MAM Trading
A Multi-Account Manager (MAM) trading system enables experienced investors to manage several individually-owned trading accounts. The trades placed by the manager are replicated across the pool of accounts, with characteristics like trade size altered depending on the preferences and risk level set by each investor. This page will detail how MAM trading works, outlining the pros and cons as well as listing the best MAM trading brokers in 2025.
MAM Brokers
Here is a summary of why we recommend these brokers in April 2025:
- Interactive Brokers - Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
- AvaTrade - Established in 2006, AvaTrade is a leading forex and CFD broker trusted by over 400,000 traders. Operating under regulation in 9 jurisdictions, AvaTrade processes an impressive 2+ million trades each month. Through like MT4, MT5, and its proprietary WebTrader, the broker provides a growing selection of 1,250+ instruments. Whether it’s CFDs, AvaOptions, or the more recent AvaFutures, short-term traders at all levels will find opportunities. With terrific education and 24/5 multilingual customer support, AvaTrade delivers the complete trading experience.
- IC Markets - IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
- RoboForex - RoboForex is an online broker, established in 2009 and registered with the IFSC in Belize. Traders can choose from five accounts (Prime, ECN, R StocksTrader, ProCent, Pro) catering to different needs with trades from 0.01 lots and spreads from 0 pips. RoboForex has also enhanced its offering over the years, adding CFD instruments and launching its stock trading platform, plus the CopyFX system.
- Pepperstone - Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
- Eightcap - Eightcap is a multi-regulated forex and CFD broker established in Australia in 2009. The broker has proven popular with active day traders, providing 800+ instruments with tight spreads and notable improvements in recent years, integrating the leading TradingView platform, alongside AI-powered financial calendars and algo trading tools with zero coding experience required.
Interactive Brokers
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
Christian Harris, Reviewer
Interactive Brokers Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies |
| Regulator | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM |
| Platforms | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentral, ProRealTime, Quantower |
| Minimum Deposit | $0 |
| Minimum Trade | $100 |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF |
Pros
- IBKR continues to deliver unmatched access to global stocks with tens of thousands of equities available from 100+ market centres in 24 countries, most recently the Saudi Stock Exchange.
- The TWS platform has clearly been built for intermediate and advanced traders and comes with over 100 order types and a reliable real-time market data feed that rarely goes offline.
- Interactive Brokers has been named Best US Broker for 2025 by DayTrading.com, recognizing its long-standing commitment to US traders, ultra-low margin rates, and global market access at minimal cost.
Cons
- Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
- IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
AvaTrade
"AvaTrade offers active traders everything they need: an intuitive WebTrader, powerful AvaProtect risk management, a smooth 5-minute sign-up process, and dependable support you can rely on in fast-moving markets."
AvaTrade Quick Facts
| Bonus Offer | 20% Welcome Bonus up to $10,000 |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures |
| Regulator | ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM |
| Platforms | WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail) 1:400 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- The WebTrader excelled in our hands-on tests, sporting a user-friendly interface for beginners, complete with robust charting tools like 6 chart layouts and 60+ technical indicators.
- Years on, AvaTrade remains one of the few brokers offering a bespoke risk management tool, AvaProtect, that insures losses up to $1M for a fee and is easy to activate on the platform.
- AvaTrade continues to enhance its suite of products, recently through AvaFutures, providing an alternative vehicle to speculate on over 35 markets with low day trading margins.
Cons
- AvaTrade’s WebTrader has improved, but work is still needed in terms of customizability – frustratingly widgets like market watch and watchlists can’t be hidden, moved, or resized.
- Although the deposit process itself is smooth, AvaTrade still doesn’t facilitate crypto payments, a feature increasingly offered by brokers like TopFX, which caters to crypto-focused traders.
- While signing up is a breeze, AvaTrade lacks an ECN account like Pepperstone or IC Markets, which provides the raw spreads and ultra-fast execution many day traders are looking for.
IC Markets
"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."
IC Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto |
| Regulator | ASIC, CySEC, FSA, CMA |
| Platforms | MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade, Quantower |
| Minimum Deposit | $200 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
- As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
- IC Markets secured DayTrading.com's 'Best MT4/MT5 Broker' in 2025 for its seamless, industry-leading MetaTrader integration, refined over years to maximize the platform experience.
Cons
- There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
- The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
- Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
RoboForex
"RoboForex is great if you want a vast range of 12,000+ day trading markets with ECN accounts, powerful charting and loyalty promotions. It also stands out for stock traders with its user-friendly R StocksTrader platform, featuring 3,000+ shares, fees from $0.01 and sophisticated watchlists."
RoboForex Quick Facts
| Bonus Offer | $30 No Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures |
| Regulator | IFSC |
| Platforms | R StocksTrader, MT4, MT5, TradingView |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:2000 |
| Account Currencies | USD, EUR |
Pros
- The broker offers two commission-free withdrawals each month in the Free Funds Withdrawal program, helping day traders to minimize transaction costs.
- RoboForex is known for its tight spreads starting from 0 pips and low minimum deposits from $10, making it accessible to those on a budget. The ability to trade with micro lots further lowers the barrier to entry for new traders.
- RoboForex secured the 'Best Forex Broker 2025' title in DayTrading.com's Awards after broadening their FX offering, cutting spreads and opening up services in various countries.
Cons
- Despite 15+ years in the industry and registering with the Financial Commission, RoboForex is authorized by one ‘Red-Tier’ regulator – the IFSC in Belize, lowering the level of regulatory protections for traders.
- Despite offering a range of platforms, RoboForex still doesn't support the increasingly popular cTrader. This might deter traders who prefer this specific platform for their day trading activities and is available at firms like Fusion Markets.
- RoboForex now restricts base currency options to USD and EUR. This limitation may inconvenience day traders preferring to manage their accounts in other currencies, while potentially leading to conversion fees.
Pepperstone
"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."
Pepperstone Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting |
| Regulator | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB |
| Platforms | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade, Quantower |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
- Pepperstone has scooped multiple DayTrading.com annual awards over the years, most recently 'Best Overall Broker' in 2025 and 'Best Forex Broker' runner up in 2025.
- Pepperstone has greatly improved the deposit and withdrawal experience in recent years, adding Apple Pay and Google Pay in 2025, as well as PIX and SPEI for clients in Brazil and Mexico in 2024.
Cons
- Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
- Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets, though it has introduced an intuitive copy trading app.
- Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
Eightcap
"Eightcap delivers in every area for day traders with a growing selection of charting platforms, education via Labs, and AI-powered tools. Now sporting 120+ crypto CFDs, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."
Eightcap Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
| Regulator | ASIC, FCA, CySEC, SCB |
| Platforms | MT4, MT5, TradingView |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- Having excelled across all key areas for day traders, Eightcap outperformed every competitor to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title for 2025 and 'Best TradingView Broker' for 2025.
- Eightcap stands out with a selection of powerful trading tools and resources, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 100-million strong social trading network TradingView.
- After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
Cons
- Despite a useful library of educational guides and e-books in Labs, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
- Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
- The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
How MAM Trading Works
MAM trading, sometimes shortened to multi-account trading (MAT), entails a master trader or fund manager to carry out trades for multiple users through a single terminal. The managed trading accounts of each investor and individual trader are combined into a large pool that is managed by the master trader. Any orders executed by the MAM trading manager are split amongst the associated accounts as per the risk appetite and available capital of each user.
Master traders utilise software from a MAM trading group or corporation that allows them to execute trades on behalf of their clients and investors. Some of the best MAM software and tools are compatible with industry-recognised platforms, such as MetaTrader 4 (MT4).
Deposits & Withdrawals
Deposits and withdrawals for the individual sub-accounts within a MAM trading pool are handled by the investors and traders themselves; the fund manager cannot request deposits or withdrawals from their clients, they solely manage the trades.
Fees
MAM trading often has associated fees and stipulations, such as minimum deposits. Minimum deposits can vary from low and accessible to up to tens of thousands for premium packages and more experienced master traders.
MAM trading users pay a fee to the master trader based on their performance, often by way of a percentage of returns. This incentivises the fund manager to be careful with your money and make the best trades. Some master traders also charge management fees to the brokers themselves in the form of an ongoing fixed percentage fee, though this is uncommon.
MAM Trading Example
The best way to conceptualise and understand MAM trading is to run through an example.
Suppose you invest $20,000 into a MAM forex trading account and you are allocated or have selected an experienced trader with a swing trading strategy.
If the first week’s investments earn you 30% gains, by the end of that week your balance will sit at $26,000 ($20,000 x 30% = $6,000).
However, the MAM trading manager will take a commission from these profits, for example, 20%. As a result, the fund manager would take $1,200 ($6,000 x 20% = $1,200) from your profits, leaving you with a final balance of $24,800 after the week’s trading, giving you a net profit of $4,800.
MAM Trading Strategies
Master traders execute trades either by equity size or lot allocation.
Equity Size
An example of equity size MAM trading management is as follows. Consider a multi-account manager that has five investors with a range of investment sizes totalling $50,000.
The MAM trading manager could execute a 10-lot position on EUR/USD in the master terminal. The respective trades of each investor would then be:
- Investor 1: $12,000/$50,000 * 10 = 2.4 lots
- Investor 2: $15,000/$50,000 * 10 = 3 lots
- Investor 3: $5,000/$50,000 * 10 = 1 lot
- Investor 4: $10,000/$50,000 * 10 = 2 lots
- Investor 5: $8,000/$50,000 * 10 = 1.6 lots
- Total number of lots: 10
Lot Allocation
For lot allocation, the trades are split by the proportion of lots each trader makes available. For example, consider two active sub-accounts within a MAM trading pool that have lot allocations of 2 and 3 lots, respectively.
If the master trader again makes a 10-lot trade, the trading volume for each sub-account would be:
- Investor 1: 2/5 * 10 = 4 lots
- Investor 2: 3/5 * 10 = 6 lots
As you can see, it is a very similar approach to equity size MAM trading, only the investors put forward relative trade sizes rather than specific equity amounts.
MAM Vs PAM Vs LAM
There are some key differences between Multi-Account Manager (MAM) trading, Percentage Allocation Management (PAM) and Lot Allocation Management (LAM) solutions.
PAM terminals enable investors to allocate a portion (as a percentage) of their total trading capital to copy trades from a master. PAM solutions also allow you to follow multiple traders and diversify your portfolio by allocating different percentages to different investors.
On the other hand, LAM trading gives the power to the investor to choose the number of lots that can be traded by various master investors. LAM trading is essentially a more basic version of PAM solutions that aim to lower the risk of trading losses.
Pros Of MAM Trading
There are several advantages to MAM trading:
- Transparent form of investment
- Range of account types available, usually Full, Mini and Micro
- Provides several levels of control for both the trader and investor
- There are no restrictions on the number of trading accounts and deposit quantities
- Simple and time-efficient as you don’t need to watch and actively analyse the market yourself
- Client portions can begin at 0.01 (1000 units) lots per trade, which is accessible for those with less capital to invest at once
Cons Of MAM Trading
Despite the benefits, there are disadvantages to MAM trading:
- It can be difficult to interpret the records of a MAM master without high-level tools
- It can be challenging for a MAM system to calculate the correct number of lots to be allocated, especially when there is a big difference in the balance or equity size of individual user contributions, sometimes leading to disproportionate trade shares for larger accounts
- If the master trader opens a 0.01 lot position this will usually only be allocated to the individual trading account with the greatest balance or equity
- Dishonest investors might steal or replicate the strategy of MAM traders, largely by copying the trades in real-time in their own, separate account
How To Start MAM Trading
To start MAM trading you first need to find a suitable MAM trading broker. When choosing a provider, there are a few important factors to consider:
- Fees – Charges vary between MAM trading companies so ensure you are comfortable with the fee structure and that the minimum deposit is within reach. Also look out for any hidden fees and charges for deposits or withdrawals.
- Regulation – Regardless of the style of trading, you should always choose a provider regulated by an independent body, such as the FCA in the UK. This will help to protect you from scams, keep your money safer and provide you with legal recourse in the event of dishonest practice.
- Platform – Most MAM trading solutions will use MT4 though some may leverage a different platform or use a bespoke service.
- Demo – Consider trying out a provider first by using a demo solution. Paper trading accounts allow you to trial the platform and company, ensuring it best fits your needs before you commit. This is all done in a secure, simulated environment with real-time market conditions but no real capital.
- Requirements – Requirements will differ between each MAM trading brokerage. Everything from minimum deposits to geographical availability can vary. For example, if you’re looking for a MAM solution for international trading then check this option is available to you.
- Master trader – The risk factor of MAM trading will mostly depend on the profitability of the master trader, much like investing in a hedge fund or ready-made investment portfolio. While managers are often experienced, it’s important to do your research. See if you can find any trade history of the prospective master trader running the MAM solution
Final Word On MAM Trading
MAM trading offers several benefits to both new and experienced traders. Primarily, the fact that your trades are managed for you means that beginners may earn solid profits from the markets without needing to overcome a large learning curve. Similarly, MAM trading requires very little active management, perfect for traders with little extra time on their hands. But while MAM trading also offers several levels of control for both traders and investors, there are still risks involved and you should always ensure that the company is fully regulated with transparent trading history.
FAQs
What Is MAM Trading?
Multi-Account Manager (MAM) trading allows an experienced investor to perform trades for several users through a single terminal. Individual traders put forward capital and the master trader carries out trades that are replicated for all accounts in the pool.
What Is The Difference Between MAM Trading And PAM Trading?
Multi-Account Manager (MAM) trading gives the master trader flexibility in the position size allocated to sub-accounts. Percentage Allocation Management (PAM) trading allocates positions to sub-accounts based on the size of their investment relative to the total pooled equity.
How Does MAM Trading Work?
Multi-Account Manager (MAM) trading merges individual accounts and investor accounts into a large pool that essentially becomes a managed fund. Any trades the master trader makes will be replicated across the sub-accounts based on the risk level and preferences set by each investor.
Do You Need A License To Become A MAM Master Trader?
Forex traders do not require licenses but MAM forex brokers do. This means established investors can become master traders with reputable providers if they can demonstrate strong trading history.
What Does MAM Trading Stand For?
MAM stands for Multi-Account Management. MAM software enables a master trader, or fund manager, to manage a large number of individual accounts through one terminal.