Broker Reviews Overview

Updated: 07 July 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 (109)

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 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

OctaFX

Trader Rating
Open Demo Account Full Review
Strengths
  • Award-winning broker
  • Wide range of platforms offered
  • Self-styled ‘lowest spreads in the industry’
Weaknesses
  • No recognised regulatory authority
  • USD $100 minimum deposit
Note: 76.4% of Forex retail accounts lose money
4th

Nutmeg

Trader Rating
Open Demo Account 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

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
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