In completing each of our broker reviews, our team have personally tried and tested various metrics featured to get to the bottom of the nagging question, “who is the best broker?”
To get close to answering the ‘nagging question’ we must first take a step back. When we consider that depending on the type of trading we are going to engage in and the frequency of trading in that market, we will end up with many different answers.
The broker reviews don’t have a single best broker for all?
In short, no. As each trader is different, the broker to suit each trader will also have differences and also different review platforms will have slightly alternative view.
Therefore we have analysed and reviewed each broker with different types of traders, and various types of trading in mind. We need to evaluate how good each broker is for forex or if their expertise lay elsewhere.
Whether you are looking to find the best trading app, the best broker for eur/usd spreads, best broker for bitcoin trading or merely a broker review of one who is not a scam, we have done the leg work for you.
Peruse the details of our broker reviews below, become familiarised with the platform and then decide for yourself if you think this is the right broker for you to trust with your money.
In Depth Broker Reviews
To get closer to finding out which are the best brokers, there are so many different variables and types of user that we will be separating the lists out into separate categories. These are designed to give you the simplest way of finding what you want.
Broker Review Method And 10 Point Criteria
Leverage Forex conducts impartial broker reviews that follow a core base of 10 topics.
These are those deemed most relevant to deciding which broker is best, which broker is lagging behind, and which broker is a scam.
Every broker review category is given a rating out of 5 stars.
When combined, these individual start ratings gives us our ranking list and a net total out of 5 stars.
The lists will show some variance depending on the type of table you are viewing. Specific geographic emphasis or instrument specialists will be the most notable.
1. Do the broker reviews and history indicate a trusted place to trade?
The starting point for each of our reviews is looking at whether the broker is trusted or could be a potential scam or high risk trading location.
We will be a conducting a detailed look into the history of the broker, their regulatory framework, alongside their current user reviews and feedback.
If the broker can not be trusted according to our criteria, we will not proceed with the remainder of the analysis and mark the review as high risk. These broker reviews are only included as warnings that you should definitely want to steer clear of.
2. Review of Costs To Trade & Broker Fees Structure
Once a broker passes our first test, you will then see our analysis on costs to trade or broker fees.
This is always an integral part of any broker review, seeing as the more of your hard earned that goes on fees, the less there is for actual trading!
3. Trading Platforms Provided
Does the broker provide MT4, MT5, cTrader, or a proprietary trading platform?
We will progress through the trading platforms the broker provides, along with the products your can trade inside those platforms. The supplementary tools added to a brokers’ platform also will feature within this section of our review.
4. Mobile or App Trading
Trading apps or mobile trading options are next on the list. Seeing as many of us are now taking advantage of trading whilst on the move, it is a vitally important section that has taken on a lot more weight over the past few years.
A broker offering a far trimmed down mobile trading experience in 2020 and beyond, will likely end up losing traders to a more comprehensive offering.
5. Deposit & Withdrawals
Having a strong range of payment methods is a vital part of a brokers’ attraction. Purely accepting bank transfers is no longer enough. Nor is it enough to only allow cryptocurrency deposits.
There should be a range of card options, supported by digital payments, and e-wallets in order to provide a service that you as a user would want.
This is about providing choice and being customer centric. There is otherwise the risk to alienate some geographies that do not function as much on the mainstream payment methods.
6. Demo Account
Demo trading is a vital part of a traders’ toolkit, especially when testing new strategies, or instruments.
The demo account that is offered by a broker should be fully functioning and unlimited in order to attract the best score. One which is limited in scope is not going to prove much use to you as a trader when you get into the real account.
It should be an accurate representation of the real trading platform or the value is going to be as limited as the account itself.
7. Account Types
We will look here at the different types of accounts that the broker offers, alongside how they may differ from one another. The features of each account type, as far as differences in spreads, commissions, instruments supported will be explored with a preference given to those accounts that provide the full range of options at lower minimum deposit levels.
The minimum deposit by account type will be included in this particular section.
8. Broker Bonuses
Broker bonuses and promotions (in approved regions) is looked at to give an overview of the offering in full. We do not rate the bonuses as part of the scoring, to ensure it is as fair as possible to those that cannot offer these due to regulatory restrictions.
9. Customer Support
Each broker review is closed out with a look at the customer support. We will reach every customer support department via the differing methods available and would like to see swift response times, and knowledgeable staff.
It is imperative that those brokers’ targeting regions in the world in differing time-zones provide support during core hours.
10. Summary Rating
A brief summary will close out each review, alongside the final rating.
Don’t see the broker reviews you want?
We will compile our requests and prioritize our next additions of broker reviews based on your feedback!