Best CFD brokers in Uruguay in 2021

To help you find the best CFD broker in Uruguay for 2021, we went ahead and did the research for you. First, we selected 98 quality online brokers, then we checked and compared their CFD fees, product selection, deposit and withdrawal options, trading platforms and more. We dug deep so you don't have to. 5 brokers made it to the top in Uruguay. We strongly recommend all 5 to you. And now, without further ado...

Our top 5 picks for the best CFD brokers of 2021 for citizens in Uruguay:

1. XTB is the best CFD broker in Uruguay in 2021. Low forex CFD fees, commission-free stocks/ETFs for some. Free and fast deposit and withdrawal. Easy and fast account opening.
2. City Index takes the second place. Low fees for forex. Fast and smooth account opening. Diverse research tools.
3. eToro rounds out the top three. Free stock and ETF trading. Seamless account opening. Social trading.
4. ActivTrades, is ranked fourth. Low trading fees. Excellent account opening. Free deposit and withdrawal.
5. Spreadex. Just made it to the list by moving to the fifth spot. Low forex fees. Good web platform. Helpful customer service.

What makes a good CFD broker? First of all, fair fees. They should provide access to lots of products as well as easy account opening and depositing. Having a great trading platform is also a strong plus for a good CFD broker.

Easy to list, but hard to figure out. We are testing brokers based on more than 300 criteria with real accounts and real money. We know what's going on. 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 that kind of risks. 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 the name of 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 Uruguayan citizens in 2021 one by one. Starting with the winner, XTB.

XTB is a global CFD 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 regularly 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. 73% 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

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73% of retail CFD accounts lose money

#1 XTB
Fees

4.3

Forex fees are low, in many cases there's no withdrawal fee, and some clients are eligible for free stock and ETF trading. However, stock CFD fees are high there's an inactivity fee.

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

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73% of retail CFD accounts lose money

#1 XTB
Markets and products

3.3

XTB's default selection includes only CFDs. Some European clients can also trade real stocks and ETFs. Popular assets like bonds, mutual funds, options or futures are not available.

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73% 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.

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73% 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.

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73% of retail CFD accounts lose money

#1 XTB
Web trading platform

4.4

XTB's xStation 5 platform is user-friendly, customizable and has a good search function. On the other hand, two-step login is not available.

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73% of retail CFD accounts lose money

#1 XTB
Verdict

XTB is a great CFD 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, XTB's forex CFD fees are low, while many European clients can enjoy commission-free stock and ETF trading up to a €100,000 monthly trade volume. We also liked that the deposit and withdrawal process is fast and mostly free. The account opening process is seamless, hassle-free and quick.

XTB has some drawbacks, though. Stock CFD fees are high. The product range is mainly limited to CFDs, although real stock and ETF trading is 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.

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73% of retail CFD accounts lose money

City Index is a global CFD and FX broker founded in 1983. City Index is the trading brand of StoneX Financial Ltd., whose parent company StoneX Group Inc. is listed on the NASDAQ 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, it 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. 70% 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

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70% of retail CFD accounts lose money

#2 City Index
Fees

3.9

City Index has low fees for forex trading and there is no withdrawal fee. On the other hand, stock CFD fees are high and an inactivity fee kicks in after one year.

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

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70% of retail CFD accounts lose money

#2 City Index
Markets and products

2.0

At City Index, you can only trade CFDs, forex and cryptos. Other popular asset classes, like real stocks or funds, are not available.

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70% 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. It took one day for us to get the account approved.

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70% 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.

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70% 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.

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70% 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 required minimum balance, no withdrawal fee, and an inactivity fee only kicks in after one year, feel free to try City Index.

Below you can find links to all aspects of City Index in this comprehensive collection.

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70% of retail CFD accounts lose money

eToro review summary

eToro is a well-known Israeli fintech company and 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 website and does not have a bank parent.

Being regulated by the top-tier FCA and ASIC is a good sign for eToro's safety.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% 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.

Our overall eToro rating

Compare this broker to the best eToro alternative. 

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

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#3 eToro
Fees

4.3

eToro offers free stock and ETF trading, while forex and CFD fees are low. On the negative side, non-trading fees are high, including a $5 withdrawal fee.

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

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#3 eToro
Markets and products

4.3

At eToro, you can trade CFDs and forex, as well as real stocks, ETFs and many cryptos. Innovative services like social trading and Smart Portfolios are also available.

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Your capital is at risk

#3 eToro
Account opening

5.0

Account opening at eToro is seamless and very fast, and the minimum deposit is relatively low for most countries.

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#3 eToro
Deposit and withdrawal

3.9

Depositing money is easy, with a lot of available options, although there is a $5 withdrawal fee. As only USD accounts are available, you may pay a high conversion fee if you deposit or withdraw in another currency, like EUR or GBP.

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#3 eToro
Web trading platform

4.4

eToro offers a user-friendly and well-designed web trading platform, where social trading is also available. On the other hand, the platform's customizability is limited.

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#3 eToro
Verdict

How does eToro work? eToro offers zero-commission stock trading. The account opening is swift and seamless. It has a lot of innovative features, like social trading and copying other (successful) traders. Furthermore, eToro offers many cryptos to trade.

It has some drawbacks, though. There is a $5 withdrawal fee and eToro only allows USD accounts, which means that conversion costs on deposits and withdrawals can be high if your funding currency is not USD. It's difficult to contact customer support and their educational materials could be better.

So is eToro good? Overall, we would recommend eToro for its social trading feature, crypto offering and zero-commission stock trading. If you are a long-term stock investor, a traditional stockbroker might make more sense to you as some of the drawbacks of eToro (like not applying reduced withholding tax on US dividends) might outweigh the benefits of free trading.

Risk disclaimer

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

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% 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.

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.

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ActivTrades is a global forex broker founded in 2001. It is regulated by the UK's Financial Conduct Authority (FCA) and Commission de Surveillance du Secteur Financier (CSSF)

ActivTrades is considered safe because it has a long track record and it is regulated by the FCA, a top-tier financial authority.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% 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 conditions

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65% of retail CFD accounts lose money

#4 ActivTrades
Fees

4.5

ActivTrades has low trading fees and average non-trading fees. As a plus, it charges no deposit and withdrawal fees in most cases.

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

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65% of retail CFD accounts lose money

#4 ActivTrades
Markets and products

1.5

At ActivTrades, you can only trade forex and other CFDs. Other popular asset classes such as real stocks, bonds, mutual funds or options are not available.

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65% of retail CFD accounts lose money

#4 ActivTrades
Account opening

5.0

Account opening at ActivTrades is seamless and fully digital, taking just a few minutes to complete and verified within one business day.

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65% of retail CFD accounts lose money

#4 ActivTrades
Deposit and withdrawal

4.5

ActivTrades offers free deposit and withdrawal options, including bank transfer, credit card and various e-wallets. On the negative side, minor currencies are not accepted.

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65% of retail CFD accounts lose money

#4 ActivTrades
Web trading platform

4.4

ActivTrades has its own web trading platform called ActivTrader. It's highly customizable, multilingual and has a clear fee report On the other hand, there are no price alerts.

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65% of retail CFD accounts lose money

#4 ActivTrades
Verdict

All in all, ActivTrades is a good CFD/forex broker.

ActivTrades has low trading fees. The account opening is excellent and the deposits and withdrawals are free.

On the downside, its product portfolio is limited to just a few products, as it offers mainly CFDs and forex instruments. Research tools are basic, and there are no trading ideas or fundamental data. There is an inactivity fee.

As trading fees are low and your account will be ready quickly, we encourage you to try ActivTrades.

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65% of retail CFD accounts lose money

Spreadex is a global CFD and forex broker founded in 1999. It is regulated by the top-tier UK Financial Conduct Authority (FCA). The company also operates a separate sports betting service.

Spreadex is considered safe because it has a long track record and is regulated by a top-tier financial authority.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63% 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 spread, forex and cfd traders looking for low fees and great deposit/withdrawal options

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63% of retail CFD accounts lose money

#5 Spreadex
Fees

4.3

Spreadex has low forex fees and low stock CFD fees, and it charges no inactivity fee.

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

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63% of retail CFD accounts lose money

#5 Spreadex
Markets and products

1.7

At Spreadex you can only trade forex, CFDs, and spread betting. Popular asset classes such as real stocks, ETFs, or bonds are missing.

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63% of retail CFD accounts lose money

#5 Spreadex
Account opening

4.4

Opening an account at Spreadex is easy and straightforward, and involves no minimum deposit. However, account verification was a bit slow, taking us 2-3 business days.

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63% of retail CFD accounts lose money

#5 Spreadex
Deposit and withdrawal

4.3

Deposit and withdrawal, via bank transfer or credit/debit cards, are quick and mostly free. However, the account currency selection is rather average.

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63% of retail CFD accounts lose money

#5 Spreadex
Web trading platform

4.5

The Spreadex trading platform is user-friendly, with a good search function, clear reports and guaranteed stop orders. However, it lacks a two-step login and is available only in English.

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63% of retail CFD accounts lose money

#5 Spreadex
Verdict

Spreadex is a forex and CFD broker regulated by the top-tier UK FCA.

Spreadex has low forex fees; it offers a good web trading platform; and any problems or enquiries are taken care of by its helpful and fast customer service.

On the flip side, Spreadex's product portfolio is limited to forex and CFDs, meaning that popular asset classes such as real stocks or mutual funds are missing. In addition, there is no desktop platform, while the quality and quantity of research tools and education materials is quite poor.

As Spreadex has a user-friendly web platform and requires no minimum deposit, we encourage you to give it a try.

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63% of retail CFD accounts lose money

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

In 2021, we ranked CFD brokers based on more than 300 criteria. We list below only the five most important criteria to make sure you don't get overwhelmed.

Fees, fees and fees. We bet fees are always on 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 not easy to compare CFD broker fees, but we are here to help. There are two categories: trading-related fees and non-trading fees.

Trading-related fees

As 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 looked at the following products:

• Stock index - S&P 500 index CFD and Europe 50 index CFD
• Stock - Apple CFD and Vodafone CFD
• Forex - EURUSD and GBPUSD

Our assumptions included opening a position, holding it for a week, and then closing it. We calculated with the following positions: $2,000 for stock index and stock CFDs and a $20,000 forex position. These real-life assumptions make CFD fees comparable.

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CFDs are derivatives, where you can make bets on the price movement of a wide range of products. 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 bet on whether the price of an asset will go up or down, without buying the underlying asset. Let's say you want to profit from the Microsoft stock price going up. At an online stockbroker, you would simply 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 them, you can easily hurt yourself.

CFDs are an easy way to reach a lot of markets with leverage

Why would this be interesting for you? Well, CFDs have three big advantages:

• 1. You can make bets on all kinds of products. 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 return on your bet will be much bigger than with owning the actual stock. But this certainly carries greater risks, so you should 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, 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 “Bust Brokers.” The worst happens, and Bust Brokers goes bust. Bob's Siemens stock is in custody with his custody service provider. This means that sooner or later he will be able to access it again. However, Janet did not own any stock, only 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.

The regulation of CFDs changed significantly in the last few years. One of the most significant changes were the measures European Securities and Markets Authority (ESMA) published back in 2018. Most recently the Australian regulator followed ESMA's direction and introduced similar regulations for brokers operating in Australia. These measures clearly show how regulators globally aim to protect retail investors from the dark side of the retail brokerage industry.

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

The new ESMA and ASIC regulation is aimed at lowering the proportion of accounts suffering losses. Here are the measures with their explanations:

• Limiting leverage: it was not uncommon to be able to open a position with 400:1 leverage. The possible maximum leverage is now 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 one or more of your positions.
• Negative balance protection: you cannot lose more money than you invested.
• Restrictions on marketing and incentive tools: instead of promoting CFD trading by get-rich-quick, promises, brokers have to clearly show what percentage of their customers are losing money.

To sum it up, do the stricter regulations mean that trading CFDs will become nothing but a bedtime story we tell our kids? On the one hand, retail investors are now protected from losing more than they invest. On the other, canny investors won't be able to multiply their profits by using high leverage. All in all, we think CFDs will remain popular despite the new regulations as trading becomes safer and more transparent.

You should be aware that investor protection regulation is different in every jurisdiction. You should always check the relevant rules.

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 for transparency.
• Banks are the 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

You've seen the details, now let's zoom out. here are once again the best CFD brokers in 2021 for citizens in Uruguay:

XTB is our winner, the best CFD broker for Uruguayan citizens in 2021. Low forex CFD fees, commission-free stocks/ETFs for some. Free and fast deposit and withdrawal. Easy and fast account opening.

All the 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.