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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 our broker rankings, 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 assessment criteria.

Market summary

Since late 2019, the vast majority of the leading US-based brokers have made ETF and equity trading commission-free. 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 some US brokers 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 trends that will continue 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 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 Business24-7, we have undergone several overhauls and expansion phases over the last 12 months. Not only have we revamped our methodology to include Shariah-compliant trading and regulation checks, we have increased the number of criteria we check in every category. Our reach has now become truly global in nature, giving us the ability to source exactly the right solution for our customers, no matter where they are located in the world. This increase in coverage includes more assessments of US- and UK-based brokers, including the majority of the big names. Brokers throughout the Middle East, North Africa and South East Asia also make our list.

Benchmark enhancements

There are some crucial differences in how we have set our benchmark scoring in 2020. The depth and breadth of the data provided on the brokers reviewed has been enhanced, with more detail on the products and services they supply. This has improved the precision and accuracy of our ratings, allowing us to better differentiate between brokers. For each asset category, we are including more products, giving our readers a more holistic overview of the market. After canvassing our readership, 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 and other services 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.

According to the feedback we have received, fees and product range are our readers two key priorities. However, our clients increasingly place great importance on other factors, such as UX/UI, account opening, customer service, and deposits and withdrawals. 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 highly as a concern among our readers. 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 wholescale upgrade of our broker assessments and other pages focused on trading 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.

Top Brokers for 2020

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 in the months ahead? It’s time to find out. Drum roll please.

The winners of the 2020 Business24-7 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.

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Best Discount Broker: Merrill

Merrill was voted as the best discount broker of 2020 by its Emirates users with a score of 95 points.

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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). 


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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.

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Best Discount Forex Broker: Interactive Brokers

Fusion Markets Was voted as the best discount forex broker in 2020 by its Emirates users with a score of 93 points.


Fusion Markets offers low non-trading and trading fees. The account opening is easy and fast. Also, it provides excellent customer support with quick and knowledgeable answers.  

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Best Broker for Funds: Firstrade

Firstrade was voted as the best broker for funds in 2020 by its Emirates users with a score of 91 points.


Firstrade is a discount stockbroker from the US, regulated by the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC). It was founded in 1985 with the name First Flushing Securities. 

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Best Broker for Bonds: AVAtrade

Fidelity was voted as the best broker for funds in 2020 by its Emirates users with a score of 92 points.


Fidelity is a broker from the United States founded in 1946. It has top-tier licenses from regulators, such as the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC). 

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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.

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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.


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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.

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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.

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Best Broker for Buy and Hold: Trade Station

TradeStation was voted as the best broker for crypto in 2020 by its Emirates users with a score of 94 points.


TradeStation is a reliable broker with a useful web-based platform. Traders will use their award-winningprofessional desktop platform with $0 ETF and stock trades. 

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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.

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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.

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Best Mobile Trading Platform: OandA

OandA Bank was voted as the best web trading platform in 2020 with a score of 91 points.


The US-based forex broker Oanda has been on the market for 20 years and is one of the top brokers in 2020. It allows its customers to use indexcommodity, CFD, and forex trading all over the globe. 

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Best Forex Trading App: ThinkMarkets

Robinhood was voted as the best web trading platform in 2020 with a score of 92 points.


Robinhood is a zero-fee US broker established in 2013, and we recommend it for beginner traders. This broker has top-tier licenses from authorities like the Financial Industry Regulatory Authority (FINRA), and the US Securities and Exchange Commission (SEC).  

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Best Desktop Trading Platform: TD Ameritrade

TD Ameritrade was voted as the best web trading platform in 2020 with a score of 92 points.


TD Ameritrade is the leading US-based stockbroker. It was founded in 1978, and it has top-tier licenses from the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Financial Industry Regulatory Authority (FINRA). 

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Best Broker for Research: IQ Option

Saxo Bank was voted as the best web trading platform in 2020 with a score of 94 points.


If you are a trader that can afford a minimum deposit of USD 10,000 (or GBP 500 for the UK), an excellent forex broker for you is Saxo Bank. 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.

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Best Broker for API Trading: OandA

OandA was voted as the best web trading platform in 2020 with a score of 94 points.


The US-based forex broker Oanda has been on the market for 20 years and is one of the top brokers in 2020. It allows its customers to use indexcommodity, CFD, and forex trading all over the globe. In the following review of Oanda, you will find detailed information about regulations, accounts, fees, trading platforms, and much more.

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Best Broker for Social Trading: 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.

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Best Digital Bank: Revolut

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


Founded in 2015 amid a wave of new digital neobanks, Revolut stands out for offering free bank accounts, best in class foreign exchange margins, while also offering features such as cryptocurrency exchange and stock trading facilities.

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Best Broker for Regulations: IQ Option

IQ Option was voted as the best broker for regulations in 2020 by its Emirates users with a score of 91 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.

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Best Broker for Shariah-Compliant Trading: Q8 Trade

Q8O was voted as the best broker for sharia compliant trading in 2020 by its Emirates users with a score of 91 points.


Q8 Trade is an online broker, specialized in trading with Contracts for Difference (CFDs). The assets, available for trade, consist of currencies (forex), indices, stock and commodities.

It currently operates in the countries of the MENA regions – Middle East and North Africa.

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