Forex Brokers Offering PAMM Accounts

Written by Eugene Lee, CFA

Eugene Lee, CFA

Eugene Lee, CFA, is an investment strategist and quantitative researcher with over two decades of experience navigating global markets. Having worked on trading and portfolio management teams covering multi-billion dollar portfolios across equities, fixed income, and derivatives.

, | Updated: April 14, 2026

For investors who lack the time or expertise to trade forex directly, a PAMM (Percentage Allocation Management Module) account can offer an alternative. This account type enables investors to allocate a portion of their capital to a professional trader who manages it on their behalf in exchange for a performance fee. Profits and losses are distributed proportionately based on each participant’s share in the pool.

This type of managed account can appeal to people looking to access the markets without actively trading themselves. The following brokers offer competitive conditions for PAMM accounts.

1Plus500 US

Rating: 4.2 ⭐

This content applies only to Plus500 US and clients from the United States. Trading futures involves the risk of loss.

Top Rated

2eToro

Rating: 4.2 ⭐

50% of retail investor accounts lose money

3Fusion Markets

Rating: 4.8 ⭐

74-89% of retail's CFD accounts lose money

4FP Markets

Rating: 4.9 ⭐

73.33% of retail investor accounts lose money

5Pepperstone

Rating: 4.4 ⭐

72.9% of retail investor accounts lose money

6FxPro

Rating: 3.2 ⭐

74% of retail investor accounts lose money

7Vantage

Rating: 4.5 ⭐

Trading leveraged products is risky

8AvaTrade

Rating: 4.7 ⭐

57% of retail investor accounts lose money

9FXCM

Rating: 4.5 ⭐

70% of retail investor accounts lose money

10Swissquote

Rating: 3.7 ⭐

61% of retail investor accounts lose money

Forex Brokers Offering PAMM Accounts Ranked by Trustpilot Score

Top 10 Brokers with PAMM Accounts

1. TRADE NOW READ REVIEWTrustpilot Rating

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   1. Fusion Markets

   Fusion Markets welcomed its first customers in 2019 and quickly gained traction with its competitive commissions, sharp spreads, and favorable trading terms. Facilitating trades with over 250 instruments, Fusion Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Financial Services Authority (FSA), and the Vanuatu Financial Services Commission (VFSC). The broker provides MAM (Multi-Account Manager) and PAMM (Percentage Allocation Money Module) solutions via the MetaFX platform. One standout feature is the ability to partially close orders directly via the Master Account, providing managers with greater control and flexibility over trade management. There are no restrictions on markets, trading strategies, or the number of accounts a Master Account can manage.

   The broker gives account holders the flexibility to trade in mini, micro, and standard lots. Managers and investors alike have access to expert advisors and can allocate funds based on percentage, equity, or lots. Trades incur additional execution charges of 0.1 pip to compensate for the higher execution costs of the MetaFX platform. The minimum required deposit starts from $5,000 per slave account.

   Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.
2. TRADE NOW READ REVIEWTrustpilot Rating

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   2. FP Markets

   FP Markets offers institutional-grade liquidity, direct access to interbank prices, and competitive spreads, providing favorable conditions for PAMM account users. The broker’s PAMM solution stands out with efficiency, flexibility, and solid trading conditions. Customers will benefit from solid execution and advanced order management monitoring for enhanced transparency.

   Their compatibility with MetaTrader 4 (MT4) further adds to the appeal of PAMM accounts at FP Markets. Investment managers can adjust their trading conditions as needed, including their mark-ups, commissions, base account currencies, and performance charges. They can choose from several trade allocation methods, including lot, proportional, and percentage allocation. All this, combined with a portfolio of 10,000+ instruments, including over 60 forex pairs, makes FP Markets a strong option for PAMM account users.

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.33% 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.
3. TRADE NOW READ REVIEWTrustpilot Rating

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   3. BlackBull Markets

   BlackBull Markets offers PAMM and MAM accounts with competitive conditions for money managers and investors. The Auckland-based broker serves customers from over 180 jurisdictions, facilitating low-cost trades in 26,000+ financial markets tradable with spreads from 0.0 pips and maximum leverage of 1:500.

   Eligible customers can connect to the broker’s PAMM/MAM solution by logging in and navigating to the Accounts tab, where they must select the “Open PAMM/MAM Account” option. The application assessment process may take up to 12 hours. The accounts are available for the MT4 and MT5 platforms. Account holders can withdraw funds at any time and benefit from real-time performance reporting.

   Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should make yourself aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any questions or concerns as to how a loss would affect your lifestyle.
4. TRADE NOW READ REVIEWTrustpilot Rating

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   4. FxPro

   FxPro holds licenses from the Financial Conduct Authority (FCA), the Financial Sector Conduct Authority (FSCA), and the Cyprus Securities and Exchange Commission (CySEC), with a solid compliance track record, a product range spanning over 2,100 markets, and competitive conditions for PAMM account users. Seasoned money managers can benefit from customizable commissions and performance fees.

   Eligible customers can manage their PAMM accounts via the award-winning MT4 and MT5 platforms. Users have access to advanced risk management tools and can choose from various allocation methods, including equity, lot size, and margin. Managers can execute trades manually or automatically with the help of expert advisors and collect rebates from spread-bet trades.

   Trade Responsibly. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% 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.
5. TRADE NOW READ REVIEWTrustpilot Rating

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   5. AvaTrade

   AvaTrade has provided competitive trading conditions for over 20 years. Regulated in nine jurisdictions, including Australia, Japan, Israel, South Africa, Ireland, and Cyprus, the broker offers PAMM and MAM services to money managers and investors seeking greater flexibility. Money managers can automate trades with expert advisors and allocate them based on balance, lot size, and equity.

   There are no restrictions on the number of sub-accounts you can control. Creating sub-groups dedicated to specific strategies is also possible. Minimum trading volumes start at a single micro lot, with the option to connect PAMM accounts to the familiar MetaTrader 5 platform. PAMM accounts at AvaTrade also enable investors to track their account managers’ performance in real time.

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 57% 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.
6. TRADE NOW READ REVIEWTrustpilot Rating

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   6. Vantage

   With licenses from regulators including ASIC and a transparent pricing structure, Vantage offers investors and money managers competitive PAMM account conditions. PAMM accounts are available on MetaTrader 4 and MetaTrader 5, offering flexibility in terms of commissions and fees. Automated payments are processed based on high watermark level accounting, supporting fair and performance-based profit distribution.

   Investor onboarding is also automated for greater convenience, with money managers enjoying full control over their trading strategies and decisions. Managing the accounts with the help of expert advisors is also an option and so is trading via a browser-based interface. On top of this, Vantage offers over 1,000 instruments tradable at spreads from zero pips with Pro and Raw ECN (Electronic Communications Network) Accounts. Vantage Markets also maintains insurance coverage, with compensation of up to $1 million per claimant.

7. TRADE NOW READ REVIEWTrustpilot Rating

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   7. Pepperstone

   Pepperstone prioritizes security, transparency, and fair trading conditions. The broker operates as part of the Pepperstone Group, with licenses from the regulators of Cyprus, the UK, Australia, Germany, and Dubai. It offers spreads from zero pips for over 1,470 financial markets, coupled with reliable order execution and interbank-grade liquidity.

   The established broker provides PAMM and MAM accounts as part of its Pepperstone Partners program. These are well suited to the needs of seasoned money managers, offering flexible fee structures to fit various business needs. Eligible customers can manage up to a hundred sub-accounts at a time and plug their PAMM accounts into the popular MetaTrader 5 or MetaTrader 4 platforms.

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.9% 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.
8. TRADE NOW READ REVIEWTrustpilot Rating

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   8. Swissquote

   Swissquote has 29 years of experience delivering competitive conditions for trading in forex, stocks, commodities, indices, and other relevant financial products. Its Swiss Financial Market Supervisory Authority (FINMA), Dubai Financial Services Authority (DFSA), CySEC, and FCA licenses underpin the regulatory standing of this Luxembourg-based brokerage. Its parent company, Swissquote Group Holding Limited, has been trading publicly on Switzerland’s principal stock exchange (SIX Swiss Exchange) since May 2000, adding to the broker’s transparency credentials.

   Seasoned asset managers who set up PAMM accounts with Swissquote can benefit from flexible trade allocation features, smooth execution, and deep interbank liquidity. In addition, clients can utilize comprehensive reporting and monitoring tools to keep track of account performance and trading activity with ease. The broker draws liquidity from over 15 major liquidity providers. Swissquote allows full hedging on these accounts, which few other brokers permit. MAM and Lot Allocation Management Module (LAMM) accounts are also available here.

   CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% 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.
9. TRADE NOW READ REVIEWTrustpilot Rating

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   9. FXCM

   At FXCM, traders can explore hundreds of competitively-priced markets for forex, contracts for difference, and spread betting. The broker holds licenses issued from CySEC, the Israel Securities Authority (ISA), ASIC, and FCA, enabling clients to trade in a regulated environment. FXCM employs execution technologies to deliver low spreads and provides a choice from several trading platforms, including the proprietary Trading Station, Capitalise.ai, TradingView, and MT4.

   Asset managers can benefit from the PAMM solutions provided by FXCM. Only referring brokers (RBs) and introducing brokers (IBs) can register such accounts. PAMM products are currently unavailable to individual retail traders. Eligible customers can apply for PAMM accounts by filling out the introducing broker form or emailing their applications at IB@FXCM.com.

   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. 
10. TRADE NOW READ REVIEWTrustpilot Rating

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    10. Axi

    Axi offers PAMM accounts, allowing eligible customers to manage an unlimited number of investor accounts. The brokerage caters to PAMM account holders with six methods of funds allocation and dedicated tools for comprehensive performance monitoring. Managers have the flexibility to grow their client base at their discretion by choosing to operate either a public or private PAMM master account.

    The broker’s PAMM solution runs on the Singapore-based FYNXT platform. Investors can pick from multiple strategies and a pool of asset managers. The accounts can accommodate investors of all experience and skill levels. On the downside, investors are only able to subscribe to PAMM master strategies via the portal and cannot independently choose which master to join.

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Comprehensive Comparison of the Top 10 Forex Brokers Offering PAMM Accounts

PAMM Accounts Explained in Short

PAMM (Percentage Allocation Management Module) accounts can suit individuals looking to invest in forex and other markets who lack the expertise or time to engage in trading. They also serve experienced traders looking to apply their skills by managing funds for others. This type of account enables multiple investors to allocate funds to an experienced trader or asset manager and authorize them to trade on their behalf.

A money manager can transact on behalf of multiple investors from a single PAMM account. Investor funds are pooled into a combined balance, with each investor contributing an amount of their choosing. Losses and gains are apportioned depending on each investor’s contribution to the pool.

Fund allocation can be based on a percentage, fixed amount, or lot size. This form of automated trading can benefit both parties involved. On one hand, investors lacking the time to monitor the markets gain access to experienced money managers trading on their behalf. On the other hand, money managers collect fees when they exit a trade on profit.

Example of How PAMM Forex Trading Accounts Work

Individuals with no forex trading background often find PAMM accounts difficult to understand. The following example illustrates how the setup works. Consider three fictitious investors (Sam, Daniel, and Tilk) who have all selected Jack as their asset manager, agreeing that he will collect a 15% share of all profits generated in the PAMM account. Assume the account has a pooled balance of $10,000. Here is how each party contributes to the pool:

• Jack contributes $3,000 for a 30% share of the $10,000 pool
• Sam has a 25% share as she contributed $2,500
• Daniel contributed $2,300 for a 23% share
• Tilk put up $2,200 for a 22% contribution to the pool

Jack earns a 20% profit after his first month of trading on behalf of the three investors. The pool has now increased to $12,000 ($2,000 net profit on top of the original $10,000 investment). Jack deducts his 15% asset management fee ($300) from the net profits. Sam, Tilk, and Daniel collect their shares of the remaining profits ($1,700) based on their initial contribution percentages as follows:

• Sam earns $425 or 25% of $1,700
• Daniel collects $391 or 23% of $1,700
• Tilk gets $374 or 22% of $1,700
• Jack pockets $510 or 30% of $1,700

The pooled amount in the PAMM account has now increased from $10,000 to $11,700 after Jack deducted his $300 fee. The three investors are satisfied with his performance and decide to continue using his services for another month without cashing out any of their profits.

Unfortunately, this second month is unprofitable as Jack loses 10% of the pooled investment ($1,170). He collects no commission for his services during this period. The balance of the PAMM account has now dropped from $11,700 to $10,530. Each party participating in the venture loses 10% of their pool contribution as follows:

• Sam loses $292.5 of her $2,925 share.
• Daniel is down $269.1 of his $2,691 share.
• Tilk sees his $2,574 share decrease by $257.4.
• Jack loses $351 of his $3,510 contribution to the pool.

The balance of the PAMM account is now down to $10,530, and the three investors must decide whether to allow Jack another trading term to attempt to recover the losses. The investors can stay with him or switch to another asset manager after withdrawing their shares. Alternatively, they can continue using Jack’s services with reduced allocations.

Costs Associated with PAMM Accounts

Investors pay performance fees to the asset managers trading on their behalf. The charges may vary significantly, depending on the asset manager and the platform powering the PAMM setup. Performance fees are typically percentage-based and are deducted from the combined net profits money managers generate during a single trading term, usually a month.

As the previous example showed, asset managers do not collect fees if they suffer losses at the end of a trading term. Most brokers charge no dedicated commissions or fees for offering PAMM accounts to their customers. However, the underlying trading still incurs costs, including the spreads built into the trades, round-trip trading commissions, and account funding fees.

Other Common Types of Managed Trading Accounts

MAM and LAMM are the other two types of managed trading accounts commonly offered by online forex brokers. MAM stands for “multi-account manager” and is similar to PAMM as it enables master account holders (asset managers) to execute trades on investors’ behalf. The main difference between the two setups is that MAM offers greater flexibility for fund allocation and risk adjustment.

MAM account holders can adjust the strategies of the people trading for them, close out positions, or even trade independently. This is not the case with PAMM accounts, where investors have no control over the trading decisions of their asset managers. LAMM is a less widespread type of managed trading account, although some brokers, including Swissquote, offer it as an option.

LAMM stands for “lot allocation management module”, a setup where investor funds are allocated in lots rather than the percentages typically used with PAMM accounts. Profit allocation remains proportionate to each participating investor’s contribution to the pooled funds. What distinguishes this model from PAMM and MAM is that the distribution of profits and losses is also measured in lots, with each investor determining their lot size.

Another major difference is that LAMM does not require investors to transfer money to their asset managers. An investor registers an account and links it to a strategy supplied by an asset manager. The investor’s deposits are not part of a combined funds pool; instead, the manager’s positions are automatically replicated in the investor’s account according to the copied strategy. Accordingly, the investor must have sufficient balance to cover the positions of the asset manager. Replicated trades must match the volume traded by the manager.

Setting Up a PAMM Account

Creating a PAMM account is a relatively straightforward process for applicants meeting the eligibility criteria. Most brokers offering this service require investors to register standard trading accounts, verify their identities, and fund their live balance. Potential investors can then apply for PAMM investor accounts directly from their dashboard or by contacting customer support. Once approved, investors must choose money managers to trade on their behalf. New investors should also determine how much capital to allocate to each manager they select.

The process is similar for experienced traders looking to monetize their expertise and skills. The only difference is they must apply for PAMM money manager accounts rather than investor accounts. After registering with a suitable broker, you access your existing live account, navigate to the dashboard, and click the “PAMM Manager Account” tab to complete the application form. Allow one or two business days for the relevant department to evaluate your request.

Once approved, you must choose a performance fee to charge your investors whenever you generate profits on their behalf. In essence, money managers share their portfolios for others to review and invest in. Potential investors can see and review your strategies, trading results, return on investment (ROI), and performance ratings. The better your performance, the greater the likelihood of attracting more investors. The brokers recommended on this page impose no restrictions on the number of investors following you.

How Can Traders Choose the Right Account Manager?

The previous sections covered PAMM account specifics for account managers. This section covers the investor side of PAMM account trading. Those who decide to join a managed account should carefully evaluate the performance of different account managers and select one whose trading approach aligns with their goals and risk tolerance.

Below is a short list of steps traders should consider before joining a PAMM account and allowing someone else to handle their orders:

• Due Diligence: Investors may choose from several types of PAMM accounts, depending on their budget, chosen strategies, and risk tolerance. It is up to traders to do their own due diligence and investigate each account manager.
• Strategy and Risk Evaluation: Not all traders have the same style, and PAMM account managers are no exception. When choosing an account manager, check whether their strategy aligns with your style and goals. Your risk tolerance should also align with the account manager’s strategy and approach.
• Applicable Fees: Typically, investors must pay a performance fee each month for the trades handled by the account manager of their respective PAMM account. When choosing a manager, compare different performance fees and consider the PAMM account associated with the lowest expenses.
• Experience Evaluation: A key part of the assessment process is evaluating the experience of different PAMM account managers. Such information should be readily available to traders, including details about the manager’s trading experience, history of their successful and unsuccessful trades, and other relevant information about their performance.

Following the steps above can help traders make informed decisions about which account manager aligns with their goals, though past performance does not guarantee future results and losses are possible.

Advantages and Disadvantages of Opening PAMM Forex Account

PAMM accounts can appeal to individuals looking to generate income passively by leveraging the experience of other traders, though returns are not guaranteed and losses are possible. Investors can access databases of experienced money managers, enabling them to compare performance and strategies to make informed decisions about who to follow. Performance analytics and results are regularly updated to help potential investors identify money managers whose strategies and risk tolerance align with their own. Investors can often monitor real-time updates and receive reports on trades and account performance.

Investor accounts also have their funds segregated from the money of the asset manager and fellow investors. Money managers cannot tamper with the balance of their investors or withdraw from them. Many managers charge reasonable fees, which can allow investors to pursue additional income without investing significant time or effort into learning trading concepts. The biggest downside of PAMM accounts is that investors have little to no control over the trading decisions of their money managers.

PAMM accounts benefit money managers by enabling them to earn additional income from performance fees. Apart from the spreads and trading commissions, running a PAMM account as a money manager is not associated with additional costs. It can provide opportunities to scale their business without significant added expenses. Money managers can use PAMM accounts as a platform to build credibility and attract institutional investors, potentially providing access to larger capital inflows and supporting their professional reputation.

Managers have control over their trading decisions and can keep their strategies private and protected as intellectual property. There is no ceiling on the number of investors following a single manager. Attracting more investors can increase potential fee income when trades are profitable. On the downside, money managers risk losing their investors if they suffer trading losses at the end of the month, particularly after several unsuccessful months. They may also face liquidity constraints during periods of high withdrawal requests or volatile market conditions, which could affect their ability to trade effectively.

Written by E. Lee, CFA