Choose the best discount broker in 2020 for citizens in Austria, we did the research for you. Fees, fees, and fees. We do not like them and surely you do not either. Checking carefully, we uncovered all the hidden fees. After testing 57 brokers, 5 made it to the top. And now, without further ado...
The top 5 picks for the best discount brokers for Austrian citizens in 2020:
- DEGIRO is the best discount broker in Austria in 2020. Low trading and non-trading fees, one free ETF trading per month.
- Revolut is the second. Low trading and non-trading fees, free stock and ETF trading.
- Interactive Brokers rounded out the top three. Low trading fees, average non-trading fee, free stock and ETF trading for US customers. Third place.
- XTB in the fourth place. Low trading and non-trading fees, high stock CFD fees.
- Tastyworks. Low trading fees, average non-trading fees, no inactivity fee. Just made it to the list with being number five.
| Broker | Info | Fees score | |
|---|---|---|---|
| #1 | DEGIRO | Dutch discount broker | 5.0 |
| #2 | Revolut | UK discount broker | 5.0 |
| #3 | Interactive Brokers | US discount broker | 4.0 |
| #4 | XTB | Global CFD and forex broker | 4.0 |
| #5 | Tastyworks | US options and stockbroker | 5.0 |
What makes a good discount broker? Certainly, damn low fees. This holds for commissions, financing rates, and a lot of people forget, non-trading fees like inactivity or withdrawal fees. Besides low fees, it also should offer access to a lot of markets and products.
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 discount brokers for Austrian citizens in 2020 one by one, starting with the winner, DEGIRO.
#1 Best discount broker
DEGIRO
DEGIRO is a Dutch online discount broker. It is privately owned and was established in 2008 by former employees of another brokerage company.
DEGIRO is regulated by top-tier financial authorities, the Netherlands Authority for the Financial Markets (AFM) and the Dutch Central Bank (DNB). It is registered with the Chamber of Commerce and Industry in Amsterdam.
Recommended for price-sensitive buy-and-hold investors and traders looking only to carry out transactions
| Pros | Cons |
|---|---|
| • One of the lowest fees on the market | • Limited research and education |
| • Fast and seamless account opening | • No forex trading |
| • Easy to use web and mobile trading platform | • No credit/debit card deposit and withdrawal |
#1 DEGIRO
Fees
DEGIRO has low trading and non-trading fees. In most asset classes, it is the best on the market. There are some ETFs that you can trade once a month for free, which is a great deal for buy-and-hold investors.
| Pros | Cons |
|---|---|
| • Low trading fees | • Higher trading fees for Asian and smaller European stock exchanges |
| • Low non-trading fees | |
| • Low stock and ETF fees |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| US stock | $0.6 | $0.0 | $1.0 | $10.0 | $0.0 |
| UK stock | $2.5 | - | $7.2 | $10.0 | - |
| EURUSD benchmark fee | - | - | $17.9 | $15.0 | - |
| Mutual fund | $10.3 | - | $15.0 | - | - |
| US Treasury bond | - | - | $5.0 | - | - |
| US stock index options | $6.5 | - | $7.0 | - | $12.5 |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | No | Yes | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $45 |
#1 DEGIRO
Account opening
DEGIRO has an easy and fast account opening process. No minimum deposit is required.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • No minimum deposit |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $0 | $0 | $250 | $0 |
| Time to open account | 1 day | 1 day | 1-3 days | 1 day | 1 day |
#1 DEGIRO
Deposit and withdrawal
DEGIRO deposits and withdrawals are free of charge via bank transfer. On the other hand, you cannot deposit with credit or debit card.
| Pros | Cons |
|---|---|
| • Free withdrawal | • Credit/Debit card not available |
| • No deposit fee | |
| • Several account base currencies |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | No | No |
| Electronic wallets | No | No | No | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $45 |
#1 DEGIRO
Markets and products
At DEGIRO you can access many markets and trade with a lot of different products. CFD and forex are not available.
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | Yes |
| ETF | Yes | No | Yes | Yes | Yes |
| Forex | No | No | Yes | Yes | No |
| Fund | Yes | No | Yes | No | No |
| Bond | Yes | No | Yes | No | No |
| Options | Yes | No | Yes | No | Yes |
| Futures | Yes | No | Yes | No | Yes |
| CFD | No | No | Yes | Yes | No |
| Crypto | Yes | Yes | Yes | Yes | No |
#1 DEGIRO
Web trading platform
DEGIRO's web platform is simple and easy to use. Even beginners can easily navigate it and buy stocks. On the negative side, you cannot set price alerts.
| Pros | Cons |
|---|---|
| • User-friendly | • Limited customizability (for charts, workspace) |
| • Clear fee report | • No price alerts |
| • Two-step (safer) login |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | - | 4.0 | 4.0 | 3.0 |
| Mobile platform score | 5.0 | 4.0 | 4.0 | 4.0 | 4.0 |
| Desktop platform score | - | - | 3.0 | 4.0 | 4.0 |
#1 DEGIRO
Verdict
DEGIRO is a good choice if you want a simple platform and don’t want to spend too much on fees.
It is far cheaper than its big European competitors and only Interactive Brokers comes close to competing with DEGIRO's fees. The account opening process is also fast, you will usually have your account ready to use within a day. It is also one of the best trading platforms for Europeans.
However, its low prices come with some shortfalls. Education and research tools are limited, there is no forex trading, and you can only deposit and withdraw money by bank transfer.
All in all, DEGIRO is a great online broker. There is no minimum deposit and no inactivity fee, so feel free to go ahead and give it a try.
| DEGIRO | |
|---|---|
| Summary | DEGIRO is a Dutch discount broker established in 2008. It is regulated by the Dutch FMA. |
| Fees score | 5.0 |
| Recommended for | Price-sensitive buy-and-hold investors and traders looking only to carry out transactions |
#2 Best discount broker
Revolut
Revolut is a fast-growing fintech startup founded in 2015 and it's mainly known for its banking and payment services. In 2019, the company also launched its commission-free stock trading which is provided by Revolut Trading Ltd.
Revolut is considered safe because it is regulated by a top-tier regulator, the Financial Conduct Authority (FCA), it offers a high amount of investor protection and also has a banking license.
Recommended for beginners looking for free trading and a great mobile-only trading platform
| Pros | Cons |
|---|---|
| • Free stock trading | • Limited product portfolio |
| • Fast and easy account opening | • Basic research and missing educational tools |
| • Great mobile trading platform | • Poor customer service |
#2 Revolut
Fees
Besides trading stocks for free with Revolut, you don't have to pay any inactivity or withdrawal fee. There is only a 0.01% annual custody fee.
| Pros | Cons |
|---|---|
| • Low trading fees | None |
| • Low non-trading fees | |
| • Free stock trading |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| US stock | $0.6 | $0.0 | $1.0 | $10.0 | $0.0 |
| UK stock | $2.5 | - | $7.2 | $10.0 | - |
| EURUSD benchmark fee | - | - | $17.9 | $15.0 | - |
| Mutual fund | $10.3 | - | $15.0 | - | - |
| US Treasury bond | - | - | $5.0 | - | - |
| US stock index options | $6.5 | - | $7.0 | - | $12.5 |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | No | Yes | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $45 |
#2 Revolut
Account opening
Revolut has an easy, fast, and fully digital account opening and there's no minimum account balance.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • No minimum deposit |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $0 | $0 | $250 | $0 |
| Time to open account | 1 day | 1 day | 1-3 days | 1 day | 1 day |
#2 Revolut
Deposit and withdrawal
Revolut offers several deposit options and both deposits and withdrawals are free even with wire transfers. On the negative side, you can only use USD-based accounts for trading.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | • Only USD-accounts for trading |
| • Free withdrawal | |
| • No deposit fee |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | No | No |
| Electronic wallets | No | No | No | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $45 |
#2 Revolut
Markets and products
Revolut has a limited product portfolio as you can only trade with certain US stocks and cryptos. It lacks other popular asset classes, like mutual funds, bonds, options, etc.
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | Yes |
| ETF | Yes | No | Yes | Yes | Yes |
| Forex | No | No | Yes | Yes | No |
| Fund | Yes | No | Yes | No | No |
| Bond | Yes | No | Yes | No | No |
| Options | Yes | No | Yes | No | Yes |
| Futures | Yes | No | Yes | No | Yes |
| CFD | No | No | Yes | Yes | No |
| Crypto | Yes | Yes | Yes | Yes | No |
#2 Revolut
Web trading platform
Revolut doesn't offer a trading platform on the web, it's available only on mobile. Offering a web-based application is very common today as it is convenient to use and accessible from all devices. This is a drawback.
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | - | 4.0 | 4.0 | 3.0 |
| Mobile platform score | 5.0 | 4.0 | 4.0 | 4.0 | 4.0 |
| Desktop platform score | - | - | 3.0 | 4.0 | 4.0 |
#2 Revolut
Verdict
Revolut's fees are great. With all three types of accounts, you can trade US stocks for free. The account opening is easy, fully digital, and fast. You can use an awesome and user-friendly mobile trading platform.
Revolut has some drawbacks though. The product portfolio covers only stocks from the US market. There are only a few research, while educational tools are totally missing. The customer service could be improved.
If you want to trade with US stocks for free and prefer an easy-to-use mobile platform, Revolut is a great choice.
| Revolut | |
|---|---|
| Summary | Revolut is UK-based fintech startup that offers commission-free stock trading. Revolut Trading Ltd is regulated by the FCA. |
| Fees score | 5.0 |
| Recommended for | Beginners looking for free trading and a great mobile-only trading platform |
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#3 Best discount broker
Interactive Brokers
Interactive Brokers was founded in 1978 and is one of the biggest US-based discount brokers. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).
As it has licenses from multiple top-tier regulators, the broker is considered safe. Also, having a long track record and publicly disclosed financials while being listed on a stock exchange are also great signs for its safety.
Recommended for traders looking for low fees and a professional trading environment
| Pros | Cons |
|---|---|
| • Wide range of products | • Extremely complex desktop trading platform |
| • Many great research tools | • Complicated account opening process |
| • Regulated by several authorities | • Funding and withdrawal only via bank transfer |
#3 Interactive Brokers
Fees
Interactive Brokers has low trading fees and for US clients, stock and ETF trading is free. On the negative side, there is a high inactivity fee for non-US clients.
| Pros | Cons |
|---|---|
| • Low trading fees | • Inactivity fee |
| • Low stock and ETF fees | |
| • Low financing rate | |
| • Free stock and ETF trading for US clients |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| US stock | $0.6 | $0.0 | $1.0 | $10.0 | $0.0 |
| UK stock | $2.5 | - | $7.2 | $10.0 | - |
| EURUSD benchmark fee | - | - | $17.9 | $15.0 | - |
| Mutual fund | $10.3 | - | $15.0 | - | - |
| US Treasury bond | - | - | $5.0 | - | - |
| US stock index options | $6.5 | - | $7.0 | - | $12.5 |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | No | Yes | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $45 |
#3 Interactive Brokers
Account opening
IB's account opening process is fully digital and the required minimum deposit is low. On the negative side, the online registration is complicated and account verification takes around 2 business days.
| Pros | Cons |
|---|---|
| • Fully digital | • Not user-friendly |
| • No minimum deposit for most accounts types | • Confusing messages throughout the process |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $0 | $0 | $250 | $0 |
| Time to open account | 1 day | 1 day | 1-3 days | 1 day | 1 day |
#3 Interactive Brokers
Deposit and withdrawal
Interactive Brokers offers many account base currency options and one free withdrawal per month. The main drawbacks are that you can only use bank transfer and the process is not user-friendly.
| Pros | Cons |
|---|---|
| • No deposit fee | • Credit/Debit card not available |
| • Several account base currencies | • Not user-friendly |
| • First withdrawal each month free |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | No | No |
| Electronic wallets | No | No | No | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $45 |
#3 Interactive Brokers
Markets and products
Through Interactive Brokers you can access an extremely wide range of markets, with every product type available.
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | Yes |
| ETF | Yes | No | Yes | Yes | Yes |
| Forex | No | No | Yes | Yes | No |
| Fund | Yes | No | Yes | No | No |
| Bond | Yes | No | Yes | No | No |
| Options | Yes | No | Yes | No | Yes |
| Futures | Yes | No | Yes | No | Yes |
| CFD | No | No | Yes | Yes | No |
| Crypto | Yes | Yes | Yes | Yes | No |
#3 Interactive Brokers
Web trading platform
Interactive Brokers's 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 |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | - | 4.0 | 4.0 | 3.0 |
| Mobile platform score | 5.0 | 4.0 | 4.0 | 4.0 | 4.0 |
| Desktop platform score | - | - | 3.0 | 4.0 | 4.0 |
#3 Interactive Brokers
Verdict
Interactive Brokers is one of the biggest US-based discount brokers, regulated by several top-tier regulators globally. We recommend this broker for advanced traders.
On the plus side, IB has a vast range of markets and products available, with diverse research tools and low costs.
There are some drawbacks though: you can only fund your account via wire transfer and the account opening process is complicated. The desktop platform is complex and hard-to-understand, especially for beginners.
If you have experience navigating complex platforms and you like transparent low-cost trading, Interactive Brokers could be a great fit for you.
| Interactive Brokers | |
|---|---|
| Summary | Interactive Brokers is a US discount broker. It is listed on a stock exchange and regulated by several authorities, including top-tier ones like the FCA and the SEC. |
| Fees score | 4.0 |
| Recommended for | Traders looking for low fees and a professional trading environment |
#4 Best discount broker
XTB
XTB is a global CFD and forex broker with headquarters in London and Warsaw. The company is regulated by several financial authorities worldwide, including the UK's Financial Conduct Authority (FCA) and the Polish Financial Supervision Authority (KNF). XTB is listed on the Warsaw Stock Exchange.
XTB is considered safe because it is regulated by at least one top-tier financial authority, the FCA, and is listed on a stock exchange.
Disclaimer: 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 forex and cfd traders looking for low fees and great deposit/withdrawal service
| Pros | Cons |
|---|---|
| • Low forex and stock index CFD fees | • High fee for stock CFD |
| • Free and fast deposit and withdrawal | • Limited product portfolio, mostly CFD and FX |
| • Easy and fast account opening | • Poor email support |
#4 XTB
Fees
XTB has low trading fees and low non-trading fees. Within trading fees, there are low fees for forex and stock index CFDs. On the other hand, stock CFD fees are high.
| Pros | Cons |
|---|---|
| • Low trading fees | • High stock CFD fees |
| • Low non-trading fees | |
| • No withdrawal fee |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| US stock | $0.6 | $0.0 | $1.0 | $10.0 | $0.0 |
| UK stock | $2.5 | - | $7.2 | $10.0 | - |
| EURUSD benchmark fee | - | - | $17.9 | $15.0 | - |
| Mutual fund | $10.3 | - | $15.0 | - | - |
| US Treasury bond | - | - | $5.0 | - | - |
| US stock index options | $6.5 | - | $7.0 | - | $12.5 |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | No | Yes | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $45 |
#4 XTB
Account opening
XTB's account opening process is hassle-free, fully digital and straightforward. Your account will be ready for trading on the same day.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • Low minimum deposit |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $0 | $0 | $250 | $0 |
| Time to open account | 1 day | 1 day | 1-3 days | 1 day | 1 day |
#4 XTB
Deposit and withdrawal
XTB deposits and withdrawals are cost-friendly, fast, and can be done in several forms.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | None |
| • Free withdrawal | |
| • No deposit fee |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | No | No |
| Electronic wallets | No | No | No | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $45 |
#4 XTB
Markets and products
XTB's product selection covers only CFDs, forex and crypto assets. Some European clients can also trade with real stocks and ETFs. Popular asset classes like bonds, mutual funds, options and futures are not available.
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | Yes |
| ETF | Yes | No | Yes | Yes | Yes |
| Forex | No | No | Yes | Yes | No |
| Fund | Yes | No | Yes | No | No |
| Bond | Yes | No | Yes | No | No |
| Options | Yes | No | Yes | No | Yes |
| Futures | Yes | No | Yes | No | Yes |
| CFD | No | No | Yes | Yes | No |
| Crypto | Yes | Yes | Yes | Yes | No |
#4 XTB
Web trading platform
XTB's xStation 5 platform is user-friendly, can be customized and has a good search function. On the other hand, a two-step login is not available.
| Pros | Cons |
|---|---|
| • User-friendly | • No two-step (safer) login |
| • Clear fee report | |
| • Good search function |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | - | 4.0 | 4.0 | 3.0 |
| Mobile platform score | 5.0 | 4.0 | 4.0 | 4.0 | 4.0 |
| Desktop platform score | - | - | 3.0 | 4.0 | 4.0 |
#4 XTB
Verdict
XTB is a great CFD and forex broker. It is regulated by several financial authorities globally, including the UK's FCA, and it is listed on the Warsaw Stock Exchange.
On the plus side, its forex and stock index CFD fees are low and the deposit and withdrawal process is free and fast. We also liked the seamless and hassle-free account opening process.
XTB has some drawbacks, though. The stock CFD fees are high. The product range is mainly limited to FX and CFDs, although real stock and ETF trading are available in some European countries. Lastly, its email support did not reply to our queries.
We recommend XTB for clients who prefer forex or CFD trading, and also want to enjoy great deposit and withdrawal options and a fast account opening. Feel free to test it using a demo account.
| XTB | |
|---|---|
| Summary | XTB is a global CFD and forex broker, listed on the Warsaw Stock Exchange and regulated by financial authorities including the UK FCA and Poland's KNF. |
| Fees score | 4.0 |
| Recommended for | Forex and CFD traders looking for low fees and great deposit/withdrawal service |
#5 Best discount broker
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 |
#5 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 |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| US stock | $0.6 | $0.0 | $1.0 | $10.0 | $0.0 |
| UK stock | $2.5 | - | $7.2 | $10.0 | - |
| EURUSD benchmark fee | - | - | $17.9 | $15.0 | - |
| Mutual fund | $10.3 | - | $15.0 | - | - |
| US Treasury bond | - | - | $5.0 | - | - |
| US stock index options | $6.5 | - | $7.0 | - | $12.5 |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | No | Yes | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $45 |
#5 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 |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $0 | $0 | $250 | $0 |
| Time to open account | 1 day | 1 day | 1-3 days | 1 day | 1 day |
#5 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 |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | No | No |
| Electronic wallets | No | No | No | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $45 |
#5 Tastyworks
Markets and products
At Tastyworks you can trade with US stocks, ETFs, options and some futures.
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | Yes |
| ETF | Yes | No | Yes | Yes | Yes |
| Forex | No | No | Yes | Yes | No |
| Fund | Yes | No | Yes | No | No |
| Bond | Yes | No | Yes | No | No |
| Options | Yes | No | Yes | No | Yes |
| Futures | Yes | No | Yes | No | Yes |
| CFD | No | No | Yes | Yes | No |
| Crypto | Yes | Yes | Yes | Yes | No |
#5 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 |
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | - | 4.0 | 4.0 | 3.0 |
| Mobile platform score | 5.0 | 4.0 | 4.0 | 4.0 | 4.0 |
| Desktop platform score | - | - | 3.0 | 4.0 | 4.0 |
#5 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 discount brokers
What makes a good discount broker?
Now you know the top three discount brokers. You are probably curious about how we came up with this list. Let's go over three points:
- What is a discount broker?
- Why do we think these brokers are safe?
- What are the most important factors when selecting the best discount brokers?
What is a discount broker?
A discount broker is a brokerage company that executes your buy and sell orders at a low trading fee. Discount brokers' fees can be lower since they don't provide extra services like research, personal investment advice, tax planning or robo-advisory as the full-service brokers.
Discount brokers were appearing with the internet and the online broker services. Brokerage companies started to provide their service online and fully automatized. This was the rise of online trading platforms. An online trading platform is basically a website, where you can insert your own orders and you get only a customer support, no investment advice.
The distance between the full-service brokers and discount brokers has been narrowing in the last years. Discount brokers started to provide extra services as well, like research, while full-service brokers started to lower their fees. The full brokerage and wealth management industry is under fee pressure thanks to the more and more cost-effective online broker companies.
Nowadays, the new discount brokers are the free-trade brokers. These provide commission-free trading and charge an extra fee for ancillary services, like after hour trading. The biggest free-trade online broker in the US is Robinhood. In the UK, Freetrade launched its trading app in 2018. Stay tuned, we will come out with the Freetrade broker reviews soon.
Are these brokers safe?
You can be sure none of them is a scam. They are regulated by at least one top-tier regulator.
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 discount brokers?
At Brokerchooser, we test online brokers along more than 100 criteria, with a real account and real money. When we selected the best discount brokers, the primary selection criteria were fees.
We made the rank based on the trading fees of all asset classes, such as stock fees, and the fees not related to trading, like the withdrawal fees. We also scored positively if the broker provides a wide range of asset classes, because providing low fees in more than one asset class is not an easy job.
Best discount brokers
Bottom line
You saw the details, now let's zoom out. Here are best discount brokers in 2020 for citizens in Austria:
| DEGIRO | Revolut | Interactive Brokers | XTB | Tastyworks | |
|---|---|---|---|---|---|
| Fees score | 5.0 | 5.0 | 4.0 | 4.0 | 5.0 |
| Account opening score | 5.0 | 5.0 | 3.0 | 5.0 | 5.0 |
| Deposit and withdrawal score | 3.0 | 4.0 | 3.0 | 5.0 | 2.0 |
| Markets and products score | 4.0 | 2.0 | 5.0 | 3.0 | 2.0 |
| Web platform score | 4.0 | - | 4.0 | 4.0 | 3.0 |
| Visit broker | Visit broker | Visit broker |
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DEGIRO is our winner, the best discount broker in Austria in 2020. Low trading and non-trading fees, one free ETF trading per month.
All brokers are considered a great choice. Pick the winner, or any runner-up and save a lot of money on fees. 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.
