In the world of trading and investing there is an abundance of choice when it comes to choosing a broker. At Minipip we partner with some of the leading trading and share dealing brokers to ensure that users can see a good range of the market.
Minipip rates brokers on a scale of 1-5, with 5 being the highest star rating and 1 being the lowest star rating. When analysing a broker, we take into consideration 8 aspects of the company and rate each one of these sub sections to then create an overall rating. The subsections include what we believe are the most important aspect of a strong broker and these are:
Within this section we look at what financial products the broker offers to its new and existing clients. The Products we look out for include CFDs, Spreadbets, Share Dealing, ISAs, Managed Portfolios and SIPP/Pensions. The more a broker offers, the higher their rating. It is worth noting that this is based on a UK client base. Brokers which operate in different jurisdictions may offer a larger range of products.
People usually invest or trade with the aim to make money. But what isn’t simple is understanding commissions, spreads, and other related charges that brokers can profit from. Minipip takes a close look at the structure of pricing from brokers to see how transparent and easy they are to understand, but also how expensive they are. Fees include, Commissions, Flat fees, Spread charges, Overnight funding charges, Account Management fees, Currency conversations, and dormant fees.
Functionality is important for all clients, but especially new clients. An easy-to-use interface with a clean design and good tools are crucial for investors and traders. Minipip rates brokers out of 5 based on the aesthetic, design, and functionality of their website. Included within this we look at considerations such as ease of withdrawing, 3rd parties who may be involved, portal navigation, colour and branding as well as technical issues, bugs and errors.
Minipip is an information portal offering analysis, research, news and trading tools. Most brokers also offer their own portal services to aid traders on a daily basis. The depth of research really varies from broker to broker. When comparing research from broker we take into consideration the ease of accessibility for the user, the depth of content, the accuracy of content and the flow of content.
Phones are now a major part of society. A new generation of investors now use phones as their primary way to trade or invest on the go. A strong app is important for on-the-go traders as well as from an informational point of view. When analysing brokers Minipip considers the strength of the trading app, usability, functionality, design and also takes into heavy consideration if a 3rd party is used like Tradingview, Metatrader or C-Trader.
Trading on a desktop is a good way to get a full picture of the markets. While Mobile trading is popular, the rise in desktop computers in households because of the 2020/2021 work from home scheme, has meant that a spike in desktop use has been seen. Similar to Mobile trading, Minipip looks at the strength of the desktop platform, functionality, and design. We also look at what 3rd party plug-ins are used as well, whether they’re negative or positive.
Minipip runs a bespoke 1-1 academy for newbie investors. Our Academy educates on 6 key topics we believe are related to successful investing or trading. Some brokers also offer their own types of academy and educational tools as well. Within this area we analyse the depth of educational content as well as the relevancy of the education and the personalisation of the content.
Minipip take pride in our customer service, and brokers should as well. As a result, this is one of our most important aspects we look at. Within this, we look at how long it takes for email replies, how long it takes for brokers to pick up the phone and other elements such as online chats and queries. We also take into consideration