AskTraders.com

Updated 21 Sep 2022

Choosing the perfect broker for you is an important first step on your trading journey. Like a good pair of gloves, your broker of choice should be a suitable fit for you. But with so many brokers out there today, where do you start? Here at AskTraders, our expert team of trading professionals has taken care of all the hard work for you. We’ve reviewed and ranked our trusted broker partners to save you hours of research. Along the way, we’ve looked at everything from account types and features, to trading fees and FCA regulation and condensed all of this information into a handy snapshot overview.

1st

Moneyfarm

Trader Rating

Open Demo Account Full Review

Strengths

Fully-automated investment service
One of the largest robo-advisors
Tailored investment and saving strategies
Good mobile app
UK office with FCA regulation

Weaknesses

Lacks 24/7 customer support
Cannot trade in or manage your own portfolio
Missing an ethical investing option
No demo account

2nd

OANDA

Trader Rating

Open Demo Account Full Review

Strengths

More than 70 forex pairs
Demo available
MarketPulse offers excellent news information

Weaknesses

U.S. clients can only trade forex (offers spot crypto via PAXOS)

3rd

Personal Capital

Trader Rating

Open Demo Account Full Review

Strengths

Automated investment management with human advisors
Tax optimization strategies
Customized portfolio
Financial decision support
Custom allocation of assets

Weaknesses

High management fees
The minimum investment is $100,000 which rules out many inventors
Asset allocation is not customizable
Budgeting tool is available on the mobile app but not within the website

4th

eToro USA

Trader Rating

Open Demo Account Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk. Full Review

Strengths

No fees for deposits or withdrawals (*conversion fees may apply)
Easy to buy crypto

Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.

5th

Eightcap

Trader Rating

Open Demo Account Full Review

Strengths

800+ tradable assets are available for CFD trading in forex, shares, indices, commodities and cryptocurrencies.
MT4, MT5 and TradingView platforms are supported, along with associated mobile apps.
Tight spreads and low fee trading modes via two account classifications
Regulated entities in both Tier-1 and Tier-3 jurisdictions

Weaknesses

No US residents accepted

6th

DEGIRO

Trader Rating

Open Account Investing can be rewarding but it is not without risk. You can lose (a part of) your deposit. Full Review

Strengths

Some of the lowest costs in the sector
A large selection of markets and financial instruments
Great desktop and mobile platform

Weaknesses

Limited analysis tools
Only bank transfers can be used to add and withdraw funds

Investing can be rewarding but it is not without risk. You can lose (a part of) your deposit.

7th

Admiral Markets

Trader Rating

Open Demo Account Forex & CFDs are complex products, not suitable for everyone, and come with the high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Full Review

Strengths

More than 4500 stocks & over 200 ETFs available to invest in
Admiral Markets Platform developed in-house
Wide range of CFDs on several asset categories to trade
Comprehensive trading education and solid analytical research resources
MT4/MT5 platforms accompanied with add-ons

Weaknesses

Demo account expires after 30 days
Trading commissions on some types of accounts

Forex & CFDs are complex products, not suitable for everyone, and come with the high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

8th