Broker Reviews Overview

Updated: 23 September 2020

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.

AskTraders broker reviews Ranking (116)

1st

Generic Trade

Trader Rating
Open Demo Account Full Review
Strengths
  • Highly competitive fees and commissions
  • Maintains a simplistic and relatively easy to use website
  • Presents traders with more than six types of trading accounts
  • Broker doesn’t maintain the common trade and account restrictions like minimum deposit, operating balance and inactivity fees
  • Highly transparent with its client engagements, especially when it comes to fees and safety of deposits
Weaknesses
  • You can only trade futures and not any other financial instruments like FX or shares with Generic trade
  • doesn’t have an auto trader and its trader platforms won’t support integration with a third party auto trader
  • Brand doesn’t have an auto trader and its trader platforms won’t support integration with a third party auto trader
  • No educational or research materials on their website to help with decision making
Note: 76.4% of Forex retail accounts lose money
2nd

Spreadex

Trader Rating
Open Demo Account
Select guide type: Spreadex Deposit Guide Spreadex withdrawal guide Should I close my Spreadex account?
Full Review
Strengths
  • Spreadex has been around for a long time
  • It is known as a reliable company
  • Both iOS and Android apps are available
  • A large number of markets are on offer
Weaknesses
  • No welcome bonus on offer
  • No e-wallets available for deposits and withdrawals at the moment
Note: 76.4% of Forex retail accounts lose money
3rd

ZuluTrade

Trader Rating
Open Demo Account Full Review
Strengths
  • Partners with more than 50 brokers to provide social trading
  • Regulated in Japan and the EU
  • Website, platform and text support in 26 languages
  • Commissions can be withdrawn via bank transfers, PayPal or CosmoPayment (MasterCard)
  • Provides access to customer service via live chat, phone and email
Weaknesses
  • Telephone customer support only in English and Spanish
  • Too many traders to make choosing among them easy
  • Does not provide its own trading service
Note: 76.4% of Forex retail accounts lose money
4th

Nutmeg

Trader Rating
Open Demo Account
Select guide type: Nutmeg: Learn Everything You Need from the Best Online Investment Platform Enjoy Trading with the Nutmeg App – Become a Pro in no Time! Understanding Nutmeg Investment Alternatives: An Investors' Guide Understanding Nutmeg Fees: An Investors' Guide
Full Review
Strengths
  • Fully-automated investment service
  • UK firm regulated by the FCA
  • Top managed portfolios based on a large range of ETFs
  • Cost-efficient and transparent pricing structure with discounts for higher balances
  • Friendly and reliable customer service
Weaknesses
  • Cannot trade in your own portfolio
  • No telephone support at night or on weekends
  • Reduced control over investments versus managing your own portfolio
Note: 76.4% of Forex retail accounts lose money
5th

Moneyfarm

Trader Rating
Open Demo Account
Select guide type: Moneyfarm App: Simple and Intelligent Investing with Your Smartphone Moneyfarm Cashback Offer - A Guide To Claiming Moneyfarm Fees: The Definitive Investors’ Guide Moneyfarm: Withdraw and Transfer Funds Anytime Moneyfarm promo – how good a deal is it? Understanding Nutmeg Investment Alternatives: An Investors' Guide
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
Note: 76.4% of Forex retail accounts lose money
6th

Scalable Capital

Trader Rating
Open Demo Account Full Review
Strengths
  • Fully-automated investment service
  • Account backing by BlackRock
  • Robust risk management technology
  • Pricing is transparent and straightforward
  • Uses ETFs to keeps costs affordable
Weaknesses
  • High minimum deposit of £10,000
  • Better fees elsewhere
  • No telephone support on weekends or overnight
  • Reduced control over investments versus managing your own portfolio
Note: 76.4% of Forex retail accounts lose money
7th

ETFinance

Trader Rating
Open Demo Account Full Review
Strengths
  • Regulated by one of the most trusted bodies in global finance
  • Commission-free trading is offered on all account types
  • An extensive range of educational material is available
Weaknesses
  • No proprietary trading platform is offered
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% 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
8th

Ayondo

Trader Rating
Open Demo Account
Select guide type: Copy Trading for the Short Term CFD Trader
Full Review
Strengths
  • Regulated by FCA and BaFin
  • Founded in 2008
  • Several customer-support options
  • Risk management feature
Weaknesses
  • No Islamic account
  • No comments
Note: 76.4% of Forex retail accounts lose money
9th

eToro

Trader Rating
Open Demo Account
Select guide type: eToro App – Trade Anywhere at Any Time eToro Minimum Deposit - Trade at Low Cost eToro demo account – learn trading simply eToro: How To Delete Your Account Can You Use MT4 With eToro? Understanding eToro Alternatives: An Investors' Guide
Full Review
Strengths
  • The first social trading platform ever
  • Offers access to a variety of assets
  • Regulated and authorised by the FCA
Weaknesses
  • Limited educational tools are available
  • There have been some outages on the trading platform in the past
62% OF RETAIL ACCOUNTS LOSE MONEY
10th

Wealthify

Trader Rating
Open Demo Account Full Review
Strengths
  • Fully automated investment service
  • Five plans available to suit all investors, including ethical investing
  • Customer service options include phone, email and live chat
  • Minimum deposit of £1 to open an account
  • Backing from major financial organisations
Weaknesses
  • Fees are not the lowest available for large investors
  • No pension product
  • No customer support on Saturday afternoon and Sunday
Note: 76.4% of Forex retail accounts lose money