Best CFD Brokers Tested By Experts & Reviewed By Traders

Is City Index good for CFD trading?

For my latest review of CFD trading on City Index I thought I’d short some Tesla shares, as when I did “How to buy Tesla shares” explainer video on Youtube the other day, someone called me a “bellend” in the comments.

Fair enough, as Tesla is a bit of a political hot potato at the moment. But you can’t argue with sentiment right? Well, you can actually, because that’s what I did. Before trading, I checked out City Index’s sentiment indicators, which are provided by Trading Central and give a really good overview of what stocks are being talked about.  Obviously, Tesla is the most popular because people love to hate, but what was odd was that sentiment towards Tesla was generally positive. So being a contrarian investor (sometimes) I’ve gone against the crowd, because I often think that when people are most bullish, that’s when a reversal may appear.

Anyway, that was last night and because of the clocks have not changed yet, I missed the main US trading session so had to short Tesla via City Index’s after-hours contracts that let you trade CFDs when the main market is closed. It’s a little more expensive, but liquidity in Tesla is still good, so the spread was still tight.

One thing you can’t see from the screen shots below is that if you click on the little chart in the far bottom right, you get a chart overlayed with your opening price, stops and limits. Which gives you a really good visualisation of where your CFD positions sit from a technical analysis point of view.

Is City Index CFD Trading DMA (Direct Market Access)?

City Index is an OTC CFD Broker, which means it does not offer DMA CFD trading, you can only trade as an OTC CFD or as a financial spread bet. If you want direct market access to exchanges for equities trading you can compare DMA brokers here. However, City Index CFD pricing is tight enough for the majority of traders who do not want to work orders inside the bid/offer spread. The other advantage of trading CFDs “over-the-counter” is that commission is included in the quote as opposed to DMA brokers like Saxo Markets who add commission after you trade.

Charges and commissions are included in the spread for CFD trading and are very competitive including 0.5 pips for EURUSD, 1 point spreads on the FTSE (UK100 CFDs), 0.8% on UK shares and 1.8 cents per share on USD stocks (2 cents per share being industry standard).

Performance Analytics is a great tool for traders that can help traders improve their CFD profitability. Performance Analytics looks at your CFD trading history and shows you where you do well and when you do not. The idea is to make you a better trader by encouraging you to stick to a trading plan and gives you guidance on when your plan is working and what markets, times and conditions suit your trading style the most.

As well as offering a CFD trading platform and mobile app City Index has always catered to, and still does, to high-value traders over the phone. It is one thing that makes them different from the majority of trading platforms in that you can actually talk to an experienced dealer who knows your account as well as deal electronically.

For new traders, there is a huge amount of educational and informational content from “how-to” videos and articles to more lighthearted CFD, and focussed programming like the Traders Academy.

Overall, City Index offers one of the best CFD trading platforms, on a wide range of markets with low costs and is suitable for large traders who want personal service and new traders how need assistance looking for trading ideas. A good CFD trading platform for traders who want trading signals and post-trade analytics.

Is FOREX.com a Good Trading Platform?

FOREX.com won Best Forex Broker in the 2025 Good Money Guide Awards.

24-Hour FOREX.com Test

I took FOREX.com out for a 24-hour test drive, to trade with real money and try out some of the key features on the streets of the City of London. Here’s what happened…

“For FX sake”, I thought to myself when faced with writing a review about a forex broker. Firstly because all these brokers do is offer access to the forex market (or so I believed). Secondly, because I’ve never had much success with forex trading.  I find the nuances of intra-day technical analysis too complicated.

I’m an old-fashioned trader – I like to look at the market and think it’s either overvalued or undervalued and, in my mind anyway, that’s easier when looking at a company’s share price, an index or even a commodity. But for some reason, with forex trading, I’ve never really got the hang of it.

Having said that, I have dealt currency for about 20 years now, but more as a broker rather than as a trader. For instance, I used to do some prime brokerage for institutions that would hedge their currency exposure when buying aeroplanes.

But I was so frustrated with how opaque pricing was in currency trading, that I decided to start up my own currency brokerage specialising in high-value currency transfers (£250,000 upwards) and undercutting everyone. It was called Berry FX, you can still see the demo on YouTube. Basically, personal service with the best rates anywhere ever. But now I just let other currency brokers compete for clients by trying to offer the best exchange rates.

But you want to know what I think of FOREX.com.

24 Hour Test

I took FOREX.com out for a 24-hour test drive around the City of London, putting some real trades on whilst going about my business to see if I could make any money.

I started out at the Bank of England with £10,000 on account at 11:30am. Lunch was a few minutes’ walk from the tube station, so I took the opportunity to put some trades on using FOREX.com’s trading signals. I’ve used these for years; back in 2018, they were known as GetGo and it was a standalone forex trading app. When I reviewed it then, I said these were the future of forex trading signals but are they still?

There are a couple of things that make these signals better than the rest.

• They tell you the success rate.
• The signal is linked to an order ticket.

When I was walking down King William Street to L’Antipasto to meet some contacts for lunch, I put a few trades on. First, I looked at the traders that had a historic success rate of over 50% and followed them. Then I looked at trading signals that had a success rate of less than 50% and traded against them. It’s a pretty simple strategy that generally works (not always, though). I used the classic stop/limit risk/reward ratio, aiming for twice the potential loss as a potential win. Again, simple forex trading strategies. The market is not hard to call, but if you get a trade right, it often pays to let it run for longer, but if it’s wrong, close it sooner.

Trading Central

On the way to my next meeting, I took a few moments on London Bridge to look at some of the other signals on FOREX.com: Trading Central. Now, Trading Central has been providing technical analysis to brokers for decades and supplies a constant stream of manually and automatically updated trading ideas throughout the day to give traders an indication of where the markets may go.

It’s not as fluid as the trading signals, as you have to put the trades in manually, but still gives you a bit of stimulus. This is great for someone like me because I generally have an idea of what I want to do from eyeballing a chart (I did, after all, run a technical analysis division for 5 years), but it’s nice to get confirmation of your thoughts one way or another.

Execution

When you are actually trading there are some great other features on the app:

• Swipe to trade: a bit like Tinder (so I hear)
• Chart on tickets: with a quick tap, you can bring up a chart when on the order ticket (to double-check)
• Working orders on charts: when looking at a chart, you can see your working orders and positions
• Position potential: as well as seeing what margin is required when placing a trade, you can also see and set your stops and limits as a potential monetary amount instead of pips

Post-Trade Analytics

Once you’ve done a bit of trading, you can review your trading history and see where you do well and where you can improve. This is a great feature as it can break down how well you trade by time of day, markets or volatility.

You can also set up “Play Maker” if you have a trading strategy and want to stick to it. Obviously, you can’t get that sort of data in a 24-hour test drive, so I’ll have to revisit that another time.

Demo Account

FOREX.com has a pretty good demo account. In fact, it’s hard to tell the difference between the demo and live trading platform. You get the same functionality and as trades are OTC, the same prices.

However, when I opened a demo account to test it, I already had a real account. So after I got my demo account login details, I clicked through to the “Webtrader” portal and (funny or alarming, depending on how you look at it) my live account details were auto-filled in by Google Chrome.

Now, had I not been checking my email, to ensure that the platform had sent me through my credentials, I might not have noticed that I was logging into a live account. It could have been disastrous if I’d started trading away thinking it was paper money. Even more so as you get £10,000 in demo funds and I’d deposited £10,000 in my live account when I took FOREX.com on a 24-hour trading signal test drive.

It reminded me of when a trader thought that he was trading on a demo account and put $1bn worth of orders through and then sued his broker because it voided his €10m profits.

TradingView & MetaQuotes

I had a good play about with TradingView, as it’s now the go-to destination for traders. TradingView is a sort of social network for traders where you can view charts (they are excellent) and post trading ideas (take with a pinch of salt). As TradingView has grown, it has also become an execution venue, so you can link your FOREX.com trading account and deal straight from the charts. This shouldn’t be too much of a stretch for most traders as the charts on the app and web-based platform are provided by TradingView (which, incidentally, is one of the largest financial-based websites in the world now).

You can also trade on MT4, if you are into that sort of thing…

Am I a Forexpert?

I did make money on day one, mainly thanks to putting on a GBP-USD trade that covered most of the losses from some of the other trades. When I used the trading signals 5 years ago, I also made money. Day 2 wasn’t so good. On my way to an investor show, I gave back a few pennies but still ended up on top. But I have to admit my traders were calculated guesses rather than heavily researched positions.

I don’t like holding positions overnight, as day trading reduces not only your margin requirements but also increases the amount of sleep you get because you don’t wake up with cold sweats in the middle of the night worrying about Asian interest rates.

Overall would I recommend forex.com? Yes, if you are going to trade forex and don’t know where to start, as it’s a massive brand with global reach and owned by a listed brokerage with an institutional pedigree. As far as box-ticking is concerned, it ticks the lot. Or should I say pips the lot…

Is Pepperstone a good CFD broker?

Overall, Pepperstone offers one of the best MT4 CFD trading packages and is suitable for those wanting to trade the major markets on tight spreads.

I found when testing that Pepperstone’s main proposition is pricing through, either through MT4 or cTrader CFD traders do get some of the most competitive spreads through Pepperstone.

MT4 is a very good trading platform for automated trading strategies and Pepperstone has a suite of exclusive indicators and trading tools for their CFD traders.

cTrader, is more of a traditional trading platform for trading from charts and sentiment indicators. For chartists, you can also trade CFDs through TradingView with Pepperstone.

Pepperstone has a relatively limited range of CFD markets on offer with 1200 in total including 100 FX pairs, 28 commodities, 28 indices and 900+ UK, US and international shares. The list of shares is growing though and Pepeprstone say that if you want to trade CFDs on a stock that is not listed on it’s platform they will add it on request if there is enough volume and liquidity.

Is Plus500 any good for CFD trading?

Yes, I think Plus500 can be good for CFD trading and I’ll tell you why. Reddit has been annoying me for a long time. Every time I search for something on Google, I get a load of outdated single-opinion forum answers thrust in front of me. When what I actually want is for someone who knows what they are talking about to answer my query initially, they back up their answer with a longer explanation, if I feel the need to read it.

Now, as an SEO, this offends me. As a trader, it offends me even more that Reddit’s IPO coincided with Google giving their forum prominence in search results.

Now, Google is a fickle Master and changes how it’s algorithm works with no notice and from many perspectives no reason. And I expect Reddit will fall foul of a Google update at some point in the future. Or at least I am hoping so, becuase I can’t figure out how to use it and it doesn’t make sense to me.

Which is why I want to short the stock and bet on it going down, which you can do with CFDs. But you can’t do it with all CFD brokers because Reddit is what is known as a “hard to borrow” stock, which means that people won’t lend it to you so you can sell it to someone else with a view of buying it back when it is priced lower to give it back. I tried to short sell it as a CFD on Interactive Brokers, XTB, and even IG, and none of them would let me. So I was delighted to see that it was shortable on Plus500.

I don’t like to go crazy when reviewing platforms so put in £500 and maxed out my leverage which is capped at 20% by the regulators, to take a $2,500 position on Reddit’s demise.

There are some quite cool features on Plus500 for when you are thinking of taking a position. For instance, their +Insights tab tells you where Plus500 clients are positioned in a stock, which in Reddit’s case is 92% long, and amazingly Reddit is number 4 on the list of most profit-making positions in the last 30 days.

So I am significantly going against the grain here. It is, however, not a very popular stock on Plus500 with only 8k views over the last 24 hours from their 30 million users. But you can also see that Reddit has a below-average ESG score, which sort of means I’m a responsible trader by shorting non-sustainable companies???

Anyway, I sold at $90 and put a guaranteed stop on (for an extra $1.19 on the spread) just above $100 in case a bonkers billionaire decides to buy them, and it gaps above. I also put a take profit exit order in at $60, which was triple my stop loss distance.

Compared to other platforms, trading CFDs on Plus500 is pretty simplistic; there are no different order types, so you can’t really work a proper limit order, only trade at market. But that’s fine if you are just tapping away at the market, taking positions. Plus, overnight funding is pretty expensive, at 20% a year for longs and 10% for shorts. Spreads are dynamic which means that it changes based on market volatility and liquidity, so a bit wider (0.5% either side) than the underlying bid/offer, compared to other CFD brokers like IG and IBKR, where the spread is about 0.3%.

But one thing I do quite like about Plus500 is that when you are setting up a trade, it tells you the value in both USD and GBP so you know your exact exposure, which is pretty important so you don’t get any nasty surprises whilst trading on margin in foreign currencies.

So it’s a bit more expensive and not quite as advanced as other platforms, but at least if you want to short a stock, you can when other brokers won’t let you!

I also should say that I have massive respect for Plus500 from a marketing point of view. They obviously looked at the online trading industry and thought to themselves, “this is ripe for disruption” and to be fair, they did disrupt the CFD trading (not the financial spread betting) industry.

Before Plus500 came along, most CFD platforms asked you to deposit a minimum of £5,000 to open an account. You had to prove that you had the relevant experience to trade high-risk derivative products, pass credit checks and wait at least a week before compliance, accounts and sales had checked your account and allocated you an account number. And in some cases, you didn’t even get an account number until you’d BACS’d money over to fund your account.

But, that was about 15 years ago and Plus500 asked me during their compliance checks of my review to point out that “the information regarding the account opening gives the impression that the process is simple and fast, which could be misleading. Due to the document approval procedure and the questionnaire, the creation of the account can take some time. Also, if the approval requirements are not met, some users are unable to create a real trading account”.

Which, of course, is true because, now for AML, you have to submit some personal documents, there are several term documents to read and you have to answer (and pass) a suitability questionnaire.

It’s not now harder to open an account because a. CFDs have become more appealing to the mass market and b. CFDs are definitely not a mass-market product.

Innovation

What Plus500 did was create a basic trading platform that offered the major instruments that people wanted to trade. After all, the majority of revenue generated for CFD trading platforms is from the top ten traded instruments like FTSE, Wall Street, EURUSD, Gold and Oil.

Then they made the account opening process the most simple it could possibly be. Instead of having to get a notarised copy of your passport and post in bank statements, Plus500 clients could open an account online and start trading with real money relatively quickly (in less than a few minutes for a demo account). For other brokers, it was still taking a week.  They could do it because normally new clients have to provide ID when opening an account to prevent money laundering. Because the rules at the time were generally geared towards withdrawals, not deposits, you didn’t have to provide ID until you wanted to take money out. Plus500 eventually got ticked off for it and had to start front-loading ID checks. But it completely turned the industry on its head making it very simple for anyone to open a trading account. Cough cough, the mega marketing machine that is eToro.

Soon after that, all the other trading platforms tried to catch up but legacy technology still makes them a lot slower than Plus500 to this day.

Disruption

But, whilst Plus500 have disrupted the CFD industry, it’s not necessarily for the good. Trading is a high risk, most people lose money. Just because you can do something, should you?

I know that things that are bad for you are often enjoyable, this isn’t a debate about whether or not CFDs are good or bad. I have been in the CFD industry for 20 years and I think they are good, but then I have always dealt with professional clients, hedge funds, and traders who understand the risk. CFDs can be used to hedge portfolios, increase diversification, build a stake in a company without declaring it, making money when the markets fall by shorting stocks.

The debate is more about who they are appropriate for, and CFDs are not appropriate for everyone, but they are there if you want them.

Can you trade CFDs with Interactive Brokers (IBKR)?

Yes, you can trade CFDs or contracts for difference with Interactive Brokers, but you have to go through some quite arduous suitability tests to ensure that you understand the risks involved.

But once you are in, I found Interactive Brokers to be one of the best CFD brokers, most appropriate for experienced and sophisticated CFD traders. However, it also has lighter versions of its Workstation downloadable trading platform on the portal for newer traders who may want to stick with one platform as they become more experienced.

Trading Platforms: There are two different platforms, which I tested by short-selling Travis Perkins as a CFD. We discussed TPK in our podcast, and the general consensus in the comments on TikTok was that everyone hates them and that it’s too expensive. You can see below examples of both trading platforms and how different they look.

The downloadable platform Workstation lets you trade CFDs with the most types of order execution with IBKR, for instance, VWAP, pairs trading, time and price-sensitive order entry. These tools are most suited to professional and very high-volume traders, or hedge funds that are working very large orders and don’t want to scare the market. Most retail CFD traders will have no need for them, but it is representative of IBKRs overall service in that it provides an exceptional institutional-grade CFD platform to retail clients.

There is also an excellent pairs trading feature where you can simultaneously trade one CFD stock against another as a percentage. IBKR is the only CFD broker that lets you do this. With other trading platforms you have to do two separate orders.

As you can see from when I shorted TPK on the Portal web-based version it is much simpler. But you still get some good order execution types, but it’s very much for retail CFD traders compared to IBKR Workstation which is for professionals.

Market Access: Whilst Interactive Brokers does not offer the most CFD markets, they do offer one of the best ways to trade them. With IBKR CFDs you can trade with direct market access (DMA) on the exchange so you can place your orders directly on the order book at better prices than the bid/offer.

In reality, CFD brokers with the most markets are those that offer access to small or illiquid stocks which are probably not suitable for CFD trading anyway. But, IBKR offers access to the majority of stocks and markets most traders could need.

CFD Fees: The commission is charged post-trade so you get clean prices with no mark-up and IBKRs commission rates (added post trade) are the best around. Commission on UK stocks is 0.02% and 0.003% on US stocks.

Out-of-hours Trading: IBKR lets you trade CFDs on US stocks, indices, commodities and currencies overnight and on some parts of the weekend. Overnight trading starts from 8pm US ET time on Sundays and for those with US stock trading permission you get access to free overnight data.

CFDs on restricted ETFs: You can also trade ETFs as a CFD that you otherwise would not be able to invest in if based in the UK. One of the major drawbacks of ETFs listed in the US is they do not provide a Key Information Document (which tells you what is in them and how risky they are), so the UK regulators won’t let UK investors buy them as they are not transparent. However, with IBKR you can trade these as a CFD (which is an OTC product).

Is it better to CFDs with Spreadex or spread bet?

I would say if you are in the UK it is better to spread bet with Spreadex rather than to trade CFDs. Pricing and market access is exactly the same and the only reason Spreadex started offering CFDs in 2017 was so that they could offer financial trading to non-UK customers.

Overall Spreadex is a good CFD broker for traders that want to trade on major and minor shares and put more of a focus on customer service than technology.

Spreadex has been providing trading since 1999, but only recently introduced CFD trading in 2017. The trading platform, whilst quite basic, does represent what Spreadex is good at, which is the major markets and customer service. Being a smaller CFD broker they have a bank of experienced dealers who can work orders for you and provide support for the CFD app and platform.

Recently Spreadex has become much more competently priced, offering UKX CFD trading with 1 pips spreads, 0.6 pips on EURUSD and 0.2% on UK shares. There is no minimum deposit and no inactivity fee.

Is IG a good for CFD trading?

Yes, IG is one of the best CFD trading platforms as they offer a huge range of markets to trade and DMA access for more sophisticated traders. Also, because IG offers CFDs globally (with the exception of the US) they have a huge amount of volume and liquidity meaning that sometimes you can place bigger orders via IG’s order book than you could do on the underlying exchanges like the LSE or NYSE. Because of the sheer volume of CFD trades, IG is able to internally match up orders for quicker and larger fills.

CFD costs are included in the spread for retail traders, but you also have the option of trading with direct market access (DMA) on level-2 prices. This enables CFD traders to place orders within the bid/offer spread and get better prices. The commission is then charged post-trade. DMA CFD trading is often must more cost-effective for high-volume larger traders as fills are quicker and at better prices.

You can trade over 17,000 CFD markets with IG including 51 forex pairs, 38 commodities, 34 indices and over 10,000 stocks. You can also trade CFDs on IPO through their grey market. The CFD trading platform is constantly evolving due to customer feedback and IG has a wide range of news, sentiment and analysis that is based on the analytics from the platform on what traders are trading. So for example, if there is a lot of order flow around a particular stock or market, research is created to help traders better understand market moves.

The main thing though that makes IG stand out is it’s size and coverage. As a public company valued at over £3.5bn April 2022) they cater for new, experienced, professional as well as institutional CFD traders.

One key disadvantage of trading CFDs through IG is that you have to pay tax on profits. However, CFDs are not the only product that IG offer. You can also trade financial spread bets, where you do not have to pay capital gains tax on profits.

Overall, IG offers one of the best CFD trading platforms around and provides excellent educational guides and market access for every sort of trader.

Is CMC Markets a market maker for CFD trading?

Yes, CMC Markets is a CFD market marker in more ways than one. CMC operates a b-book dealing desk model where you are trading against them. CMC also provide liquidity as a market marker for smaller brokers to use their trading volumes.

Overall, CMC Markets is an excellent CFD trading platform with good market coverage and very competitive pricing. It’s most suited to short-term CFD traders speculating on the major markets.

One of the main features I like when trading through their platforms that makes CMC Markets stand out is how they present their CFD client sentiment indicators. Most brokers provide sentiment indicators based on what their clients are trading, but CMC enables CFD traders to break down what long and short positions their clients have by time frame and profitability. So you can filter in more profitable traders or longer-term positions.

CMC charges a bid-offer spread on CFDs on indices, commodities, FX and interest rates etc but charges a commission on CFDs over individual stocks and ETFs. Commissions start at 0.10% of the notional value of the trade for UK and European stocks, and at 2 cents per share for CFDs over US equities. Spreads vary by product and contract but are competitively priced relative to peers such as IG and Saxo Markets.

There are some excellent other features as well like thematic indices, share baskets, a wide range of order types, and the ability to enter, work and move orders direct from the charts.

Is XTB a good CFD broker?

Overall, XTB, is a well-established CFD trading platform with some nice added value that is suitable for most traders.

When I tested XTBs CFD brokerage I found what sets them apart is some of the platform features.

There are also some nice close-off features, so you can close all your CFD positions in one go, or if you want to cut your losses, just close the losers, or if you want to lock in profits you can just close your winning trades.

There is a lot of educational content on how to trade from various independent “experts” such as Tom Hougaard, Lee Stanford. As well as different courses on how to understand specific aspects of trading like technical analysis and trading psychology.

You also have a comprehensive suite of CFD trader tools like constantly updating market analysis including stock screeners, heatmaps and ETF scanners to help you pick out new trades. There is also an integrated news feed and economic calendar so you can check for upcoming events or news flow that may affect your open positions.

Is XTB CFD trading real DMA or OTC?

When you trade CFDs with XTB you are not buying or selling real shares, instead, you are entering into a contract for the difference between the opening and closing prices of your position with the broker. However, if you would rather not trade on fake prices you can buy real shares with XTB’s investing plans.

XTB’s CFD trading platform offers access to a well over 2,000 CFD markets including 57 forex pairs, 22 commodities and 25 indices as well as UK, US and international stocks.

XTB News, Analysis & Trading Ideas

All brokers have news, technical analysis, economic announcements and fundamental data. Most even have RanSquark (where your computer shouts at you every time there is a market figure), but XTB also has an integrated dealing ticket so you can trade quickly from the analysis. You can see below in their recent Gold analysis. You can either place a market order to go long or short at your saved standard lot size or bring up a dealing ticket to work a limit.

Post-Trade Analysis

See a breakdown of what markets and trades you make or lose money.

XTB was one of the first brokers to introduce post-trade analysis, and this sits nicely alongside their ethos of trading to educate their clients rather than churn and burn them. You can see a recap of your previous trades in your account settings. This gives a very visual representation of which trades you make and lose money on. This is a really interesting feature because, as we all know, it’s hard to make money trading. But oddly enough it’s not that hard to pick winners.

Picking on Josh again, we highlighted an article he wrote (The truth about whether trading is actually winnable) way back in 2014, showing that the profitable trades were around 60%. It’s just that the losses were larger than the profits. This suggests that it is a post-trading strategy that is the issue. Not picking trades. So, by using this section to evaluate which trades you most frequently win on you should be able to improve your overall trading strategy.

Account Base Currencies

You can change your base currency in XTB by setting up different sub accounts.

This may not seem like a big deal on the surface, but it’s actually a really nice feature. One thing traders never really take into account when trading international markets is currency exposure.

Even when trading Forex, traders tend to just look at what is happening on the chart and not the overall economic climate. Trading profits are hugely affected by currency exposure and in some cases can wipe out profits. Also, as tight as deliverable foreign exchange rates are becoming they are still always never below 0.5%.

So if you are in the UK with GBP on account and trading US products your P&L will be in USD. This will then have to be converted into GBP before you can withdraw (unless you want to be at the mercy of your banks tourists rates (which you don’t)). But, if you go to your ‘My Accounts’ page you can open up sub accounts in GBP, USD, or EUR. So, if you have a strategy that mainly relies on non-local currencies you can reduce your FX fees and currency exposure.

You can also change the currency in the dealing ticket, between local and base currency, which can give you more control over your position exposure. This is particularly helpful, when FX markets are volatile.

Chart Grids

You can get an instant macro market overview in XTB with grid charts.

When I first started off as a stockbroker many decades ago we used this pricing system called QTS. It’s long gone now, but it had this great feature where you could get a grid view of a market with a single click. It was a great default view so you can instantly see what was going up or down without having to have multiple screens up.

I know you can set this up manually on most other brokers, but other than CMC, I don’t think it’s that easy anywhere else. XTB, have a really nice feature where you can see all your open charts as a grid. A very handy visual overview of what is going on.

Plus, if you’ve got a pending order you can see the levels on the chart. When I took the below screenshot I had a working stop entry in US500 (top right).

Trade From The Charts

You can add market orders, stops entries, limits and stop losses by clicking directly on the charts.

A lot of other brokers let you trade from the charts, which is an almost essential feature. Because let’s face it, you either place stops at support and resistance levels or base them on how much you want to win or lose. So it’s quite nice to set your P&L limits then move your orders based on what the chart looks like.

However, what is unique to XTB (as far as I know) is the ability to place stop entries, stop losses and limits straight onto the chart.

The first click is where you want to buy, second your stop loss and third your limit. You basically draw your trade on the chart and it is created in the dealing ticket.

Closing Off Positions

You can close all, profitable or losing trades in one go

This is a nice feature to end off our XTB review. When you are done for the day, or popping off to the shops, you can select what trades you want to close.

It’s really annoying when you have to click on twenty different trades to close them out when you want to be flat. So on the XTB ‘Open Positions’ tab you can choose to close either all your trades or just the duds that are losing. Or, you can bank your profits by closing all the winners and leave your losers to either get stopped or reverse. But I shall leave it to you to decide if that is a sensible trading strategy.

Is Saxo good for CFD trading?

Overall, Saxo Markets is the best CFD trading platform suitable for traders with experience who need access to a wide range of markets and order types.

When I tested the CFD platform with Saxo Markets, I traded CFDs and a few options. But, what makes Saxo Markets different though is how you can trade CFDs compared to other brokers. You can trade CFDs with direct market access (DMA) through the main trading platform or app. This means you can place OTC CFD orders directly on the exchange order book, getting better fills and better prices. You can also trade options as a CFD.

Saxo Markets is more of a professional CFD trading platform, so best suited to CFD traders who are graduating from a simple trading platform to something with more order types and support for higher-volume and sophisticated traders. The CFD trading platform is backed up with excellent support from personal dealers and experienced back-office staff, who cater for individual traders, professionals, and institutions like hedge funds and banks.

There is a huge amount of research data and analysis available on the trading platform that can help traders seek out trading opportunities and some very good post-trade analytics that will show you where you trade profitably and which markets you lose in, and therefore can potentially avoid.

Does eToro have CFD trading?

Yes, you can trade CFDs on eToro (but not if you are in America). As a CFD broker, eToro has a fairly basic offering, but that’s fine because I’d say that eToro is mainly geared towards beginner investors whose CFD trading is not really suitable, as it’s a leverage product and you can lose money quickly. But, having said that, it’s really easy to use for new CFD traders who want to take on some risk, but not too much, you can reduce leverage on CFD positions.

One of key benefits of CFD trading on eToro is that you can short the market if you think it is going to go down in the short term. However, eToro is not that great for longer-term CFD positions as their overnight financing charges are quite high compared to other brokers.

However, by trading CFDs on eToro you don’t have to pay stamp duty, which is currently 0.5% of the value of any shares you buy. So if you are just speculating in the short term it can be more cost-effective than buying fully paid-up shares.

Interestingly, last time I interviewed the UK MD of eToro he told me that less that 5% of revenue came from CFD trading. However, that was during the crypto boom and as investors have settled down and are taking longer-term equity positions, I think eToro’s CFD trading volume will increase in the future.

This is especially relevant as when you trade out-of-hours US stocks with eToro, your positions is classed as a CFD instead of a stock investment. 24 hours on exchange trading is definitely on the horizon so it may become cheaper to trade 24 hours with eToro soon.