Top 5 Best Managed Forex Accounts in 2024

A managed account gives you the chance to put your money in the experts’ hands and let them trade the forex market for you. This guide compares the best accounts around.
By:  & 
Updated: Jun 25, 2024
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This beginner’s guide takes you through what a managed account is and how it works. Then get some advice as to the key things to look out for and have your most important questions answered.

Best fx managed accounts overall for 2024

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  1. eToro: Best for beginners, copy-trading & demo-account
  2. Plus500: Best for international CFD trading*

Where can I find the best managed accounts?

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If you just want to get started, these are best forex trading platforms to sign up for an account. You can head to their websites using the links in the table below, or keep reading to learn more about how to pick between them.

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1
Min. Deposit
9 €
Best offer
User Score
9.9
Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader
eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets
Largest number of currency pairs to trade
Start Trading
Payment Methods:
Bank Transfer, Debit Card, PayPal, Credit Card, Wire Transfer
Full Regulations:
CySEC, FCA

51% of retail CFD accounts lose money. Your capital is at risk.

2
Min. Deposit
100 €
Best offer
User Score
9.9
Trade +2000 CFDs on Shares, Forex, Indices, Crypto, Options, Commodities & more
Unlimited risk-free Demo Account
0 commissions & attractive spreads
Start Trading
Payment Methods:
Bank Transfer, Debit Card, PayPal, Credit Card, Visa, Mastercard, American Express, Trustly, Apple Pay, Google Pay, Discover, Bank Transfer: SEPA, Bank Transfer: FPS, skrill
Full Regulations:
ASIC, FCA, FSA, MAS, CySEC #250/14

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

3
Min. Deposit
0 €
Best offer
User Score
8.0
Open a free account in minutes
Go global with fee-free foreign exchange
Finance tracking made simple
Start Trading
Payment Methods:
Debit Card, Credit Card
Full Regulations:

Top 5 forex managed accounts, reviewed

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1. eToro. Best for beginners, copy-trading & demo-account

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0% commission

Fees

$100

Minimum deposit

4,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Great for beginners, simple to set up and get started Competitive, industry-leading commissions Popular ‘Copy Portfolios’ function lets you follow top traders Excellent customer service, with live chat support provided
Comparatively high fees for withdrawals and account inactivity Does not integrate with the MetaTrader platform High spreads on some assets

Overview

We love eToro because it’s an easy place to trade the currency markets. Forex can be intimidating, but eToro strips back the complexity to give you a platform where you can trade 50+ currencies at competitive prices and with up to 30x leverage.

As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see how all the major and minor forex pairs are performing every day, track how investors feel about every one of those currencies, and copy other people’s trade suggestions from your desktop or the eToro app.

The fees: eToro charges a fee on currency CFD trades through the spread. Spreads are variable depending on the currency and start from 1 pip for EUR/USD trades, 1.5 pips for EUR/GBP, and 2 pips for GBP/USD. Overnight and weekend fees apply.

Highlights

Visit eToro eToro Review

51% of retail CFD accounts lose money. Your capital is at risk.

2. Plus500. Best for international CFD trading*

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From 0.08%

Fees

$100

Minimum deposit

3,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Free demo account for every user Secure broker, licensed by top-tier regulators Wide variety of CFDs to trade Several good risk management tools
No support on trading information and education Website isn’t brilliantly designed to help users find answers to their questions No MetaTrader trading platform compatibility

Overview

We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you make a trade. Its technology driven platform gives access to CFDs on over 60 forex pairs with leverage up to 30:1. 

Plus500 has something for all types of forex trader, no matter what level of experience. Its zero commission and tight spreads make it a top choice for day traders and its trading academy is packed with educational content, perfect for beginners just starting. 

For accurate instrument availability, visit plus500.com.

The fees: There are no commission fees on any trades with Plus500 and it makes it money through the Bid/Ask spread. Spread starts from 0.01% and varies depending on the instrument. Additional fees include overnight funding which is dependent on trade size and guaranteed stop orders, which add a minimum of 10% to the spread. There is an inactivity charge of £10 per month for accounts not logged in for three months. 

*Based on a comparison of 60+ leading brokers and trading platforms.

Highlights

Visit Plus500 Plus500 Review

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

What is managed account?

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It’s a forex trading account that’s controlled by a professional. Managed accounts are similar to a stock market fund, where you provide the money and someone else makes the decisions, but they’re more of a formal arrangement where you give somebody else the power to make trades on your behalf.

This type of account is best suited to beginners who want to trade forex but don’t feel they have the expertise to do so. It also might be the preferred route for someone who doesn’t have the time to research different currencies and build their own trading strategy.

How does it work?

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By effectively giving someone else full control of your account. You sign up through a forex broker and then sign an agreement that permits the account manager to make transactions for you.

As far as you’re concerned, that’s virtually all you have to do. The manager then makes decisions on which currency pairs to trade based on their own experience and the trading signals they use. You can set some guidelines over which factors the manager should consider before making a trade but for the most part they’re left to their own devices.

How to set up a managed forex account – a step-by-step guide

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  1. Research the options. You should look around and compare all the options available. Choose an account based on things like its trading strategy, the currency pairs it’s interested in, and the size of your budget.
  2. Sign up for an FX broker. Once you’ve chosen who you want to manage your account, you need to sign up for the broker that provides it. This is usually simple but you should be prepared to provide some personal information and verify your account with a form of ID.
  3. Subscribe to the managed account. Before you can use one of these accounts you need to subscribe to it. Read through the prospectus and make sure you understand the fee structure before you agree to anything.
  4. Sign the relevant documents. To let someone else trade on your behalf you need to sign a contract. It’s known as a Limited Power of Attorney Agreement (LPOA) that allows a third party to make your money decisions, within a fixed forex remit.
  5. Transfer money. Once your documents are approved you should be given the account details so that you can fund it and the manager can start trading. After that, your work is done and it’s up to them to make the right decisions.
Starting trading now

Things to look out for

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Before you sign up to anything you should compare accounts in order to pick the best one. Compare basic features like the design and how easy to use a platform is to start with, and then use the factors below to choose an account that works for you.

Fees

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A managed account is usually much more expensive than trading forex yourself. You might have to pay a fee to cover the costs of trading, or an annual fee to use the account. Those annual fees can be high: as much as 30-40% a year is not uncommon.

Other accounts make money by charging a percentage of monthly profits. Again, expect that figure to be high, and it can be between 20-40% of the money the account makes each month.

Minimum deposits

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Another feature of this type of account is that you sometimes have to put down a substantial deposit to start using one. The range of minimum deposits is wide, and at the lower end there are some platforms that ask for just $50-100. It’s more common to see $500-1,000, while in some cases you have to deposit tens of thousands to use an account.

Trading system

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Different managers use different indicators to decide which currencies to trade. Some use simple technical indicators like support and resistance levels, others might go for more complicated strategies. The account prospectus should give you this information and you can use it to compare the options on offer.

Past performance

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Past performance is no guarantee of future success but it is something that should factor into your decision. To start with, you want to make sure the broker publishes a history of its account. If there’s no way to verify how well a manager has done, it’s best to steer clear completely. 

Otherwise, you want to check that the account’s methods have met with some success in the past. If it’s trading using a specific set of indicators, then you want proof that they work before you invest your money.

Types of account

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There are different types of managed accounts available. There is the traditional individual account, where you sign over control to a manager who controls your money and yours alone. Then there are pooled accounts, which are much more like a mutual fund where the manager controls money that’s contributed by lots of different investors.

Individual accounts mean that the manager is more focused on achieving the best for you, while pooled accounts let you spread the fees with other investors. You might be able to choose a pooled account that focuses on a particular trading strategy or set of currency pairs.

Additional features

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Forex trading relies on leverage in order to make big enough trades to profit from tiny price changes. The amount of leverage a platform offers is something to consider. As is the range of currencies available. 

An account that sticks to the major pairs with low leverage might be less risky. One that trades the exotics with lots of leverage could open up the potential for big wins, as well as the risk of much bigger losses as well.

Quick answers to key questions

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Are managed accounts safe to use?

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The ones that are provided by regulated forex brokers are perfectly secure. However, there are a lot of malicious actors out there and you should beware of loud and unverifiable claims about how much money you can make.

Can I sign up with more than one forex broker?

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There is no limit to the number of brokers you can have an account with. Just note that setting up multiple managed accounts might be very expensive.

OK, I’m ready to choose a broker

Should I let someone manage my forex account?

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Possibly, if you don’t have the time, expertise, or psychology to trade currencies but want to try to make money from it. Managed accounts can be useful for beginners or people who don’t want to learn the ropes themselves. However, they certainly aren’t for everyone. They’re more expensive than regular forex trading accounts and there is no guarantee of success. 

If you are thinking about using one you should spend time comparing accounts. It pays to think long and hard before committing your money to somebody else and you want to be sure that they can be trusted and are likely to perform better with it than you could. 

Still undecided?

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Here is a final summary of the pros and cons of using a professionally managed account. Use these to help you come to a final decision about whether it’s for you.

Pros

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  • You can put money into the forex market immediately with no prior knowledge
  • The manager makes all the trading decisions for you
  • The best platforms let you set guidelines so that you aren’t exposed to too much risk

Cons

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Sources & references
Risk disclaimer
Prash Raval
Financial Writer
Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while... read more.
James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.