How Do We Choose the “Best” Trading Brokers?
To ensure you get the best trading experience, our team goes overboard to thoroughly vet trading brokers before categorizing them as the “Best” in different categories. Careful research and insightful data collection inform all our trading brokers’ selection processes and decisions. Our team uses the criteria laid down below. The broker that checks all the boxes, as we’ll explain in detail, qualifies to be categorized as “Best”. Please note that it’s our opinion, and based on the following factors we categorize these brokers as the ‘Best’:
Fees and Commissions
The fee structures for some trading platforms tend to be complicated. Each platform has its own way of working out fees and commissions based on such factors as the type of assets in question and how regularly you trade.
That also brings to mind the concept of flat and tiered fees. While some platforms charge well-defined flat rates across the board, others use the tiered fee structure where the more you trade, the lower the fees. So, while comparing the cost factor, we are guided by two principles; what the standard rate, and what the best rate – the best deal available – is.
Traders, more than anything else, want to know if they can trust their platform with their hard-earned money. Trust, in trading, is almost always tied to regulation. The top regulators like the Financial Conduct Authority (FCA) – what we would otherwise call ‘Tier 1’ regulators, do an excellent job protecting traders. We prioritize platforms that are regulated by these regulators. As this will reduce the risk of harm by, for instance, allowing novice investors to use complex investment products.
Ease of Use
We have a place for both beginners and experienced traders. Our team of experts has vetted our advertised trading platforms to rate some as beginner-friendly – those with simple interfaces; without complicated charts and tools that tend to be not so appealing to beginner traders, and those preferred by expert traders who would rather have a more interactive platform with detailed charts and more powerful tools. Please note, however, that trading is not for beginners and it is important to master your trading skills before taking any risks. Demo accounts with these brokers will help beginners test their trading skills without taking any risks.
In their trading endeavours, a trader is going to need assistance from time to time. From simple things like getting around the platform, to knowing why your payment didn’t go through, you’re going to need some guidance. That’s why we rate platforms that offer convenient assistance, via multiple channels, in multiple languages.
We love to give traders different options for investing. So, we prioritize platforms with multiple tradable assets including forex, stocks, commodities, metals and indices.