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Money Management: How To Apply Risk Management On Crypto Trading
Money management is vital and fundamentally important for traders, either they trade cryptocurrency or binary options. The financial market is unpredictable, and you will badly lose your investment if you ignore the risk management strategy.
If you are like other traders and initially got into cryptocurrency trading in 2020, you may also need to read this article. As the crypto market is booming, we found many traders are trading Bitcoin with limited knowledge.
Besides the technical analysis and fundamental analysis , money management is also necessary.
The technical analysis refers to trading tools. Using this tool, traders find trading opportunities by analyzing statistics and other metrics. To keep updated on global news and events, you will need fundamental analysis. Similarly, in money management, you need to change your trading perspective.
We have chosen to make this article on money management after analyzing crypto trader’s difficulties.
What Is Money Management
Money management is a rule that helps investors to develop a plan. It is a process of managing money before investing.
It is also known as investment management or risk management. Additionally, it is mandatory to know which trading asst will give you the highest return in terms of price movement, trading time, and trading budget allocation. Remember, each step will help you to cut down your losses.
The Chinese military general Sun Tzu’s famously said that –
Every battle is won before it is fought.
So, you need a proper plan and strategy to win a trade. From finding out the right trading broker to placing an order, traders must have to follow a 2% money management rule to maximize profitability.
The 2% Money Management Rule
So, the question is how do you maximize your profitability without blowing up your account? And the answer lies in the 2% money management rule.
Investing a random amount in trading is quite similar to gambling. Allocating an amount thoroughly after analyzing a market is a form of investment. It is widely accepted that once should never invest more than 2% of his available capital on a single trade.
Let’s say you have $5,000 to invest and you’re considering a particular trade with a hit rate of 60%. If you invest the whole $10,000 you have a 60% chance of doubling your money but at the same time, you also have a 40% chance of losing.
On the other hand, let’s say you split your $10,000 into two and invest $5,000 each. Your probability of losing from two investments is only 16 % or 40% which means your chances of losing everything are much less.
Furthermore, if you split the capital into ten, $1,000 each your odds of losing everything would drop to just 0.01%.
How I made $350,000 in one year riding the Crypto-wave: Cryptocurrency Trading like a Pro
Update 20 August 2020: The cryptocurrency market has been volatile as ever over the last 6 months but the bull has now awakened! I am however keen to grow my portfolio with minimal risk so I am now focusing on growing my portfolio passively using a cryptocurrency trading bot – you can find out more about this here. If you are new to trading crypto, read on!
By now, you must have heard of Bitcoin.
You know, the digital cryptocurrency that is kicking ass and has now become the single most valuable commodity in the world?
Bitcoin and cryptocurrency trading has changed my life and I have a confession to make; I’m not quite so broke any more.
Since I first put together my cryptocurrency portfolio 32 months ago, I made over $300,000 from an investment of $9000.
Read on to find out how you can invest in cryptocurrency and exactly what coins make up my cryptocurrency portfolio…
Table of Contents
Quick Information on Building a Crypto Portfolio
- Easiest place to buy Bitcoin – Coinbase
- Best trading platform – Binance (Read full review here)
- How to Build Your Portfolio passively – Crypto Trading Bots 101
- Another great trading platform – Kucoin (Read full review here)
- Best way to protect your portfolio – Trezor Hard Wallet
- Safest coins to invest in – BTC, ETH, ICX, XMR, LTC
- Best app for tracking your portfolio – Blockfolio
In December 2020, I started trading cryptocurrency online.
The thing is, I didn’t know much about trading. I put in $9000 – $4000 of this was my life savings, $5000 was on credit cards.
I then promptly lost a fuck ton of money as I made stupid mistakes and panic-sold on dips. Pretty quickly, my stack was ground down to $5500.
I settled in and over a few weeks I taught myself how to trade cryptocurrency.
The market is on an unbelievably strong upswing and I want to stress that I am not a veteran, or even a particularly good, trader.
In fact, whilst I have made a huge amount of money over the last year, I would have made even more money if I had just sat on my initial investment of Bitcoin and done nothing.
For a lazy investor, building a Cryptocurrency portfolio is perfect – spread your investment across 5 – 20 coins, protect your investment properly (more on that in a moment), and then just sit back and wait a couple of years.
You will probably make 1000% or more on your investment (depending on when you get involved) if you follow the basic rules of trading cryptocurrency…. Here are some of my tops tips on how to trade cryptocurrency:
Don’t panic – Dips happen and they are healthy, nine times out of ten coins will dip and then bounce back. Whilst crashes do occur you can avoid them by choosing the right coins to invest in.
Hold, hold, hold! – Today, I finally sold $15,000 of a coin I had been trapped in for over a year. It spiked from 20 cents a coin to 45 cents a coin and bam! – I dumped that motherfucker at a healthy profit (I had been in since it was half a cent a coin). I knew this coin would eventually spike so I held, and I waited.
You don’t actually have to trade – I cannot stress this enough. Split your investment across ten good coins, throw those coins on a hard wallet and wait two years.
Don’t get crazy greedy – Be ready to take profits. Personally, I sell half of my stake in a coin every time the coin doubles in value, this way I am playing with profit. It’s greedy traders who end up broke traders.
Focus on minimising risk – I’ve recently started using a cryptocurrency trading bot to trade for me – this minimises risk and keeps my portfolio growing passively in the background. Check out this post for more info.
Will building a cryptocurrency portfolio take ages?
I’ve had a lot of friends ask my about building a cryptocurrency portfolio and many of my friends think that I spend a lot of time trading crypto.
Whilst I did initially spend a lot of time researching and teaching myself how to trade, I now spend less than two hours a week actively trading.
When I was in Pakistan, leading my tour, I didn’t even check on my crypto portfolio for over a month.
For beginners, I truly do recommend that you just spread your bets and wait but if you want to try and actively increase your investment you can get into cryptocurrency trading on an exchange.
I’m not a day trader, I’m a swing trader – I try to catch big swings in the market, I buy low and sell high, sometimes holding a position for months before I can exit at a profit.
Right now, investing in cryptocurrency offers more potential reward than any other investment opportunity, to ignore Cryptocurrency for another year would be disastrous… I truly believe that this is the financial revolution. Get involved or miss out.
So, what exactly is cryptocurrency?
Surely you’ve heard of Bitcoin? Bitcoin was the first cryptocurrency and was used for anonymous transactions on the web.
Cryptocurrencies are best thought of as stocks or commodities – Bitcoin is gold.
After Bitcoin trading, there are 10 – 20 other coins that are bluechip coins; these are coins with a large chunk of the crypto market, a dedicated following and a real application.
For example – Monero is a coin which focuses on absolute privacy. If you buy something or are paid for something online with Monero, it is impossible to trace the transaction. Monero is one of my favourite coins.
These 10-20 bluechip coins are the safest long-term investments as they are the least likely to tank.
Then there are hundreds of other coins, the shitcoins – which usually start off with a value of almost nothing; We’re talking values of a couple of hundred coins per US cent.
The shitcoins are exciting too as if they become legit, they can increase in value rapidly by 10,000% or more. You can make a killing on shitcoins, but you can also lose your money so you need to be careful – more on that in a bit.
Why should I care about Cryptocurrency Trading?
Right now, trading cryptocurrency offers a truly incredible potential return.
In July 2020, the price of a single Bitcoin was eight cents.
Three years ago, when I traded for my first Bitcoin, it cost $650.
Today, the price of a single Bitcoin is $12,000 dollars.
By the end of 2020, I predict that Bitcoin will be worth $100,000 a coin.
I believe that the window to enter cryptocurrency trading in rapidly closing – soon, most of the bluechip coins will be extremely expensive and unable to double in value as easily as they can right now.
Why are you telling us this?
I feel compelled to spread the word; cryptocurrency is an amazing chance to make a fuck ton of money with a relatively small investment. The problem is, the window is closing. Many coins have already doubled in value many many times, the more a coin doubles in value, the harder it gets for it to double again and you to make a tidy 100% on your portfolio…
Anyways, I digress.
I don’t want to make a business out of selling cryptocurrency tips – I’m simply too damn busy.
I did think long and hard about packaging all this info up and selling it as a course but honestly, I’m too busy and I don’t want to try and portray myself as an authority on this.
I know my shit, but I’m no expert – I only spend a couple of hours a week trading cryptocurrency.
There is an affiliate link in this article – this earns both you and me $10 each of Bitcoin when you buy more than $100 of Bitcoin to start off your portfolio. Feel free to use this link, or ignore it if you prefer to find another way to buy your coins.
I simply want to arm you with this information so that you do not miss out on the financial revolution. The chance to build a cyptocurrency portfolio that makes you good money is now, by the end of 2020 it will be too late to join the race and still make insane profits.
How can I get involved in trading?
Firstly, it’s important to make sure you only invest money you can afford to lose – trading cryptocurrencies, or any other stock or commodity, carries a risk.
My advice is simple – purchase ten of the top coins and hold them for a year.
To get started, simply buy Bitcoin on Coinbase or elsewhere, send the Bitcoin to an exchange and then use the Bitcoin to buy the other coins you want to hold.
Something you need to understand is you don’t have to buy a whole coin, you can buy 0.000001 of a BTC if you want to.
Which coins you should invest in changes daily but here are some of the best coins in my opinion…
Bitcoin, Ethereum, Monero, Litecoin, Ripple, Dash, Civic, Iota, Siacoin, Golem, Neo, Maid, OMG, Steem, Potcoin, Zcash, Hempcoin.
If you want to dip your toes into trading cryptocurrency, then my top tip for cryptocurrency trading beginners is to simply split your investment across Bitcoin, Litecoin and Ethereum.
Ethereum is widely considered to be the biggest contender to Bitcoin and after trading Bitcoin, Ethereum has the largest chunk of the cryptocurrency market – it is, in my opinion, a relatively safe bet.
Ethereum broke the $1000 mark in the last bull market and I predict it will hit $5000 a coin by the end of 20202 (and probably way before that).
Since January 2020, the value of Eth has skyrocketed from $6 to $1000 (and back down to its VERY cheap price of $200) – You can buy Ethereum here – if you use this link we will both get $10 of free Bitcoin.
In March 2020 a single Ethereum was under $20, at the time of screenshot (December 2020) it’s close to $800 a coin. If this bull market follows the same pattern as the others, those who buy Ethereum cheap now will make a killing when it skyrockets again.
Which coins are in your Cryptocurrency portfolio?
I have diversified into multiple different coins and my cryptocurrency portfolio is split into several tiers of investment. I have selected which coins to invest in with care and every coin is on this list for a reason. Some of these coins cost thousands of dollars a pop, others are mere cents.
I have built my cryptocurrency portfolio using a risk-reward formula that is acceptable to me. You’ll have to decide how much risk you want to take on and that should influence which coins you invest in.
I recommend keeping at least 50% of your portfolio in safe-ish coins like Bitcoin, Ethereum, Monero and, my new favourite, Icon.
Personally, I have a high tolerance to risk and have invested in some coins which other traders find baffling – I was widely criticised amongst my crypto buddies for investing heavily in Ripple and Siacoin (although both paid off big time).
When building your own cryptocurrency portfolio you should not simply copy mine, always do your own research and decide which coins you can excited about.
Crucially, entry point is very important and I entered many of these coins months ago when they were cheaper, there may be better buys out there right now but as of the time of writing – mid August – I am confident in my portfolio and expect my holdings to triple in the next few months.
Without further ado, here are the coins I am currently invested in…
Circuits of Value
These are ordered in descending order, the lions share of my portfolio is in Bitcoin and my smallest position is in Dopecoin.
What are your favourite coins for 2020?
I intend on covering this in much greater depth in the near future but I wanted to give you guys a few crypto trading tips here and now… Coins which I personally have invested in and which I feel could x 10 in 2020 are: Verge, Tron, Icon, Hempcoin, Sub, Cardano, Lisk, OmiseGo, Zcash, DistrictOx and Siacoin.
How can I buy more coins?
Buying more coins to expand your cryptocurrency portfolio is a smart idea – the more you diversify, the better your chance of hitting a coin that goes to the moon. I do however recommend keeping at least 60% of your portfolio in relatively safe coins like Bitcoin, Ethereum, Litecoin and Monero.
Most cryptocurrencies can only be bought on trading exchanges and not on Coinbase and some cryptocurrencies are only available on one or two exchanges. Because of this, I personally am active on multiple exchanges.
The majority of cryptocurrencies can only be bought with Ethereum or Bitcoin so you have to buy one of those before you can purchase the smaller coins.
To properly expand your portfolio, you will need to join a trading platform – is the largest and most trusted trading platform out there and it lists a wide selection of decent coins.
You will need to first buy your Bitcoin (use this link for an extra $10 of BTC), you will then send your BTC to a cryptocurrency trading exchange. My favourite trading platform is Binance, but due to overwhelming demand, their doors are not always open. If you simply want to get onto the Cryptocurrency ladder as fast as possible, Terrexa offer extremely fast verification and you can buy Ethereum or Bitcoin using a bank transfer or credit card.
Note: It is EXTREMELY likely that these exchanges will also temporarily stop taking new members when things get crazy again so my advice is; open an account, even if you don’t plan on using it you will then have the option. Check out this list of cryptocurrency exchanges for more info and options.
Check out my ultimate guide to trading Crypto on Binance to get your head round how to send Bitcoin from Coinbase to an exchange.
Once you have your BTC in place on Binance or another cryptocurrency exchange, you can then expand your portfolio and buy other coins.
Note: Binance is the best trading exchange that still takes on new users.
Everybody says Crypto is a bubble…
Is there a risk to investing in cryptocurrency? Hell yes there is. The Cryptocurrency market is extremely young, and extremely volatile.
Frankly though, in my opinion – everybody should throw at least a couple of hundred bucks at crypto to hedge their bets. You may lose your money and if that freaks you out, maybe this isn’t for you. Here’s the thing though, only with risk can one hope to profit – this applies to all aspects of your life.
If this is the future of money and you miss out, you’re screwed.
How can I properly protect my investment?
I am very glad you asked!
Cryptocurrency thefts have occurred numerous times and some folks have lost millions.
There are two ways to securely protect your money…
Firstly, if you are keeping money on Bitfinex or Coinbase, you MUST turn on 2FA. This adds an extra layer of security and makes it harder for hackers to get at your coins.
If you’re really paranoid, like me, and want to protect your cryptocurrency portfolio properly then I strongly recommend getting a hard wallet.
I recently invested in a Trezor – this is, simply put, the most secure way to protect your coins.
The Trezor Hard Wallet in action
Improving your cryptocurrency knowledge
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Get authoritative information you can trust with over 100 pages of coin analysis, event calendars, lessons, interviews & special features from the industry’s top traders & writers. Visit 21cryptos.com and use discount code BACKPACKER21 at checkout to score the discount
Cryptocurrency trading mastermind groups
UPDATE: I do not recommend paying to enter a Cryptocurrency mastermind group – I’ve tried a few and found the ROI to be disappointing. I am now focusing on growing my portfolio passively utilising a cryptocurrency trading bot, the renowned Notorious Bot. Having a bot that trades for me, without emotion, using an advanced algorithm, allows me to grow my portfolio in the background without it cutting into my time or stressing me out. You can familiarise yourself with the basics of cryptocurrency trading bots here.
Ultimately, if you want to make money with crypto you have a couple of options. The easiest thing to do is to build a diversified portfolio of carefully selected coins and then to simply wait a couple of years. However, this is not the most effective way to make mad money. If you want to truly crush it at crypto, you need access to truly knowledgeable people.
I am not your guru. I’m a crypto enthusiast, not a professional trader, and I make plenty of mistakes. There are a huge amount of ‘gurus’ and ‘experts’ out there but the truth is that many of them haven’t got a fucking clue what they are talking about. Opinions in cryptocurrency are like assholes, everybody’s got one. It’s extremely easy to predict the market and hell, everybody seems like an expert, when cryptocurrency is experiencing a bull run.
It’s very very easy to make mad money when the market is on an upswing, less so when cryptocurrency enters a bear market. Talented traders, and those with information, can make money on the way up and on the way down.
One thing I’ve noticed is that the media, especially Twitter, can have huge effects of the market. If you decide that cryptocurrency is your new thing, if this is where you want to spend your time, then I strongly recommend that you educate yourself and improve your understanding of who to follow, who to trust, when to buy and when to hold.
There are many groups on Facebook where you can find likeminded folks who will happily talk crypto all day but the problem is that 99% of these groups are filled with people who have only a very basic understanding of cryptocurrency and the knowledge available here is not particularly strong. I have recently left almost every single group on Facebook as, in my opinion, they are largely filled with FUD.
Which mastermind group should I join?
If you are serious about cryptocurrency trading, I strongly recommend finding a mastermind group that suits your skill level and budget so that you can improve your knowledge, expose yourself to less risk, and gain access to news and tips for trading cryptocurrency before they hit the mainstream market – this is where the real money is to be made. In my opinion, your best bet is to sign up to use the Goldman Bot as you get a ton of value not only from the bot but also from the Discord channel where you have access to veteran traders and analysts.
More Cryptocurrency resources
If you’re a Kiwi, check out this really helpful resource on how to buy Bitcoin in New Zealand
Tell me more about your favourite Cryptocurrencies for 2020…
Alright, you asked for it, here’s a VERY BASIC breakdown of some of my top picks for 2020, these are just my opinions, this is not financial advice. Always do your own research. I am not responsible if you lose your house.
Almost every crypto-list today starts off with the king – Bitcoin! Satoshi Nakamoto created Bitcoin a long time ago, and it was the first cryptocurrency to step blinking into the bright light of the world! Bitcoin has surpassed all expectations and continues to grow in value and popularity – despite recent setbacks and a lot of FUD from trolls and haters (read: traditional banks) online. Will Bitcoin continue to increase in value in 2020? Recent trends say: Yes! In my opinion, any cryptocurrency portfolio should hold some Bitcoin.
Bitcoin (BTC) has been engaged in a predictable up and down pattern where it absolutely crashes in a brutal bear market and then sky-rockets during the next bull period. Bitcoin held steady at around $19,000 in December 2020, and then sure enough – crashed big time to around $3,200 at the end of 2020. At the time of writing, August 8th 2020, the price of Bitcoin is relatively stable between $10,000 and $12,000. In my opinion, the price will run again soon.
- Bitcoin is capped at 21 million coins. There will never be more Bitcoin than this.
- Widely accepted, easily sold, bought, and traded for alt coins.
- Already established as an accepted payment method in millions of places.
- Best thought of as a store of value, like gold.
Ethereum is an open-source development platform, which is why it’s exciting for many, and also the reason why it’s probably going to remain at the head of the pack for a very, very long time. It’s the world’s second-biggest cryptocurrency and is used by developers around the world to develop and publish decentralized applications (dapps).
Ethereum’s technology is already being used by super-popular projects around the world, showing great success, and offering a glimpse of a stable crypto future. I love Ether and hold a significant percentage of my portfolio in Ether.
- Dapps made with Ethereum almost never crash and can’t be shut-down
- Proven corruption-free because it’s impossible to censor
- Smart contracts can be used for fundraising easily – Ether was popular with ICOs
- No limit in Megabytes
Ripple is an open-source digital payment network, and it’s already being used by some of the world’s largest banks – such as the bank of Tokyo and Santandar. XRP has shown significant potential recently and has been turning a lot of heads. Ripple aims to become the go-to tool for banks on a global scale, while still giving an exciting investment opportunity to crypto advocates and solo investors. Ripple has many haters and I’ve been burned by it myself in the past – I sold 30,000 XRP at 20 cents… painful. Still, I did buy them at 3 cents a pop, so it could have been worse. I hold 10,000 XRP today and will hold until 2022.
- Extremely fast network, payments take less than 10 seconds
- Recently signed up with American Express for money exchange between England and the United States
- The financial system values stability over volatility (stable long-term investment)
While Ethereum focuses on dapps and Ripple on ultra-fast finances, Monero focuses on – privacy! This technology actually uses cryptography to protect all incoming and outgoing addresses, as well as the transmitted amounts. Monero is an all-in-one solution for all privacy enthusiasts, and as such, it holds tremendous potential for great success in the crypto world. Monero is my favourite coin.
- Privacy at its best – no one can see your balance, anywhere
- Irreversible cryptographic technology is the security chief for Monero transactions
- Its coins cannot be traced in any way, shape or form, due to its encryption
Created by Charlie Lee, a former Google engineer, Litecoin is an open-source payment network that operates on a global scale. It is not controlled by any centralized power, and it uses the “scrypt” as proof-of-work. It is similar to Bitcoin but has the advantage of offering a faster rate of generation and therefore faster transactions. This is one of the main reasons why its enthusiasts continue to invest or hold onto the coin even after finding out that its founder sold his stack.
- Visible founder, Charlie Lee, fully invested in promoting Litecoin
- Implemented the SegWit technology before BTC, offering greater capacity and faster transactions and lower transaction fees
- Shows potential to become ‘the next Bitcoin’ in terms of rising in value exponentially
The Verge (XVG) technology revolves around providing an incredibly safe, private, and fast digital payment transactions – on an everyday basis. It offers all individuals and businesses a fast, efficient, and a decentralized option to make and receive direct payments in an average 5-second window per transaction. It runs on open-source technology, it is not a private company, and it isn’t funded by pre-mined coins. This is one of the reasons why people are so excited about it, all of its development, marketing, and other endeavors are completely done by the community – for the community.
- Only coin to go up 800% in the shortest timespan (one hell of a crash after this though)
- 2020 was a year of success for XVG
- Uses Elliptic Curve cryptography to generate ultra-fast invisible transactions
The moment you look at the amount of support Tron has been receiving lately, you immediately realize it’s not just yet another blockchain-based platform. Tron’s technology aims to deploy world’s largest FREE content entertainment system. The platform allows anyone to store and own data, and to freely publish their content. Its app “Peiwo” already gathers 10 million enthusiasts and is on the road to become the world’s first TRON-compatible entertainment app. This technology revolves around the following ideology: All contributions on the network should be of equal quantitative value, the Internet should be decentralized, and data creators should have the absolute ownership of the data. It’s important to realise though that Tron has been pushed like hell by an ambitious marketing department… I have not yet decided if this is a cryptocurrency which will survive but, for a one year hold, it seems a safe bet.
Many see TRON as an end of the online entertainment system as it is today – forced by giant corporations and companies such as Google, Apple, Youtube, Spotify, and others. Content creators might get another option and not have to go through these “middle men” anymore.
- Founder, Justin Sun, is capable of and fully invested in developing and promoting the technology – the opinion of some crypto experts today
- Its technology has been gaining an abundance of partnerships recently, hence expected to be a top 10 coin in 2020
- TRX and the TRON protocol shows potential the change the entertainment (and its business) world altogether, which is why its incredibly exciting
The ICON technology (ICX) is incredibly exciting because it aims to harbor the single largest decentralized global network. It aims to provide its users a certain degree of connectivity between countries and cultures around the world that’s currently just not possible or non-existent. This network gives way to businesses and individuals to communicate, transfer, deposit, and in many different ways cooperate with each other in a never seen before way. ICON shows extraordinary potential for the future, but it’s already boasting a large community made of reputable security institutions, banks, hospitals, insurances, universities and institutions in many other sectors. Crucially, ICON is NOT yet tradable in South Korea – when that changes I expect this coin to moon.
ICON is already showing signs of fast and stable advancement in the world:
- In Q3, 2020, ICON successfully created its open source loop chain, partnered with a major bank
- In Q4, 2020, it successfully completed its ICO and listed its token, the ICX, and its U-coin pilot opened up in three universities
- Successfully launched its MAIN NET and its decentralized exchange, and also released its Android, iOS and web wallets, all in Q4 of 2020
- Has a laid-out plan for its future, with clear goals, including a fully released 2020 roadmap.
People are getting excited about Hempcoin (THC) because it’s slowly but surely starting to re-surface again and receive some of the media’s attention that it deserves. Even though a couple of competitors recently showed up (PotCoin and CannabisCoin) – Hempcoin is actually the oldest technologies and coins – not just in the industry – but in the crypto world altogether. Hempcoin was founded back in 2020 and its sole purpose is to act as a digital currency for the Agriculture/Farming industry and naturally – the Hemp/Marijuana field.
- Now actively listen on Bittrex, one of the largest cryptocurrency exchange platforms
- Now used in Agricultural trade, a trillion dollar industry and even a 2-3% share of it would mean a 500%+ increase in value for its coin
- Recently started getting more media attention, it is likely for investors to start buying in more and more
- Released a brand new whitepaper in February 2020
Sub or Substratum is another open-source network with a huge focus on decentralizing the web and on “making the internet a free and fair place for the entire world.” This platform allows content creators to freely host their websites or applications on Substratum host, without any censorship blocks. Network users can then “run” Sub nodes and help the content get forwarded to end web users, who can access all Sub content in regular web browsers without any blocks or limits in shape of censorship.
Substratum believes that very soon, people will want to take the internet out of corporations’ hands and tracking habits and use the internet freely without the feeling of being either served, targeted, watched, or monitored in any way. When this does start happening, it seems it’d be good to own a few Subs…
- Successfully launched Website v1 and whitepaper in 2020
- Successfully ran Website v2 on schedule and raised over $12MM in ICO token sale
- Got listen on leading exchanges such as Binance
- Ran two private alpha tests with the first being 100% successful globally, launched Website v3 on schedule
Cardano (ADA) is a fully open-source, decentralized, public blockchain and tradable cryptocurrency. Cardano is very similar to Ethereum, and the team wants to build on that. Cardano aims to operate a global smart-contract platform which will deliver much more advanced features compared to its competitors. Loads of existing investors are excited because Cardano is the first blockchain founded on scientific philosophy, and also the very first provably secure proof of stake algorithm.
- Cardano can be updated WITHOUT hard forks
- Plans to offer negligible fees (even for smart-contracts) in comparison to Bitcoin and Ethereum, hence offer a far better (and faster) service
- Plans to make wallets and smart contracts incredibly user-friendly, unlike Ethereum’s platform
- Its developers claim to own world’s first proof-of-stake mining algorithm that’s mathematically 100% secure.
- Successfully signed up with Microsoft for partnership in 2020
- The system already proved itself with Crypti, on a community level, now being recognized by experts globally
- Lisk features a decentralized app directory (dapp) – just like Google Play or iTunes, with an incredibly friendly UI and UX
OmiseGO (OMG) is a public financial technology that’s based on Ethereum. The concept of OMG is to enable peer-to-peer value exchange and payment service in real time across not only decentralized currencies but fiat money as well. OmiseGO allows anyone on its network to process financial transactions (payrolls, B2B, remittances, payments, etc.) in a much more inexpensive and decentralized manner.
- Launched just in 2020 – this token skyrocketed, showing huge potential and interest all over the world. It’s now trading at a massive discount
- Went from $0.3 to $28 in 2020, and back down to $1 in 2020. It should make those crazy gains again
- Gives mainstream users an easy and inexpensive way to transition from fiat money to decentralized currencies
- Provides for use their White-label Wallet SDK system, which allows diversification in terms of payment solutions, and makes things much more exciting for investors
Disctric0x is a network of decentralized communities and marketplaces, and where each ‘district’ is a decentralized entity on the district0x Network. In other words, District0x allows anyone to create a network of communities (or organizations) with a focus on governance, cooperation and decision making being decentralized. District0x is an open-source software project, and as such, it does not seek to gain profit, but rather focuses all of its attention towards building software that enables development and governance of marketplaces that are powered by the community.
- Boost co-founder recently joined the distrct0x advisory board, plans to help the platform on the mission to decentralize world’s marketplaces
- district0x has recently been accepted into Boost VC’s Tribe 10, which is exciting because Boost consists of more than 100 blockchain founders, co-investors, and tons of talented individuals
Sia is the very first decentralized storage platform that’s based on and secured by the blockchain technology. Through the blockchain tech, Sia can provide much reliable data storage options that do not have a single point of failure, can offer more storage space – at much lower costs than traditional cloud storage providers. Besides the obvious, investors are readily jumping on the Sia-train for one more reason: Privacy. Unlike cloud-storage provides, Sia’s tech gives you all the keys to your own (encrypted) data, and mandates that no third party will control nor access your files.
The excitement is more than valid; the difference is huge – storing 1TB of files on Sia costs
$2 per month, compared to a whopping $23 on Amazon’s S3
Please note that I have a RUDIMENTARY understanding of some elements of trading cryptocurrency… I’m a blogger, not a financial expert. Always do your own research and draw your own conclusions.
How do you recommend I trade?
It’s important to realise that you need to do your own research and come up with your own strategy for cryptocurrency trading. If you are short on time and want to play it safe; the easiest cause of action is to simply diversify into several different coins and then wait a year or more. However, if you want to maximise profits you should learn how to swing trade cryptocurrency.
I strongly recommend swing trading over day trading – day trading is stressful, time-consuming and only really profitable if you have a lot of money to play with. Swing trading involves trying to capture large movements in the market – for example, you might decide that you want to net a profit of 30% on Ethereum…
You might buy into your Ethereum position at $1000, you set your sell position $1300. Your sell order could take days, weeks, months, years or till the end of time to be filled. Once it has been filled, you then take that profit and you roll it over into a new buy over at, say, $1100. Choosing good targets for your buy and sell orders is crucial if you want to be a successful swing trader but overall swing trading cryptocurrency is pretty easy – set your orders and then just wait.
The market is so volatile that big movements up and down are pretty common and you can capitalise on this through swing trading. I recommend choosing a group of coins to be in and then sticking to swing trading in those coins rather than jumping constantly between different cryptocurrencies – it does help to have an understanding of what different coins do and how much volatility can be expected and you will gain that understanding with time. Good luck!
Do you have more information on trading Crypto?
A while back, I put together a google doc for close friends and family who wanted to get involved with Crypto. Everybody has now at least doubled their money and some people have made a killing. I am now making this Google doc publicly available – it’s here, it’s free, it’s probably out of date.
FAQ’s on investing in Ethereum
Since I’ve received a ton of questions about investing specifically in Ethereum, here are some answers…
How high could Ethereum go?
ETH hit $1,000 last bull market, here’s hoping for $5000 this time.
Is now the best time to buy?
Nope, that was over two years ago.
Can I still double my money?
Yes, that is possible but not guaranteed.
Is there a risk?
Of course. In my opinion though, there is an 80% chance you will make money on Ethereum if you buy it soon and can sit on it for 12 months.
Are you available to answer all of my questions?
How do I buy Ethereum?
Most cryptocurrencies must be purchased with Bitcoin but Ethereum is paired against the dollar as well and you can buy Ethereum here using USD – If you use this link we will both get $10 of free Bitcoin.
I’m having a problem with coinbase?
This is free advice, I’m not tech support. Coinbase is legit and trustworthy, open a support ticket if you have a problem.
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Happy trading amigos, good luck, stay calm, stack that cash!
Disclaimer: I am not a professional (or even a veteran) trader. I am an intermediate trader with a passion for cryptocurrency. I am disclosing my own ventures in crypto because cryptocurrency trading does make up a chunk of my online income and I want to be 100% transparent with you when it comes to making money online. Investing in cryptocurrencies carries a risk – you may lose some or all of your investment. Always do your own research and draw your own conclusions. Again – this article is aimed purely at advising; draw your own conclusions on whether cryptocurrency trading is right for you.
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Writer and entrepreneur. Adventurer and vagabond. Master of the handstand pushup. Conqueror of mountains, survivor of deserts and crusader for cheap escapades. Will has been on the road for thirteen years, travelling to far-flung lands on a budget. Today, he runs a number of online ventures, including The Broke Backpacker – the world’s largest budget travel blog. He is passionate about solving the plastic problem and cleaning up the oceans. Currently, Will is based in Bali where he plans to open his first Tribal Hostel in 2020.
Day Trading Brokers and Platforms in Russia 2020
Compare the best day trading brokers in Russia and their online trading platforms to make sure you pick the most appropriate to your needs. Use the comparison of spreads, range of markets and platform features to decide what will help you maximise your returns. No single broker can be said to be best at all times for everyone – where you should open a trading account is an individual choice.
Here we list and compare the top brokers for day traders in 2020 with full reviews of their interactive trading platforms. So whether you are a forex trader or want to speculate on cryptocurrency, stocks or indices, use our broker comparison list to find the best trading platform for day traders.
Brokers in Russia
How to Compare Brokers
Before you can find the best interactive brokerage for day trading you should determine your own investing style and individual needs – how often will you trade, at what hours, for how much money and using which financial instruments.
Then when choosing between all the top rated day trading brokers, there are several factors you can take into account. If you simply pick the cheapest, you might have to compromise on platform features.
There is no one size fits all when it comes to brokers and their trading platforms. The best brokerage will tick all of your individual requirements and details.
These are some of key points and areas to compare in this competitive market:
- Do they offer low commission rates? – As a day trader placing numerous trades intraday, low commissions over a long period will bolster your overall profit.
- Do they offer attractive margin rates? – If you can anticipate a return higher than the interest your paying on the loan, then generous margin rates will allow you to trade big with capital you don’t have to hand.
- Do they have a complicated fee structure? – Broker fees can rack up quickly. You need to look at the fine print to ensure you won’t get stung by hidden costs later down the line, such as when you want to withdraw your money. Having said that, the cheapest brokers for day trading usually make up that money in other areas, such as customer service.
- Will you need a minimum deposit?- Some brokers will require you to put down significant capital in order to open an account and start trading. For example, if you’re day trading at Interactive Brokers you’ll need to put down serious cash before you can get to work.
- Does the broker have a daily trading limit? – Some limits are imposed to protect against extreme volatility and market manipulation. But the Interactive Brokers day trading limit can be set by you to prevent you losing too much capital in one day.
- Do they offer different account types? – Different accounts will come with varying costs and attractive perks. For example, choose between Interactive Brokers day trading accounts and you can get lower commission fees, greater leverage and enhanced tools for technical analysis. Read more about Account types here.
Trading Platform Features
- Do they have high tech, informative tools for research and analysis? – You will need live price quotations, plus detailed charts and access to historical data will also help you trade smarter. The top 10 online brokers all offer a multitude of tools and resources.
- How quick and efficient is their order execution? This is massively important if you’re day trading, as just a few seconds could cost you serious cash. Whilst many virtual brokers offer real-time execution, there remains a slippage concern. This highlights the need to test drive your broker first.
- How user-friendly is their platform? – The trading platform provided by the broker needs to work for you. Most brokers offer several to choose from, some will tick the boxes for the average day trader, others will offer more advanced platforms for the veteran trader. Likewise, does it suit your hardware – is the platform compatible on Mac, PC, Linux, or whatever you use?
- Is there a Mobile platform? – It is rare for a broker not to deliver a mobile trading app, but the quality will vary. If trading on your mobile phone is important, then checking the apps compatibility (Android, iOS or Windows etc) will be vital.
- How good is their customer service? – Will you be able to quickly get in contact with someone when you need support or advice? This is particularly important if something goes wrong like a computer crash. Some brokerages offer 24/7 customer support, with call waiting times of less than one minute.
- Do they have a ‘dealing desk’? – The best brokers offer direct access. You don’t want to be sending an order to a train desk which then initiates it in the market. This is time-consuming and can result in re-quotes. By the time you’ve confirmed you want to proceed, your opportunity has probably vanished.
- Do they offer any attractive extras?– Any ‘Open Account’ promotions? £100 in free trades might not be everything, but it means you can iron out any creases in your strategy before it’s your money on the line. Trading without a broker means zero free credit for trial and error.
- Are there Account levels? Does a VIP account get free Level II data or reduced spreads?
- What returns do you get on your cash? – You’ll find you usually have something lying around in your brokerage account. Some brokerages won’t offer you a penny on that balance, but some will give you 3-5%.
- Trading Strategy – Can you implement your trading strategy, or even use automated trading, signals or copy trading at this broker?
Final Word On Comparing Brokers
Do your homework and make sure your day trading broker can cater to your specific requirements. It’s always worth giving your potential day trading broker a test. Set up a demo account, make sure you like the platform, and send off some questions to gauge how good their customer service is. Get this choice right and your bottom line will thank you for it.
Need a short cut? Check out the winners of the DayTrading.com Awards this year.
Use this table with reviews of trading brokers to compare all the brokers we have ever reviewed. Please note that some of these brokers might not accept trading accounts being opened from your country. If we can determine that a broker would not accept an account from your location, it is marked in grey in the table.
|Alpari||Yes||From $/£/€ 5||Yes||Yes|
|CMC Markets||Yes||£ 0||Yes||No|
|eToro||Yes||$200 ($50 in US)||Yes||No|
|Expert Option||Yes||10 $/€/£||Yes||Yes|
|Fusion Markets||Yes||No Minimum||Yes||No|
|InstaForex||Yes||$1 to $10 (Account choice dependent)||Yes||No|
|Pepperstone||Yes||£200 / $200||Yes||No|
|Skilling.com||Yes||100 £/€/$ or 1000 NOK, SEK||No||No|
|ZuluTrade||Yes||$1 to $300 (Broker choice dependent)||Yes||No|
What is a Trading Platform?
The trading platform is the software used by a trader to see price data from the markets and to place trade orders with a broker. Market data can either be retrieved from the broker in question, or from independent data providers like Thomson Reuters. In this section, we detail how to pick the best trading platform for day traders
Normally a broker will offer their customers a branded trading platform that’s more or less unique to that individual broker, but there are also independent platforms that can connect to multiple brokers. An independent platform can be a good choice for the experienced trader, while using a broker’s own platform is the easiest way to get started for beginners.
How an Independent Trading Platform Works
Trading Platform Features
The best day trading platform will have a combination of features to help the trader analyse the financial markets and place trade orders quickly. In particular, a top rated trading platform will offer excellent implementations of these features:
- Access to current and historic market data – A day trader needs to be notified of market price changes as soon as possible to be able to act before an opportunity is gone or a loss is materialised. Historic data is necessary for technical analysis and backtesting of trading strategies. Not all platforms have a backtesting feature though, so check before you commit to a specific software.
- Charting and other visual aids – Trends and market sentiment are best visualised through different charts and plotting of relevant technical indicators.
- Order execution – Once you have decided to place a trade, it needs to be executed on the market immediately. A great platform and broker will execute in less than a second. Traders that use automated trading want even faster execution, usually counted in milliseconds, depending on the strategy used and how price sensitive it is.
- Automated trading – A platform that offers automation capabilities enables a trader to make market moves even if he/she is not at the computer at the time. The classic “stop loss” feature is a simple form of automation, but there are much more advanced platforms that enable you to program your own trading robot to carry out elaborate strategies or to react much faster than you can do yourself.
- Broker Independence (optional) – You might want to become an expert on all the features of your trading platform but still have the option to change which broker you use. The solution is an independent trading platform (listed below), that can connect to several different brokers.
Independent Trading Platforms Comparison
An independent trading platform is used for visualising market data and managing your trading, but it needs to connect to one or more brokers to actually place a trade on the market. These professional day trading platforms typically offer a more advanced interface than that of the average brokerage, and help you to find and place trades with one or more brokers of your choosing. Using an independent trading platform you don’t have to relearn a whole new software just because you change to a different broker.
Independent platforms often come with advanced features such as enhanced charting and pattern analysis, automated trading and trading alerts/signals. Different platforms have different strengths. NOTE – Not all brokers support this kind of integration with independent platforms, so use our reviews to find ones that do.
When choosing between brokers you also need to consider the types of account on offer. For example:
- Do they offer cash and/or margin accounts?
- Can you get managed accounts?
- Do they offer a single standard account or do they offer different account levels?
The account that is right for you will depend on several factors, such as your appetite for risk, initial capital and how much time you have to trade. With that said, below is a break down of the different options, including their benefits and drawbacks.
Most day trading brokers will offer a standard cash account. This is simply when you buy and sell securities with the capital you already have, instead of using borrowed funds or margin. Most brokers will offer a cash account as their standard, default option.
There are several benefits to cash accounts. Firstly, because there is no margin available, cash accounts are relatively straightforward to open and maintain. Also, you have less risk than margin accounts because the most you can lose is your initial capital. Finally, you don’t have to pay the interest costs that come with margin accounts.
Trading with a cash account also means you have less upside potential because there is no leverage. For example, the same gain on a cash and margin account might represent a 50% difference in returns because margin accounts require far less capital.
In addition, you have to wait for funds to settle in a cash account before you can trade again. At some brokers, this process can take several days.
Overall then, the absence of margin means these accounts probably aren’t the right fit for the majority of active intraday traders.
Most brokers will offer a margin account. Essentially, this allows you to borrow capital to increase your position size. For example, you may only pay half of the value of a purchase and your broker will loan you the rest.
Note brokers often apply margin restrictions on certain securities during periods of high volatility and short interest.
Margin accounts come with several benefits. Firstly, you can choose when you pay back your loan, as long as you stay within maintenance margin requirements. Secondly, you can leverage assets to magnify your position size and potentially increase your returns.
Also, interest rates are normally lower than credit cards or a bank loan. Finally, if you have a concentrated portfolio, you may be able to use existing securities as collateral for a margin loan.
Despite the benefits, there are serious risks. With a cash account you can only lose your initial capital, however, a margin call could see you lose more than your initial deposit. You also have interest charges to factor in.
In addition, you need to check maintenance margin requirements. If not, you could get short-squeezed resulting in forced liquidation from a margin call.
Overall then, margin accounts are a sensible choice for active traders with a reasonable tolerance for risk.
Managed Trading Accounts
Some brokers will also offer managed accounts. A managed account is simply when the capital belongs to you, the trader, but the investment decisions are made by professionals. These might be referred to as an advisor on the account – these advisors have complete control of trades. There are two standard types of managed accounts:
- Pooled Funds – With this type of account your capital goes into a mutual fund along with other traders’ capital. The returns will then be distributed between the investors. Normally, brokers divide these accounts according to risk appetite. For example, those looking for large returns may put their funds into a pooled account with a high risk/reward ratio. Those looking for more consistent profits would probably opt for a safer fund. Minimum investments for pooled accounts are around $2000.
- Individual Accounts – With this account, your broker will manage your capital individually and make investment decisions tailored to your needs. The main benefit is having an experienced professional on your side. However, you will pay for that privilege with account maintenance fees and commissions. In addition, some brokers will impose high minimum investments of at least $10,000.
Overall, managed accounts are a good fit for those who have significant capital but little time to actively trade. However, those with less capital and those with time or the inclination to enter and exit positions themselves may be better off with an unmanaged account.
Some discount brokers for day trading will offer just a standard live account. However, others will offer numerous account levels with varying requirements and a range of additional benefits.
For example, a Bronze account may be the entry level account. Here you may get access to chat rooms, a weekly newsletter and some financial announcements and commentary. These entry-level accounts normally have low deposit requirements.
If you were to deposit more, say over $1000 and make a certain number of trades each month, then you may be eligible for a Silver account. This may grant you access to courses, a personal account executive and more in-depth market commentary.
Deposit a bit more, $5000 for example, and you may be eligible for a Gold account. For this you could get:
- 10% deposit bonuses
- Daily market research
- Referral incentives
- A dedicated trading mentor
- Telephone access to an active trading community
Finally, some brokers will offer a top tier account, such as a VIP account. To qualify for this account you might need to deposit upwards of $20,000. You may also need to trade 500 lots quarterly, for example.
However, for your larger deposit, you might get even more hands-on help, as well as greater deposit bonuses, free trades and other financial incentives. You may also get full access to a wide range of educational and technical resources.
So, the best day trading discount brokers will offer a number of account types to meet individual capital and trade requirements. It’s also worth bearing in mind that generally, the more you can invest the greater the perks and trading experience.
Final Word on Accounts
When choosing between brokers, you need to consider whether they have the right account for your needs. The main factors to consider are your risk tolerance, initial capital and how much you will trade.
Note you can also open different accounts if you want to use several different strategies.
Regulation And Licensing
One key consideration when comparing brokers is that of regulation. There are a number of different regulatory bodies around the world. Reputation of these authorities varies, but almost all can give consumers a high level of confidence in the brokers they license. Here are some of the leading regulators;
FCA (Financial Conduct Authority) – UK regulator, with responsibility for all forms of trading and market speculation.
CFTC (Commodity Futures Trading Commission) – US Regulator overseeing broker.
SEC (Securities and Exchange Commission) – US regulator for exchanges and markets.
FSB (Financial Services Board) – South African Regulator
CySEC (Cyprus Securities and Exchange Commission) – Cypriot regulator, often used to ‘passport’ regulated brands across Europe
BaFin (The Federal Financial Supervisory Authority / Bundesanstalt für Finanzdienstleistungsaufsicht) – German regulator
Financial Supervisory Authority Denmark (Finanstilsynet)
The European Securities and Markets Authority (ESMA) also offers an over-arching guide to all European regulators, imposing certain rules across Europe as a whole – including leverage caps, negative balance protection, and a blanket ban on binary options. These rules only apply to retail traders, not professional accounts.
How to Try a Broker for Free
A demo account is a great way for beginners to practice trading and test a broker or trading platform without using real money. A demo account is funded with simulated money, so you can try out the broker’s platform features and get familiar with acting on the markets. A warning though – even the best practice platform can’t replicate the pressures that comes with having real money on the line, but it’s a great way to learn the basics and get started with zero risk.
How Brokers Make Money
Even among the best brokers for day trading, you will find contrasting business models. Having said that, there are two main types:
- Market Makers
- Over-the-counter (OTC) brokers
Some of the best brokers for day trading online are market makers. Market makers are constantly ready to either buy or sell, so long as you pay a certain price. That means they may lose out in price shifts before they find a buyer/seller.
But, of course, for taking that risk, they seek compensation. So they set the bid price marginally lower than listed prices while setting the ask price slightly higher. That tiny margin is where they will make their money.
Now that may seem like an insignificant amount. However, tens of thousands of trades are placed each day through good brokers for day trading that use these systems. Unsurprisingly, those minute margins can quickly add up.
Note day trading brokers using this model normally offer either fixed or variable spreads:
- Fixed spreads – Do not change, regardless of what is happening in the markets. Due to the additional risk, fixed spreads tend to be wider than variable spreads.
- Variable spreads – Fluctuate in response to market conditions. For example, during the London and New York overlap, an increase in liquidity leads to tight spreads.
Let’s take a look at an example – if you want to sell 50 shares of Tesla, good market makers will buy your shares, regardless of whether they have a seller lined up yet. However, they may buy those Tesla shares for $300 each (the ask price), while offering to sell them to another trader for $300.05 (the bid price). That $0.05 is where your online broker is making their money.
Many of the best discount brokers for day traders follow an OTC business model. In fact, they are the most popular type of day trading broker. The immediate lure is the apparent lack of trading costs and commissions. However, on the best day trading platforms, it isn’t quite that simple.
Essentially, an OTC day trading broker will act as your counter-part. They will take the opposing side of your position. As a result, you don’t have to pay a commission or fees in the same way. You are simply trading against the broker.
The best OTC futures or CFDs brokers, for example, may have both sides of the trade covered, promising a handsome margin. However, some of best brokers for day trading may also hedge to offset risk.
There are several key differences between online day trading platforms that utilise these systems:
- Increased liquidity – Effectively the best brokers that follow the market maker model act as wholesalers, buying and selling to meet the needs of the market.
- Costs – Without market makers, finding buyers and sellers may take longer. As a result, liquidity may drop and you may pay higher trading fees as entering and exiting positions becomes harder.
- Motivation – A market maker will make money regardless of the outcome of your trade. Whereas an OTC broker has a vested interest in you losing out.
The top brokers for day trading will often use a variation of one of these models. Check reviews to see which model a prospective broker is using to get a feel for where and how they expect to make their profit.
Broker Payment Methods
Different trading brokers support different deposit and withdrawal options. The availability of one or more specific payment methods can be of importance to traders, as fees and transit times vary between methods. For some traders it might be essential that a deposit or withdrawal is instantaneous, while others are fine with a processing time of a few days. Any trader making frequent deposits or withdrawals surely wants to look out for low transaction costs. Below we list different payment methods, which brokers support them along with tutorials covering everything a trader needs to know.
Trading In Different Regions
With the world migrating online, in theory, you could opt for day trading brokers in India or anywhere else on the planet. However, there are tax considerations and regulations worth keeping in mind before you choose day trading platforms in Australia, Singapore or anywhere outside your country of residence.
- Tax considerations – Where you trade and where your broker is situated may affect what type of tax and how much tax you will have to pay. Will you pay capital gains tax? Will you pay net income tax? If you start day trading with brokers from Canada, will you pay tax abroad and domestically? If you’re thinking of signing up with a far afield broker, find out the tax ramifications first.
- Regulation – Regulation is important for a number of reasons, but your financial security is one of them. Opt for brokers regulated in well established financial systems, like the EU, USA or UK. A broker regulated in Bermuda is better than no regulation at all, but you may still encounter issues.
Canada and the US also have pattern day trading rules – but both are quite separate. Read more about this on the rules page. Just note that Canadian day trading platforms may differ significantly from both US or European versions, and platforms in South Africa will vary also.
The broker you choose will quite possibly be your most important investment decision. Everyone’s requirements are different so there is no clear universal winner to turn to. Instead, in your comparison, consider which of the factors listed above are most important to you and then you’ll be able to find the best broker for your needs.
For Specific Countries
Market Impact of Coronavirus
Trading Brexit News is trending
Cryptocurrencies like Ripple and Bitcoin see a lot of volatility currently.
Best Choice! The leader in our ranking!
Perfect for beginners!
Free Demo Acc + Free Trading Education!
Good choice for experienced traders!