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Best Brokers Award

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Another year has passed, which means it is high time for another thorough evaluation of our approach, bringing our broker analyses up to date too. As you might expect, this has caused a reshuffle in the broker rankings for the 57 we have assessed, both overall and by category. Read on below to learn more about our chief takeaways on recent market developments – and get the inside take on our revamped metric criteria.

Market developments

Leading the way in the market trends we have analysed in the United States is without doubt the increased popularity of trading where no commissions are charged. Since October, the vast majority of the leading US-based brokers have made ETF and equity trading commission-free. Intended to entice more traders, exchanges like Robinhood that have paved the way for this model. The market consolidation prompted by Charles Schwab’s purchase of TD Ameritrade is also a connected development.

Nevertheless, the EU market has yet to fully experience this hankering for zero commission brokers. Although fees are being cut, very few brokers have decided to cut off this revenue stream entirely. However, with Cobinhood planning EU expansion, putting further downward pressure on commission fee structures, the year ahead promises increased competition.

The situation in the UAE is similar. Examples of brokerages offering zero commission trading are few and far between. However, the competition for clients is increasing as the number of traders increases worldwide in pursuit of passive income opportunities.  With brokers now starting to undercut each other, this is clearly one of the developments we are incredibly positive about this year.

But that’s not the only development that has caught our eye in the brokerage world recently. For example, there has been a notable upswing in the number of licenses being granted by regulators to brokers for the purpose of expanding their operations worldwide. Well respected regulators of international renown, such as the UK’s FCA, are increasingly top targets. These developments are accompanied by growth in the number of brokers who are endorsing products which are optimized primarily for mobile apps.

Here at Brokerchooser, we have undergone several overhauls and expansion phases over the last 12 months. Not only have we produced three times the number of reviews as we did last year (from 19 to 57), our increased resources and reach have resulted in us amassing 15,000 points of data. The reach of our market dataset has therefore become truly global in nature, giving us the ability to source exactly the right solution for our global customers. This increase in coverage includes more assessments of US- and UK-based brokers, including the majority of the big names. Brokers based in India and Canada also make our list.

Criteria enhancements

There are some crucial differences in how we have set our criteria scoring in 2020. The depth and breadth of the data provided on the brokers reviewed has been enhanced, with more detail on the services they supply. This has improved the precision and accuracy of our scoring, allowing us to better differentiate between brokers. For example, we have increased the number of asset types taken into account. That means we now grade bonds, CFDs, margin trading costs and options in addition to existing mutual fund, stock and forex categories. For each asset category, we are including more products, a good example being our increase in the number of currency pairs from two to five. The weighting of our scoring checklist was also redistributed so that they better matched the interests of our clients. Now our rankings for fees better represent the reality of the fee schedules they use. Several factors contributed to our methodological improvements, such as the expertise we continue to gain, user behaviour on our website, and surveys completed by our industry partners.

However, fees were just the start. According to the feedback we have received, our clients increasingly place great importance on the ease and security of registration, verification and funding processes. This is reflected in the weightings attributed to each in our assessments. With asset classes now increasing in variety and popularity among our client base, these were also given greater importance. Cryptocurrencies, order types, social trading and handy tools such as e-wallets or biometric logins are just some of these.

As always, security ranks among the primary criteria in broker selection. That’s why we have chosen to refine our methodology here too. Not only does our grading system for protecting investors more accurately represent the customers served by each broker, it also takes account of whether top-tier regulation coverage is in place. Other factors included in our process for 2020 are the transparency of information provided by brokers and their model of operation, e.g. ETF, ECN or others.

These improvements are all supplemented by a holistic redesign of our broker assessment and other pages focused on content. The results have been a fresher look, pages that are easier to navigate, top-notch UX and content that is easy for skim readers to digest quickly. To check our full methodology of how we test click here: how we test.

Best in class for 2020

So let’s cut to the chase. We can hardly wait to unveil the results of our revamped and upgraded scoring system. With all the services and brokers we have reviewed rightly on tenterhooks, it’s time to put everyone out of their misery. Who will be best in class for 2020 before we start the review process again 12 months from now? It’s time to find out. Drum roll please.

The winners of the 2020 Brokerchooser awards are:

The hard work we have put into making our website more engaging, thorough, and useful would all be in vain if we can’t help you find the broker you need. So if you’re missing any details or specific broker reviews, please do not hesitate to contact us. We value customer feedback and will make every effort to provide exactly what you want.

But strike while the iron is hot! If you are looking for a broker, there’s no time like the present to get the most out of our broker selection feature!

24 broker awards

Best Online Broker:  AVAtrade

AVAtrade was voted as the best online broker of 2020 by its Emirates users with a score of 93 points.


The broker offers average-to-competitive spreads and a broad variety of tradable instruments, mostly currency pairs and Contract for difference (CFDs) over stocks. It also allows trades with a dozen of cryptocurrencies and a handful of options.

Deposits and withdrawals are free of charge.

24 broker awards2

Best Discount Broker: Degiro

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24 broker awards3

Best Broker for Stock Trading: ChoiceTrade

ChoiceTrade Was voted as the best broker for stock trading in 2020 by its Emirates users with a score of 92 points.


ChoiceTrade is a USA-owned and managed brokerage firm. It has been operating as one of the most reliable brokerage firms since 2000 and is regulated by the SEC (Securities and Exchange Commission) and FINRA (Financial Industry Regulatory Authority). 


24 broker awards4

Best Forex Broker: XM Trade

XM Was voted as the best forex broker in 2020 by its Emirates users with a score of 94 points.


Based heavily on the MetaTrader platform, XM is recommended for forex and CFD traders seeking low trading fees. Its parent company, Trading Point Holding, is a global forex and CFD broker and also owns Trading.com.

24 broker awards5

Best Discount Forex Broker

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24 broker awards6

Best Broker for Funds

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24 broker awards7

Best Broker for Bonds

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24 broker awards8

Best CFD Broker: Plus500

Plus500 was voted as the best CFD broker in 2020 by its Emirates users with a score of 93 points.


We recommend the Plus500 platform to mid and advanced traders who are looking to trade CFDs on easy-to-use platform. Plus500 has a efficient customer support and is considered one of the safest online brokers out there. Plus500 trading fees are low. There is no commission or deposit and withdrawal fees.

24 broker awards9

Best Broker for Cryptos: eToro

eToro was voted as the best broker for crypto in 2020 by its Emirates users with a score of 93 points.


The platform offers a wide range of CFDs over stocks, currencies, crypto, indices, commodities and ETFs. Currently, there are around 1600 financial instruments to choose from.


24 broker awards23

Best Broker for Options: IQ Option

IQ Option was voted as the best options broker in 2020 by its Emirates users with a score of 93 points.


The IQ Option platform is suitable for both beginners and advanced users. The sign-up takes 1 minute, and interface is very easy to navigate.

The spreads and fees are competitive. Deposits are free as well as most withdrawal methods. Minimum deposit is $10.

24 broker awards10

Best Broker for Futures: Interactive Brokers

Interactive Brokers was voted as the best broker for futures trading in 2020 with a score of 93 points.


Interactive Brokers has ranked first overall because of its vast array of tools for advanced investors that track global investing trends.

24 broker awards11

Best Broker for Beginners: eToro

eToro was voted as the best broker for crypto in 2020 by its Emirates users with a score of 93 points.


The platform offers a wide range of CFDs over stocks, currencies, crypto, indices, commodities and ETFs. Currently, there are around 1600 financial instruments to choose from.

24 broker awards12

Best Broker for Millennials: Revolut

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24 broker awards13

Best Broker for Buy and Hold: Trade Station

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24 broker awards14

Best Broker for Day Trading: Interactive Brokers

Interactive Brokers was voted as the best broker for futures trading in 2020 with a score of 93 points.


Interactive Brokers has ranked first overall because of its vast array of tools for advanced investors that track global investing trends.

24 broker awards15

Best Web Trading Platform: Saxo Bank

Saxo Bank was voted as the best web trading platform in 2020 with a score of 93 points.


Saxo Bank stands out since it provides a unique trading platform, competitive prices, professional research, more than 40,000 trading instruments, and outstanding customer service.

24 broker awards16

Best Mobile Trading Platform: OandA

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24 broker awards17

Best App For Stock Trading

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24 broker awards18

Best Desktop Trading Platform

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24 broker awards19

Best Broker for Research

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24 broker awards20

Best Broker for API Trading

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Best Broker for Social Trading

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24 broker awards21

Best Digital Bank

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24 broker awards22

Best Robo Advisor

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