This article was first published on January 30, 2021
Consumer faith in the Robinhood platform was dashed at the end of January 2021, as the company suspended trading in cryptos and GameStop shares. Follow the events that led to the broker losing favour with day traders and see our recommended alternatives to Robinhood.
Other Brokers in Japan
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- Demo account
- Platforms: MT4, MT5, TradingCentral
- Min. deposit: $5
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- Demo account
- Min. deposit: $100
- Min. trade: 0.01 Lots
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- Demo account
- Regulator: FCA, ASIC, CMVM , FSCA, SCB, FSA
- Platforms: TN Trader, MT4, TradingView
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- Demo account
- Regulator: ASIC, CySEC, FSA, SCB, CMA-Kenya
- Min. deposit: $200
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- Demo account
- Regulator: FSC
- Min. deposit: $200
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- Demo account
- Regulator: FMA, FSA
- Min. deposit: $0
Learn how we test brokers and why you can trust our ratings.
Here is a short overview of each broker's pros and cons
- XM 4.8/5 XM is a globally recognized forex and CFD broker with 20+ million clients in 190+ countries. Since 2009, this trusted broker has been delivering low trading fees across its growing roster of 1000+ instruments. It also offers a comprehensive MetaTrader experience that we've observed firsthand placing test trades.
- AvaTrade 4.9/5 Established in 2006, AvaTrade is a leading forex and CFD broker trusted by over 400,000 traders. Operating under regulation in 9 jurisdictions, AvaTrade processes an impressive 2+ million trades each month. Through like MT4, MT5, and its proprietary WebTrader, the broker provides a growing selection of 1,250+ instruments. Whether it’s CFDs, AvaOptions, or the more recent AvaFutures, short-term traders at all levels will find opportunities. With terrific education and 24/5 multilingual customer support, AvaTrade delivers the complete trading experience.
- Trade Nation 4.4/5 Trade Nation is a top FX and CFD broker regulated in multiple jurisdictions including the UK and Australia. The firm offers low-cost fixed and variable spreads on 1000+ assets with robust trading platforms and training materials. The Signal Centre can also be used for trade ideas.
- IC 4.8/5 IC Markets (now IC) is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 200,000 clients from over 200 countries.
- IC Trading 4.2/5 IC Trading is part of the established IC group (including what used to be 'IC Markets'). Built for serious traders, it boasts some of the most competitive spreads, reliable order execution, and advanced trading tools. The catch is that it’s registered in the offshore financial centre of Mauritius, enabling it to offer high leverage but in a weakly regulated trading setting.
- BlackBull 4.5/5 BlackBull is a New Zealand-based CFD broker providing diverse trading opportunities on over 2,180 instruments. After undergoing a rebrand in 2023, it now sports a modern look and feel complete with professional-grade trading tools and ultra-fast execution speeds averaging 20ms.
Community Sentiment
See how users rate these brokers based on the average customer ratings submitted on DayTrading.com, plus ratings from Trustpilot, the Apple App Store and Google Play.
| Broker | Our Users' Rating | Trustpilot Score | Trustpilot Reviews | iOS App Rating | Android App Rating |
|---|---|---|---|---|---|
| XM | 3133 | ||||
| AvaTrade | 13567 | ||||
| Trade Nation | 2147 | ||||
| IC | 2 | ||||
| IC Trading | 606 | ||||
| BlackBull | 3515 |
XM
With a low $5 minimum deposit, advanced charting platforms in MT4 and MT5, expanding range of markets, and a Zero account offering spreads from 0.0, XM provides all the essentials for active traders, even earning our ‘Best MT4/MT5 Broker’ award in recent years.
Christian Harris, Reviewer
XM quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies
- Regulator
- CySEC, DFSA, FSCA, SCA, FSA, FSC-Belize, FSC-Mauritius, CMA-Kenya, CMA-UAE
- Platforms
- MT4, MT5, TradingCentral
- Minimum Deposit
- $5
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, JPY, ZAR
Pros
- XM’s customer support has delivered over years of testing, with 24/7 assistance in 30 languages, response times of under 2 minutes and a growing Telegram channel.
- XM stands out for its commitment to trader education, with a wealth of well-presented resources, including webinars, tutorials, and even real-time trading sessions through XM Live.
- XM has rolled out platform upgrades with integrated TradingView charts and an XM AI assistant, delivering faster execution, smarter analysis, and a sleeker, more intuitive trading experience.
Cons
- Although trusted and generally well-regulated in some regions, XM also has global entities registered with the weak regulators like FSC (Belize) and FSA (Seychelles), whilst UK clients are no longer accepted, reducing its market reach.
- While the XM app stands out for its usability and exclusive copy trading products, the selection of technical analysis tools needs to be improved to meet the needs of advanced traders.
- XM is falling behind the curve by not offering cTrader, which is favored over MetaTrader by some serious traders for its smoother user experience and superior charting package.
AvaTrade
AvaTrade offers active traders everything they need: an intuitive WebTrader, powerful AvaProtect risk management, a smooth 5-minute sign-up process, and dependable support you can rely on in fast-moving markets.
Jemma Grist, Reviewer
AvaTrade quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
- Regulator
- ASIC, CySEC, FSCA, ISA, CBI, JFSA, BVI, FSRA/ADGM, AFM, CMA-Kenya, CIRO (via Friedberg Direct)
- Platforms
- WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingView, TradingCentral, DupliTrade
- Minimum Deposit
- $100
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, ZAR
Pros
- Support at AvaTrade performed excellently during testing, with response times of 3 minutes and localized support in major trading jurisdictions, including the UK, Europe and the Middle East.
- Years on, AvaTrade remains one of the few brokers offering a bespoke risk management tool, AvaProtect, that insures losses up to $1M for a fee and is easy to activate on the platform.
- AvaTrade launched AvaFutures to offer low-margin access to global markets, then expanded in 2025 as one of the first brokers to add CME’s Micro Grain Futures, and then later in the year went further by integrating with TradingView.
Cons
- The AvaSocial app is good but not great – the look and feel, plus the navigation between finding strategy providers and account management needs upgrading to rival category leaders like eToro.
- AvaTrade’s WebTrader has improved, but work is still needed in terms of customizability – frustratingly widgets like market watch and watchlists can’t be hidden, moved, or resized.
- While signing up is a breeze, AvaTrade lacks an ECN account like Pepperstone or IC Markets, which provides the raw spreads and ultra-fast execution many day traders are looking for.
Trade Nation
Trade Nation suits discretionary traders who want to speculate on major indices like the US 500 or liquid FX pairs, and want the predictable all-in costs of fixed spreads. In tests, we found the fixed-spread TN Trader environment particularly useful for trading around scheduled economic releases owing to its reliable charting environment and because published spreads stayed capped.
Christian Harris, Reviewer
Trade Nation quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Indices, Shares, Commodities, Futures, Bonds, Spread Betting (UK and Ireland only), Cryptos (Bahamas entity only)
- Regulator
- FCA, ASIC, CMVM , FSCA, SCB, FSA
- Platforms
- TN Trader, MT4, TradingView
- Minimum Deposit
- $0
- Minimum Trade
- 0.1 Lots
- Account Currencies
- USD, EUR, GBP, AUD, ZAR, SEK, NOK, DKK
Pros
- Trade Nation's 2026 partnership with Volt has sped up payments for Australian traders, who can now make instant deposits and withdrawals using PayID, with the faster payout capabilities planned for clients in the UK and EU.
- The broker expanded into Europe with regulated online trading services after securing authorization from Portugal's CVMV, boosting its safety protections for European residents.
- Trade Nation accounts can now be linked with TradingView, providing advanced multi-charts and the ability to execute trades directly.
Cons
- There is no raw or ECN pricing tier, which are often prefered by day traders. No matter how much you deposit or trade, you use the same fixed (or variable on MT4) pricing as beginners, making it unsuitable for scalpers especially.
- Offshore SCB and FSA entities allow retail clients up to 1:200 and 1:500 leverage compared to 1:30 in regions like the UK, Europe and Australia, so an FSA client can have 16 times the exposure of a UK retail client on the same trade, but with less oversight and no compensation scheme.
- Withdrawals can take up to five business days, which is around the industry average but slower than the 1-3 days we’re increasingly seeing brokers offer in an attempt to quash withdrawal complaints from retail investors.
IC
IC (formerly IC Markets) offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders.
Christian Harris, Reviewer
IC quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
- Regulator
- ASIC, CySEC, FSA, SCB, CMA-Kenya
- Platforms
- MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade, Quantower
- Minimum Deposit
- $200
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
Pros
- As a tightly regulated and widely respected broker, IC prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
- You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
- IC offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
Cons
- While IC offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
- The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
- There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
IC Trading
With superior execution speeds averaging 40 milliseconds, deep liquidity, and powerful charting software, IC Trading delivers an optimal trading environment tailored for scalpers, day traders, and algorithmic traders.
Christian Harris, Reviewer
IC Trading quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Stocks, Indices, Commodities, Bonds, Cryptos, Futures
- Regulator
- FSC
- Platforms
- MT4, MT5, cTrader, AutoChartist, TradingCentral
- Minimum Deposit
- $200
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
Pros
- IC Trading provides industry-leading spreads, including 0.0-pip spreads on major currency pairs such as EUR/USD, making it ideal for day traders.
- IC Trading offers unusual flexibility in its accounts, enabling traders to open up to 10 live and 20 demo accounts, meaning you can run separate profiles for different activities, such as manual trading and algo trading.
- Trading Central and Autochartist are valuable tools for in-depth technical summaries and actionable trading ideas and are accessible from within the account area or the cTrader platform.
Cons
- Customer support performed poorly during testing with multiple attempts to connect via live chat and no one available to assist, plus unanswered emails, raising concerns about its ability to address urgent trading concerns.
- The educational resources are greatly in need of improvement, unless you navigate to the IC.com website, posing a limitation for beginners in search of a comprehensive learning journey, especially compared to category leaders like eToro.
- Despite being part of the trusted IC group, IC Trading is authorized by a weak regulator - the FSC of Mauritius, with limited financial transparency and regulatory safeguards.
BlackBull
After improving its trading infrastructure with Equinix servers in London, reducing latency for traders, BlackBull is an obvious choice if you want to day trade stock CFDs with ECN pricing. With competitive spreads and no commission on a growing roster of digital tokens paired with USD, BlackBull also works for active crypto traders.
Christian Harris, Reviewer
BlackBull quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Stocks, Indices, Commodities, Futures, Crypto
- Regulator
- FMA, FSA
- Platforms
- BlackBull Invest, BlackBull CopyTrader, MT4, MT5, cTrader, TradingView, AutoChartist
- Minimum Deposit
- $0
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, JPY, ZAR, SGD
Pros
- BlackBull offers every ingredient for day traders; fast execution speeds of <100ms and tight spreads from 0.0 pips.
- With two ECN-powered accounts (Standard and Prime), plus Prime+ - an active trader rewards program offering trading rebates - BlackBull accommodates beginners through to high-volume active traders.
- After partnering with ZuluTrade and Myfxbook, alongside improvements to its own CopyTrader, and finally enabling cTrader Copy, BlackBull offers one of the most comprehensive copy trading experiences we've seen.
Cons
- Unlike most top brokers, BlackBull charges an irritating $5 withdrawal fee, which can detract from the overall cost-effectiveness, especially for active traders who frequently move funds.
- Despite a growing selection of 2,180+ assets, including additions to its Asia Pacific indices, they are mainly stocks with an average selection of currency pairs and indices.
- Although the Education Hub now features improvements like webinars and tutorials, the courses we’ve explored need more focus on explaining the wider economic factors influencing prices.
WallStreetBets & GameStop
Buoyed by insider knowledge that Wall Street hedge funds had millions in short positions on the high street gaming retailer, Redditors jumped to purchase shares in the firm, causing a surge in the value of stocks.
In reaction, Robinhood suspended trade on GameStop shares to comply with ‘financial requirements’ the platform’s CEO Vlad Tenev confirmed.
Whilst heavily restricted, trade has now resumed after the firm raised $1 billion in emergency investment. But the damage to consumer confidence still remains.
Angry investors posted a barrage of 1-star reviews for the app on the Google Play Store. These have recently been deleted by Google, returning Robinhood’s average star rating to four.
Crypto Trading Suspended
In the wake of the volatility, other markets have also seen disruption.
Gold prices declined 0.2% and UK short positions in Cineworld and Pearson were also impacted. However, it was cryptos that saw volatility in particular.
The price of dogecoin, a relatively unknown crypto, soared by 800% after it gained traction on social media.
The spike in price and market activity led to Robinhood suspending instant cryptocurrency deposits on Friday, citing ‘extraordinary market conditions’.
For the second time in one week, the broker acted as a barrier between its customers and the financial markets. It was perhaps unsurprising then that loyal day traders were once again up in arms.
Alternatives To Robinhood
Retail day trader interest has quickly turned to alternatives to Robinhood. Competitor brokerages that offer stock trading and options are seeing a pique in new accounts.
eToro
Top alternatives to Robinhood include eToro, a social trading platform that offers trading in stocks, cryptocurrencies and CFDs. Clients can utilise social feeds to discuss strategies and copy positions. 50+ currencies, nearly 1,000 stocks and a portfolio of indices are also available.
In addition, the broker provides its own powerful trading platform with extensive customisation and a user-friendly dashboard.
Forex.com
Forex.com is one of the top rated online brokers offering access to over 180 global markets. Leveraged trading is available on forex, stocks, commodities and cryptos.
The broker also offers multiple live account options, competitive floating spreads and a choice of flexible deposit and withdrawal options.
Add in daily market updates and approval from a long list of respected regulators and it’s unsurprising Forex.com is a popular alternative to Robinhood.
Pepperstone
For those with an interest in forex trading, Pepperstone offers trading on six major currency pairs, as well as numerous minors, crosses and exotics.
CFDs are available on major instruments such as indices, commodities and shares. Australian-based Pepperstone also provides the leading MT4 and MT5 platforms, alongside a competitive £200 minimum deposit requirement to meet the needs of novice traders.
Final Word
The GameStop and crypto disruption has proven the volatility of financial markets and the risks involved. The reaction of Robinhood has also shown that not all brokers will respond how customers would expect. As a result, many traders will look for alternatives to Robinhood.
Fortunately, there are many top brokers available in today’s market.