Best Managed Forex Accounts

Trading is a difficult job, especially in markets that are open around the clock like forex. Paying attention to stocks is hard enough, and they only trade between 9:30 a.m. and 4 p.m. But currency markets can still be accessible to individuals short on time, and a managed account can offload the work to an expert.

Managed Let's take a look at the best managed forex accounts.

Quick Look: Best Managed Forex Accounts

• Best for Those Already With an Advisor: Interactive Brokers
• Best for Social Traders: AvaTrade
• Best for MetaTrader Users: Pepperstone 
• Best for Copy Traders: eToro
• Best for Research and Education: Dukascopy

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Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% to 76% 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. The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account

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Best Managed Forex Accounts

Looking to open a managed forex account? Here are top FX brokers to consider when a managed forex account.

1. Best for Those Already With an Advisor: Interactive Brokers

Interactive Brokers has been providing trading and investment services to clients all over the globe for nearly half a century. Regulated in the U.S., Interactive Brokers allows users to access domestic and international markets, trade complex securities and derivatives and design their own APIs for automated trading systems. And while it doesn’t have copy trading or percentage allocation money management (PAMM) services, it does allow financial managers to open accounts and trade on behalf of clients.

• Type of Service: Interactive advisory services
• Minimum Investment: No minimum for cash accounts; $2,000 for margin accounts
• Management Fees: Varied
• Regulated in: U.S. (SEC), U.K. (FCA), Canada (IIROC)
• Accepting U.S. Clients: Yes

2. Best for Social Traders: AvaTrade

AvaTrade is a trading account offering forex, cryptocurrency and contract for difference (CFD) trading. Clients can trade CFDs based on stocks, indices, commodities and bonds. But if you’re looking for a managed account, consider AvaSocial, a broad network of traders where clients can link their accounts to certain profiles and automate their strategy. Clients can also use popular copy trading products ZuluTrade and DupliTrade. AvaTrade supports MetaTrader 4 and 5 but also has its own WebTrader platform.

• Type of Service: Social trading and copy trading
• Minimum Investment: Credit cards have a minimum of 100 in the currency of choice; $5,000 min for DupliTrade.
• Management Fees: Varied based on application
• Regulated in: European Union, Australia, Japan, South Africa, Israel, Middle East
• Accepting U.S. Clients: No

3. Best for MetaTrader Users: Pepperstone

Pepperstone is an Australian-based broker known for its access to a variety of platforms, including MetaTrader 4 and 5, cTrader and TradingView. Pepperstone has four options for social traders: Signal Start, MetaTrader Signals, Copy Trading by Peppersone, and DupliTrade. Spreads vary depending on your account type, but fees are minimal across the board and there’s no minimum to open an account.

• Type of Service: Social trading
• Minimum Investment: No minimum to use Signal Start or Copy Trading by Pepperstone
• Management Fees: Variable
• Regulated in: Regulated in 3 Tier-1 jurisdictions, 2 Tier-2 jurisdiction and 2 Tier-3 jurisdiction
• Accepting U.S. Clients: No

4. Best for Copy Traders: eToro 

eToro is the world’s largest social trading and copy trading platform, with over 20 million users worldwide. This broker offers managed forex trading accounts as well as managed accounts in various asset classes, including CFDs on commodities, forex, and indices, along with real cryptocurrency and stocks. eToro has a robust copy trading service that comes with no additional fee.

• Type of Service: Copy trading
• Minimum Investment: $10
• Management Fees: 1% fee on cryptocurrency trades; no fees for copy trading 
• Regulated in: U.S., U.K., Cyprus, Israel, Australia 
• Accepting U.S. Clients: No

5. Best for Research and Education: Dukascopy

Dukascopy is a Swiss financial services company offering a wide range of products from banking to CFDs to managed forex accounts. Dukascopy uses PAMM, which allows clients to devote different percentages of their portfolios to specific traders for copy trading. The firm also has a deep library of research and education materials for novice traders looking to learn about currency trading with market updates and news.

• Type of Service: Copy trading and wealth management services
• Minimum Investment: $1,000
• Management Fees: No management fee; $5 commission per $1 million of volume traded
• Regulated in: Switzerland, Latvia, Hong Kong, Japan
• Accepting U.S. Clients: No

What is a Managed Forex Account?

A managed forex account is one where the owner outsources trading decisions to a third party, often a more experienced trader with a solid history in the market. Managed forex accounts can be set to copy all trades by other investors through linking, or the account owner can divvy up portions of their portfolio to different traders for strategic diversity.

Who Managed Forex Accounts Are Best for

If you fit any of the criteria below, you may want to consider a managed forex account:

• Busy individuals who can’t watch the market: Forex markets operate 24 hours per day during the week, and that’s far too much time for most individuals to study the market. If you have a demanding career or family obligations, a managed forex account lets you outsource some (or most) of the work.
• People who prefer to let someone else do the trading: Maybe it's not the time but the experience that worries you. Are you a novice in the currency markets and want to learn from an expert first?  A managed account will provide you with a trading history to study for a deeper understanding.
• You don’t have the psychological makeup of a trader: Trading isn’t for everyone. Money tends to make people emotional, and the last thing you want is to become overly aggressive when trading. A managed forex account will remove emotion from the equation and allow you to focus your energy elsewhere.
• Anyone who wants to plan for the future: A managed account provides access to different types of experts and can provide a basis for forex market education. If you have long-term plans in currency markets, why not take some time to learn different techniques from experienced traders?

Who Doesn’t Need a Managed Forex Account

Managed accounts aren’t for everyone. The following factors might be dealbreakers for you.

• You want complete control of your trading and finances: A managed account requires you to let go of control of your capital. Sure, you can change your parameters and follow new traders, but you must be comfortable with others handling your money.
• You lack enough risk capital: A managed account often requires a decent amount of initial capital to earn profits. Many brokers on this list have zero account minimums, but sophisticated trading practices will likely require a few thousand dollars minimum.
• You want to make quick cash: Forex trading takes time, and the best traders aren’t making reckless decisions. Managed forex accounts are meant to increase wealth slowly over time, not create new millionaires overnight.
• You don’t want to go through the process required for opening a managed forex account: Perhaps you want to keep things simple, skip the extra paperwork and open a standard forex trading account. You can still find different traders to imitate, although you won’t be able to automate your trading.

Things to Consider with Managed Forex Accounts

Before making a decision on a managed forex trading account, make sure to ask questions about the following:

The Forex Broker

Is the broker regulated in the proper jurisdictions? Does it have a reputation for squashing scams and malicious community members? Always research a few different forex brokers and select the one that best fits your needs.

Minimum Investment Required

How much capital do you need to start with a specific copy trading of managed investment service? Make sure you have the funds to maintain your account successfully.

Allocation Methods

How are your funds managed? Does your account mimic a single trader, or are PAMM techniques offered? Understand how your account can be split before signing up and making a deposit.

Managed Forex Accounts Still Require Owner Participation

A managed forex account can be useful, but it’s not a set-it-and-forget-it tool for forex trading. Clients still need to watch their managed accounts for changes in market trends and fluctuating capital. Don’t ignore your account just because someone else is handling the trading. If your strategy falls out of line with your long-term goals, you’ll want to adjust sooner rather than later.

Frequently Asked Questions