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Best CFD brokers in Taiwan in 2020

To find the best CFD broker in Taiwan for 2020, we went ahead and did the research for you. After testing, analyzing and comparing 78 quality online brokers, we arrived at our top 5 in Taiwan. We show you our list, you pick your winner. And now, without further ado...

The top 5 picks for the best CFD brokers of 2020 for citizens in Taiwan:

  1. XTB is the best CFD broker in Taiwan in 2020. Low forex fees. Free and fast deposit and withdrawal. Easy and fast account opening.
  2. City Index is number two. Low fees for forex. Fast and smooth account opening. Diverse research tools.
  3. eToro is third. Free stock and ETF trading . Seamless account opening. Social trading experience.
  4. IG, in fourth place. First-class web trading platform. Superb educational tools. Great deposit and withdrawal options.
  5. Number five is XM. Low CFD and withdrawal fees. Easy and fast account opening. Great educational tools.
Best CFD brokers in 2020 for Taiwanese citizens
Broker Info Score
#1 XTB Global CFD and forex broker 4.6
#2 City Index Global CFD and forex broker 4.6
#3 eToro Global social trading broker 4.7
#4 IG Global CFD and forex broker 4.5
#5 XM 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 provide access to many products and have a great platform.

That's easy to list, but harder to figure out. We test brokers along close to 300 criteria with real accounts and real money. We know what's up. You can find the details of all the ranking criteria in our methodology.

Disclaimer: 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, you should start by reading more about CFD trading.

Not sure which broker to choose? For a tailored recommendation, check out our broker finder tool. Just enter your country and you will see only the relevant brokers. Want more details? Compare brokers with this in-depth comparison table.

And now, let's see the best CFD brokers for Taiwanese citizens in 2020 one by one. Starting with the winner, XTB.

XTB Logo

#1 Best CFD broker
XTB

4.6

XTB is a global CFD and forex broker with headquarters in London and Warsaw, founded in 2002. The company is regulated by several financial authorities worldwide, including the top-tier UK Financial Conduct Authority (FCA). In addition, XTB is listed on the Warsaw Stock Exchange, and as such is required to disclose its financials.

XTB is considered safe because it has a long track record, is listed on a stock exchange, and publishes its financial statements transparently.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% 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 fees High fees for stock CFDs
Free and fast deposit and withdrawal Product portfolio limited mostly to CFDs and FX
Easy and fast account opening Limited fundamental data

Open account
82% of retail CFD accounts lose money

#1 XTB
Fees
3.7

XTB has low forex fees and there is no withdrawal fee for most transfers. On the other hand, stock CFD fees are high, and XTB also charges an inactivity fee.
Pros Cons
Low forex fees High stock CFD fees
Free withdrawal for transfers above $100
XTB trading fees
XTB City Index eToro IG XM
S&P 500 index CFD fee $1.4 $1.2 $1.5 $1.2 $1.6
Europe 50 index CFD fee $1.8 $1.9 $2.7 $1.6 $2.4
EURUSD benchmark fee $8.3 $6.3 $8.8 $17.3 $9.5
GBPUSD benchmark fee $6.0 $5.5 $8.5 $11.9 $8.4

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

XTB non-trading fees
XTB City Index eToro IG XM
Account fee No No No No No
Inactivity fee Yes Yes Yes Yes Yes
Withdrawal fee $0 $0 $5 $0 $0

Open account More
82% of retail CFD accounts lose money

#1 XTB
Account opening
5.0

XTB's account opening process is hassle-free, straightforward and fully digital. Your account will be ready for trading on the same day.
Pros Cons
Fast None
Fully digital
No minimum deposit
XTB minimum deposit and time to open an account
XTB City Index eToro IG XM
Minimum deposit $0 $100 $200 $0 $5
Time to open account 1 day 1 day 1 day 1-3 days 1 day

Open account More
82% of retail CFD accounts lose money

#1 XTB
Deposit and withdrawal
4.5

XTB deposits and withdrawals are fast, mostly free, and can be done via several channels.
Pros Cons
Credit/Debit card available Few minor account currencies accepted
Free withdrawal
No deposit fee
XTB withdrawal fee and options
XTB City Index eToro IG XM
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No Yes Yes Yes Yes
Electronic wallets No Yes Yes Yes Yes
Withdrawal fee $0 $0 $5 $0 $0

Open account More
82% of retail CFD accounts lose money

#1 XTB
Markets and products
2.8

XTB's default product selection includes only CFDs, forex and crypto. Some European clients can also trade real stocks and ETFs. Popular asset classes like bonds, mutual funds, options and futures are not available.
XTB CFD markets
XTB City Index eToro IG XM
Currency pairs (#) 49 84 47 205 57
Stock index CFDs (#) 42 22 13 78 28
Stock CFDs (#) 1,800 4,500 2,000 10,500 1,240
ETF CFDs (#) 114 690 145 1,900 -
Commodity CFDs (#) 22 29 14 47 15
Bond CFDs (#) - 12 - 13 -
Cryptos (#) 25 6 16 8 -
XTB product selection, besides CFDs
XTB City Index eToro IG XM
Stock Yes No Yes Yes Yes
ETF Yes No Yes Yes No
Forex Yes Yes Yes Yes Yes
Fund No No No No No
Bond No No No No No
Options No No No Yes No
Futures No No No No No
Crypto Yes Yes Yes Yes No

Open account More
82% of retail CFD accounts lose money

#1 XTB
Web trading platform
4.4

XTB's xStation 5 platform is user-friendly, can be customized and has a good search function. On the other hand, two-step login is not available.
Pros Cons
User-friendly No two-step (safer) login
Clear fee report
Good search function
Best CFD brokers - XTB trading platform
XTB trading platforms
XTB City Index eToro IG XM
Web platform score 4.4 stars 4.3 stars 4.4 stars 5.0 stars 2.8 stars
Mobile platform score 4.4 stars 4.3 stars 4.9 stars 5.0 stars 3.8 stars
Desktop platform score 4.4 stars 3.0 stars - - 3.4 stars
Can you set leverage manually? No No Yes No No

Open account More
82% of retail CFD accounts lose money

#1 XTB
Verdict

XTB is a great CFD and forex broker. It is regulated by several financial authorities globally, including the UK's FCA. The company is listed on the Warsaw Stock Exchange.

On the plus side, its forex fees are low, and the deposit and withdrawal process is fast and mostly free. We also liked the seamless and hassle-free account opening process.

XTB has some drawbacks, though. 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. Fundamental data offered by XTB covers only a few basics such as P/E.

We recommend XTB for clients who prefer forex or CFD trading, and also want to enjoy great deposit and withdrawal options along with 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, Poland's KNF, and Cyprus's CySec.
Fees score 3.7 stars
Recommended for Forex and CFD traders looking for low fees and great deposit/withdrawal service

Open account More
82% of retail CFD accounts lose money

City Index Logo

#2 Best CFD broker
City Index

4.6

City Index is a global CFD and FX broker that was founded in 1983. City Index is a trading brand of GAIN Capital, which is listed on the New York Stock Exchange. The company is regulated by top-tier financial authorities, such as the UK's Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the 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. 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 forex fees and great research tools

Pros Cons
Low fees for forex Limited product portfolio
Fast and smooth account opening High stock CFD fees
Diverse research tools Non-user-friendly desktop platform

Open account
75% of retail CFD accounts lose money

#2 City Index
Fees
3.8

City Index has low fees for forex and there is no withdrawal fee. On the other hand, stock CFD fees are high and there is an inactivity fee after one year.
Pros Cons
Low forex fees Inactivity fee
No withdrawal fee High stock CFD fees
City Index trading fees
XTB City Index eToro IG XM
S&P 500 index CFD fee $1.4 $1.2 $1.5 $1.2 $1.6
Europe 50 index CFD fee $1.8 $1.9 $2.7 $1.6 $2.4
EURUSD benchmark fee $8.3 $6.3 $8.8 $17.3 $9.5
GBPUSD benchmark fee $6.0 $5.5 $8.5 $11.9 $8.4

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

City Index non-trading fees
XTB City Index eToro IG XM
Account fee No No No No No
Inactivity fee Yes Yes Yes Yes Yes
Withdrawal fee $0 $0 $5 $0 $0

Open account More
75% of retail CFD accounts lose money

#2 City Index
Account opening
5.0

City Index's account opening process is fully digital and there is no minimum deposit required. It took one day for us to have an approved open account.
Pros Cons
Fast None
Fully digital
No minimum deposit
City Index minimum deposit and time to open an account
XTB City Index eToro IG XM
Minimum deposit $0 $100 $200 $0 $5
Time to open account 1 day 1 day 1 day 1-3 days 1 day

Open account More
75% of retail CFD accounts lose money

#2 City Index
Deposit and withdrawal
4.3

City Index provides multiple deposit and withdrawal options, all free of charge. However, withdrawal is not possible with some credit cards.
Pros Cons
Credit/Debit card available Problem with credit card withdrawal
Free withdrawal
No deposit fee
City Index withdrawal fee and options
XTB City Index eToro IG XM
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No Yes Yes Yes Yes
Electronic wallets No Yes Yes Yes Yes
Withdrawal fee $0 $0 $5 $0 $0

Open account More
75% of retail CFD accounts lose money

#2 City Index
Markets and products
2.0

At City Index, you can only trade with CFDs, forex, and cryptos. Other asset classes, like real stocks or funds, are not available.
City Index CFD markets
XTB City Index eToro IG XM
Currency pairs (#) 49 84 47 205 57
Stock index CFDs (#) 42 22 13 78 28
Stock CFDs (#) 1,800 4,500 2,000 10,500 1,240
ETF CFDs (#) 114 690 145 1,900 -
Commodity CFDs (#) 22 29 14 47 15
Bond CFDs (#) - 12 - 13 -
Cryptos (#) 25 6 16 8 -
City Index product selection, besides CFDs
XTB City Index eToro IG XM
Stock Yes No Yes Yes Yes
ETF Yes No Yes Yes No
Forex Yes Yes Yes Yes Yes
Fund No No No No No
Bond No No No No No
Options No No No Yes No
Futures No No No No No
Crypto Yes Yes Yes Yes No

Open account More
75% of retail CFD accounts lose money

#2 City Index
Web trading platform
4.3

City Index's web trading platform is user-friendly and extremely customizable, with lots of order types. On the negative 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
Best CFD brokers - City Index trading platform
City Index trading platforms
XTB City Index eToro IG XM
Web platform score 4.4 stars 4.3 stars 4.4 stars 5.0 stars 2.8 stars
Mobile platform score 4.4 stars 4.3 stars 4.9 stars 5.0 stars 3.8 stars
Desktop platform score 4.4 stars 3.0 stars - - 3.4 stars
Can you set leverage manually? No No Yes No No

Open account More
75% of retail CFD accounts lose money

#2 City Index
Verdict

City Index is a great CFD and forex broker regulated by top-tier financial authorities, such as the UK's FCA.

On the positive side, it has low forex fees, a smooth account opening process, and high-quality research tools.

It has some drawbacks though. The product portfolio is limited, stock CFD fees are quite high and the desktop platform lags behind its competitors.

As there is no minimum balance required, no withdrawal fee and an inactivity fee only kicks in after one year, feel free to try City Index.

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 3.8 stars
Recommended for Forex and CFD traders looking for low forex fees and great research tools

Open account More
75% of retail CFD accounts lose money

eToro Logo

#3 Best CFD broker
eToro

4.7

eToro is a well-known Israeli fintech company, a social trading broker, established in 2007.

eToro serves UK clients through a unit regulated by the Financial Conduct Authority (FCA) and Australians through an Australian Securities and Investment Commission (ASIC) regulated entity. All other customers are served by a Cypriot unit that is regulated by the Cyprus Securities and Exchange Commission (CySEC).

eToro is not listed on any stock exchange, does not disclose its annual report on its site and does not have a bank parent.

eToro is considered safe because its UK and Australian arms are regulated by top-tier financial authorities and it is a well-known fintech company.

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 traders interested in social trading (i.e. copying other investors’ trades) & zero commission stock trading

Pros Cons
Free stock and ETF trading High forex fees
Seamless account opening Withdrawing money can be slow
Social trading experience Only one account base currency

Open account
Your capital is at risk

#3 eToro
Fees
4.3

eToro offers free stock trading. On the negative side, forex trading fees are high and there is a fee charged for inactivity or withdrawal.
Pros Cons
Low trading fees Withdrawal fee
Free stock trading Monthly inactivity fee after 1 year of no trading
Low CFD fees
eToro trading fees
XTB City Index eToro IG XM
S&P 500 index CFD fee $1.4 $1.2 $1.5 $1.2 $1.6
Europe 50 index CFD fee $1.8 $1.9 $2.7 $1.6 $2.4
EURUSD benchmark fee $8.3 $6.3 $8.8 $17.3 $9.5
GBPUSD benchmark fee $6.0 $5.5 $8.5 $11.9 $8.4

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

eToro non-trading fees
XTB City Index eToro IG XM
Account fee No No No No No
Inactivity fee Yes Yes Yes Yes Yes
Withdrawal fee $0 $0 $5 $0 $0

Open account More
Your capital is at risk

#3 eToro
Account opening
5.0

Account opening at eToro is seamless and very fast.
Pros Cons
Fast None
Fully digital
Low minimum deposit
eToro minimum deposit and time to open an account
XTB City Index eToro IG XM
Minimum deposit $0 $100 $200 $0 $5
Time to open account 1 day 1 day 1 day 1-3 days 1 day

Open account More
Your capital is at risk

#3 eToro
Deposit and withdrawal
3.5

Depositing money is free and easy, with a lot of available options, including credit cards. However, there is a withdrawal fee and only USD accounts are available.
Pros Cons
Credit/Debit card available Only one account base currency
No deposit fee $5 withdrawal fee
User-friendly Conversion fee for non-USD deposits
eToro withdrawal fee and options
XTB City Index eToro IG XM
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No Yes Yes Yes Yes
Electronic wallets No Yes Yes Yes Yes
Withdrawal fee $0 $0 $5 $0 $0

Open account More
Your capital is at risk

#3 eToro
Markets and products
3.8

At eToro you can trade with CFDs and forex, as well as real stocks, ETFs and many cryptocurrencies. In addition, the broker offers innovative services like social trading and CopyPortfolio.
eToro CFD markets
XTB City Index eToro IG XM
Currency pairs (#) 49 84 47 205 57
Stock index CFDs (#) 42 22 13 78 28
Stock CFDs (#) 1,800 4,500 2,000 10,500 1,240
ETF CFDs (#) 114 690 145 1,900 -
Commodity CFDs (#) 22 29 14 47 15
Bond CFDs (#) - 12 - 13 -
Cryptos (#) 25 6 16 8 -
eToro product selection, besides CFDs
XTB City Index eToro IG XM
Stock Yes No Yes Yes Yes
ETF Yes No Yes Yes No
Forex Yes Yes Yes Yes Yes
Fund No No No No No
Bond No No No No No
Options No No No Yes No
Futures No No No No No
Crypto Yes Yes Yes Yes No

Open account More
Your capital is at risk

#3 eToro
Web trading platform
4.4

eToro offers a user-friendly and well-designed web trading platform. Social trading is available, too. On the other hand, the customizability is limited.
Pros Cons
User-friendly Limited customizability (for charts, workspace)
Clear fee report
Two-step (safer) login
Best CFD brokers - eToro trading platform
eToro trading platforms
XTB City Index eToro IG XM
Web platform score 4.4 stars 4.3 stars 4.4 stars 5.0 stars 2.8 stars
Mobile platform score 4.4 stars 4.3 stars 4.9 stars 5.0 stars 3.8 stars
Desktop platform score 4.4 stars 3.0 stars - - 3.4 stars
Can you set leverage manually? No No Yes No No

Open account More
Your capital is at risk

#3 eToro
Verdict

eToro has zero-commission stock trading. Account opening is swift and seamless. It has a lot of innovative features, like social trading and copying other (successful) traders.

It has some drawbacks, though. Forex fees are high and eToro only allows USD accounts, which means that conversion costs on deposits and withdrawals can be high in some cases. Live chat is hard to reach and their educational materials could be better.

Overall, we would recommend eToro for its social trading feature and zero-commission stock trading.

Risk disclaimer

eToro is a multi-asset platform that offers both investing in stocks and crypto assets as well as trading CFD assets.

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.

Cryptoassets are volatile instruments that can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading crypto assets is unregulated and therefore is not supervised by any EU regulatory framework.

Past performance is not an indication of future results.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.

eToro
Summary eToro is a global social trading broker. It is regulated by top-tier authorities such as the UK FCA or Australia's ASIC.
Fees score 4.3 stars
Recommended for Traders interested in social trading (i.e. copying other investors’ trades) & zero commission stock trading

Open account More
Your capital is at risk

IG Logo

#4 Best CFD broker
IG

4.5

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 UK's Financial Conduct Authority (FCA) and Germany's 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. 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. 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 forex and stock CFD fees
Superb educational tools Limited product portfolio
Great deposit and withdrawal options Slow customer support

Open account
74-89% of retail CFD accounts lose money

#4 IG
Fees
2.7

IG has low non-trading fees. There is no fee for withdrawals and an inactivity fee is charged only after 2 years. On the negative side, the forex and stock CFD fees are high.
Pros Cons
No withdrawal fee High forex fees
Inactivity fee charged only after 2 years High stock CFD trading fees
IG trading fees
XTB City Index eToro IG XM
S&P 500 index CFD fee $1.4 $1.2 $1.5 $1.2 $1.6
Europe 50 index CFD fee $1.8 $1.9 $2.7 $1.6 $2.4
EURUSD benchmark fee $8.3 $6.3 $8.8 $17.3 $9.5
GBPUSD benchmark fee $6.0 $5.5 $8.5 $11.9 $8.4

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

IG non-trading fees
XTB City Index eToro IG XM
Account fee No No No No No
Inactivity fee Yes Yes Yes Yes Yes
Withdrawal fee $0 $0 $5 $0 $0

Open account More
74-89% of retail CFD accounts lose money

#4 IG
Account opening
4.4

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
IG minimum deposit and time to open an account
XTB City Index eToro IG XM
Minimum deposit $0 $100 $200 $0 $5
Time to open account 1 day 1 day 1 day 1-3 days 1 day

Open account More
74-89% of retail CFD accounts lose money

#4 IG
Deposit and withdrawal
4.5

IG offers free and fast deposits and withdrawals. There are various options for funding your account, including traditional methods such as bank wire transfer and credit card funding, as well as PayPal.
Pros Cons
Credit/Debit card available None
Free withdrawal
No deposit fee
IG withdrawal fee and options
XTB City Index eToro IG XM
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No Yes Yes Yes Yes
Electronic wallets No Yes Yes Yes Yes
Withdrawal fee $0 $0 $5 $0 $0

Open account More
74-89% of retail CFD accounts lose money

#4 IG
Markets and products
4.0

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 stocks. Other popular assets, however, like mutual funds and bonds, are not available.
IG CFD markets
XTB City Index eToro IG XM
Currency pairs (#) 49 84 47 205 57
Stock index CFDs (#) 42 22 13 78 28
Stock CFDs (#) 1,800 4,500 2,000 10,500 1,240
ETF CFDs (#) 114 690 145 1,900 -
Commodity CFDs (#) 22 29 14 47 15
Bond CFDs (#) - 12 - 13 -
Cryptos (#) 25 6 16 8 -
IG product selection, besides CFDs
XTB City Index eToro IG XM
Stock Yes No Yes Yes Yes
ETF Yes No Yes Yes No
Forex Yes Yes Yes Yes Yes
Fund No No No No No
Bond No No No No No
Options No No No Yes No
Futures No No No No No
Crypto Yes Yes Yes Yes No

Open account More
74-89% of retail CFD accounts lose money

#4 IG
Web trading platform
5.0

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
Best CFD brokers - IG trading platform
IG trading platforms
XTB City Index eToro IG XM
Web platform score 4.4 stars 4.3 stars 4.4 stars 5.0 stars 2.8 stars
Mobile platform score 4.4 stars 4.3 stars 4.9 stars 5.0 stars 3.8 stars
Desktop platform score 4.4 stars 3.0 stars - - 3.4 stars
Can you set leverage manually? No No Yes No No

Open account More
74-89% of retail CFD accounts lose money

#4 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 has tested. The deposit and withdrawal conditions are great. You can also expand your knowledge with great educational materials.

On the other hand, there are some drawbacks. The forex and stock CFD fees are high and the product portfolio in most countries is limited to forex, CFDs and options. Customer support could be better.

Feel free to test IG's first-class trading platform, since there is no minimum funding amount for bank transfers and you can also easily open a demo account. 

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 2.7 stars
Recommended for Traders of any experience level looking for an easy-to-use trading platform

Open account More
74-89% of retail CFD accounts lose money

XM Logo

#5 Best CFD broker
XM

4.4

XM is an online broker whose parent company is Trading Point Holding, a global CFD and FX broker founded in 2009. Trading Point Holding has two brands, XM and Trading.com.

XM is available globally and is regulated by three financial authorities: the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the International Financial Services Commission of Belize (IFSC).

Trading.com is available only for most EEA residents and is regulated by the UK's Financial Conduct Authority (FCA).

In this review, we will focus on the XM brand.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.55% 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 who prefer metatrader platforms and seek great account opening

Pros Cons
Low CFD and withdrawal fees Limited product portfolio
Easy and fast account opening Average forex fees
Great educational tools No investor protection for non-EU clients

Open account
75.55% of retail CFD accounts lose money

#5 XM
Fees
3.5

XM has low trading fees for CFDs and charges no withdrawal fee. On the other hand, forex fees are only average, and there is a fee for inactivity.
Pros Cons
No withdrawal fee Inactivity fee
Low CFD fees Average FX fees
XM trading fees
XTB City Index eToro IG XM
S&P 500 index CFD fee $1.4 $1.2 $1.5 $1.2 $1.6
Europe 50 index CFD fee $1.8 $1.9 $2.7 $1.6 $2.4
EURUSD benchmark fee $8.3 $6.3 $8.8 $17.3 $9.5
GBPUSD benchmark fee $6.0 $5.5 $8.5 $11.9 $8.4

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

XM non-trading fees
XTB City Index eToro IG XM
Account fee No No No No No
Inactivity fee Yes Yes Yes Yes Yes
Withdrawal fee $0 $0 $5 $0 $0

Open account More
75.55% of retail CFD accounts lose money

#5 XM
Account opening
5.0

XM account opening is hassle-free and straightforward. You may be able to trade on your account already on the same day.
Pros Cons
Fast None
Fully digital
Low minimum deposit
XM minimum deposit and time to open an account
XTB City Index eToro IG XM
Minimum deposit $0 $100 $200 $0 $5
Time to open account 1 day 1 day 1 day 1-3 days 1 day

Open account More
75.55% of retail CFD accounts lose money

#5 XM
Deposit and withdrawal
5.0

XM's deposit and withdrawal processes are fast and inexpensive, and offer you several options.
Pros Cons
Credit/Debit card available None
Several account base currencies
Free wire withdrawal above $200
XM withdrawal fee and options
XTB City Index eToro IG XM
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No Yes Yes Yes Yes
Electronic wallets No Yes Yes Yes Yes
Withdrawal fee $0 $0 $5 $0 $0

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75.55% of retail CFD accounts lose money

#5 XM
Markets and products
2.5

XM provides CFDs and forex for all clients, while real stocks are available only for clients opening their accounts under the IFSC-regulated entity. Popular asset classes, like real ETFs, bonds or options are missing.
XM CFD markets
XTB City Index eToro IG XM
Currency pairs (#) 49 84 47 205 57
Stock index CFDs (#) 42 22 13 78 28
Stock CFDs (#) 1,800 4,500 2,000 10,500 1,240
ETF CFDs (#) 114 690 145 1,900 -
Commodity CFDs (#) 22 29 14 47 15
Bond CFDs (#) - 12 - 13 -
Cryptos (#) 25 6 16 8 -
XM product selection, besides CFDs
XTB City Index eToro IG XM
Stock Yes No Yes Yes Yes
ETF Yes No Yes Yes No
Forex Yes Yes Yes Yes Yes
Fund No No No No No
Bond No No No No No
Options No No No Yes No
Futures No No No No No
Crypto Yes Yes Yes Yes No

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75.55% of retail CFD accounts lose money

#5 XM
Web trading platform
2.8

XM's web trading platform 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 two-step (safer) login
Good customizability (for charts, workspace) No price alerts
Order confirmation Poor design
Best CFD brokers - XM trading platform
XM trading platforms
XTB City Index eToro IG XM
Web platform score 4.4 stars 4.3 stars 4.4 stars 5.0 stars 2.8 stars
Mobile platform score 4.4 stars 4.3 stars 4.9 stars 5.0 stars 3.8 stars
Desktop platform score 4.4 stars 3.0 stars - - 3.4 stars
Can you set leverage manually? No No Yes No No

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75.55% of retail CFD accounts lose money

#5 XM
Verdict

XM is regulated by several authorities globally, including the top-tier ASIC.

On the plus side, we liked the low CFD and withdrawal fees. The account opening process is seamless and hassle-free. There is a wide range of educational tools of great quality.

XM has some drawbacks though. Its product range is limited to FX and CFDs. Its forex fees are average, and non-EU customers are not covered by any investor protection.

We recommend XM for those who are interested in CFD and forex trading and prefer 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 3.5 stars
Recommended for Forex and CFD traders who prefer MetaTrader platforms and seek great account opening

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75.55% of retail CFD accounts lose money

Best CFD brokers
What makes a good CFD broker?

Trading with CFDs became widely popular over the past decade. Keeping your eyes on important criteria like fees or the number of CFDs offered can help find the best CFD broker for you.

When we selected the best CFD broker in 2020, we ranked brokers focusing on CFDs along close to 300 criteria. Not to overwhelm you with all of them, below we list just the five most important criteria.

5 most important criteria for the best CFD brokers in 2020
1. Fee structure: The overall cost of a typical CFD trade can be 10-15 times higher at one CFD broker than at another. So it’s worth checking their fees.
2. Account opening: Some brokers require a minimum deposit, while others don't. Check what the conditions are at the best CFD brokers.
3. Deposit and withdrawal: Transferring money to your account can be 5 times slower and more expensive from one CFD broker to another.
4. Web trading platform: A user-friendly and well-equipped trading platform can significantly increase your trading comfort.
5. Products and markets: Do you want to trade with Amazon or Bitcoin CFDs? 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 at the top of your mind when you’re looking for the best CFD broker. Let's see how we compared the fees of the various CFD brokers.

It is tough to compare CFD broker fees, but we are here to help. You need to look at two fee categories: trading-related fees and non-trading fees.

Trading-related fees

With regards to trading-related fees, brokers can charge commissions, spreads and overnight fees. To make your life easier we calculated all fees based on real-life scenarios so you can make a simple comparison. We took the following products:

  • 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. We calculated with S&P 500 and EU 50 positions of $2,000, while we took the forex positions in the value of $20,000. These real-life assumptions make CFD fees comparable.

Compare more fees

Best CFD brokers
CFD brokers explained

CFDs are derivatives, with a wide range of products easily available to trade. However, it is a leveraged product, which means that it is quite risky.

CFDs are derivatives: you bet on price movements

With CFDs, you can gamble on whether the price of an asset 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. In comparison, at a CFD broker you can instead bet directly on the stock price going up. However, CFDs are much like knives: they can be very useful, but if you have no idea how to use one, you can easily hurt 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. For example, if you want to trade with Turkish stocks, you can do so via CFDs, which might not be possible with an online stockbroker. It is easier for a broker to provide a CFD than to have access to the Turkish stock exchange.
  • 2. The second advantage is leverage. The potential returns on your bet will be much bigger than with buying the actual stock. But this naturally also carries greater risk, therefore we recommend that you fully understand leverage before you invest.
  • 3. Lastly, CFDs are an easy way to have short positions. This is indeed a big plus.

To better understand these advantages better, educate yourself by reading our 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 kind of risk, which you need to understand before trading CFDs.

Let's say Bob owns Siemens stock, while Janet has an open long Siemens CFD position, both of them with the broker “Bust Brokers.” The worst happens, and Bust Brokers goes bust. Bob's Siemens stock is in custody with his custody service provider, meaning sooner or later he will be able to access it again. However, Janet did not own any stock but was in a long CFD position, therefore she will be compensated only up to the investor protection scheme of the broker’s country. In most cases, this is a maximum of €20,000.

Best CFD brokers
CFD regulations and security

The European Securities and Markets Authority (ESMA) has published a 2018 regulation relating to CFDs and binary options. These new measures clearly show how the European regulators wish to secure retail investors from the gloomy side of the European retail brokerage industry.

Based on ESMA's research, around 74-89% of investors were losing money on their CFD investments, and in many cases not purely out of their own fault. One core problem is that the dealing desk brokers were making a profit when their clients lose money. If you don't know what this model looks like, this Financemagnates article explains it very well. Another problem was the aggressive and unbridled marketing of deposit bonuses, cheap prices and messages that promised easy ways of getting rich.

The ESMA regulation is aimed at helping to reduce the proportion of accounts suffering losses. Here are the measures proposed by the regulation and their explanations:

  • Limiting leverage: it was not uncommon to be able to open a position with 400:1 leverage, the possible maximum leverage will be limited to 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, do the stricter regulations mean that trading CFDs will become a nothing but a bedtime story we tell our kids? On the one hand, retail investors will be protected from losing more than they invest. On the other hand, canny investors won't be able to multiply their profits by using high leverage. Altogether, we think CFDs will remain popular despite the new regulations as trading will become safer and more transparent.

Being part of a banking group or listed on an exchange should be your primary compass for finding the best CFD brokerss

It's time to discuss how to make a well-informed 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 shareholders and other stakeholders. No wonder that only a small portion of retail brokers decide to give up money in exchange transparency.
  • Banks are indisputably crucial building blocks of any economy. Strict capital requirements, regulations and transparency are a must. Therefore any broker backed by a bank can be considered more reliable than the ones that aren't.

For more help on these points, check out ourcomparison table for online brokers.

Compare protection amounts

Best CFD brokers
Bottom line

You've seen the details, now let's zoom out. Here are the best CFD brokers in 2020 for citizens in Taiwan

Best CFD brokers in 2020 for Taiwanese citizens
XTB City Index eToro IG XM
Overall score 4.6 4.6 4.7 4.5 4.4
Fees score 3.7 stars 3.8 stars 4.3 stars 2.7 stars 3.5 stars
Account opening score 5.0 stars 5.0 stars 5.0 stars 4.4 stars 5.0 stars
Deposit and withdrawal score 4.5 stars 4.3 stars 3.5 stars 4.5 stars 5.0 stars
Markets and products score 2.8 stars 2.0 stars 3.8 stars 4.0 stars 2.5 stars
Web platform score 4.4 stars 4.3 stars 4.4 stars 5.0 stars 2.8 stars
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82% of retail CFD accounts lose money
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75% of retail CFD accounts lose money
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Your capital is at risk
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74-89% of retail CFD accounts lose money
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75.55% of retail CFD accounts lose money

XTB is our winner, the best CFD broker for Taiwanese citizens in 2020. Low forex fees. Free and fast deposit and withdrawal. Easy and fast account opening.

All five top brokers are great choices. However, 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.

Author of this article

Gergely Korpos

Author of this article

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Gergely Korpos

Co-founder, CPO

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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82% of retail CFD accounts lose money
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74-89% of retail CFD accounts lose money
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