Best trading platform for Europeans in 2020

Saxo Bank is a Danish investment bank founded in 1992, providing online trading and investments. The company is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK Financial Conduct Authority (FCA). 

Saxo Bank is a global service provider. In the different regions, its subsidiaries are present in the form of separate legal entities. The services offered by each entity might change slightly especially in case of their fees and products available to trade. In this review, we tested Saxo Bank UK.

Saxo Bank is considered safe because it has a long track record, has a banking background, and is regulated by top-tier financial authorities.

Recommended for investors and traders looking for a great trading platform and solid research

Visit broker

#1 Saxo Bank
Web trading platform

5.0

Saxo Bank's web trading platform is one of the best among online brokers. It's easy to use, but also provides features favored by professionals, such as an advanced order panel.

Saxo Bank's web trading platform is called SaxoTraderGO, while the name of the desktop trading platform is SaxoTraderPRO. Both are developed by Saxo.

The web trading platform is available in an exceptionally large number of languages.

Look and feel

SaxoTraderGO is a great platform; we really liked its modern design and user-friendliness.

The easily customizable platform meets the needs of both novice and professional traders. However, customizability has its limits; for example, you can change the size of various tabs but not their relative positions.

Login and security

Saxo Bank has an optional, safer, two-step login system.

Search functions

Saxo's search functions are great. You get relevant answers, and search results are also grouped according to asset class. For example, if you search for Apple, the results will show Apple stocks, CFDs and options as well.

There is a drop-down button on the right side of the search box for filtering results. For example, you can narrow down stock search results to specific countries, or filter forex search results for major currency pairs.

Placing orders

You can use many order types and order time limits. 

Pick any of the order types listed below:

• Market
• Limit
• Stop limit 
• Stop 
• Trailing stop 
• One-cancels-the-other (OCO)

If you are not familiar with the basic order types, read this overview.

There are also several order time limits available:

• Good till canceled (GTC) 
• Day Order
• One week
• One month
• End of week
• End of month
• End of Year
• Good till date (GTD)
• Immediate or cancel (IOC)

We also liked Saxo's fee transparency. When you open the order panel, you will be shown a 'Trade Ticket' that lists a lot of useful information, such as the costs or the margin requirements.

Alerts and notifications

You can use a wide range of alerts:

• Price alert
• Position closing/opening
• Portfolio change
• Margin call, etc.

Notifications from the platform are available as pop-up messages or in email.

Portfolio and fee reports

Portfolio and fee reports are transparent. You can view and download reports under the 'Account' tab. Historical profit/loss balance and costs paid are clear and easy to track.

Visit web platform page

#1 Saxo Bank
Mobile trading platform

5.0

Saxo Bank's user-friendly mobile platform has the same look and almost the same functionality as the web platform.

Saxo Bank's mobile trading platform is available for both iOS or Android. In this review, we tested it for Android.

The mobile trading platform is available in the same languages and has the same search functions, order types and alerts as the web trading platform. It provides two-step authentication.

The platform's user-friendliness falls short of the web trading platform. We liked the modern design but were slightly disappointed by the confusing menu structure, which sometimes made it hard to find what we were looking for.

Visit mobile platform page

#1 Saxo Bank
Desktop trading platform

5.0

Saxo Bank's desktop trading platform is one of the best on the market. It is well designed, easy to use, and offers great customizability.

Saxo's desktop trading platform, SaxoTraderPRO looks similar to its web-based equivalent.

At the same time, as the name 'PRO' suggests, the desktop version offers more advanced customizability. You can run up to six windows at the same time and create your own trading environment. Each window is customizable in size and position.

Visit desktop platform page

#1 Saxo Bank
Research

5.0

Saxo Bank's research is great, including well-developed tools for both fundamental or technical analysis. You have clear recommendations, detailed fundamental data and user-friendly interactive charting at your disposal.

The majority of Saxo Bank's research tools can be found on its various trading platforms. Another source of research tools and ideas is tradingfloor.com. 

Trading ideas

There are many analysis pieces and recommendations both on Saxo's trading platforms and on tradingfloor.com. 

Fundamental data

Saxo provides very detailed data on stock fundamentals. However, only a few are available for free, namely: Apple, Microsoft, Barclays, Nestlé, Siemens, Telefonica, Nokia, ENI, and Hennes & Mauritz. For data on other stocks, you have to subscribe.

You will find both current and historical data. On top of information such as ownership structure, financial statements, valuation or peer group comparison, you can also prepare your own benchmark analysis. Analyst consensus and target price information are also available.

You can check out the current winners and losers of major stock exchanges, read related news articles, and view related trade signals and calendar events.

Charting

The interactive chart function is also great and user-friendly.

You will find 50 technical indicators and can add many editing tools, like trendlines or Fibonacci tools.

In addition, there is a trading signal tool, which gives you a buy or a sell signal based on technical indicators. This feature is powered by Autochartist, a third-party research company.

News feed

A news feed and an economic calendar are also available on Saxo's trading platforms. One slight drawback is that you can't filter news by assets.

On tradingfloor.com, you can read additional news and daily commentary, long-term outlook pieces. or expert opinion.

Other research tools you will enjoy

There is a great stock screener. You can filter stocks by country, industry, and financials.

For example, if you are searching for tech companies in the US with a P/E of less than 15 and a market cap higher than $1 billion, this is basically a two-click exercise in the screener.

More research info

#1 Saxo Bank
Verdict

Saxo Bank is a great broker, providing a complex and good service.

Saxo offers a user-friendly and well-designed trading platform, backed by great research. The product portfolio covers all asset types and many international markets.

It has some drawbacks though. The fees for bonds, options and futures are high. There is also a high minimum deposit for certain countries. Lastly, there is no live chat or 24/7 customer support.

In general, Saxo Bank is one of the best online brokerage companies out there. By opening an account, you will get a broad, well-developed service constantly responding to the needs of clients.

Visit broker More

Oanda is an American forex broker founded in 1996.

It is considered safe because it has a long track record, discloses its financials, and is regulated by top-tier authorities, such as the US Retail Foreign Exchange Dealer (RFED) and the UK's Financial Conduct Authority (FCA).

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders who value a user-friendly platform and great research tools

Visit broker
73.5% of retail CFD accounts lose money

#2 Oanda
Web trading platform

4.5

Oanda's web trading platform is user-friendly and safe with good customizability. On the downside, you can't set price alerts.

At Oanda you can choose from two trading platforms: Oanda's own platform or MetaTrader 4. In this review, we tested Oanda's platform.

The web trading platform is available in several languages: 

Look and feel

Oanda's own trading platform is user-friendly and well-designed. It is also customizable, allowing you to change the tabs' position and size.

Login and security

Oanda provides a two-step login, which is safer than using only a username and password. For two-step login to work, you'll have to install the Google Authenticator app, which is a compromise that's easy to live with for the sake of security.

Search functions

The platform's search function is good, in that you can easily find the assets you are looking for. Assuming you found the search function in the first place - its location is not very intuitive, as the search menu can be found under the ‘Rates’ tab.

Placing orders

You can use the following order types:

• Market
• Limit
• Take profit
• Stop loss
• Trailing stop

Only Good till Date (GTD) order time limit is available. To get a better understanding of these terms, read this overview of order types.

Alerts and notifications

You cannot set price alerts and notifications on the web trading platform, although this function would be useful and it is available at several other brokers.

Portfolio and fee reports

Oanda has clear portfolio and fee reports. You can find your summary of spread costs, commissions and profit under the ‘Activity’ tab.

Visit broker
73.5% of retail CFD accounts lose money

#2 Oanda
Mobile trading platform

5.0

Oanda's mobile platform is similar to the web trading platform in functionality, and as a plus, you can also set alerts.

Oanda's mobile trading platform is available on both iOS and Android. We tested it on Android in English, but it's also available in the following languages:

Look and feel

The Oanda mobile trading platform is user-friendly. The chart tab is great, you can customize it well. This is not something you commonly find at other brokers.

Login and security

Oanda provides a two-step login, which is definitely safe, but you can't use biometric authentication (i.e. fingerprint or face recognition on your phone), which would make the process even more convenient.

Alerts and notifications

Unlike on the web trading platform, it's possible to set alerts and notifications on the Oanda mobile platform.

Visit broker
73.5% of retail CFD accounts lose money

#2 Oanda
Desktop trading platform

3.8

Oanda's desktop platform mimics the web platform in terms of functionality, but its design could be improved.

Visit broker
73.5% of retail CFD accounts lose money

#2 Oanda
Research

4.8

Oanda has a wide range of research tools, such as news, technical analysis and API.

Oanda has a lot of research tools, but they are scattered across five different pages. For the sake of clarity, here they are in one place:

• MarketPulse: analyses written by Oanda's own research team. It also includes an economic calendar.
• News: MarketPulse articles plus a feed by Dow Jones Newswires, a prominent third-party information provider
• Economic analysis: analyses of important economic events. However, there is an overlap with MarketPulse as many of these articles can be found there as well.
• Oanda Labs: tools developed by Oanda's engineers. These tools are usually based on technical analysis, e.g. candlestick pattern analysis. 
• Technical analysis: many technical analysis tools powered by Autochartist
• Algo Lab: a powerful tool for API trading

Research tools are available in multiple languages.

Fundamental data

Oanda provides no fundamental data, mostly because it concentrates on forex.

Charting

Oanda has great charting tools. The charts are very responsive, easy to edit, and you can use more than 70 technical indicators.

News feed

News is available on the ‘News’, ‘Market Pulse’, and ‘Economic Analysis’ pages. You can reach these pages from the trading platforms.

We think ‘MarketPulse‘ is your best bet to be in the know. It offers well-written news and analysis with visual elements like charts or videos. You can also find a great economic calendar. These elements are totally missing from the ‘News‘ page, while the ‘Economic analysis‘ page is not up to date.

Other research tools

There are so many other research tools that even a separate review wouldn't do them justice. Therefore, we picked only the hottest ones.

Oanda has great API options. You can make/use your own APIs in a great and very user-friendly environment. Algo Lab allows you to code and deploy your own automated trading strategies right from your web browser. Programming languages supported by Algo Lab are C#, Python, and F#.

Compare research pros and cons

#2 Oanda
Verdict

Oanda is a good forex broker: its fees are great, and it has a good web trading platform where you will quickly feel comfortable. It provides a user-friendly and fully digital account opening process, as well as powerful research tools, especially API.

On the other hand, Oanda has a limited product portfolio, as only forex and CFDs are available. Customer support is slow, and bank withdrawal fees can be high.

Feel free to try Oanda: it is regulated by top-tier regulators, there is no minimum deposit, and the inactivity fee only kicks in after two years.

Visit broker More
73.5% of retail CFD accounts lose money

IG was established in the UK in 1974 and is one of the biggest CFD brokers in the world. It is regulated by several bodies globally, including top-tier regulators like the Financial Conduct Authority (FCA) and the Federal Financial Supervisory Authority (BaFin). IG Group is listed on the London Stock Exchange.

IG is considered safe because it is listed on a stock exchange, discloses its financials and is overseen by top-tier regulators.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFDs are not provided for US clients. Forex trading involves risk. Losses can exceed deposits.

Recommended for traders of any experience level looking for an easy-to-use trading platform

Visit broker
76% of retail CFD accounts lose money

#3 IG
Web trading platform

5.0

IG's web trading platform is great for both beginners and professional traders. It is easy to use, has all the necessary functions and can be customized.

You can use IG's trading platform or MetaTrader 4, a third-party trading platform. In this review, we tested IG's own trading platform.

The web trading platform is available only in English.

Look and feel

The IG trading platform is one of the most intuitive and well-designed web trading platforms we have seen. 

You can easily customize the trading platform. The flexible design allows you to move windows around and save layouts. You can create watchlists and there is also a one-click trading feature.

Login and security

You can easily set up two-step authentication. You have to download the 'IG Authentication' app on your mobile and activate the two-factor authentication.

Search functions

You can search for products in the sidebar on the left. It works as you would expect. You can also browse available investment options by typing manually or browsing through the asset class categories.

Placing orders

You can choose from many order types:

• Market order
• Limit order
• Stop-loss order
• Trailing stop order
• Guaranteed stop order

If you are not familiar with the basic order types, read this overview.

There are also order time limits you can use:

• Good 'til canceled (GTC)
• Good 'til date (GTD)

Alerts and notifications

Alerts and notification are all available, they can be set if you go to 'MyIG,' then 'Settings,' and click on 'Communication Preferences.'

You can choose from multiple alert and trade/deal notifications:

• price alert (prices reach an important level)
• indicator alert (technical tools reach an important level)
• economic alert (big economic announcements)
• automated or manual deal opening/closing
• automated or manual position editing

Portfolio and fee reports

IG provides clear portfolio and fee reports. The main performance and status of your account is available on the dashboard of your live account. By opening the menu on the right, you can see the 'History' tab where you can check all the costs and returns on past trades. 

Visit web platform page
76% of retail CFD accounts lose money

#3 IG
Mobile trading platform

5.0

The IG mobile trading platform is easy to use and has great functionalities. On the down side, there is no two-step authentication.

You can use both IG's own mobile trading platform and the MetaTrader 4 platform. They are available for both iOS and Android devices. 

In this review, we tested IG's own platform on an Android device. 

The mobile platform is available only in English.

Look and feel

The IG mobile platform is very intuitive, similarly to the web trading platform. You can easily find all available features.

The design is OK, nothing great, and not as good as the web trading platform.

Login and security

You can use only a one-step login. A two-step login would be safer.

You can't use fingerprint or Face ID authentication either. Providing this feature would be more convenient.

Search functions

The search functions are the same as at the web trading platform. When searching, the assets are categorized. 

Placing orders

You can use the same order types and order time limits as the ones on the web trading platform. 

Alerts and notifications

The mobile platform's alerts function is not as extensive as the web trading platform's. You can set only price alerts.

Visit broker
76% of retail CFD accounts lose money

#3 IG
Desktop trading platform

IG's in-house developed trading platform has no desktop version. If you prefer a desktop-based platform, you can use only MetaTrader 4.

Visit broker
76% of retail CFD accounts lose money

#3 IG
Research

3.5

IG offers user-friendly research tools. Its news flow and charting tools are great. On the other hand, fundamental data is not available.

You'll find IG's research tools on the trading platform. Just like the trading platform, the research tools are only available in English.

Trading ideas

IG provides trading ideas. You can find ideas about the direction of specific assets if you click on the 'Signals' section. e left-side menu.

Fundamental data

IG does not offer fundamental data.  

Charting

IG has good charting tools. You can easily edit and save your charts. We also liked that you can mark the date of major economic events on the charts in a quick and simple way. There are 25 technical indicators available that you can use for charting.

News feed

IG has a pretty good news function that is powered by Thomson Reuters. You can get the news directly from the web platform. There is no separate news function on the mobile platform but you can find related news for specific financial instruments.

In addition to the Thomson Reuters news ticker, you can also read tweets from Twitter.

We liked IGTV, IG's built-in news video service on the web trading platform, which publishes four editions each day. By watching these videos you can stay up-to-date on major news developments, and get analysis on the charts for key forex pairs, commodities and stock indices.

Other research tools you will enjoy

IG Community is an innovative forum for IG customers. Users can share their trading ideas here, which may help you to make a trading decision.

Compare research pros and cons

#3 IG
Verdict

IG is one of the biggest and most reliable CFD brokers. It is regulated by several financial authorities around the world. IG Group is listed on the London Stock Exchange.

IG has one of the best web trading platforms Brokerchooser tested. The deposit and withdrawal conditions are great. You can also educate yourself with great educational materials.

On the other hand, there are some drawbacks. The stock CFD fees are high and the product portfolio in most countries is limited to forex, CFDs, and options. The phone customer service has also low quality.

Feel free to test IG's first-class trading platform since there is no minimum funding amount for bank transfers and you can easily open a demo account too. 

Visit broker More
76% of retail CFD accounts lose money

XTB is a global CFD and forex broker with headquarters in London and Warsaw. The company is regulated by several financial authorities worldwide, including the UK's Financial Conduct Authority (FCA) and the Polish Financial Supervision Authority (KNF). XTB is listed on the Warsaw Stock Exchange.

XTB is considered safe because it is regulated by at least one top-tier financial authority, the FCA, and is listed on a stock exchange.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders looking for low fees and great deposit/withdrawal service

Visit broker
80% of retail CFD accounts lose money

#4 XTB
Web trading platform

4.4

XTB's xStation 5 platform is user-friendly, can be customized and has a good search function. On the other hand, a two-step login is not available.

You can choose between two trading platforms:

• xStation 5, XTB's own trading platform
• MetaTrader 4, a third-party tool

In this XTB review, we tested the xStation 5. This trading platform is available in many languages: 

Look and feel

At first glance, xStation 5 might appear like a platform designed for professional users, but as you start to use it you will find it well-designed and user-friendly, and you will be able to use it with ease, even if you are a starter.

You can easily customize the web trading platform.

Login and security

There is only a one-step login. A two-step login would be more secure.

Search functions

The search function is good. There are different ways you can search for an asset by clicking on ‘Market Watch':

• Type the name of the product in the search bar.

• Browse the various categories and product types. For example, if you want to trade with a US stock CFD, you just click on the stock type and select the US.

Placing orders

You can use these order types:

• Market
• Limit 
• Stop-loss
• Trailing stop 

If you are not familiar with the basic order types, read this overview.

There is also one order time limit you can use: Good 'till Time (GTT).

A useful feature of the platform is the trader calculator, which helps you to calculate the margin, the commission and other important parameters for trades. 

Alerts and notifications

We liked the ease of setting alerts and notifications. You can set up email, SMS and push notifications for important events such as margin calls, deposits and withdrawals, your closed/open positions and other features.

Portfolio and fee reports

The platform has clear portfolio and fee reports. You can find them under the 'History' tab, with the profit/loss of your positions. Daily email reports are also available.

Visit web platform page
80% of retail CFD accounts lose money

#4 XTB
Mobile trading platform

4.3

The XTB mobile platform has a good search function with a modern design. On the other hand, there is no two-step authentication.

Both xStation 5 and MetaTrader 4 have mobile platforms on iOS and Android. You can also use an Apple Watch. Similarly to the web trading platform, we tested xStation's mobile application and we used an Android device.

The mobile trading platform is available in the same languages as the web trading platform.

Look and feel

XTB's mobile trading platform is user-friendly and well-designed. You can easily find every important feature.

Login and security

The application provides only a one-step login. A two-step login would be more secure.

If you use an iOS device, you can set fingerprint authentication. However, this feature is not available on Android devices.

Search functions

xStation's search function is great. You can type the name of the product in the search bar or just browse the different categories.

Placing orders

You can use only basic order types:

• Market
• Limit
• Stop-loss

There is also one order time limit you can use: Good 'till Time (GTT).

Alerts and notifications

You can set a lot of different types of alerts and notifications, including price alerts or notifications about important market news.

Visit broker
80% of retail CFD accounts lose money

#4 XTB
Desktop trading platform

4.4

XTB's xStation 5 platform has a desktop version as well. In functionality and design, it's completely the same as the web trading platform.

Visit broker
80% of retail CFD accounts lose money

#4 XTB
Research

4.3

XTB's research tools are user-friendly. There are a lot of tools that help you to select instruments to trade, and the news flow has some trading idea recommendations too. However, detailed fundamental data is not available.

XTB's research tools come from two sources:

• The xStation 5 trading platform.
• The XTB website, under the 'Market Analysis' section.

Research tools are available in a lot of languages, such as English, Arabic, or Chinese. However, when we set the platform's language to English, we still got the news commentary in our own language. 

Trading ideas

XTB provides a few trading ideas, which can be found in the news flow. These trading ideas are usually short-term and based on technical tools.

However, these trading ideas are not structured. For example, when you search for trading ideas about a specific asset, you get a lot of search results and it's not easy to find the right one.

Fundamental data

You can only find limited fundamental data. There are a few basic facts, such as the P/E ratio or debt/equity ratio. You can't access financial statements or operational metrics.

Charting

XTB has good charting tools. You can easily edit and save the charts. You can use 35 technical indicators, which is in the mid-range compared to other brokers.

News feed

The news is provided by XTB's own research team, which was voted the Best EMEA FX Forecaster by Bloomberg in 2018 Q2 and Q3. The news is a mix of recommendations, data releases from the economic calendar, trader's talks and brief messages about current market developments.

By using the economic calendar, you can see the upcoming events. When you select an event, you can read a short summary and check the historical data.

Other research tools you will enjoy

The 'Market sentiment' feature shows the percentage of the clients' long and short positions. Another tool, the 'Heatmap,' visualizes winners and losers.

The 'Stocks scanner' uses 15 factors to filter stocks you want to trade with, including market capitalization, P/E, beta and debt-to-equity ratio.

Another useful tool is the 'ETF scanner.' This is very similar to the stock scanner, providing 10 filters such as cumulative return or the assets' total value. When we tested this tool, only three ETFs were visible and the filters we tried to change were not always working.

More research info
80% of retail CFD accounts lose money

#4 XTB
Verdict

XTB is a great CFD and forex broker. It is regulated by several financial authorities globally, including the UK's FCA, and it is listed on the Warsaw Stock Exchange. 

On the plus side, its forex and stock index CFD fees are low and the deposit and withdrawal process is free and fast. We also liked the seamless and hassle-free account opening process.

XTB has some drawbacks, though. The stock CFD fees are high. The product range is mainly limited to FX and CFDs, although real stock and ETF trading are available in some European countries. Lastly, its email support did not reply to our queries.

We recommend XTB for clients who prefer forex or CFD trading, and also want to enjoy great deposit and withdrawal options and a fast account opening. Feel free to test it using a demo account.

Visit broker More
80% of retail CFD accounts lose money

Fees were not a factor when selecting the best trading platforms but we also wanted to let you know what you have to pay if you want to sign up with the brokers that offer the best trading platforms for Europeans.

If your primary focus is only on fees we recommend that you check out the best discount brokers.

To get things rolling, let's go over some lingo related to broker fees. What you need to keep an eye on are trading fees and non-trading fees..

• Trading fees occur when you trade. These can be commissions, spreads, financing rates or conversion fees.
• Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

You can compare below the trading fees of the four featured brokers with regard to the biggest stock markets, and most traded currency pairs and CFDs, as well as some non-trading fees.

There can be huge differences between trading fees, even if you want to do a simple US stock trade. To find out more about how the fares of different trading brokers stack up against each other, check out our ultimate comparison table.

Visit comparison table

Let’s take a look at non-trading fees as well.

We recommend only quality brokers, so you can be sure that none of the listed online brokers are scams. In order to be sure, we check roughly 20 safety-related criteria, such as the regulation, investor protection amount and transparency of the broker’s financials. All the brokers you find on BrokerChooser are regulated by at least one top-tier financial authority.

However, financial companies can also go down. Remember Lehman Brothers? In these cases, it is important to know what happens with the securities, cash and derivative/leveraged positions on your account.

In a worst case scenario, for example, if the broker commits fraud or just simply cannot pay you, you have a last resort – the investor protection of the country where the broker is regulated.

The investor protection amount differs from country to country, so it is worth checking this before you open an account.

An online broker and its trading platform can easily make or break your success in online trading. It greatly influences both your comfort and performance as a trader or investor. It is important to choose the online broker with the best trading-platform.

‘Best trading platform’ in our definition means a trading platform that is not only great, but one that has excellent research tools as well. The trading platform is important for executing your trades, while the research tools are necessary for getting trading ideas. Below we present the most important criteria for a great trading platform, and have added research tools as an extra.

You saw the details, now let's zoom out. Here are the best trading platforms for Europeans in 2020:

All of these brokers are considered a great choice. Pick the winner or any runner-up and take the next step in your investment journey. Let us know what you think in the comments section.

Still unsure? Use the broker finder and find the best broker for you or learn more about investing your money.