If you are someone who is interested in investing or trading online but do not know which broker to choose from the many choices available, you have come to the right place! On this website you can compare brokers and read about the different online brokers and the differences between them. This way you can quickly find the best online broker!
Find the right online broker for your needs
When you compare brokers, it can be a challenge to find the best broker. This is not surprising when you consider that everyone is looking for something different with a broker. Nevertheless, it is possible to compare brokers in an objective way; for instance, you can check which broker is the most user-friendly or the cheapest. By deciding for yourself what you consider important with a broker, you can make the right choice.
Choosing an online broker that suits your needs is not easy. Thanks to this browser with the best online brokers you can find the right broker for you in just 3 steps. Try our free tool to choose an online broker.
What do you want to invest in?
Step 1 of 3
CFDs are complex products and are not recommended for inexperienced investors. Cryptocurrencies fluctuate often and trading with this instrument is not regulated. Leverage can multiply profits but also losses.
How to choose an online broker?
Whether you are investing in the stock market or the Forex market, choosing a good broker can be tricky. There are so many variables to consider and so many options available that many users can get lost in the process.
It is necessary to distinguish a series of fundamental aspects when assessing the services of each one. Below, you will find a list of 12 factors that Okbrokers recommends to take into account when choosing an online broker:
Regulation and reliability
Look for brokers that are regulated by official bodies at both international and national level. Some important regulatory agencies are CySEC, NFA, FCA or CNMV in Spain. Make sure that your chosen online broker is trustworthy before you even provide your personal details to open a demo account.
2. Supply of financial instruments
Choose a broker that offers the financial instruments you want to invest in. There are stocks, commodities, currency pairs, futures and many more. Before opening your account, make sure that the investment platform you choose offers them.
Make sure that your broker does not charge commissions and, if they do, that they are as low as possible as these can have a big impact on the outcome of your trades. Many brokers do not charge commission but you will have to pay for spreads. Watch out for custodian fees, opening fees, etc.
4. Competitive spreads
Opt for the lowest spreads for the instruments you want to trade. There are two types: fixed spreads or variable spreads (also called floating spreads). Over the long term and depending on the volume of your trades, spreads can have a big impact on the outcome of your investments.
5. Minimum deposit
Although this sounds obvious, it is best to emphasise: you will need to find a broker that requires a minimum deposit commensurate with your investment capital. Some brokers may require an initial deposit of thousands of euros/dollars and are therefore not recommended for retail investors.
6. Available platforms
Not all online trading platforms work in the same way and some are better for investors of certain levels of experience. Finding a platform that is easy to use is a requirement when starting out in trading. Most are compatible with any device, some can be downloaded as a mobile app but not all offer educational content, for example.
7. Demo Account
It is advisable to use the services of your online broker before you even make a deposit. Many brokers offer free demo accounts where you can trade with a fictitious balance. Use it to your advantage and familiarise yourself with the platform before you even deposit funds.
8. Speed of execution
Make sure your broker executes trades in the shortest possible time. Brokers that offer automatic execution or Market Makers are usually more reliable. In a highly volatile market such as the forex market, a time difference between order and execution can make all the difference.
9. Limits, Stop Loss and Negative Balance Protection
Limiting potential losses can save more than one bad experience. When investing, especially with leverage, your capital is at risk.
10. Customer service
It is good to know if the chosen broker has customer service in English and if it uses chat, email, phone line or other means of communication.
11. Broker Type
There are different types of brokers and each has its own characteristics. Some of them are NDD, Market Maker, Dealing Desk or ECN for example. Get to know each of their characteristics to know which one best suits your needs.
12. Other services
Reliable and experienced online brokers usually offer a list of additional services that are helpful (especially for less experienced traders) such as fundamental and technical analysis, charts, news, trading calculator, trading courses and so on.
These are just a few of the few variables to consider when choosing the best online broker. That’s why it’s so difficult to decide, but with the help of our broker finder you can find the right online broker for you in just 3 easy steps.
Make use of our free tool at the top of this page and find one that suits your needs without having to spend hours comparing brokers you don’t know.
Tips for choosing the best online broker
Probably the most important of the aspects mentioned above is that of trustworthiness. Our online broker will be in charge of executing the trades we want to make, but more than that, he will use our capital for that purpose. Would you trust your money to a person you wouldn’t trust? The same applies when choosing an online broker.
Although many do not believe it, there are safe and reliable brokers and to find them we only have to look at a number of fundamental aspects such as:
As far as regulation is concerned, we always look for brokers that are regulated by regulatory bodies and are licensed by regulators such as the Financial Conduct Authority, Cyprus Security and Exchange Commission or the Comisión Nacional del Mercado de Valores if operating from Spain. All brokers included in our lists pass this test.
These licences are only granted to companies that operate according to a set of security guidelines and standards, which will give us confidence that our chosen online broker is the right one.
Risk in choosing an online broker
Online trading carries a risk of losing your money if your predictions are wrong. We need to be clear about this before we even get into it. Add to that the catastrophic consequences of choosing the wrong broker, and the chances are that your venture will not end well.
Other tips to try to reduce risk when trading include:
- Keep an eye on leverage as it can quickly lose you money.
- Always use stop-losses.
- Make sure you know how complex instruments such as CFDs work.
- Never invest more than you can afford to lose.
- Never forget that investing online has a high risk associated with it.
- Make use of all the trading tools at your disposal.
- Keep an eye on the economic calendar as this may include financial markets.
That’s why you need to make sure you make the right choice, and thanks to this broker explorer, the process of choosing your online broker will be much easier. Try it out. Thousands of users have already done so and with satisfactory results.
Remember that at OkBrokers you will only find regulated brokers and that our team analyses hundreds of alternatives when designing our lists of the best online brokers.