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Best discount brokers in Japan in 2020

Interactive Brokers
4.9
Visit broker
Firstrade
4.5
Visit broker
IG
4.5
Visit broker
75% of retail CFD accounts lose money
Interactive Brokers
4.9
Visit broker
Firstrade
4.5
Visit broker
IG
4.5
Visit broker
75% of retail CFD accounts lose money
Best discount brokers in Japan in 2020

Choose the best discount broker in 2020 for citizens in Japan, 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 Japanese citizens in 2020:

  1. Interactive Brokers is the best discount broker in Japan in 2020. Low trading fees, average non-trading fee, free stock and ETF trading for US customers.
  2. Firstrade is the second. Low trading and non-trading fees, free stock, ETF, fund and options trading.
  3. IG rounded out the top three. Average trading fees, low non-trading fees, low index CFD fees. Third place.
  4. Tradestation in the fourth place. Low trading fees, high non-trading fees, free stock and ETF trading for US customers.
  5. Saxo Bank. Average trading and non-trading fees, low forex fees. Just made it to the list with being number five.
Best discount brokers in 2020 for Japanese citizens
Broker Info Fees score
#1 Interactive Brokers US discount broker 4.0
#2 Firstrade US discount broker 5.0
#3 IG Global CFD and forex broker 3.0
#4 Tradestation US stockbroker 4.0
#5 Saxo Bank Danish investment bank 3.0

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 Japanese citizens in 2020 one by one, starting with the winner, Interactive Brokers.

Interactive Brokers Logo

#1 Best discount broker
Interactive Brokers

4.9

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

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#1 Interactive Brokers
Fees
4.0

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
Interactive Brokers trading fees
Interactive Brokers Firstrade IG Tradestation Saxo Bank
US stock $1.0 $0.0 $15.0 $1.0 $10.0
UK stock $7.2 - $9.6 - $9.6
EURUSD benchmark fee $17.9 - $16.9 - $15.5
Mutual fund $15.0 $0.0 - $15.0 $0.0
US Treasury bond $5.0 $40.0 - $20.0 $88.0
US stock index options $7.0 $0.0 $10.0 $10.0 $40.0
Interactive Brokers non-trading fees
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Account fee No No No No No
Inactivity fee Yes No Yes Yes Yes
Withdrawal fee $0 $0 $0 $35 $0

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#1 Interactive Brokers
Account opening
3.0

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
Interactive Brokers minimum deposit and time to open an account
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Minimum deposit $0 $0 $0 $500 $600
Time to open account 1-3 days 1-3 days 1-3 days 1 day 1-3 days

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#1 Interactive Brokers
Deposit and withdrawal
3.0

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
Interactive Brokers withdrawal fee and options
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes No No
Electronic wallets No No No No No
Withdrawal fee $0 $0 $0 $35 $0

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#1 Interactive Brokers
Markets and products
5.0

Through Interactive Brokers you can access an extremely wide range of markets, with every product type available.
Interactive Brokers markets and products
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes Yes Yes
Forex Yes No Yes No Yes
Fund Yes Yes No Yes Yes
Bond Yes Yes No Yes Yes
Options Yes Yes Yes Yes Yes
Futures Yes No No Yes Yes
CFD Yes No Yes No Yes
Crypto Yes No Yes No Yes

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#1 Interactive Brokers
Web trading platform
4.0

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
Best discount brokers - Interactive Brokers trading platform
Interactive Brokers trading platforms
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Web platform score 4.0 4.0 5.0 5.0 5.0
Mobile platform score 4.0 3.0 5.0 5.0 5.0
Desktop platform score 3.0 - - 3.0 5.0

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#1 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

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Firstrade Logo

#2 Best discount broker
Firstrade

4.5

Firstrade is a US discount stockbroker regulated by the Securities and Exchange Commission (SEC) and 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 regulated 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 and 24/7 availability

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#2 Firstrade
Fees
5.0

Firstrade has low fees. It offers free stock, ETF, funds, and options trading. The non-trading fees are low too. However, the margin rates are high.
Pros Cons
Low trading fees High margin rates
Low non-trading fees
Free stock, ETF, fund and options trading
Firstrade trading fees
Interactive Brokers Firstrade IG Tradestation Saxo Bank
US stock $1.0 $0.0 $15.0 $1.0 $10.0
UK stock $7.2 - $9.6 - $9.6
EURUSD benchmark fee $17.9 - $16.9 - $15.5
Mutual fund $15.0 $0.0 - $15.0 $0.0
US Treasury bond $5.0 $40.0 - $20.0 $88.0
US stock index options $7.0 $0.0 $10.0 $10.0 $40.0
Firstrade non-trading fees
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Account fee No No No No No
Inactivity fee Yes No Yes Yes Yes
Withdrawal fee $0 $0 $0 $35 $0

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#2 Firstrade
Account opening
4.0

The account opening is fully digital and user-friendly. Firstrade is available for US and some non-US customers. On the flip side during the test we experienced a slower account opening, that took almost 3 business days.
Pros Cons
Fully digital Slow account verification
No minimum deposit
Low minimum deposit
Firstrade minimum deposit and time to open an account
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Minimum deposit $0 $0 $0 $500 $600
Time to open account 1-3 days 1-3 days 1-3 days 1 day 1-3 days

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#2 Firstrade
Deposit and withdrawal
2.0

We liked a lot 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 transfer and a high fee is charged for wire transfer withdrawals.
Pros Cons
No deposit fee Credit/Debit card not available
User-friendly High outgoing wire transfer fee
Firstrade withdrawal fee and options
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes No No
Electronic wallets No No No No No
Withdrawal fee $0 $0 $0 $35 $0

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#2 Firstrade
Markets and products
3.0

Firstrade offers a good variety of asset classes, from stocks to options. However, the offered products cover only the US market and you cannot trade with futures or forex.
Firstrade markets and products
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes Yes Yes
Forex Yes No Yes No Yes
Fund Yes Yes No Yes Yes
Bond Yes Yes No Yes Yes
Options Yes Yes Yes Yes Yes
Futures Yes No No Yes Yes
CFD Yes No Yes No Yes
Crypto Yes No Yes No Yes

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#2 Firstrade
Web trading platform
4.0

During our testing, we found Firstrade's web platform is simple and easy to use. If you are a beginner, then you can easily navigate it. On the negative side, it lacks a two-step login and the customizability is limited.
Pros Cons
User-friendly No two-step (safer) login
Clear fee report
Good search function
Best discount brokers - Firstrade trading platform
Firstrade trading platforms
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Web platform score 4.0 4.0 5.0 5.0 5.0
Mobile platform score 4.0 3.0 5.0 5.0 5.0
Desktop platform score 3.0 - - 3.0 5.0

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#2 Firstrade
Verdict

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

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

To provide an unbiased picture we have to mention some drawbacks though. Firstrade doesn't provide credit/debit cards and electronic wallets for transferring money. Are you interested only in U.S. market products? If yes, then you will be delighted. Otherwise, you might find insufficient that the product portfolio covers only the US market. The customer service is only 24/5 and you can't contact them via live chat. 

As there are 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 5.0
Recommended for Beginners and investors looking for zero-commission trading, focusing on the US market

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IG Logo

#3 Best discount broker
IG

4.5

IG was established in the UK in 1974 and is one of the biggest CFD brokers in the world. It is regulated by several bodies globally, including top-tier regulators like the Financial Conduct Authority (FCA) and the Federal Financial Supervisory Authority (BaFin). IG Group is listed on the London Stock Exchange.

IG is considered safe because it is listed on a stock exchange, discloses its financials and is overseen by top-tier regulators.

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. CFDs are not provided for US clients. Forex trading involves risk. Losses can exceed deposits.

Recommended for traders of any experience level looking for an easy-to-use trading platform

Pros Cons
First-class web trading platform High stock CFD fees
Superb educational tools Limited product portfolio
Great deposit and withdrawal options Poor phone support

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75% of retail CFD accounts lose money

#3 IG
Fees
3.0

IG has low fees for stock index CFD, while forex fees are average to low. There is no fee for withdrawal and the inactivity fee is charged only after 2 years. On the negative side, the stock CFD fees are high.
Pros Cons
No withdrawal fee Inactivity fee
Low index CFD trading fees High stock CFD fee
IG trading fees
Interactive Brokers Firstrade IG Tradestation Saxo Bank
US stock $1.0 $0.0 $15.0 $1.0 $10.0
UK stock $7.2 - $9.6 - $9.6
EURUSD benchmark fee $17.9 - $16.9 - $15.5
Mutual fund $15.0 $0.0 - $15.0 $0.0
US Treasury bond $5.0 $40.0 - $20.0 $88.0
US stock index options $7.0 $0.0 $10.0 $10.0 $40.0
IG non-trading fees
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Account fee No No No No No
Inactivity fee Yes No Yes Yes Yes
Withdrawal fee $0 $0 $0 $35 $0

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75% of retail CFD accounts lose money

#3 IG
Account opening
4.0

IG's account opening is seamless and fully digital. There is no minimum deposit for bank transfers and a low, $300 minimum deposit for credit/debit cards and PayPal. On the other hand, account verification takes around 3 business days, which is slower than at some other brokers.
Pros Cons
Fully digital Slower account opening
Low minimum deposit
No minimum deposit for bank transfer
IG minimum deposit and time to open an account
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Minimum deposit $0 $0 $0 $500 $600
Time to open account 1-3 days 1-3 days 1-3 days 1 day 1-3 days

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75% of retail CFD accounts lose money

#3 IG
Deposit and withdrawal
5.0

IG offers free and fast deposit and withdrawal. There are various options for funding your account, including traditional methods such as bank wire and credit card funding, as well as PayPal.
Pros Cons
Credit/Debit card available None
Free withdrawal
No deposit fee
IG withdrawal fee and options
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes No No
Electronic wallets No No No No No
Withdrawal fee $0 $0 $0 $35 $0

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75% of retail CFD accounts lose money

#3 IG
Markets and products
3.0

At IG, most clients can only trade with CFDs, forex and options. There are literally thousands of CFDs available to trade. Residents in the UK and some other countries can also trade with real shares. Other popular assets, like mutual funds or bonds, are not available.
IG markets and products
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes Yes Yes
Forex Yes No Yes No Yes
Fund Yes Yes No Yes Yes
Bond Yes Yes No Yes Yes
Options Yes Yes Yes Yes Yes
Futures Yes No No Yes Yes
CFD Yes No Yes No Yes
Crypto Yes No Yes No Yes

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75% of retail CFD accounts lose money

#3 IG
Web trading platform
5.0

IG's web trading platform is great for both beginners and professional traders. It is easy to use, has all the necessary functions and can be customized.
Pros Cons
User-friendly None
Clear fee report
Two-step (safer) login
Best discount brokers - IG trading platform
IG trading platforms
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Web platform score 4.0 4.0 5.0 5.0 5.0
Mobile platform score 4.0 3.0 5.0 5.0 5.0
Desktop platform score 3.0 - - 3.0 5.0

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75% of retail CFD accounts lose money

#3 IG
Verdict

IG is one of the biggest and most reliable CFD brokers. It is regulated by several financial authorities around the world. IG Group is listed on the London Stock Exchange.

IG has one of the best web trading platforms Brokerchooser tested. The deposit and withdrawal conditions are great. You can also educate yourself with great educational materials.

On the other hand, there are some drawbacks. The stock CFD fees are high and the product portfolio in most countries is limited to forex, CFDs, and options. The phone customer service has also low quality.

Feel free to test IG's first-class trading platform since there is no minimum funding amount for bank transfers and you can easily open a demo account too. 

IG
Summary IG is a CFD and forex broker. It is listed on the London Stock Exchange and regulated by several authorities globally, including the top-tier FCA.
Fees score 3.0
Recommended for Traders of any experience level looking for an easy-to-use trading platform

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75% of retail CFD accounts lose money

Tradestation Logo

#4 Best discount broker
Tradestation

4.7

Tradestation is a US stockbroker founded in 1982. It is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Clients are eligible for up to $500,000 (cash up to $250,000) investor protection per account.

Tradestation is considered safe because it has a long track record, discloses its financials, and its parent company, the Monex Group is listed on the Tokyo stock exchange.

Recommended for traders focusing on us markets and buy-and-hold investing

Pros Cons
Great web and mobile trading platform Not user-friendly deposit and withdrawal
Low stock and ETF fees No forex trading
High-quality educational tools Poor customer service

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#4 Tradestation
Fees
4.0

Tradestation has low trading fees and high non-trading fees. You can choose from multiple fee structures, but you still have to pay withdrawal.
Pros Cons
Low trading fees High non-trading fees
Low stock and ETF fees Withdrawal fee
Multiple fee structures to choose from
Tradestation trading fees
Interactive Brokers Firstrade IG Tradestation Saxo Bank
US stock $1.0 $0.0 $15.0 $1.0 $10.0
UK stock $7.2 - $9.6 - $9.6
EURUSD benchmark fee $17.9 - $16.9 - $15.5
Mutual fund $15.0 $0.0 - $15.0 $0.0
US Treasury bond $5.0 $40.0 - $20.0 $88.0
US stock index options $7.0 $0.0 $10.0 $10.0 $40.0
Tradestation non-trading fees
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Account fee No No No No No
Inactivity fee Yes No Yes Yes Yes
Withdrawal fee $0 $0 $0 $35 $0

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#4 Tradestation
Account opening
5.0

Tradestation account opening is fully digital, user-friendly, and fast. On the other hand, the minimum deposit is $500 and multiple base currencies are only available for futures accounts.
Pros Cons
Fast $500 minimum deposit
Fully digital Multiple base currencies only for futures accounts
User-friendly
Tradestation minimum deposit and time to open an account
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Minimum deposit $0 $0 $0 $500 $600
Time to open account 1-3 days 1-3 days 1-3 days 1 day 1-3 days

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#4 Tradestation
Deposit and withdrawal
2.0

Tradestation's deposit and withdrawal could be better. For example, you can only use bank transfer and there is a high withdrawal fee. On the upside, the deposit is free and you can choose from multiple base currencies with a futures account.
Pros Cons
No deposit fee Credit/Debit card not available
Several account base currencies High withdrawal fee
Slow withdrawal - over 3 days
Tradestation withdrawal fee and options
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes No No
Electronic wallets No No No No No
Withdrawal fee $0 $0 $0 $35 $0

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#4 Tradestation
Markets and products
2.0

Tradestation gives you access to a wide variety of US products, but its non-US market coverage is not competitive. Forex, CFDs and cryptos are missing.
Tradestation markets and products
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes Yes Yes
Forex Yes No Yes No Yes
Fund Yes Yes No Yes Yes
Bond Yes Yes No Yes Yes
Options Yes Yes Yes Yes Yes
Futures Yes No No Yes Yes
CFD Yes No Yes No Yes
Crypto Yes No Yes No Yes

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#4 Tradestation
Web trading platform
5.0

Tradestation has a good web trading platform. It is user-friendly and it looks nice, and it provides a two-step verification. On the flip side, it lacks price alerts.
Pros Cons
User-friendly No price alerts
Clear fee report
Two-step (safer) login
Best discount brokers - Tradestation trading platform
Tradestation trading platforms
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Web platform score 4.0 4.0 5.0 5.0 5.0
Mobile platform score 4.0 3.0 5.0 5.0 5.0
Desktop platform score 3.0 - - 3.0 5.0

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#4 Tradestation
Verdict

Tradestation is a great US broker.

The web and mobile platforms are very user-friendly with many functions. It also offers low stock and ETF trading fees. Lastly, education is well-structured and high-quality. 

On the other hand, the deposit and withdrawal are not user-friendly and you can use only bank transfer. There is no forex trading, and the customer service is of poor quality.

Feel free to try Tradestation if you prefer trading on US markets. We recommend it for buy and hold investors with some experience.

Tradestation
Summary TradeStation is a US stockbroker regulated by FINRA, a top-tier US regulatory body.
Fees score 4.0
Recommended for Traders focusing on US markets and buy-and-hold investing

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Saxo Bank Logo

#5 Best discount broker
Saxo Bank

4.8

Saxo Bank is a Danish investment bank founded in 1992, providing online trading and investments. The company is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK Financial Conduct Authority (FCA). 

Saxo Bank is a global service provider. In the different regions, its subsidiaries are present in the form of separate legal entities. The services offered by each entity might change slightly especially in case of their fees and products available to trade. In this review, we tested Saxo Bank UK.

Saxo Bank is considered safe because it has a long track record, has a banking background, and is regulated by top-tier financial authorities.

Recommended for investors and traders looking for a great trading platform and solid research

Pros Cons
Great trading platform High bond, options and futures fees
Outstanding research High minimum deposit
Broad product portfolio Lacks live chat and 24/7 availability

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#5 Saxo Bank
Fees
3.0

Saxo Bank has average trading and non-trading fees overall. The fees for forex, mutual funds and stock index CFDs are low, while they are average for real stocks, ETFs or stock CFDs. Bond, options and futures fees are high.
Pros Cons
Low fund fees Inactivity fee
No withdrawal fee High bond, options and futures fees
Transparent fee structure
Lower fees for Platinum and VIP clients
Saxo Bank trading fees
Interactive Brokers Firstrade IG Tradestation Saxo Bank
US stock $1.0 $0.0 $15.0 $1.0 $10.0
UK stock $7.2 - $9.6 - $9.6
EURUSD benchmark fee $17.9 - $16.9 - $15.5
Mutual fund $15.0 $0.0 - $15.0 $0.0
US Treasury bond $5.0 $40.0 - $20.0 $88.0
US stock index options $7.0 $0.0 $10.0 $10.0 $40.0
Saxo Bank non-trading fees
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Account fee No No No No No
Inactivity fee Yes No Yes Yes Yes
Withdrawal fee $0 $0 $0 $35 $0

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#5 Saxo Bank
Account opening
3.0

Saxo's account opening is fully digital, user-friendly, and available in most of the world. On the other hand, the minimum deposit is high, and account verification could be faster.
Pros Cons
Fully digital Minimum deposit is higher than $500
User-friendly Relatively slow account verification
Available in almost every country
Saxo Bank minimum deposit and time to open an account
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Minimum deposit $0 $0 $0 $500 $600
Time to open account 1-3 days 1-3 days 1-3 days 1 day 1-3 days

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#5 Saxo Bank
Deposit and withdrawal
5.0

Saxo provides multiple deposit and withdrawal options free of charge on a user-friendly interface.
Pros Cons
Credit/Debit card available None
Free withdrawal
No deposit fee
Saxo Bank withdrawal fee and options
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes No No
Electronic wallets No No No No No
Withdrawal fee $0 $0 $0 $35 $0

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#5 Saxo Bank
Markets and products
5.0

Saxo Bank's product portfolio is great. It covers all asset classes and a lot of markets globally. Mutual funds and crypto are the only areas where its selection could be improved.
Saxo Bank markets and products
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes Yes Yes
Forex Yes No Yes No Yes
Fund Yes Yes No Yes Yes
Bond Yes Yes No Yes Yes
Options Yes Yes Yes Yes Yes
Futures Yes No No Yes Yes
CFD Yes No Yes No Yes
Crypto Yes No Yes No Yes

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#5 Saxo Bank
Web trading platform
5.0

Saxo Bank's web trading platform is one of the best among online brokers. It's easy to use, but also provides features favored by professionals, such as an advanced order panel. On the negative side, there is no two-step login.
Pros Cons
User-friendly No two-step (safer) login
Clear fee report
Good search function
Best discount brokers - Saxo Bank trading platform
Saxo Bank trading platforms
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Web platform score 4.0 4.0 5.0 5.0 5.0
Mobile platform score 4.0 3.0 5.0 5.0 5.0
Desktop platform score 3.0 - - 3.0 5.0

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#5 Saxo Bank
Verdict

Saxo Bank is a great broker, providing a complex and good service.

Saxo offers a user-friendly and well-designed trading platform, backed by great research. The product portfolio covers all asset types and many international markets.

It has some drawbacks though. The fees for bonds, options and futures are high. There is also a high minimum deposit. Lastly, there is no live chat or 24/7 customer support.

In general, Saxo Bank is one of the best online brokerage companies out there. By opening an account, you will get a broad, well-developed service constantly responding to the needs of clients.

Saxo Bank
Summary Saxo Bank is a Danish investment bank. It is regulated by more than 10 financial authorities, including the top-tier UK FCA.
Fees score 3.0
Recommended for Investors and traders looking for a great trading platform and solid research

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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 Japan:

Best discount brokers in 2020 for Japanese citizens
Interactive Brokers Firstrade IG Tradestation Saxo Bank
Fees score 4.0 5.0 3.0 4.0 3.0
Account opening score 3.0 4.0 4.0 5.0 3.0
Deposit and withdrawal score 3.0 2.0 5.0 2.0 5.0
Markets and products score 5.0 3.0 3.0 2.0 5.0
Web platform score 4.0 4.0 5.0 5.0 5.0
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Interactive Brokers is our winner, the best discount broker in Japan in 2020. Low trading fees, average non-trading fee, free stock and ETF trading for US customers.

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.

Dan Sallai

Dan Sallai

CMO

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.

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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