To find the best CFD broker in Guatemala for 2020, we went ahead and did the research for you. After testing, analyzing and comparing 57 brokers, 5 made it to the top in Guatemala. We tell you the list, you pick your winner. And now, without further ado...
The top 5 picks for the best CFD brokers of 2020 for citizens in Guatemala:
- XTB is the best CFD broker in Guatemala in 2020. Low forex and stock index CFD fees. Free and fast deposit and withdrawal. Easy and fast account opening.
- City Index is number two. Low fees for forex and index CFDs. Fast and smooth account opening. Diverse research tools.
- IG is third. First-class web trading platform. Superb educational tools. Great deposit and withdrawal options.
- XM, at place four. Low CFD and withdrawal fees. Easy and fast account opening. Great educational tools.
- Number five is ATFX. Low fees. Fast and easy account opening. Multiple deposit and withdrawal options for free.
| Broker | Info | Score | |
|---|---|---|---|
| #1 | XTB | Global CFD and forex broker | 4.6 |
| #2 | City Index | Global CFD and forex broker | 4.6 |
| #3 | IG | Global CFD and forex broker | 4.5 |
| #4 | XM | Global CFD and forex broker | 4.4 |
| #5 | ATFX | Global CFD and forex broker | 4.4 |
What makes a good CFD broker? First of all, they need to offer fair fees and have a good safety score. It must also be easy to open an account and deposit money. They should give access to many products and need to have a great platform.
Easy to list, but hard to figure it out. We are testing brokers more than 100 criteria with real accounts and real money. We know what's up. You can find all the ranking criteria in our methodology.
Boring, but important stuff: 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 can afford to take the high risk of losing your money. If you don't have a clue what a CFD is, start by reading more about CFD trading.
Not sure which broker? For a tailored recommendation, check out the broker finder tool. You can enter your country and it will show only the relevant brokers. Want more details? Compare brokers with this detailed comparison table.
And now, let's see the best CFD brokers for Guatemalan citizens in 2020 one by one. Starting with the winner, XTB.
#1 Best CFD broker
XTB
XTB is a global CFD and forex broker with headquarters in London and Warsaw. The company is regulated by several financial authorities worldwide, including the UK's Financial Conduct Authority (FCA) and the Polish Financial Supervision Authority (KNF). XTB is listed on the Warsaw Stock Exchange.
XTB is considered safe because it is regulated by at least one top-tier financial authority, the FCA, and is listed on a stock exchange.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Recommended for forex and cfd traders looking for low fees and great deposit/withdrawal service
| Pros | Cons |
|---|---|
| • Low forex and stock index CFD fees | • High fee for stock CFD |
| • Free and fast deposit and withdrawal | • Limited product portfolio, mostly CFD and FX |
| • Easy and fast account opening | • Poor email support |
#1 XTB
Fees
XTB has low trading fees and low non-trading fees. Within trading fees, there are low fees for forex and stock index CFDs. On the other hand, stock CFD fees are high.
| Pros | Cons |
|---|---|
| • Low trading fees | • High stock CFD fees |
| • Low non-trading fees | |
| • No withdrawal fee |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| S&P 500 index CFD fee | $2.0 | $2.1 | $2.1 | $2.4 | $2.4 |
| Europe 50 index CFD fee | $2.2 | $1.6 | $1.6 | $2.4 | $2.7 |
| EURUSD benchmark fee | $15.0 | $12.8 | $16.9 | $17.1 | $10.5 |
| GBPUSD benchmark fee | $11.1 | $9.4 | $15.1 | $13.8 | $10.2 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | Yes | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#1 XTB
Account opening
XTB's account opening process is hassle-free, fully digital and straightforward. Your account will be ready for trading on the same day.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • Low minimum deposit |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Minimum deposit | $250 | $0 | $0 | $5 | $500 |
| Time to open account | 1 day | 1 day | 1-3 days | 1 day | 1 day |
#1 XTB
Deposit and withdrawal
XTB deposits and withdrawals are cost-friendly, fast, and can be done in several forms.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | None |
| • Free withdrawal | |
| • No deposit fee |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | Yes | Yes | Yes | Yes |
| Electronic wallets | No | Yes | No | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#1 XTB
Markets and products
XTB's product selection covers only CFDs, forex and crypto assets. Some European clients can also trade with real stocks and ETFs. Popular asset classes like bonds, mutual funds, options and futures are not available.
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Currency pairs (#) | 49 | 84 | 95 | 57 | 44 |
| Stock index CFDs (#) | 42 | 23 | 68 | 18 | 13 |
| Stock CFDs (#) | 1,700 | 4,500 | 10,500 | 1,200 | 155 |
| ETF CFDs (#) | 103 | 57 | 1,900 | - | - |
| Commodity CFDs (#) | 18 | 31 | 47 | 15 | 9 |
| Bond CFDs (#) | 3 | 12 | 13 | - | - |
| Cryptos (#) | 25 | 8 | 8 | 5 | 4 |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Stock | Yes | No | Yes | Yes | No |
| ETF | Yes | No | Yes | No | No |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Fund | No | No | No | No | No |
| Bond | No | No | No | No | No |
| Options | No | No | Yes | No | No |
| Futures | No | No | No | No | No |
| Crypto | Yes | Yes | Yes | Yes | Yes |
#1 XTB
Web trading platform
XTB's xStation 5 platform is user-friendly, can be customized and has a good search function. On the other hand, a two-step login is not available.
| Pros | Cons |
|---|---|
| • User-friendly | • No two-step (safer) login |
| • Clear fee report | |
| • Good search function |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | 4.0 | 5.0 | 3.0 | 3.0 |
| Mobile platform score | 4.0 | 4.0 | 5.0 | 4.0 | 4.0 |
| Desktop platform score | 4.0 | 3.0 | - | 3.0 | 3.0 |
| Can you set leverage manually? | No | No | No | Yes | No |
#1 XTB
Verdict
XTB is a great CFD and forex broker. It is regulated by several financial authorities globally, including the UK's FCA, and it is listed on the Warsaw Stock Exchange.
On the plus side, its forex and stock index CFD fees are low and the deposit and withdrawal process is free and fast. We also liked the seamless and hassle-free account opening process.
XTB has some drawbacks, though. The stock CFD fees are high. The product range is mainly limited to FX and CFDs, although real stock and ETF trading are available in some European countries. Lastly, its email support did not reply to our queries.
We recommend XTB for clients who prefer forex or CFD trading, and also want to enjoy great deposit and withdrawal options and a fast account opening. Feel free to test it using a demo account.
| XTB | |
|---|---|
| Summary | XTB is a global CFD and forex broker, listed on the Warsaw Stock Exchange and regulated by financial authorities including the UK FCA and Poland's KNF. |
| Fees score | 4.0 |
| Recommended for | Forex and CFD traders looking for low fees and great deposit/withdrawal service |
#2 Best CFD broker
City Index
City Index was founded in 1983 and it is a global CFD and FX broker. City Index is the brand name of GAIN Capital, which is listed on the New York Stock Exchange. The company is regulated by top-tier financial authorities, such as the Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC) or Monetary Authority of Singapore (MAS).
City Index is considered safe because it has a long track record, is regulated by top-tier financial authorities, and its parent company is listed on a stock exchange.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Recommended for cfd and forex traders looking for low forex fees and great research tools
| Pros | Cons |
|---|---|
| • Low fees for forex and index CFDs | • Limited product portfolio |
| • Fast and smooth account opening | • High stock CFD fees |
| • Diverse research tools | • Not user-friendly desktop platform |
#2 City Index
Fees
City Index has low fees for forex and stock index CFDs. On the other hand, stock CFD fees are high and there is an inactivity fee.
| Pros | Cons |
|---|---|
| • Low forex fees | • Inactivity fee |
| • No withdrawal fee | • High stock CFD fee |
| • Low stock index CFD fees |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| S&P 500 index CFD fee | $2.0 | $2.1 | $2.1 | $2.4 | $2.4 |
| Europe 50 index CFD fee | $2.2 | $1.6 | $1.6 | $2.4 | $2.7 |
| EURUSD benchmark fee | $15.0 | $12.8 | $16.9 | $17.1 | $10.5 |
| GBPUSD benchmark fee | $11.1 | $9.4 | $15.1 | $13.8 | $10.2 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | Yes | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#2 City Index
Account opening
City Index account opening is fully digital and there is no minimum deposit. It took us one day to have an approved open account.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • No minimum deposit |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Minimum deposit | $250 | $0 | $0 | $5 | $500 |
| Time to open account | 1 day | 1 day | 1-3 days | 1 day | 1 day |
#2 City Index
Deposit and withdrawal
City Index provides multiple options for deposit and withdrawal and they are free of charge. However, the withdrawal with some credit cards is not possible.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | • Problem with credit card withdrawal |
| • Free withdrawal | |
| • No deposit fee |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | Yes | Yes | Yes | Yes |
| Electronic wallets | No | Yes | No | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#2 City Index
Markets and products
At City Index, you can only trade with CFDs, forex, and cryptos. Unfortunately, real stocks, bonds and ETFs are not available.
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Currency pairs (#) | 49 | 84 | 95 | 57 | 44 |
| Stock index CFDs (#) | 42 | 23 | 68 | 18 | 13 |
| Stock CFDs (#) | 1,700 | 4,500 | 10,500 | 1,200 | 155 |
| ETF CFDs (#) | 103 | 57 | 1,900 | - | - |
| Commodity CFDs (#) | 18 | 31 | 47 | 15 | 9 |
| Bond CFDs (#) | 3 | 12 | 13 | - | - |
| Cryptos (#) | 25 | 8 | 8 | 5 | 4 |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Stock | Yes | No | Yes | Yes | No |
| ETF | Yes | No | Yes | No | No |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Fund | No | No | No | No | No |
| Bond | No | No | No | No | No |
| Options | No | No | Yes | No | No |
| Futures | No | No | No | No | No |
| Crypto | Yes | Yes | Yes | Yes | Yes |
#2 City Index
Web trading platform
City Index's web trading platform is user-friendly and extremely customizable. It has also a lot of order types. On the flip side, there is no two-step login.
| Pros | Cons |
|---|---|
| • User-friendly | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | |
| • Good variety of order types |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | 4.0 | 5.0 | 3.0 | 3.0 |
| Mobile platform score | 4.0 | 4.0 | 5.0 | 4.0 | 4.0 |
| Desktop platform score | 4.0 | 3.0 | - | 3.0 | 3.0 |
| Can you set leverage manually? | No | No | No | Yes | No |
#2 City Index
Verdict
City Index is a great CFD and forex broker regulated by top-tier financial authorities, such as the UK FCA.
On the bright side, it has low forex and stock index CFD fees, a smooth account opening process, and high-quality research tools.
It has some drawbacks though. The product portfolio is limited, the stock CFD fees are quite high, and the desktop platform is not easy-to-use.
As there is no minimum balance, no withdrawal fee and inactivity fee only kicks in after one year, feel free to try City Index out.
| City Index | |
|---|---|
| Summary | City Index is a global CFD broker, regulated by many financial authorities including the top-tier UK FCA. Its parent company, GAIN Capital is listed on the New York Stock Exchange. |
| Fees score | 4.0 |
| Recommended for | CFD and forex traders looking for low forex fees and great research tools |
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#3 Best CFD broker
IG
IG was established in the UK in 1974 and is one of the biggest CFD brokers in the world. It is regulated by several bodies globally, including top-tier regulators like the Financial Conduct Authority (FCA) and the Federal Financial Supervisory Authority (BaFin). IG Group is listed on the London Stock Exchange.
IG is considered safe because it is listed on a stock exchange, discloses its financials and is overseen by top-tier regulators.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFDs are not provided for US clients. Forex trading involves risk. Losses can exceed deposits.
Recommended for traders of any experience level looking for an easy-to-use trading platform
| Pros | Cons |
|---|---|
| • First-class web trading platform | • High stock CFD fees |
| • Superb educational tools | • Limited product portfolio |
| • Great deposit and withdrawal options | • Poor phone support |
#3 IG
Fees
IG has low fees for stock index CFD, while forex fees are average to low. There is no fee for withdrawal and the inactivity fee is charged only after 2 years. On the negative side, the stock CFD fees are high.
| Pros | Cons |
|---|---|
| • No withdrawal fee | • Inactivity fee |
| • Low index CFD trading fees | • High stock CFD fee |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| S&P 500 index CFD fee | $2.0 | $2.1 | $2.1 | $2.4 | $2.4 |
| Europe 50 index CFD fee | $2.2 | $1.6 | $1.6 | $2.4 | $2.7 |
| EURUSD benchmark fee | $15.0 | $12.8 | $16.9 | $17.1 | $10.5 |
| GBPUSD benchmark fee | $11.1 | $9.4 | $15.1 | $13.8 | $10.2 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | Yes | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#3 IG
Account opening
IG's account opening is seamless and fully digital. There is no minimum deposit for bank transfers and a low, $300 minimum deposit for credit/debit cards and PayPal. On the other hand, account verification takes around 3 business days, which is slower than at some other brokers.
| Pros | Cons |
|---|---|
| • Fully digital | • Slower account opening |
| • Low minimum deposit | |
| • No minimum deposit for bank transfer |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Minimum deposit | $250 | $0 | $0 | $5 | $500 |
| Time to open account | 1 day | 1 day | 1-3 days | 1 day | 1 day |
#3 IG
Deposit and withdrawal
IG offers free and fast deposit and withdrawal. There are various options for funding your account, including traditional methods such as bank wire and credit card funding, as well as PayPal.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | None |
| • Free withdrawal | |
| • No deposit fee |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | Yes | Yes | Yes | Yes |
| Electronic wallets | No | Yes | No | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#3 IG
Markets and products
At IG, most clients can only trade with CFDs, forex and options. There are literally thousands of CFDs available to trade. Residents in the UK and some other countries can also trade with real shares. Other popular assets, like mutual funds or bonds, are not available.
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Currency pairs (#) | 49 | 84 | 95 | 57 | 44 |
| Stock index CFDs (#) | 42 | 23 | 68 | 18 | 13 |
| Stock CFDs (#) | 1,700 | 4,500 | 10,500 | 1,200 | 155 |
| ETF CFDs (#) | 103 | 57 | 1,900 | - | - |
| Commodity CFDs (#) | 18 | 31 | 47 | 15 | 9 |
| Bond CFDs (#) | 3 | 12 | 13 | - | - |
| Cryptos (#) | 25 | 8 | 8 | 5 | 4 |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Stock | Yes | No | Yes | Yes | No |
| ETF | Yes | No | Yes | No | No |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Fund | No | No | No | No | No |
| Bond | No | No | No | No | No |
| Options | No | No | Yes | No | No |
| Futures | No | No | No | No | No |
| Crypto | Yes | Yes | Yes | Yes | Yes |
#3 IG
Web trading platform
IG's web trading platform is great for both beginners and professional traders. It is easy to use, has all the necessary functions and can be customized.
| Pros | Cons |
|---|---|
| • User-friendly | None |
| • Clear fee report | |
| • Two-step (safer) login |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | 4.0 | 5.0 | 3.0 | 3.0 |
| Mobile platform score | 4.0 | 4.0 | 5.0 | 4.0 | 4.0 |
| Desktop platform score | 4.0 | 3.0 | - | 3.0 | 3.0 |
| Can you set leverage manually? | No | No | No | Yes | No |
#3 IG
Verdict
IG is one of the biggest and most reliable CFD brokers. It is regulated by several financial authorities around the world. IG Group is listed on the London Stock Exchange.
IG has one of the best web trading platforms Brokerchooser tested. The deposit and withdrawal conditions are great. You can also educate yourself with great educational materials.
On the other hand, there are some drawbacks. The stock CFD fees are high and the product portfolio in most countries is limited to forex, CFDs, and options. The phone customer service has also low quality.
Feel free to test IG's first-class trading platform since there is no minimum funding amount for bank transfers and you can easily open a demo account too.
| IG | |
|---|---|
| Summary | IG is a CFD and forex broker. It is listed on the London Stock Exchange and regulated by several authorities globally, including the top-tier FCA. |
| Fees score | 3.0 |
| Recommended for | Traders of any experience level looking for an easy-to-use trading platform |
#4 Best CFD broker
XM
Trading Point Holding, XM's parent company, was founded in 2009 and it is a global CFD and FX broker. Trading Point Holding has two brands: XM and Trading.com.
XM is available globally and regulated by three financial authorities: Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), International Financial Services Commission of Belize (IFSC).
Trading.com was launched in 2019 and is available only for EEA residents, except Belgian, Cypriot, Greek, and Swiss residents. Trading.com is regulated by the Financial Conduct Authority (FCA).
In this review, we focus on the XM brand.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.10% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Risk warnings are shown on the website but they are unclear on percentages
Recommended for forex and cfd traders who prefer metatrader platforms and seek low trading fees
| Pros | Cons |
|---|---|
| • Low CFD and withdrawal fees | • Only CFDs, forex, cryptos for Europeans |
| • Easy and fast account opening | • Average forex fees |
| • Great educational tools | • Inactivity fee |
#4 XM
Fees
XM has low trading fees for CFD's and no withdrawal fee. On the other hand, the forex fees are average and there is a fee for inactivity.
| Pros | Cons |
|---|---|
| • Low CFD fees | • Inactivity fee |
| • No withdrawal fee | • Average FX fees |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| S&P 500 index CFD fee | $2.0 | $2.1 | $2.1 | $2.4 | $2.4 |
| Europe 50 index CFD fee | $2.2 | $1.6 | $1.6 | $2.4 | $2.7 |
| EURUSD benchmark fee | $15.0 | $12.8 | $16.9 | $17.1 | $10.5 |
| GBPUSD benchmark fee | $11.1 | $9.4 | $15.1 | $13.8 | $10.2 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | Yes | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#4 XM
Account opening
XM account opening is hassle-free and straightforward. Your account is ready for trading on the same day.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • Low minimum deposit |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Minimum deposit | $250 | $0 | $0 | $5 | $500 |
| Time to open account | 1 day | 1 day | 1-3 days | 1 day | 1 day |
#4 XM
Deposit and withdrawal
XM's deposit and withdrawal are fast, can be done in several forms, and are cost-friendly.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | None |
| • Free withdrawal | |
| • No deposit fee | |
| • Free wire withdrawal for more than $200 withdrawals |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | Yes | Yes | Yes | Yes |
| Electronic wallets | No | Yes | No | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#4 XM
Markets and products
At XM, you can trade with CFDs, forex, and cryptos. Non-European clients can also trade with some real stocks. There are no ETFs, mutual funds, bonds, options, and futures.
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Currency pairs (#) | 49 | 84 | 95 | 57 | 44 |
| Stock index CFDs (#) | 42 | 23 | 68 | 18 | 13 |
| Stock CFDs (#) | 1,700 | 4,500 | 10,500 | 1,200 | 155 |
| ETF CFDs (#) | 103 | 57 | 1,900 | - | - |
| Commodity CFDs (#) | 18 | 31 | 47 | 15 | 9 |
| Bond CFDs (#) | 3 | 12 | 13 | - | - |
| Cryptos (#) | 25 | 8 | 8 | 5 | 4 |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Stock | Yes | No | Yes | Yes | No |
| ETF | Yes | No | Yes | No | No |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Fund | No | No | No | No | No |
| Bond | No | No | No | No | No |
| Options | No | No | Yes | No | No |
| Futures | No | No | No | No | No |
| Crypto | Yes | Yes | Yes | Yes | Yes |
#4 XM
Web trading platform
The web trading platform of XM is provided by MetaTrader. It is highly customizable and has a clear fee report. On the other hand, the platform lacks price alerts, and the design is outdated.
| Pros | Cons |
|---|---|
| • Clear fee report | • No price alerts |
| • Good customizability (for charts, workspace) | • Outdated design |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | 4.0 | 5.0 | 3.0 | 3.0 |
| Mobile platform score | 4.0 | 4.0 | 5.0 | 4.0 | 4.0 |
| Desktop platform score | 4.0 | 3.0 | - | 3.0 | 3.0 |
| Can you set leverage manually? | No | No | No | Yes | No |
#4 XM
Verdict
XM is regulated by more authorities globally, including the top-tier ASIC.
On the plus side, we liked the low CFD and withdrawal fees. The account opening is seamless and hassle-free. There is a wide range of educational tools in great quality.
XM has some drawbacks though. Its product range is limited to FX, CFDs, cryptos. Stocks only for non-Europeans. Its forex fees are average. Lastly, a monthly $5 fee is charged after three months of inactivity.
We recommend XM for clients who prefer CFD and forex trading and are looking for MetaTrader trading platforms. Feel free to test it via the demo account.
| XM | |
|---|---|
| Summary | XM is a global forex and CFD broker regulated by Australia's ASIC, CySEC of Cyprus, and Belizean authority IFSC. |
| Fees score | 4.0 |
| Recommended for | Forex and CFD traders who prefer MetaTrader platforms and seek low trading fees |
#5 Best CFD broker
ATFX
AT Group is a global financial group and ATFX is the brand of branches providing CFD/forex trading services. ATFX has four legal entities with different regulations and services. In this review, we tested the service of AT Global Markets (UK) Limited, which is regulated by the top-tier FCA.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.16% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Recommended for forex and cfd traders familiar with the metatrader 4 trading platform
| Pros | Cons |
|---|---|
| • Low fees | • Limited product portfolio |
| • Fast and easy account opening | • Pushy sales team |
| • Multiple deposit and withdrawal options for free | • No fundamental data |
#5 ATFX
Fees
ATFX has great fees. It charges low fees both for CFD and forex. There are also no inactivity and withdrawal fees.
| Pros | Cons |
|---|---|
| • Low trading fees | None |
| • Low non-trading fees | |
| • No withdrawal fee |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| S&P 500 index CFD fee | $2.0 | $2.1 | $2.1 | $2.4 | $2.4 |
| Europe 50 index CFD fee | $2.2 | $1.6 | $1.6 | $2.4 | $2.7 |
| EURUSD benchmark fee | $15.0 | $12.8 | $16.9 | $17.1 | $10.5 |
| GBPUSD benchmark fee | $11.1 | $9.4 | $15.1 | $13.8 | $10.2 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | Yes | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#5 ATFX
Account opening
ATFX has a user-friendly and fully digital account opening. In most cases, the account approval takes no more than 1-2 business days. On the flip side, the sales team is pushy and the required minimum deposit can be high.
| Pros | Cons |
|---|---|
| • Fast | • Sales team pushy |
| • Fully digital | • High minimum deposit for accounts, except Standard Account |
| • User-friendly |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Minimum deposit | $250 | $0 | $0 | $5 | $500 |
| Time to open account | 1 day | 1 day | 1-3 days | 1 day | 1 day |
#5 ATFX
Deposit and withdrawal
ATFX offers free and fast deposit and withdrawal. There are various options for funding your account, including bank transfer, credit/debit cards, as well as electronic wallets.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | None |
| • Free withdrawal | |
| • No deposit fee |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | Yes | Yes | Yes | Yes |
| Electronic wallets | No | Yes | No | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#5 ATFX
Markets and products
ATFX provides only forex, CFDs and cryptos. However, it lacks popular asset classes, such as real stocks, mutual funds, or bonds.
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Currency pairs (#) | 49 | 84 | 95 | 57 | 44 |
| Stock index CFDs (#) | 42 | 23 | 68 | 18 | 13 |
| Stock CFDs (#) | 1,700 | 4,500 | 10,500 | 1,200 | 155 |
| ETF CFDs (#) | 103 | 57 | 1,900 | - | - |
| Commodity CFDs (#) | 18 | 31 | 47 | 15 | 9 |
| Bond CFDs (#) | 3 | 12 | 13 | - | - |
| Cryptos (#) | 25 | 8 | 8 | 5 | 4 |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Stock | Yes | No | Yes | Yes | No |
| ETF | Yes | No | Yes | No | No |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Fund | No | No | No | No | No |
| Bond | No | No | No | No | No |
| Options | No | No | Yes | No | No |
| Futures | No | No | No | No | No |
| Crypto | Yes | Yes | Yes | Yes | Yes |
#5 ATFX
Web trading platform
The web trading platform of ATFX is provided by MetaTrader. It is highly customizable, available in a lot of languages, and has a clear fee report. On the other hand, it lacks a two-step login and price alerts, and the design is outdated.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • No price alerts |
| • Order confirmation | • Poor design |
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | 4.0 | 5.0 | 3.0 | 3.0 |
| Mobile platform score | 4.0 | 4.0 | 5.0 | 4.0 | 4.0 |
| Desktop platform score | 4.0 | 3.0 | - | 3.0 | 3.0 |
| Can you set leverage manually? | No | No | No | Yes | No |
#5 ATFX
Verdict
ATFX is regulated by more financial authorities globally, including the top-tier FCA.
On the plus side, ATFX has low CFD and forex fees. The account opening is easy and multiple options are offered for deposit and withdrawal, which are free of charge.
ATFX has some drawbacks though. The product range is limited to FX, CFDs, and cryptos. The sales team is pushy and fundamental data research is missing.
As the trading fees are low and you can use a demo account, feel free to try ATFX.
| ATFX | |
|---|---|
| Summary | ATFX is the forex/CFD brokerage arm of global financial group AT Group. It is regulated by several financial authorities globally, such as the UK FCA or CySEC of Cyprus. |
| Fees score | 5.0 |
| Recommended for | Forex and CFD traders familiar with the MetaTrader 4 trading platform |
Best CFD brokers
What makes a good CFD broker?
Trading with CFDs became really popular in the last decade. Keeping your eyes on important criteria like fees or number of CFDs helps you to find the best CFD broker for you.
When we selected the best CFD broker in 2020, we ranked brokers focusing on CFDs along more than 100 criteria. Not to overwhelm you we list the five most important criteria.
The 5 most important criteria for CFD brokers are:
| 1. Fee structure: | The overall cost of a typical CFD trade can be 10-15 times higher at one CFD broker compared to another. Worth to check the fees. |
| 2. Account opening: | Some brokers require a minimum deposit, others don't set a minimal first-time deposit. Check out what the best CFD brokers require. |
| 3. Deposit and withdrawal: | Transferring money to your account can be 5 times longer and more expensive at one CFD broker compared to another. |
| 4. Web trading platform: | A user-friendly and well-equipped trading platform can significantly increase your trading comfort. |
| 5. Products and markets: | You want to invest in Amazon CFD and Bitcoin CFD? They might not be available. Check the product coverage before opening an account. |
Best CFD brokers
CFD broker fees
Fees, fees, and fees. We bet this is on top of your mind when you want to select the best CFD broker. Let's see how we checked.
It is tough to compare CFD broker fees, but we are here to help. You need to calculate with two fee categories: trading-related fees and non-trading fees.
Trading-related fees
With regards to the trading-related fees, brokers can charge commissions, spreads and overnight fees. To make your life easier we calculated all fees for real-life scenarios. So, you can compare the fees. We took
- US equity index - S&P 500 index CFD
- European equity index - Europe 50 index CFD
- Forex - EURUSD and GBPUSD
We assumed opening a position, holding it for a week, and closing it. S&P 500 and EU 50 positions are $2,000, while the forex positions are $20,000. These real-life assumptions make CFD fees comparable.
Best CFD brokers
CFD brokers explained
CFDs are derivatives, you can easily trade with a wide range of products, but it is leveraged, so it is risky.
CFDs are derivatives: you bet on price movements
With CFDs, you can gamble on whether asset prices will go up or down without buying the stock. Let's say you want to profit from Microsoft's stock price going up. At an online stockbroker, you would buy the Microsoft stock. At a CFD broker, you can instead bet directly on the stock price going up. However, CFDs are much like knives: could be very useful, but if no idea how to use one, you can cut yourself.
CFDs are an easy way to reach a lot of markets with leverage
Why on earth is this good for you? Well, there are three advantages:
- 1, You can make bets on all kinds of products. E.g. if you wanted to trade with Turkish stocks, go ahead. This might not be possible with an online stockbroker. It is easier for a broker to provide a CFD than have access to the Turkish stock exchange.
- 2, The second advantage is leverage. The odds of your bet will be much larger than with buying the actual stock. It also comes with greater risk, therefore we recommend you to fully understand leverage before you invest.
- 3, Lastly, with CFDs, you can easily have a short position. That is a plus indeed.
To understand these advantages better, you can learn through CFD trading tips.
Not owning the underlying asset exposes you to additional risks
If you do not own the stock (or any other underlying asset), you are running a whole different risk which you need to understand before trading CFDs.
Let's say Bob has a Siemens stock and Janet is in a long Siemens CFD position, both with broker “Bust Broker Co.”. Bust Broker Co. goes bust. Bob's Siemens stock is in custody with his custody service provider, sooner or later he will be able to access it. Janet was in a long position, therefore she will be compensated only up to the investor protection scheme of the country. In most cases, this is up to €20,000.
Best CFD brokers
CFD regulations and security
You've probably heard of European Securities and Markets Authority's new regulation relating to CFDs and binary options. New measures clearly show how the European regulators want to secure retail investors from the gloomy side of the European retail brokerage industry.
Based on ESMA's research, around 74-89% of investors are losing their deposits and in many cases not purely due to their fault. One core problem is that the dealing desk brokers are gaining profit when their clients lose. If you don't know what this model looks like, a Financemagnates article explains that very well. Another problem is the limitless and uncontrolled marketing of deposit bonuses, cheap prices and messages promising easy ways of getting rich.
The new regulation will probably help to make the ratio better off. The measures and their explanations are the following:
- Limitation of leverage: it was not unusual that you could open a position with 400:1 leverage, but from now the possible maximum leverage will be 30:1 for major currency pairs. The limitation varies according to the underlying asset's volatility:
- 30:1 for major currency pairs
- 20:1 for non-major currency pairs, gold and major stock indices
- 10:1 for commodities other than gold and non-major stock indices;
- 5:1 for single stocks and any underlying not otherwise mentioned
- 2:1 for cryptocurrencies
- Margin close out on a per account basis: if an account's total margin falls below 50% of the initially required margin, brokers must close out or more of your positions.
- Negative balance protection: you cannot lose more money than you invested in.
- Restriction on marketing and incentive tools: instead of promoting CFD trading by promising of getting rich in a short period, brokers have to clearly show what percentage of their customers are losing money.
Summing up, the stricter regulations mean that trading CFDs will become a nothing but a bedtime story for our kids? On the one hand, retail investors are protected by losing more than their deposit. On the other hand, handy investors can't multiply their profits by the use of high leverage. Altogether, we think CFD will keep its popularity as trading with that will become more transparent and safer.
Being part of a banking group or listed on an exchange should be your primary compass for the best CFD brokers
It is time to discuss how to make a well-established choice in today's changing landscape of CFD brokers. We prefer exchange-listed and/or banking licensed brokers. Why?
- Being listed on any developed exchange means additional regulations, strict and frequent audits and also the need for constant communication between the shareholders and other stakeholders. No wonder that only a small portion of retail brokers decides to exchange money for transparency.
- Banks are indisputably crucial building stones of any economy. Strict capital requirements, regulations and need for transparency is a must. Therefore any broker with a bank behind its back can be considered more reliable than the rest of the competition.
For more help on these points check out our online brokers' comparison table.
Best CFD brokers
Bottom line
You saw the details, now let's zoom out. Here are the best CFD brokers in 2020 for citizens in Guatemala
| XTB | City Index | IG | XM | ATFX | |
|---|---|---|---|---|---|
| Overall score | 4.6 | 4.6 | 4.5 | 4.4 | 4.4 |
| Fees score | 4.0 | 4.0 | 3.0 | 4.0 | 5.0 |
| Account opening score | 5.0 | 5.0 | 4.0 | 5.0 | 5.0 |
| Deposit and withdrawal score | 5.0 | 4.0 | 5.0 | 5.0 | 5.0 |
| Markets and products score | 3.0 | 2.0 | 3.0 | 3.0 | 1.0 |
| Web platform score | 4.0 | 4.0 | 5.0 | 3.0 | 3.0 |
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75% of retail CFD accounts lose money |
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72% of retail CFD accounts lose money |
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75% of retail CFD accounts lose money |
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69.10% of retail CFD accounts lose money |
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70.16% of retail CFD accounts lose money |
XTB is our winner, the best CFD broker for Guatemalan citizens in 2020. Low forex and stock index CFD fees. Free and fast deposit and withdrawal. Easy and fast account opening.
All are great great choice. Do not forget, that CFDs are really risky. If you are experienced, pick your winner, and take the next step in your trading journey. Let us know what you think in the comments section.
Still unsure? Use the broker finder and find the best broker for you.
