Awards – Broker Of The Year Awards 2024
The DayTrading.com Broker Awards for 2024. The trading landscape continues to see big changes and significant challenges – our Awards acknowledge those brands that have adapted best, continued to innovate and maintained a customer focus.
In addition to Best Overall Broker, Best Forex Broker and Best Trading App, we also award a Best US, and Best Aus, Broker Award in what are fairly unique markets.
From depth of markets and investments to customer service, we have tried to include every aspect of what makes a broker stand out. In a hugely competitive arena, spreads and trading costs remain important, as does the trading platform itself.
In addition, post ESMA, we have looked at the overall health of a firm too, and how they are helping customers trade responsibly, and profitably.
With some notable brands taking actions that clearly disregarded the best interests of their customers in recent years, we have awarded firms who treat customers fairly.
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
Winner: Pepperstone
Runners Up: Eightcap
Pepperstone offer a superb platform for trading forex, and continue to offer traders unique insight via their market analysts. Reliable and swift trading provide traders with everything they need.
Strong regulation, high user satisfaction and a solid balance sheet back up Pepperstone as a great choice for anyone looking to speculate on foreign exchange.
IC Markets and Eightcap also offer solid all-round offerings, but were pipped by Pepperstone in the forex category.
Best Binary Broker Award
Winner: IQ Cent
Runner Up: Pocket Option
IQ Cent continue to expand their offering. With binary and digital options coming under further scrutiny, IQ Cent are still able to offer their services to traders around the world, and boast a solid reputation.
With a slick platform and considerable market depth, traders are able to access most major markets with clear risk management expectations and simplified strategies.
Recent additions of Marketplace rewards illustrate the brands constant push for higher user retention.
Pocket Option – 2022 winners – continue to offer a solid service too, again, available to most nations around the world.
Best US Broker Award
Winner: Forex.com
Runner Up: Nadex
Forex.com continue to offer a wide reaching service to US traders. Regulatory oversight varies considerably in the US, compared to other regions, and many brands offer very slimmed down offerings for traders.
Forex.com however, ensure they provide as many options as possible, for those looking to invest from the US.
In a fast changing environment, Forex.com continue to deliver for US clients and score highly in user satisfaction.
In an era of gamification and controversy with certain brands – Forex.com remain admirably professional.
Best Aus Broker Award
Winner: Vantage
Runner Up: Pepperstone
A new regional award – this one focusing on Australia.
Given the changing regulatory picture around the world, regional awards reflect the different pressures brands face, while enabling us to compare like-for-like offerings.
The inaugural winners of the “Best Aus Broker” are Vantage. ASIC regulated, the brand do operate globally, but deliver an award winning service for Australians.
With a broad asset range, excellent reliability and low fees, Vantage came out on top in a very competitive region, pipping Pepperstone to take this year’s award.
Best Crypto Award
Winner: Eightcap
Runner Up: eToro
After the collapse of FTX, and issues at Binance, many traders hold fears about the viability of crypto exchanges.
Traditional brokers such as Eightcap however, can offer confidence and peace of mind to potential traders via regulatory oversight and a proven track record.
Eightcap have been adding new crypto pairs when required, and offering levels of customer support that crypto exchanges simply do not attempt to match.
With risk management a more straight forward process with CFDs, getting exposure to crypto price fluctuation via a traditional broker, now makes more sense than trying to find a reliable exchange. Eightcap offer the best route for traders looking to take up this option.
Best Trading App Award
Winner: Avatrade
Runners Up: Pepperstone
Though more of an issue in the US, the gamification of many trading apps remains the current trend, this means that traders are not treated with the respect they deserve by many application developers.
Avatrade have gone done a different route, and continue to develop a robust, reliable application that delivers excellent functionality alongside a simplified design to better suit mobile devices.
User ratings are high, up-time is excellent (and consistent) and the focus remains on the end user, rather than the bottom line.
Pepperstone have been previous winners of this award, and they continue to provide an excellent alternative, with a superb, well-rounded mobile app.
Best MT4/MT5 Broker
Winner: Pepperstone
Runners Up: IC Markets
Pepperstone won this year’s “Best MT4 Broker”.
The globally regulated brand have been prolific winners of our awards down the years, and their current MetaTrader integration gives traders everything they would want when trading directly from the Meta Quotes platforms.
Pepperstone have often tried to deliver multiple options for traders, while not compromising on the trading experience and reliability of the platform. The addition on MT4 and MT5 in recent years is further evidence.
Best Overall Broker
Winner: EightCap
Eightcap have been awarded the “Best Overall Broker” this year.
The Best Overall award generally goes to a brand that delivers across the board, and Eightcap have done that this year.
From the forex CFD trading, to the growth of the crypto offering, the brand continues to excel.
Further regulatory oversight has been added, giving traders from across the globe the confidence of trading with a brand regulated locally. From ASIC to the FCA in the UK, Eightcap are keen to offer their traders peace of mind.
Combine this with expanded platform offerings, greater integration – including Tradingview – and deeper market liquidity and you have a brand improving in almost every metric.
Top Rated Award-Winning Brokers
These are the 10 top rated brokers that have also won awards:
-
1
FOREX.com5 AwardsActive Trader Program With A 15% Reduction In Costs
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:50NFA, CFTCForex, Stocks, Futures, Futures OptionsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
2
NinjaTrader1 Award
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:50NFA, CFTCForex, Stocks, Options, Commodities, Futures, CryptoNinjaTrader Desktop, Web & Mobile, eSignalACH Transfer, Debit Card, Wire Transfer, ChequeUSD -
3
IG5 AwardsForex trading involves risk. Losses can exceed deposits.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:250 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
4
Pocket Option2 Awards50% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50$1MISABinary Options, Currencies, Commodities, Stocks, Indices, CryptosWeb, MT4, MT5Wire Transfer, Credit Card, Bitcoin Payments, Volet, Perfect Money, Visa, Mastercard, Debit Card, WebMoney, FasaPay, Ethereum Payments, Maestro, JetonCash, AirtelUSD -
5
IQCent1 Award20% to 200% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$250$0.011:500IFMRRCBinary Options, CFDs, Forex, Indices, Commodities, CryptoOnline Platform, TradingViewCredit Card, Debit Card, Wire Transfer, Bitcoin Payments, Ethereum Payments, Visa, MastercardUSD, EUR -
6
OANDA US6 AwardsCFDs are not available to residents in the United States.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:50NFA, CFTCForex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA)OANDA Trade, MT4, TradingView, AutoChartistWire Transfer, Visa, Mastercard, Debit Card, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD -
7
Moomoo4 AwardsGet up to 15 free stocks worth up to $2000
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$0$01:2SEC, FINRA, MAS, ASIC, SFCStocks, Options, ETFs, ADRs, OTCsDesktop Platform, Mobile AppWire Transfer, ACH TransferUSD, HKD, SGD -
8
CEX.IO3 Awards
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$20$1GFSCCryptosTradingViewDebit Card, Credit Card, Wire Transfer, Swift, Skrill, Visa, Mastercard, PayPal, Neteller, Apple Pay, Google Wallet, Bitcoin PaymentsUSD, EUR, GBP -
9
Firstrade1 AwardDeposit Bonus Up To $4000
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$0$1SEC, FINRAStocks, ETFs, Options, Mutual Funds, Bonds, Cryptos, FixedTradingCentralACH Transfer, Wire Transfer, Cheque, Automated Customer Account Transfer ServiceUSD -
10
Nexo2 AwardsLoyalty scheme with various bonuses, plus referral program and bonus paid to lenders on credit line
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$10$30CryptosNexo ProBitcoin Payments, Credit Card, Debit Card, Apple Pay, Google Wallet, Wire TransferUSD, EUR, GBP
Here is a summary of why we recommend these brokers:
- FOREX.com - Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
- NinjaTrader - NinjaTrader is a US-headquartered and regulated brokerage that specializes in futures trading. There are three pricing plans to suit different needs and budgets, as well as ultra-low margins on popular contracts. The brand's award-winning charting software and trading platform also offers a high-degree of customization and superb technical analysis features.
- IG - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
- Pocket Option - Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.
- IQCent - IQCent is an offshore binary options and CFD broker based in the Marshall Islands. The brand continues to offer a range of unique account types with bonuses and perks, including payout boosts, TradeBacks and free rollovers. With 100+ assets, around-the-clock trading and 98% payouts, the firm is popular with aspiring short-term traders.
- OANDA US - OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available for short-term traders, alongside flexible contract sizes and automated trade executions.
- Moomoo - Moomoo is an SEC-regulated app-based investment platform that offers a straightforward and affordable way to invest in Chinese, Hong Kong, Singaporean, Australian and US stocks, ETFs and other assets. Margin trading is available and the brand offers a zero-deposit account as well as several bonuses.
- CEX.IO - CEX.IO is one-stop-shop for crypto investors where you can buy and sell popular digital tokens, speculate on prices with margin trading and earn rewards through staking. Since it launched in 2013, more than five million traders have deposited over $7.5 billion. CEX.IO is registered with the FinCEN in the US and the GFSC in the EU.
- Firstrade - Firstrade is a US-headquartered discount broker-dealer with authorization from the SEC. The company is also a member of FINRA/SIPC. With welcome bonuses, powerful tools and apps, plus commission-free trading, Firstrade Securities is a popular and top-tier online brokerage. It is also quick and easy to open a new account.
- Nexo - Nexo is a centralized crypto exchange founded in 2018 in Bulgaria and today operates across some 200 jurisdictions from its base in Switzerland. It provides services including spot trading, futures trading, peer-to-peer loans, cold wallet storage and fiat-on ramps to buy crypto tokens. The crypto firm is registered with some respected financial authorities, such as the ASIC, and offers some fairly unique additional services including a credit card.
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
Christian Harris, Reviewer
FOREX.com Quick Facts
| Bonus Offer | Active Trader Program With A 15% Reduction In Costs |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Stocks, Futures, Futures Options |
| Regulator | NFA, CFTC |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
FOREX.com Awards
FOREX.com has won 5 awards:
- Best CFD Broker 2022 - Rankia
- Best HNW Service 2022 - Dubai Forex Expo
- Best US Broker 2020 - DayTrading.com
- Best US Broker 2019 - DayTrading.com
- Runner-Up - Best Forex Broker 2019 - DayTrading.com
Pros
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
- With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
Cons
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
- Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
NinjaTrader
"NinjaTrader continues to meet the demands of active futures traders looking for low fees and premium analysis tools. The platform hosts top-rate charting features including hundreds of indicators and 10+ chart types."
NinjaTrader Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, Stocks, Options, Commodities, Futures, Crypto |
| Regulator | NFA, CFTC |
| Platforms | NinjaTrader Desktop, Web & Mobile, eSignal |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD |
NinjaTrader Awards
NinjaTrader has won one award:
- 2023 Benzinga Global Fintech Awards
Pros
- NinjaTrader is a widely respected and award-winning futures broker and is heavily authorized by the NFA and CFTC
- You can get thousands of add-ons and applications from developers in 150+ countries
- Low fees are offered, with $50 day trading margins & commissions from $.09 per micro contract
Cons
- Non forex and futures trading requires signing up with partner brokers
- There is a withdrawal fee on some funding methods
- The premium platform tools come with an extra charge
IG
"IG continues to provide a comprehensive package with an intuitive web platform, best-in-class education for beginners, advanced charting tools bolstered by its recent TradingView integration, real-time data, and fast execution speeds for experienced day traders."
IG Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting |
| Regulator | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM |
| Platforms | Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:250 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
IG Awards
IG has won 5 awards:
- Best Customer Service 2022 - Online Money Awards
- Best Spread Betting Provider 2022 - Online Money Awards
- Best Platform for the Active Trader 2022 - ADVFN International Financial Awards
- Best Multi Platform Provider 2022 - ADVFN International Financial Awards
- Best Finance App 2022 - ADVFN International Financial Awards
Pros
- The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading, while IG has also added TradingView integration.
- The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our 'Best Trading App' award.
- IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, plus recently added US-listed futures and options, providing ample diversification opportunities.
Cons
- IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors.
- Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests.
- Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges.
Pocket Option
"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."
Jemma Grist, Reviewer
Pocket Option Quick Facts
| Bonus Offer | 50% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos |
| Regulator | MISA |
| Platforms | Web, MT4, MT5 |
| Minimum Deposit | $50 |
| Minimum Trade | $1 |
| Account Currencies | USD |
Pocket Option Awards
Pocket Option has won 2 awards:
- Best Binary Broker Runner Up 2023 - DayTrading.com
- Best Binary Broker 2022 - DayTrading.com
Pros
- Extremely fast and smooth sign-up process that takes less than 2 minutes
- The MetaTrader platforms offer integrated analysis with helpful technical summaries for short-term traders
- The web platform shines for its straightforward design and usability that will appeal to beginners looking to speculate on popular financial markets in a few clicks
Cons
- You need to deposit $1000 to access the extended list of 250+ assets, otherwise just 130+ assets are available
- Pocket Option offers a slimmed down iteration of the MT4 and MT5 that doesn't provide the full charting package for advanced traders
- Despite offering competitive payouts up to 92%, binary brokers like IQCent offer higher returns up to 98% based on tests
IQCent
"IQCent will appeal to day traders looking for a straightforward binary options and CFD trading platform with low fees, a range of accounts, and copy trading. Getting started takes less than 1 minute and a $250 deposit. "
IQCent Quick Facts
| Bonus Offer | 20% to 200% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Binary Options, CFDs, Forex, Indices, Commodities, Crypto |
| Regulator | IFMRRC |
| Platforms | Online Platform, TradingView |
| Minimum Deposit | $250 |
| Minimum Trade | $0.01 |
| Leverage | 1:500 |
| Account Currencies | USD, EUR |
IQCent Awards
IQCent has won one award:
- Best Binary Broker 2023 - DayTrading.com
Pros
- Keen traders can take part in trading contests with cash prizes
- IQCent is one of the few binary options brokers that also offers a copy trading service for hands-off traders
- The broker offers up to 98% payouts on binary options, which is more than alternatives like Pocket Option, only offering up to 92%
Cons
- IQCent trails binary brokers like Quotex with its narrow investment offering of around 100 assets with no stocks
- IQCent charges a punitive $10 monthly inactivity fee if you fail to place at least 1 trade per month
- The broker is not overseen by a respected regulator, though this is common among binary options firms
OANDA US
"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."
OANDA US Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA) |
| Regulator | NFA, CFTC |
| Platforms | OANDA Trade, MT4, TradingView, AutoChartist |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD |
OANDA US Awards
OANDA US has won 6 awards:
- Best US Broker 2023 - DayTrading.com
- Best Trading Tools winner 2021 - Online Personal Wealth Awards
- Awarded highest overall client satisfaction 2021 - Investment Trends US Leverage Trading Report, Margin Forex
- Awarded highest client satisfaction for mobile platform/app 2021 - Investment Trends US Leverage Trading Report, Margin Forex
- Voted Most Popular Broker 2021 - TradingView Broker Awards
- Voted Best Forex and CFD Broker 2021 - TradingView Broker Awards
Pros
- The broker's API facilitates access to 25 years of deep historical data and rates from 200+ currencies
- The proprietary OANDA web platform continues to deliver a highly competitive charting environment, including 65+ technical indicators powered by TradingView
- Beginners can get started easily with $0 minimum initial deposit
Cons
- There's only a small range of payment methods available, with no e-wallets supported
- It's a shame that customer support is not available on weekends
- The range of day trading markets is limited to forex and cryptos only
Moomoo
"Moomoo remains an excellent choice for new and intermediate stock traders who want to build a diverse investment portfolio. What really stands out is the broker's user-friendly app and the low trading fees."
Moomoo Quick Facts
| Bonus Offer | Get up to 15 free stocks worth up to $2000 |
|---|---|
| Demo Account | Yes |
| Instruments | Stocks, Options, ETFs, ADRs, OTCs |
| Regulator | SEC, FINRA, MAS, ASIC, SFC |
| Platforms | Desktop Platform, Mobile App |
| Minimum Deposit | $0 |
| Minimum Trade | $0 |
| Leverage | 1:2 |
| Account Currencies | USD, HKD, SGD |
Moomoo Awards
Moomoo has won 4 awards:
- Best Trading Platform 2022 - Fintech Breakthrough
- Best Active Trading App 2021 - Investing Simple
- Best Trading Technology 2021 - Benzinga
- Best Online Stock Brokers 2021 - Benzinga
Pros
- Moomoo's analytics and insights are impressive and detailed compared to other brands
- It is reassuring that Moomoo holds licenses with the US Securities and Exchange Commission (SEC) and the Monetary Authority of Singapore (MAS), among others
- Moomoo is a Member of FINRA and the Securities Investor Protection Corporation (SIPC), adding another level of security for prospective clients
Cons
- There is no negative balance protection, which is a common safety feature at top-tier-regulated brokers
- It's a shame that there is no 2 factor authentication (2FA), despite the other security features on offer
- There is no phone or live chat support - common options at most other brokers
CEX.IO
"CEX.IO continues to serve a range of crypto investors looking to buy, sell, trade, hold and earn with low fees. The tiered pricing structure will appeal to active traders while rookie investors will enjoy the straightforward platform interface and excellent education."
CEX.IO Quick Facts
| Demo Account | No |
|---|---|
| Instruments | Cryptos |
| Regulator | GFSC |
| Platforms | TradingView |
| Minimum Deposit | $20 |
| Minimum Trade | $1 |
| Account Currencies | USD, EUR, GBP |
CEX.IO Awards
CEX.IO has won 3 awards:
- Most Secure Bitcoin and Cryptocurrency Exchange Platform 2023, World Business Outlook
- Leading Cryptocurrency Exchange Platform 2023, World Business Outlook
- Best Cryptocurrency Exchange Platform 2023, Global Brands Magazine
Pros
- High quality educational materials are available through the University feature
- Crypto leverage is available up to 1:3
- There's a wide range of global payment methods available including PayPal
Cons
- The broker has limited regulatory oversight
- The Exchange Plus platform delivers a cluttered interface compared to competitor platforms
- A maintenance fee applies after 12 months of no activity
Firstrade
"Firstrade is perfect for beginners looking to trade US stocks with zero commissions. There is a wealth of free education plus premium-quality research, notably through its latest FirstradeGPT tool, plus trading ideas from Morningstar, Briefing.com, Zacks and Benzinga."
William Berg, Reviewer
Firstrade Quick Facts
| Bonus Offer | Deposit Bonus Up To $4000 |
|---|---|
| Demo Account | No |
| Instruments | Stocks, ETFs, Options, Mutual Funds, Bonds, Cryptos, Fixed |
| Regulator | SEC, FINRA |
| Platforms | TradingCentral |
| Minimum Deposit | $0 |
| Minimum Trade | $1 |
| Account Currencies | USD |
Firstrade Awards
Firstrade has won one award:
- Best for ETF & Active Investor Commission & Fees - 2019
Pros
- Enhanced stock trading environment with overnight trading and fractional shares added
- Highly trusted US-regulated brokerage and SIPC member
- Excellent broker for budget-conscious traders with low OTC fees
Cons
- Firstrade focuses on stocks at the expense of forex, limiting diversification opportunities
- Visa credit/debit card deposits and withdrawals are not accepted
- Customer support still needs work following testing with no 24/7 assistance
Nexo
"Nexo gives crypto traders the capability to trade, invest, lend and borrow digital assets in one place, and it’s especially good for its credit functions that pay out very high yields to lenders. However, its fees are relatively high and many day traders will prefer a more tightly regulated crypto broker."
Michael MacKenzie, Reviewer
Nexo Quick Facts
| Bonus Offer | Loyalty scheme with various bonuses, plus referral program and bonus paid to lenders on credit line |
|---|---|
| Demo Account | No |
| Instruments | Cryptos |
| Platforms | Nexo Pro |
| Minimum Deposit | $10 |
| Minimum Trade | $30 |
| Account Currencies | USD, EUR, GBP |
Nexo Awards
Nexo has won 2 awards:
- Best Cryptocurrency Wallet – FinTech Breakthrough Awards, 2023
- Best Use of Crypto and/or Blockchain in Financial Services – PAY360 Awards, 2022
Pros
- Traders can access perpetual futures to open long or short positions on crypto assets, increasing strategic opportunities
- Nexo’s crypto staking and credit features support crypto lending and borrowing, and the yields lenders receive are among the best going
- Nexo Pro is a user-friendly proprietary platform that suits day trading strategies with great charting features
Cons
- High maker/taker fees mean day traders will pay more to trade derivatives than they would at rival exchanges like Binance
- Very few educational resources are available, reducing its appeal to beginners who can find more helpful resources at category leaders like eToro
- High deposit and withdrawal fees for cards and e-wallets will price many traders out of the most convenient payment methods