Broker Reviews Overview
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.
Strengths
- Simplified service that meets most traders’ needs
- Relatively quick customer service response
- No charges for deposits or withdrawals
- Access to global markets
- Decent choice of educational materials
Weaknesses
- No toll-free support number
- Lacks customer service in late evenings and over the weekend
- No Live Chat
- Does not support MetaTrader 5 (MT5)
Strengths
- Interactive brokers recently launched the commission-free trading platform for stocks and ETFs
- The broker website features a dedicated section of in-depth research and market analysis reports
- IB presents a trader with more tradable instruments than most other electronic brokers
- IB grants its clients access to over 120 markets in 30+ countries across the world
- The broker is hailed for its low trading fees – especially for margin traders
Weaknesses
- One may consider both the company website and professional trader platforms rather complex
- It is biased towards professional traders and imposes restrictive minimum commissions and activity fees on small-holder accounts
- The broker maintains a complex pricing structure
- The broker calls for high minimum deposits and operating balances that often lock out retail traders
Strengths
- Incredible for traders looking to diversify
- A great platform for socially conscious traders
- The cost per trade is minimal
- Clean layout and easy to understand/use
- Access to IPOs
Weaknesses
- Option trades are not an option on the Motif Investing platform
- No mutual funds are available
- Customer support is lacking - it’s not 24/7 at all, and there’s no live chat option
- Lacking education/tools
Strengths
- Extremely easy to use
- You do not hold any tokens or funds on the site
- Good selection of popular digital currencies
- 24/7 email support
- Ability to buy digital currencies using credit or debit cards
Weaknesses
- High trading fees
- High credit card/debit card fees
- No phone or live chat support
Strengths
- Zero commissions and minimal spreads
- 50 currency pairs and more than 45 CFDs
- Customer support 24/5
- No requotes
- MT4 trading available
Weaknesses
- No cryptocurrencies
- CFDs not available on all instruments
- High minimum deposit for premium accounts
Strengths
- Offers an incredible number of account types
- Works with the Financial Commission
- Follows the Marshal Islands Business Corporation Act
Weaknesses
- Minimal types of assets available
- No obvious regulation
Strengths
- Tiny management fees at 0.25%
- Free management for accounts under $5,000
- Free financial planning toolkit - Exceptional goal setting dashboard
- Tax loss harvesting, stock level tax loss harvesting, and SmartBeta optimization
- Best robo-advisor for tax minimization
Weaknesses
- No fractional shares
- Portfolios under $100,000 are not customizable beyond questionnaire
Strengths
- Low minimum deposits to suit all traders
- Wide range of platforms offered
- Member of the Financial Commission for peace of mind
Weaknesses
- Not regulated by a mainstream authority
- Some fixed leverage ratios
