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 5 top rated brokers that have also won awards:

  1. FOREX.com - 5 Awards
  2. NinjaTrader - 1 Award
  3. OANDA US - 6 Awards
  4. LQDFX - 2 Awards
  5. IG - 5 Awards

#1 - FOREX.com

Why We Chose 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.

"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."

- DayTrading Review Team
  • Instruments: Forex, Spot Metals
  • Regulator: NFA, CFTC
  • Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
  • Minimum Deposit: $100
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:50

Pros

  • 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.
  • There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.

Cons

  • Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
  • FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
  • There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.

#2 - NinjaTrader

Why We Chose 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.

"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."

- DayTrading Review Team
  • 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

Pros

  • 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
  • Traders can get free platform access and trade simulation capabilities in the unlimited demo

Cons

  • The premium platform tools come with an extra charge
  • Non forex and futures trading requires signing up with partner brokers
  • There is a withdrawal fee on some funding methods

#3 - OANDA US

Why We Chose 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.

"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."

- DayTrading Review Team
  • Instruments: Forex, Crypto
  • Regulator: NFA, CFTC
  • Platforms: OANDA Trade, MT4, TradingView, AutoChartist
  • Minimum Deposit: $0
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:50

Pros

  • Seasoned day traders can access industry-leading tools, including an MT4 premium upgrade and advanced charting provided by MotiveWave
  • Day traders can enjoy fast and reliable order execution
  • Beginners can get started easily with $0 minimum initial deposit

Cons

  • The range of day trading markets is limited to forex and cryptos only
  • It's a shame that customer support is not available on weekends
  • There's only a small range of payment methods available, with no e-wallets supported

#4 - LQDFX

Why We Chose LQDFX

LQDFX is a straight-through processing (STP) broker based in the Marshall Islands. The offshore trading firm offers competitive spreads from 0.0 pips, free deposits, 24/5 support and access to the hugely popular MetaTrader 4 platform. LQDFX also runs a competitive bonus program for short-term traders.

"LQDFX is best for active day traders looking for ultra-tight spreads, low fees and high leverage up to 1:1000. Forex traders will particularly appreciate the strong range of 70+ currency pairs with minimum deposits starting from $20."

- DayTrading Review Team
  • Instruments: Forex, CFDs, Stocks, Indices, Commodities, Crypto
  • Platforms: MT4
  • Minimum Deposit: $20
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:1000

Pros

  • There are multiple STP account types with fast execution speeds, plus an Islamic swap-free option and PAMM accounts
  • The $20 minimum initial deposit is accessible for beginners, and the Micro account will serve those looking to trade in smaller volumes
  • Tight forex spreads from 0.0 are available in the raw spread account and the $3.50 per lot commissions are in line with competitors

Cons

  • It's a shame that there's no copy trading platform for beginners or experienced strategy providers
  • Market research tools and educational resources are very limited compared to top brands like IG
  • The lack of regulatory oversight is a concern, although the broker does claim to use segregated accounts and balance protection

#5 - IG

Why We Chose 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.

"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
  • Regulator: FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA
  • Platforms: Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
  • Minimum Deposit: $0
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:30 (Retail), 1:250 (Pro)

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
  • 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 offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis

Cons

  • 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
  • IG has discontinued its swap-free account, reducing its appeal to Islamic traders