Broker Reviews Overview

Updated: 26 November 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 (120)

1st

Personal Capital

Trader Rating
Open Demo Account Full Review
Strengths
  • Automated investment management with human advisors
  • Tax optimization strategies
  • Customized portfolio
  • Financial decision support
  • Custom allocation of assets
Weaknesses
  • High management fees
  • The minimum investment is $100,000 which rules out many inventors
  • Asset allocation is not customizable
  • Budgeting tool is available on the mobile app but not within the website
Note: 76.4% of Forex retail accounts lose money
2nd

Cryptology

Trader Rating
Open Demo Account Full Review
Strengths
  • Great cryptocurrency support
  • Transparent fee and pricing structure
  • Great referral programme
  • Competitive pricing structure
  • Solid performance through the browser-based trading platform
Weaknesses
  • No support for financial instruments beyond cryptocurrencies
  • Relatively high withdrawal fees on wire transfers
  • No pro features available
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  • Commissions can be withdrawn via bank transfers, PayPal or CosmoPayment (MasterCard)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 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 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

DEGIRO

Trader Rating
Open Demo Account Full Review
Strengths
  • Some of the lowest costs in the sector
  • A large selection of markets and financial instruments
  • Great desktop and mobile platform
Weaknesses
  • Limited analysis tools
  • Only bank transfers can be used to add and withdraw funds
Investing can be rewarding but it is not without risk. You can lose (a part of) your deposit.
7th

eToro

Trader Rating
Open Demo Account Full Review
Strengths
  • Market-leading social trading platform
  • Incredible 94 Crypto CFDs to choose from
  • Authorised and regulated by several leading financial authorities
  • Beginner-friendly features such as CopyTrader
  • Wide selection of CFDs
Weaknesses
  • Not compatible with MT4/MT5
  • High Forex spreads - not great for FX traders
  • Only supports one base account currency (USD)
  • $5 withdrawal fee
62% OF RETAIL ACCOUNTS LOSE MONEY
8th

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
9th

Ayondo

Trader Rating
Open Demo Account 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
10th

IG

Trader Rating
Open Demo Account Full Review
Strengths
  • Top-tier regulation
  • Inventor of spread betting
  • Award-winning trading platform & apps
  • Negative balance protection at zero extra cost
  • Massive market range (17,000+)
Weaknesses
  • Inactivity fee
  • Competitive, but not the best, spreads
  • High fees for share CFDs
Note: 76.4% of Forex retail accounts lose money