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To help you find the best discount brokers in 2022 for citizens in Portugal, we went ahead and did the research for you. So what did we focus on? Fees, fees and fees. We don't like them and surely you don't either. After carefully checking 100 brokers for fees, 5 made it to the top. And now, without further ado...

The top 5 picks for the best discount brokers for Portuguese citizens in 2022:

  1. DEGIRO is the best discount broker in Portugal in 2022. Low trading and non-trading fees, one free ETF trading per month.
  2. Interactive Brokers takes second place. Low trading and non-trading fees, free stock and ETF trading for US customers.
  3. tastyworks rounds out the top three. Low trading and non-trading fees, no inactivity fee.
  4. Firstrade is ranked fourth. Low trading and non-trading fees, free stock, ETF, fund and options trading.
  5. Trading 212 just made it to the list at number five. Commission-free real stocks and ETFs, high CFD fees.
Best discount brokers in 2022 for Portuguese citizens
Broker Info Fees score
#1 DEGIRO German-Dutch discount broker 4.6 stars
#2 Interactive Brokers International broker providing all asset classes 4.5 stars
#3 tastyworks US options and stockbroker 4.3 stars
#4 Firstrade US discount broker 4.5 stars
#5 Trading 212 Global CFD broker, but real stocks/ETFs are also available 3.7 stars

What makes a good discount broker? Well, did we mention low fees? This includes commissions, financing rates, and, let's not forget, non-trading fees like inactivity or withdrawal fees. The table above gives you a good hint; the scores include all fees, with 5.0 being the best. Besides low fees, a good discount broker should also offer access to a lot of markets and products, because providing low fees in more than one asset class is not an easy job. All brokers in our list offer real stocks, but we also looked into whether you can trade currencies, options or mutual funds.

These features may sound obvious and easy to list, but they're hard to figure out. We are testing brokers based on close to 500 criteria, using real accounts and real money. We know what's going on.

For a tailored recommendation, check out our broker finder tool. Just enter your country, and it will show only those brokers that are relevant for you. Want more details? Compare brokers with the help of this detailed comparison table.

And now, let's see the best discount brokers for Portuguese citizens in 2022 one by one, starting with the winner, DEGIRO.

DEGIRO Logo

#1 Best discount broker
DEGIRO

4.8

DEGIRO review summary

 

DEGIRO is a German-Dutch online discount broker. It was established in 2008 by former employees of another brokerage company in the Netherlands. DEGIRO merged with flatexDEGIRO Bank AG in early 2021, creating the biggest online execution-only broker in Europe with its own banking license.

DEGIRO is regulated by top-tier financial authorities such as the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, or BaFin) in Germany.

Disclaimer: Investing involves risk of loss.

Disclaimer for UK clients: Deemed authorised and regulated by the Financial Conduct Authority (FCA). The nature and extent of consumer protections may differ from those applicable to firms based in the UK. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the FCA's website.

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#1 DEGIRO
Fees
4.6

DEGIRO has low trading fees for all asset classes. Non-trading fees are also low, as there are no inactivity or withdrawal fees. On the negative side, trading US options or futures will come with a €5 monthly fee. If you need currency conversion, a 0.25% fee will apply.
Pros Cons
Low fund fees €5 monthly fee for trading US derivatives (options and futures)
No inactivity fee 0.25% FX conversion fee
Low stock and ETF fees
DEGIRO trading fees
DEGIRO Interactive Brokers tastyworks Firstrade Trading 212
US stock $0.6 $1.0 $0.0 $0.0 $0.0
UK stock $3.2 $4.2 - - $0.0
EURUSD benchmark fee - $10.4 - - $28.0
US stock index options $7.5 $6.5 $7.5 $0.0 -
Mutual fund $4.7 $15.0 - $0.0 -
DEGIRO non-trading fees
DEGIRO Interactive Brokers tastyworks Firstrade Trading 212
Account fee No No No No No
Inactivity fee No No No No No
Withdrawal fee $0 $0 $0 $0 $0

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#1 DEGIRO
Markets and products
3.6

At DEGIRO, you can access many markets and trade a lot of different products. CFDs and forex are not available, though.
DEGIRO markets and products
DEGIRO Interactive Brokers tastyworks Firstrade Trading 212
Stocks Yes Yes Yes Yes Yes
ETFs Yes Yes Yes Yes Yes
Forex No Yes No No Yes
Funds Yes Yes No Yes No
Bonds Yes Yes No Yes No
Options Yes Yes Yes Yes No
Futures Yes Yes Yes No No
CFDs No Yes No No Yes
Crypto No Yes Yes No No

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Interactive Brokers Logo

#2 Best discount broker
Interactive Brokers

4.9

Interactive Brokers review summary

 

Interactive Brokers, one of the biggest US-based discount brokers, was founded in 1978. 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).

Given that the broker has licenses from multiple top-tier regulators, Interactive Brokers is considered safe. The fact that it has a long track record and publicly disclosed financials while being listed on a stock exchange all point to IB being a safe service provider.

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#2 Interactive Brokers
Fees
4.5

Interactive Brokers has low trading fees and the best margin rates in the industry. For US clients, stock and ETF trading is free if they choose the Lite plan.
Pros Cons
Low trading fees None
Free stock and ETF trading for US clients
Low margin rates
Interactive Brokers trading fees
DEGIRO Interactive Brokers tastyworks Firstrade Trading 212
US stock $0.6 $1.0 $0.0 $0.0 $0.0
UK stock $3.2 $4.2 - - $0.0
EURUSD benchmark fee - $10.4 - - $28.0
US stock index options $7.5 $6.5 $7.5 $0.0 -
Mutual fund $4.7 $15.0 - $0.0 -
Interactive Brokers non-trading fees
DEGIRO Interactive Brokers tastyworks Firstrade Trading 212
Account fee No No No No No
Inactivity fee No No No No No
Withdrawal fee $0 $0 $0 $0 $0

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#2 Interactive Brokers
Markets and products
5.0

At Interactive Brokers, you have access to an extremely wide range of markets and all product types are available.
Interactive Brokers markets and products
DEGIRO Interactive Brokers tastyworks Firstrade Trading 212
Stocks Yes Yes Yes Yes Yes
ETFs Yes Yes Yes Yes Yes
Forex No Yes No No Yes
Funds Yes Yes No Yes No
Bonds Yes Yes No Yes No
Options Yes Yes Yes Yes No
Futures Yes Yes Yes No No
CFDs No Yes No No Yes
Crypto No Yes Yes No No

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tastyworks Logo

#3 Best discount broker
tastyworks

4.6

tastyworks is a young, up-and-coming US broker focusing on options trading. It is regulated by the top-tier Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and the Australian Securities and Investments Commission (ASIC) for Australian clients.

The people behind tastyworks are the same experts who built the thinkorswim trading platform, now operated by TD Ameritrade. tastyworks is privately owned; it was established in 2017 and is headquartered in Chicago.

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#3 tastyworks
Fees
4.3

tastyworks has low trading fees and there is no inactivity fee. On the other hand, you have to pay a high withdrawal fee for wire transfers and margin rates are quite high.
Pros Cons
No inactivity fee High margin rates for stock trading
Free stock trading Withdrawal fee for bank (wire) transfers
Low options fees
tastyworks trading fees
DEGIRO Interactive Brokers tastyworks Firstrade Trading 212
US stock $0.6 $1.0 $0.0 $0.0 $0.0
UK stock $3.2 $4.2 - - $0.0
EURUSD benchmark fee - $10.4 - - $28.0
US stock index options $7.5 $6.5 $7.5 $0.0 -
Mutual fund $4.7 $15.0 - $0.0 -
tastyworks non-trading fees
DEGIRO Interactive Brokers tastyworks Firstrade Trading 212
Account fee No No No No No
Inactivity fee No No No No No
Withdrawal fee $0 $0 $0 $0 $0

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#3 tastyworks
Markets and products
3.1

At tastyworks, you can trade US stocks, ETFs, options and some futures. Other popular asset classes like mutual funds or bonds are missing, as are international assets.
tastyworks markets and products
DEGIRO Interactive Brokers tastyworks Firstrade Trading 212
Stocks Yes Yes Yes Yes Yes
ETFs Yes Yes Yes Yes Yes
Forex No Yes No No Yes
Funds Yes Yes No Yes No
Bonds Yes Yes No Yes No
Options Yes Yes Yes Yes No
Futures Yes Yes Yes No No
CFDs No Yes No No Yes
Crypto No Yes Yes No No

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Firstrade Logo

#4 Best discount broker
Firstrade

4.3

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

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

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#4 Firstrade
Fees
4.5

Firstrade has low fees. It offers free stock, ETF, funds, and options trading with low non-trading fees. However, margin rates are high.
Pros Cons
Low trading fees High margin rates
Low non-trading fees
Free stock, ETF, fund and options trading
Firstrade trading fees
DEGIRO Interactive Brokers tastyworks Firstrade Trading 212
US stock $0.6 $1.0 $0.0 $0.0 $0.0
UK stock $3.2 $4.2 - - $0.0
EURUSD benchmark fee - $10.4 - - $28.0
US stock index options $7.5 $6.5 $7.5 $0.0 -
Mutual fund $4.7 $15.0 - $0.0 -
Firstrade non-trading fees
DEGIRO Interactive Brokers tastyworks Firstrade Trading 212
Account fee No No No No No
Inactivity fee No No No No No
Withdrawal fee $0 $0 $0 $0 $0

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#4 Firstrade
Markets and products
2.5

Firstrade offers a good variety of asset classes, from stocks to options. However, the products cover only the US market and you cannot trade futures or forex.
Firstrade markets and products
DEGIRO Interactive Brokers tastyworks Firstrade Trading 212
Stocks Yes Yes Yes Yes Yes
ETFs Yes Yes Yes Yes Yes
Forex No Yes No No Yes
Funds Yes Yes No Yes No
Bonds Yes Yes No Yes No
Options Yes Yes Yes Yes No
Futures Yes Yes Yes No No
CFDs No Yes No No Yes
Crypto No Yes Yes No No

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Trading 212 Logo

#5 Best discount broker
Trading 212

4.5

Trading 212 review summary

 

Trading 212 is onboarding clients without a waiting list from the EEA region only. Customers from other eligible countries can join Trading 212's waiting list, but it may take a while until onboarding restrictions are lifted and the waiting list is scrapped.

Trading 212 is a global CFD broker, but clients can also trade stocks and ETFs free of charge. The company was founded in 2004 and is now headquartered in London. Trading 212 is regulated by the UK Financial Conduct Authority (FCA), the Cypriot Cyprus Securities and Exchange Commission (CySEC), and the Bulgarian Financial Supervision Commission (FSC).

Trading 212 is considered safe as it is regulated by the top-tier FCA.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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.

Our overall Trading 212 rating

Compare this broker to the best Trading 212 alternative here.

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68% of retail CFD accounts lose money

#5 Trading 212
Fees
3.7

Trading 212 offers commission-free stock and ETF trading, and there are also no fees for deposit, withdrawal or inactivity. However, fees for forex trading are high.
Pros Cons
Free stock and ETF trading High forex fees
No withdrawal and inactivity fee High financing rate
Trading 212 trading fees
DEGIRO Interactive Brokers tastyworks Firstrade Trading 212
US stock $0.6 $1.0 $0.0 $0.0 $0.0
UK stock $3.2 $4.2 - - $0.0
EURUSD benchmark fee - $10.4 - - $28.0
US stock index options $7.5 $6.5 $7.5 $0.0 -
Mutual fund $4.7 $15.0 - $0.0 -
Trading 212 non-trading fees
DEGIRO Interactive Brokers tastyworks Firstrade Trading 212
Account fee No No No No No
Inactivity fee No No No No No
Withdrawal fee $0 $0 $0 $0 $0

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68% of retail CFD accounts lose money

#5 Trading 212
Markets and products
4.1

Trading 212 focuses on CFDs (forex, stock, index, etc.) and real stocks/ETFs. As a result, popular asset classes like bonds, mutual funds, options or futures are missing.
Trading 212 markets and products
DEGIRO Interactive Brokers tastyworks Firstrade Trading 212
Stocks Yes Yes Yes Yes Yes
ETFs Yes Yes Yes Yes Yes
Forex No Yes No No Yes
Funds Yes Yes No Yes No
Bonds Yes Yes No Yes No
Options Yes Yes Yes Yes No
Futures Yes Yes Yes No No
CFDs No Yes No No Yes
Crypto No Yes Yes No No

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68% of retail CFD accounts lose money

Best discount brokers
What makes a good discount broker?

You're probably wondering how we came up with this list. To get a better understanding, let's discuss the following three points:

  • What is a discount brokerage?
  • Why do we think these brokers are reliable?
  • What were the most important criteria when we picked 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 can afford to charge lower fees because, unlike full-service brokers, they usually don't provide extra services such as research, personal investment advice, tax planning or robo-advisory.

The difference between full-service brokers and discount brokers has blurred somewhat in recent years. Discount brokers started to offer extra services as well, like research; while full-service brokers started to lower their fees. The traditional brokerage and wealth management industry is under fee pressure from increasingly cost-effective online broker companies.

Many US brokers have slashed their fees to zero and now promote commission-free trading, following in the footsteps of brokers such as Robinhood. Drawbacks for some of these commission-free brokers include the limited number of assets you can trade (for example, mutual funds are less likely to be offered), so some investors and traders still prefer traditional discount brokers, where order execution also tends to be better compared with zero-commission brokers.

Are these brokers reliable?

These brokers are all considered reliable. They are regulated by at least one top-tier financial authority. We at BrokerChooser distinguish between mid-tier and top-tier regulators, based on various factors with the most important being the investor protection amount.

How did BrokerChooser pick the best discount brokers?

We tested brokers based on almost 500 criteria, using real accounts and real money. When we selected the best discount brokers, the primary selection criteria were fees. Importantly, we only included brokers where you can trade real stocks. This means that we excluded brokers where stocks were only offered through CFDs.

We calculated the rankings based on trading fees for all asset classes, such as stock fees; as well as fees not directly related to trading, such as withdrawal fees. We also assigned a higher score to brokers that offer a wide range of asset classes, because providing low fees in more than one asset class is not an easy job and definitely a big plus for investors.

Lastly, we incorporated additional criteria to measure the overall quality of the broker: if the account opening process, customer service and other aspects of the broker are high quality, they all boosted the overall score.

Best discount brokers
Bottom line

You saw the details, now let's zoom out. Here are the best discount brokers in 2022 for citizens in Portugal:

Best discount brokers in 2022 for Portuguese citizens
DEGIRO Interactive Brokers tastyworks Firstrade Trading 212
Fees score 4.6 stars 4.5 stars 4.3 stars 4.5 stars 3.7 stars
Stock and ETF fee scores 4.8 stars 4.8 stars 5.0 stars 5.0 stars 5.0 stars
Markets and products score 3.6 stars 5.0 stars 3.1 stars 2.5 stars 4.1 stars
Deposit and withdrawal score 3.3 stars 3.0 stars 1.9 stars 2.0 stars 4.3 stars
Account opening score 5.0 stars 3.2 stars 5.0 stars 4.2 stars 4.5 stars
Visit broker Visit broker Visit broker Visit broker Visit broker
68% of retail CFD accounts lose money

DEGIRO is our winner, the best discount broker in Portugal in 2022. Low trading and non-trading fees, one free ETF trading per month.

All of these 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? Check out our broker finder tool and find the best broker for you, or learn more about how to invest your money.

Author of this article

Gergely Korpos

Author of this article

Gergely is the co-founder and CPO of BrokerChooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Gergely Korpos

Co-founder, CPO

Gergely is the co-founder and CPO of BrokerChooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

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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