BrokerChooser is a global online service for comparing and choosing investment brokers. Below, their CEO and co-founder Tibor Bedő talks us through the awards process, discusses the top five awards and the firms that have been selected, providing some insight on the complex world of investment brokering.

Every year we carry out a comprehensive review of the market and of the brokers in it. We then make awards based on nine criteria: fees, trading platforms, product portfolio, security, account opening (ease and cost), deposit and withdrawal (costs and time it takes), customer service (the support across all channels), research (the resources and tools they provide) and education (does the broker offer support services such as webinars and other tool).

This year we collected much wider and more in-depth data on brokers and their services than ever before.  Our aim was to make the scoring more precise and better reflect the differences between brokers.

This year we collected much wider and more in-depth data on brokers and their services than ever before.  Our aim was to make the scoring more precise and better reflect the differences between brokers.

It was important to use the right parameters for each category. To ensure we got this right, we interviewed our customers about their preferences and, of course, also used our own professional knowledge and insight into the brokerage industry.

There were 24 awards in total.  However, the key ones, the winners, and the criteria we used for judging them, are below.

1. Best online broker was won by Interactive Brokers

We considered how brokers performed across all the criteria, particularly fees, product selection and trading platforms. This is the second year in a row that Interactive Brokers have won this category. It won high scores due to its low trading fees, comprehensive product range, and well-developed trading platforms. It is a strong company with a great reputation.

2. Best discount broker was won by DEGIRO

This award is all about the fees and how cost effective the broker is.  It is a key consideration with our customers. DEGIRO won this for the second year in a row as its trading fees are low for all asset classes. In addition, there are no withdrawal, inactivity, or account fees charged.

3. Best broker for stock trading was also won by DEGIRO

Stock is one of the most popular asset classes (more than 60% of our clients focus on investing in stocks). The main parameters for this award are fees, stock exchanges availability and the overall quality of their service. DEGIRO won this award due to its low stock fees, global stock exchange coverage, and the high quality of the service it provides.

4. Best forex brokers was won by Saxo Bank

Here we were obviously looking for outstanding performance in criteria that are relevant to forex trading. Our customers told us that these are low forex and withdrawal fees, advanced trading platforms with great charting tools, and wide range of currency pair selection. Saxo Bank has performed well in all these categories.

5. Best discount forex brokers was won by Fusion Markets

This is a new broker category. We created it as many from our customers are looking for great value forex trading. The most important factor here is therefore the forex fees. Fusion Markets charge the lowest commission per lot for buying and selling the currency pairs ($2.25) and doesn't charge any withdrawal fee.

The other awards and their winners were:

Best broker for funds                                                        Firstrade

Best broker for bonds                                                       Fidelity

Best CFD broker                                                                  XTB

Best broker for cryptos                                                     eToro

Best broker for options                                                    TD Ameritrade

Best broker for futures                                                     Interactive Brokers

Best broker for beginners                                               Robinhood

Best broker for millennials                                              Revolut

Best broker for buy and hold                                          TradeStation Global

Best broker for day trading                                             Interactive Brokers

Best web trading platform                                              Saxo Bank

Best mobile trading platform                                         Oanda

Best app for stock trading                                                Robinhood

Best desktop trading platform                                       TD Ameritrade

Best broker for research                                                  Saxo Bank

Best broker for API trading                                              Oanda

Best social trading                                                              eToro

Best digital bank                                                                  Revolut

Best robo-advisor                                                               Betterment

All the winners offer exceptional services but of course there are some brokers who perform very badly. Even investors with a lot of experience can find it difficult to identify the good ones, or the ones that suit them best, without weeks of research. The idea behind these awards is that we do this work for you.