Online trading is widespread, and each day new traders try their luck in different financial markets. Unfortunately, some of the newbies give up because of the challenges they encounter trying to become independent. On the other hand, others look for ways to improve their trading skills and increase their profitability. One way to have the best time trading is choosing a broker with good features. This is so that you can trade smoothly and only worry about developing the best strategy to conquer the markets.
There is a growing list of online brokers, and many traders have challenges choosing the best one. In this regard, we decided to sift through hundreds of options by testing their performances and comparing their features. We, as expert researchers, also reviewed feedback from millions of users to share the best brokers. This means you do not need to conduct research anymore to find a reliable broker. Instead, simply confirm whether our recommended ones meet your trading needs and start trading.
1. eToro: Best Broker for Newbies
Based on our broker comparisons with feedback from millions of users, eToro is the best broker for traders getting started in the financial markets. For starters, the broker requires traders to deposit at least $50 to trade the assets offered. Additionally, you are guaranteed a user-friendly platform that is modernized to ensure you enjoy your experience.
Since new traders require solid support before becoming independent, eToro offers a platform for socializing. On this social trading platform, you will meet other broker’s clients from all over the globe. You can then chat and learn from them some of the tips and tricks to give you a worthwhile trading experience. Some of the securities to trade at eToro include stocks, currencies, cryptocurrencies, commodities, CFDs, etc.
2. Interactive Brokers: Best Broker for Trading Internationally
More than 135 markets are accessed by Interactive barkers across over 30 countries globally. Therefore, if you want to venture into international markets, this broker is the best fit. Not only is it user-friendly, but it hosts many trading tools to help in creating solid trading strategies. On top of that, you do not need any specific minimum deposit to trade international markets. This means that even with $10, you can invest in the assets it hosts and hope for the best.
The broker is also low-cost, and we recommend it to traders on a budget. Also, you will enjoy quality materials for your research, whether it’s charting tools or news feed to keep up updated with the current market behavior.
3. Plus500: Best Broker for CFDs
If you have been searching for a reliable broker that offers the best platform for CFD trading, then you should try Plus500. Over 2,000 CFD assets are at your disposal, from shares and currencies to commodities and cryptocurrencies. It is a perfect choice for new CFD traders since you will not spend a lot of money in the process. You only need to pay a minimum deposit of $100. In addition, there are no commission charges or transaction fees. The only costs you will incur are low spreads.
Plus500 is also fast in executing trades, which is an essential element in taking short-term CFD trades. Building your skills in the process has also been made easy through the plenty of learning tools and content the broker hosts.
4. IG Markets: Best Broker For Advanced Traders
New traders should know that they will develop their skills at some point and become more experienced. Therefore, you will need a broker offering advanced resources to challenge your skills and give you the best experience when this happens. IG Markets is the go-to broker for traders with advanced skills. Not only does it have plenty of research resources, but you will also trade on progressive platforms. These platforms include MT4, ProRealTime, and L-2 Dealer.
Besides offering advanced tools, IG Markets has an extensive offering of more than 17,000 tradable assets. It is also among the top social trading brokers and offers quality learning resources on its IG Academy platform.
Whether you are a stock, forex, commodities, or cryptocurrency trader, the above-listed brokers will support you with the right resources. However, you must know how to identify the most suitable ones to enjoy trading and increase your profitability. Some of the features to look out for when choosing a qualified broker include:
- Licenses from legitimate authorities to guarantee your safety
- Charges so you can budget accordingly
- Platform performance to be sure you can take short-term positions and hopefully make profits
- Availability of the assets you prefer trading
- Customer service reliability
- Payment methods available to guarantee quick deposits and withdrawals
- Availability of a demo account, especially for brokers like IG Markets with high trading charges.
Many countries globally only allow you to trade with licensed brokers. However, our recommended ones above are safe and have their activities monitored by various world-recognized financial regulators. These include the Commodity Futures Trading Commission (CFTC), the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), etc. Simply put, you are guaranteed the best experience with them, click here to read more about UK trading platforms.
Remember that when finding a broker, user opinions are vital in making the best choice. You can review such comments and ratings from Google Play, the App Store, and Trustpilot. Also, learn the markets you want to trade and ensure you understand them fully. Then, practice and improve your skills first on a broker of your choice’s demo account before you start putting up real money. You should start investing with small amounts of money since you do not want to risk losing a lot of money in the process before becoming independent. By following this guide, it will only be a matter of time before you start reaping the benefits (profits).