Looking to invest in the largest financial market without actively trading yourself? Then a PAMM (Percentage Allocation Management Module) account offered by many top Forex brokers may be right for you.
PAMM allows investors to allocate funds to experienced Forex money managers who handle trading using their proven strategies. It's a hands-off way to potentially profit from the $6.6 trillion daily Forex market.
This article reviews the leading Forex brokers offering PAMM services in 2024. We analyzed fees, account minimums, number of strategy managers, past performance history, and more to rank the top platforms.
Whether you're an investor with limited trading knowledge or a seasoned money manager seeking investors, read on to discover which PAMM Forex brokers best fit your needs. The top picks offer proven managers, low fees, strong transparency, and risk controls. Let your funds work for you in Forex through a well-structured PAMM account.
What are PAMM Forex Brokers?
PAMM (Percentage Allocation Management Module) Forex brokers provide a platform that allows investors to allocate capital to experienced traders/money managers. The traders then use their trading strategies across pooled investor funds in a single PAMM account, with profits/losses distributed proportionately.
It's an easy way for hands-off investors to potentially profit from forex trading by leveraging the skills of seasoned professionals. PAMM brokers handle account setup, facilitate money transfers, provide reporting, and ensure risk controls and transparency around the manager's trading. With diligent vetting, PAMM can offer investors forex returns without needing extensive trading expertise.
12 Best Forex Brokers with PAMM Accounts in 2024
| # | Forex Brokers | Year | Regulation |
|---|---|---|---|
| 1 | HFM | 2010 | CySEC, FCA, DFSA, FSCA, FSA, CMA |
| 2 | FxPro | 2006 | CySEC, FCA, FSCA, SCB |
| 3 | AvaTrade | 2006 | IFSC, CySEC |
| 4 | RoboForex | 2009 | ASIC, FSA |
| 5 | IC Markets | 2007 | ASIC, CySEC |
| 6 | FP Markets | 2005 | ASIC, FSC |
| 7 | Pepperstone | 2010 | CySeC, IFSC |
| 8 | FBS | 2009 | CySeC, FCA |
| 9 | EToro | 2007 | CySeC,FCA |
| 10 | ForexChief | 2014 | VFSC, FMA |
| 11 | FXOpen | 2005 | FCA |
| 12 | AccentForex | 2010 | VFSC |
1. HFM
HFM, or Hyperion Financial Management, is a cloud-based financial consolidation, analysis, and monitoring application from Oracle. It enables financial stakeholders to quickly complete and publish financial outcomes, comply with worldwide regulatory standards, decrease compliance costs, and instill trust in the statistics.
HFM is designed to be controlled and managed by the enterprise, allowing users to retrieve global financial data quickly, conveniently, and safely from any place using a normal browser. The tool includes a “Task Flow” that assists in automating basic HFM operations like data extraction.
HFM is part of Oracle's on-premise Hyperion EPM software suite that provides financial consolidation and reporting that enables organizations to rapidly consolidate and report financial results meet global regulatory requirements, reduce the cost of compliance, and deliver confidence in the numbers.
| Aspect | Description |
|---|---|
| Name | Oracle Hyperion Financial Management (HFM) |
| Functionality | Financial consolidation and reporting application |
| User Base | Designed to be used and maintained by the finance team |
| Key features | -Rapid consolidation and reporting of financial results -Compliance with global regulatory requirements -Cost of compliance reduction -Confidence-inspiring financial numbers -Global consolidation features -Scalable web architecture -Unlimited dimensionality -Complete audit trail -Powerful reporting and analysis tools Robust data integration -Purpose-built intercompany transaction matching module |
| Integration | Integrated with Oracle Hyperion Financial Close Suite, Oracle FCCS, Oracle OBIEE, Essbase, OneStream XF |
| Intercompany Functionality | Includes a purpose-built intercompany transaction matching module for identifying, reconciling, and reporting on intercompany account differences at a transaction level |
2. FxPro
FxPro, founded in 2006, is a leading online broker with a strong presence in the industry, having received over 90 UK and international awards. The company offers Contracts for Difference (CFDs) on various asset classes, including Forex, Shares, Spot Indices, Futures, Spot Metals, and Spot Energy.
FxPro is authorized and regulated by multiple Tier-1 regulators, including the Financial Conduct Authority (FCA) and the European Union via the MiFID passporting. The company provides its clients with access to top-tier liquidity and advanced trade execution. FxPro has a strong focus on transparency and safety, with client funds being kept in major international banks and fully segregated from the company's own funds.
| Aspect | Description |
|---|---|
| Name | FxPro |
| Founded | 2006 |
| Awards | Over 90 UK and international awards |
| Offerings | – Contracts for Difference (CFDs) – CFDs on currency pairs and five other asset classes |
| Account Management | FxPro Direct – Account management tool for creating new trading accounts, depositing, transferring, and withdrawing funds on the go |
| Mobile App | FxPro Trading App – Allows investment in gold, the stock market, and other assets with favorable trading conditions |
3. AvaTrade
AvaTrade, a well-established online trading company founded in 2006, offers a wide range of trading instruments, including Forex, stocks, commodities, cryptocurrencies, and indices. The company is known for providing an extensive selection of trading platforms for forex and CFD traders, making it a trusted global brand.
While AvaTrade's pricing for retail accounts is in line with the industry average, it trails behind industry leaders. The company's AvaOptions desktop platform has been criticized for being slow to load and having an outdated design. However, AvaTrade continues to make incremental improvements and provides a generally well-rounded suite of apps.
The company offers its own proprietary mobile platforms, AvaTrade and AvaOptions, as well as the full MetaTrader suite (MT4 and MT5) for Android and iOS devices. Furthermore, AvaTrade's website features a comprehensive learning center with 103 articles covering beginner and advanced topics. Overall, AvaTrade is recognized for its diverse range of trading platforms and educational resources, despite some limitations in its offerings.
| Aspect | Description |
|---|---|
| Name | AvaTrade |
| Founded | 2006 |
| Offerings | Forex, stocks, commodities, cryptocurrencies, indices |
| Trading Platforms | AvaTradeGO, AvaOptions, MetaTrader 4 (MT4), MetaTrader 5 (MT5) for Android and iOS devices |
| Awards | Best in Class for Professional Traders, Best in Class for Education for the 2023 Annual Awards |
| Educational Resources | Comprehensive learning center with 103 articles covering beginner and advanced topics |
4. RoboForex
RoboForex is a well-established financial brokerage company that has been operating since 2009 and is regulated by the International Financial Services Commission of Belize (license No. 000138/437). The company offers a multi-asset web-based trading platform with fast financial charts and advanced tools for technical analysis.
It provides a wide range of services, including 9 asset types and more than 12,000 instruments for trading. RoboForex is known for its commitment to providing the best trading conditions using innovative technologies. The company offers various account types, including ProCent accounts for traders with small deposits, Pro-ECN accounts for professionals, and Prime accounts for advanced traders.
Additionally, RoboForex is an official participant of The Financial Commission, an international organization that resolves disputes between its participants and their clients. The broker is also audited periodically, both internally and externally, and
adheres to certain execution standards as assessed by VerifyMyTrade.
Overall, RoboForex caters to the needs of various types of traders providing supporting content for beginners and extremely low spreads, commissions, and swaps for seasoned professionals.
| Aspect | Description |
|---|---|
| Name | RoboForex |
| Founded | 2009 |
| Regulation | Regulated by the International Financial Services Commission of Belize (license No. 000138/437) |
| Trading Platform | Multi-asset web-based platform with fast financial charts and advanced tools for technical analysis |
| Services | Offers 9 asset types and more than 12,000 instruments for trading |
| Account Types | -ProCent accounts for traders with small deposits -Pro-ECN accounts for professionals -Prime accounts for advanced traders |
| Safety Measures | -Official participant of The Financial Commission -Covers all expenses on client deposits -Commission of 0% on deposits -Civil liabilities insurance -Audited periodically internally and externally -Adheres to certain execution standards as assessed by VerifyMyTrade |
5. IC Markets
IC Markets is a prominent online trading provider, offering a comprehensive range of financial instruments for trading. The company is known for its focus on catering to algorithmic traders who utilize the MT4, MT5, or cTrader platforms, and who require agency execution combined with competitive spreads and low commissions.
IC Markets provides execution on an agency basis, with orders subject to positive or
negative slippage, and it is considered a dealer and counterparty to trades. The broker routes orders to nearly two dozen liquidity providers and is a top choice for automated traders, processing over 500,000 trades per day.
The company's diverse and proprietary liquidity mix helps keep spreads tight, with average execution speeds of under 40ms. IC Markets is also recognized for its institutional-grade trading, reduced slippage, and over 29 billion USD in FX trades processed daily.
| Aspect | Description |
|---|---|
| Name | IC Markets |
| Year Founded | 2007 |
| Regulation | Regulated by ASIC in Australia, Cyprus, and Seychelles |
| Trading | Platforms MetaTrader 4, MetaTrader 5, cTrader |
| Account Minimum | $200 |
| Average Spread EUR/USD | 0.62 |
| All-in Cost EUR/USD | 0.62 |
| Tradable Instruments | Forex CFDs, Commodities CFDs, Stocks CFDs, Index CFDs, Bond CFDs, Cryptocurrency CFDs |
| Leverage Up to | 1:500 |
| Customer Service | Phone support, fast response time, 24/7 availability |
| Safety | Negative balance protection, long track record, not listed on the stock exchange, financial information not publicly available |
6. FP Markets
FP Markets is a comprehensive trading platform that offers a wide range of financial instruments, including Forex, Shares, Indices, Commodities, and Cryptocurrencies. The platform provides access to various trading tools and resources, such as the Iress Investor and MT4 platforms, which are designed to cater to the needs of both retail and institutional clients.
FP Markets is known for its user-friendly interfaces and advanced trading features, making it a popular choice for traders looking to engage in CFD trading across different asset classes. The platform also offers various account types and trading tools, such as MAM/PAMM and VPS, to meet the diverse needs of its clients.
With a strong focus on transparency and safety, FP Markets ensures that client funds are kept in major international banks and are fully segregated from the company’s own funds, providing a trusted and secure trading environment for its clients.
| Aspect | Description |
|---|---|
| Name | FP Markets |
| Year Founded | 2005 |
| Headquarters | Sydney, Australia |
| Regulation | ASIC, CySEC |
| Trading Platforms | Iress, MT4, MT5 |
| Tradable Instruments | Forex, Shares, Indices, Commodities, Cryptocurrencies |
| Account Types | Standard Account, Raw Account, Islamic Account |
| Minimum Deposit | $100 |
| Leverage | Up to 1:500 |
| Commission | From $3.00 per side per 100k traded |
7. Pepperstone
Pepperstone, founded in 2010 in Melbourne, Australia, is an award-winning online Forex and CFD broker. The company processes an average of US$12.55 billion of trades every day, making it one of the world's largest forex brokers. Pepperstone is trusted by over 400,000 traders worldwide and is regulated by ASIC, SCB, CMA, CySEC, FCA, BaFin, and DFSA.
The broker segregates client funds with tier 1 banks and offers many fee-free funding methods. Pepperstone provides highly competitive trading conditions, including low spreads and deep liquidity, with access to over 90 currency pairs and more than 1200 CFDs across forex, commodities, and indices.
The company offers consistently competitive spreads boosted by pricing from multiple Tier 1 banks and institutions, as well as 1:500 leverage availability. The platform also offers the opportunity to trade shares as CFDs, introducing flexibility into trading strategies.
With CFDs, traders can make trading decisions based on market trends and price movements, regardless of whether the market is rising or falling. Pepperstone's comprehensive offerings and commitment to providing a trusted and secure trading environment have made it a popular choice among traders globally.
| Aspect | Description |
|---|---|
| Name | Pepperstone |
| Year Founded | 2010 |
| Headquarters | Melbourne, Australia |
| Regulation | ASIC, SCB, CMA, CySEC, FCA, BaFin, DFSA |
| Average Daily Trades | US$12.55 billion |
| Number of Traders | Over 400,000 |
| Tradable Instruments | Forex, Commodities, Indices, Shares, Cryptocurrencies |
| Fee-Free Funding Methods | Available |
| Inactivity Fee | Not charged |
| Spreads | Competitive and low spreads on forex, indices, and more |
8. FBS
FBS is a well-established online trading broker founded in 2009, with its headquarters located in Belize. The company is regulated by the International Financial Services Commission (IFSC) and the Centre for Regulation in OTC Financial Instruments and Technologies (CRFIN).
FBS offers trading services in various financial instruments, including Forex, Stocks, Metals, Energies, and Indices, through the popular MetaTrader 4 platform. The broker provides high leverage of up to 1000:1 and operates with a 24-hour trading schedule. Additionally, FBS offers customer support through live chat, phone, and email, and provides both demo and live trading accounts for its clients.
With a strong focus on customer service and a wide range of tradable assets, FBS has established itself as a prominent player in the online trading industry.
| Aspect | Description |
|---|---|
| Name | FBS |
| Year Founded | 2009 |
| Headquarters | Suite 5, Garden City Plaza, Mountain View Boulevard, BELMOPAN, Belize, C. A. |
| Regulation | IFSC, CRFIN |
| Trading Platforms | MetaTrader 4 |
| Tradable Instruments | Forex, Stocks, Metals, Energies, Indices |
| Leverage | Up to 1000:1 |
| Minimum Balance | Not specified |
| Country | Belize |
| 24-Hour Trading Offered | Yes |
| Phone | +230 403 4437 |
| Email Address | support@fbs.com |
| Website Address | FBS Website |
9. eToro
eToro is a prominent social trading and multi-asset investment company that focuses on providing financial services. The company was founded in 2007 as RetailFX in Tel Aviv, Israel, and has since expanded its global presence, with registered offices in Cyprus, the United Kingdom, the United States, and Australia.
eToro is known for its innovative social trading features, including the eToro OpenBook social investment platform and the CopyTrader feature, which enables investors to automatically replicate the trading activities of the network's top traders. The company's headquarters are located in Central Israel, and it has established itself as a market leader in the social trading and investment space, offering a wide range of financial services to a global client base.
| Aspect | Description |
|---|---|
| Type | Social trading, Multi-asset brokerage |
| Founded | 2007 |
| Headquarters | Tel Aviv, Israel |
| Global Presence | 10 offices worldwide |
| Notable Features | Social trading, CopyTrading, Innovative trading platform |
| Services | Stocks, Currencies, Commodities, Cryptocurrencies, ETFs, Indices, and more |
| Regulation | FCA, CySEC, ASIC |
10. ForexChief
ForexChief is an online Forex broker that offers a range of trading services and investment tools. The company provides access to the popular MetaTrader 4 and MetaTrader 5 trading platforms, with competitive spreads from 0 pips and leverage of up to 1:1000. ForexChief also offers cent accounts and provides various bonuses,
including a welcome bonus of $500 and a no-deposit bonus of $100.
The broker's services are designed to cater to both new and experienced traders, with a focus on providing a reliable and user-friendly trading experience. Additionally, ForexChief offers an affiliate program with a CPA of up to $300, as well as investment funds for traders and a copy trading feature.
The company is committed to the safety of client funds, with measures such as segregation of client funds and guarantees regarding the safety of funds. ForexChief is licensed by the Vanuatu Financial Services Commission and provides services to clients worldwide.
| Aspect | Description |
|---|---|
| Type | Multi-asset online broker |
| Founded | 2014 |
| Headquarters | Singapore |
| Regulation Vanuatu | Financial Services Commission (VFSC), Financial Markets Authority (FMA) |
| Trading Platforms | MetaTrader 4, MetaTrader 5 |
| Tradable Instruments | Forex, Stocks, Metals, Energies, Indices, Cryptocurrencies |
| Leverage | Up to 1:1000 |
| Minimum Deposit | Not specified |
11. FXOpen
FXOpen is a retail and institutional forex broker offering online trading services via MetaTrader 4, MetaTrader 5, and TickTrader trading platforms. The company was founded in 2003 and has a global presence, with headquarters in Perth, Australia, London, United Kingdom, Charlestown, Saint Kitts and Nevis, and Limassol, Cyprus. FXOpen provides access to the electronic communication network (ECN) to trade
currency, commodity, indices, and stock CFDs.
The broker offers a range of account types, including Micro accounts and swap-free Sharia-compliant accounts. FXOpen is known for its innovative trading platforms and tools, such as the One Click Trading Level2 Plugin software (OCTL) and the implementation of Two-Factor Authentication to provide an extra layer of security for its clients.
The company is regulated by several authorities and operates in Australia, Saint Kitts and Nevis, the United Kingdom, and Cyprus. It offers a wide range of financial instruments, including forex, commodities, indices, and stocks.
| Aspect | Description |
|---|---|
| Type | Retail and institutional forex broker |
| Founded | 2003 |
| Headquarters | Perth, Australia; London, United Kingdom; Charlestown, Saint Kitts and Nevis; Limassol, Cyprus |
| Regulation | FCA, CySEC, ASIC |
| Trading Platforms | MetaTrader 4, MetaTrader 5, TickTrader |
| Tradable Instruments | Forex, Commodities, Indices, Stock CFDs, Cryptocurrencies |
| Leverage | Up to 1:500 |
| Minimum Deposit | Not specified |
12. AccentForex
AccentForex is a forex broker that uses No Dealing Desk (NDD) technology and offers access to the metals, stocks, and futures markets through MetaTrader 4. The broker provides cent and STP accounts with low spreads, and it offers leverage of up to 1:500. AccentForex is registered with the Vanuatu Financial Services Commission and is operated by Accent Markets Group Inc.
The broker is known for its PAMM service, which unites investors and PAMM managers, allowing the manager to earn more by managing the funds of investors. The company has been in operation since 2010 and is available in multiple languages, including English, Indonesian, Malay, Russian, and Japanese. The broker offers over 60 currency pairs, as well as CFDs on stocks, metals, and futures.
The company's website is available in English, Indonesian, Malay, Russian, and Japanese, offering support in English and Russian. The broker is regulated by the Vanuatu Financial Services Commission (VFSC) as a Dealer in Securities. The brand also stands out for its no-deposit bonus and fee rebates for high-volume traders.
| Aspect | Description |
|---|---|
| Type | Forex Broker |
| Founded | 2010 |
| Headquarters | Vanuatu |
| Regulation | Vanuatu Financial Services Commission (VFSC) |
| Trading Platforms | MetaTrader 4, MetaTrader 5 |
| Tradable Instruments | Forex, Metals, CFDs, Cryptocurrencies |
| Leverage | Up to 1:500 |
| Minimum Deposit | $10 |
PROS and CONS of using PAMM Forex Brokers
Pros
Cons
FAQs on Top 12 PAMM Forex Brokers
What is a PAMM account in forex trading?
A PAMM (Percentage Allocation Management Module) account is a form of pooled money forex trading. An investor gets to allocate his or her money in the desired proportion to the qualified reader (s)/money manager(s) of his or her choice.
How do PAMM forex accounts differ from other types of managed accounts?
PAMM accounts differ from other managed accounts in that they allow investors to allocate funds to a trader or multiple traders, who can manage the funds on the investor's behalf.
What are the typical fees associated with PAMM forex accounts?
The typical fees associated with PAMM forex accounts include a management fee, which is a percentage of the total investment, and a performance fee, which is a percentage of the profits earned by the fund manager.
Is it safe to use PAMM forex accounts, and what are the key safety considerations?
The safety of PAMM forex accounts depends on the reputation and regulatory status of the broker offering the accounts, as well as the track record and transparency of the fund managers.
What are the advantages of using a PAMM forex broker for investors?
The advantages of using a PAMM forex broker include access to professional money managers, the potential for diversification, and the opportunity to earn passive income from forex trading.
How do investors select a reliable and reputable PAMM forex broker?
Investors can select a reliable and reputable PAMM forex broker by conducting thorough due diligence, checking the regulatory status of the broker, and reviewing the track record of the fund managers.
What are the key factors to consider when evaluating the performance of traders managing PAMM accounts?
Key factors to consider when evaluating the performance of traders managing PAMM accounts include historical returns, risk management practices, and transparency in reporting.
Can investors benefit from diversification and professional management through PAMM forex accounts, and what are the potential risks involved?
Investors can benefit from diversification and professional management through PAMM forex accounts, but there are also potential risks involved, such as the possibility of losses and the need for careful manager selection.
Conclusion | Top 12 PAMM Forex Brokers
The world of PAMM forex brokers is a dynamic and diverse one, offering a range of benefits and considerations for investors. The top 12 PAMM forex brokers for 2024 provide opportunities for investors to benefit from professional management, diversification, and potential passive income.
However, it's important to carefully consider the higher risks, limited withdrawal options, and potential for fraud associated with PAMM accounts.
When selecting a PAMM forex broker, investors should also pay close attention to the fee structures, regulatory oversight, and the performance of the traders managing the PAMM accounts.
By conducting thorough research and due diligence, investors can make informed decisions and potentially capitalize on the opportunities offered by PAMM forex brokers.
It's essential to carefully consider the pros and cons before investing in a PAMM account and to conduct thorough research before choosing a PAMM forex broker. This will enable investors to navigate the complexities of the forex market and make well-informed decisions that align with their investment goals and risk tolerance.
