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 - AvaTrade
Why We Chose AvaTrade
AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.
"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting
- Regulator: ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM
- Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
- Minimum Trade: 0.01 Lots
- Leverage: 1:30 (Retail) 1:400 (Pro)
Pros
- WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
- There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
- Day traders can access stable spreads and zero commissions with no hidden fees
Cons
- A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
- There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
- It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
#2 - 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
- The broker offers a transparent pricing structure with no hidden charges
- Beginners can get started easily with $0 minimum initial deposit
- Seasoned day traders can access industry-leading tools, including an MT4 premium upgrade and advanced charting provided by MotiveWave
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
#3 - Deriv.com
Why We Chose Deriv.com
Deriv.com is a low cost, multi-asset broker with over 2.5 million global clients. With just a $5 minimum deposit, the firm offers CFDs, multipliers and more recently accumulators, alongside proprietary synthetic products which can't be found elsewhere. Deriv provides both its own in-house charting software and the hugely popular MetaTrader 5.
"Deriv.com will suit day traders looking to make fast-paced trades using CFDs and multipliers with high leverage up to 1:1000. The broker is also the industry leader in synthetic indices, which simulate real market movements and are available around the clock. "
- DayTrading Review Team
- Instruments: CFDs, Multipliers, Forex, Stocks, Indices, Commodities
- Regulator: MFSA, LFSA, VFSC, BFSC
- Platforms: Deriv Trader, MT5
- Minimum Deposit: $5
- Minimum Trade: 0.01 Lots
- Leverage: 1:1000
Pros
- Traders can use multipliers between 1 and 30, with take profit, stop loss and deal cancellation parameters
- Beginners and experienced day traders can access a good range of 20+ technical indicators in Deriv Trader vs 30+ in MT5
- The free demo account is ideal for practicing short-term trading strategies and no registration is required
Cons
- The range of 100+ assets trails some competitors such as Quotex which offers 400+
- There's no loyalty program or rebate scheme for high volume traders
- There are limited copy trading tools and analysis features compared to alternatives like IQ Cent
#4 - Pepperstone
Why We Chose Pepperstone
Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."
- DayTrading Review Team
- Instruments: CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
- Regulator: FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
- Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
- Minimum Deposit: $0
- Minimum Trade: 0.01 Lots
- Leverage: 1:30 (Retail), 1:500 (Pro)
Pros
- Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
- Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
Cons
- Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
- Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
- Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
#5 - XM
Why We Chose XM
XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.
"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."
- DayTrading Review Team
- Instruments: Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
- Regulator: ASIC, CySEC, DFSA, FSC, FSCA
- Platforms: MT4, MT5
- Minimum Deposit: $5
- Minimum Trade: 0.01 Lots
Pros
- Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools
- XM is a hugely respected broker authorized by tier-one regulators
- The broker offers premium research including market sentiment, fundamental insights and strategy builders
Cons
- There is weak regulatory oversight through the global entity
- There's $5 inactivity fee after only 3 months, though this won't affect active traders
- PayPal deposits are not supported
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.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
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.
FAQs
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.