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Risk warning: CFDs and forex are leveraged products. Most retail investor accounts lose money when trading CFDs. You could lose more than you deposit with brokers that do not offer negative balance protection. Nothing here is financial advice.
A CFD, or contract for difference, lets you trade the price of a market without owning it. You can go long or short, and you trade on margin, which means leverage. That is why every EU, UK and Australian broker must print the share of its retail clients who lose money. We put that number next to each broker below, taken from the broker's own site on 25 September 2026. The figures apply to the company named in brackets. Your account may sit with a different company in the same group.
The order is our trust rank, which weighs regulation, client fund protection, costs, platforms and track record. No broker can pay to move up.
FOREX.com is a well-regarded forex broker offering broad access to forex markets through web, desktop, and mobile platforms, with research, education, and risk management tools. It operates under applicable regulatory oversight in many regions.
Interactive Brokers is a well-regarded forex broker providing broad access to currency pairs, advanced trading platforms, and research and risk management tools. It supports multi-asset trading and a wide range of order types for active FX participants.
Plus500 is a regulated forex and CFD broker offering broad access to currency pairs and other markets on a proprietary web and mobile platform. It provides built-in charting, order types, and risk management tools to support straightforward trade execution.
Saxo Bank is a well-regarded forex broker with a proprietary multi-asset trading platform, broad access to currency pairs, advanced charting, and research-driven tools. It emphasizes robust technology, risk management features, and a professional user experience.
Swissquote provides forex and multi-asset trading through proprietary and third-party platforms, with research, education, and customer support. It is well-regarded for a broad product range, clear pricing, and tools suitable for different experience levels.
XTB is a forex and CFD broker offering a proprietary platform, broad instrument coverage, and integrated research and education. It is regulated in multiple jurisdictions.
eToro is a well‐regarded forex broker and multi‐asset platform offering broad access to currency markets via web and mobile trading. It provides social trading features, research, and education within an integrated interface and straightforward account management.
FXCM is a well-regarded forex broker that provides access to currency pairs on proprietary and third-party trading platforms, with market research, education, and risk management tools. It operates through regulated entities.
Pepperstone is a well-regarded forex broker offering access to forex and CFD markets through multiple trading platforms, with tools for analysis and risk management.
AvaTrade is a well-regarded forex and CFD broker offering multiple trading platforms, broad market access, and educational resources. It provides market research and risk management tools with an emphasis on platform reliability and compliance.
Admirals is a well-regarded forex and CFD broker offering broad market access, user-friendly platforms, and integrated research and education. It provides a range of account options and risk management tools under established regulatory frameworks, emphasizing platform reliability and client support.
Fineco forex broker offers a multi-asset trading platform with broad currency pair access, built-in research, charting, and risk management tools. It delivers a streamlined web and mobile experience for order placement and account management in one integrated platform.
IG is a well-regarded forex broker that provides broad access to currency pairs, multiple trading platforms, and extensive research and education within a regulated framework. It emphasizes transparent pricing, diverse order types, and built-in risk management tools.
City Index is a well-regarded, regulated forex broker offering forex and CFD trading across a broad range of markets via web and mobile platforms, supported by research, charting, and risk management tools. It emphasizes clear pricing, regular market analysis, and…
FxPro forex broker provides access to a broad range of forex and CFD markets on popular trading platforms, with an emphasis on order execution and risk management tools.
When you buy a CFD on gold at $2,400 and sell it at $2,410, the broker pays you the $10 difference for each unit you traded. If the price falls to $2,390, you pay the broker $10 per unit. You never own any gold. The same applies to shares, indices, oil and currency pairs.
You only put up a part of the trade value as margin. With 20:1 leverage on gold, a $10,000 position needs $500 of margin. A 5% move against you wipes out the whole $500. That is the reason the loss rates above sit between 50% and 85%.
Costs come from three places. The spread is the gap between the buy and sell price. Some accounts add a commission per trade instead of a wider spread. And if you hold a position overnight you pay or receive a swap, which is a daily financing charge. Our fee calculator adds these up for a trade you have in mind.
In the EU and the UK, retail leverage is capped at 30:1 on major currency pairs and 20:1 on gold and major indices. Other commodities get 10:1, shares 5:1 and crypto 2:1. Australia uses the same tiers until at least 23 May 2027. All three require negative balance protection and a margin close-out at 50%, and they ban bonuses. Brokers regulated offshore, in places like Seychelles, Vanuatu, the Bahamas or Saint Vincent, do not have to follow any of that. That is why they can offer 500:1, and why the same brand can carry no loss figure on its global site.
In the United States, CFDs are not allowed for retail traders at all. US residents trade forex through CFTC and NFA regulated firms, with leverage capped at 50:1 on major pairs.
Because each figure covers one legal company and its own client base. A broker with many small, new accounts tends to report a higher loss rate than one with older, larger accounts. The figure is a rough guide to how hard the product is, not a score for the broker.
The one that serves your country of residence. Brokers usually show the company on the account-opening page and in the client agreement. If it is an offshore company, you may lose negative balance protection and any compensation scheme.
They are legal and regulated in the EU, the UK, Australia, Singapore, South Africa, the UAE and many other markets. They are banned for retail traders in the United States. India does not allow residents to trade with offshore CFD brokers. Check our country pages for the local rules.
Both track a price and use leverage. Spread bets are available in the UK and Ireland and are taxed as gambling, so gains are free of capital gains tax there. CFD gains are taxable. The products carry the same market risk.
Brokers tagged as CFD providers in the catalogue with at least one licence from a major regulator, ordered by our trust rank. Loss percentages are copied from each broker's own website on 25 September 2026 and belong to the company named. Brokers whose global site shows no figure are marked as such.
Sources: FCA PS19/18, CFD restrictions (2019) · ESMA CFD measures, reminder on perpetual futures (24 Feb 2026) · ASIC 22-082MR, order extended to 23 May 2027 (2022)
