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A If you know what type of broker you're looking for, choose from our list below. Otherwise, scroll down and keep on reading for a balanced pro's and con's list of each broker we've hand selected.
Choosing a broker is crucial to the success of your trading journey. To ensure your funds are secure, make sure that the broker you choose is based and regulated by a respected financial regulator in a financial centre.
Consider the following factors when evaluating brokers:
It's not as important which broker you choose, as long as you feel that your money is safe and the broker provides the tools you need for your trading style.
We've written a balanced review of all of the brokers we suggest, including providing their trust pilot reviews. Read them carefully to ensure you choose the correct broker for your purposes.
AXI Trader offers a range of trading instruments, including forex, commodities, indices, and cryptocurrencies, and provides access to a range of trading platforms, including MetaTrader 4 and MetaTrader 5. The platform offers competitive spreads, fast execution speeds, and a range of educational resources to help traders improve their skills and knowledge.
Why choose Axi?
Ava Trade offers a range of financial instruments for trading, including forex, stocks, commodities, indices, cryptocurrencies, and more. The company provides its clients with a variety of trading platforms, including the popular MetaTrader 4 and MetaTrader 5 platforms, as well as their proprietary AvaTradeGO platform.
Why choose AVA?
Shares is an investment app and social community for any investor to make trades, manage their portfolio, and discuss opportunities with friends. With Shares, family, friends and seasoned investors can invest together, sharing knowledge and experience to inspire long-term growth in their investments.
Why choose Shares?
eToro is a social trading and multi-asset investment company that focuses on providing financial and copy trading services. Its headquarters are located in Central Israel, and the company has registered offices in Cyprus, the United Kingdom, the United States, and Australia.
Why traders would choose eToro:
Binance is an online exchange where users can trade cryptocurrencies. It supports hundreds of the most commonly traded cryptocurrencies. Binance provides a crypto wallet for traders to store their electronic funds. The exchange has supporting services for users to earn interest or transact using cryptocurrencies.
Why Traders Would Choose Binance:
Learn the difference between trading and investing and begin to think about which one is right for you.
We cover the basics of investing, how to get started, the tools you'll need and what's actually involved.
The realities and real risks of trading are explored. And the big question: is it possible to make a living trading?
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A group of professors from the University of California conducted research on day trading, analyzing 3.7 billion trades on the Taiwan Stock Exchange between 1992-2006. Their study, titled “Do Day Traders Rationally Learn About Their Ability?” and published in 2014, found that only 9.81% of day trading volume was generated by predictably profitable traders, and that these traders make up less than 3% of all day traders on an average day. (Barber et al., 2014)
A 2005 article in the Journal of Applied Finance, titled “The Profitability of Active Stock Traders,” researched by professors from the University of Oxford and the University College Dublin found that out of 1,146 brokerage accounts day trading in the US markets between March 8, 2000, and June 13, 2000, only 50% were profitable, with an average net profit of $16,619. (Garvey and Murphy, 2005)
In another study, conducted by professors at the University of Texas and published in the Financial Analysts Journal in 2003, 334 brokerage accounts day trading in the US markets between February 1998 and October 1999 were analyzed. The study, titled “The Profitability of Day Traders,” found that only 35% were profitable, and only 14% generated profits in excess of $10,000. (Jordan and Diltz, 2003)
The range of results in these three studies underscores the challenge of determining a definitive success rate for day traders. However, these studies suggest that at least 50% of aspiring day traders will not be profitable. This reinforces the notion that consistently making money trading stocks is not an easy task. It's worth noting that day trading is a high-risk activity that could lead to the loss of your entire investment, and any trade or investment is made at your own risk.
It is essential to understand that all information discussed is purely for educational and informational purposes. None of the information should be considered tax, legal, or investment advice, and any referral to a stock or commodity is not an indication to buy or sell that stock or commodity.
Please note that the above summary is not exhaustive and does not represent the full Disclaimer. Please read the complete disclaimer for more information.
References: Barber, B., Lee, Y. I., Liu, Y. J., & Odean, T. (2014). Do Day Traders Rationally Learn About Their Ability? SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2535636
Garvey, R., & Murphy, A. (2005). The Profitability of Active Stock Traders. Journal of Applied Finance, 15(2), 44-56. https://ssrn.com/abstract=908615
Jordan, D. J., & Diltz, J. D. (2003). The Profitability of Day Traders. Financial Analysts Journal, 59(6), 85-94. https://www.tandfonline.com/doi/abs/10.2469/faj.v59.n6.2578
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