Best Trading Accounts

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Written By
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James Barra
James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.
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Edited By
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Christian Harris
Christian is a seasoned journalist with decades of experience. He transitioned from tech journalism to finance to follow his interest in investing. He has been trading stocks, futures, forex, and cryptocurrencies for more than 5 years, becoming an eToro Popular Investor. With hands-on expertise across various assets, he offers valuable trading insights.
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Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
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Trading accounts can vary immensely between brokers. From cash and margin accounts to retail or professional accounts, the ‘right’ choice is not always clear. We’re also seeing growing diversity in the types of trading accounts available, with more specialized accounts to meet specific trading needs, such as day trading.

Ultimately, the best trading account will depend on your circumstances, such as starting capital, preferred pricing model, leverage needs, trading strategy, favored execution options, and desired trading tools.

Discover the best trading accounts in 2024 to find the right solution for you. We also compare the various account options available side-by-side.

Top 10 Trading Accounts

After tests, these accounts came out on top, combining low entry requirements with excellent trading conditions:

Click a broker for details
  1. 1
    FOREX.com
    Banking & Accounts Rating: 4 / 5
    Active Trader Program With A 15% Reduction In Costs

    Ratings
    4.9 / 5
    4 / 5
    4.3 / 5
    4.6 / 5
    4.6 / 5
    4.3 / 5
    4.8 / 5
    4.5 / 5
    3.6 / 5
    3.8 / 5

    $100
    0.01 Lots
    1:50
    NFA, CFTC
    Forex, Stocks, Futures, Futures Options
    MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
    Wire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN
  2. 2
    IG
    Banking & Accounts Rating: 4 / 5
    Forex trading involves risk. Losses can exceed deposits.

    Ratings
    4.9 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.9 / 5
    4.5 / 5
    4.9 / 5
    5 / 5
    4.6 / 5
    4 / 5

    $0
    0.01 Lots
    1:30 (Retail), 1:250 (Pro)
    FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
    Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral
    PayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit Card
    USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD
  3. 3
    Capitalcore
    Banking & Accounts Rating: 3.8 / 5
    40% Deposit Bonus up to $2,500

    Ratings
    3.3 / 5
    3.8 / 5
    3.5 / 5
    3 / 5
    3.8 / 5
    3.5 / 5
    2.5 / 5
    3.5 / 5
    0 / 5
    0 / 5

    $10
    0.01 Lots
    1:2000
    IFSA
    Forex, Metals, Stocks, Cryptos, Futures Indices
    WebTrader, Pro
    Ethereum Payments, Mastercard, Visa, Perfect Money, Bitcoin Payments, Debit Card, Credit Card, PayPal
    USD
  4. 4
    Plus500 US
    Banking & Accounts Rating: 3.7 / 5
    Welcome Deposit Bonus up to $200
    Trading with leverage involves risk.

    Ratings
    3.5 / 5
    3.7 / 5
    3.5 / 5
    3.3 / 5
    3.3 / 5
    3.5 / 5
    2.8 / 5
    3.5 / 5
    4.1 / 5
    4.3 / 5

    $100
    0.0 Lots
    CFTC, NFA
    Futures on Forex, Commodities, Cryptos, Indices, Interest Rates
    WebTrader, App
    ACH Transfer, Wire Transfer, Debit Card, Mastercard, Visa
    USD
  5. 5
    RedMars
    Banking & Accounts Rating: 3.5 / 5

    Ratings
    3.3 / 5
    3.5 / 5
    3.8 / 5
    3.5 / 5
    3.8 / 5
    4 / 5
    2.8 / 5
    3 / 5
    4.7 / 5
    4.6 / 5

    €250
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    CySEC, AFM
    CFDs, Forex, Stocks, Indices, Commodities, Cryptos
    MT5
    Credit Card, Wire Transfer, Debit Card, Sticpay, FasaPay, Bitcoin Payments, Trustly, PayPal, Skrill, Neteller, Klarna, Mastercard, Visa
    USD, EUR
  6. 6
    OANDA US
    Banking & Accounts Rating: 3.5 / 5
    CFDs are not available to residents in the United States.

    Ratings
    4.5 / 5
    3.5 / 5
    2.8 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.3 / 5
    3.8 / 5
    4.7 / 5
    3.7 / 5

    $0
    0.01 Lots
    1:50
    NFA, CFTC
    Forex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA)
    OANDA Trade, MT4, TradingView, AutoChartist
    Wire Transfer, Visa, Mastercard, Debit Card, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD
  7. 7
    Pocket Option
    Banking & Accounts Rating: 3.5 / 5
    50% Deposit Bonus

    Ratings
    2 / 5
    3.5 / 5
    2.5 / 5
    3.5 / 5
    3.3 / 5
    3.3 / 5
    3 / 5
    3.5 / 5
    4 / 5
    4.2 / 5

    $50
    $1
    MISA
    Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos
    Web, MT4, MT5
    Wire Transfer, Credit Card, Bitcoin Payments, Volet, Perfect Money, Visa, Mastercard, Debit Card, WebMoney, FasaPay, Ethereum Payments, Maestro, JetonCash, Airtel
    USD
  8. 8
    Interactive Brokers
    Banking & Accounts Rating: 3.5 / 5

    Ratings
    4.5 / 5
    3.5 / 5
    4.6 / 5
    4.3 / 5
    3.3 / 5
    3 / 5
    4.4 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5

    $0
    $100
    1:50
    FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM
    Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
    Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
    Cheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit Card
    USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF
  9. 9
    IQCent
    Banking & Accounts Rating: 3.3 / 5
    20% to 200% Deposit Bonus

    Ratings
    2.5 / 5
    3.3 / 5
    2.4 / 5
    4.3 / 5
    3.8 / 5
    2.5 / 5
    3 / 5
    2 / 5
    4.3 / 5
    4.1 / 5

    $250
    $0.01
    1:500
    IFMRRC
    Binary Options, CFDs, Forex, Indices, Commodities, Crypto
    Online Platform, TradingView
    Credit Card, Debit Card, Wire Transfer, Bitcoin Payments, Ethereum Payments, Visa, Mastercard
    USD, EUR
  10. 10
    Moomoo
    Banking & Accounts Rating: 3.3 / 5
    Get up to 15 free stocks worth up to $2000

    Ratings
    4.8 / 5
    3.3 / 5
    3 / 5
    3.8 / 5
    3 / 5
    2 / 5
    3.8 / 5
    4.4 / 5
    4.6 / 5
    3.3 / 5

    $0
    $0
    1:2
    SEC, FINRA, MAS, ASIC, SFC
    Stocks, Options, ETFs, ADRs, OTCs
    Desktop Platform, Mobile App
    Wire Transfer, ACH Transfer
    USD, HKD, SGD
Broker Demo Account ECN Account STP Account DMA Account Islamic Account Professional Account Custodial Account Managed Account Minimum Deposit
FOREX.com logo
$100
IG logo
$0
Capitalcore logo
$10
Plus500 US logo
$100
RedMars logo
€250
OANDA US logo
$0
Pocket Option logo
$50
Interactive Brokers logo
$0
IQCent logo
$250
Moomoo logo
$0

Brokers for Different Trading Account Types

How Did We Choose The Best Trading Accounts?

To identify the top trading accounts for 2024, we:

  • Took data from our directory of 267 brokers, where we record the availability of 10+ account types.
  • Assigned each firm a rating from 1 to 5, factoring in the choice and quality of their online trading accounts.
  • Sorted brokers by this ‘Accounts & Banking Rating’, revealing the best accounts for various types of traders.

What Should I Consider When Selecting A Trading Account?

Drawing on our years in the industry and personal experience opening and using a variety of trading accounts, there are several factors we, and you, should consider:

Regulation

The first question every trader should ask, and that we always answer when evaluating trading accounts, is whether the broker providing the account is regulated.

This is because regulated trading accounts often come with various protections. In the US, for example, cash and securities in regulated accounts receive up to $500,000 insurance through the Securities Investor Protection Corporation (SIPC) in the event your brokerage faces financial difficulties.

Another important safeguard provided with regulated trading accounts in the European Union, Australia, the UK, and other countries though not the US, is negative balance protection. This means your account cannot fall below zero – an important safeguard for day traders dealing in fast-moving markets.

However, it’s important to understand that not all regulators provide the same protections or exercise the same oversight of trading account providers. Therefore, we strongly recommend using an account authorized by a ‘green tier’ regulator – these provide the strongest safeguards for traders in their respective jurisdictions.

💡
You can easily check whether a brokerage account is regulated by inputting their company name or license number in the relevant agency’s database, for example, the Financial Services Register in the UK.
  • IG knocks every alternative out of the park when it comes to regulatory credentials, earning it a 4.9/5 score for ‘Regulation & Trust’. It’s authorized by 7 ‘green-tier’ regulators and provides GBP 85K account insurance in the UK, EUR 20K in the EU and CHF 100K in Switzerland.

Markets

Choose a trading account that provides access to the financial markets you want to do business in.

Most accounts we see provide access to a variety of assets, but some brokers offer accounts that focus on specific instruments, for example:

You may want to open multiple trading accounts depending on what you want to trade and your strategy.

For example, I use IC Markets for day trading forex, IG for day trading stocks, eToro for investing in stocks, and TopFX for trading indices.

author image
Christian Harris
Contributor
  • AvaTrade is one of the few brokers to keep things extremely simple, catering to newer traders. Its single account offers access to all its 1,250+ markets with no restrictions – scalping, hedging and algo trading are all permitted. The account opening process is also a breeze – taking less than 5 minutes to sign up.

Cash or Margin

Decide whether you need a cash or margin account, a large distinction that’s particularly important for US investors where there are strict rules on margin trading.

A cash account allows you to trade only with the available cash you’ve deposited into your trading account. A margin account allows you to borrow funds from your broker to increase your buying power.

Let’s say I have $5,000 in my trading account and want to buy shares in Apple.

The maximum value of the shares I can buy with my cash account is $5,000 (minus any fees).

However, a margin account could allow me to trade 5x my balance, so $25K worth of Apple stocks, multiplying my trading results (profits and losses).

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James Barra
Author

As a result, cash accounts are more limiting, though they can be very useful for beginner traders as they will prevent any loss of unaffordable capital.

  • IG is a superb option regardless of whether you want a cash or margin account. There are zero account minimums or inactivity fees with its cash account while its margin trading solution offers tiered margin rates from 3.33% to 50% for retail investors and as low as 0.45% for professional investors.

Pricing Structure

Choose a broker with a pricing structure that firstly, you understand, and secondly, will help maximize your returns, which may depend on your trading strategy.

In general, trading accounts can be split into two pricing models:

Tables of different spreads at Vantage trading accounts
Vantage – spreads on Standard, Raw and ECN accounts
💡
A growing number of brokers are also offering accounts with rebates for high-volume traders. For example, OANDA’s Elite Trader account, introduced in 2023, rewards active traders with cash rebates from $5 to $17 per million.
  • Vantage continues to stand out with a choice of pricing structures in its accounts that tick the box for traders at every level. Its Standard account is the perfect entry point for beginners with zero commission, the Raw account is terrific for active traders seeking tight spreads with a low commission of $3/lot, while the Pro account is tailor-made for pro investors with a commission of just $1.50/lot.

Minimum Deposit

Choose a trading account with a minimum investment that aligns with your budget.

We’ve evaluated hundreds of trading accounts over many years and you can normally expect to deposit up to $250, with several big names, notably Interactive Brokers, dropping their minimum investment ($10,000 to $0) in recent years, lowering the entry barrier for aspiring traders.

Experienced traders and those with larger budgets may want to consider a trading account with a higher minimum investment. This is because VIP or premium accounts typically come with a range of exclusive features, personalized services, and enhanced trading conditions, notably lower fees, priority support, and dedicated account managers.

💡
Choose an account currency that aligns with what you earn, save and want to trade in. This can save you money in currency conversion fees while ensuring a smoother trading experience.
  • Fusion Markets stands out with a $0 minimum deposit and an excellent choice of 10 account currencies (USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD), catering to an array of international traders.

Order Execution

An important aspect of choosing a trading account is considering the type of order execution that will best suit your strategy and preferences.

Among the most widely used execution options are:

  • Pepperstone offers flexible trading accounts depending on your preferences, with a particularly attractive Razor account that uses ECN capabilities to deliver superb pricing averaging 0.12 pips on the EUR/USD, helping it earn our ‘Best Forex Broker 2024’ award.


Trading Platforms and Tools

Pick a trading account with access to your preferred platform if you’re an experienced trader, or one with a user-friendly, intuitive solution if you’re a new trader.

Whilst many accounts provide access to all the platforms available at a brokerage, whether in-house or proprietary, some accounts only permit use of certain software, such as MetaTrader 4 (MT4) – the most widely available platform, though modern alternatives like TradingView and cTrader are gaining ground.

TradingView charting plarform
TradingView

We’re also observing the rising use of smartphones for online investing, with the best trading apps sporting increasingly sophisticated charting tools, real-time data and even algorithmic trading capabilities – all popular with active traders.

I strongly recommend making use of a demo account to test-drive a platform you’ve not used before.

I have opened dozens of demo trading accounts over the years and they remain the best way to get a feel for trading software, pricing models and brokers more generally, before depositing real money.

author image
James Barra
Author
  • IC Markets offers a superior selection of dependable and advanced platforms, especially since introducing TradingView to accompany MT4, MT5, cTrader, Trading Central and AutoChartist. IC also added its Raw Trader Plus account in 2023, delivering rebates, VPS hosting and priority support for high-volume traders.

Specialized Trading Solutions

With more brokers today offering accounts that cater to specific strategies, religious beliefs and other needs than we’ve ever seen, it’s worth asking whether you would benefit from a specialist type of trading account:

  • HYCM stands out by catering to a wide range of specialist trading needs. Unlike the majority of brokers we’ve evaluated, it supports an ECN account (terrific for day trading), a halal account (great for Islamic traders) and a pro account (designed for seasoned, high-volume traders).

How Do I Open A Trading Account?

Opening a trading account is straightforward and usually entails three key steps:

  1. Fill out the sign-up form with your personal details such as name, country and contact details
  2. Choose your account type and settings, such as ECN account and USD base currency
  3. Verify your identity and address by supplying copies of requested documents
I have opened multiple live trading accounts over the years and it normally takes around 10-15 minutes to complete sign-up forms and a few working days to get your account activated.

To show you how it works in practice, below is the account opening form that I filled in at CMC Markets.

author image
Christian Harris
Contributor
Opening a trading account
CMC Markets – Opening A Forex Trading Account

Bottom Line

Different types of brokerage accounts cater to the diverse needs of traders and investors. This variety allows you to choose the best trading account that aligns with your goals, risk tolerance, and regulatory jurisdiction.