
To find the best online brokers for beginners in Ecuador in 2021, we went ahead and did the research for you. We conducted interviews with newbies who had no trading experience. We tested 79 brokers of which 5 made it to the top. And now, without further ado...
The best online brokers for beginners in Ecuador in 2021 are:
- Passfolio - the best broker for beginners in Ecuador in 2021. Free US stock and ETF trading. Great mobile platform. Fast and fully digital account opening.
- Saxo Bank is the runner-up. Great trading platform. Outstanding research. Broad product portfolio.
- eToro placed third. Free stock and ETF trading . Seamless account opening. Social trading experience.
- Zacks Trade is number four. Low fees. Extensive stock and ETF selection. Great customer service.
- Swissquote. Just made it to the list in fifth place. Access to many markets and products. No inactivity fee. Rock-solid background.
Broker | Info | Best in | |
---|---|---|---|
#1 | Passfolio | Global zero-commission stockbroker | |
#2 | Saxo Bank | Danish investment bank | Best forex broker |
#3 | eToro | Global social trading broker | Best broker for cryptos |
#4 | Zacks Trade | US discount broker | Best broker for investing |
#5 | Swissquote | Swiss investment bank |
What makes a great broker for beginners? Two things above all: an excellent mobile trading platform and low fees (learn more about brokerage fees here). The service should fit your needs and make everything easy. It should offer great educational tools, like a demo account, and provide webinars or courses. It must be easy to open an account and deposit funds.
All that is easy to list, but hard to figure out. That's why we are testing brokers along more than 300 criteria, using real accounts and real money. So we know what's up.
Not sure which broker is best for you? For a tailored recommendation, check out our broker finder tool. You can enter your country and it will narrow down the list of brokers to those that are available where you live. Want more details? Compare brokers with our in-depth comparison tool.
And now, let's see the best online brokers for beginners in Ecuador in 2021 one by one. Starting with the winner, Passfolio.

#1 Best broker for beginners
Passfolio
Passfolio, a global zero-commission stockbroker, is a young and ambitious brokerage founded in 2018. It is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). In addition to the top-tier regulation, clients also enjoy additional investor protection under the SIPC policy of Passfolio's clearing firm for up to an additional $30 million (with a cash sub-limit of $900,000 per account), subject to an aggregate limit of $150 million.
Although Passfolio is a global broker, there is a distinct focus on Brazilian customers, as evidenced by the fact that a good portion of the content it offers is available in Portuguese.
Passfolio is considered safe because it is regulated by top-tier authorities and offers extra protection to investors.
Recommended for beginners and long-term investors focusing on the us stock market
#1 Passfolio
Mobile trading platform
Passfolio's mobile platform boasts a clear-cut design and the search functions are also solid. What's missing is a wider selection of order types and price alerts.
Pros | Cons |
---|---|
• User-friendly | • Limited order types |
• Two-step (safer) login | • No price alerts |
• Good search function |

Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
Mobile platform score | 4.2 stars | 5.0 stars | 4.9 stars | 3.8 stars | 4.7 stars |
Web platform score | - | 5.0 stars | 4.4 stars | 4.5 stars | 4.3 stars |
#1 Passfolio
Fees
Passfolio's fees are highly attractive as trading in all assets except fro cryptos is free of charge, provided the value of the trade reaches $5. On the other hand, most withdrawal options are subject to a fee.
Pros | Cons |
---|---|
• Free stock and ETF trading for products priced above $5 | None |
• No account opening and maintenance fees |
Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
US stock | $0.0 | $10.0 | $0.0 | $1.0 | $25.0 |
UK stock | - | $10.4 | $0.0 | $15.6 | $32.5 |
All commissions are for opening a position, holding for a week, and closing.
#1 Passfolio
Education
Passfolio's education services are very rudimentary, the offering is slim and not varied. There are some high-quality educational articles and a YouTube channel with market updates in Portugese.
Pros | Cons |
---|---|
• Quality educational texts | • No demo account |
• No trading platform tutorial videos |

#1 Passfolio
Customer service
Passfolio clients can contact the broker via all three customary channels. The email service is unbelievably fast, the live chat is somewhat slower while the phone service is virtually non-existent.
Pros | Cons |
---|---|
• Relevant answers | • No 24/7 support |
• Fast email support | • Couldn't reach phone support on multiple occasions |
Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
Live chat | Yes | No | Yes | Yes | Yes |
Phone | Yes | Yes | No | Yes | Yes |
Yes | Yes | Yes | Yes | Yes |
#1 Passfolio
Account opening
When made on a mobile device, the account opening at Passfolio is super fast and fully digital. The validation time is a mere 15 minutes. On the other hand, experience shows that validation can run into issues on the computer.
Pros | Cons |
---|---|
• Fully digital | • Verification can be buggy on desktop |
• No minimum deposit | |
• Verification in 15 minutes |
Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
Minimum deposit | $0 | $10,000 | $200 | $0 | $0 |
Time to open account | 1 day | >3 days | 1 day | >3 days | 1 day |
#1 Passfolio
Deposit and withdrawal
Passfolio's deposit functions are numerous and they all come free of charge. On the other hand, withdrawal is not free and the process of depositing funds is complicated.
Pros | Cons |
---|---|
• No deposit fee | • Credit/Debit card not available |
• Only one account base currency | |
• Not user-friendly |
Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
Bank transfer | Yes | Yes | Yes | Yes | Yes |
Credit/debit card | No | No | Yes | No | No |
Electronic wallets | No | No | Yes | No | No |
Withdrawal fee | $0.25 | $0 | $5 | $0 | $10 |
#1 Passfolio
Verdict
As an up-and-coming brokerage, the main attractive feature of Passfolio is its highly competitive fee structure. You can essentially trade free of charge with an amount exceeding $5, the deposit is free and the broker doesn't charge any account fees either. The mobile app is exceptionally user friendly and the account opening and validation was extremely fast.
On the negative side, the range of products is rather limited and customers have access solely to US markets (NYSE/NASDAQ). Depositing funds in your Passfolio account can prove to be a cumbersome process and all withdrawals carry a price tag. Educational materials are pretty scarce, albeit some of high quality, and videos are only available in Portuguese.
Passfolio is ideal for non-U.S. investors looking for an easy-to-use platform to trade in US securities.
Passfolio | |
---|---|
Summary | Passfolio is a US-based commission-free stockbroker focusing on Brazil. It is regulated by both FINRA and SEC, and is available globally for clients. |
Fees score | 5.0 stars |
Recommended for | Beginners and long-term investors focusing on the US stock market |

#2 Best broker for beginners
Saxo Bank
Saxo Bank, a Danish investment bank founded in 1992, provides online trading and investment services. 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 and its subsidiaries are present in the form of separate legal entities in different regions of the world. The services offered by the various entities may differ slightly, especially with respect to fees and product portfolios. In this review, we tested Saxo Bank UK.
Saxo Bank is considered safe because it has a long track record, 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
#2 Saxo Bank
Mobile trading platform
Saxo Bank's user-friendly mobile platform has the same look and very similar functionalities as the web platform.
Pros | Cons |
---|---|
• User-friendly | None |
• Two-step (safer) login | |
• Good search function |

Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
Mobile platform score | 4.2 stars | 5.0 stars | 4.9 stars | 3.8 stars | 4.7 stars |
Web platform score | - | 5.0 stars | 4.4 stars | 4.5 stars | 4.3 stars |
#2 Saxo Bank
Fees
Saxo Bank has average trading and non-trading fees overall. Trading fees vary greatly between different asset classes.
Pros | Cons |
---|---|
• Low forex fees | • Inactivity fee |
• Low fund fees | • High bond, options and futures fees |
• No withdrawal fee |
Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
US stock | $0.0 | $10.0 | $0.0 | $1.0 | $25.0 |
UK stock | - | $10.4 | $0.0 | $15.6 | $32.5 |
All commissions are for opening a position, holding for a week, and closing.
#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 | • No educational articles |
• Trading platform tutorial | |
• Educational videos |

#2 Saxo Bank
Customer service
Saxo's customer service is available in many languages, with phone and email support that work well despite small issues. Downsides include the lack of live chat and 24/7 availability.
Pros | Cons |
---|---|
• Phone support | • No live chat |
• Relevant answers | • No 24/7 support |
Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
Live chat | Yes | No | Yes | Yes | Yes |
Phone | Yes | Yes | No | Yes | Yes |
Yes | Yes | Yes | Yes | Yes |
#2 Saxo Bank
Account opening
Saxo's account opening is fully digital, user-friendly and available in most countries. On the other hand, the minimum deposit is high in certain countries and account verification can take longer.
Pros | Cons |
---|---|
• Fully digital | • Minimum deposit is high in certain countries |
• User-friendly | • Slow account verification |
• Available in almost every country |
Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
Minimum deposit | $0 | $10,000 | $200 | $0 | $0 |
Time to open account | 1 day | >3 days | 1 day | >3 days | 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 | • Electronic wallets not available for deposit or withdrawal |
• Free withdrawal | |
• No deposit fee |
Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
Bank transfer | Yes | Yes | Yes | Yes | Yes |
Credit/debit card | No | No | Yes | No | No |
Electronic wallets | No | No | Yes | No | No |
Withdrawal fee | $0.25 | $0 | $5 | $0 | $10 |
#2 Saxo Bank
Verdict
Saxo Bank is a great broker, providing a complex and good service.
It 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 adapted 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 stars |
Recommended for | Investors and traders looking for a great trading platform and solid research |
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#3 Best broker for beginners
eToro
eToro is a well-known Israeli fintech company, a social trading broker, established in 2007.
eToro serves UK clients through a unit regulated by the Financial Conduct Authority (FCA) and Australians through an Australian Securities and Investment Commission (ASIC) regulated entity. All other customers are served by a Cypriot unit 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 company.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% 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) & zero commission stock trading
#3 eToro
Mobile trading platform
eToro's mobile platform is well-designed and intuitive. It is a pleasure to use.
Pros | Cons |
---|---|
• User-friendly | • No Touch/Face ID login |
• Two-step (safer) login | |
• Good search function |

Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
Mobile platform score | 4.2 stars | 5.0 stars | 4.9 stars | 3.8 stars | 4.7 stars |
Web platform score | - | 5.0 stars | 4.4 stars | 4.5 stars | 4.3 stars |
#3 eToro
Fees
eToro offers free stock and ETF trading. The forex and CFD fees are average. On the negative side, non-trading fees are high: there is a $5 withdrawal fee and an inactivity fee is also charged.
Pros | Cons |
---|---|
• Low trading fees | • High non-trading fees |
• Free stock and ETF trading |
Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
US stock | $0.0 | $10.0 | $0.0 | $1.0 | $25.0 |
UK stock | - | $10.4 | $0.0 | $15.6 | $32.5 |
All commissions are for opening a position, holding for a week, and closing.
#3 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 |

#3 eToro
Customer service
eToro customer service is average: you can reach it on several channels and get quick and relevant answers. On the flip side, you can't reach them on weekends and it's difficult to find the live chat service on the webpage and they are often offline.
Pros | Cons |
---|---|
• Live chat | • No phone support |
• Fast response time | • No 24/7 support |
• Relevant answers | • Live chat is offline quite often |
Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
Live chat | Yes | No | Yes | Yes | Yes |
Phone | Yes | Yes | No | Yes | Yes |
Yes | Yes | Yes | Yes | Yes |
#3 eToro
Account opening
Account opening at eToro is seamless and very fast.
Pros | Cons |
---|---|
• Fast | None |
• Fully digital | |
• Low minimum deposit |
Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
Minimum deposit | $0 | $10,000 | $200 | $0 | $0 |
Time to open account | 1 day | >3 days | 1 day | >3 days | 1 day |
#3 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 | • Only one account base currency |
• No deposit fee | • $5 withdrawal fee |
• User-friendly | • Conversion fee for non-USD deposits |
Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
Bank transfer | Yes | Yes | Yes | Yes | Yes |
Credit/debit card | No | No | Yes | No | No |
Electronic wallets | No | No | Yes | No | No |
Withdrawal fee | $0.25 | $0 | $5 | $0 | $10 |
#3 eToro
Verdict
eToro has zero-commission stock trading. The account opening is swift and seamless. It has a lot of innovative features, like social trading and copying other (successful) traders.
It has some drawbacks, though. Non-trading fees are high and eToro only allows USD accounts, which means that conversion costs on deposits and withdrawals can be high in some cases. Live chat is hard to reach and their educational materials could be better.
Overall, we would recommend eToro for its social trading feature and zero-commission stock trading.
Risk disclaimer
eToro is a multi-asset platform that offers both investing in stocks and crypto assets as well as trading CFD assets.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% 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 that can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading crypto assets is unregulated and therefore is not supervised by any EU regulatory framework.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.
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 | 4.3 stars |
Recommended for | Traders interested in social trading (i.e. copying other investors’ trades) & zero commission stock trading |

#4 Best broker for beginners
Zacks Trade
Zacks Trade is a US-based discount broker and a division of LBMZ Securities. LBMZ Securities was founded in 1978 and is regulated by the top-tier US financial authorities SEC and FINRA.
LBMZ Securities's clearing and execution services are provided through Interactive Brokers, a global stockbroker regulated by many top-tier financial authorities globally.
If you're familiar with the services of Interactive Brokers, you might notice that many of Zacks Trade's services are the same. To sum up:
- Zacks Trade has its own, different fee structure, product selection, educational tools and customer support.
- The account opening and deposit/withdrawal processes, trading platforms and research tools are the same as at Interactive Brokers.
Zacks Trade is considered safe because it has a long track record and is overseen by top-tier regulators.
Recommended for traders and investors looking for comprehensive research tools, a wide product selection and low fees
#4 Zacks Trade
Mobile trading platform
The Zacks Trade mobile trading platform, called Handy Trader, has a lot of functions and a useful chatbot, but its user interface could be better.
Pros | Cons |
---|---|
• Two-step (safer) login | • User interface is a bit complex |
• Good search function | • Alerts only through chatbot |
• Good variety of order types |

Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
Mobile platform score | 4.2 stars | 5.0 stars | 4.9 stars | 3.8 stars | 4.7 stars |
Web platform score | - | 5.0 stars | 4.4 stars | 4.5 stars | 4.3 stars |
#4 Zacks Trade
Fees
Zacks Trade has low trading and non-trading fees. Its stock, ETF and bond trading fees are especially low, while mutual fund fees are quite high.
Pros | Cons |
---|---|
• Low stock and ETF fees | • High fund fees |
• No withdrawal fee | |
• No inactivity fee |
Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
US stock | $0.0 | $10.0 | $0.0 | $1.0 | $25.0 |
UK stock | - | $10.4 | $0.0 | $15.6 | $32.5 |
All commissions are for opening a position, holding for a week, and closing.
#4 Zacks Trade
Education
Zacks Trade offers a demo account and videos on how to use its system. However, we missed some educational tools, such as general educational videos or webinars.
Pros | Cons |
---|---|
• Demo account | • No educational videos |
• Trading platform tutorial | • No webinars |

#4 Zacks Trade
Customer service
Zacks Trade customer service is quick and useful although we missed the 24-hour support that would help out international customers.
Pros | Cons |
---|---|
• Phone support | • No 24/7 support |
• Live chat | |
• Fast response time |
Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
Live chat | Yes | No | Yes | Yes | Yes |
Phone | Yes | Yes | No | Yes | Yes |
Yes | Yes | Yes | Yes | Yes |
#4 Zacks Trade
Account opening
Zacks Trade has a fully digital account opening for clients all over the world, and there is no minimum deposit. On the negative side, we found the process slow and hard to navigate.
Pros | Cons |
---|---|
• Fully digital | • Slow |
• No minimum deposit | • Not user-friendly |
Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
Minimum deposit | $0 | $10,000 | $200 | $0 | $0 |
Time to open account | 1 day | >3 days | 1 day | >3 days | 1 day |
#4 Zacks Trade
Deposit and withdrawal
Zacks Trade offers one free withdrawal per month for nearly all base currencies. However, you cannot use credit/debit cards or electronic wallets to deposit or withdraw funds.
Pros | Cons |
---|---|
• Free withdrawal | • Credit/Debit card not available |
• No deposit fee | |
• Several account base currencies |
Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
Bank transfer | Yes | Yes | Yes | Yes | Yes |
Credit/debit card | No | No | Yes | No | No |
Electronic wallets | No | No | Yes | No | No |
Withdrawal fee | $0.25 | $0 | $5 | $0 | $10 |
#4 Zacks Trade
Verdict
Zacks Trade is a great US discount broker. It is a division of LBMZ Securities, which is regulated by the SEC and FINRA.
On the plus side, Zacks Trade has low fees, outstanding stock and ETF selections and great customer service.
There are some drawbacks though, as its desktop trading platform and research tools are quite complex. The account opening is complicated and slow. Lastly, we missed some useful educational tools.
As Zacks Trade provides a demo account and doesn't require any minimum deposit, feel free to try it.
Zacks Trade | |
---|---|
Summary | Zacks Trade is a US discount broker that also allows international clients to open an account. Zacks Trade is a division of LBMZ Securities, which is regulated by SEC and FINRA. Customers are protected by the SIPC scheme, up to $500,000 (including a $250,000 limit for cash). |
Fees score | 4.3 stars |
Recommended for | Traders and investors looking for comprehensive research tools, a wide product selection and low fees |

#5 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 trading. 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 has a long track record.
Here, we focus mainly on the Swiss entity, sometimes referred to as "Swissquote (CH)". Throughout our content, we will refer to the UK-based entity as "Swissquote Forex (UK)".
Recommended for affluent investors who value safety and are ok with higher fees
#5 Swissquote
Mobile trading platform
Swissquote's eTrading has a user-friendly and well-designed mobile trading platform. The search function is simple, although sometimes the results are organized a bit strangely, similarly to the web platform.
Pros | Cons |
---|---|
• User-friendly | • No advanced search filters |
• Good search function | |
• Price alerts |

Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
Mobile platform score | 4.2 stars | 5.0 stars | 4.9 stars | 3.8 stars | 4.7 stars |
Web platform score | - | 5.0 stars | 4.4 stars | 4.5 stars | 4.3 stars |
#5 Swissquote
Fees
Swissquote charges no inactivity fee and you can trade an impressive selection of funds for favorable fees. On the other hand, trading fees are generally high, including stocks and ETFs fees, and there is a fee for withdrawing your money.
Pros | Cons |
---|---|
• Low fund fees | • High stock and ETF fees |
• No inactivity fee | • High forex fees |
• High bond fees |
Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
US stock | $0.0 | $10.0 | $0.0 | $1.0 | $25.0 |
UK stock | - | $10.4 | $0.0 | $15.6 | $32.5 |
All commissions are for opening a position, holding for a week, and closing.
#5 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 |

#5 Swissquote
Customer service
Swissquote has fast phone, email and live chat support. On the other hand, the email replies were not always relevant.
Pros | Cons |
---|---|
• Phone support | • No 24/7 support |
• Live chat | • Email answers are not always relevant |
• Fast response time |
Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
Live chat | Yes | No | Yes | Yes | Yes |
Phone | Yes | Yes | No | Yes | Yes |
Yes | Yes | Yes | Yes | Yes |
#5 Swissquote
Account opening
Swissquote offers a fully digital account opening process, although we encountered wait times. There is no minimum deposit for trading accounts, but a high minimum for forex and robo-advisory accounts.
Pros | Cons |
---|---|
• Fully digital | • Long wait times |
• No minimum deposit for trading account | • Forex and robo-advisor accounts have high minimum |
Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
Minimum deposit | $0 | $10,000 | $200 | $0 | $0 |
Time to open account | 1 day | >3 days | 1 day | >3 days | 1 day |
#5 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, and the Swiss entity charges fees.
Pros | Cons |
---|---|
• Credit/Debit card available | • Swiss entity charges withdrawal and deposit fees |
• Several account base currencies |
Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
Bank transfer | Yes | Yes | Yes | Yes | Yes |
Credit/debit card | No | No | Yes | No | No |
Electronic wallets | No | No | Yes | No | No |
Withdrawal fee | $0.25 | $0 | $5 | $0 | $10 |
#5 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 assets 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 is 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 | 1.6 stars |
Recommended for | Affluent investors who value safety and are OK with higher fees |
Best brokers for beginners
What makes a great broker for beginners
Now you know which are the best brokers for beginners. Curious how we put together this list? Let's go through two points in some more detail: whether these brokers are safe, and how we compiled 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 authority. Some of them are also listed on an exchange, and some have a banking background.
However, brokerage companies can also go bust. 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, your money is safe.
If a worst-case scenario happens 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 300 criteria, with a real account and real money. In order not to overwhelm you, here are just the five most important criteria for brokers for beginners:
1. Mobile trading platform | A user-friendly and well-equipped trading platform can significantly increase your comfort with trading. |
2. Fees | The overall cost of a typical trade can be 10-15 times higher at one broker than at another. So it is pays to check the fees. |
3. Education | Are you unfamiliar with concepts like spread or leverage? Good educational tools can help you to understand the basics of trading. |
4. Account opening | Some online brokers require a minimum first-time deposit, others don't. Check out what conditions the best online brokers have. |
5. Deposit and withdrawal | Withdrawing money from your account can be 5 times longer and more expensive from one broker to another. |
Best brokers for beginners
Start your learning
When you are a beginner the best way to start your journey is by learning.
Below, you can find some very useful learning materials to start with.
If you are considering starting your investment journey by learning, check out our how-to-invest page, where you can find a lot of great materials. Learn about the pros and cons of investing your money on your own or the difference between trading and investing. You can also take a look at this article on account opening if you want to learn how you can open a trading account.
For beginner buy-and-hold investors we recommend reading our how to buy shares and how to buy ETFs articles.
For beginners who want to learn to trade, we can provide even more. A professional trader wrote about how to become a trader. Most beginner traders start with forex trading. If you don't know anything about this topic, start with our forex primer article. CFDs have also become very popular, but they are very risky. Start learning about this product type with this introduction to CFD trading and continue with the pros and cons of CFD trading.
Cryptos are a hot topic, but also super risky. We dug into it and found the safest ways to invest in Bitcoin. Highly recommended if you are considering cryptos.
When you become more experienced and start exploring futures options, you should definitely check out our article on the topic.
Best brokers for beginners
Bottom line
You saw the details, now let's zoom out. Here are once again the best brokers for beginners in Ecuador in 2021:
Passfolio | Saxo Bank | eToro | Zacks Trade | Swissquote | |
---|---|---|---|---|---|
Award | Best forex broker | Best broker for cryptos | Best broker for investing | ||
Mobile platform score | 4.2 stars | 5.0 stars | 4.9 stars | 3.8 stars | 4.7 stars |
Fees score | 5.0 stars | 3.0 stars | 4.3 stars | 4.3 stars | 1.6 stars |
Education score | 2.5 stars | 4.5 stars | 2.5 stars | 2.5 stars | 5.0 stars |
Customer service score | 3.5 stars | 4.0 stars | 3.5 stars | 4.3 stars | 4.4 stars |
Account opening score | 5.0 stars | 2.5 stars | 5.0 stars | 2.8 stars | 4.0 stars |
Deposit and withdrawal score | 1.5 stars | 4.8 stars | 3.5 stars | 3.5 stars | 4.1 stars |
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Passfolio is our winner, the best broker for beginners in Ecuador in 2021. Free US stock and ETF trading. Great mobile platform. Fast and fully digital account opening.
All the other brokers in the top five are considered great choices as well. Pick any of them and take the next step in your investment journey. Let us know what you think in the comment section.
Still unsure? Use our broker finder to find the best broker for you or learn more about investing your money.