Profitable investing requires you to use brokers that align with your investment goals. For new investors, selecting the best investors that fit your needs can mean the difference between an exciting new income stream and frustrating disappointment.
While there are no guarantees to return on investments, set yourself up for success by selecting a broker that understands your needs. Factors to consider when choosing a broker include commissions, account minimums and fees, your trading style, and tech needs.
Compare some of the best brokers below.
eToro is a multi-asset platform that offers both investing in stocks, cryptocurrencies, and trading in CDF assets. It provides an innovative approach to ‘Social Trading,’ also known as ‘Copy Trading.’ Social trading allows users to connect, share their trades, and copy successful traders’ trades to optimize gains.
It provides no commission trading for stocks and ETFs. Stock short sales, however, incur a commission of 0.18% of the value of the trade. eToro also provides different money risk management tools that set boundaries to ensure copy traders do not lose all their money when trades go wrong. Together with this, it offers diversified investments and a lot of resources to learn.
Although eToro has a high minimum deposit, it allows you to invest with little knowledge as you continue to learn from the best and successful traders.
Axi offers Forex and CDFs trading only. While Forex includes over 61 different currencies, 80+ currency pairings, and 140+ cross pairs, CFDs have stocks, futures, crypto, commodities, metals (gold and silver trading), indices, and oil. It offers zero-commission trading on a Standard Account, and it charges a $7 round trip commission for the Pro Account but spreads start from 0.0 pips.
Trading is done through the MT4 platform, popular for its functionality, ease-of-use, and automated trading, making it ideal for traders at all levels. Axi offers a wide range of educational materials available through an education tab. Also, it has multilingual 24/5 customer support.