Brokers With The Most Clients
Brokers with the most clients are often looked for by potential retail investors looking to get started with a firm that has an established customer base and service set with an expectation to be safer. In this guide we break down five of the largest brokers by clients, highlighting the advantages and drawbacks of each, to help you make your choice.
Top Brokers With The Most Clients
#1 - Forex.com
Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
"Forex.com is an excellent broker for forex traders with over 80 currency pairs, tight spreads, low commissions and powerful platforms. The brand is also heavily regulated while its parent company is listed on the NASDAQ, giving it a high trust score."
- DayTrading Review Team
- Instruments: Forex, Spot Metals
- Regulator: NFA, CFTC
- Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
- Min. Deposit: $100
- Min. Trade: 0.01 Lots
- Leverage: 1:50
Forex Trading
Forex.com is a leading FX broker. The brand offers a wide range of currency pairs and some of the lowest fees in the industry. Spreads on the EUR/USD come in as low as 0.0 with a $7 commission per $100k.
Stocks Trading
Forex.com offers access to thousands of US, EU and UK stocks, with spreads of just 1 point. Speculate on household names as well as new IPOs. US stocks are available from just 1.8 cents per share.
Pros
- Beginner-friendly web platform and mobile app
- Fast execution speed of less than 1 second
- VPS hosting for automated strategies
Cons
- $15 monthly inactivity fee
- Investment offering varies between countries
- No copy trading platform
#2 - eToro USA
eToro is a social investing platform that offers stocks, ETFs, options, and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, this brand is highly respected. eToro securities trading is offered by eToro USA Securities, Inc.
"eToro is a top pick for users looking for social investing and copy trading. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer traders."
- DayTrading Review Team
- Instruments: Stocks, Options, ETFs, Crypto
- Regulator: SEC, FINRA
- Platforms: Own
- Min. Deposit: $10
- Min. Trade: $10
Stocks Trading
Trade popular US stocks and ETFs with zero commissions while fractional shares and options are also available. The eToro Academy and excellent market research are also huge bonuses for newer investors.
Crypto Trading
eToro US leads the way in cryptocurrency trading. 1% fee for buying or selling crypto added to the spread (from 0.75% for BTC), with their own wallet service and the largest number of cryptos to trade in the market. eToro copy trading is only for cryptos. Crypto asset investing is highly volatile and unregulated. No consumer protection. Tax on profits may apply.
Pros
- A free demo account means new users and prospective traders can try the broker risk-free
- The online broker offers an intuitive social investment network with straightforward copy trading on cryptos
- eToro USA Securities is a trustworthy, SEC-regulated broker that is a member of FINRA and SIPC
Cons
- No MetaTrader 4 platform integration
- Narrower range of instruments than some competitors
#3 - 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.
"We recommend NinjaTrader for high-volume futures traders looking for low fees and premium analysis tools."
- DayTrading Review Team
- Instruments: Forex, Stocks, Options, Commodities, Futures, Crypto
- Regulator: NFA, CFTC
- Platforms: eSignal
- Min. Deposit: $50
- Min. Trade: 0.01 Lots
- Leverage: 1:50
Forex Trading
NinjaTrader supports the trading of popular currencies including the EUR/USD. The trading software also offers unique features tailored to forex trading, including specific order and market windows.
Stocks Trading
Stocks can be traded by connecting the NinjaTrader platform to supporting brokers. You can then take positions on large public companies and household names via advanced trading software.
Crypto Trading
Trade micro Bitcoin futures with low fees and leading charting tools. Get exposure to Bitcoin through CME Group's centralized exchange with robust risk management tools.
Pros
- Widely respected and heavily authorized by the NFA and CFTC
- Free platform access and trade simulation capabilities
- Easy account opening that takes a few minutes
Cons
- Premium platform tools come with an extra charge
- Non forex and futures trading requires signing up with partner brokers
- Withdrawal fee on some funding methods
#4 - 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, alongside flexible contract sizes and automated trade executions.
"We recommend OANDA for US traders seeking a user-friendly platform with premium market research and a straightforward joining process. OANDA is a particularly good pick if you want a heavily regulated broker with a secure trading environment."
- DayTrading Review Team
- Instruments: Forex, Crypto
- Regulator: NFA, CFTC
- Platforms: MT4, TradingView, AutoChartist
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:50
Forex Trading
OANDA offers 68 forex pairs, more than many alternatives. The broker's in-house platform also offers impressive execution speeds and a suite of advanced charting and analysis tools.
Crypto Trading
Speculate on the world's biggest cryptos by market cap. Commissions are lower than many peers starting at 0.25%. Clients can spot trade cryptocurrencies on Paxos's itBit exchange through the OANDA platform via OANDA’s partnership with Paxos. Users can trade digital currencies in a few taps through the iOS and Android mobile app.
Pros
- Feature-rich app with 50 indicators, 11 drawing tools and 9 charting styles
- Wide selection of instruments including 68 forex pairs
- US clients accepted
Cons
- Customer support not available on the weekend
#5 - Kwakol Markets
Kwakol Markets is a Nigerian headquartered broker with strong regulatory oversight in Australia and Canada. A great selection of asset classes are available, including synthetic products that simulate realistic market activity. Clients can trade on the MT4, MT5 and cTrader platforms, as well as a copy trading solution whereby a fee is only paid on profitable trades.
"Kwakol Markets is a good option for newer traders with a dedicated learning academy, copy trading and a choice of reliable platforms. New clients can also sign up and start trading in four straightforward steps."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Crypto
- Regulator: ASIC, FINTRAC
- Platforms: MT4, MT5, AutoChartist
- Min. Deposit: $1
- Min. Trade: 0.01 Lots
- Leverage: 1:1000
CFD Trading
CFDs are available on a breath of underlying assets, including stocks, indices, commodities, forex and cryptos. High leverage up to 1:500 is available alongside a 0.01 minimum lot size and award-winning software. For the tightest spreads from 0 pips, opt for the Premium account.
Forex Trading
Kwakol Markets offers a wider range of forex pairs than most competitors, with 90+ assets available. Users get fast execution speeds through the ECN model and competitive spreads. On the negative side, not all currency pairs are available on MT4.
Stocks Trading
Trade stocks with zero commissions and ultra-fast trade executions. Clients get exposure to US, EU, Asian and Russian stock markets on both the MT4 and MT5 platforms. Stocks are available as CFDs, so users will not own the underlying shares.
Crypto Trading
Trade cryptos against fiat currencies, other cryptocurrencies and metals like gold. This separates the broker from many alternatives that only offer cryptos paired with the USD. High leverage up to 1:20 on cryptos is available, plus support for Expert Advisors and copy trading.
Pros
- Demo account available
- Wide range of free learning resources such as an eBook
- Excellent market analysis tools
Cons
- The only base currency is USD
- High deposits for premium features
- Regional restrictions in certain countries
#6 - Webull
Webull is a US-regulated trading app that offers stocks, options, forex, cryptos, ETFs, fractional shares and more. The firm is authorized by the SEC and FINRA with a strong trust rating. Low fees, no minimum investment and generous bonuses have made the discount broker popular with online investors.
"Webull is best for traders looking to buy and sell stocks on a user-friendly app with zero commissions."
- DayTrading Review Team
- Instruments: Stocks, ETFs, options, cryptos, forex, ADRs, fractional shares, OTCs
- Regulator: SEC, FINRA
- Platforms: Own
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:4
Forex Trading
Webull offers a modest collection of 17 currencies, including majors like EUR/USD. Forex can be traded on the feature-rich investing app with real-time quotes and low spreads.
Stocks Trading
Webull offers a fantastic list of 2000+ US stocks, fractional shares, options, ETFs, OTC, and ADRs. There is no commission on stocks, ETFs, and options. Full extended trading hours is available while custom screeners and watchlists aid the decision making process.
Crypto Trading
Webull offers trading on popular cryptos like Bitcoin against the US Dollar. With 35+ tokens and premium analysis tools, traders can review market trends and identify opportunities in a few taps.
Pros
- Promotions with free stocks
- No minimum deposit for beginners
- Smart Advisor for auto investing
Cons
- High deposit and withdrawal wire fees for non-US residents
- Sometimes sudden changes in trading conditions
- Day trading is limited for customers with less than $25,000 deposited
#7 - IG Group
IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
"IG offers a superb all-round package. Beginners will appreciate the user-friendly web platform and secure trading environment while established investors will rate the 17,000+ markets and top-tier market research."
- 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: MT4, AutoChartist, TradingCentral
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:30 (Retail), 1:250 (Pro)
CFD Trading
IG offers an impressive suite of 17,000+ CFD instruments. Negative balance protection ensures accounts cannot drop below zero while custom price alerts and the IG Academy enhance the trading experience.
Forex Trading
IG offers currency trading on its award-winning web platform and mobile app. Comprehensive charts and forex analysis tools are also available through ProRealTime.
Stocks Trading
IG offers 13,000+ shares, with more listed firms than most competitors. Fees are low with no commission on US stocks. Extended hours trading is also available alongside ultra-fast execution speeds of 0.014 seconds.
Crypto Trading
11 popular cryptos are available, plus two crypto crosses. A crypto index is also offered, following the value of the top 10 digital currencies by market cap. All cryptos are available via CFDs.
Pros
- Users have access to a comprehensive range of charts, market news, client sentiment data, and analysis tools
- 24/5 customer support is available
- IG offers great educational materials including an extensive library of training and support on how to day trade successfully
Cons
- No copy trading platform
- Inactivity charge
#8 - Pocket Option
Founded in 2017, Pocket Option is a binary options broker offering up/down contracts on forex, stocks and cryptocurrencies. With over 100,000 active users and a global reach, the brand has proven popular with budding traders. Pocket Option also supports dozens of payment methods and has a low minimum trade of just $1.
"We recommend Pocket Option for aspiring binary options traders looking for copy trading services and a low minimum investment."
- DayTrading Review Team
- Instruments: Binary Options, Currencies, Commodities, Stocks, Indices
- Regulator: IFMRRC
- Platforms: MT5
- Min. Deposit: $50
- Min. Trade: $1
Forex Trading
Binary and OTC options can be purchased on over 40 foreign exchange pairs. Typical payouts are also decent at 81% and users can trade forex binary options in just a couple of clicks.
Stocks Trading
Trade 30 of the most popular American multinational stocks including Microsoft and Google. Payouts on big brands come in at a decent 92% while indices are available up to 67%.
Crypto Trading
Pocket Option supports major cryptocurrencies on a beginner-friendly app. Over 10 leading cryptocurrencies are available with very high leverage up to 1:1000.
Pros
- Clients accepted from over 95 countries
- Trading tournaments and competitions
- Turbo binary options
Cons
- No MT4 trading platform
- IFMRRC is not a reputable regulator
- Only one account type is available
#9 - IQCent
IQCent is an offshore binary options and CFD broker based in the Marshall Islands with 10+ payment methods and a low $50 starting deposit. With 100+ assets, around the clock trading and high payouts the brand is popular with aspiring traders.
"IQCent will appeal to newer traders who want a platform where they can trade both binary options and CFDs with copy trading support and regular contests."
- DayTrading Review Team
- Instruments: Binary Options, CFDs, Forex, Stocks, Indices, Commodities, Crypto
- Regulator: IFMRRC
- Platforms: TradingView
- Min. Deposit: $250
- Min. Trade: $0.01
- Leverage: 1:500
CFD Trading
IQCent CFDs are available on forex, stocks, indices, commodities and cryptos with leverage variable by asset to a maximum of 1:500, which is higher than many alternatives. 24/7 customer support is also available to assist new users.
Forex Trading
IQCent traders can access CFDs or binary options on 40+ forex pairs, including majors, minors and exotics. CFD spreads start from 0.7 pips and binary options payouts are decent up to 95%. Trading takes place through the broker's proprietary platform with advanced analysis tools.
Stocks Trading
IQCent offers CFDs and binaries on four German stocks: Lufthansa, Deutsche, Daimler and BMW. Traders can also speculate on stock markets via seven leading indices including US30, S&P500 and FTSE100.
Crypto Trading
IQCent offers 17 crypto assets through its own platform, including Bitcoin, Ethereum and Litecoin. Leverage on crypto CFDs is limited to 1:10 while binary options payouts vary by token but are competitive.
Pros
- Trading contests with cash prizes
- 24/7 customer support
- Copy trading service
Cons
- No MetaTrader 4 platform
- Not overseen by any highly respected regulator
- A short period before an inactivity fee is charged
#10 - Moomoo
Moomoo is an SEC-regulated app-based investment platform that offers a straightforward and affordable way to invest in Chinese, Hong Kong and US stocks, ETFs and other assets. Margin trading is available and the brand accepts low minimum deposits while also decent several bonuses.
"Moomoo will appeal to stock traders who want to build an investment portfolio through a user-friendly app with low to zero commissions."
- DayTrading Review Team
- Instruments: Stocks, Options, ETFs, ADRs, OTCs
- Regulator: SEC, FINRA, MAS
- Platforms: Own
- Min. Deposit: $0
- Min. Trade: $0
Stocks Trading
Moomoo offers online US and Hong Kong stocks, and China-A shares trading across options, ETFs, ADRs, OTC, plus IPOs on a proprietary trading platform. The zero commissions, no account minimum and free level 2 data are standout features.
Pros
- ‘Moomoo Token’ transaction security
- No minimum deposit requirement
- Access to full extended pre-market trading hours
Cons
- No 2 factor authentication (2FA)
- High margin rate fees
- No negative balance protection
What Is A Broker?
Before discussing the brokers with the most clients, we should first define a broker. Brokerage firms, or brokers, trade securities and derivatives, like stocks and CFDs, on behalf of their clients. Brokers exist largely because it is difficult for most individuals to directly access stock exchanges, which usually permit only licensed members to trade.
For example, to buy or sell stocks on the New York Stock Exchange, brokers must belong to a member firm and be licensed by the FINRA.
It is possible to buy stocks directly from companies but it is usually much more convenient to use a broker. Before the internet age, brokers made money by charging clients commission, which took the form of a percentage of assets, flat rate or hourly fee.
Trading used to be done mostly through full-service brokers, who provided clients with investment advice in addition to completing transactions. The high costs of using these brokers meant that only high net-worth investors could access the stock market.
These days, however, the growth of online discount brokers has meant that many more individuals can trade in stocks and shares. Discount brokers provide their clients with fast, direct trading for little or no commission. Unlike full-service brokers, these brokers do not offer their clients investment advice or analysis. Instead, clients can control their own trades using an online platform. Recently, online brokers have begun to offer clients automated financial planning services through robo-advisors.
Rather than charge clients commission, online brokers turn a profit using several creative methods. One of the primary ways is through payment for order flow, wherein the broker receives a small commission for directing an order to a particular market maker.
This process is somewhat controversial as there is a lack of transparency about how it works. Brokers also generate money from interest on uninvested cash, as well as by lending margin securities to other parties.
Top Five Brokers With The Most Clients
Fidelity
Fidelity Investments takes the top spot of our brokers with the most clients list, maintaining its position by a significant margin with over 38 million brokerage accounts. On top of this, Fidelity’s managed assets total up at a whopping $10.4 trillion, while its turnover in 2019 was $21 billion, making it one of the online trading world’s major players.
Fidelity was founded way back in 1946 and made the move into online brokering in 1995. It is renowned for providing its clients with a well-rounded, reliable service and excellent trading tools. The quality of Fidelity’s research and educational resources are particularly good, making them a good broker for inexperienced and/or casual traders. Fidelity has a broad selection of clients, from beginner to expert, and can provide customers with individual investment advice if needed.
In terms of commission, Fidelity charges 0% commission on stock/ETF trades. On options trades, the broker charges $0.65 per contract. Fidelity clients can trade a standard range of assets, including stocks, ETFs, bonds, options and mutual funds. However, futures and cryptocurrency are missing from their range of offerings. Clients must be based in the US to trade with Fidelity.
Robinhood
As one of the first discount online trading platforms, Robinhood rapidly grew to the second biggest broker with the most clients, boasting 31 million customers. Robinhood is known primarily for its beginner-friendly mobile app, which focuses on the basics of trading.
Robinhood customers can trade a decent range of stocks, ETFs, options and cryptos. However, they do not offer trading in mutual funds, forex or futures. Their clientele tends to be younger and they are a good broker for lower-capital investors as they offer part shares and competitive fees. The limited range of assets available means that that they are probably unsuitable for more advanced traders.
Despite being one of the pioneers of commission-free trading, Robinhood has come under fire recently for some of its business practices. They were recently ordered to pay out $70 million as a penalty for misleading clients, approving ineligible traders for risky strategies, and repeated system collapses on their platform.
eToro
eToro is a British/Israeli online brokerage company sitting at third place in our ranking of brokers with the most clients. As of 2021, eToro had over 20 million registered clients, some of the highest numbers of any broker.
The broker specialises in social trading, where investors can see the activity of other traders, including experts. This means that eToro clients can engage in copy trading.
Originally founded in 2007 as a forex trading platform, eToro has since expanded its range of assets and is a market leader in crypto trading. Additionally, investors can now trade with 53 ETFs, 12 market indices, 7 types of commodities and 957 company stocks. eToro’s web platform and mobile app are easy to use and support 24/7 trading.
Like many other online brokers, eToro does not take a commission on stock or ETF trading. It also charges low fees on forex, CFD and crypto trading. However, the broker does charge clients a $5 fee on withdrawals.
Currently, eToro accepts clients from many countries including the UK, Australia and most European states. US users may only trade cryptocurrencies. It is worth noting that eToro is blocked in several countries, including India, so please check their website for more details.
Charles Schwab
With 14.1 million active clients, Charles Schwab is one of the largest online brokers with the most clients. The Charles Schwab Corporation has grown from a small investment newsletter into the third-largest asset manager globally, with $7.57 trillion held in client assets and revenues of over $11.6 billion in 2020.
Charles Schwab has targeted its services at a wide range of customers: the broker offers clients several trading platforms, including a web-based interface, mobile app and desktop application. The number of trading tools and customisation options accessible on these platforms is impressive. Schwab’s customer service is highly regarded, whilst the broker also offers its clients both robo and in-person advisory services.
As standard, Charles Schwab does not charge clients on stock or ETF trades. Customers can also trade in mutual funds, options and some futures. For those looking to do forex or crypto trading, it may be advisable to look elsewhere, as Schwab’s offering in these areas is very limited. Options traders may also find other platforms cheaper to use.
Webull
Webull is fifth on our list of brokers with the most clients, boasting just over 12 million users, making it one of the biggest online stockbrokers offering trading on stocks, ETFs and options. Founded in China in 2017, Webull is still Chinese-owned, although the company’s headquarters are in New York. Traders in some countries like the UK cannot access Webull’s platform, so please check online if it is available in your territory.
Webull does not charge clients commissions on options (as well as stocks and ETFs), placing it at the cheaper end of the online broker scale. Webull’s platform is suitable for a casual or beginner investor but the slightly limited range of tools probably makes it unsuitable for more serious traders. The broker’s mobile app is simple to set up and easy to use. As Webull is a relatively new company, however, the range of assets is limited. Their forex and crypto selections, for instance, are smaller than many of their competitors.
Pros Of Brokers With The Most Clients
Some of the advantages of using the top brokers with the most clients include:
- Wide range of assets available
- Robo-advisors may be provided
- Cheap, commission-free trading
- Trustworthy and reliable service
- Part share trading for smaller investors
- Well-developed, user-friendly trading platforms
- Can start trading without a large amount of capital
Final Word On Brokers With The Most Clients
Brokers with the most clients encompass those brokerage firms offering assets from equities and forex derivatives to cryptocurrency binary options and maintaining a client base of millions of clients across the world. Generally, a broker with so many clients is likely to have a decent range of assets, low prices and strong levels of customer service. However, as with all things, new and innovative alternatives are constantly cropping up that may offer better or cheaper solutions, so you should always keep your ear to the ground.
FAQ
Which Brokers Have The Most Clients?
Some of the stock brokers with the most clients include established firms like Charles Schwab and Fidelity, as well as newer companies like eToro and Webull. Some of the largest brokers not included in this list are ETRADE, TD Ameritrade and Merrill Edge. These are mostly online discount brokers who offer commission-free trading.
What Are Some Of The Cheapest Brokers With The Most Clients?
Webull and Robinhood are two of the cheapest large brokers. All online discount brokers, however, do not charge clients commission on stocks or ETFs as standard.
What Are The Top Brokers With The Highest Client Numbers?
Brokers with the most clients may seem indiscernible but there are some key differences. Firms like Charles Schwab and Fidelity provide good all-round trading platforms and reliable service, suitable for traders with various levels of experience and quantities of cash. Apps such as eToro, Robinhood and Webull are great for younger and less experienced clients looking to get their foot in the door. This is thanks to their simple mobile platforms, offers of part shares and low commission.
How Big Are The Brokers With The Most Clients?
While many big brokers boast hundreds of thousands of clients, the true heavyweights service many more customers. Fidelity, the largest broker in the world, has 38 million clients, followed by Robinhood, with 31 million.
Are Brokers With The Most Clients Better?
Not necessarily. Brokers that have amassed client bases of tens of millions are likely to be relatively safe, offering competitive services with good customer service. However, there may be a newer brokerage firm just starting out, offering innovative alternatives and better services that has yet to build the same client base.