FxExplained Forex Awards 2020
It is Awards time again! Below we reveal the Forex Brokers that we at FX Explained have deemed to standout in various categories, including; Best Platform, Best Mobile Trading, Best for Cryptocurrency, Best International, Best for Stocks, Best Broker for New Traders and of course the much-coveted Best Overall Broker.
It has been an extremely difficult process to narrow down a wide and impressive field of candidates in each category and through our vigorous testing we have come to the below decisions.
The Brokers that have come top in each category have all stood out across the various categories but have also excelled in their particular areas.
So, let’s take a look at the results.
Best Overall FX Broker: AvaTrade
AvaTrade has expanded considerably in the past few years – now boasting more than twenty thousand global customers who collectively execute over two million transactions per month.
AvaTrade features firm financial backing and a user-oriented approach to its online forex brokerage business that helps distinguish it from the competition. No matter if you are a very experienced trader or new to trading, AvaTrade offers flexible trading platforms and brokerage services that offer you a good balance between ease of use and sophisticated functionality.
AvaTrade offers FX trading on more than 50 currency pairs. The maximum leverage available on currencies is 1:30. Overall, AvaTrade offers a remarkably complete online brokerage service that includes the ability to execute transactions in commodities, equities, indexes, CFDs and ETFs. Not only does this broker support MT4, but their proprietary AvaTrade trading platform is comprehensive, easy to use, and is available in desktop, web and mobile versions.
It is for these reasons that we place AvaTrade as Best FX Broker 2020!
Best Trading Platform: XStation 5 by XTB
XStation 5, is the XTB proprietary trading platform. Its functionality is extremely user friendly, and charting-wise it is surprisingly comprehensive and powerful. Plus, it supports a massive range of tradable assets.
PrimeXBT’s platform offers scores of drawing tools and a superb selection of technical indicators. Stop-losses and Take-Profits can be set directly on the charts. There is a built-in trading calculator, which details potential profits and losses. It is web-based and also has a mobile format.
For these reasons we place XStation 5 by XTB as Best Trading Platform 2020.
Best Mobile Trading Broker: AvaTrade Go
The best mobile trading app for Android and iOS devices goes to Ava Trade Go. Opening a position through the app is as simple and straightforward as possible. All one has to do is to navigate to the market section and select a currency pair/ asset.
The dashboard of the app features a horizontally scrollable watchlist as well, so tracked assets and currency pairs can be traded directly from here. The app also offers a direct chat option with AVA support, as well as a number of technical tools, such as Pivot Points, MACD, RSI, and a handful of other indicators.
The Market Buzz, Economic Calendar and Featured Ideas are available directly through the menu, whilst the Market Trends feature is claimed to be a technology unique to the AvaTradeGO platforms. For 2020, the AvaTradeGO Mobile Trading app is our winner is this category.
Best Cryptocurrency Broker: OctaFX
As an STP ECN broker OctaFX is able to offer customers very tight dealing spreads and quick execution times. There is less slippage on orders and no re-quotes. This should benefit those that wish to actively trade cryptocurrencies.
Traders that are looking to employ strategies like scalping on cryptocurrencies, hedging and news trading will not be disappointed in OctaFX.
These key features, alongside the numerous interesting promotions and contests the broker offers, makes OctaFX an attractive package for all retail traders.
For these reasons Octa FX wins as Best Cryptocurrency Broker 2020.
Best New Broker: Moneta Markets
Moneta Markets is a well-regulated operation as a member of the Vantage International Group. The group is regulated by CIMA, the Cayman Islands Monetary Authority, plus it is also licensed and regulated by the Australian Securities and Investments Commission, and in the UK has an FCA license.
Traders gain access to a unique, proprietary, web-based trading platform, and more than 300 tradable markets. Moneta Markets Web Trader is a powerful platform indeed.
Other standouts are maximum leverage of 500:1, allowing traders to maximize their profits, low trading costs, no commissions on deposits, negative balance protection and multi-lingual support.
Moneta Markets is our 2020 Best New Broker.
Best Broker for New Traders: FXCM
FXCM is a currency, CFD trading, and spread betting brokerage established in 1999. As such, it has an enormous amount of experience under its belt, plus it is licensed and regulated in three jurisdictions; the UK, Australia and South Africa.
Trading Station is the proprietary web-based platform of the broker, which is impressive, but also very user friendly. Many users say the FXCM customer support is excellent.
FXCM’s user friendly platform and customer support makes them our Best Broker for New Traders.
Best Broker for Stock Trading: eToro
eToro offers traders of every experience level easy to use trading platforms. These platforms have some unique features that can add a new dimension of excitement to trading and maybe even help make trading a more enjoyable endeavor.
eToro’s market coverage is outstanding. It covers all the major asset categories one might expect from a top online broker. Stocks, crypto-assets, commodities, ETFs, indices and a massive selection of currency pairs are all included in its selection.
As far as stocks go, they can be traded directly, by buying the actual stocks themselves or they can be traded via CFDs, in which case traders can profit when the price of a certain stock drops, by shorting it.
For these reasons, eToro wins best broker for Stock Trading 2020.
International Broker: Plus500
Plus 500 offers a wide range of Contracts for Difference (CFDs) for its clients on over 2,000 underlying assets such as Forex, Options, Commodities, Cryptocurrencies(Availability subject to regulation). It is licensed and regulated across many countries including the UK with the Financial Conduct Authority, by the Cyprus Securities and Exchange Commission and in Australia, New Zealand, South Africa and Singapore. Plus500 Ltd is listed on the Main Market of the London Stock Exchange. Their customer support, website and platforms are available in numerous languages, which is a great feature for those who are not native English speakers. Plus 500 truly is an international broker.
For 2020, Plus 500 is our winner as the Best International Broker category.
Best Squawk Service: Live Squawk
Live Squawk has a long history in the financial market news and squawk arena, founded in 2004. The service is live from the Sunday evening open in Asia through to Friday close of business in New York, operating 24 hours a day. The squeak service appeals to professional traders, institutional brokers and the LS Trade offering is a great option for retail traders. The squawk service is, in our opinion, second to none, whilst the written reports of the service are superbly comprehensive.
From the FX Explained viewpoint, Live Squawk is the top squawk service for 2020.
So that brings us to the end of the FX Explained Forex Brokers Awards 2020. Once again a big congratulations to all of the winning Forex Brokers!