To find the best online brokers for beginners in Ecuador in 2020, we went ahead and did the research for you. We made interviews with newbies, without any trading experience. We tested 57 brokers and 4 made it to the top. They confirmed these top 4. And now without further ado...
The best online brokers for beginners in Ecuador in 2020 are:
- eToro is the best broker for beginners in Ecuador in 2020. Free stock and ETF trading in the EU. Seamless account opening. Social trading experience.
- Saxo Bank is the runner-up. Great trading platform. Outstanding research. Broad product portfolio.
- Swissquote is placed number three. Access to many markets and products. No inactivity fee. Rock-solid background.
- Tastyworks is number four. Low trading fees. Great educational materials. Good research tools.
| Broker | Info | Best in | |
|---|---|---|---|
| #1 | eToro | Global social trading broker | Best broker for cryptos |
| #2 | Saxo Bank | Danish investment bank | Best forex broker |
| #3 | Swissquote | Swiss investment bank | |
| #4 | Tastyworks | US options and stockbroker |
What makes a good broker for beginners? Two things above all: keep it simple and guide the client. The trading platform needs to be clean, and understandable. Fair fees are also important (learn more about brokerage fee here). Have great educational tools, like a demo account, provide webinars or courses. It must be easy to open an account and deposit.
Easy to list, but hard to figure it out. We are testing brokers along more than 100 criteria with real accounts and real money. We know what's up.
Not sure which broker? For a tailored recommendation, check out the broker finder tool. You can enter your country and it will show only the relevant brokers. Want more details? Compare brokers with this detailed comparison table.
And now, let's see the best online brokers for beginners in Ecuador in 2020 one by one. Starting with the winner, eToro.
#1 Best broker for beginners
eToro
eToro is a well-known Israeli fintech startup, a social trading broker established in 2007.
eToro serves UK clients through an entity regulated by the Financial Conduct Authority (FCA), Australians through an Australian Securities and Investment Commission (ASIC) regulated entity. All other customers are served by a Cypriot entity that is regulated by the Cyprus Securities and Exchange Commission (CySEC).
eToro is not listed on any stock exchange, does not disclose its annual report on its site and does not have a bank parent.
eToro is considered safe because its UK and Australian arms are regulated by top-tier financial authorities and it is a well-known fintech startup.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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 traders interested in social trading (i.e. copying other investors’ trades)
| Pros | Cons |
|---|---|
| • Free stock and ETF trading in the EU | • High forex fees |
| • Seamless account opening | • Withdrawing money is slow and expensive |
| • Social trading experience | • Only one account base currency |
#1 eToro
Web trading platform
eToro offers a user-friendly and well-designed web trading platform. In addition, social trading is also available. On the other hand, the customizability is limited.
| Pros | Cons |
|---|---|
| • User-friendly | • Limited customizability (for charts, workspace) |
| • Clear fee report | |
| • Two-step (safer) login |
| eToro | Saxo Bank | Swissquote | Tastyworks | |
|---|---|---|---|---|
| Web platform score | 4.0 | 5.0 | 4.0 | 3.0 |
| Mobile platform score | 5.0 | 5.0 | 5.0 | 4.0 |
| Desktop platform score | - | 5.0 | - | 4.0 |
#1 eToro
Fees
eToro offers free stock trading in Europe and has low CFD fees. On the negative side, forex trading fees and withdrawal fees are high.
| Pros | Cons |
|---|---|
| • Free stock and ETF trading in the EU | • High non-trading fees |
| • Low CFD fees | • High forex fees |
| • Withdrawal fee |
| eToro | Saxo Bank | Swissquote | Tastyworks | |
|---|---|---|---|---|
| US stock | $0.0 | $10.0 | $25.0 | $0.0 |
| UK stock | $0.0 | $9.6 | $30.0 | - |
| EURUSD benchmark fee | $19.6 | $15.5 | $16.5 | - |
#1 eToro
Education
eToro's education tools are limited, with only some medium-quality videos about investing available.
| Pros | Cons |
|---|---|
| • Demo account | • Basic educational videos |
| • Intro guide to the platform |
#1 eToro
Account opening
Account opening at eToro is seamless and very fast.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • Low minimum deposit |
| eToro | Saxo Bank | Swissquote | Tastyworks | |
|---|---|---|---|---|
| Minimum deposit | $200 | $600 | $0 | $0 |
| Time to open account | 1 day | 1-3 days | 1 day | 1 day |
#1 eToro
Deposit and withdrawal
Depositing money is free and easy, with a lot of available options, including credit cards. However, there is a withdrawal fee and only USD accounts are available.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | • High withdrawal fee |
| • No deposit fee | • Only one account base currency |
| • User-friendly | • Slow withdrawal - over 3 days |
| eToro | Saxo Bank | Swissquote | Tastyworks | |
|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes |
| Credit/Debit card | Yes | No | No | No |
| Electronic wallets | Yes | No | No | No |
| Withdrawal fee | $25 | $0 | $10 | $45 |
#1 eToro
Verdict
eToro has zero-commission stock trading in Europe. Account opening is really fast and seamless. It has also a lot of innovative features, like social trading.
It has some drawbacks, though. Forex fees and non-trading fees are high, and eToro only allows USD accounts.
Overall, we would recommend eToro for its social trading feature and cheap stock trading.
Risk disclaimer
eToro is a multi-asset platform that offers both investing in stocks and cryptoassets, as well as trading CFD assets.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
Past performance is not an indication of future results.
| eToro | |
|---|---|
| Summary | eToro is a global social trading broker. It is regulated by top-tier authorities such as the UK FCA or Australia's ASIC. |
| Fees score | 4.0 |
| Recommended for | Traders interested in social trading (i.e. copying other investors’ trades) |
#2 Best broker for beginners
Saxo Bank
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
| Pros | Cons |
|---|---|
| • Great trading platform | • High bond, options and futures fees |
| • Outstanding research | • High minimum deposit |
| • Broad product portfolio | • Lacks live chat and 24/7 availability |
#2 Saxo Bank
Web trading platform
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. On the negative side, there is no two-step login.
| Pros | Cons |
|---|---|
| • User-friendly | • No two-step (safer) login |
| • Clear fee report | |
| • Good search function |
| eToro | Saxo Bank | Swissquote | Tastyworks | |
|---|---|---|---|---|
| Web platform score | 4.0 | 5.0 | 4.0 | 3.0 |
| Mobile platform score | 5.0 | 5.0 | 5.0 | 4.0 |
| Desktop platform score | - | 5.0 | - | 4.0 |
#2 Saxo Bank
Fees
Saxo Bank has average trading and non-trading fees overall. The fees for forex, mutual funds and stock index CFDs are low, while they are average for real stocks, ETFs or stock CFDs. Bond, options and futures fees are high.
| Pros | Cons |
|---|---|
| • Low fund fees | • Inactivity fee |
| • No withdrawal fee | • High bond, options and futures fees |
| • Transparent fee structure | |
| • Lower fees for Platinum and VIP clients |
| eToro | Saxo Bank | Swissquote | Tastyworks | |
|---|---|---|---|---|
| US stock | $0.0 | $10.0 | $25.0 | $0.0 |
| UK stock | $0.0 | $9.6 | $30.0 | - |
| EURUSD benchmark fee | $19.6 | $15.5 | $16.5 | - |
#2 Saxo Bank
Education
If you want to improve your financial knowledge, Saxo Bank has a lot to offer. You can use a demo account, attend webinars or watch educational videos.
| Pros | Cons |
|---|---|
| • Demo account | None |
| • Trading platform tutorial | |
| • Educational videos |
#2 Saxo Bank
Account opening
Saxo's account opening is fully digital, user-friendly, and available in most of the world. On the other hand, the minimum deposit is high, and account verification could be faster.
| Pros | Cons |
|---|---|
| • Fully digital | • Minimum deposit is higher than $500 |
| • User-friendly | • Relatively slow account verification |
| • Available in almost every country |
| eToro | Saxo Bank | Swissquote | Tastyworks | |
|---|---|---|---|---|
| Minimum deposit | $200 | $600 | $0 | $0 |
| Time to open account | 1 day | 1-3 days | 1 day | 1 day |
#2 Saxo Bank
Deposit and withdrawal
Saxo provides multiple deposit and withdrawal options free of charge on a user-friendly interface.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | None |
| • Free withdrawal | |
| • No deposit fee |
| eToro | Saxo Bank | Swissquote | Tastyworks | |
|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes |
| Credit/Debit card | Yes | No | No | No |
| Electronic wallets | Yes | No | No | No |
| Withdrawal fee | $25 | $0 | $10 | $45 |
#2 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. 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.
| Saxo Bank | |
|---|---|
| Summary | Saxo Bank is a Danish investment bank. It is regulated by more than 10 financial authorities, including the top-tier UK FCA. |
| Fees score | 3.0 |
| Recommended for | Investors and traders looking for a great trading platform and solid research |
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#3 Best broker for beginners
Swissquote
Swissquote is a Swiss investment bank established in 1996. It has two main trading arms: a Swiss unit for trading stocks, funds, options and futures and a company in the UK for CFDs and forex.
Formally, Swissquote Bank Ltd is based in Switzerland and is regulated by the Swiss Financial Market Supervisory Authority (FINMA), the country's financial regulator.
The other entity, Swissquote Ltd, is UK-based and offers CFDs and forex. It is regulated by the Financial Conduct Authority (FCA), the UK's financial authority.
Swissquote is considered safe because Swissquote Bank Ltd has a banking license, it is listed on the Swiss stock exchange, discloses detailed financials regularly and it has a long track record.
For clarity, in this review we focus on the Swiss entity, but also discuss services of the UK arm, especially in the case of CFD and forex trading. To make it clear which company we are talking about, we will refer to the Swiss entity as "Swissquote (CH)" and to the UK-based entity as "Swissquote Forex (UK)".
Recommended for affluent investors who value safety and are ok with higher fees
| Pros | Cons |
|---|---|
| • Access to many markets and products | • High trading fees |
| • No inactivity fee | • Confusing trading platform selection |
| • Rock-solid background | • Some research tools are not free |
#3 Swissquote
Web trading platform
The Swissquote (CH) eTrading platform has a lot of functions, so many that sometimes it can get complicated. Customizability is good and a there is a clear overview of trading fees, but you may run into some bugs.
| Pros | Cons |
|---|---|
| • Clear fee report | • Account login and search function bugs |
| • Good customizability (for charts, workspace) | • Easy to get lost among functions |
| • Available in several languages |
| eToro | Saxo Bank | Swissquote | Tastyworks | |
|---|---|---|---|---|
| Web platform score | 4.0 | 5.0 | 4.0 | 3.0 |
| Mobile platform score | 5.0 | 5.0 | 5.0 | 4.0 |
| Desktop platform score | - | 5.0 | - | 4.0 |
#3 Swissquote
Fees
Swissquote doesn't charge an inactivity fee and you can trade an impressive selection of funds for favorable fees. On the other hand, trading fees are generally high, including for stocks and ETFs, and there is a fee for withdrawing your money.
| Pros | Cons |
|---|---|
| • Low fund fees | • High trading fees |
| • No inactivity fee | • High stock and ETF fees |
| • High bond fees |
| eToro | Saxo Bank | Swissquote | Tastyworks | |
|---|---|---|---|---|
| US stock | $0.0 | $10.0 | $25.0 | $0.0 |
| UK stock | $0.0 | $9.6 | $30.0 | - |
| EURUSD benchmark fee | $19.6 | $15.5 | $16.5 | - |
#3 Swissquote
Education
Swissquote provides easy-to understand and professional educational videos, ebooks, webinars and tutorials.
| Pros | Cons |
|---|---|
| • Demo account | None |
| • Trading platform tutorial | |
| • Educational videos |
#3 Swissquote
Account opening
Swissquote offers a fully digital account opening, although we encountered some technical difficulties during the identification process. There is no minimum deposit for trading accounts, but a high minimum for forex and robo-advisory accounts.
| Pros | Cons |
|---|---|
| • Fully digital | • Technical difficulties |
| • No minimum deposit for trading account | • Forex and robo-advisor accounts have high minimum |
| eToro | Saxo Bank | Swissquote | Tastyworks | |
|---|---|---|---|---|
| Minimum deposit | $200 | $600 | $0 | $0 |
| Time to open account | 1 day | 1-3 days | 1 day | 1 day |
#3 Swissquote
Deposit and withdrawal
Depositing at Swissquote is quick with credit/debit card and can be done in several base currencies. On the negative side, you can only withdraw money via bank transfer.
| Pros | Cons |
|---|---|
| • Quick deposit and withdrawal - within 3 days | • Credit/Debit card withdrawal not available |
| • Several account base currencies at Swissquote (UK) |
| eToro | Saxo Bank | Swissquote | Tastyworks | |
|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes |
| Credit/Debit card | Yes | No | No | No |
| Electronic wallets | Yes | No | No | No |
| Withdrawal fee | $25 | $0 | $10 | $45 |
#3 Swissquote
Verdict
Swissquote is an investment bank with a rock-solid background:
- It is Swiss,
- it is listed on an exchange
- and it is a bank.
It has two main entities, one in the UK and one in Switzerland. If you open an account at the London-based entity you can trade forex and CFDs, while the Swiss entity gives you access to asset classes ranging from stocks to options.
Swissquote offers a broad range of products across many markets. There are many stocks, mutual funds, and a lot of different other types of products, from bonds to cryptos.
However, nothing comes for free: Swissquote's trading fees are relatively high.
All in all, Swissquote is a great stockbroker. As you can trade many products and no inactivity fee is charged, feel free to give it a try.
| Swissquote | |
|---|---|
| Summary | Swissquote is a Swiss online broker with a banking license. It is listed on the Swiss stock exchange and regulated by several authorities globally, including the top-tier UK FCA. |
| Fees score | 2.0 |
| Recommended for | Affluent investors who value safety and are OK with higher fees |
#4 Best broker for beginners
Tastyworks
Tastyworks is a young upcoming US broker focusing on options trading.
The people behind Tastyworks are the experts who built thinkorswim, now operated by TD Ameritrade. Tastyworks is privately owned, established in 2017 with its headquarters in Chicago.
Recommended for options and futures traders focusing on us markets
| Pros | Cons |
|---|---|
| • Low trading fees | • Only US options, futures, and stocks |
| • Great educational materials | • Deposit and withdrawal should be improved |
| • Good research tools | • No demo account |
#4 Tastyworks
Web trading platform
The Tastyworks web platform is great for experienced traders, especially if you concentrate on options. On the other hand, it takes time to learn its functionalities, and its customizability is limited.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Price alerts | • Limited customizability (for charts, workspace) |
| • Order confirmation | • Not beginner-friendly |
| eToro | Saxo Bank | Swissquote | Tastyworks | |
|---|---|---|---|---|
| Web platform score | 4.0 | 5.0 | 4.0 | 3.0 |
| Mobile platform score | 5.0 | 5.0 | 5.0 | 4.0 |
| Desktop platform score | - | 5.0 | - | 4.0 |
#4 Tastyworks
Fees
Tastyworks has low trading fees and there is no inactivity fee. On the other hand, you have to pay a withdrawal fee.
| Pros | Cons |
|---|---|
| • Low trading fees | • Withdrawal fee for bank (wire) transfers |
| • Low stock and ETF fees | |
| • No inactivity fee |
| eToro | Saxo Bank | Swissquote | Tastyworks | |
|---|---|---|---|---|
| US stock | $0.0 | $10.0 | $25.0 | $0.0 |
| UK stock | $0.0 | $9.6 | $30.0 | - |
| EURUSD benchmark fee | $19.6 | $15.5 | $16.5 | - |
#4 Tastyworks
Education
Tastyworks has superb educational materials on options trading on the Tastytrade platform. On the other hand, there is no demo account.
| Pros | Cons |
|---|---|
| • Trading platform tutorial | • No demo account |
| • Educational videos | |
| • Good production quality |
#4 Tastyworks
Account opening
Tastyworks account opening is user-friendly, fast and fully digital. You can open your account without a required minimum.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • No minimum deposit |
| eToro | Saxo Bank | Swissquote | Tastyworks | |
|---|---|---|---|---|
| Minimum deposit | $200 | $600 | $0 | $0 |
| Time to open account | 1 day | 1-3 days | 1 day | 1 day |
#4 Tastyworks
Deposit and withdrawal
Tastyworks's deposit and withdrawal could be better. Although there is no deposit fee and it is user-friendly, you can use only bank transfer and the fee for bank transfer withdrawal is high.
| Pros | Cons |
|---|---|
| • No deposit fee | • Credit/Debit card not available |
| • User-friendly | • High withdrawal fee |
| • Only one account base currency |
| eToro | Saxo Bank | Swissquote | Tastyworks | |
|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes |
| Credit/Debit card | Yes | No | No | No |
| Electronic wallets | Yes | No | No | No |
| Withdrawal fee | $25 | $0 | $10 | $45 |
#4 Tastyworks
Verdict
Tastyworks is an excellent broker for options trading, but it is a bit complicated if you want to trade stocks only.
Tastyworks is a US broker, hence its investor protection scheme is excellent. Trading fees are low, with free stock and average options trading fees. Its trading platform is aimed at experienced options traders, it can be intimidating for starters. However, its educational and research tools are great for learning. The deposit and withdrawal processes could be better and a demo account would be also great for practicing purposes.
As there is no minimum deposit, no inactivity or monthly fee, and the account opening is seamless, feel free to try it.
| Tastyworks | |
|---|---|
| Summary | Tastyworks is a recently established US options and stockbroker. It is overseen by FINRA, a top-tier regulatory body. |
| Fees score | 5.0 |
| Recommended for | Options and futures traders focusing on US markets |
Best brokers for beginners
What makes a great broker for beginners
Now you know the best best brokers for beginners. Curious how we came up with this list? Let's go through two points. Are they safe? How did we compile the list?
Are these brokers safe?
You can be sure none of them is a scam. They are regulated by at least one top-tier regulator. Some of them are also listed on an exchange, and some have a banking background.
However, also brokerage companies can go down. Remember Lehman Brothers? In these cases, it is important to know what happens with your securities and cash. These are usually held in segregated accounts, so even in case of a broker bankruptcy, you are safe.
If everything goes very bad and for example, the broker steals your assets, then you have a last resort, the compensation fund of the country where the broker is regulated.
How did Brokerchooser pick the best brokers for beginners?
At Brokerchooser we test online brokers along more than 100 criteria, with a real account and real money. Not to overwhelm you we list the five most important criteria for brokers for beginners:
| 1. Web trading platform | A user-friendly and well-equipped trading platform can significantly increase your trading comfort. |
| 2. Fees | The overall cost of a typical trade can be 10-15 times higher at one broker compared to another. Worth to check the fees. |
| 3. Education | You are not familiar with concepts like spread or leverage? Good educational tools help you understand the basics of trading. |
| 4. Account opening | Some online brokers require a minimum to invest, others don't set a minimal first-time deposit. Check out what the best online brokers require. |
| 5. Deposit and withdrawal | Withdrawing money from your account can be 5 times longer and more expensive at one broker compared to another. |
Best brokers for beginners
Start your learning
When you are a beginner the best way to start your journey is to learn.
Find below some very useful learning materials to start with.
If you are considering starting. Check our learning page, a lot of great materials. You can learn about the pros and cons of investing your money on your own or the difference between trading vs investing. Also go to the learn section if you want to figure out whether you can open a foreign account.
For beginner buy and hold investors we recommend to read the how to buy shares. Have a six-step approach on how to buy shares online.
For beginners who want to learn to trade, we can provide even more. Robert, a professional trader, wrote on how to become a trader. Most of the beginner traders start with forex. If you don't anything about this topic, start with the forex 101. The CFDs also have become very popular. They are very risky. Start learning about CFDs with this CFD greenhorn and continue with the pros and cons of CFD trading.
Cryptos were among the hottest topics in 2017. Also super risky. Tibor dug in into it and found out the safest ways to invest in Bitcoin. A very interesting read, highly recommended if you are considering cryptos.
When more experienced and starting to explore futures options, you should definitely check out Gery's article on the topic.
Best brokers for beginners
Bottom line
You saw the details, now let's zoom out. Here are the best brokers for beginners in Ecuador in 2020:
| eToro | Saxo Bank | Swissquote | Tastyworks | |
|---|---|---|---|---|
| Award | Best broker for cryptos | Best forex broker | ||
| Fees score | 4.0 | 3.0 | 2.0 | 5.0 |
| Account opening score | 5.0 | 3.0 | 4.0 | 5.0 |
| Deposit and withdrawal score | 3.0 | 5.0 | 4.0 | 2.0 |
| Markets and products score | 4.0 | 5.0 | 5.0 | 2.0 |
| Web platform score | 4.0 | 5.0 | 4.0 | 3.0 |
|
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eToro is our winner, the best broker for beginners in Ecuador in 2020. Free stock and ETF trading in the EU. Seamless account opening. Social trading experience
All 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 comment section.
Still unsure? Use the broker finder and find the best broker for you or learn more about investing your money.
