Awards – Broker Of The Year Awards 2020
The DayTrading.com Broker Awards for 2020. This year has seen big changes in the trading sector and our Awards acknowledge those brands that have adapted best. In addition to Best Overall Broker, Best Forex Broker and Best Trading App, we have also awarded a Best US Broker Award in what is a fairly unique market.
From innovation to customer service, we have tried to include every aspect of what makes a broker stand out. In a hugely competitive market, spreads and trading costs are very similar across the industry. So, post ESMA, we have looked at the overall health of a firm too, and how they are helping customers trade responsibly, and profitably.
Below we detail the winners and explain the basis on which we made each Award decision. We also mention notable runners up where the call was close. Feel free to send us your feedback and contribute to the winners and losers over the next 12 months.
Best Forex Broker Award
AvaTrade took the Best Forex Broker Award this year. Offering major, minor and exotic currency pairs, and adding a range of cryptocurrencies over the year, their market depth is huge. They also lead the way in regulation, having ensured they are regulated not just in Europe, but also South Africa, Australia and Japan.
This expanded regulation not only provides security for traders around the globe – but also options. Traders can request accounts with different branches of AvaTrade to be protected by, or avoid, certain regulations. ESMA being the prime example.
They also offer 24/5 customer support in a huge range of languages, reflecting their global approach. With forex traded around the clock, AvaTrade have ensure they are positioned to allow traders access to the markets whenever they are ready.
Forex.com were in the running too, partly due to their similar global expansion. During 2019 they opened a US based arm and now accept US traders.
Best Binary Broker Award
Runner Up: IQ Option
Binary.com won ‘Best Binary Broker’, mainly because they continue to make it their sole focus. ESMA had a huge impact on the binary industry, and many brands decided to move away from binary, or at least diversify – leaving binary or digital trades as an afterthought. But not Binary.com.
They continue to proudly offer binary options, rightly asserting that the reputational damage done to binaries is the fault of unscrupulous operators and lax regulators, not the product itself. Binary.com were the original binary innovators, and they continue to fly the flag for opening up this simple trading method to retail investors the world over.
Their platform also remains the top choice for advanced traders. The simple layout hides a wealth of trading flexibility – the best of both worlds. Worthy winners in 2019.
Best US Broker Award
Runner Up: Nadex
Forex.com won Best Overall US Broker this year. US Traders are not always given the most choice, but Forex.com
have expanded into the US during 2019 and have quickly become the best choice for US traders. Offering a range of trading that is matched by very few rivals, Forex.com have been able to attract a huge number of new accounts. The trading platform is a welcome change to the complex or asset specific platforms that US traders have grown used to.
While Forex is a clear strength, the brand also offer CFDs on global stocks, commodities and indexes. The market depth makes a big difference in the US.
Nadex continue to offer a fantastic service, but the platform can sometimes intimidate new traders. It is however, worth exploring as the sheer flexibility of the trading options make Nadex a great broker to have an account with.
Best Trading App Award
Best Trading App 2019 was a tough category. Most brokers deliver a high quality app and they certainly make trading on the move easy. Certain mobile apps go further though, and reflect a constant look and feel with the full platforms and sync seamlessly. Plus500 offers an awesome all-round trading app.
Rated the highest of any trading app by both Android and iOS users, the Plus500 offering delivers a great experience. Whether you are after execution speed, reliability or full functionality, the Plus500 performs well.
Trying to deliver a reliable and secure app for users across the globe is a huge challenge and requires investment. Plus500 have acknowledged this and clearly push a lot of time, effort and resources into ensuring their platform is the best.
Trading212 are one of a handful of ‘challenger’ style brokers that push the mobile platform as the main trading point. This focus on mobile tech development will doubtless see them compete well in this category for years to come.
Another established broker who has invested well in their mobile offering in IG Group. They also provide a great app that delivers everything a trader wants, without compromises.
Best Overall Broker
The big one. Best Overall Broker 2019 goes to Plus500.
As well as taking home the Best Trading App award, Plus500 also stood out for a number of other reasons. They continue to provide a well regulated, secure service. As a market listed company (Plus500 Ltd), their financial results are also public knowledge and their reaction to the ESMA restrictions on leverage and products has been robust.
Traders depositing money want to know the company their are holding funds with is secure, and Plus500 certainly are.
They have also expanded their asset list (with new cannabis stock, crypto currencies and global indexes for example), ensured spreads and trading costs stay competitive and continued to develop the trading platforms. As noted, their mobile platform ranks among the best available and their global ambitions mean their growth has continued post-ESMA.
The best overall broker needs to tick every box, and we felt in 2019 that Plus500 did that.