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Best Brokers Ranked for Each Investor Type

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The Best Online Brokers Expertly Ranked for Each Investor Type

Below you will find the winners of the Best Online Brokers in different categories from Forex trading platforms to binary options and day trading platforms.

At business24-7.com, our mission is to help investors find the right platforms and tools to invest in the complex world of finance. This is accomplished by providing our readers with the knowledge, education, and information they need to understand complex topics in investing, trading, and international finance. Since there are many available options, the experts here at business24-7.com conducted research related to over 70 online brokers. Our evaluation covered hundreds of variables, including mobile capabilities, costs, user interfaces, fees, research tools, and trading technology. We are proud to release some of the most complete and current online broker reviews of 2019.

If you would like to read our analysis of the entire industry of online brokerages, explicitly addressing the significant changes that occur during 2018 and what we predict for 2019 and beyond, please read “The year of the wake-up call.”

In our Best Online Broker review, each broker is ranked across 12 different categories. This allows each investor to find the broker that fits their needs the best because different brokers fill the needs of different investors.

Whether you are a novice trader or an experienced professional, the reviews below provide a wide-ranging view of options as you trade and invest in 2019. Continue reading to find the best of the best.

Best Online Brokers (Best Online Trading Platforms)

  1. IQ Option: Best for Binary Options Trading and CFD’s
  2. Plus500: Most trusted and best forex and CFD broker overall
  3. eToro: Best for Social, Copy Trading and for trading beginners
  4. IG Trading: The longest tradition and the most safe broker
  5. Forex.comBest Forex Broker for Advanced Traders
  6. OandA: Best API options and Great Technical Tools
  7. Olymp Trade: Best for Forex and CFD trading

You can find the whole list of the best online trading platforms here

Best Brokers For Forex Trading 2019

  1. Forex.com is the Best Forex Broker overall with great support and trading platform.
  2. IQ Option is best for Forex and Binary Options Trading with great UE.
  3. eToro is the best for Copy Trading with low trading fees and mobile app. (75% of retail CFD accounts lose money)
  4. Plus500 is a platform for CFD trading with a long standing tradition.
  5. XTB offers the most currency pairs and analysis tools.
  6. Interactive Brokers offers the best support for UAE Users

Read the full review of the best brokers for forex trading 2019 here

Best Brokers For Options Trading 2019

  • IQ Option is best for Forex and Binary Options Trading with great UE.
  • Avatrade is one of the best brokers for forex trading and Binary Option trading
  • TD Ameritrade
  • Lightspeed
  • E*TRADE
  • Charles Schwab

Read the full review of the best brokers for options trading 2019

Best Brokers For Day Trading 2019

  1. IQ Option is best for Forex and Binary Options Trading with great UE.
  2. eToro is the best for Copy Trading with low trading fees and mobile app. (75% of retail CFD accounts lose money)
  3. Plus500 is a platform for CFD trading with a long standing tradition.
  4. Avatrade offers the most currency pairs and analysis tools.
  5. Olymp Trade
  6. Forex.com

Best Brokers Overall 2019

  1. eToro is the best for Copy Trading with low trading fees and mobile app. (75% of retail CFD accounts lose money)
  2. Plus500 is a platform for CFD trading with a long standing tradition.
  3. IQ Option is best for Forex and Binary Options Trading with great UE.
  4. Avatrade offers the most currency pairs and analysis tools.
  5. Olymp Trade
  6. Forex.com

Best Online Trading Platform in UAE

  • IQ Option – Best for Binary Options Trading and CFD’s
  • Plus500 – Most trusted and best CFD broker overall
  • eToro – Best for Social and Copy Trading
  • Ig Trading – The longest tradition and the most safe broker
  • Forex.com – Best Forex Broker for Advanced Traders

You can find the full list of the best online trading platforms in UAE here

Best Online Trading Platform in India

  • IQ Option – Best for Binary Options Trading –  4.8 Stars
  • eToro – Best for Social, Copy Trading – 4.6 Stars
  • Plus500 – Best for experienced traders – 4.6 Stars
  • Forex.com – Best for forex trading – 4.5 Stars
  • OandA – Best API – 4.5 Stars
  • London Capital Group – Best Asset Variety – 4.5 Stars
  • CMC Markets – Best Beginner Support – 4.5 Stars
  • XTB – Best Forex pairs and crypto options – 4.4 Stars

You can find the whole list of the best online trading platform in India here

What is a Broker?

Many people often wonder what a broker is. The short answer is that a broker is a person (or organization) who buys and sells things on the stock market for someone else. That “someone else” is usually an investor, and investors usually do not buy and sell on the market directly. Instead, investors submit an order to the broker for a particular amount of stock, bond, or trade. The broker then does the actual buying, selling, or trading according to the order, for a commission or fee. In other words, a broker is like an agent for the customer. They charge the customer for the service of buying and selling on the market.

Broker basics

While buying and selling orders on the market is the primary purpose of a broker, modern brokers also offer a wide array of services and benefits to entice investors to sign up with them. Examples of these kinds of bonuses include research tools, market intelligence reports, and personalized advice. Offering these kinds of additional services help the brokerage to maintain customers over the long term as well as sell new services and products that the brokerage firm offers.

The stock market is a complex, highly-regulated, and intricate system that requires a certain amount of expertise. For this reason, only the extremely wealthy could afford a broker in the past. While the stock market is now more complex than ever, many aspects and functions of a traditional broker have been automated and moved online. That means trading on the stock market is now more accessible than ever through discount brokers. It also means that getting personalized advice is more expensive than it used to be.

Key takeaways

  • A broker is a person (organization) who buys and sells things on the stock market for someone else.
  • A broker charges a commission for their services.
  • Discount brokers perform the function of buying and selling on the stock market without additional services.
  • Full-service brokers provide all of the “Buy and sell” services the discount brokers do as well as customized investment solutions and advice.
  • Financial investment advisers register as RIAs through the SEC while brokers register with FINRA.

Full-service brokers Versus Discount Brokers

In addition to a full range of investment products and execution services, full-service brokers offer a wide variety of services including retirement planning, market research, and investment advice. Since they offer more services, full-service brokers charge higher commissions for their trades. Individual brokers receive a commission based on the amount of trading they complete (trading volume). They also receive a commission if they sell any additional investment products to clients. Recently, many brokers have begun offering fee-based investment products. These are investment accounts that are managed by one of the brokers. That means the investor gives their money to the brokerage with full authority to manage the investor’s portfolio without needing the investor to decide on every single buy or sell order.

Discount brokers are also able to execute orders that they receive from their clients. They are called discount brokers because they charge a significantly reduced commission for each trade (usually between $5 and $15 per trade). They are discounted because as brokers, they do not provide investment advice and the individual brokers receive a salary instead of commission. Almost every discount broker offers some a type of online trading platform for their self-directed investor clients.

Real estate brokers

The term “broker” can also refer to real estate brokers who are licensed professionals in the real estate industry. Their job (usually) is to represent the seller of a property.

When representing a seller, a real estate broker is expected to:

  • Show the property to potential buyers
  • List and advertise the property
  • Identify the property’s market value
  • Notify their clients when an offer is made
  • Advise their clients about offers

A slightly less common situation is where the real estate broker represents a buyer. In the real estate broker is expected to:

  • Negotiate with the seller
  • Manage property inspections and negotiate repairs
  • Prepare a purchase agreement
  • Prepare an initial offer
  • Locate properties and sort them for the buyer to review

Regulation

Stock Market Brokers

Financial brokers are required to register with the Financial Industry Regulatory Authority (FINRA). There are two main rules that brokers are required to follow as a standard of conduct. One of those rules is called the “suitability rule,” and it requires that the broker have evidence and reasonable grounds for recommending any investment to a client. The second rule is known as the “know your customer” process. The “know your customer” process identifies steps that a broker must take to identify their client and their client’s goals. This information then establishes the “reasonable grounds” necessary for the recommendation. In other words, every broker must make a reasonable effort to identify all of the relevant information on the client’s current financial situation and their future financial goals.

Registered Investment Advisors

The code of conduct required of financial brokers is significantly different from the code of conduct that Registered Investment Advisors (RIAs) must follow. RIAs are held to a strict fiduciary standard. That means they must always act and advise in the best interest of their clients. RIAs are required to register with the Securities and Exchange Commission (SEC).

Real Estate Brokers

The federal government does not license real estate brokers in the United States. Instead, licensing is issued by each state as each state defines the relationship between broker and client differently.

What’s The Reason Behind?

With the surge of new fintech companies in recent years and an abundance of financial products available today, we tested more than 70 online brokers to discover which brokers provide investors with the best solutions in 2019. Our comprehensive review and ranking will assist any investor in identifying the right broker for them.

Disclosure

All trading involves risk. More than 76% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.

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