5 Best cTrader Forex Brokers for 2024

How to choose a cTrader forex broker?

When looking for a cTrader broker, you should pay special attention to the following points.

Can I trust the broker?

To be licensed and authorized by top-tier regulators, brokers must undergo audits, meet capital requirements, and provide segregated accounts and negative balance protection. You can search the regulator’s website to confirm the broker’s status and check for any disciplinary action. The broker’s size and operating history are also worth considering. You can usually find these on the company’s LinkedIn page.

Read more about Best regulated forex brokers.

What fees to consider when choosing a cTrader broker?

It’s important to understand and compare the fee structures of different brokers before deciding which one to use. When choosing a cTrader broker, there are main types of fees that a trader should consider:

• Spreads: The spread is the difference between the buying and selling price of a financial instrument. It’s the primary way CFD brokers make their money. Lower spreads generally mean lower trading costs.
• Commissions: Some brokers charge a commission on trades in addition to spreads – often a fixed fee per trade, or it can be a percentage of the total trade volume.
• Overnight or Swap Fees: If you hold a CFD position open overnight, you might have to pay a fee known as an overnight or swap fee. It’s a fee you pay or receive depending on the interest rate difference between the two currencies involved in the pair and whether you are long or short. Check out Best low swap fees brokers.
• Inactivity Fees: Some brokers charge inactivity fees if you don’t make a certain number of trades within a specified timeframe.
• Withdrawal Fees: Some brokers may charge you for withdrawing money from your account. Check the fee structure and withdrawal methods before choosing a broker.

Not all brokers charge fees in the same way. Some charge a commission per trade, while others earn through the spread. Some may also include hidden charges like inactivity fees or withdrawal fees. It’s crucial to understand these fee structures to make an informed comparison.

Check out our list of Best lowest spread forex brokers.

What is the minimum deposit?

The minimum deposit required by a cTrader broker varies widely and depends on the individual broker’s policies. Typically, the minimum deposits at CFD brokers are relatively low. For example, among the brokers listed in this article, minimum initial deposits range from $50 in the case of Errante to $200 in the case of IC Markets.

What account types are available?

A broad range of account types helps a broker cater to different trader profiles. For example, a simple STP account may be the best for beginners in the markets, while an ECN/Raw Spread account can help sophisticated, active traders keep their costs to a minimum.

Read more about Best STP forex brokers and Best ECN forex brokers.

Here are some of the most common account types offered by CFD brokers:

• Standard Accounts: These are the most common types of accounts that CFD brokers offer. They usually provide access to various financial instruments, including indices, commodities, shares, and more. The minimum deposit requirement for standard accounts can vary significantly between brokers.
• Mini or Micro Accounts: These accounts are designed for beginners or traders with smaller account balances. They often allow trading with smaller contract sizes, which can be a way to manage risk, especially for new traders learning the ropes. Explore Best forex micro accounts.
• VIP or Premium Accounts: These accounts are designed for high-volume or professional traders. They often come with lower spreads or commissions, a dedicated account manager, and other perks like free access to premium research or advanced trading tools. However, they usually require a higher minimum deposit.
• Demo Accounts: Almost all CFD brokers offer demo accounts where traders can practice their strategies with virtual money before risking real money. Demo accounts are a great way to get to know the broker’s platform and test your trading skills. Read more about Best forex demo accounts.
• Islamic Accounts: These are swap-free accounts that comply with Islamic law, which prohibits earning or paying interest. Islamic accounts are designed for traders of the Islamic faith. Read more about Best Islamic (swap free) forex accounts.

What is the available leverage?

The available leverage at CFD brokers is a significant benefit. The amount of leverage you have available depends on where your broker (or broker entity) is situated. For example, suppose you have an account with a UK-based FCA-regulated broker. In that case, the maximum leverage available is 1:30. Offshore brokers typically offer higher leverage, often 1:500 or even more in some cases.

Beware of using excessive leverage, even if it is tempting. It’s an enthralling feeling to control a large position in the market. But when markets are moving fast, and you hold a highly leveraged position, there is a high risk of losing money. Accounts can get wiped out in seconds.

Check out our guide on Best high leverage forex brokers.

Is customer support reliable?

Having solid support on hand is essential. Check the hours of availability, for example, whether help is on hand 24/7 or only during business hours. Chat support is the most convenient, so look for an easy-to-access chat window built into the broker platform. In the case of a platform outage, it is also essential to be able to contact support via phone.

What to avoid when choosing a forex broker with cTrader?

Brokers sometimes have a limited range of instruments via the cTrader platform, so check if the markets you want to trade are available. Sometimes there is a different pricing schedule, so it’s worth checking if spreads and commissions compare well with other account types.

How to avoid forex and CFD scams?

• High-Return Guarantees. A common scam in the forex and CFD industry involves vendors offering a trading strategy that guarantees an outlandishly high return in little time. These may involve automated trading using bots or a signal service where trades are shared via chat or social media. Nobody can guarantee returns with certainty, and it is more likely that such strategies will lose money. When assessing strategy or signal providers, you should look for a live track record audited by a third party and be conscious that past performance does not guarantee future results.
• Lack of Protection. Traders should also be cautious about opening an account with an unregulated offshore broker. Such brokers may offer a straightforward account opening process, bonuses, and high leverage levels, but client funds are typically not protected. Meanwhile, brokers regulated by top-tier authorities must undergo regular audits and are held accountable for misconduct. Traders can also benefit from having their funds held in segregated accounts, negative balance protection, and a compensation fund in case of broker insolvency.

Our Methodology

In selecting the best cTrader brokers, we used the results of our advanced proprietary methodology. All of the brokers listed were among the leaders in our tests.

FXEmpire has been reviewing brokers since 2010 and has pioneered the in-depth evaluation of CFD brokers. Our process has taken years to refine and involved hundreds of reviews. We’ve gone to a granular level – with over 250 data points in our analysis of each broker – so you can feel confident selecting the right platform.

To provide the most comprehensive view, we break down the brokers according to nine different categories:

• Trust
• Fees
• Platforms and tools
• Tradable instruments
• Customer service
• Deposit and withdrawal
• Account types
• Research
• Education

In our broker reviews, we explain complex areas like regulatory status, so you can easily understand the safety of your funds and the benefits you are guaranteed.

We gather data through live testing, research, detailed questionnaires, and in-person broker demonstrations. An account is opened with each broker, focusing primarily on the services of one entity and testing using the most standard account type and platform. We conduct live tests of spreads and measure overnight swap fees and account-related costs.

Our side-by-side analysis reveals whether a broker is competitive in relation to the industry. Trading platforms take time to master, but we have already done the legwork for you, and our evaluations highlight their essential features and usability.

For this guide, we checked the brokers for the availability of the full suite of cTrader software, ensuring that all essential tools and features were accessible. We reviewed the account types compatible with cTrader, identifying the options that best align with different trading needs and preferences. Also, we looked for platform tutorials and educational materials related to cTrader.

FX Empire abides by strict guidelines for editorial integrity. We base scoring on objective criteria and mostly measurable data, so individual preferences or biases cannot sway our reviews. The review process is independent and follows a strict protocol. In addition, we carefully check and recheck facts, as reviews are continually updated. Read more about our review process here.

Meet our Writers

The team of forex and CFD analysts and editors at FXEmpire is comprised of trading industry professionals and seasoned financial journalists. Our experts are published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

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