⚠️ 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 : Webull vs Markets vs Swissquote

Updated October 5th 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

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Rating
Overall Rating - 4.5 4.5
Offering of Investments - 4 4.5
Commissions & Fees - 3.5 3.5
Platform & Tools - 4 4.5
Research - 4 4.5
Mobile Trading - 4 4.5
Education - 4 4
Trustpilot Reviews - - 2105
Trustpilot Rating - - 3.7
Trustpilot Profile - - View
Licenses
Tier 1 Licenses - 1 -
Tier 2 Licenses - 2 -
Tier 3 Licenses - 1 -
Licenses - - 6
Investments
Forex Trading (Spot or CFDs) no
Forex Pairs (Total) - 2179 78
Tradeable Symbols (Total) - 57 472
U.S. Stock Trading (Non CFD) no no
Int'l Stock Trading (Non CFD) no no
Social Trading / Copy Trading no
Cryptocurrency (Physical) no no
Cryptocurrency (CFD) no no
Crypto Pairs (CFD) - - 34
Assets
CFDs no no
ETFs no no no
Forex no no
Indices no no
Shares no no no
Commodities no no
Oil Trading no no
Licensing Jurisdiction
ASIC Authorised (Australia) no no
IIROC Authorised (Canada) no no no
SFC Authorised (Hong Kong) no no
CBI Authorised (Ireland) no no no
FSA Authorised (Japan) no no no
MAS Authorised (Singapore) no no
FINMA Authorised (Switzerland) no no
FCA Authorised (U.K.) no no
CFTC Registered (USA) no no no
FMA Authorised (New Zealand) no no no
CBRC Authorised (China) no no no
CySEC Authorised (Cyprus) no no
SEBI Authorised (India) no no no
Israel (ISA Authorised) no no no
CBR Authorised (Russia) no no
FSCA Authorised (South Africa) no no no
SEC Authorised (Thailand) no no no
DFSA / Central Bank Authorised (UAE) no no no
SCB Authorised (Bahamas) no no no
FSC Authorised (Belize) no no no
FSA Authorised (Seychelles) no no no
CIMA Authorised (Cayman Islands) no no no
BMA Authorised (Bermuda) no no
FSC Authorised (British Virgin Islands) no no no
FSC Authorised (Mauritius) no no no
VFSC Authorised (Vanuatu) no no no
EFSA Authorised (Estonia) no no no
Funding
Min. Deposit - 0 1000
PayPal (Deposit/Withdraw) no no
Skrill (Deposit/Withdraw) no
Visa/Mastercard (Credit/Debit) no
Bank Wire (Deposit/Withdraw) no
Webmoney (Deposit/Withdraw) no no no
Crypto Funding
Bitcoin (BTC) no no no
Litecoin (LTC) no no no
Ethereum (ETH) no no no
Tether (ERC20) no no no
Tether (TRC20) no no no
Dogecoin (DOGE) no no no
Trading Platforms
Proprietary Platform no
Desktop Platform (Windows) no
Desktop Platform (Mac) 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
Myfxbook no no no
VPS Trading no no no
Cost
Average Spread EUR/USD - Standard - 1.9 -
All-in Cost EUR/USD - Active - 1.9 -
Active Trader or VIP Discounts no
Inactivity Fee no no no
Execution: Agency Broker no no no
Execution: Market Maker no no
Research
Daily Market Commentary no
Forex News (Top-Tier Sources) no
Autochartist no no
Trading Central (Recognia) no no
Social Sentiment - Currency Pairs no
Economic Calendar no no
Education (Forex or CFDs) no no
Client Webinars no
Client Webinars (Archived) no no
Videos - Beginner Trading Videos no
Videos - Advanced Trading Videos no
Investor Dictionary (Glossary) no no
Tick History no no no
Major Forex Pairs
GBP/USD no no
USD/JPY no no
EUR/USD no no
USD/CHF no no
USD/CAD no no
NZD/USD no no
AUD/USD no no
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 - - 49
Mobile Charting - Draw Trendlines no
Mobile Charting - Multiple Time Frames no no
Mobile Charting - Drawings Autosave no no
Forex Calendar no no
Trading Tools
Virtual Trading (Demo) no no
Alerts - Basic Fields no no no
Watchlists - Total Fields - 6 10
Charting - Indicators / Studies (Total) - 89 49
Charting - Drawing Tools (Total) - 4 275
Charting - Trade From Chart no no no
Charts can be saved no no
Spread
Stocks - - -
Currencies - - -
Indices - - -
Commodities - - -
Max. Leverage
Overall Max. Leverage - - 1:100
Stocks - - -
Currencies - - -
Indices - - -
Commodities - - -
Features
Scalping no no
Hedging no no
Trailing Stops no no
Guaranteed Stop Loss no no no
Guaranteed Limit Orders no no no
Guaranteed Execution no no no
Negative Balance Protection no no no
One-click Execution no no
Interest on Margin no no no
Demo Account no no
Web-based Trading no no no
Mobile Native App Trading no no no
Islamic Account no no
Zero Spreads no no no
Regulation
Trust Score - 98 -
Year Founded - 1999 1996
Compensation Fund - - -
Publicly Traded (Listed) no
Bank no no
Authorised in European Union no
Member of The Financial Commission no no no
The Financial Commission Profile - - -
VerifyMyTrade Audit - - -
Public Disclosures
Financial Statements - - View
Management Team - - View
Support
Email Support no no
Phone Support no no
SMS Support no no no
Live Chat no no
Support Hours - - -
Community
Monthly Website Visitors 3.2 M 194 K 456 K
X Subscribers 0 0 27 K
Youtube Subscribers 0 0 20 K

Can you trust Webull?

  • Webull does not operate a bank and is not publicly traded.
  • Webull is not authorised to operate in the 🇪🇺 European Union.

Is Webull authorised to operate in the US?

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

What licenses does Webull have to operate?

Webull is authorised by the following regulators: .

Does Webull publicly discloses their financial statements?

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

Does Webull offer trading software like Meta Trader?

No, Webull does not offer any trading software .

Does Webull provide a mobile native app?

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

Can you trust Markets?

  • Markets was founded in 1999.
  • Markets does not operate a bank and is publicly traded.
  • Markets is authorised to operate in the 🇪🇺 European Union.
  • Markets is licensed by the world's most strict and feared regulator 🇬🇧 ASIC (AU).

Is Markets authorised to operate in the US?

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

What licenses does Markets have to operate?

Markets is authorised by the following regulators: ASIC Authorised (Australia), CySEC Authorised (Cyprus), CBR Authorised (Russia) and BMA Authorised (Bermuda) .

Does Markets publicly discloses their financial statements?

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

Does Markets offer trading software like Meta Trader?

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

Does Markets provide a mobile native app?

✅ Yes, you can trade Markets 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).

Comparison & Key Differences

Which brokers offer social/copy trading?

Both Markets and Swissquote offer social/copy trading on their platform.

Best Brokers for Social/Copy Trading

Which brokers offer cryptocurrency (CFD) trading?

Only Markets offers cryptocurrency (CFD) trading.

Best Brokers for Cryptocurrency (CFD)

Which brokers allow scalping?

Only Markets allows scalping.

Best Brokers for Scalping

Which brokers allow hedging?

Only Markets allows hedging.

Best Brokers for Hedging

Which brokers provide Negative Balance Protection?

None of these brokers provide Negative Balance Protection: Markets and Swissquote.

Best Brokers with Negative Balance Protection

Which brokers offer a Demo Account?

Only Markets offers a Demo Account.

Best Brokers Offering Demo Accounts

Which brokers offer an Islamic Account?

Only Markets offers an Islamic Account.

Best Brokers Supporting Islamic Accounts

What does it matter which licenses a broker has?

Licenses allow brokers like Webull, Markets and Swissquote 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 Webull, Markets and Swissquote 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 - Only Markets is licensed by the ASIC (AU).
  • FCA (UK) Authorised - Only Swissquote is licensed by the FCA (UK).
  • 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 - Only Markets is licensed by the CySEC (CY).

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): Webull, Markets and Swissquote.

    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 Webull and Swissquote 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) - Both Webull and Markets are 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.

Webull Review
Markets Review
Swissquote Review