CFD Forex Brokers

CFD Trading Brokers and Best CFD Broker List 2023

As an investor, have you ever think of the opportunity to make a profit from the price movement of an asset without holding that? This might seem illogical, but it is possible for European traders and investors. However, to get this, you have to trade with the CFD broker. CFD trading with best CFD brokers allows you to make a profit without owning the assets.

CFD trading allows you to make that kind of profit. Although it is a simple security calculation according to the asset’s movement, it has some underlying risks.

On the other hand, the best CFD brokers can reduce your risk. So, there is no such option rather than choosing some top-notch CFD brokers. In this article, you will get to know the details about CFDs and the brokers.

What are CFDs?

The full name of CFD is Contract for Difference, which is usually traded over the counter without owning an asset originally. However, CFDs don’t offer any delivery of securities or physical goods.

CFD trading works more likely on assumptions. For example, if a trader thinks that a currency’s price will rise then, he can buy a high amount. If the price increases, he may sell the holding and close the trading.

So, the net difference out of this trading would represent the profit. Check our best forex broker for CFD trading.

Best CFDs Forex Brokers 2023
Welcome to FxPro
Trade Like a Pro
Minimum Deposit $100
No Deposit Bonus.
4 games
4.8 rating
Location: Basinghall, England.
Welcome to IC Markets
True ECN Forex Broker
Minimum Deposit $200
No Deposit Bonus
4 games
4.5 rating
Location: NSW, Australia.
Welcome to FBS Markets
Reliable Forex Broker
Minimum Deposit $1.00
100% Deposit Bonus
4.5 rating
Location: Belize, C.A
Welcome to XM
Ultra Low Spreads
Minimum Deposit $50
15% Deposit Bonus.
4 games
4.3 rating
Location: Belize, C.A.
Welcome to HFM
World Leader in Financial Trading
Minimum Deposit $100
100% Deposit Bonus.
4 games
4.3 rating
Location: Beachmont, Kingstown.
Welcome to Axi
Trade with a Trusted Broker
Minimum Deposit $10
No Deposit Bonus.
4 games
4.0 rating
Location: Sydney, Australia.
Welcome to Pepperstone
Forex Broker & CFD Trading Platform
Minimum Deposit $100
No Deposit Bonus.
3.5 rating
Location: Australia

Types of CFD Forex Brokers

Types of CFD Trading Forex Brokers

CFD brokers forex markets are categorized based on Dealing Desk and Non-Dealing Desk. Let’s get in-depth on both types.

  • Non-Dealing Desk (NDD)- Digital Market Access

NDD usually allows direct access to the interbank market through STP (Straight Through Processing) or ECN (Electronic Communication Network). However, sometimes a mix of both types is used.

In NDD, trading orders are usually sent to the liquidity providers. But, it doesn’t take the client’s risk. Additionally, NDD CFD brokers work as a medium between the traders and liquidity providers.

ECN brokers usually connected to an electronic trading system that controls the buying and selling orders from a different liquidity provider. Therefore, ECN only connects different traders in a single place so that they can trade with each other.

On the other hand, STP CFD brokers don’t execute trade orders. They just provide a trading operation with any human intervention.

  • Dealing Desk (DD)- Market Maker

Unlike the NDD, the dealing desk CFD broker never offers liquidity provider prices. Additionally, market maker CFD forex brokers are the ones who offer liquidity to its traders. Since they create markets for their traders, that is why they are called market makers. As a result, DD brokers have to pay to the profitable clients from the broker’s account. In simple words, if a client loses a trade, the CFD broker makes money, and it is vice-versa.

CFD Brokers Account Types

Usually, CFD brokers offer 4 types of accounts, which are newbie-friendly as well as for experts. Let see all the accounts at a glance.

  • Micro Account: This type of account is solely for the beginners as well as for the expert traders who want to check out a CFD broker. However, the minimum deposit starts from as low as $50.
  • Mini Account: It is great for the traders who want to invest a medium rage amount, such as between $500-$1000.
  • Standard Account: Individual expert traders typically use this. Although the minimum deposits start from $1000, it offers high leverage options.
  • VIP Account: Institutional investors open VIP account to put their big investments as it needs at least $20000 to invest. However, it may generate high leverage, which also comes with prompt customer support.
Top CFD Trading Platform for Forex

Although there are many forex trading platforms available for regular forex trading, very few platforms for CFDs. However, we have looked for the available CFD trading platform and found two of them very promising. These are Meta Trader 4 and Meta Trader 5, used by the best CFD brokers.

Meta Trader 4

After the introduction of Meta Trader 4, almost all the CFD forex brokers adopted the MT4 platform. It offers advanced technology with extensive security for both traders and brokers. Besides, traders can open and close positions without being worried about the stability of the platform.

Key Features of Meta Trader 4 CFD Platform

  • The user-friendly interface possesses an easy way to conduct trade CFDs.
  • It comes with multiple languages so that traders from different parts of the world can use it without any extra effort.
  • Advanced and revolutionary charting features let you analyze the market and technical details completely at the same time.
  • MT4 offers trader automation, which comes as expert advisors.
  • With the customization feature, traders can establish their own trading strategy.

Meta Trader 5

It is the updated version of MT 4, which comes with controlling several accounts from a single platform. Moreover, the new accounts window in the navigation menu let you move between the accounts quickly.

Key Features of Meta Trader 5 CFD Platform

MT5 offers all the features that come with Meta Trader 4 along with the following additional features.

  • You can use several accounts.
  • This CFD trading platform offers different indicators, which are customizable and can get you to different trading strategies.
  • For CFD trading, MT5 scripts are more powerful than the MT4.
How a CFD Forex Broker Makes Money?

As we have mentioned earlier, about two types of CFD brokers and both of them earn money in different ways. A Non-Dealing Desk CFD broker receives commissions from the trading. Sometimes they also make from variable spreads.

On the other hand, Dealing Desk CFD brokers earn from the spread and from clients. Whenever a client losses DD brokers earn.

Bottom Line

It is highly important to choose good CFD forex brokers when you plan for forex CFD trading. Besides, platforms are also an important factor to look at. However, when you go for the best forex broker ( CFD ), you don’t need to check for the forex trading platforms as they offer the top platforms we have mentioned above.

Best Forex Brokers Comparison

Top Rated Online Best Forex Brokers 2023

FxPro Review
4.8 rating
Trade Like a Pro.
Location: Basinghall, England.
IC Markets Review
4.5 rating
True ECN Forex Broker / Trade from 0.00 pips. Minimum Deposit $200.
Location: NSW, Australia.
FBS Markets Review
4.5 rating
Reliable Forex Broker
Location: Belize, C.A
Top Forex Brokers Review
Top Forex Brokers Review