⚠️ CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. X

Compare Forex CFD Brokers 2024 : eToro vs Swissquote vs Naga vs Pepperstone

Updated October 31st 2024
Welcome to the most in-depth comparison table for the following brokers :

The ForexReviews.nl comparison tool rigorously compares forex brokers on factors like fees, platforms, licenses, apps, spreads, and ratings. Filter and narrow down brokers to find the ones that best suit your preferences compared to its competitors.

Plus500 is a CFD provider and they offer CFD service. All the instruments, including the Forex pairs, are available for trading through CFD

How To Compare Additional Forex Brokers?

You can add forex brokers to the comparison table by clicking on +Name.

Add/remove a broker for comparison:


Remove

Remove

Remove

Remove
Rating
Overall Rating 4.5 4.5 4.5 4.5
Offering of Investments 4.5 4.5 4.5 4
Commissions & Fees 5 3.5 4.5 4.5
Platform & Tools 4.5 4.5 4 4
Research 4.5 4.5 4 4.5
Mobile Trading 4.5 4.5 4.5 4
Education 5 4 4.5 4
Trustpilot Reviews 21837 2105 3063 2111
Trustpilot Rating 4.4 3.7 4.5 4.4
Trustpilot Profile View View View View
Licenses
Tier 1 Licenses 2 - - 2
Tier 2 Licenses 1 - - 2
Tier 3 Licenses 0 - - 1
Licenses - 6 - -
Investments
Forex Trading (Spot or CFDs)
Forex Pairs (Total) 55 78 - 62
Tradeable Symbols (Total) 3479 472 - 2342
U.S. Stock Trading (Non CFD) no
Int'l Stock Trading (Non CFD) no no
Social Trading / Copy Trading
Cryptocurrency (Physical) no no
Cryptocurrency (CFD) no no
Crypto Pairs (CFD) 92 34 - 9
Assets
CFDs
ETFs no
Forex
Indices
Shares no
Commodities
Oil Trading
Licensing Jurisdiction
ASIC Authorised (Australia) no no
IIROC Authorised (Canada) no no no no
SFC Authorised (Hong Kong) no no no
CBI Authorised (Ireland) no no no no
FSA Authorised (Japan) no no no no
MAS Authorised (Singapore) no no no
FINMA Authorised (Switzerland) no no no
FCA Authorised (U.K.) no
CFTC Registered (USA) no no no no
FMA Authorised (New Zealand) no no no no
CBRC Authorised (China) no no no no
CySEC Authorised (Cyprus) no
SEBI Authorised (India) no no no no
Israel (ISA Authorised) no no no no
CBR Authorised (Russia) no no no no
FSCA Authorised (South Africa) no no no no
SEC Authorised (Thailand) no no no
DFSA / Central Bank Authorised (UAE) no no no
SCB Authorised (Bahamas) no no no no
FSC Authorised (Belize) no no no no
FSA Authorised (Seychelles) no no no no
CIMA Authorised (Cayman Islands) no no no no
BMA Authorised (Bermuda) no no no no
FSC Authorised (British Virgin Islands) no no no no
FSC Authorised (Mauritius) no no no no
VFSC Authorised (Vanuatu) no no no no
EFSA Authorised (Estonia) no no no no
Funding
Min. Deposit 50 1000 250 0
PayPal (Deposit/Withdraw) no
Skrill (Deposit/Withdraw) no
Visa/Mastercard (Credit/Debit) no
Bank Wire (Deposit/Withdraw) no
Webmoney (Deposit/Withdraw) no no no no
Crypto Funding
Bitcoin (BTC) no no no no
Litecoin (LTC) no no no no
Ethereum (ETH) no no no no
Tether (ERC20) no no no no
Tether (TRC20) no no no no
Dogecoin (DOGE) no no no no
Trading Platforms
Proprietary Platform no
Desktop Platform (Windows) no no
Desktop Platform (Mac) no no no no
Web Platform no
Social Trading / Copy Trading no
Mobile App (Android) no
Mobile App (iOS) no
Trading Software
MetaTrader 4 (MT4) no
MetaTrader 5 (MT5) no
cTrader no no no
DupliTrade no no no
ZuluTrade no no no no
Myfxbook no no no no
VPS Trading no no no no
Cost
Average Spread EUR/USD - Standard 1 - - 0.77
All-in Cost EUR/USD - Active - - - 0.87
Active Trader or VIP Discounts no
Inactivity Fee no no no no
Execution: Agency Broker no no
Execution: Market Maker no
Research
Daily Market Commentary no
Forex News (Top-Tier Sources) no no
Autochartist no no
Trading Central (Recognia) no no
Social Sentiment - Currency Pairs no
Economic Calendar no no
Education (Forex or CFDs) no
Client Webinars no
Client Webinars (Archived) no
Videos - Beginner Trading Videos no
Videos - Advanced Trading Videos no
Investor Dictionary (Glossary) no
Tick History no no no no
Major Forex Pairs
GBP/USD
USD/JPY
EUR/USD
USD/CHF
USD/CAD
NZD/USD
AUD/USD
Mobile Trading
Android App no
Apple iOS App no
Mobile Alerts - Basic Fields no
Mobile Watchlist no no
Watchlist Syncing no no
Mobile Charting - Indicators / Studies 104 49 - 30
Mobile Charting - Draw Trendlines no no
Mobile Charting - Multiple Time Frames no
Mobile Charting - Drawings Autosave no no
Forex Calendar no no
Trading Tools
Virtual Trading (Demo) no
Alerts - Basic Fields no no
Watchlists - Total Fields 6 10 - 7
Charting - Indicators / Studies (Total) 104 49 - 15
Charting - Drawing Tools (Total) 161 275 - 30
Charting - Trade From Chart no no no
Charts can be saved no no
Spread
Stocks - - - -
Currencies - - - -
Indices - - - -
Commodities - - - -
Max. Leverage
Overall Max. Leverage 1:30 1:100 1:30 -
Stocks 1:5 - - -
Currencies 1:30 - - -
Indices 1:20 - - -
Commodities 1:10 - - -
Features
Scalping no no no
Hedging no no
Trailing Stops no no
Guaranteed Stop Loss no no no
Guaranteed Limit Orders no no no no
Guaranteed Execution no no no no
Negative Balance Protection no no
One-click Execution no no no
Interest on Margin no no no no
Demo Account no no no
Web-based Trading no no
Mobile Native App Trading no no
Islamic Account no no no
Zero Spreads no no no
Regulation
Trust Score 93 - - 93
Year Founded 2007 1996 2015 2010
Compensation Fund 85000 - 20000 85000
Publicly Traded (Listed) no no no
Bank no no no
Authorised in European Union no
Member of The Financial Commission no no no
The Financial Commission Profile - - - View
VerifyMyTrade Audit - - - -
Public Disclosures
Financial Statements View View - -
Management Team View View - -
Support
Email Support no no
Phone Support no no no
SMS Support no no no no
Live Chat no no no
Support Hours - - 24/5 -
Community
Monthly Website Visitors 35.6 M 456 K 207 K 677 K
X Subscribers 336 K 27 K 10 K 32 K
Youtube Subscribers 71 K 20 K 9 K 229 K

Can you trust eToro?

  • eToro was founded in 2007.
  • eToro does not operate a bank and is not publicly traded.
  • eToro is authorised to operate in the 🇪🇺 European Union.
  • eToro is licensed by the world's most strict and feared regulator 🇬🇧 ASIC (AU).
  • eToro is licensed by the 🇬🇧 FCA (UK).

Is eToro authorised to operate in the US?

❌ No, eToro is not authorised to operate in the United States.

What licenses does eToro have to operate?

eToro is authorised by the following regulators: ASIC Authorised (Australia), FCA Authorised (U.K.) and CySEC Authorised (Cyprus) .

Does eToro publicly discloses their financial statements?

✅ Yes, you can view the financial statements of eToro online

Does eToro offer trading software like Meta Trader?

eToro provides their own proprietary platorm .

Does eToro provide a mobile native app?

✅ Yes, you can trade eToro on mobile using Mobile App (Android) and Mobile App (iOS).

Can you trust Swissquote?

  • Swissquote was founded in 1996.
  • Swissquote operates a bank and is publicly traded.
  • Swissquote is authorised to operate in the 🇪🇺 European Union.
  • Swissquote is licensed by the 🇬🇧 FCA (UK).

Is Swissquote authorised to operate in the US?

❌ No, Swissquote is not authorised to operate in the United States.

What licenses does Swissquote have to operate?

Swissquote is authorised by the following regulators: SFC Authorised (Hong Kong), MAS Authorised (Singapore), FINMA Authorised (Switzerland) and FCA Authorised (U.K.) .

Does Swissquote publicly discloses their financial statements?

✅ Yes, you can view the financial statements of Swissquote online

Does Swissquote offer trading software like Meta Trader?

✅ Yes, you can trade on Swissquote using MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading software as well as through their proprietary trading platform .

Does Swissquote provide a mobile native app?

✅ Yes, you can trade Swissquote on mobile using Mobile App (Android) and Mobile App (iOS).

Can you trust Naga?

  • Naga was founded in 2015.
  • Naga does not operate a bank and is not publicly traded.
  • Naga is not authorised to operate in the 🇪🇺 European Union.

Is Naga authorised to operate in the US?

❌ No, Naga is not authorised to operate in the United States.

What licenses does Naga have to operate?

Naga is authorised by the following regulators: CySEC Authorised (Cyprus) .

Does Naga publicly discloses their financial statements?

❌ No, unfortunately Naga does not list their financial statements publicly on their website.

Does Naga offer trading software like Meta Trader?

✅ Yes, you can trade on Naga using MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading software as well as through their proprietary trading platform .

Does Naga provide a mobile native app?

No, Naga does not provide a native app for mobile.

Can you trust Pepperstone?

  • Pepperstone was founded in 2010.
  • Pepperstone does not operate a bank and is not publicly traded.
  • Pepperstone is authorised to operate in the 🇪🇺 European Union.
  • Pepperstone is licensed by the world's most strict and feared regulator 🇬🇧 ASIC (AU).
  • Pepperstone is licensed by the 🇬🇧 FCA (UK).

Is Pepperstone authorised to operate in the US?

❌ No, Pepperstone is not authorised to operate in the United States.

What licenses does Pepperstone have to operate?

Pepperstone is authorised by the following regulators: ASIC Authorised (Australia), FCA Authorised (U.K.) , CySEC Authorised (Cyprus), SEC Authorised (Thailand) and DFSA / Central Bank Authorised (UAE) .

Does Pepperstone publicly discloses their financial statements?

❌ No, unfortunately Pepperstone does not list their financial statements publicly on their website.

Does Pepperstone offer trading software like Meta Trader?

✅ Yes, you can trade on Pepperstone using MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader and DupliTrade trading software as well as through their web trading platform .

Does Pepperstone provide a mobile native app?

✅ Yes, you can trade Pepperstone on mobile using Mobile App (Android) and Mobile App (iOS).

Comparison & Key Differences

Which brokers offer social/copy trading?

The following brokers offer social/copy trading: eToro, Swissquote, Naga and Pepperstone.

Best Brokers for Social/Copy Trading

Which brokers offer cryptocurrency (CFD) trading?

Both eToro and Pepperstone offer cryptocurrency (CFD) trading on their platform.

Best Brokers for Cryptocurrency (CFD)

Which brokers allow scalping?

Only Naga allows scalping.

Best Brokers for Scalping

Which brokers allow hedging?

Both eToro and Naga allow hedging on their platform.

Best Brokers for Hedging

Which brokers provide Negative Balance Protection?

Both eToro and Naga provide Negative Balance Protection on their platform.

Best Brokers with Negative Balance Protection

Which brokers offer a Demo Account?

Only Naga offers a Demo Account.

Best Brokers Offering Demo Accounts

Which brokers offer an Islamic Account?

Only Naga offers an Islamic Account.

Best Brokers Supporting Islamic Accounts

What does it matter which licenses a broker has?

Licenses allow brokers like eToro, Swissquote, Naga and Pepperstone to legally provide services in those countries or regions. By having permits from regulators globally, the broker is authorized to conduct business and operate globally.

These licenses and regulations are good for consumers because they hold these companies to high standards.

For example, licenses from:

  • ASIC in Australia,
  • FCA in the United Kingdom,
  • CFTC in the United States,
  • CySEC in Cyprus

Require that eToro, Swissquote, Naga and Pepperstone follow rules around:

  • Keeping customer money safe
    Regulators make sure brokers keep client money separate from their own money. This stops brokers from spending customer money.
  • Providing clear fees and charges
    Regulators check that brokers show all fees to customers upfront. This helps customers understand and compare costs.
  • Resolving complaints fairly
    Regulators check brokers are dealing with customer complaints fairly. Brokers must have policies to fix complaints.
  • Guarding against fraud
    Regulators make rules so brokers check customer identities. This helps stop criminal activity. Regulators can punish cheating brokers.
  • Advertising honestly
    Regulators tell brokers what they can and can't say in ads. This stops brokers making false promises. Regulators can fine brokers who break ad rules.

Which brokers are authorised by ASIC, FCA, CFTC and CFTC?

AU's ASIC, UK's FCA and America's CFTC are considered global “gold standards” in rigorous consumer protection laws and enforcement policies.

  • ASIC (AU) Authorised - Both eToro and Pepperstone are licensed by the ASIC (AU).
  • FCA (UK) Authorised - The following brokers are licensed by the FCA (UK): eToro, Swissquote and Pepperstone.
  • CFTC (US) Authorised - None of these brokers offer licensed by the CFTC (US): .

CySEC in Cyprus follows the strict rules set by the European Union called MiFID. These MiFID rules were created to strongly protect investors.

  • CySEC (CY) Authorised - The following brokers are licensed by the CySEC (CY): eToro, Naga and Pepperstone.

Which brokers are not registered with ASIC, FCA or CFTC?

  • Not registered with CFTC (US) - The following brokers are not licensed by the CFTC (US): eToro, Swissquote, Naga and Pepperstone.

    This doesn't necessarily have to be a red flag as some forex brokers make the choice to only have customers who live outside of the United States. They do not accept traders who live inside the U.S. The CFTC is the agency in the U.S. that oversees brokers for U.S. residents. Since these brokers don't have any U.S. customers, the rules and registration enforced by the CFTC does not apply to those brokers. The brokers are still responsible for following the local rules where their international customers live. But they do not have to register specifically with the U.S. agency (CFTC) because they do not serve traders who reside in the United States.

  • Not registered with ASIC (AU) - Both Swissquote and Naga are licensed by the ASIC (AU).

    Again, even though ASIC is known globally as having the strictest and most feared regulation of forex brokers, this doesn't always have to ring alarms. However, some brokers deliberately avoid Australia because ASIC aggressively examines brokers in detail and has very high standards of acceptable conduct. If ASIC finds brokers are badly mistreating customers or ignoring the strict rules, ASIC will punish them severely without waiting by issuing massive fines or shutting them down. Forex brokers know not to take ASIC rules lightly because ASIC is watching them closely and will come down hard on them if customers are harmed by their poor behavior.

  • Not registered with FCA (GB) - Only Naga is not licensed by the FCA (GB).

Background Information

Difference between shares, equity indices and , individual stocks and etfs

The main differences between forex, shares, equity indices, individual stocks, and ETFs are:

  • Forex (Foreign Exchange) - Forex trading involves exchanging one currency for another in the foreign exchange market. Forex traders attempt to profit from fluctuations in currency exchange rates.
  • Shares - A share represents part ownership of a company. Owning shares entitles the shareholder to a portion of the company's assets and earnings.
  • Equity Indices - An equity index is a statistical measure of the performance of a basket of stocks representing a portion of the equity market. Examples include the S&P 500 and the Dow Jones Industrial Average. These indices track the overall performance of their underlying group of stocks.
  • Individual Stocks - An individual stock represents ownership in a single company. The return on an individual stock depends solely on that company's performance. Individual stocks carry higher risk but also the potential for higher returns compared to broader indices.
  • ETFs (Exchange Traded Funds) - An ETF is a collection of securities bundled together into a fund that trades on an exchange like a stock. ETFs can contain various asset classes but equity ETFs typically track an equity index, such as the entire stock market or a sector. ETFs offer diversification with the trading aspects of a stock.

Shares and individual stocks represent ownership in a single company, indices track groups of stocks, while ETFs are funds containing assets like stocks or indices that trade as a single security. The level of diversification, risk, and return potential differs across these asset classes.

eToro Review
Your capital is at risk
Swissquote Review
Naga Review
82.65% of retail investor accounts lose money when trading CFDs with this provider.
Pepperstone Review
74-89% of retail CFD accounts lose money