Broker Reviews Overview

Updated: 05 January 2021

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 (124)

11th

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
12th

CEX.IO

Trader Rating
Open Demo Account Full Review
Strengths
  • Their transparent pricing structure for all products
  • They have fast approval times for account opening and identity verification
  • They provide quick access to digital coins
Weaknesses
  • High fees for deposits with credit card
Note: 76.4% of Forex retail accounts lose money
13th

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
14th

Plus500

Trader Rating
Open Demo Account Full Review
Strengths
  • Regulated and authorised by the FCA
  • User friendly platform for beginners
  • International support in multiple languages
Weaknesses
  • Inactivity fee
  • Platform is basic for experienced traders
  • Average spreads for a higher tier broker
76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
15th

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
16th

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
17th

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
18th

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
19th

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
20th

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