Forex Brokers Australia 2020 – Top Picks (40+ Brokers Tested)

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Best UK Forex Brokers Comparison in 2020

Forex trading is big business for banks and other financial institutions, with trillions of pounds worth of currencies changing hands each and every day. With that being said, the industry is no longer reserved just for institutions. On the contrary, the best UK forex brokers now allow you to buy, sell, and trade dozens of currencies at the click of a button.

In fact, there are literally hundreds of forex brokers now operating in the UK market, most of which offer trading platforms via a desktop and mobile device. However, this makes it difficult to know which forex broker to go with.

As such, we have created the ultimate guide to the Best UK Forex Brokers of 2020. We’ll start by discussing our top broker picks, each of which will come with a list of pros and cons to consider. We’ll then explain the fundamentals surrounding the industry, such as how forex trading works, how you can get started, and what risks you need to be made aware of.

Table of Contents

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  • Supports social trading, copy trading and copy portfolio features
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Best UK Forex Brokers 2020 – Best Brokers Compared

Who are the best forex brokers in 2020 and who wins the UK forex broker comparison?

The following list covers brokers that are tailored to both beginners and seasoned traders. As such, choose a broker that best meets your skill level. By the way, most brokers now come with fully-fledged investing apps, so you can also trade currencies on the move.

1. eToro – Best Platform for Newbies With No Experience

Let’s be completely clear here. If you have never traded before and you’re expecting to start making a living by buying and selling forex online, forget about it.

The industry is a tough cookie to crack, not least because you need to have a fundamental understanding of how trading works. With that being said, if you’ve never placed a single forex trade in your life, we would strongly recommend eToro. The overarching reason for this is that the platform is designed for beginners.

Crucially, its innovative Copy Trading feature allows you to mirror the trades of other investors. For example, if you come across an experienced investor that has an impeccable track record in trading GBP/USD, you can automatically copy their trades.

eToro is also notable because it does not charge any trading commissions. The only fee that you’ll pay is via the spread. Finally, eToro allows you to deposit funds with a range of everyday payment methods. On top of bank transfers and debit/credit cards, you can also deposit funds via an e-wallet like PayPal.

  • Supports multiple payment methods including e-wallets
  • Fast registration and KYC process
  • Huge selection of forex pairs listed
  • Spreads can be high on less popular currency pairs
  • Customer support does not operate 7 days per week

2. Interactive Brokers – Best Forex Platform For Liquidity

If you’re looking for a highly established trading platform that is home to heaps of liquidity, you might want to check out Interactive Brokers. Launched way back in 1977, the parent company is now listed on the NASDAQ stock exchange, and it holds multiple regulatory licenses. This includes the UK’s Financial Conduct Authority (FCA). In terms of the forex department itself, you can trade over 100 currency pairs.

This covers major, minor, and exotic pairs, and the platform is operational 24 hours per day. Interactive Brokers also offers a fully-fledged trading platform that can be accessed via your web browser, desktop computer, or mobile phone. Trading fees will depend on the type of account you have.

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With that said, if you’re trading less than $100,000 per month, or you haven’t paid at least $10 in monthly commissions, you will need to make up the difference. As such, Interactive Brokers is best suited to those of you that are looking to trade large volumes.

  • Fees are low, although the specifics will depend on your account type
  • More than 100+ currency pairs listed
  • Excellent research tools

  • Charges an inactivity fee if less than $100,000 per month is traded
  • No fixed spread trading accounts

3. Plus 500 – Easiest Web Trading Platform For Beginners

Founded in 2008, Plus 500 is now one of the largest forex and CFD brokers in the UK space. In fact, the company is now listed on the London Stock Exchange. We really like Plus 500 for a number of key reasons.

Firstly, the platform hosts a huge selection of forex pairs, all of which can be bought and sold 24/7. Plus 500 is also useful for those that have never traded online before. This is because the trading interface is super user-friendly, and you can customize the platform to meet your individual requirements.

It is also notable that Plus 500 does not charge any commissions to trade forex, although you do need to keep an eye on the spread. For example, NZD/USD averages 3.6 pips, which is somewhat expensive. Nevertheless, you can get started at Plus 500 with a minimum deposit of just £100, and you’ll also have the option of applying leverage to certain trades.

Finally, Plus 500 also offers a mobile app that you can download to both Android and iOS. This is ideal if you like to trade while out of the house.

  • Holds multiple licenses and is listed on the London Stock Exchange
  • User-friendly trading platform
  • Trade via your desktop or mobile device
  • Some spreads are priced quite highly
  • Minimal research tools

Best Mobile Forex Broker

Do you find yourself spending a lot of time buying, selling, and trading forex while on the move? If so, you’ll want to go with a broker that offers a fully-fledged mobile trading department. Check out the top pick that we have listed below.

Markets.com – Best Mobile Forex Platform

Mobile trading is getting more and more popular in the UK forex space. At the forefront of this is Markets.com, which now offers one of the most intuitive mobile trading departments in the industry. Launched in 1999, Markets.com has a global presence, with thousands of assets under its belt.

This includes dozens of forex pairs from the major, minor, and exotic markets. You can open an account in less than a few minutes, and minimum deposits are set at £100. Moreover, the platform allows you to make deposits with debit/credit cards, although it can take 24 hours for the funds to be processed.

One of the main drawbacks of using an established forex broker like Markets.com is that its fees are a bit expensive. It is also somewhat difficult to know exactly what you are paying, not least because fees are based on the account type that you hold. Finally, Markets.com is heavily regulated, and its parent company Playtech is listed on the London Stock Exchange.

  • Great reputation and holds multiple trading licenses
  • Accepts debit and credit cards
  • Extensive selection of forex pairs
  • More expensive than other brokers in the space
  • Limited product portfolio

Cheapest Forex Broker

If you find yourself trading larger amounts, one of your main priorities should be fees. This will either come in the form of a fixed per-trade fee, or a percentage of the amount that you invest. However, we prefer commission-free forex brokers that come with competitive spreads. We’ve listed our top pick for the cheapest forex broker below.

CMC Markets – Best Broker For Super-Competitive Fees

Launched in 1989, CMC Markets is a UK forex broker with a long-standing reputation in the financial sphere. Among many other jurisdictions, the platform is fully regulated by the FCA.

The overarching advantage of choosing CMC Markets as your go-to broker is that it offers some of the lowest fees in the space. For example, some of the major currency pairs come with a spread of just 0.7 pips. The platform is also competitively priced if you plan to keep your positions open overnight.

If you’re an experienced trader that likes to employ sophisticated strategies, CMC Markets offers heaps of technical indicators. This also includes a good number of drawing tools and chart types, as well as a fully customizable trading screen. Although phone support is only available on a 24/5 basis, we really like the 30-second average waiting time for live chat.

  • Trade major forex pairs from just 0.7 pips
  • Great mobile trading department
  • Heaps of technical indicators
  • Phone support only available 24/5
  • High stock CFD fees

Best Forex Brokers for Reputation

While a number of new-age platforms focus on industry-leading fees and cutting-edge technologies, some of you will look to prioritize safety. As such, if you’re looking for the best forex brokers for reputation, check out the top picks we’ve listed below.

1. IG – Great for Research and Educational Tools

IG is a UK forex broker that was launched way back in 1974. As such, it is one of the most trusted platforms in the market, with more than 195,000 clients under its belt. IG also holds a plethora of trading licenses from multiple jurisdictions, including that of the FCA. With 80 currency pairs listed at the broker, IG doesn’t have the most extensive forex department in the arena.

However, it more than makes up for this in other ways. For example, IG offers the much sought-after MT4 platform, which comes jam-packed with advanced charting tools. We also like the research and education department at the platform. This includes daily expert analysis from DailyFX, as well as user-friendly guides on key trading principles.

  • One of the most established brokers in the UK
  • Heaps of advanced charting tools
  • Great educational and research tools
  • Could do with adding more forex pairs
  • Imposes inactivity fees

2. Saxo Capital – Great for Experienced Investors

Saxo Capital is another UK forex broker that has an excellent reputation. Launched in 1992, the platform holds a range of regulatory licenses. You will need to deposit at least £1,500 to get started with the broker, although this shouldn’t be a problem is you’re a seasoned trader. If trading on leverage is your thing, Saxo Capital offers fully-fledged margin accounts. Just make sure that you understand the risks of margin trading.

We also like Saxo Capital because of its involvement in other areas of the financial markets. This includes stocks and shares, indices, and options. Finally, the Saxo Capital trading arena also comes with a number of technical analysis tools.

  • Great for experienced traders
  • Lots of advanced trading tools – including leverage
  • Massive collection of assets listed
  • Minimum account balance £1,500
  • Minimum account balance £1,500

How We Rank Online Stock Brokers

In order to provide you with an accurate and up-to-date analysis of each forex broker that we list, we personally open accounts and test the platform out for ourselves. This allows us to give you an in-depth overview of how each forex broker operates. All of our reviews are independent and impartial, meaning that we never allow a third-party platform to influence our findings.

Below we have listed the main metrics that we look for when reviewing a new forex broker.

    Fees and commissions Number of currency pairs listed Offers and promotions Research and analytics tools Trading platforms User-friendliness and customer support

Number of markets offered to the trader

What is a Forex Broker? Forex Broker Definition

First and foremost, let’s ensure that we understand what we mean by ‘forex’. Also referred to as FX, forex stands for ‘foreign exchange’. As the name suggests, forex is the process of trading one currency for another. While this is something that you have likely done when traveling to a foreign country, the industry itself is actually a muti-trillion pound arena.

Most of this volume is dominated by big banks, who trade currencies with other institutions as a means to profit from pricing movements. With that said, if you’ve read our guide up to this point, then you’ll know that the forex trading scene is now available to everyday consumers.

As such, when you use an online forex broker, you will be able to buy and sell currencies at the click of a button. The trading platform essentially acts as a third party, and it will match your trades with other investors. In return, forex brokers typically make their money from the spread. This is the difference between the ‘bid’ and ‘ask’ price.

The overarching concept of using a forex broker is to make money. For example, let’s say that you are trading GBP/USD. If you ‘buy’ the pair at $1.60, and you sell it for $1.70, you will have made a profit from the upward price movement. Similarly, if you ‘sell’ GBP at $1.60, and then buy it at $1.50, you would have also made a profit. As such, you need to speculate whether your chosen currency pair will go up or down in price. To do this, you’ll need to use a forex broker.

How do Forex Brokers Work?

Below we have outlined a more in-depth overview of how forex broker platforms work.

✔️ When you find a forex broker that meets your individual needs, you will then need to open an account. This works in the same way as opening a new bank account, insofar that you will need to verify your identity. Most forex brokers will ask for your full name, home address, date of birth, and if applicable – tax number. You will also need to supply some contact details.

✔️ Just like a bank account application, forex brokers will then ask you to supply some documentation. This is to ensure the broker remains compliant with anti-money laundering laws. In the UK, the FCA requires all forex brokers to verify the identity of its clients. As such, you’ll need to upload a clear copy of your government-issued ID. This can be either a driver’s license or passport.

✔️ Now that you have verified your identity, you can proceed to deposit some funds. Most brokers will have a minimum deposit amount in place, although this will vary from site-to-site. Deposit methods will also depend on your broker of choice. Some platforms allow you to deposit with a debit/credit card, bank transfer, and even an e-wallet like PayPal.

✔️ At this stage of the process, you should now have a fully verified and funded forex broker account. If so, you can now place your first trade. Brokers will typically list dozens of forex pairs for you to choose from. If you have a particular trading pair in mind, you can search for it. Once you are on the trading screen for the pair you wish to buy or sell, you’ll need to decide which way you think the market will go.

✔️ If you think the left-handed currency of the pair will increase, then you will place a ‘buy’ order. Placing a ‘sell’ order would indicate that you believe the right-handed currency will increase. For example, if trading GBP/USD, and you think that GBP will increase in value, you’d need to place a buy order. On the contrary, if you were more confident on USD, you would sell the pair. Once the trade is placed, you can close the order at any time.

How do Forex Broker Fees Work?

The fees charged by forex brokers can appear somewhat confusing at first glance. The reason for this is that a number of different pricing structures are utilized by brokers. We’ve outlined the fundamentals below.

? Most forex brokers will charge a commission. This can be charged on a fixed-fee basis, meaning that you will pay a standard fee every time you place a trade. For example, the broker might charge £1 for every trade that you make. You would pay this fee when you open the trade, as well as when you close it. Large volume traders will usually benefit from a lower fixed fee.

? Some forex brokers will instead charge a variable fee. This will be calculated against the total size of your order. For example, if the broker charges 0.5%, and the size of your forex order is £1,500, you would pay £7.50 in fees. This particular model is best suited for those that trade really small amounts.

? A number of forex brokers advertise commission-free trading. However, you still need to keep an eye out for the spread. This will have a direct impact on your ability to make a profit. In other words, although you are not paying a trading fee per-say, a high spread would make it more difficult to make small profits.

? You also need to make some considerations regarding funding fees. This is only applicable if you are looking to engage in margin trading. Depending on how much leverage you require, the broker will charge you a fee for holding positions overnight. This is charged as a percentage of the total amount that you borrow from the broker.

Trading Forex Example

If you’re just starting out in the world of forex trading, it’s crucial that you have a firm understanding of how the space actually works. To help you along the way, we’ve listed the steps that you will need to take.

Step 1: Choosing a Currency Pair

First and foremost, you will need to choose a currency pair to trade. Don’t forget, you are speculating how one currency will change in price against another. For example, if trading EUR/USD, you need to decide whether EUR will go up or down in price against the USD.

It is also important to note that forex pairs come in three different bands – majors, minors, and exotics.

? Major Pairs

Major pairs are the most traded currencies in the world. Think along the lines of the US Dollar (USD), Pound Sterling (GBP) and the EURO (EUR).

? Minor Pairs

Minor pairs will contain one major currency and one less liquid currency. For example, NZD/JPY is a minor pair, as is GBP/CAD.

? Exotic Pairs

Exotic pairs contain an emerging currency alongside a major currency. These typically struggle for liquidity, so you’ll find that the spread is often higher. This includes the likes of USD/TRY and USD/ZAR.

Step 2: Check the Spread

Before you start trading your chosen forex pair, you need to assess what the spread is. This is the difference between the ‘buy’ and ‘sell’ price. For example, let’s say that you are trading EUR/USD.

If the buy price is 1.13606, and the sell price is 1.13598, this leaves us with a difference of 0.0006. Forex traders identify the difference in ‘pips’. In the case of EUR/USD, the pip is taken after the fourth digit. As such, the spread in this example would be 0.6 pips. The higher the pips, the more you are indirectly paying in trading fees.

Step 3: Decide Whether you Want to Buy or Sell

So now that you’ve calculated the spread, you need to decide which way you think the market will go on your chosen forex pair. Let’s stick with EUR/USD as our example. If you think that EUR will ‘increase’ in price against the USD, you need to place a ‘buy’ order.

On the contrary, you think that EUR will ‘decrease’ against the USD, then you need to place a ‘sell’ order. Make sure you understand how this works before you start trading, as a mistake could be costly.

Step 4: Select Your Position Size

You now need to determine how much you want to stake on your trade. This is known as the ‘position size’. The calculation is a lot more complex in comparison to buying traditional stocks and shares, as you’ll need to choose how much you want to stake per pip. You also need to consider the size of the lot that is associated with your chosen pair.

Step 5: Install Stop-Losses

Ask any seasoned trader and they will tell you the importance of setting up a stop-loss order. This is where your trade is automatically closed when the price goes against you. For example, let’s say that you’re trading at GBP/USD. The current price is $1.34, and you believe that the USD will increase against GBP.

As such, you place a ‘sell’ order. However, the trade goes against you and GBP/USD hits $1.40. Fortunately for you, by setting up a stop-loss order at $1.36, your losses were kept to a minimum.

Leverage at a UK Forex Broker

If you have a tendency to take higher risks when investing, you might be considering applying leverage to your trades. This is where you purchase more forex than you actually have in your account. On the one hand, leverage can be great if things go your way, not least because you can amplify your profits. However, if a leveraged trade goes wrong, you could lose a lot of money. Once again, this is why you should always install a sensible stop-loss order on all of your forex trades.

It is important to note that the UK will soon be leaving the European Union. Nobody knows how this will impact forex trading in the UK, not least because it will no longer be bound by ESMA regulations.

Factors to Consider When Choosing an Online Forex Broker

    Account minimum – Forex brokers will stipulate the minimum account balance that you need to keep to trade on the platform. This will vary depending on the broker you use. Most platforms will require at least £100. Fees or commissions – Fees are really important when choosing a new forex broker, not least because they will eat into your potential profits. Things to look out for is the size of the commission charged, and how large the average spread is on your chosen pair. Availability of forex analysis tools – Regardless of how much experience you have in the forex space, analysis tools are crucial. This should include fundamental news analysis in real-time, and a range of technical indicators to help you read charts. Number of pairs: You should stick with platforms that offer an extensive number of trading pairs. This should include a good mixture of major, minor, and exotic currencies. Payment Methods: Assess what payment methods the forex broker supports prior to registering an account. Possible options include a debit/credit card, bank account, or e-wallet. Leverage: If you’re the type of trader that likes to apply leverage, check to see whether the broker supports margin accounts. Customer service and support – You are best off using a forex broker that offers top-notch customer support. On top of offering 24/7 customer service, we prefer brokers that provide live chat and telephone support.

Conclusion

You should now have a really good understanding of the types of factors that you need to look out for when choosing a UK forex broker. Whether its FCA regulation, trading fees, the spread, customer support, or the number of pairs listed – you now have the required tools to find a broker that is right for you.

To help you along the way, we also listed our top picks for the best forex brokers currently in the UK market. This includes the best broker for newbies, mobile trading, trust, and low fees. Crucially, even if you do decide to go with one of the brokers we have recommended, you still need to perform your own research prior to making a deposit.

Best Discount Stock Brokers (Free Trading) for 2020

The StockBrokers.com best online brokers 2020 review (10th annual) took six months to complete and produced over 30,000 words of research. Here’s how we tested.

Trade costs are no doubt on many investors’ minds. Just like paying $4 for a Starbucks latte every morning adds up, so does paying $7, $8, $9, or $10 per trade. For coffee drinkers who must have their morning brew, cost can be reduced dramatically at the expense of quality and taste. This exact philosophy holds true for online trading with a discount broker, which we will now explore.

Best Discount Stock Brokers for 2020

Here’s a breakdown of some of the best online brokers for discount trading and free ($0) stock trading.

  • TD Ameritrade – $0 stock trades, best trading platform
  • TradeStation – $0 stock trades, great mobile app
  • Merrill Edge – $0 stock trades, best rewards program
  • Charles Schwab – $0 stock trades, excellent research
  • E*TRADE – $0 stock trades, best for options trading
  • Interactive Brokers – Best pricing for professionals

$0 stock trades, best trading platform

Rated our top overall online broker in 2020, TD Ameritrade charges $0 per trade and offers excellent trading tools through its desktop-based thinkorswim trading platform. TD Ameritrade also finished first for numerous other categories, including Beginners, Trading Platforms and Tools, Customer Service, and Education, among others. Read full review

$0 stock trades, great mobile app

TradeStation is an active trader focused brokerage best known for its excellent desktop trading platform and mobile app, which both come loaded with trading tools. For pricing, TradeStation offers two free stock trading account options that also include no monthly platform fees: TS Select and TS Go. Read full review

$0 stock trades, best rewards program

Backed by parent company Bank of America, Merrill Edge delivers $0 stock and ETF trades with fantastic research and customer service. Better yet, for current banking customers, Merrill Edge’s Preferred Rewards program offers the best rewards benefits across the industry. Read full review

$0 stock trades, excellent research

For investors seeking access to $0 stock and ETF trades alongside excellent research tools for performing market analysis, Charles Schwab will not disappoint. Charles Schwab is also our number one pick for IRA accounts and broader retirement investing. Read full review

$0 stock trades, best for options trading

Alongside offering $0 stock and ETF trades, E*TRADE offers two great mobile apps and the Power E*TRADE platform, which is great for beginners and everyday options trading. Read full review

Best pricing for active traders – Open Account
Exclusive Offer: New clients that open an account today receive a special margin rate.

Because Interactive Brokers’ core clientele are professional traders and institutions, the company must provide the lowest commissions schedule available. In our rigorous assessment, there is no question they deliver. Also, for casual traders, Interactive Brokers offers a $0 trading account option. Read full review

Trading Fees Comparison

Using our online brokerage comparison tool, here’s a comparison of the trading fees and margin rates for the most popular discount brokers.

Feature TD Ameritrade TradeStation Merrill Edge Charles Schwab
Minimum Deposit $0.00 $0.00 $0.00 $0.00
Stock Trade Fee (per trade) $0.00 $0.00 $0.00 $0.00
ETF Trade Fee $0.00 $0.00 $0.00 $0.00
Options Base Fee $0.00 $0.00 $0.00 $0.00
Options Per Contract Fee $0.65 $0.50 $0.65 $0.65
Mutual Fund Trade Fee $49.99 $14.95 $19.95 $49.95
Broker Assisted Trades Fee $44.99 $50.00 $29.95 $25.00
Commissions & Fees 4.5 4.5 4.5 4.5

Margin Rates Comparison

Feature TD Ameritrade TradeStation Merrill Edge Charles Schwab
Under $24,999.99 10.00% 9.50% 10.13% 9.33%
$25,000.00 to $49,999.99 9.75% 9.50% 9.00% 8.83%
$50,000.00 to $99,999.99 8.75% 8.75% 9.00% 7.88%
$100,000.00 to $249,999.99 8.50% 8.75% 7.63% 7.83%
$250,000.00 to $499,999.99 8.25% 8.75% 7.63% 7.58%
$500,000.00 to $999,999.99 N/A 5.50% 7.38% 6.08%
Above $1,000,000.00 N/A 5.50% 6.75% 5.75%
Commissions & Fees 4.5 4.5 4.5 4.5

How much does it cost to trade stocks?

When buying and selling shares of stock, most online brokers charge a flat commission per trade, regardless of the number of shares traded or the total trade value. With online stock trading, there is no free lunch; the lower you pay to place trades, the less you receive elsewhere (trading tools, market research, customer service quality or hours of availability, educational resources, etc.).

For example, say I want to buy ten shares of Apple (AAPL), which is currently trading at

$199 per share as I write this. Effectively, I am investing $1,990 (10 shares x $199 per share) in Apple. When I click to buy those shares, I am charged one price for the entire order. Looking at examples, TD Ameritrade, E*TRADE, Fidelity, and Charles Schwab all charge $0 per stock trade, while Just2Trade charges $2.95 per stock trade. Thus, my order would cost $0 or $2.95, respectively.

When I go to sell my ten shares of Apple, I am also charged the same flat commission for the transaction. If I decide to place two sell orders by selling five of the shares today and five of the shares tomorrow, I would then be charged twice.

It is important to note that not all brokers charge a flat rate per trade. More advanced brokers used for day trading charge a per-share rate. Similarly, “free” trading has become an option. As we all know, though, nothing is ever truly free, and the majority of these brokers are instead making money off payment for order flow (PFOF) thanks to their order routing and order execution practices. Earning yield off free cash sitting in your account is another popular way your online broker will generate revenue.

How to Compare Broker Fees

Trading cheaply is reasonably straightforward; however, investors should be careful when deciding on a final broker. The regular prices paid for stock and options trades are not the only cost factor that matters. A variety of other important factors can affect the net cost per trade when trading stocks and options online. Here’s a list of the most important ones:

Are there tiered commission rates? Most brokers offer flat-fee stock trading. Some brokers though, especially active trading-focused brokers, offer per-share trading. Both have their pros and cons; it depends on the order size you trade, on average. For example, placing 2,000 share orders, on average, would make a per-share broker expensive, compared to a flat-fee broker. The vast majority of investors, over 99%, trade with a flat-fee broker.

What is a broker’s order execution quality? For discount trading, nothing helps more than having your broker consistently achieve fill prices better than the National Best Bid and Offer (NBBO). Whether the broker clears itself or with a third-party, as well as the broker’s policy on payment order flow are two simple examples of factors that impact execution quality. For a full breakdown, see our Guide to Order Execution.

What options are available for order routing? Important to day traders, some sophisticated brokers offer direct market routing, giving customers full control of routing costs through market center rebates and fees.

Are there extra charges for market data access or platform access? Some brokers will charge extra for access to market data such as level II quotes and international exchanges. This is very common with active trader-focused brokers such as Interactive Brokers and Lightspeed. Furthermore, these brokers can sometimes charge monthly data fees or platform fees that can only be waived if a certain commission spend threshold is met. For example, Lightspeed charges an account service fee of $125 if at least $125 in trading commissions are not spent each month.

Misc fees – Annual fees and closure fees tied to an IRA retirement account, broker-assisted trading fees, mutual fund trading fees, short-term redemption fees, phone order fees, and similar all add up. IRA Closure fees typically run at around $50, and are worth keeping an eye out for.

What miscellaneous fees are charged? Annual fees tied to a retirement account, broker-assisted trading fees, mutual fund trading fees, short-term redemption fees, phone order fees, and other various charges all add up.

Are there extra fees for trading penny stocks or OTCBB? Some discount brokers charge extra for penny stocks (stocks under $1 per share) and pink sheets. If you like trading these types of securities, read our guide to the best brokers for penny stock trading.

Ignore regulatory fees. Finally, two fees every broker charges (sell orders only) include an SEC trading fee of $21.80 per $1,000,000 of principal and a FINRA Trading Activity Fee (TAF) of $.000119 per share. Investors can ignore these trading fees as they are the same for each regulated online brokerage and amount to no more than a few pennies per trade. For example, a 500-share market sell order of Disney (DIS) at $108.18 would result in a total fee of only $0.18 ($.12 + $.06).

Which is the best discount broker?. The best discount brokers offer $0 stock and ETF trades, feature-rich trading platforms, and robust research tools. Our top discount broker picks for 2020 are TD Ameritrade, TradeStation, and Merrill Edge.

Final Thoughts

The takeaway is this: When contemplating any broker, switch, or new account based on commissions alone, it is critical to understand what type of trader you are first, then research from there. How many trades do you place per month, on average? What is your typical order size? Do you buy and sell options? Do you frequently trade on margin? Do you trade ETFs or mutual funds? These are all relevant and useful questions to ask yourself.

To find out the true cost of cheap trading, don’t just trust our rankings, read our detailed commissions notes for each broker, then compare your top picks using the broker comparison tool to make a final decision. Four-dollar lattes may be too expensive, but then $.99 brews from the local gas station are anything but delicious. In the end, it is about finding that happy medium where quality and price come together to offer you the most appetizing choice.

Explore our other online trading guides:

How We Scored Discount Brokers

To find the best online discount brokers for stock trading, we considered all the possible scenarios. Whether the trades involved 100 shares or 5,000 shares, $5,000 in equity or $1 million in equity, margin or no margin, we assessed it all. We also analyzed the actual net costs per month for casual investors who might make ten stock trades a month or hyperactive traders who might place 100 stock trades in one month. We also considered monthly minimums, platform fees, data fees, and other relevant costs.

To find the lowest cost brokers for options trading, we assessed whether the trades involved one contract or 100 contracts, $5,000 in equity or $1 million in equity, single-leg or multi-leg spreads, and more. We also analyzed the actual net monthly costs for casual investors who might make ten options trades a month of one contract each, or active options traders who might place 50 options trades a month with five or more contracts each.

Methodology

For the StockBrokers.com tenth annual best online brokers review published in January 2020, a total of 3,540 data points were collected over six months and used to score brokers. This makes StockBrokers.com home to the largest independent database on the web covering the online broker industry.

Participation is required to be included. Each broker completed an in-depth data profile and provided executive time (live in person or over the web) for an annual update meeting. Our rigorous data validation process yields an error rate of less than .001% each year, providing site visitors quality data they can trust. Learn more about how we test.

Still aren’t sure which online broker to choose? Email us a question! Whether you are a beginner investor learning the ropes or a professional trader, we are here to help. Email us your online broker specific question and we will respond within one business day.

Best Brokers

Best Brokers

FX Empire’s top picks for the best brokers for forex trading. We evaluated online CFD brokers on their trading platforms, commissions ,currency pairs and much more to determine the best brokers for trading currency.

FX Empire’s top picks for the best online forex platforms. We evaluated each platform for functunality, ease of use, trading features, charting library and customizability.

FX Empire’s top picks for the best CFD brokers. We evaluated each broker for its regulations, trading platforms, customer service, variety of assets, account types, and commissions.

FX Empire’s top picks for the best share CFD brokers. We evaluated each broker for its regulations, trading platforms, commissions, and customer service.

FX Empire’s top picks for the best spread betting company. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

By Country

FX Empire’s top picks for the best forex brokers in UK. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in US. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Australia. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Canada. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in New Zealand. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Singapore. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers for trading in South Africa. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in India. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Mexico. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Italy. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers for trading in Spain. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Germany. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Netherlands. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Sweden. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Norway. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Ireland. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Philippines. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Qatar. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Colombia. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Kuwait. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Kenya. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Nigeria. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Dubai. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Indonesia. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Malaysia. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Japan. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Cyprus. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Hong Kong. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in United Arab Emirates. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Greece. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers for trading in Portugal. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Brazil. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Russia. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers in Turkey. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

As the popularity of Forex trading in Poland grows, so does the number of complaints leveled at the brokers. Don’t fall foul to a scam broker.

By Trading Platform

FX Empire’s top picks for the best MT4 (MetaTrader 4) Forex brokers. We evaluated each broker for its regulations, trading platforms, commissions, customer service and more.

FX Empire’s top picks for the best MT5 forex brokers. We evaluated each broker for its regulations, trading platforms, commissions, and customer service.

FX Empire’s top picks for the best cTrader forex brokers. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best NinjaTrader forex brokers. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

Find FX Empire’s top picks for the best copy trading and social trading brokers and learn more about the benefits of social trading.

By Account Type

FX Empire’s top picks for the best demo accounts brokers. Demo accounts gives you the opportunity to test brokers and their platforms with virtual money.

Find FX Empire’s top picks for the best STP/ECN/DMA brokers and learn more about the benefits of ECN/STP/DMA execution.

FX Empire’s top picks for the Islamic trading accounts (Sharia / Swap-free). We evaluated each broker for its regulations, trading platforms, commissions, and customer service.

FX Empire’s top picks for the best forex segregated accounts. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex managed accounts. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex VPS hosting for forex trading. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

By Regulation

FX Empire’s top picks for regulated forex brokers. We evaluated each broker for its trading platforms, currency pairs, commissions, and customer service.

Find FX Empire’s top picks for the best FCA regulated forex brokers and learn more about the benefits of FCA regulation.

Find FX Empire’s top picks for the best NFA regulated brokers and learn more about NFA regulation.

Find FX Empire’s top picks for the best CFTC regulated brokers and learn more about the benefits of CFTC regulation.

Find FX Empire’s top picks for the best FINRA regulated brokers and learn more about the benefits of FINRA regulation.

Find FX Empire’s top picks for the best CySEC regulated forex brokers and learn more about the benefits of CySEC regulation.

Find FX Empire’s top picks for the best ASIC regulated forex brokers and learn more about the benefits of ASIC regulation.

Find FX Empire’s top picks for the best MiFID regulated forex brokers and learn more about the benefits of MiFID regulation.

Find FX Empire’s top picks for the best BaFin regulated forex brokers and learn more about the benefits of BaFin regulation.

Find FX Empire’s top picks for the best FINMA regulated forex brokers and learn more about the benefits of FINMA regulation.

Find FX Empire’s top picks for the best BVIFSC regulated forex brokers and learn more about BVIFSC regulation.

Find FX Empire’s top picks for the best CBI regulated forex brokers and learn more about CBI regulation.

Find FX Empire’s top picks for the best IIROC regulated forex brokers and learn more about IIROC regulation.

Find FX Empire’s top picks for the best SEBI regulated forex brokers and learn more about SEBI regulation.

Find FX Empire’s top picks for the best CMBT regulated forex brokers and learn more about CMBT regulation.

Find FX Empire’s top picks for the best BCU regulated forex brokers and learn more about BCU regulation.

Find FX Empire’s top picks for the best HCMC regulated forex brokers and learn more about HCMC regulation.

Find FX Empire’s top picks for the best CNB regulated forex brokers and learn more about CNB regulation.

The brokers below represent the best IFSC Regulated brokers overall. Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers

Find FX Empire’s top picks for the best CIMA regulated forex brokers and learn more about CIMA regulation.

By Experience

FX Empire’s top picks for the best brokers for beginners. We evaluated each broker for its regulations, trading platforms eas of use, trading features, customer service, education materials, account types, and commissions.

FX Empire’s top picks for the best forex brokers for scalping and advanced traders. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

Top Forex brokers that allow positions to be Hedged. Hedging involves opening opposite trades of the same pair and have both trades remain open and not cancel each-other out. Check the best brokers for

By Payment Method

FX Empire’s top picks for the best forex brokers that accepts PayPal. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers that accepts Skrill. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers that accepts Bitcoin. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers that accepts WebMoney . We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers that accepts Neteller. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers that accepts credit/debit cards. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex brokers that accepts wire transfer. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

By Bonus Type

FX Empire’s top picks for the best forex brokers with no deposit bonus. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best forex bonus and promotions. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

By Trading Instrument

FX Empire’s top picks for the best bitcoin trading brokers. We evaluated each cryptocurrency CFD platform for its regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best gold trading brokers. We evaluated each broker for its regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best oil trading brokers. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best Ethereum trading brokers. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best Litecoin trading brokers. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best Dash trading brokers. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best Ripple trading brokers. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

FX Empire’s top picks for the best Monero trading brokers. We evaluated online brokers for their regulations, trading platforms, customer service, account types, commissions and more.

The definitive collection of top Wall Street stock picks as coronavirus ravages markets

AP Images / Richard Drew

Hello! I’m Joe Ciolli, and I oversee the investing and markets coverage at Business Insider. Listed below are some of the great stories we have available to subscribers.

Each one of them highlights single stock picks recommended by some of the smartest minds on Wall Street. Click here to claim a 20% discount on an annual subscription to BI Prime.

But before we get into the lists, allow me to set the scene.

The stock market has been shaken to its very core by the novel coronavirus.

The record 11-year bull market came to an abrupt end, while profit-growth forecasts have crumbled under the weight of a widespread economic lockdown.

At their very worst, major US indexes were 35% below record highs reached in February. And a disturbing number of big-money investors think stocks could still travel lower from current levels.

Wall Street strategists have surveyed the damage and concluded that there are still opportunities in the market — assuming an investor knows where to look. Many of them have created baskets of stocks possessing qualities that make them attractive choices to outperform the broader market.

Some of these groups of stocks have been historically resilient during market downturns, while others simply look too cheap to pass up. Each list has its own unique set of criteria.

Without further ado, here’s a running compliation of stock-pick lists compiled by Business Insider since the coronavirus sell-off began in earnest:

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