Top 5 online broker with bonus
Online brokers provide you with a platform to execute your trades on the various assets on the financial markets. There are several brokers that you can sign up with depending on the quality of the platform among other factors. Let us look at the top 5 best brokers in different fields.
The brokers we are focusing on are Avatrade, E toro, Plus500, IQ Options, and XM.
Best Welcome Bonus: Avatrade Wins
Etoro has one of the most rewarding bonus. It starts with a 27% payout as a deposit bonus. On making your initial deposit such as AU$300, you get an AU$80 dollar bonus. Etoro wins in this section owing to the high payout and the easy accessibility to the bonus and promotions page.
eToro bonus terms and conditions are also very easy to understand and are very flexible giving you higher odds at getting the bonus. On a range of 1 to 5 on the website’s performance in bonuses with 1 being bad and 5 being excellent, Etoro gets a 4.9.
Following close on the best bonus programs is Avatrade’s welcome bonus. Avatrade’s welcome bonus has a 20% payout as a bonus on your deposit. The bonus’ page is easily accessible and has a bonus calculator to give you your estimated bonus amount on your deposit.
The bonus’ terms and conditions are also well spelled out and guide you on how to go with the bonus and promotions program. The bonus is also available for a range of base currency units from the United States dollar, the euro, the Great Britain pound and the Australian dollar. The catch, however, is that you need a minimum deposit of 1000 units of your preferred currency unit which is relatively high.
On a score of 1 to 5 on the quality of the bonus, Avatrade gets a 4.7 based on the well-laid bonus terms and its handsome bonus payouts.
XM has another great bonus program, the two tire bonus program. The concept seems a little bit complicated but it has a worthy payout. Under the two-tier bonus program, you get a 50% bonus on the initial $1000 that you deposit. The two-tier system kicks in when you deposit an amount exceeding $1000 where you get an additional 20% bonus on the difference from the $1000 deposit. For example, if you deposit $1000, you get 50% of this amount which is $500. If you deposit $5000, you get the 50% on the $1000+ 20% on $4000 getting a total of $1300 in bonuses.
This is a very rewarding bonus program that ranks XM at 3rd on the best welcome bonuses with a score of 4.5 over 5.
IQ Options and E toro come trailing in the welcome bonuses sector. IQ Options does not have a welcome bonus program at the moment. Instead, it has occasional tournaments with a high payout rate and requires a certain amount as an entry fee. Being a tournament, there is no guarantee of receiving payouts compared to the previous bonus programs.
E toro does not have a clearly defined bonus program on its trading platform, however, other websites suggest otherwise and seem to be outdated.
For lack of clearly defined bonus programs, IQ Options scores a 2 out of 5 for having a tournament in place of the program. E toro takes the last place for not having a bonus program at all and scores a 1.
Spreads And Leverages: XM Wins
Spreads and leverages are key in boosting and amplifying your trading returns to a certain measure. XM offers one of the best leverages from 1:1 to 888:1 which are very favorable for trading. It also has great variable spreads which are as low as 0.00028 pips per unit on some currency pairs and 0.01 on some commodities.
Looking at how conducive XM’s spreads and leverages are, out of a 5 point ranking score, it gets a 4.6.
Plus500 follows closely with favorable leverages and spreads with leverages up to 1:30. It has relatively low spreads starting from 2 pips.Plus500 spreads and leverages garner a 4.3 on a 5 point score.
E toro also has favorable leverages that are, however, dependent on the asset and the client type. Professional clients get the best leverages of up to 400:1 on currency pairs and 100:1 on commodities and indices. The leverage is lower for retail clients with 30:1 on currency pairs and 10:1 on commodities and indices.
E toro, out of a 5 point score scale gets a 3.9 due to the exclusivity of its leverage.
Iq option and Avatrade trail the other platforms as both have almost equal leverages ranging from 30:1 to 10:1. They tie in the fourth position with a 3.5 out of 5.
Lowest Fees: XM Wins
XM is the best broker when it comes to associated trading fees as it has no fees. There are zero transaction fees on both withdrawals and deposits which is part of its 0% promotion program. Additionally, there are no commissions or hidden fees making XM the best broker when it comes to fees.
On a score of 5, XM cleanly bags a 5/5 due to the affordability of trading on the platform.
Following close inconvenience when it comes to trading fees is Plus500. Just like XM, Plus500 charges absolutely no fees on transactions. The same applies for opening and closing positions, and real-time forex quotes. There are also no hidden fees and commissions that you incur on trading on Plus500’s trading platform.
There are, however, some fees that you can incur such as an inactivity fee of $10 should you fail to log in to your account for 3 months. There are also overnight funding fees that are indicated next to the assets name for holding an overnight position. On a score of 5, Plus500 gets a 4.8 owing to the minimal and reasonable trading fees the platform charges.
IQ Options has no deposit or withdrawal fees. However, when making a bank withdrawal you may incur a fee of $31. There is also an inactivity fee of 10 euros for accounts that have been dormant for 90 consecutive days. IQ Options has very reasonable and affordable fees hence it gets a 4.6/5 score.
Avatrade has no deposit and withdrawal fees same to commissions. You can incur inactivity fees which are 50 units of your chosen base currency after 3 months of inactivity. There is also an administration fee which is 100 units of your selected base currency unit. Avatrade also has overnight trading fees that vary from time to time. The charges are moderate as such Avatrade scores a 3.5/5 considering some charges such as the administration fee is high.
E toro charges no deposit fees, however, it has withdrawal fees. The withdrawal fee is a standard $25 with the minimum withdrawal amount being $50. This amount is relatively high as it requires you to have at least $75 on your account to make a withdrawal. There are also conversion fees which are 50 pips for any USD currency pair for wire deposits only.
The conversion charges upon deposits and withdrawals range from 50 pips to 250 pips. An inactivity fee of $10 is also charged if you do not log in to your account for a period of 12 months. The fees at E toro are relatively high and prohibitive. On the 5 point score, it performs averagely hence gets 2.6/5.
Quality Of Platform
A website’ design is key to ensuring that you have the best experience when using the website. In web design, E toro takes the lead with its well-designed platform that suits its description of a technologically-sound trading platform. The organization of the home page in relation to menu items is well-done and one look is enough to give you a bearing of the page you want.
The site also uses images perfectly against a highlighted background that serves to create a good impression of the website.The site is also fast loading and compatible with various browsers. Additionally, you can access E toro’s site by the use of a mobile phone. Out of 5, E toro gets a 4.9 on the design of its website.
Avatrade utilizes generous font sizes and images to pass its perception of a credible website. The site is also fast loading and is accessible by browsers over the computer and mobile phone. The site also shows your country of the location at the top of the page.
It has charts and graphs on its homepage that serve as statistical tools on the performance of various assets. The downside is that the trading services of this platform are not available to some countries such as the USA. On a score of 5, Avatrade scores a 4.4.
XM has not spared any effort in the design of its website. A look at it draws appreciation at the creativity put into it. On the homepage, against a dark background are images depicting the presence of XM in various fields as a sponsor or other capacities. This serves in boosting the credibility of XM as a broker. The site is fast loading and compatible with mobile browsers. It gets a 4.5 score out of 5.
Plus500 utilizes simplicity on the design of its site utilizing images and charts on its homepage. The site loads fast and is compatible with various browsers. Plus500 gets a 4.5 on the design of its website.
IQ Options site is good utilizing a vibrant color scheme that is lively. Unfortunately, it takes time to load and some menu icons cannot be easily found. IQ Option needs to put in more effort into the user-friendliness of this website. Out of 5 IQ Options gets a 3.2 score.
When it comes to trading tools, E toro takes the lead as it has a variety of trading tools to boost its social trading platform. Among the tools that E toro features on its platform include the CopyPortfolios, Popular Investor, Daily market review, E toro blog, and the E toro economic calendar. On the number of trading tools, E toro gets a 4.7 out of 5.
XM also has a good number of trading tools on its platform. The trading tools include the economic calendar, forex calculators, platform tutorials and special reports among many more. These number of trading tools earns XM a score of 4.5/5.
Plus500 does not have many tools on the platform but the few do make an impact earning it a 4/5 score. Among the tools include the economic calendar, risk management, and alerts.
IQ Options has tools such as historical quotes, calendars, the newsfeed, and video tutorials among others. These are very important tools that earn IQ Options a 4.3/5 score.
Avatrade also does not disappoint when it comes to trading tools. On its trading platform, it has tools such as the economic calendar, the trading calculator and the Autochartisttrading tool. Avatrade scores a 4/5.
Plus500’s customer support is only accessed through a provided email. The customer is reachable 24/7 by email. Chat support is available in 16 different languages, and the platform is available in 32 languages. Fortunately, through email, the support team is available 24/7 and respond promptly. Its customer support hence scores a 3.9/5.
XM earns a 4.8/5 score on its efficient customer support that is accessible via phone and online. Online, you can reach the support staff by email and live chat and are accessible 24/5. XM’s support is also multilingual and supports various languages such as English, Italian and Polish among others.
IQ Options has really outdone itself when it comes to its customer support. Apart from email, it has toll free contacts for most of the countries that it is accessible. The support is 24/7 available and also features a live chat. Out of 5, IQ Options scores a clean 5 owing to the speedy response.
You can reach Avatrade’s customer support center via mail or by calling. The phone numbers for ever country its present are on its website and the response is prompt. Based on the prompt response and strong presence, Avatrade’s customer support earns a 4.5 out of 5 score.
E toro’s customer support is available 24/7 and is accessible by phone, email or by submitting an online ticket. E toro score a 4/5.