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To find the best online brokers for beginners in Paraguay in 2020, we went ahead and did the research for you. We made interviews with newbies, without any trading experience. We tested 77 brokers and 3 made it to the top. They confirmed these top 3. And now without further ado...

The best online brokers for beginners in Paraguay in 2020 are:

  1. Firstrade is the best broker for beginners in Paraguay in 2020. Free stock, ETF, fund and options trading. Solid research tools. Quality educational tools.
  2. Zacks Trade is the runner-up. Low fees. Extensive stock and ETF selection. Great customer service.
  3. Questrade is placed number three. Low stock and ETF fees. Solid research tools. Superb customer service.
Best brokers for beginners in Paraguay in 2020
Broker Info Best in
#1 Firstrade US discount broker Best broker for funds
#2 Zacks Trade US discount broker
#3 Questrade Canadian 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 Paraguay in 2020 one by one. Starting with the winner, Firstrade.

Firstrade Logo

#1 Best broker for beginners
Firstrade

4.4

Firstrade is a US discount stockbroker regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). The company was founded in 1985 under the name of First Flushing Securities.

Firstrade is considered safe because it has a long track record and is overseen by top-tier regulators.

Recommended for beginners and investors looking for zero-commission trading, focusing on the us market

Pros Cons
Free stock, ETF, fund and options trading No credit/debit cards and electronic wallets for money transfer
Solid research tools You can trade only on US markets
Quality educational tools No live chat or 24/7 availability

Open account

#1 Firstrade
Web trading platform
4.3

Firstrade's web platform is simple and easy to use. Even if you are a beginner, you can find your way around with ease. On the negative side, it lacks a two-step login and the customizability of the main sections is quite limited.
Pros Cons
User-friendly No two-step (safer) login
Clear fee report
Good search function
Best brokers for beginners - Firstrade trading platform
Firstrade trading platforms
Firstrade Zacks Trade Questrade
Web platform score 4.3 stars 4.5 stars 3.8 stars
Mobile platform score 3.3 stars 3.5 stars 4.8 stars
Desktop platform score - 3.0 stars 4.3 stars

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#1 Firstrade
Fees
4.7

Firstrade has low fees. It offers free stock, ETF, funds, and options trading with low non-trading fees. However, margin rates are high.
Pros Cons
Low trading fees High margin rates
Low non-trading fees
Free stock, ETF, fund and options trading
Firstrade fees
Firstrade Zacks Trade Questrade
US stock $0.0 $1.0 $5.0
UK stock - $15.6 -
EURUSD benchmark fee - - $8.3

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#1 Firstrade
Education
3.5

Are you a beginner or do you believe in life long learning? Then Firstrade is clearly a good match for you. They offer great educational articles, a useful glossary, a bunch of platform videos and webinars. However, there is no demo account.
Pros Cons
Trading platform tutorial No demo account
Educational videos
Best brokers for beginners - Firstrade education

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#1 Firstrade
Account opening
4.4

Account opening is fully digital and user-friendly. Firstrade is available for international customers. On the flip side, account opening was slow, it took almost 3 business days for us.
Pros Cons
Fully digital Slow account verification
No minimum deposit
Low minimum deposit
Firstrade minimum deposit and time to open an account
Firstrade Zacks Trade Questrade
Minimum deposit $0 $0 $1,000
Time to open account 1-3 days >3 days 1 day

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#1 Firstrade
Deposit and withdrawal
2.0

We liked Firstrade's user-friendly deposit and withdrawal process. There is no deposit fee and transferring money is easy. At the same time, there is still room for improvement: you can use only bank transfers and a high fee is charged for wire transfer withdrawals.
Pros Cons
No deposit fee Credit/Debit card not available
User-friendly Only one account base currency
High outgoing wire transfer fee
Firstrade withdrawal fee and options
Firstrade Zacks Trade Questrade
Bank transfer Yes Yes Yes
Credit/debit card No No No
Electronic wallets No No Yes
Withdrawal fee $0 $0 $0

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#1 Firstrade
Verdict

Firstrade is one of the biggest discount US stockbrokers regulated by top-tier regulators.

Firstrade offers free stock, ETF, mutual funds, and options trading. It doesn't charge inactivity and account fees, and there are lots of quality research and educational tools you can use.

There are some drawbacks, though. Firstrade doesn't accept credit/debit cards and electronic wallets for money tranfer. The product portfolio covers only the US market. Customer service is only available 24/5 and you can't contact them via live chat. 

As it has low fees and no inactivity fee is charged, feel free to try Firstrade.

Firstrade
Summary Firstrade is a US discount broker regulated by the top-tier SEC and FINRA.
Fees score 4.7 stars
Recommended for Beginners and investors looking for zero-commission trading, focusing on the US market

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Zacks Trade Logo

#2 Best broker for beginners
Zacks Trade

4.6

Zacks Trade is a US-based discount broker and a division of LMBZ Securities. LMBZ Securities was founded in 1978 and is regulated by the top-tier SEC and FINRA.

LMBZ Securities' clearing and execution services are provided through Interactive Brokers, a global stockbroker regulated by many top-tier financial authorities globally.

If you've used Interactive Brokers's service, you might notice that many of Zacks Trade's services are the same. To sum up:

  • Zacks Trade has a different fee structure, product selection, educational tools, and customer support.
  • The account opening, deposit/withdrawal, trading platforms, and research tools are the same as at Interactive Brokers.

Zacks Trade is considered safe because it has a long track record, discloses its financial statements annually (as a part of LBMZ Securities), and is overseen by top-tier regulators. 

Recommended for traders and investors looking for comprehensive research tools, wide product selection, and low fees

Pros Cons
Low fees Complex desktop platform and research tools
Extensive stock and ETF selection Slow and complicated account opening
Great customer service Limited educational tools

Open account

#2 Zacks Trade
Web trading platform
4.5

Zacks Trade web platform is simple and easy to use even for beginners. On the negative side, it is not customizable.
Pros Cons
User-friendly Limited customizability (for charts, workspace)
Clear fee report
Two-step (safer) login
Best brokers for beginners - Zacks Trade trading platform
Zacks Trade trading platforms
Firstrade Zacks Trade Questrade
Web platform score 4.3 stars 4.5 stars 3.8 stars
Mobile platform score 3.3 stars 3.5 stars 4.8 stars
Desktop platform score - 3.0 stars 4.3 stars

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#2 Zacks Trade
Fees
4.3

Zacks Trade has both low trading fees and low non-trading fees. The stock, ETF, and bond fees are especially low. However, mutual fund fees are quite high.
Pros Cons
Low stock and ETF fees High fund fees
No withdrawal fee
No inactivity fee
Zacks Trade fees
Firstrade Zacks Trade Questrade
US stock $0.0 $1.0 $5.0
UK stock - $15.6 -
EURUSD benchmark fee - - $8.3

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#2 Zacks Trade
Education
2.5

Zacks Trade offers a demo account and videos on how to use their system. However, we missed some educational tools, such as general educational videos or webinars.
Pros Cons
Demo account No general education videos
Trading platform tutorial No webinars
Best brokers for beginners - Zacks Trade education

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#2 Zacks Trade
Account opening
2.8

Zacks Trade has a fully digital account opening and accepts clients from all over the world. You can start using your account by depositing less than $2,500, however, Zacks Trade recommends to deposit this amount. On the negative side, we found the process slow and hard to navigate.
Pros Cons
Fully digital Slow
No minimum deposit Not user-friendly
Zacks Trade minimum deposit and time to open an account
Firstrade Zacks Trade Questrade
Minimum deposit $0 $0 $1,000
Time to open account 1-3 days >3 days 1 day

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#2 Zacks Trade
Deposit and withdrawal
3.5

Zacks Trade has one free withdrawal per month for nearly all currencies offered. However, credit/debit cards and electronic wallets are not authorized to deposit or withdraw funds.
Pros Cons
Free withdrawal Credit/Debit card not available
No deposit fee
Several account base currencies
Zacks Trade withdrawal fee and options
Firstrade Zacks Trade Questrade
Bank transfer Yes Yes Yes
Credit/debit card No No No
Electronic wallets No No Yes
Withdrawal fee $0 $0 $0

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#2 Zacks Trade
Verdict

Zacks Trade is a great US discount broker. Zacks Trade is a division of LMBZ 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, which 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 SIPC scheme, up to $500,000 (including $250,000 limit for cash).
Fees score 4.3 stars
Recommended for Traders and investors looking for comprehensive research tools, wide product selection, and low fees

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Questrade Logo

#3 Best broker for beginners
Questrade

4.6

Questrade, founded in 1999, is one of the most popular brokerage firms in Canada. It is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF).

Questrade is considered safe because it has a long track record and is regulated by a top-tier regulator.

Recommended for traders and investors focusing on the canadian and us markets

Pros Cons
Low stock and ETF fees Slow account opening for non-Canadians
Solid research tools High withdrawal fee for non-Canadians
Superb customer service Limited account base currencies

Open account

#3 Questrade
Web trading platform
3.8

Questrade's web trading platform offers a simple, intuitive design, a wide variety of order types and price alerts. However, its customizability is limited and the fee reports are not clear.
Pros Cons
User-friendly No clear fee report available
Good variety of order types Limited customizability (for charts, workspace)
Price alerts
Best brokers for beginners - Questrade trading platform
Questrade trading platforms
Firstrade Zacks Trade Questrade
Web platform score 4.3 stars 4.5 stars 3.8 stars
Mobile platform score 3.3 stars 3.5 stars 4.8 stars
Desktop platform score - 3.0 stars 4.3 stars

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#3 Questrade
Fees
3.7

Questrade has competitive fees for stocks, ETFs, funds and forex trading. However, options and CFD fees, as well as margin rates, are slightly at the higher end.
Pros Cons
Low non-trading fees High options fees
Low stock and ETF fees High CFD fees
Low fund fees High margin rates
Questrade fees
Firstrade Zacks Trade Questrade
US stock $0.0 $1.0 $5.0
UK stock - $15.6 -
EURUSD benchmark fee - - $8.3

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#3 Questrade
Education
4.0

Questrade offers an adequate amount of educational and tutorial materials for both novice and advanced traders. However, the educational section could be more structured.
Pros Cons
Demo account Educational section is hard to navigate
Trading platform tutorial
Educational videos
Best brokers for beginners - Questrade education

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#3 Questrade
Account opening
3.8

For Canadian citizens, opening an account at Questrade is easy and fully digital. However, there is a high minimum deposit of $1,000.
Pros Cons
Fast Minimum deposit is higher than $500
Fully digital Complicated for non-Canadians
User-friendly
Questrade minimum deposit and time to open an account
Firstrade Zacks Trade Questrade
Minimum deposit $0 $0 $1,000
Time to open account 1-3 days >3 days 1 day

Open account More

#3 Questrade
Deposit and withdrawal
2.7

Deposits and withdrawals are free and user-friendly with electronic transfer for Canadians. However, the process is expensive for non-Canadians and credit/debit cards are not available.
Pros Cons
Free withdrawal Credit/Debit card not available
No deposit fee Slow withdrawal - over 3 days
User-friendly High fee for wire withdrawals
Questrade withdrawal fee and options
Firstrade Zacks Trade Questrade
Bank transfer Yes Yes Yes
Credit/debit card No No No
Electronic wallets No No Yes
Withdrawal fee $0 $0 $0

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#3 Questrade
Verdict

Questrade is among the fastest-growing online brokerage firms in Canada. Its stock and ETF fees are low, research tools are advanced and customer service is outstanding.

Questrade has some shortcomings as well. Even though the account opening process for Canadians is quick and easy, it's slow and time-consuming if you are not Canadian. You can face high withdrawal fees if you are not a Canadian citizen and there are only USD and CAD as account base currencies.

Since Questrade has advanced research tools and offers great customer service, feel free to give it a try.

Questrade
Summary Questrade is a Canadian online brokerage firm. Questrade is a member of Canadian self-regulatory industry body IIROC and the Canadian Investor Protection Fund (CIPF).
Fees score 3.7 stars
Recommended for Traders and investors focusing on the Canadian and US markets

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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:

5 most important criteria for the best brokers for beginners in 2020
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 Paraguay in 2020:

Best brokers for beginners in Paraguay of 2020
Firstrade Zacks Trade Questrade
Award Best broker for funds
Fees score 4.7 stars 4.3 stars 3.7 stars
Account opening score 4.4 stars 2.8 stars 3.8 stars
Deposit and withdrawal score 2.0 stars 3.5 stars 2.7 stars
Markets and products score 2.8 stars 3.8 stars 4.2 stars
Web platform score 4.3 stars 4.5 stars 3.8 stars
Open account Open account Open account

Firstrade is our winner, the best broker for beginners in Paraguay in 2020. Free stock, ETF, fund and options trading. Solid research tools. Quality educational tools

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.

Author of this article

Dan Sallai

Author of this article

My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.
My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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