Best discount brokers in Côte d’Ivoire in 2020

XTB
4.6
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75% of retail CFD accounts lose money
XM
4.4
Visit broker
69.10% of retail CFD accounts lose money
FP Markets
4.3
Visit broker
74-89% of retail CFD accounts lose money

Choose the best discount broker in 2020 for citizens in Côte d’Ivoire, 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, 3 made it to the top. And now, without further ado...

The top 3 picks for the best discount brokers for Ivorian citizens in 2020:

  1. XTB is the best discount broker in Côte d’Ivoire in 2020. Low trading and non-trading fees, high stock CFD fees.
  2. XM is the second. Low trading fees, average non-trading fees, low CFD fees.
  3. FP Markets rounded out the top three. Low trading and non-trading fees, high stock CFD fees. Third place.
Best discount brokers in 2020 for Ivorian citizens
Broker Info Fees score
#1 XTB Global CFD and forex broker 4.0
#2 XM Global CFD and forex broker 4.0
#3 FP Markets Australian CFD and forex broker 4.0

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 Ivorian citizens in 2020 one by one, starting with the winner, XTB.

XTB Logo

#1 Best discount broker
XTB

4.6

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

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75% of retail CFD accounts lose money

#1 XTB
Fees
4.0

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
XTB trading fees
XTB XM FP Markets
US stock $10.0 $0.0 -
UK stock $10.0 - -
EURUSD benchmark fee $15.0 $17.1 $13.9
Mutual fund - - -
US Treasury bond - - -
US stock index options - - -
XTB non-trading fees
XTB XM FP Markets
Account fee No No No
Inactivity fee No Yes No
Withdrawal fee $0 $0 $0

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75% of retail CFD accounts lose money

#1 XTB
Account opening
5.0

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
XTB minimum deposit and time to open an account
XTB XM FP Markets
Minimum deposit $250 $5 $100
Time to open account 1 day 1 day 1 day

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75% of retail CFD accounts lose money

#1 XTB
Deposit and withdrawal
5.0

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
XTB withdrawal fee and options
XTB XM FP Markets
Bank Transfer Yes Yes Yes
Credit/Debit card No Yes Yes
Electronic wallets No Yes Yes
Withdrawal fee $0 $0 $0

Visit broker More
75% of retail CFD accounts lose money

#1 XTB
Markets and products
3.0

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.
XTB markets and products
XTB XM FP Markets
Stock Yes Yes Yes
ETF Yes No No
Forex Yes Yes Yes
Fund No No No
Bond No No No
Options No No No
Futures No No No
CFD Yes Yes Yes
Crypto Yes Yes Yes

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75% of retail CFD accounts lose money

#1 XTB
Web trading platform
4.0

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
Best discount brokers - XTB trading platform
XTB trading platforms
XTB XM FP Markets
Web platform score 4.0 3.0 3.0
Mobile platform score 4.0 4.0 4.0
Desktop platform score 4.0 3.0 3.0

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75% of retail CFD accounts lose money

#1 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

Visit broker More
75% of retail CFD accounts lose money

XM Logo

#2 Best discount broker
XM

4.4

Trading Point Holding, XM's parent company, is a global CFD and FX broker founded in 2009. Trading Point Holding has two brands, XM and Trading.com.

XM is available globally and is regulated by three financial authorities: the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the International Financial Services Commission of Belize (IFSC).

Trading.com was launched in 2019 and is available only for EEA residents, except those living in Belgium, Cyprus, Greece and Switzerland. Trading.com is regulated by the UK's Financial Conduct Authority (FCA).

In this review, we focus on the XM brand.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.10% 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. Risk warnings are shown on the website but they are unclear on percentages

Recommended for forex and cfd traders who prefer metatrader platforms and seek low trading fees

Pros Cons
Low CFD and withdrawal fees Only CFDs, forex, cryptos for Europeans
Easy and fast account opening Average forex fees
Great educational tools Inactivity fee

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69.10% of retail CFD accounts lose money

#2 XM
Fees
4.0

XM has low trading fees for CFDs and charges no withdrawal fee. On the other hand, forex fees are average, and there is a fee for inactivity.
Pros Cons
Low CFD fees Inactivity fee
No withdrawal fee Average FX fees
XM trading fees
XTB XM FP Markets
US stock $10.0 $0.0 -
UK stock $10.0 - -
EURUSD benchmark fee $15.0 $17.1 $13.9
Mutual fund - - -
US Treasury bond - - -
US stock index options - - -
XM non-trading fees
XTB XM FP Markets
Account fee No No No
Inactivity fee No Yes No
Withdrawal fee $0 $0 $0

Visit broker More
69.10% of retail CFD accounts lose money

#2 XM
Account opening
5.0

XM account opening is hassle-free and straightforward. Your account is ready for trading on the same day.
Pros Cons
Fast None
Fully digital
Low minimum deposit
XM minimum deposit and time to open an account
XTB XM FP Markets
Minimum deposit $250 $5 $100
Time to open account 1 day 1 day 1 day

Visit broker More
69.10% of retail CFD accounts lose money

#2 XM
Deposit and withdrawal
5.0

XM's deposit and withdrawal functions are fast and inexpensive, and offer you several options.
Pros Cons
Credit/Debit card available None
Free withdrawal
No deposit fee
Free wire withdrawal above $200
XM withdrawal fee and options
XTB XM FP Markets
Bank Transfer Yes Yes Yes
Credit/Debit card No Yes Yes
Electronic wallets No Yes Yes
Withdrawal fee $0 $0 $0

Visit broker More
69.10% of retail CFD accounts lose money

#2 XM
Markets and products
3.0

At XM, you can trade CFDs, forex and cryptos; non-European clients can also trade some real stocks. There are no ETFs, mutual funds, bonds, options or futures.
XM markets and products
XTB XM FP Markets
Stock Yes Yes Yes
ETF Yes No No
Forex Yes Yes Yes
Fund No No No
Bond No No No
Options No No No
Futures No No No
CFD Yes Yes Yes
Crypto Yes Yes Yes

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69.10% of retail CFD accounts lose money

#2 XM
Web trading platform
3.0

XM's web trading platform is provided by MetaTrader. It is highly customizable and has a clear fee report. On the other hand, the platform lacks price alerts, and the design is outdated.
Pros Cons
Clear fee report No price alerts
Good customizability (for charts, workspace) Outdated design
Best discount brokers - XM trading platform
XM trading platforms
XTB XM FP Markets
Web platform score 4.0 3.0 3.0
Mobile platform score 4.0 4.0 4.0
Desktop platform score 4.0 3.0 3.0

Visit broker More
69.10% of retail CFD accounts lose money

#2 XM
Verdict

XM is regulated by several authorities globally, including the top-tier ASIC.

On the plus side, we liked the low CFD and withdrawal fees. The account opening process is seamless and hassle-free. There is a wide range of educational tools of great quality.

XM has some drawbacks though. Its product range is limited to FX, CFDs and cryptos, with stock trading only available for non-European users. Its forex fees are average, and a monthly $5 fee is charged after three months of inactivity. 

We recommend XM for those who are interested in CFD and forex trading and prefer MetaTrader trading platforms. Feel free to test it via the demo account.

XM
Summary XM is a global forex and CFD broker regulated by Australia's ASIC, CySEC of Cyprus, and Belizean authority IFSC.
Fees score 4.0
Recommended for Forex and CFD traders who prefer MetaTrader platforms and seek low trading fees

Visit broker More
69.10% of retail CFD accounts lose money

FP Markets Logo

#3 Best discount broker
FP Markets

4.3

FP Markets was founded in 2005 and it is an Australian CFD and forex broker. It's regulated by the top-tier Australian Securities and Investments Commission (ASIC).

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

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% 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 familiar with metatrader and iress trading platforms

Pros Cons
Low forex fees High stock CFD fees
Easy and fast account opening Limited product portfolio
Quick deposit and withdrawal No investor and negative balance protection

Visit broker
74-89% of retail CFD accounts lose money

#3 FP Markets
Fees
4.0

FP Markets has low forex fees and non-trading fees and charges no inactivity fee. On the flip side, stock CFD fees are high.
Pros Cons
Low trading fees High stock CFD fees
Low non-trading fees High fee for international bank withdrawal
Low forex fees
FP Markets trading fees
XTB XM FP Markets
US stock $10.0 $0.0 -
UK stock $10.0 - -
EURUSD benchmark fee $15.0 $17.1 $13.9
Mutual fund - - -
US Treasury bond - - -
US stock index options - - -
FP Markets non-trading fees
XTB XM FP Markets
Account fee No No No
Inactivity fee No Yes No
Withdrawal fee $0 $0 $0

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74-89% of retail CFD accounts lose money

#3 FP Markets
Account opening
5.0

Opening an account at FP Markets is super quick and fully digital. While the minimum deposit is not high for forex, some account types reuquire at least a $1,000 balance.
Pros Cons
Fast High minimum account balance for CFD and stock account types
Fully digital
No minimum depsoit for forex accounts
FP Markets minimum deposit and time to open an account
XTB XM FP Markets
Minimum deposit $250 $5 $100
Time to open account 1 day 1 day 1 day

Visit broker More
74-89% of retail CFD accounts lose money

#3 FP Markets
Deposit and withdrawal
5.0

FP Markets offers a great variety of deposit and withdrawal options, but it charges the withdrawals for some of the methods.
Pros Cons
Credit/Debit card available Some withdrawal options are not free of charge
No deposit fee
Several account base currencies
FP Markets withdrawal fee and options
XTB XM FP Markets
Bank Transfer Yes Yes Yes
Credit/Debit card No Yes Yes
Electronic wallets No Yes Yes
Withdrawal fee $0 $0 $0

Visit broker More
74-89% of retail CFD accounts lose money

#3 FP Markets
Markets and products
2.0

FP Markets offers a great product selection in CFDs, forex, cryptos. Real stocks from the Australian market are available as well. Other real stocks, ETFs, mutual funds, bonds, options and futures are missing.
FP Markets markets and products
XTB XM FP Markets
Stock Yes Yes Yes
ETF Yes No No
Forex Yes Yes Yes
Fund No No No
Bond No No No
Options No No No
Futures No No No
CFD Yes Yes Yes
Crypto Yes Yes Yes

Visit broker More
74-89% of retail CFD accounts lose money

#3 FP Markets
Web trading platform
3.0

The web trading platform of FP Markets is provided by MetaTrader. It is highly customizable, available in a lot of languages, and has a clear fee report. On the other hand, it lacks a two-step login and price alerts, and the design is outdated.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) No price alerts
Order confirmation Outdated design
Best discount brokers - FP Markets trading platform
FP Markets trading platforms
XTB XM FP Markets
Web platform score 4.0 3.0 3.0
Mobile platform score 4.0 4.0 4.0
Desktop platform score 4.0 3.0 3.0

Visit broker More
74-89% of retail CFD accounts lose money

#3 FP Markets
Verdict

FP Markets is a great CFD and forex broker regulated by the top-tier Australian Securities and Investments Commission (ASIC). It offers low forex fees and does not charge an inactivity fee. Both account opening and depositing is fast and you'll find high-quality educational tools, too.

On the negative side, the stock CFD fees are high and their product portfolio is limited, as it covers only CFD (equities, indices, metals), forex and stocks from the Australian Securities Exchange ASX. Unfortunately, neither investor protection nor negative balance protection is provided at FP Markets.

Feel free to try FP Markets as account opening is easy and there are no inactivity fees.
 

FP Markets
Summary FP Markets is an Australian CFD and forex broker regulated by the top-tier ASIC.
Fees score 4.0
Recommended for Forex and CFD traders familiar with MetaTrader and IRESS trading platforms

Visit broker More
74-89% of retail CFD accounts lose money

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:

  1. What is a discount broker?
  2. Why do we think these brokers are safe?
  3. 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 Côte d’Ivoire:

Best discount brokers in 2020 for Ivorian citizens
XTB XM FP Markets
Fees score 4.0 4.0 4.0
Account opening score 5.0 5.0 5.0
Deposit and withdrawal score 5.0 5.0 5.0
Markets and products score 3.0 3.0 2.0
Web platform score 4.0 3.0 3.0
Visit broker
75% of retail CFD accounts lose money
Visit broker
69.10% of retail CFD accounts lose money
Visit broker
74-89% of retail CFD accounts lose money

XTB is our winner, the best discount broker in Côte d’Ivoire in 2020. Low trading and non-trading fees, high stock CFD fees.

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.

Tibor Bedő

Tibor Bedő

Co-founder, CEO

Author of this article

Tibor believes having a good stockbroker is everybody's privilege. He worked extensively in the financial industry, including at Morgan Stanley and at The Boston Consulting Group (BCG). He advised leading European banks on strategy, finance and risk management.

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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Visit XTB
75% of retail CFD accounts lose money
Visit XM
69.10% of retail CFD accounts lose money
Visit FP Markets
74-89% of retail CFD accounts lose money
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