What Brokers & Accounts to Open

To maximise profits, you want to avoid paying high fees, poor spreads, and bad bids and fills. This is actually really important.

The difference between a good broker and a bad one can eat significantly into your returns over time, especially if you're an active trader. Here are my honest recommendations—I am not being sponsored by any broker, so I can tell you this directly.

STOCKS & FUTURES

Interactive Brokers (IBKR)

Stocks • Futures • Options • Forex

✓ Best commissions

✓ Great spreads

✓ Great margin rates

✓ Good customer service

⚠ High margin required for futures

IBKR is by far the best overall broker. The only downside is the high margin required for futures, but if you are trading futures you realistically should have a large account, so it makes no difference.

FOREX

Europe

Pepperstone

Forex • CFDs

✓ Good spreads

✓ Reliable execution

✓ Well-regulated

⚠ Leverage only 30:1 (regulatory limit)

The only downside is leverage is only 30:1 (not 200:1 like many offshore brokers offer), but honestly it's not really a big deal. Higher leverage usually leads to blown accounts anyway.

United States

US FOREX OPTIONS

For US-based traders, common regulated options include Interactive Brokers or OANDA. For higher leverage, some traders use offshore brokers like IC Markets—but research based on your location and risk tolerance. Regulation matters.

CRYPTOCURRENCY

For crypto—specifically to buy and hold BTC only—there are several reliable options:

Kraken — Strong security, good reputation
Coinbase — User-friendly, well-regulated in US
Gemini — Strong compliance, insurance
Binance — Largest by volume (availability varies by region)

DO YOUR OWN RESEARCH

I am personally unsure which is absolute best for long-term reliability and lowest fees—it depends on your location and needs. Check current reviews and regulations before choosing. The crypto exchange landscape changes frequently.

KEY TAKEAWAYS

For stocks and futures: IBKR is the clear winner
For forex in Europe: Pepperstone is solid
For forex in the US: IBKR or OANDA for regulated options
For crypto: Research based on your region and needs

REMEMBER

Broker fees compound over time. A 0.1% difference in spreads or commissions can add up to thousands over a year of active trading. Choose wisely and don't be afraid to switch if you find better options.