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Best discount brokers in Georgia for 2019

Jun 2019
Top 2 discount brokers
Interactive Brokers
eToro
66% of retail CFD accounts lose money

Choose the best discount broker in Georgia, 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 Georgian citizens in 2019:

  1. Interactive Brokers is the winner. Very low fees, especially in the USA.
  2. eToro, place two. Free stock and ETF trading in Europe, but high non-trading fees.
  3. XTB. Low non-trading fees and financing rates, high trading fees. Third place.
Best discount brokers of 2019 for Georgian citizens
Broker Info Fees
#1 Interactive Brokers US discount broker 4 stars
#2 eToro Global social trading broker 4 stars
#3 XTB Global CFD and FX broker 4 stars

All 3 brokers are considered safe. They are regulated by top-tier financial regulators.

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, the ease of opening an account and depositing are also important. They should offer access to a lot of markets and need to have a great platform.

Easy to list, but hard to figure it out. We are testing brokers along ~100 criteria with real accounts and real money. We know what's up.

Boring, but important stuff: some brokers offer CFD products. They are complex and very risky, thus not suitable for everyone. You can easily lose all of your invested money. If you don't have a clue what a CFD is, start with these CFD trading tips.

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 Georgian citizens in 2019 one by one. Starting with the winner, Interactive Brokers.

#1 Best discount broker
Interactive Brokers

4.8 5 stars

Best online broker

Interactive Brokers logo

Interactive Brokers was founded in 1978 and it is one of the biggest US-based discount brokers. It is regulated by several regulators globally, including top-tier authorities like FCA and SEC. Interactive Brokers Group is listed on the New York Stock Exchange.

Interactive Brokers is considered safe because it has a long track record, is listed on a stock exchange, discloses its financials, and is regulated by top-tier regulators.

Recommended for traders who prefer low fees and a professional trading environment

Pros
  • Broad product portfolio
  • Low fees
  • Great and diverse research tools
Cons
  • Funding and withdrawal only through bank transfer
  • Complicated account opening process
  • Not user-friendly and complicated desktop trading platform

Visit broker

#1 Interactive Brokers
Fees 4 stars

Interactive Brokers has low trading fees and high non-trading fees. The fees are transparent.
Pros
  • Low trading fees
  • Transparent fee structure
Cons
  • Inactivity fee
Interactive Brokers fees
Interactive Brokers eToro XTB
Apple benchmark fee $2.2 $0.0 $18.1
Vodafone benchmark fee $17.9 $0.0 $24.4
EURUSD benchmark fee $23.0 $19.1 $17.1
Interactive Brokers fees for stock trading
Interactive Brokers eToro XTB
USA $0.005 per share, min $1, max 0.5% of trade value Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients 0.08% of trade value; minimum $8
Germany 0.1%, min €4, max €99 Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients 0.08% of trade value; minimum €8
UK £6 up to £50,000 Trade Value; £6 + 0.05% of incremental trade value > £50,000; max £29 for > £50,000 Trade Value Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients 0.08% of trade value; minimum £8
Interactive Brokers non-trading fees
Interactive Brokers eToro XTB
Account fee No No No
Inactivity fee Yes Yes No
Withdrawal fee $0 $25 $0

More Visit broker

#1 Interactive Brokers
Account opening 3 stars

The account opening process is fully digital, but slow and complicated.
Pros
  • Fully digital
  • No minimum deposit for most accounts
Cons
  • Slow
  • Not user-friendly
  • Confusing messages throughout the process
Interactive Brokers minimum deposit and time to open an account
Interactive Brokers eToro XTB
Minimum deposit $0 $200 $250
Time to open account 1-3 days 1 day 1 day

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#1 Interactive Brokers
Deposit and withdrawal 2 stars

Interactive Brokers offers a lot of base currencies and one withdrawal per month is free. On the negative side, only bank transfer is available.
Pros
  • Several account base currencies
  • No charge for the first withdrawal each month
Cons
  • Credit/Debit card not available
  • Slow withdrawal - over 3 days
Interactive Brokers withdrawal fee and options
Interactive Brokers eToro XTB
Bank Transfer Yes Yes Yes
Credit/Debit card No Yes No
Electronic wallets No Yes No
Withdrawal fee $0 $25 $0

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#1 Interactive Brokers
Markets and products 5 stars

Interactive Brokers allows you access to a very wide range of markets and you can trade with all product types. IB's product range is the widest available.
Interactive Brokers markets and products
Interactive Brokers eToro XTB
Stock Yes Yes Yes
ETF Yes Yes Yes
Forex Yes Yes Yes
Fund Yes No No
Bond Yes No No
Options Yes No No
Futures Yes No No
CFD Yes Yes Yes
Crypto Yes Yes Yes

More Visit broker

#1 Interactive Brokers
Web trading platform 4 stars

The Interactive Brokers web platform is simple and easy to use, even for beginners. On the negative side, it is a bit complicated to customize.
Pros
  • User-friendly
  • Clear fee report
  • Two-step (safer) login
Cons
  • Limited customizability (for charts, workspace)
Best discount brokers - Interactive Brokers trading platform
Interactive Brokers trading platforms
Interactive Brokers eToro XTB
Web platform score 4 stars 4 stars 4 stars
Mobile platform score 4 stars 5 stars 4 stars
Desktop platform score 3 stars - 4 stars

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#1 Interactive Brokers
Verdict

IB is one of the biggest discount US brokers regulated by top-tier regulators. If you like low-cost trading and easily navigate on a really complicated platform, Interactive Brokers is for you. We mainly recommend IB for traders.

It has low trading fees, a wide range of product portfolio, and diverse research tools. 

On the flip side, only bank transfer is available for deposit and withdrawal. The account opening and the desktop platform are not user-friendly and complicated.

Interactive Brokers is definitely recommended if you want low fees, a lot of products and you are experienced to cope with a complicated platform.

Interactive Brokers
Summary Interactive Brokers is a US discount broker. IB is listed on stock exchange and regulated by several authorities, like the top-tier FCA and SEC.
Fees score 4 stars
Recommended for Traders who prefer low fees and a professional trading environment

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#2 Best discount broker
eToro

4.5 5 stars

Best social trading

eToro logo

eToro is a well-known fintech startup, an Israeli social trading broker established in 2007. eToro serves UK clients by an FCA regulated entity and Australians by an Australian entity. All other customers are served by a Cypriot entity. eToro is not listed on any exchange, does not disclose its annual report on its site and does not have a bank parent. It is also one of the 5 best trading platforms for Europeans.

eToro is considered safe because it's UK arm is regulated by a top tier regulator and it is a well-known fintech startup.

eToro is a multi-asset platform which offers primarily CFDs, but you can also invest in stocks and crypto assets. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% 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 and those interested in social trading (copying other traders’ trades)

Pros
  • Free stock and ETF trading in the EU
  • Seamless account opening
  • Social trading experience
Cons
  • Poor customer service
  • Trading platform outages
  • Limited educational tools

Visit broker
66% of retail CFD accounts lose money

#2 eToro
Fees 4 stars

eToro offers free stock trading in Europe and has low fees for non-EU clients. On the negative side, the non-trading fees and financing rates are high.
Pros
  • Free stock and ETF trading in the EU
  • Low fees for non-EU clients
  • Transparent fee structure
Cons
  • High financing rate
  • $25 withdrawal fee
  • $10 monthly inactivity fee
eToro fees
Interactive Brokers eToro XTB
Apple benchmark fee $2.2 $0.0 $18.1
Vodafone benchmark fee $17.9 $0.0 $24.4
EURUSD benchmark fee $23.0 $19.1 $17.1
eToro fees for stock trading
Interactive Brokers eToro XTB
USA $0.005 per share, min $1, max 0.5% of trade value Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients 0.08% of trade value; minimum $8
Germany 0.1%, min €4, max €99 Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients 0.08% of trade value; minimum €8
UK £6 up to £50,000 Trade Value; £6 + 0.05% of incremental trade value > £50,000; max £29 for > £50,000 Trade Value Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients 0.08% of trade value; minimum £8
eToro non-trading fees
Interactive Brokers eToro XTB
Account fee No No No
Inactivity fee Yes Yes No
Withdrawal fee $0 $25 $0

More Visit broker
66% of retail CFD accounts lose money

#2 eToro
Account opening 5 stars

Account opening is enjoyable and super fast.
Pros
  • Fast
  • No minimum deposit
  • User-friendly
Cons
None
eToro minimum deposit and time to open an account
Interactive Brokers eToro XTB
Minimum deposit $0 $200 $250
Time to open account 1-3 days 1 day 1 day

More Visit broker
66% of retail CFD accounts lose money

#2 eToro
Deposit and withdrawal 4 stars

It is easy to deposit with a lot of options, including credit cards. However, there is a withdrawal fee, and only USD accounts are available.
Pros
  • Credit/Debit card available
  • No deposit fee
  • User-friendly
Cons
  • High withdrawal fee
  • Only one account base currency
eToro withdrawal fee and options
Interactive Brokers eToro XTB
Bank Transfer Yes Yes Yes
Credit/Debit card No Yes No
Electronic wallets No Yes No
Withdrawal fee $0 $25 $0

More Visit broker
66% of retail CFD accounts lose money

#2 eToro
Markets and products 3 stars

At eToro you can trade with CFDs and forex. There are also real stocks, ETFs, and many cryptos. It also offers innovative services, like social trading or CopyPortfolio.
eToro markets and products
Interactive Brokers eToro XTB
Stock Yes Yes Yes
ETF Yes Yes Yes
Forex Yes Yes Yes
Fund Yes No No
Bond Yes No No
Options Yes No No
Futures Yes No No
CFD Yes Yes Yes
Crypto Yes Yes Yes

More Visit broker
66% of retail CFD accounts lose money

#2 eToro
Web trading platform 4 stars

eToro’s web trading platform is nice looking and easy-to-use. Getting your fee report is a bit of a pain.
Pros
  • User-friendly
  • Modern design
  • Social trading
Cons
  • No clear fee report available
  • Cannot be customized
Best discount brokers - eToro trading platform
eToro trading platforms
Interactive Brokers eToro XTB
Web platform score 4 stars 4 stars 4 stars
Mobile platform score 4 stars 5 stars 4 stars
Desktop platform score 3 stars - 4 stars

More Visit broker
66% of retail CFD accounts lose money

#2 eToro
Verdict

When looking back, eToro was a bit unreliable in 2017 because of the huge demand for cryptos. It had problems in customer support and the platform sometimes froze. In our latest test eToro improved.

On the plus side, eToro has zero-commission stock trading in Europe. The account opening is really fast and seamless. It has also a lot of innovative features, like social trading.

It has some drawbacks though. Customer service was a letdown, the platform did not work on multiple occasions. Also, it has a tight product range which includes stocks and CFDs. Non-trading fees are high.

To sum up, we recommend eToro for social trading and cheap stock trading.

Risk disclaimer

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFD assets.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.

Past performance is not an indication of future results.

eToro
Summary eToro is a global social trading broker. It is regulated by top-tier regulators, like the UK FCA.
Fees score 4 stars
Recommended for Traders and those interested in social trading (copying other traders’ trades)

More Visit broker
66% of retail CFD accounts lose money

#3 Best discount broker
XTB

4.5 5 stars

Best CFD broker

XTB logo

XTB is primarily a forex and CFD broker, while in some countries you can also trade with stocks. XTB is a global broker with more than ten offices worldwide. In Europe, it serves clients via the UK or a Polish entity. We tested the UK entity but will provide info on all entities.

XTB is listed on the Warsaw Stock Exchange. A listed company is more transparent, as it discloses its financials regularly. XTB is authorized and regulated by different regulators, including the UK FCA.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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 great funding and withdrawal processes and research tools

Pros
  • Fast deposit and withdrawal
  • Fast and user-friendly account opening
  • Good research tools
Cons
  • Limited product portfolio, mostly CFD and FX
  • Sales team can be pushy
  • No 24/7 customer support

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76% of retail CFD accounts lose money

#3 XTB
Fees 4 stars

XTB has average trading fees and low non-trading fees.
Pros
  • Low non-trading fees
  • No withdrawal fee
  • No inactivity fee
Cons
None
XTB fees
Interactive Brokers eToro XTB
Apple benchmark fee $2.2 $0.0 $18.1
Vodafone benchmark fee $17.9 $0.0 $24.4
EURUSD benchmark fee $23.0 $19.1 $17.1
XTB fees for stock trading
Interactive Brokers eToro XTB
USA $0.005 per share, min $1, max 0.5% of trade value Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients 0.08% of trade value; minimum $8
Germany 0.1%, min €4, max €99 Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients 0.08% of trade value; minimum €8
UK £6 up to £50,000 Trade Value; £6 + 0.05% of incremental trade value > £50,000; max £29 for > £50,000 Trade Value Free stock and ETF trading in Europe, 0.09% spread cost per side for non-EU clients 0.08% of trade value; minimum £8
XTB non-trading fees
Interactive Brokers eToro XTB
Account fee No No No
Inactivity fee Yes Yes No
Withdrawal fee $0 $25 $0

More Visit broker
76% of retail CFD accounts lose money

#3 XTB
Account opening 5 stars

XTB account opening is hassle-free and straightforward. Your account is ready for trading on the same day. However, the sales team is very pushy.
Pros
  • Fast
  • Fully digital
  • User-friendly
Cons
  • Sales team pushy
XTB minimum deposit and time to open an account
Interactive Brokers eToro XTB
Minimum deposit $0 $200 $250
Time to open account 1-3 days 1 day 1 day

More Visit broker
76% of retail CFD accounts lose money

#3 XTB
Deposit and withdrawal 5 stars

XTB's deposit and withdrawal are cost-friendly, fast, and can be done in several forms. Fees for electronic wallet deposits are quite high.
Pros
  • Credit/Debit card available
  • Quick deposit and withdrawal - within 3 days
  • User-friendly
Cons
  • High fees for electronic wallet deposits
XTB withdrawal fee and options
Interactive Brokers eToro XTB
Bank Transfer Yes Yes Yes
Credit/Debit card No Yes No
Electronic wallets No Yes No
Withdrawal fee $0 $25 $0

More Visit broker
76% of retail CFD accounts lose money

#3 XTB
Markets and products 2 stars

UK residents, Hungarians and non-Europeans can trade only with CFDs and forex. All other Europeans can also trade with stocks and ETFs.
XTB markets and products
Interactive Brokers eToro XTB
Stock Yes Yes Yes
ETF Yes Yes Yes
Forex Yes Yes Yes
Fund Yes No No
Bond Yes No No
Options Yes No No
Futures Yes No No
CFD Yes Yes Yes
Crypto Yes Yes Yes

More Visit broker
76% of retail CFD accounts lose money

#3 XTB
Web trading platform 4 stars

XTB's xStation 5 platform is user-friendly, can be customized and has a good search function. On the other hand, we missed the two-step login, the leverage setting option and the more sophisticated order types.
Pros
  • User-friendly
  • Good search function
  • Good customizability (for charts, workspace)
Cons
  • No two-step (safer) login
  • Limited order types
Best discount brokers - XTB trading platform
XTB trading platforms
Interactive Brokers eToro XTB
Web platform score 4 stars 4 stars 4 stars
Mobile platform score 4 stars 5 stars 4 stars
Desktop platform score 3 stars - 4 stars

More Visit broker
76% of retail CFD accounts lose money

#3 XTB
Verdict

XTB is a good broker. It is regulated by more than 10 authorities globally, including the UK FCA, and it is listed on the Warsaw Stock Exchange. 

On the plus side, the deposit and withdrawal process is fast. We liked the seamless and hassle-free account opening. The research tools are easy-to-use.

XTB has some drawbacks though. Its product range is mainly limited to FX and CFDs, but there are stocks trading is also available in some countries. When opening the account the sales team can be pushy. We also missed the 24/7 customer support.

We recommend XTB for clients who prefer forex and CFD trading and are looking for fast account opening, cheap money withdrawal and great research tools. Feel free to test it via the demo account.

XTB
Summary XTB is a global CFD broker, listed on the Warsaw Stock Exchange, regulated by regulators, like FCA and KNF, the polish regulator.
Fees score 4 stars
Recommended for Forex and CFD traders looking for great funding and withdrawal processes and research tools

More Visit broker
76% 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?

Yes, all three are considered safe. You can be sure none of them is a scam. They are regulated by top-tier regulators. Interactive Brokers is also listed on an exchange.

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 ~100 criteria, with a real account and real money. Not to overwhelm you we list the most important criteria.

The primary selection criteria were fees. We concentrated on stock trading fees and also checked the financing rate, in case you want to trade with a leverage. No inactivity fee was a plus.

The 5 most important criteria for discount brokers are:

5 most important criteria for the best discount brokers in 2019
1. Fees: Discount brokers' main advantage is the low cost. However, even discount brokers have significant fee differences. Worth to check the fees.
2. Deposit and withdrawal: Transferring money to your account can be 5 times longer and more expensive at one discount broker compared to another.
3. Account opening: Some online brokers require at least $10,000 to invest, others don't set a minimal first-time deposit. Check out what the best discount brokers require.
4. Products and markets: You want to invest in Amazon and Bitcoin? They might not be available. Check the product coverage before opening an account.
5. Trading platform: A user-friendly and well-equipped trading platform can significantly increase your trading comfort.

Best discount brokers
Bottom line

You saw the details, now let's zoom out. Here are the best discount brokers of 2019 in Georgia:

Best discount brokers for Georgian citizens
Interactive Brokers eToro XTB
Award Best online broker Best social trading Best CFD broker
Fees score 4 stars 4 stars 4 stars
Account opening score 3 stars 5 stars 5 stars
Deposit and withdrawal score 2 stars 4 stars 5 stars
Markets and products score 5 stars 3 stars 2 stars
Web platform score 4 stars 4 stars 4 stars
Visit broker Visit broker
66% of retail CFD accounts lose money
Visit broker
76% of retail CFD accounts lose money

Interactive Brokers is our winner, the best discount broker for Georgian citizens in 2019. Very low fees, especially in the USA.

All three are considered safe, and 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.

AUTHOR

Dan Sallai
Dan Sallai
CMO
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.
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