Broker Reviews Overview

Updated: 28 October 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 (117)

11th

Core Spreads

Trader Rating
Open Demo Account Full Review
Strengths
  • Competitive fees
  • They are regulated by the FCA; hence, investments of their traders are secured
  • Excellent choice of trading platforms
  • Wide range of assets
Weaknesses
  • Only two types of accounts available for their traders
  • They do not provide any education
Note: 76.4% of Forex retail accounts lose money
12th

FXTM

Trader Rating
Open Demo Account Full Review
Strengths
  • A diverse range of account types are available to cater for the needs of all types of traders
  • The broker is broadly regulated around the world by a number of well-respected bodies
  • They work to provide a detailed education infrastructure for you to improve as a trader
Weaknesses
  • Some traders may like to see additional proprietary trading platforms made available
  • While there is diversity in markets, the numbers of these available can always be increased
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.
13th

LonghornFX

Trader Rating
Open Demo Account Full Review
Strengths
  • Uses an electronic communication network (ECN) to place trades
  • Offers round-the-clock customer support, seven days a week
  • Provides a demo account for traders to use for practice before trading for real
Weaknesses
  • Does not provide the latest version of MetaTrader, MetaTrader 5 — only version 4
  • Some commissions are charged — though they are low
Note: 76.4% of Forex retail accounts lose money
14th

Smarkets

Trader Rating
Open Demo Account Full Review
Strengths
  • Strong app and clean, concise website functionalities
  • UKGC and MGA licensed and regulated
  • Different payment methods, including Neteller and Skrill
Weaknesses
Note: 76.4% of Forex retail accounts lose money
15th

XM

Trader Rating
Open Demo Account Full Review
Strengths
  • Well-regulated across a selection of highly respected bodies
  • Low minimum deposits
  • Competitive spreads across all intruments
  • Wide variety of educational resources
  • Reliable - 99.35% of trading orders executed in less than 1 second
Weaknesses
  • Only supports MT4/MT5
  • Does not offer Cryptocurrency or ETF CDFs
Note: 76.4% of Forex retail accounts lose money
16th

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
17th

StormGain

Trader Rating
Open Demo Account Full Review
Strengths
  • Multilingual website
  • Loyalty program and bonuses
  • Security
  • Ability to buy cryptocurrency using bank cards
  • 24/7 customer support
Weaknesses
  • Replenishment of accounts only possible with cryptocurrencies
  • StormGain is currently not regulated. However, the StormGain legal team provides adequate control
  • Only cryptocurrencies can be withdrawn from the platform
Note: 76.4% of Forex retail accounts lose money
18th

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
19th

Admiral Markets

Trader Rating
Open Demo Account Full Review
Strengths
  • Impressive education and solid research
  • Impressive range of assets to trade
  • MT4/ MT5 platforms do have add ins
Weaknesses
  • No bespoke platform, MT4/ MT5 only
  • Demo account expires after 30 days
  • Trading commissions on some accounts
Note: 76.4% of Forex retail accounts lose money
20th

Pepperstone

Trader Rating
Open Demo Account Full Review
Strengths
  • Regulated by the FCA and ASIC
  • Offers multiple free deposit methods
  • Is an award-winning broker
  • Has a local London office
Weaknesses
  • The product portfolio is somewhat limited
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.5% 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.