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.
So there is no single best broker in the reviews for everyone?
In short, no. As each trader is different, the broker to suit each trader will also have differences.
Therefore we have analysed and reviewed each broker with different types of traders, and various types of trading in mind. We also 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 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
eToro is a global broker with a vast array of instruments to trade.You cannot merely refer to eToro as a CFD broker any longer, as they have added stocks, cryptocurrencies, and other assets that can be directly invested into..
Pepperstone is a forex broker with roots in Australia, and branches now across multiple jurisdictions. Forex is the specialty of this broker, with MT4, MT5, and cTrader platforms all available free.
Admiral Markets have a long a trusted history of forex trading excellence. More recently, this FCA, ASIC, and CySEC regulated broker has added real stocks that can be directly invested into, alongside their excellent range of CFD products.
IQ Option is a forex broker that offers some of the widest range of account currency options in the business. This is a broker that has forex options, alongisde binary options trading for non EU residents. A global juggernaut of online trading.
ATFX are an FCA regulated forex broker with very good trading fees and conditions for all types of traders. Operating out of London, alongside offices in Asia, gives ATFX a great understanding of the wider market forces, which they pass on with a strong educational offer for traders.
FXTM are a forex broker with a huge arsenal of supported instruments. With real global strength, including across Europe, Africa, and South East Asia, FXTM are a broker you need to consider.
XTB have a great European offering and a really strong standing in Germany,, Austria, Switzerland in particular. The xStation5 platform is one of the best in the business, and XTB will support you ably with a great range of educational resources.
Broker Review Method – How do we rate the brokers?
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. Is this a trusted broker?
The starting point for each of our reviews is looking at whether the broker is trusted or could be a scam in our view?
There will be a detailed look into the history of the broker, their regulatory framework, alongside their current user feedback.
If the answer to the question of trustworthiness is no, we will not proceed with the remainder of the analysis. These brokers are only included as warnings that you should definitely want to steer clear of.
2. 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 cyrptocurrency 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?
There are many brokers out there that haven’t yet made our broker reviews. If there is one in particular that you would like us to look at in detail, contact us via our email or social channels.
We will compile our requests and prioritise our next additions of broker reviews based on your feedback!