Find the Best Online Broker 2020

ForexFraud

2020 Broker Awards

With the explosion of fintech and the rise of online brokers over recent years, more individuals than ever are taking hold of their personal finances. Whether the goal is to make a bit of extra money on the side or to make long-term plans for retirement, it is clear that new technology is empowering financial independence in ways that we have never seen before. However, with so many players in the market, it can be difficult to tell which broker has put together the best package for would-be traders. In this article, we will give you an overview of some of the best brokers around. If you want to find out which broker tops our list, keep reading!

BrokerRated for?
FXTMBest all-round broker
AvaTradeBest customer support
PepperstoneGlobally rated forex broker
Plus500Best mobile trading app
HYCMBest global broker

FXTM - Best all-round broker 2020

As one of the most highly ranked brokers around, FXTM has built up quite the reputation for itself, despite only having been founded in 2011. Mainly focusing on CFD and forex trading, FXTM offers one of the best all-round trading experiences. While it doesn’t necessarily excel in any one area or have any particular speciality, FXTM offers a trading experience that is hard to fault. With regulatory oversight by both the UK FCA and the Cypriot CySEC regulatory bodies, FXTM is a broker that takes customer safety and security seriously.

Both professional reviewers and users alike have commended FXTM for the solid customer service, top-tier educational tools, and a seamless account creation process that gets you up and running within minutes.

Why we chose FXTM?

  • Fantastic educational resources: FXTM has a wide range of educational resources on offer that will help you level up your trading skills.
  • Effective customer service: The FXTM customer service team offers 24/7 customer support in a number of different languages by live chat, email, social media and direct telephone access.
  • A range of financial instruments available to trade: Once registered, you will be given access to over 250 financial instruments, including CFDs on currencies, commodities, indices, futures and shares. For customers based in the UK, this also includes a number of spread-betting markets.
  • Multiple account types: FXTM has six account types to cater for a number of different traders, all the way up to pro trading accounts.
  • Low CFD fees: Although the fees will depend on what type of account you have, in general FXTM offers low CFD fees, particularly on stock index CFDs and forex CFDs. 

Broker Features:FXTM
ReviewRead the full review here!
Minimum Deposit$10
Stock Trade fees?Low stock trade fees built into the spread
Option Trade fees?Low, built into the spreads on offer
Commission-free ETFs?No direct commission, built into the spreads
Trading PlatformMetaTrader 4 & MetaTrader 5

AvaTrade - Best Broker Customer Service 2020

Since first being founded in 2006 in Dublin, AvaTrade has firmly established itself as one of the leading brokers in the online CFD trading space. With a network of offices spread across Dublin, Milan, Tokyo and Sydney, AvaTrade have one of the most international presences of any broker on the market, servicing hundreds of thousands of clients across both the EMEA and Asia-Pacific regions. This international presence means that AvaTrade falls under the watchful eye of regulatory agencies in Australia, the EU, Japan, South Africa and Abu Dhabi, making it one of the most well-regulated, secure brokers around. With over a decade and a half operating and numerous industry awards behind it, AvaTrade is one of the most trusted online brokerages currently operating.

Why we chose AvaTrade?

  • Automated and manual trading: AvaTrade provides support for both automated and manual trading solutions.
  • High levels of customer safety: Having been registered in Ireland, AvaTrade comes under the watchful eye of the Irish central bank and a range of EU regulatory agencies, making this broker an incredibly safe choice for your investments.
  • Industry-leading automated trading options: If you want a relatively self-sufficient approach to trading, take advantage of one of the many automated trading features on offer.
  • Fantastic customer support: With the support offered in over 12 languages, 24 hours a day during the week, a member of the customer support team is always on hand to offer advice.
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Broker Features:AvaTrade
ReviewRead the full review here!
Minimum Deposit$100
Stock Trade fees?No
Option Trade fees?No
Commission-free ETFs?Yes
Trading PlatformACT, MetaTrader 4, Mirror Trader, ZuluTrade, Currensee

Pepperstone - Best Global Broker 2020

Pepperstone is a multi-asset, multi-regulated CFD broker based primarily in Melbourne. Having been founded in 2010, and with just shy of a decade’s worth of experience under its belt, Pepperstone is one of the leading forex brokers servicing clients in the Asia-Pacific region. With a growing presence in the European market, primarily through its UK office, Pepperstone has gradually built up a name for itself as one of the leading CFD brokers currently operating. While not having the same spread of financial instruments as some of the larger brokers, Pepperstone has nevertheless established a solid reputation for itself as a well-run broker offering favourable trading conditions.

Why choose Pepperstone?

  • Solid customer service: Fast, effective and efficient customer support offered 24 hours a day, five days a week via email, phone, live chat and social media.
  • Low forex and equity index CFD fees: Pepperstone offers some of the most competitive spreads of any CFD broker.
  • Seamless deposits and withdrawals to the platform: Depositing money to the platform is an incredibly easy process once your account is fully set up and verified. Even better still, Pepperstone doesn’t charge any added fees for deposits and withdrawals to and from the platform!
  • Decent selection of financial instruments: While not having the same variety as some of the other larger platforms, Pepperstone still offers over 150 CFDs across FX, commodities, cryptocurrencies, indices and stocks.
  • Quick trade execution speeds: Pepperstone offers incredibly quick average order execution speeds of 30ms, with trade execution coming from over 22 different banks.

Broker Features:Pepperstone
ReviewRead the full review here!
Minimum Deposit$200
Stock Trade fees?No commissions
Option Trade fees?No commissions
Commission-free ETFs?Yes
Trading PlatformMetaTrader 4, MetaTrader 5 and cTrader

Plus500 - Best Broker Mobile Trading App 2020

Plus500 is one of the most trusted CFD and forex brokers currently operating, having been founded in 2008 in Israel. Much of its reputation is tied to the fact that it is one of the few online brokerages listed on the London Stock Exchange – a somewhat rare achievement for an online broker! With a customer base across EMEA and the Asia-Pacific market, Plus500 comes under the regulatory authority of the UK’s FCA, as well as ASIC in Australia, making it one of the most stringent brokers out there. Being listed on the London Stock Exchange adds another layer of customer safety and protection, as it means that it has to report all of its financial information as part of its year-end reporting duties to shareholders.

Why choose Plus500?

  • Listed on the London Stock Exchange: Plus500 is one of the few online brokers currently listed on the London Stock Exchange.
  • Fantastic mobile app: A proprietary mobile app gives you full control of your trading account on the go.
  • Solid selection of CFDs and currency pairs: Although not necessarily blowing the competition out the water, Plus500 offers a wide variety and range of CFDs and currency pairs, including CFDs on FX, indices, commodities and stocks.
  • Superb charting tools: With over 107 technical indicators and editor tools, Plus500 gives you all the tools needed to undertake high-level technical analysis and trade execution.
  • Economic calendar: Plu500 gives users a well-designed economic calendar packed with all the latest news, events and important financial information you need to implement your trading strategy.

Broker Features:Plus500
ReviewRead the full review here!
Minimum Deposit100 GBP/AUD/EUR/USD
Stock Trade fees?No
Option Trade fees?No
Commission-free ETFs?Yes
Trading PlatformProprietary Plus500 trading platform

HYCM - Best Social Trading Broker 2020

Although lacking the star power of some of the other brokerages around, HYCM has nevertheless managed to build up a solid name for itself since it was first founded back in 1977. With over 40 years in operation, there are few, if any, brokers currently around with the same level of experience as HYCM. With a footprint in over 20 countries, HYCM is one of the most international brokers around.

Why choose HYCM?

  • Wide range of financial instruments: With over 225 CFDs and a massive array of currency pairs on offer, HYCM offers a spread of financial instruments that allows you to fully diversify your portfolio.
  • Social and copy trading: For newer users, HYCM gives you the ability to use copy trading and social trading to help take your investment portfolio to the next level!
  • Unrivalled industry experience: With over 40 years in the game, there are few brokers around that can compete with HYCM’s industry experience!
  • Decent spreads: HYCM offers spreads on trades that more than meet the industry averages.
  • Fantastic customer protection: Regulated by the FCA for over 20 years, HYCM has one of the best compliance records around.

Broker Features:HYCM
ReviewRead the full review here!
Minimum Deposit$100
Stock Trade fees?Built into the spreads
Option Trade fees?Built into the spreads
Commission-free ETFs?Yes
Trading PlatformMetaTrader 4

Other Online Broker Medal Winners 2020

InstaForex

InstaForex is an online CFD broker that gives users access to over 300 CFDs across forex, equities, indices, commodities and cryptocurrencies. It is regulated by CySEC in Europe, the British Virgin Islands Financial Services Commission, and the Central Bank of Russia. With such a wide geographic footprint, InstaForex is one of the most global brokers around. Read here for a full breakdown and review!

Trade360

Trade360 is a multi-asset CySEC-regulated CFD broker offering users a wide range of financial instruments to trade. With a presence mainly in the European market, Trade360 has established a fantastic reputation since it was founded in 2013. If you want the full lowdown on Trade360, read the following review for a comprehensive breakdown!

FXPro

Founded in 2006, FxPro is one of the most experienced online brokers around. Processing over 5,000 trades per second, and with these all being executed within 50 milliseconds, FxPro offers users some of the fastest execution times of any online broker. With multiple industry awards behind it, FxPro is well worth checking out!

HFTrading

Catering primarily to the Asia-Pacific and Australasian market, HFTrading has put together a solid trading package that offers second-to-none customer protection. With a solid range of CFDs and financial instruments on offer to trade, HFTrading has also implemented a number of automated trading tools into the platform, which are great for novice traders. Read the full review here!

ETFinance

Based in Cyprus, and regulated by CySEC, ETFinance is one of a new crop of online CFD brokers that have quickly been building up a name for themselves. With a large selection of tradeable assets on offer and competitive spreads to avail, ETFinance is an easy choice for both new and experienced traders. The demo account and educational resources are particularly useful for newer traders. Keep reading for a full review of the ETFinance platform!

101investing

With a focus mainly on the European and Australasian markets, 101investing is a solid option for novice traders looking for an easy-to-use platform offering competitive spreads. The educational resources are particularly well put together. With no commissions charged on trades and competitive spreads across all asset classes, 101investing is an easy choice. Read the full review here!

ROinvesting

Previously operating under the GMO Trading moniker, ROinvesting has recently rebranded and relaunched in the European market. With thousands of financial products on offer to trade – including forex pairs, cryptocurrencies, commodities, stocks, indices, futures and ETFs – ROinvesting has one of the most comprehensive selections around. It also offers a number of account types depending on what sort of trader you are. For a comprehensive review, keep reading here!

Oanda

With over two decades of experience under its belt, Oanda is one of the most trusted online brokerages currently operating. With multiple industry awards behind it, Oanda has a wide customer base across the US, Asia, Europe and Australia. With a wide range of instruments ready to trade and competitive spreads on offer across all asset classes, Oanda is an easy choice for new and experienced traders alike. Read the following review for a full breakdown.

Tickmill

Although not one of the most well-known brokers around, Tickmill has been quietly building up a huge geographic presence over the last number of years. With operations in more than 200 countries currently, Tickmill is without question one of the most global brokers around. With incredibly fast execution speeds, lots of trading tools and educational resources, and competitive spreads, Tickmill is a solid choice for traders of all experience levels. Read the comprehensive review here!

ATFX

Although lacking the star power of some of the bigger names in the industry, ATFX offers an all-round solid trading experience that caters to the needs of most intermediate and novice traders. While not offering the most competitive spreads around, ATFX has nevertheless put together a solid package. For a full breakdown, read the following review!

FAQ's

How important is security? Choosing a broker that offers a high level of customer protection and security is absolutely essential. As such, ensure that your chosen broker is fully licensed and regulated by a well-established regulatory body. What is execution speed and why does it matter? Order execution speed essentially means the speed at which your broker will carry out your trade once you place the order. Quick execution speed means that you will be able to lock in the price you want to be given the markets change so quickly.  What trading costs should I look out for? Generally speaking, you should look out not only for any fees or commissions you might get charged but also the spreads offered by the broker. How do I choose the best online broker? The best way to choose a safe CFD broker is to use a trusted, independent review website such as ForexFraud, which can compare a wide range of brokers at once. What tools do online brokers offer? To help you trade better, online brokers will offer you a range of tools, including charting tools, various trading platforms, economic analysis tools and calendars, as well as educational resources such as lectures and webinars. What can I trade with online brokers? Online brokers will allow you to trade a range of financial instruments, including forex currency pairs, options and CFDs. Can I use mobile apps to trade? Yes, the majority of online brokers offer some kind of mobile trading solution either developed in-house or as part of the trading software package they use – for example, MetaTrader 4. How important is customer service? Customer service is one of the most important aspects of any online broker as it ensures that you have the help you need in case something goes wrong with your account or trades. What learning tools should I use? The most useful education resources you can use are economic calendars, charting tools and any lectures, webinars or guides your broker might offer. What platform can I use to trade? While many online brokers use proprietary software developed in-house, the majority of platforms will also give you access to industry-standard trading platforms such as MetaTrader 4 or 5.

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