FxExplained Forex Awards 2023
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 Trading Platform, Best Mobile Trading, Best broker for Cryptocurrency and Best Cryptocurrency Exchange, Best International, Best for Stocks, Best for New Traders and some others. And of course, the much-coveted FX Broker of the Year.
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.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Best Overall FX Broker: 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.
As ever, the Copy Trader, where you can follow and copy top eToro traders goes from strength to strength.
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.
eToro also now include crypto-asset wallets, Smart Portfolios, the eToro Money Account and with rumours of Non Fungible Tokens (NFTs) to come.
For these reasons, eToro wins Best Overall FX Broker 2023!
Best Trading Platform: BlackBull Markets
As with many brokers, BlackBull offers both the MT4 and MT5 trading platforms.
The primary reason that BlackBull wins this category is for the very functional and intuitive BlackBull Markets Web Trader. Although this is a simplified version of the MT4 platform, it has an intuitive trading interface, and it offers a great selection of drawing tools and technical indicators. And it is web-based! BlackBull Markets Web Trader delivers all the benefits of MT4, in a highly compatible no-download package.
BlackBull’s version of the actual MT4 platform offers an institutional-grade experience. It supports EAs (Expert Advisors), and together with the VPS service the broker also offers, this allows for algorithmic trading. The MT5 version available from BlackBull comes equipped with over 30 preinstalled technical indicators, covering more than 20 time frames. The platform also features an integrated economic calendar to help with fundamental analysis.
For these reasons we place BlackBull as Best Trading Platform 2023.
Best Mobile Trading Broker: AvaTrade Go
The best mobile trading app for Android and iOS devices again 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 2023, the AvaTradeGO Mobile Trading app is our winner is this category.
Best Customer Service: ETX
ETX Capital is one of the oldest and best-established online brokerages offering spread betting and CFD trading, with roots back to 1965. ETX Capital is a boutique broker, so its prime focus is offering a tailor-made, highly personalized service to clients. The broker delivers expert support to beginners, high-volume traders, and expert analysts alike. For a broker that has been around for over 50 years, ETX Capital has received remarkably little criticism from the trading community. Negative user reviews are few and far between (with many of them fake). The ETX Capital website features a live chat section, where traders can request assistance instantly, with phone and email contact also available. We found the ETX Capital Customer Service experience excellent, with quick responses, and good knowledge from the Customer Service representatives.
Therefore, we place ETX Capital as Best Customer Service 2023.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Best Cryptocurrency Broker: eToro
eToro wins another award! eToro’s overall market coverage is outstanding and they also excel with their cryptocurrency offering. While most brokers only support cryptocurrencies trading through CFDs, eToro buys and holds cryptocurrencies such as Dogecoin, Bitcoin and Ethereum on the client’s behalf. This way, direct trading of the cryptocurrencies is possible. These direct crypto trades are unleveraged.
For 2023, eToro is our winner in the Best Cryptocurrency Broker category.
Best Cryptocurrency Exchange: Coinbase
If you are a beginner on a cryptocurrency journey, it makes perfect sense to start at Coinbase. The Coinbase exchange allows users to buy, sell, convert, and store cryptocurrencies through three dedicated platforms. Coinbase.com is aimed at the beginner and makes buying and selling cryptocurrencies as simple as clicking a few buttons. Coinbase.pro, is a fully featured virtual exchange floor and is attractive to the more experienced cryptocurrency trader who is active in the market. And the Coinbase wallet, is where users can store their freshly acquired cryptocurrencies. Still viewed as the market leader in exchanging cryptocurrencies, we also see Coinbase as the Best Cryptocurrency Exchange in 2023.
Best Cryptocurrency Wallet: Coinbase
And a second cryptocurrency award for Coinbase. This time for their wallet, which is backed by arguable the world’s leading cryptocurrency trading platform which is a public company and is free to download and available on iOS and Android devices. The wallet is easy to use, so is perfect for newbies and has excellent security features.
For these reasons, Coinbase wins our 2023 Best Cryptocurrency Wallet award.
Best Broker for New Traders: ETX
As we have stated above, ETX Capital is a well-established online broker, with roots going back to 1965. As a boutique broker, ETX Capital’s prime focus is a tailor-made, highly personalized service to clients, and in particular to the new trader. The education section is one of its strengths and new traders will benefit from the helpful, well-structured information. Plus, the impressive Trading Academy offers platform guides, eBooks, several asset-specific trading guides, and webinars. Information is available on market analysis and trading opportunities, risk management, trading psychology, and more. There is plenty of video content, with bite-size videos introducing traders to the optimal trading of FX pairs, indices and commodities. The eBooks cover a wide range of topics, from the history of bitcoin to technical and fundamental analysis techniques.
For 2023, ETX Capital is our winner is the Best Broker for New Traders category.
76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Best Broker for Stock Trading: eToro
A third award for eToro in 2023!
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 2023.
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 again wins the top squawk service for 2023.