Who are the best brokers for trading in 2023? In this article, you'll discover what a broker is and does, and the pros and cons of the brokers we recommend.
A broker is an intermediary who buys and sells financial products on behalf of clients in exchange for commissions. Since trading financial instruments directly on an exchange is impossible for us traders, we must trade financial instruments through a broker.
As you can imagine, it's very important to choose a reliable broker that's suitable for your specific situation, since the broker will be the intermediary for all your trading.
Recently, the number of brokerage service providers has skyrocketed. This makes choosing a broker all the more complicated, especially for novice traders.
To help guide your choice towards a broker that meets your trading needs, we’d like to provide our suggestions for the four best brokers for trading in 2023.
Below you'll find a list of 4 well-known brokers that, in our opinion, represent the best solutions for systematic traders. For each broker, we'll list some pros and cons so that you can decide for yourself whether they may be right for you.
We'd like to point out that while the first 3 brokers cover multiple financial sectors, the last one (Admis) only covers futures. Although relying on a broker that only covers futures may not be the best choice in terms of diversification, we still chose to include this broker for those who are interested in trading in this sector and want a reliable, market-tested service provider.
Interactive Brokers is one of the world's leading brokers, founded in 1978 in the United States. This broker is especially suitable for experienced traders who want to optimize their performance through a wide variety of instruments and functions.
-Offers the widest range of financial products, especially when compared to other brokers
-Offers numerous research instruments
-It's considered one of the most reliable brokers in the world
-Commissions are quite low
-Although fees are low, support is rather limited
-The platform may not be intuitive for a beginner
Again, we're faced with a very articulate trading platform. TradeStation offers excellent educational instruments for new traders, and services a very large community.
-All-in-one solution: TradeStation also offers a datafeed service and a platform for strategy development and backtesting
-Offers excellent research instruments
-Commissions are low
-The platform is 32-bit, so the structure is a bit outdated
3. GAIN Capital
GAIN Capital has been in operation since 1999 and is registered in Poland. The company has ten offices in seven different countries, including the United States and Australia.
-Internationally monitored institution
-Offers many products
-It's a broker specializing in Forex
-Offers support only 24/5 (5 days a week)
ADMIS (also known as ADM Investor Services) has been around for 55 years. ADMIS is considered one of the best brokers for trading futures.
-Offers a very wide range of futures in various fields
-Has a good global standing
-Provides very useful analysis and research instruments
-Since it only covers the futures market, it may not be the best choice for creating a diversified portfolio across multiple financial classes.
Most traders judge brokers based solely on commission costs. However, several elements distinguish a good broker from a bad one, first of all, reliability and seriousness. Another very important criterion is the compatibility between the broker’s services and your own trading patterns.
In this article, we don't gto-choose-the-best-systeo into detail about each of these criteria. Indeed, this is a very important topic that needs to be discussed separately.
If you're interested in more information on the basic criteria for identifying the best broker for your operation, please read this specific article on the topic: How To Choose The Best Trading Broker For You.
In addition, we also recommend that you watch this video in which Andrea Unger talks precisely about choosing a broker: