Finding the best broker for trading IPOs isn’t just about who lists the most deals. From our extensive tests, we discovered huge differences in how brokers handle allocations, fees, research tools, and platform usability. Some excelled at giving active traders a fair shot at new listings, others stood out when it came to pre-IPO speculation.
Fortunately, we’ve done the leg work – revealing the top IPO brokers with detailed insights from our testing.
Top 4 Brokers For Trading IPOs
Based on our hands-on tests, these brokers stand out if you want reliable access to upcoming and recent IPOs:
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- Demo account
- Min. deposit: $0
- Min. trade: 0.01 Lots
73-89% of retail investor accounts lose money when trading CFDs -
- Demo account
- Min. deposit: $0
- Min. trade: 0.01 Lots
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- Demo account
- Instruments: Stocks, Options, ETFs, Bonds
- Regulator: SEC, FINRA
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- Demo account
- Instruments: Cryptos, Futures
- Regulator: SCA, FSC, FMA
Learn how we test brokers and why you can trust our ratings.
Why Are These Brokers The Best For Trading IPOs?
Here’s why we rate these platforms as the top providers for investors looking to trade IPO shares:
- Pepperstone is the best IPO broker in 2026 in Malaysia 4.8/5 Through perpetual futures, Pepperstone now provides IPO trading. In fact, pre-IPO opportunities are available on big names like SpaceX. Though access depends on the client's location, with the initial roll-out happening in the UAE.
- IG 4.8/5 IG focuses less on primary allocations and more on pre-listing speculation via its grey market. This allowed us to place trades on where an IPO might open before the official listing, offering a valuable window into crowd sentiment. During our grey-market tests, IG’s platform handled volatility well, with no execution lags even as spreads widened near launch. Once shares were live, execution on CFDs and equities was smooth and stable, and we didn't encounter IPO-specific surcharges. IG also performed brilliantly on mobile, with a crisp interface for tracking sentiment and placing speculative trades quickly.
- TradeUp 3.5/5 TradeUp has a neat ‘one-click IPO subscription’ feature that lets users find and request allocations in dozens of U.S. stock IPOs directly in the app. With predictable, transparent costs and a reliable app during our testing, it’s a good option for fast-paced IPO traders.
- Bybit 3.1/5 ByBit became one of the first centralized crypto exchanges to provide tokenized IPO access via its IPO Express service, with SpaceX its first offering. A user-friendly platform and transparent fees for trading IPOs.
How Safe Are The Top IPO Brokers?
Buying into IPOs carries risks as well as opportunities. We reviewed protections and safeguards to see how secure these brokers are for IPO traders:
| Broker | Trust Rating | Guaranteed Stop Loss | Negative Balance Protection | Segregated Accounts |
|---|---|---|---|---|
| Pepperstone | ✘No | ✔Yes | ✔Yes | |
| IG | ✔Yes | ✔Yes | ✔Yes | |
| TradeUp | ✘No | ✘No | ✔Yes | |
| Bybit | ✘No | ✘No | ✔Yes |
Are The Top IPO Brokers Good For Beginners?
We assessed how beginner-friendly these IPO brokers are, including account setup, education, and ease of accessing IPOs for first-time traders:
| Broker | Demo Account | Minimum Deposit | Minimum Trade | Education Rating | Support Rating |
|---|---|---|---|---|---|
| Pepperstone | ✔Yes | $0 | 0.01 Lots | ||
| IG | ✔Yes | $0 | 0.01 Lots | ||
| TradeUp | ✔Yes | $0.01 | $1 | ||
| Bybit | ✔Yes | $0 | 0.001 Lots |
Are The Top IPO Brokers Good For Experienced Traders?
IPO investing is not just for beginners - here’s how the leading IPO brokers cater to more seasoned traders too:
| Broker | Automated Trading | VPS | AI | Pro Account | Leverage | Low Latency | Extended Hours |
|---|---|---|---|---|---|---|---|
| Pepperstone | Expert Advisors (EAs) on MetaTrader, cBots on cTrader | ✘No | ✘No | ✔Yes | 1:30 (Retail - UK, EU, Australia), 1:500 (Pro), 1:200 (Offshore), 1:400 (Kenya) | ✔Yes | ✘No |
| IG | Expert Advisors (EAs) on MetaTrader, build your own on ProRealTime | ✔Yes | ✔Yes | ✔Yes | 1:30 (Retail), 1:250 (Pro) | ✔Yes | ✔Yes |
| TradeUp | - | ✘No | ✘No | ✘No | - | ✘No | ✔Yes |
| Bybit | Via 3rd party software | ✔Yes | ✔Yes | ✘No | - | ✔Yes | ✘No |
Compare Detailed Ratings Of The Best IPO Brokers
See how the top IPO trading platforms performed in each key testing area:
| Broker | Trust | Platforms | Assets | Mobile | Fees | Accounts | Research | Education | Support |
|---|---|---|---|---|---|---|---|---|---|
| Pepperstone | |||||||||
| IG | |||||||||
| TradeUp | |||||||||
| Bybit |
Compare Trading Fees On IPOs
Costs can cut into IPO profits. Compare fees and charges across our top-rated IPO brokers:
| Broker | Cost Rating | Fixed Spreads | Inactivity Fee |
|---|---|---|---|
| Pepperstone | ✔Yes | $0 | |
| IG | ✘No | $12 | |
| TradeUp | ✘No | $0 | |
| Bybit | ✘No | $0 |
Community Sentiment
See how users rate these brokers based on the average customer ratings submitted on DayTrading.com, plus ratings from Trustpilot, the Apple App Store and Google Play.
| Broker | Our Users' Rating | Trustpilot Score | Trustpilot Reviews | iOS App Rating | Android App Rating |
|---|---|---|---|---|---|
| Pepperstone | 3666 | ||||
| IG | 10135 | ||||
| TradeUp | - | 1 | |||
| Bybit | - | 7767 |
How Popular Are The Top IPO Trading Platforms?
With IPO trading surging in popularity, we measured user activity at our leading providers:
Why Use Pepperstone For Trading IPOs?
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 24/5 support (18h a day on weekends).
Christian Harris, Reviewer
Pepperstone quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto CFDs, Spread Betting
- Regulator
- FCA, ASIC, CySEC, BaFin, DFSA, SCA, SCB, CMA-Kenya
- Platforms
- Pepperstone Trading Platform, MT4, MT5, cTrader, TradingView
- Minimum Deposit
- $0
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
Pros
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing and friendly agents knowledgeable about its products and trading tools.
- Pepperstone has started providing trading in pre-IPO perpetual futures like SpaceX (SPCX.US-PERP) in select regions, such as the UAE.
- After adding spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools for financial spread bettors in supported countries.
Cons
- Execution may not feel as reliable in fast markets as headline speeds suggest. In our own testing, execution was fast at desired prices, but some community complaints focus on slippage, stop-loss fills and spread-sensitive order triggers during volatile conditions.
- Overnight holding fees are higher than that found with some Market Maker brokers (usually Benchmark + 2.5%). This makes pepperstone an ideal broker for day traders and forex scalpers but less suitable for swing traders who often keep position open overnight.
- Pepperstone has removed support for several tools that elevated the trading experience for active retail traders, notably Autochartist, Capitalise.ai and a free VPS for qualifying traders (now only pro traders in some countries).
Why Use IG For Trading IPOs?
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 robust trade execution for experienced day traders.
Christian Harris, Reviewer
IG quick facts
- Demo Account
- ✔Yes
- Instruments
- CFDs (not in US), Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting (UK only)
- Regulator
- CFTC, NFA, FCA, BaFin, ASIC, FINMA, MAS, JFSA, FMA, DFSA, BMA
- Platforms
- Web, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral, ProRealTime
- Minimum Deposit
- $0
- Minimum Trade
- 0.01 Lots
- Account Currencies
- USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD
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.
- IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis.
- IG obtained a crypto asset license from the FCA, allowing it to re-enter the UK market to provide buying, selling and storing opportunities on 55+ digital tokens with fees from 1.49%, and all within an FCA-licensed environment.
Cons
- IG applies an inactivity fee of $12-$18 per month after 2 years, deterring casual investors.
- 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.
Why Use TradeUp For Trading IPOs?
TradeUp is best suited to budget-conscious day traders looking to trade U.S. and global markets (via ADRs) with zero commissions on a user-friendly mobile app. Its more than 250 Chinese American Depositary Receipts (ADRs), including Alibaba Group (BABA), also make it suitable for trading Chinese equities.
Christian Harris, Reviewer
TradeUp quick facts
- Demo Account
- ✔Yes
- Instruments
- Stocks, Options, ETFs, Bonds
- Regulator
- SEC, FINRA
- Platforms
- Desktop, Web, Mobile
- Minimum Deposit
- $0.01
- Minimum Trade
- $1
- Account Currencies
- USD
Pros
- TradeUp’s platforms work smoothly across multiple devices based on our tests, including mobile apps for iOS and Android, a desktop app for Windows and Mac, and a web-based platform. This allows active traders to switch between devices without losing continuity, whether you’re at home or on the go.
- TradeUp runs an integrated and intuitive financial calendar that helps you track earnings, dividends, and IPOs relevant to your watchlist, enabling you to stay ahead of market-moving events.
- TradeUp offers commission-free trading on US stocks and ETFs, and support for fractional shares lets you buy portions of a share for as little as $1. This makes it a cost-effective choice for active day traders who want to minimize trading expenses.
Cons
- TradeUp's educational resources aren't kept updated, and were over 6 months old in our latest tests. While there are articles and tutorials aimed at newcomers, the content is somewhat limited and does not cover more advanced trading strategies or deeper topics.
- A 2026 security incident left the personal and financial data of 26,985 users vulnerable, including their Social Security numbers, driver's licenses, passports, and medical information.
- The platform's technical indicators have limited customization options from our use. On both mobile and web versions, you can't layer multiple indicators on the same chart simultaneously, which restricts more sophisticated chart analysis.
Why Use Bybit For Trading IPOs?
Bybit is a good choice for active traders who want a fast and straightforward way to buy crypto tokens and trade crypto derivatives.
William Berg, Reviewer
Bybit quick facts
- Demo Account
- ✔Yes
- Instruments
- Cryptos, Futures
- Regulator
- SCA, FSC, FMA
- Platforms
- MT4, TradingView
- Minimum Deposit
- $0
- Minimum Trade
- 0.001 Lots
- Account Currencies
- EUR, GBP, TRY, RUB
Pros
- IPO Express launched making it among first crypto exchanges to provide tokenized IPO access
- ByBit upgraded its Futures Bots in 2026, providing access to perpetual contracts for popular TradeFi assets, including TSLAUSDT, GOOGLUSDT, and tokenized gold
- Retail clients can easily swap between supported coins within accounts, take profit and stop loss, strategy alerts, and adjust orders
Cons
- Its finance markets like TradFi are not available in the EEA due to regional regulatory challenges
- Bybit had a serious security breach in 2025 with around $1.5 billion in Ethereum stolen, though the exchange did recoup customers
- While Bybit has strengthened its regulatory credentials, it's still faced warnings and actions in jurisdictions like Hong Kong and Canada
How DayTrading.com Chose The Top IPO Brokers
We started by hand-picking only regulated brokers that provide access to IPO stocks for trading. We then carefully evaluated and documented their specific IPO offering by following these steps:
- Account setup: We opened or used existing live accounts with each broker and went through the verification and funding steps. It gave us a feel for how quick and painless (or not) the onboarding process is.
- IPO discovery: We checked where each platform lists upcoming IPOs. Some have dedicated calendars and alerts (which we found far easier to navigate), while others buried the details in their research sections.
- Application process: We submitted test requests for allocations at some. At others, we focused more on grey-market trades linked to IPOs. Where available, we tried the IPO subscription tool in the client portal to see how accessible it really was.
- Mobile vs. desktop: Since many active traders now rely on their phones, we ran through the whole process on mobile apps too. In some cases, IPO-related access was smoother on mobile than on desktop.
- Post-IPO execution: Once the shares listed, we placed trades across the brokers to check execution speed, spreads, and platform stability under the extra IPO hype.
Running these tests showed us where the friction points are. For example, with some, the tech is powerful, but in practice, we found limits on which IPOs we could trade. In other cases, the IPO calendar was helpful, though allocations were hit-and-miss. Elsewhere, other providers were great when it came to grey market and early speculation, but didn’t deliver consistent primary allocations.
Finally, after recording and evaluating each shortlisted broker, we sorted providers on their overall ratings – balancing access to IPOs with the full trading package.
What To Look For In A Broker With Access To Initial Public Offerings
You can boil the key decision making factors down to these five things when picking a broker to trade IPO stocks:
- Primary market access: If you can only buy once the stock lists, that’s not the same as having a seat at the table before the bell rings.
- Fair allocation rules: Brokers must be open about how shares get distributed and any minimum investment requirements.
- Fees and commissions: Platforms shouldn’t sneak in hidden charges specific to IPOs, as these can seriously erode the margins of short-term traders.
- Research and education: An IPO calendar, a clean prospectus library, or analyst insights can make or break your prep.
- Platform usability: It should be easy from beginners up to navigate the IPO portal, apply, and track allocations on both desktop and mobile.
Risks Of Trading IPOs With The Wrong Broker
One thing we learned quickly during testing is that choosing the wrong broker for IPOs isn’t just inconvenient – it can cost you money or opportunity. Across the firms we evaluated, the risks varied depending on the broker’s approach to IPOs and your trading style.
- Allocation risk: Even if a broker advertises IPO access, you may not get your requested shares. In our tests, two brokers sometimes partially allocated orders, leaving us underexposed to high-demand deals.
- Hidden fees or charges: Some brokers have small participation or processing fees tied to IPOs. One firm we evaluated handled this well with no surprise costs, but another occasionally had higher minimums or conditions depending on the market. Testing each step helped us avoid unexpected charges.
- Limited access by region: A couple of providers we evaluated showed us that not all IPOs are available to all clients. You might think you’re set up, but geographic restrictions or regulatory rules can block access entirely.
- Volatility exposure: IPOs are inherently volatile, and if you’re only speculating via grey-market or post-listing trading, you need to be aware that price swings can be fast and unforgiving. This can really appeal to day traders, but our tests highlighted how quickly spreads can widen on launch day.
- Platform usability under pressure: A laggy app or unclear process can make you miss allocations or misprice trades. That’s why testing mobile and desktop platforms was critical for us – we wanted to see how each broker handles high-demand moments.
The main lesson I came away with is this: knowing the broker’s IPO limitations, fees, and platform quirks is just as important as picking the right stock.
I avoid surprises by checking allocation rules, fees, and platform reliability before diving into any deal.
Paul HolmesAuthor