Top Forex Brokers Offering Account Management Services
Best brokers for US traders
eToro US - Best Overall in the US
Managed account alternative. Easy-to-use copy trading platform. Smart Portfolios also available
Best brokers for international traders
FP Markets - Best Overall
PAMM & MAM accounts, copy trading platform all available. Unlimited number of sub-accounts. Multiple trade allocation methods.
AvaTrade - Best for Copy Trading
Multiple copy trading platforms. DupliTrade, AvaSocial, Capitalise AI, ZuluTrade. Advanced statistical data to research the best traders.
FxPro - Best for MAM/PAMM Accounts
Set your own fees. Earn rebates. Multiple trade asset allocation methods. High level of execution transparency.
Tickmill - Best for Trading Tools
MAM account technology works with MT4. Unlimited sub-accounts. Multiple allocation methods are available. Algo trading allowed.
IC Markets - Best Low Spreads
Zero spread, low fees. cTrader, MT4, MT5, Autochartist. IC Social service.
Forex Managed Accounts: Definition and Benefits
A Forex Managed Account is a specialized service where a professional trader or a money manager is authorized to trade on behalf of a client, usually for a fee. This setup offers investors a chance to enhance their capital while providing traders an additional source of income through performance or management fees.
Products designed for managed Forex accounts, such as MAM (Multi-Account Manager) and PAMM (Percentage Allocation Management Module), facilitate these transactions. For those seeking simpler options, copy trading accounts serve as a basic alternative.
How did FX Empire select their forex account management options?
Edge-Forex methodology at a Glance
12
Years of industry expertise
80
Brokers tested this year
50
Hours for each broker review
250
fectors thoroughly tested for each broker
4
skilled broker analysts
17
Years average analyst experience
- Verified that each broker provides MAM and PAMM account technologies for professional money management.
- Identified brokers with access to copy trading and social trading platforms, suitable for those who prefer to follow successful traders.
- Ensured all brokers maintain a high level of regulatory compliance and safety, vital for investor trust.
- Opened live accounts to evaluate the service quality and customer support offered to fund managers and investors.
- Selected brokers that offer effective trade allocation methods, such as percentage and lot allocation among investors.
- Reviewed the live spreads for forex and other markets to find brokers that offer competitive trading fees.
- Assessed the overall user experience to ensure ease of use and accessibility in managing investments.
- Examined additional features and tools provided by brokers that enhance trading efficiency and potential returns.
Top Pick
FP Markets
Min Deposit $100
Tradable Instruments 8977
Fees Low
Founded in 2005, FP Markets is regulated by well-known regulators ASIC and CySEC, but has one unregulated entity, as well. The broker is considered to be the best overall provider for forex managed accounts as they offer a wide range of solutions for professional money managers who want to trade investor capital, as well as solutions for those interested in social trading who want to copy other successful traders.
Key Features:
- Offers MAM account technology via FP Markets Money Manager Program
- Money Manager Program available on MT4. Copy trading available on MT4 and MT5
- MAM account allocation method includes lot allocation. PAMM account allocation includes profit and loss allocation
- Set your own performance fees on MAM accounts
- Unlimited number of investor accounts
- Minimum investment for PAMM account: 20,000 USD
Professional money managers are offered MAM and PAMM technology to manage investors’ accounts. The portfolio manager controls the master account with investor accounts known as sub-accounts. With FP Markets you can have an unlimited number of investor accounts.
I’ve explored a range of trade allocation methods for portfolio managers and found them quite varied and effective. This includes per cent risk allocation and lot allocation. In my hands-on experience, another noteworthy feature is the ability of money managers to trade via an ECN (Electronic Communications Network). This network brings the advantage of deep liquidity and much tighter spreads, which I’ve observed to be greatly beneficial.
I also found that FP Markets provides another route for managing capital and that is through copy trading via the MT4, MT5 and cTrader platforms. You can choose to be a provider (a money manager) or a copier. For copiers, FP Markets presents a rating page that displays the performance of various traders, enabling you to select a provider to follow. Their trades will then be automatically traded on your own account.
Whether choosing the FP Markets Money Manager Program or the social trading service for providers and copiers there are tons of features available for all types of traders.
Pros
- Some entities are CySEC and ASIC regulated.
- MAM and PAMM technology with unlimited sub-accounts.
- Multiple trade allocation methods are offered.
- Social trading is available for those wanting to copy top traders.
- Low fees and fast ECN trade execution.
Cons
- Limited research content.
FP Markets Review
Ideal for Copy Trading
Ava Trade
Min Deposit $100
Tradable Instruments 853
Fees Medium
Founded in 2006, AvaTrade is regulated in six jurisdictions around the world. It offers a great range of copy trading platforms that make it easy for money managers to share trades and signals and earn from their followers. The platform also appeals to traders interested in copying the trades of other traders.
Key Features:
- Offers MAM account technology via AvaTrade Partner
- Copy trading available through AvaSocial, DupliTrade and ZuluTrade
- MAM accounts and copy trading available via MT4
- MAM accounts include 4 allocation methods: balance, lot, percentage and equity
- Set your own performance fees on MAM account
- Set your own performance fees on MAM account
- Minimum investment for MAM account: 5,000 USD
The platforms available for copy trading via AvaTrade include:
- AvaSocial. The AvaSocial trading app is offered in partnership with FCA-regulated Pelican Trading and is available on the Apple and Google Play Store. AvaSocial allows traders and followers to interact with each other and to automatically copy trades.
- DupliTrade. This user-friendly trading platform allows you to automatically copy the trades of other traders directly into your AvaTrade account, providing advanced performance statistics.
- ZuluTrade. An auto-trading platform that connects with AvaTrade and MetaTrader 4 through an API, allowing users to follow and copy other traders with a range of performance statistics available.
From testing of these platforms, I found AvaSocial to be the easiest to start with due to its app-based nature, enabling users to copy other successful traders in just a few clicks. However, DupliTrade offers a much more detailed analysis of a trader’s performance, which accounts for its higher minimum deposit requirement ($2,000). If you already trade on MT4, then ZuluTrade is a great option for you, as it simply plugs into the platform and requires a minimum deposit of only $/€/£200.
Each of these copy trading platforms enables you to follow other successful traders, become a strategy provider and attract followers. They also allow for the provision or performance of copy trading services across multiple asset classes, including forex, stocks, indices, commodities, and cryptocurrencies.
For professional money managers, AvaTrade also offers the MT4 Multi Account Management account. This means those authorised to manage client funds can trade multiple sub-accounts from just one master account.
The AvaTrade MT4 MAM account accommodates any trading style, with the capability to manage sub-groups for different trading strategies and multiple trade allocation methods, which includes percentage, balance, lot and equity.
Pros
- Copy trading platforms include AvaSocial, DupliTrade, and ZuluTrade.
- Access to advanced performance statistics for each provider.
- Provide or perform copy trading service on multiple asset classes.
- Access to MT4 MAM account.
Cons
High inactivity fee.
AvaTrade Review
Ideal for MAM/PAMM Accounts
Fx Pro
Min Deposit $100
Tradable Instruments 8977
Fees Low
Founded in 2005, FP Markets is regulated by well-known regulators ASIC and CySEC, but has one unregulated entity, as well. The broker is considered to be the best overall provider for forex managed accounts as they offer a wide range of solutions for professional money managers who want to trade investor capital, as well as solutions for those interested in social trading who want to copy other successful traders.
Key Features:
- Offers MAM account technology via FP Markets Money Manager Program
- Money Manager Program available on MT4. Copy trading available on MT4 and MT5
- MAM account allocation method includes lot allocation. PAMM account allocation includes profit and loss allocation
- Set your own performance fees on MAM accounts
- Unlimited number of investor accounts
- Minimum investment for PAMM account: 20,000 USD
Professional money managers are offered MAM and PAMM technology to manage investors’ accounts. The portfolio manager controls the master account with investor accounts known as sub-accounts. With FP Markets you can have an unlimited number of investor accounts.
I’ve explored a range of trade allocation methods for portfolio managers and found them quite varied and effective. This includes per cent risk allocation and lot allocation. In my hands-on experience, another noteworthy feature is the ability of money managers to trade via an ECN (Electronic Communications Network). This network brings the advantage of deep liquidity and much tighter spreads, which I’ve observed to be greatly beneficial.
I also found that FP Markets provides another route for managing capital and that is through copy trading via the MT4, MT5 and cTrader platforms. You can choose to be a provider (a money manager) or a copier. For copiers, FP Markets presents a rating page that displays the performance of various traders, enabling you to select a provider to follow. Their trades will then be automatically traded on your own account.
Whether choosing the FP Markets Money Manager Program or the social trading service for providers and copiers there are tons of features available for all types of traders.
Pros
- Some entities are CySEC and ASIC regulated.
- MAM and PAMM technology with unlimited sub-accounts.
- Multiple trade allocation methods are offered.
- Social trading is available for those wanting to copy top traders.
- Low fees and fast ECN trade execution.
Cons
- Limited research content.
Fx Pro Review
Ideal for Trading Tools
Tickmill
Min Deposit $100
Tradable Instruments 853
Fees Medium
Founded in 2005, FP Markets is regulated by well-known regulators ASIC and CySEC, but has one unregulated entity, as well. The broker is considered to be the best overall provider for forex managed accounts as they offer a wide range of solutions for professional money managers who want to trade investor capital, as well as solutions for those interested in social trading who want to copy other successful traders.
Key Features:
- Offers MAM account technology via FP Markets Money Manager Program
- Money Manager Program available on MT4. Copy trading available on MT4 and MT5
- MAM account allocation method includes lot allocation. PAMM account allocation includes profit and loss allocation
- Set your own performance fees on MAM accounts
- Unlimited number of investor accounts
- Minimum investment for PAMM account: 20,000 USD
Professional money managers are offered MAM and PAMM technology to manage investors’ accounts. The portfolio manager controls the master account with investor accounts known as sub-accounts. With FP Markets you can have an unlimited number of investor accounts.
I’ve explored a range of trade allocation methods for portfolio managers and found them quite varied and effective. This includes per cent risk allocation and lot allocation. In my hands-on experience, another noteworthy feature is the ability of money managers to trade via an ECN (Electronic Communications Network). This network brings the advantage of deep liquidity and much tighter spreads, which I’ve observed to be greatly beneficial.
I also found that FP Markets provides another route for managing capital and that is through copy trading via the MT4, MT5 and cTrader platforms. You can choose to be a provider (a money manager) or a copier. For copiers, FP Markets presents a rating page that displays the performance of various traders, enabling you to select a provider to follow. Their trades will then be automatically traded on your own account.
Whether choosing the FP Markets Money Manager Program or the social trading service for providers and copiers there are tons of features available for all types of traders.
Pros
- Some entities are CySEC and ASIC regulated.
- MAM and PAMM technology with unlimited sub-accounts.
- Multiple trade allocation methods are offered.
- Social trading is available for those wanting to copy top traders.
- Low fees and fast ECN trade execution.
Cons
- Limited research content.
Tickmill Review
Ideal Low Spreads
IC Markets
Min Deposit $100
Tradable Instruments 8977
Fees Low
Founded in 2005, FP Markets is regulated by well-known regulators ASIC and CySEC, but has one unregulated entity, as well. The broker is considered to be the best overall provider for forex managed accounts as they offer a wide range of solutions for professional money managers who want to trade investor capital, as well as solutions for those interested in social trading who want to copy other successful traders.
Key Features:
- Offers MAM account technology via FP Markets Money Manager Program
- Money Manager Program available on MT4. Copy trading available on MT4 and MT5
- MAM account allocation method includes lot allocation. PAMM account allocation includes profit and loss allocation
- Set your own performance fees on MAM accounts
- Unlimited number of investor accounts
- Minimum investment for PAMM account: 20,000 USD
Professional money managers are offered MAM and PAMM technology to manage investors’ accounts. The portfolio manager controls the master account with investor accounts known as sub-accounts. With FP Markets you can have an unlimited number of investor accounts.
I’ve explored a range of trade allocation methods for portfolio managers and found them quite varied and effective. This includes per cent risk allocation and lot allocation. In my hands-on experience, another noteworthy feature is the ability of money managers to trade via an ECN (Electronic Communications Network). This network brings the advantage of deep liquidity and much tighter spreads, which I’ve observed to be greatly beneficial.
I also found that FP Markets provides another route for managing capital and that is through copy trading via the MT4, MT5 and cTrader platforms. You can choose to be a provider (a money manager) or a copier. For copiers, FP Markets presents a rating page that displays the performance of various traders, enabling you to select a provider to follow. Their trades will then be automatically traded on your own account.
Whether choosing the FP Markets Money Manager Program or the social trading service for providers and copiers there are tons of features available for all types of traders.
Pros
- Some entities are CySEC and ASIC regulated.
- MAM and PAMM technology with unlimited sub-accounts.
- Multiple trade allocation methods are offered.
- Social trading is available for those wanting to copy top traders.
- Low fees and fast ECN trade execution.
Cons
- Limited research content.
IC Markets Review
Ideal Overall in the US
eToro
Min Deposit $100
Tradable Instruments 853
Fees Medium
Founded in 2005, FP Markets is regulated by well-known regulators ASIC and CySEC, but has one unregulated entity, as well. The broker is considered to be the best overall provider for forex managed accounts as they offer a wide range of solutions for professional money managers who want to trade investor capital, as well as solutions for those interested in social trading who want to copy other successful traders.
Key Features:
- Offers MAM account technology via FP Markets Money Manager Program
- Money Manager Program available on MT4. Copy trading available on MT4 and MT5
- MAM account allocation method includes lot allocation. PAMM account allocation includes profit and loss allocation
- Set your own performance fees on MAM accounts
- Unlimited number of investor accounts
- Minimum investment for PAMM account: 20,000 USD
Professional money managers are offered MAM and PAMM technology to manage investors’ accounts. The portfolio manager controls the master account with investor accounts known as sub-accounts. With FP Markets you can have an unlimited number of investor accounts.
I’ve explored a range of trade allocation methods for portfolio managers and found them quite varied and effective. This includes per cent risk allocation and lot allocation. In my hands-on experience, another noteworthy feature is the ability of money managers to trade via an ECN (Electronic Communications Network). This network brings the advantage of deep liquidity and much tighter spreads, which I’ve observed to be greatly beneficial.
I also found that FP Markets provides another route for managing capital and that is through copy trading via the MT4, MT5 and cTrader platforms. You can choose to be a provider (a money manager) or a copier. For copiers, FP Markets presents a rating page that displays the performance of various traders, enabling you to select a provider to follow. Their trades will then be automatically traded on your own account.
Whether choosing the FP Markets Money Manager Program or the social trading service for providers and copiers there are tons of features available for all types of traders.
Pros
- Some entities are CySEC and ASIC regulated.
- MAM and PAMM technology with unlimited sub-accounts.
- Multiple trade allocation methods are offered.
- Social trading is available for those wanting to copy top traders.
- Low fees and fast ECN trade execution.
Cons
- Limited research content.
eToro Review
Choosing the Right Forex Managed Account
Here are several important factors to consider when selecting the best provider for a forex managed account.
Why Choosing a Regulated Broker is Crucial
Tier-1: Regulators operate in top financial centers and offer the most robust protection. Notable examples include the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).
Tier-2: Regulators are based in established economies with somewhat lower levels of protection, like Dubai’s Financial Services Authority (DFSA) and New Zealand’s Financial Markets Authority (FMA).
Tier-3: Regulators, often in offshore locations such as the Securities Commission of the Bahamas (SCB) and Belize’s International Financial Services Commission (IFSC), offer the least oversight. Entities not regulated at all, like those in St. Vincent and the Grenadines, pose significant risks. Since managed accounts involve handling other people’s money, it is advisable to choose brokers regulated by tier-1 or tier-2 authorities. These regulators not only enforce high standards but also mandate additional risk management measures such as negative balance protection and the segregation of client funds from company assets. Based on personal experience, I strongly recommend avoiding unregulated brokers. The lack of regulatory oversight means there’s no guaranteed recourse if they mismanage funds or execute trades poorly. For verification of a broker’s regulatory status, consult the regulator’s online register. This step can provide added reassurance about the security of your investment.
Understanding Broker Fees When Choosing a Managed Account
For those engaging with a money manager via a copy trading platform, check for any monthly fees associated with following a particular strategy. While many copy trading platforms offer this service for free, some may charge, so reviewing the terms and conditions is crucial.
Other broker-related fees to consider include:
Spreads: The difference between the buy and sell prices. Money managers strive for low spreads to optimize returns. Our guide highlights the best forex brokers offering the lowest spreads.
Commissions: Fees charged for opening and closing trades. Brokers might offer either commission-free accounts or accounts with commissions but lower spreads. Swaps: Fees applied to leveraged overnight positions, based on the interest rates of the traded currencies plus a broker markup. Explore options with low swap fees. Ensure that the money manager does not unjustly increase the spreads, commissions, or swaps beyond what the broker charges—though rare, this practice can occur.
If you’re copying another trader’s strategies, verify that their reported results are realistic and account for all relevant fees. In the early days of social trading, many showcased demo account performances that didn’t include commissions, which misleadingly appeared profitable.
Finally, some brokers may impose an account maintenance fee, particularly if there is no trading activity for an extended period. It’s worthwhile to confirm this with your broker.
Choosing the Best Forex Brokerage Account for Managed Accounts
When exploring brokers that offer managed accounts, it’s essential to assess the various account types and their respective execution models. Brokers typically provide different account options, each with unique fees, minimum deposits, and service levels.
Generally, accounts requiring higher minimum deposits tend to offer more services and lower fees. However, it’s crucial to determine which account type best suits your needs. Platforms that facilitate managed account or copy trading services may have different terms as well.
For instance, the DupliTrade copy trading platform requires a minimum deposit of $2,000, whereas brokers using MetaTrader may allow deposits as low as $50. Note that money managers typically require a significantly higher minimum investment.
Direct communication with brokers for additional inquiries and thorough research of your options is advised.
Another critical aspect is the broker’s execution model, especially since managed accounts execute the same trades across multiple sub-accounts, necessitating rapid market execution with minimal broker interference.
Brokers’ execution models can include:
Market Maker Dealing Desk Accounts: Here, brokers may take the opposite side of your trades. While some are transparent about this practice, others are not. These accounts often feature fixed spreads, with brokers aiming to profit from the difference between the actual market spread and the spread offered to you.
No Dealing Desk Accounts: These accounts use algorithms to automatically match your orders with those of other market participants. Types include:
STP Accounts: Straight-through processing accounts route trades directly to the broker’s liquidity providers. Check out the Best STP forex accounts.
ECN Accounts: Electronic communications network accounts match trades within a network of diverse liquidity sources, like banks and hedge funds. Look into the Best ECN forex accounts.
DMA Accounts: Direct market access accounts enable trades directly with other participants in the interbank market.
Demo Accounts: These risk-free, virtual accounts are excellent for testing a broker’s offerings. Discover the Best forex demo accounts.
Determining the Optimal Leverage for Your Managed Forex Account
Forex trading accounts typically utilize margin-based trading with leverage, enabling traders to control larger positions than their actual deposit would normally allow by borrowing funds from the broker.
This borrowed capital incurs an overnight financing charge, similar to paying interest on a mortgage. Known as the swap fee, it is a fundamental cost of leveraging in forex trading.
Leverage magnifies both gains and losses. For instance, with 30:1 leverage, you can manage a $30,000 position with just $1,000 in your account. However, since the implementation of MiFID II regulations in 2018, many top-tier brokers have had to limit leverage for retail traders to 30:1. This change aims to enhance trading safety and is enforced by regulatory bodies such as the FCA, CySEC, and ASIC.
Discover more about the best MiFID-regulated forex brokers.
While higher leverages like 1000:1 are available, they are often offered by unregulated offshore brokers, posing significant risks due to the lack of regulatory protections for retail traders.
For those using a managed account, it’s crucial to ensure that the investor can access the same type of account as the money manager. Similarly, if you are copying trades, verify that you can open an account with comparable leverage to avoid missing trades and experiencing disparate returns.
Which trading platform is best for managed accounts?MetaTrader's MAM and PAMM Technologies: Leading Managed Account Platforms
MetaTrader’s MAM (Multi-Account Manager) and PAMM (Percentage Allocation Management Module) technologies are among the most sophisticated platforms for professionally managed accounts. MAM accounts allow for a master account to manage multiple sub-accounts, where trades executed in the master account are automatically replicated in the sub-accounts.
Brokers may offer various trade asset allocation methods, with percentage allocation being one of the most common under the PAMM system. While trades can be distributed across all sub-accounts based on the percentage of funds each investor holds, other methods like lot allocation are possible through LAMM (Lot Allocation Management Module) accounts, suitable when all investors have identical account balances.
MAM accounts generally require investors to sign a Limited Trading Authorization (LTA) form, granting the money manager permission to trade on their behalf, though it excludes operations like deposits and withdrawals.
Copy trading is another popular managed account option. While some brokers utilize MetaTrader for this purpose, others have developed proprietary platforms that allow clients to either become strategy providers and earn from follower profits or simply follow and replicate the trades of others.
Explore our specialized guides on the Best MT4 brokers and Best MT5 brokers.
Having experienced both MAM accounts and copy trading, I find that copy trading platforms offer a more accessible entry point. They typically don’t require money managers to be licensed or regulated and allow clients to start trading with just a click.
Conversely, MAM accounts provide a more professional solution and, in certain jurisdictions, require money managers to be licensed and authorized to manage capital.
Key Considerations When Selecting a Managed Account
When opting for a managed account, it is critical to choose a broker equipped with the appropriate technology to efficiently manage client funds. As a money manager, you need assurance that trades made in a master account will be accurately executed across all sub-accounts without any issues.
From my personal experience in managing client funds, the safety and security of the broker are paramount. Investors need to feel confident that their funds are secure with a reputable broker. It is vital to ensure that the broker is stringently regulated by a recognized financial authority.
Additionally, if you are selecting a managed account provider to follow, ensure that the platform provides detailed performance metrics of the trader, including returns and risk assessments. A robust and lengthy track record can offer a clearer insight into the trader’s capabilities and reliability
How to Safeguard Against Forex and CFD Scams
Forex and CFD scams are unfortunately common, but you can steer clear of them with diligent research. Utilizing expert reviews and analysis from reputable sites like FX Empire can aid in making well-informed decisions.
It’s crucial to opt for brokers regulated within established jurisdictions that offer high levels of safety and transparency concerning your funds. Be wary of many managed account providers that operate with unregulated, offshore brokers, which often lack transparency and provide minimal protection.
From personal observations in the early days of managed accounts and social trading, there’s a specific caution to note: some traders may restrict visibility of their current open positions in their portfolios. This can lead to a scenario where only winning trades are closed and shown, creating a misleadingly positive performance record while numerous losing trades remain open. Always ensure that you can view both open and closed trades to verify the transparency and integrity of a trader before following them or investing.
Our Methodology for Selecting the Best Managed Account Providers
To identify the top managed account providers, I utilized the comprehensive findings from our research team, which includes an extensive 250 data point checklist from our broker reviews. We further refined our selection based on several critical factors:
- Regulation: Priority was given to highly regulated brokers, a crucial element when managing other people’s money.
- Technology: Preference for brokers offering MAM (Multi-Account Manager) technology via MT4, ensuring efficient trade management across multiple accounts.
- Copy Trading: Availability of copy trading solutions, providing a simpler alternative for managing investor capital or emulating the trades of successful traders.
- Customer Support: High-quality customer service and support for both managers and investors.
- Customization: Brokers that allow customization such as setting performance fees, spread markups, and offering various allocation methods.
- Cost Efficiency: Low trading spreads and commissions relative to the industry average.
Emphasis was also placed on brokers who excel in trust and the quality of their platforms and tools, as these are pivotal for money managers handling investor funds.
The safety, security, and reliability of a broker are paramount. Investors need assurance that their funds are managed securely whether you are directly trading or copying trades.
Furthermore, it is essential that brokers possess the right technology to execute trades swiftly and accurately across hundreds or thousands of accounts. We predominantly considered brokers that provide MAM and PAMM technologies, which are not universally available.
Our approach included opening live accounts and personally testing the features to ensure that the brokers we recommend offer exemplary managed account services, thus providing you with a solid basis for making informed decisions.
Get to Know Our Authors
The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.
Meet Our Team of Authors
