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
Winner: IC Markets
Runners Up: Forex.com
IC Markets took the Best Forex Broker Award for 2020. Offering a huge range of currency pairs, and holding global regulatory licenses around the world, their Australian base is being rapidly expanded.
The real strength at IC Markets . remains their tight spreads. The ECN account can mean spreads of 0.0 of certain pairs. The MetaTrader 4 platform is well supported, and while it may not suit absolute beginners, it is a very well trusted and respected platform.
Forex.com were runners-up for a second year. Their global offering continues to grow and the focus on forex makes them strong contenders in this category.
Best Binary Broker Award
Runner Up: IQ Option
The same result as last year. Binary.com won ‘Best Binary Broker’, again due to their knowledge and honesty in a difficult niche. ESMA has had a huge impact on the binary industry, and while Binary.com have themselves suffered, they continue to offer reliable trading, confident that the product remains sound.
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.
This year, they have also expanded their offering to include an MT5 platform and CFD trading.
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 2020.
IQ Option came in as runners up again, but they continue to move away from binary and digital products in regulated markets.
Best US Broker Award
Runner Up: Nadex
Forex.com retained Best Overall US Broker this year. There was further competition this year, as IG and eToro expanded into the US market.
Forex.com held on to their title however, as their longevity in the markets has allowed them to offer the fullest service to US traders.
Their trading platform offers a refreshing change to the complex or asset specific platforms that US traders have grown used to. The depth or markets and assets makes a big difference in the US.
Nadex offer another unique service in the US, including digital trades. Their platform does take some learning, but it is worth the effort for the range of markets and trades that are accessible.
Best Trading App Award
Winner: IC Markets
Best Trading App 2020 was ultra-competitive. The apps developed by brokers continue to be developed and expanded. Whether they are focussing on android, iOS or Windows, brokers are now more likely to make specific versions that utilise all the features unique to each platform.
IC Markets shot to the top of the pile with an app that delivers the cTrader platform to traders anywhere. They have clearly spent time and effort on development, and the application has been well received by end users too, getting solid ratings on all platforms.
Fully functional, plus reliable and secure, they were worthy winners is a very tough category.
Trading212 have focussed on their mobile offering since their inception, and that is reflected in a top notch mobile offering. They were a very close 2nd. XM also deserve a mention for their updated app which also put them in the running to win the award.
Best ECN Broker
Runners Up: IC Markets
ECN brokers offer direct market access, and therefore execution speed, and minimal trading costs are key components for traders using this type of account for frequent trading.
FXTM offer ultra low cost, reliable and quick ECN trading accounts and took home the award this year. The ECN Account, and ECN Zero Account offer choices to traders at different levels.
Traders using ECN accounts have particular wants and needs and FXTM showed a commitment to these traders with their innovative focus on DMA trading via the ECN Accounts.
They were pushed hard for the award by IC Markets, who also pay particular attention to this market.
Best Overall Broker
The most sought after award! Best Overall Broker 2020 goes to Plus500.
Plus500 retained the Best Overall Broker by maintaining the high standards they have set over the last few years. As a market listed company (Plus500 Ltd), their financial results are also public knowledge. A range of factors affected financial performance, but the customer focus has remained.
Plus500 continue to expand trading options based on customer demand, including topical assets (new IPOs etc). ESMA regulation continues to impact the offering, but professional trading remains an option at Plus500.
The brand continues to provide the best all-round service, scoring well in all areas.