Charges high CFD fees
- Limited products offered
FP Markets
They are ASIC-regulated which offers basic account options as well as an exciting set of tools available for traders. Although their minimum deposit is way higher than others, you will surely find value for your hard-earned money. They have a good number of educational tools and they also have good customer service.
Pros
- Great Customer Service
- Great Educational Tools
- Fast and Easy Opening of Account
- Large Product Offering
Cons
- Limited Portfolio
- High fee for withdrawal to international banks
- Their web platform is a bit outdated.
