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Choose the best discount broker in 2020 for citizens in Puerto Rico, 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 78 brokers, 5 made it to the top. And now, without further ado...

The top 5 picks for the best discount brokers for Puerto Rican citizens in 2020:

  1. Interactive Brokers is the best discount broker in Puerto Rico in 2020. Low trading fees, average non-trading fee, free stock and ETF trading for US customers.
  2. XTB is the second. Low forex, average non-trading fees, high stock CFD fees.
  3. tastyworks rounded out the top three. Low trading and non-trading fees, no inactivity fee. Third place.
  4. IG in the fourth place. High trading fees, average non-trading fees.
  5. Swissquote. High trading fees, average non-trading fees, low fund fees. Just made it to the list with being number five.
Best discount brokers in 2020 for Puerto Rican citizens
Broker Info Fees score
#1 Interactive Brokers US discount broker 4.0 stars
#2 XTB Global CFD and forex broker 3.7 stars
#3 tastyworks US options and stockbroker 4.5 stars
#4 IG Global CFD and forex broker 2.7 stars
#5 Swissquote Swiss investment bank 1.6 stars

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 Puerto Rican 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, Interactive Brokers is considered safe. 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
Low trading fees Complicated account opening process
Wide range of products Complex desktop trading platform
Many great research tools High inactivity fee

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#1 Interactive Brokers
Fees
4.0

Interactive Brokers has low trading fees; 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
Free stock and ETF trading for US clients
Low margin rates
Interactive Brokers trading fees
Interactive Brokers XTB tastyworks IG Swissquote
US stock $1.0 $10.0 $0.0 $15.0 $25.0
UK stock $7.8 $12.0 - $10.4 $32.5
EURUSD benchmark fee $11.2 $8.3 - $17.3 $17.6
Mutual fund $15.0 - - - $9.0
US Treasury bond $5.0 - - - $75.0
US stock index options $6.5 - $12.5 $10.0 $19.9
Interactive Brokers non-trading fees
Interactive Brokers XTB tastyworks IG Swissquote
Account fee No No No No No
Inactivity fee Yes Yes No Yes No
Withdrawal fee $0 $0 $0 $0 $10

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#1 Interactive Brokers
Account opening
3.4

IB's account opening process is fully digital and the required minimum deposit is low. On the negative side, the process is complicated, and account verification takes relatively long.
Pros Cons
Fully digital Not user-friendly
No minimum deposit for most account types Confusing messages throughout the process
Interactive Brokers minimum deposit and time to open an account
Interactive Brokers XTB tastyworks IG Swissquote
Minimum deposit $0 $0 $0 $0 $0
Time to open account 1-3 days 1 day 1 day 1-3 days 1 day

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#1 Interactive Brokers
Deposit and withdrawal
3.5

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.
Pros Cons
No deposit fee Credit/Debit card not available
Several account base currencies
First withdrawal each month free
Interactive Brokers withdrawal fee and options
Interactive Brokers XTB tastyworks IG Swissquote
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No No No Yes No
Electronic wallets No No No Yes No
Withdrawal fee $0 $0 $0 $0 $10

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#1 Interactive Brokers
Markets and products
5.0

Through Interactive Brokers you can access an extremely wide range of markets and all product types are available.
Interactive Brokers markets and products
Interactive Brokers XTB tastyworks IG Swissquote
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes Yes Yes
Forex Yes Yes No Yes Yes
Fund Yes No No No Yes
Bond Yes No No No Yes
Options Yes No Yes Yes Yes
Futures Yes No Yes No Yes
CFD Yes Yes No Yes Yes
Crypto Yes Yes No Yes Yes

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#1 Interactive Brokers
Web trading platform
4.3

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 XTB tastyworks IG Swissquote
Web platform score 4.3 stars 4.4 stars 3.4 stars 5.0 stars 4.3 stars
Mobile platform score 3.5 stars 4.4 stars 4.2 stars 5.0 stars 4.7 stars
Desktop platform score 3.0 stars 4.4 stars 3.9 stars - 3.4 stars

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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 low fees, a vast range of markets and products available with diverse research tools

There are some drawbacks though: there is a high inactivity fee and the account opening process is complicated. The desktop platform is complex and hard to get a handle on, especially for beginners.

If you have experience navigating complex platforms and enjoy 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 stars
Recommended for Traders looking for low fees and a professional trading environment

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XTB Logo

#2 Best discount broker
XTB

4.6

XTB is a global CFD and forex broker with headquarters in London and Warsaw, founded in 2002. The company is regulated by several financial authorities worldwide, including the top-tier UK Financial Conduct Authority (FCA). In addition, XTB is listed on the Warsaw Stock Exchange, and as such is required to disclose its financials.

XTB is considered safe because it has a long track record, is listed on a stock exchange, and publishes its financial statements transparently.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% 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 fees High fees for stock CFDs
Free and fast deposit and withdrawal Product portfolio limited mostly to CFDs and FX
Easy and fast account opening Limited fundamental data

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82% of retail CFD accounts lose money

#2 XTB
Fees
3.7

XTB has low forex fees and there is no withdrawal fee for most transfers. On the other hand, stock CFD fees are high, and XTB also charges an inactivity fee.
Pros Cons
Low forex fees High stock CFD fees
Free withdrawal for transfers above $100
XTB trading fees
Interactive Brokers XTB tastyworks IG Swissquote
US stock $1.0 $10.0 $0.0 $15.0 $25.0
UK stock $7.8 $12.0 - $10.4 $32.5
EURUSD benchmark fee $11.2 $8.3 - $17.3 $17.6
Mutual fund $15.0 - - - $9.0
US Treasury bond $5.0 - - - $75.0
US stock index options $6.5 - $12.5 $10.0 $19.9
XTB non-trading fees
Interactive Brokers XTB tastyworks IG Swissquote
Account fee No No No No No
Inactivity fee Yes Yes No Yes No
Withdrawal fee $0 $0 $0 $0 $10

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82% of retail CFD accounts lose money

#2 XTB
Account opening
5.0

XTB's account opening process is hassle-free, straightforward and fully digital. Your account will be ready for trading on the same day.
Pros Cons
Fast None
Fully digital
No minimum deposit
XTB minimum deposit and time to open an account
Interactive Brokers XTB tastyworks IG Swissquote
Minimum deposit $0 $0 $0 $0 $0
Time to open account 1-3 days 1 day 1 day 1-3 days 1 day

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82% of retail CFD accounts lose money

#2 XTB
Deposit and withdrawal
4.5

XTB deposits and withdrawals are fast, mostly free, and can be done via several channels.
Pros Cons
Credit/Debit card available Few minor account currencies accepted
Free withdrawal
No deposit fee
XTB withdrawal fee and options
Interactive Brokers XTB tastyworks IG Swissquote
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No No No Yes No
Electronic wallets No No No Yes No
Withdrawal fee $0 $0 $0 $0 $10

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82% of retail CFD accounts lose money

#2 XTB
Markets and products
2.8

XTB's default product selection includes only CFDs, forex and crypto. Some European clients can also trade real stocks and ETFs. Popular asset classes like bonds, mutual funds, options and futures are not available.
XTB markets and products
Interactive Brokers XTB tastyworks IG Swissquote
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes Yes Yes
Forex Yes Yes No Yes Yes
Fund Yes No No No Yes
Bond Yes No No No Yes
Options Yes No Yes Yes Yes
Futures Yes No Yes No Yes
CFD Yes Yes No Yes Yes
Crypto Yes Yes No Yes Yes

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82% of retail CFD accounts lose money

#2 XTB
Web trading platform
4.4

XTB's xStation 5 platform is user-friendly, can be customized and has a good search function. On the other hand, 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
Interactive Brokers XTB tastyworks IG Swissquote
Web platform score 4.3 stars 4.4 stars 3.4 stars 5.0 stars 4.3 stars
Mobile platform score 3.5 stars 4.4 stars 4.2 stars 5.0 stars 4.7 stars
Desktop platform score 3.0 stars 4.4 stars 3.9 stars - 3.4 stars

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82% of retail CFD accounts lose money

#2 XTB
Verdict

XTB is a great CFD and forex broker. It is regulated by several financial authorities globally, including the UK's FCA. The company is listed on the Warsaw Stock Exchange.

On the plus side, its forex fees are low, and the deposit and withdrawal process is fast and mostly free. We also liked the seamless and hassle-free account opening process.

XTB has some drawbacks, though. 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. Fundamental data offered by XTB covers only a few basics such as P/E.

We recommend XTB for clients who prefer forex or CFD trading, and also want to enjoy great deposit and withdrawal options along with 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, Poland's KNF, and Cyprus's CySec.
Fees score 3.7 stars
Recommended for Forex and CFD traders looking for low fees and great deposit/withdrawal service

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82% of retail CFD accounts lose money

tastyworks Logo

#3 Best discount broker
tastyworks

4.7

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) and the Financial Industry Regulatory Authority (FINRA).

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

Recommended for options and futures traders focusing on us markets

Pros Cons
Low trading fees Limited product selection
Great educational materials Few deposit and withdrawal options
Good research tools No demo account

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#3 tastyworks
Fees
4.5

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.
Pros Cons
Low trading fees Withdrawal fee for bank (wire) transfers
Low stock and ETF fees
No inactivity fee
tastyworks trading fees
Interactive Brokers XTB tastyworks IG Swissquote
US stock $1.0 $10.0 $0.0 $15.0 $25.0
UK stock $7.8 $12.0 - $10.4 $32.5
EURUSD benchmark fee $11.2 $8.3 - $17.3 $17.6
Mutual fund $15.0 - - - $9.0
US Treasury bond $5.0 - - - $75.0
US stock index options $6.5 - $12.5 $10.0 $19.9
tastyworks non-trading fees
Interactive Brokers XTB tastyworks IG Swissquote
Account fee No No No No No
Inactivity fee Yes Yes No Yes No
Withdrawal fee $0 $0 $0 $0 $10

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#3 tastyworks
Account opening
5.0

tastyworks account opening is user-friendly, fast, fully digital, and involves no minimum deposit.
Pros Cons
Fast None
Fully digital
No minimum deposit
tastyworks minimum deposit and time to open an account
Interactive Brokers XTB tastyworks IG Swissquote
Minimum deposit $0 $0 $0 $0 $0
Time to open account 1-3 days 1 day 1 day 1-3 days 1 day

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#3 tastyworks
Deposit and withdrawal
1.9

tastyworks's deposit and withdrawal functions are easy to use and there's no deposit fee, but you can use only bank transfer, and withdrawals can be expensive especially for non-US clients.
Pros Cons
No deposit fee Credit/Debit card not available
User-friendly Only one account base currency
Free ACH withdrawals in the US High fee for wire withdrawals
tastyworks withdrawal fee and options
Interactive Brokers XTB tastyworks IG Swissquote
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No No No Yes No
Electronic wallets No No No Yes No
Withdrawal fee $0 $0 $0 $0 $10

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#3 tastyworks
Markets and products
2.6

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
Interactive Brokers XTB tastyworks IG Swissquote
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes Yes Yes
Forex Yes Yes No Yes Yes
Fund Yes No No No Yes
Bond Yes No No No Yes
Options Yes No Yes Yes Yes
Futures Yes No Yes No Yes
CFD Yes Yes No Yes Yes
Crypto Yes Yes No Yes Yes

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#3 tastyworks
Web trading platform
3.4

The tastyworks web platform is great for experienced traders, especially for options trading. However, it takes time to figure out how its functions work, and its customizability is limited.
Pros Cons
Clear fee report Limited customizability (for charts, workspace)
Price alerts Not suited for beginners
Two-step (safer) authentication for certain functions
Best discount brokers - tastyworks trading platform
tastyworks trading platforms
Interactive Brokers XTB tastyworks IG Swissquote
Web platform score 4.3 stars 4.4 stars 3.4 stars 5.0 stars 4.3 stars
Mobile platform score 3.5 stars 4.4 stars 4.2 stars 5.0 stars 4.7 stars
Desktop platform score 3.0 stars 4.4 stars 3.9 stars - 3.4 stars

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#3 tastyworks
Verdict

tastyworks is an excellent broker for options trading, but it is a bit complicated if you want to trade stocks only.  

tastyworks's trading fees are low, with free stock and ETF trading fees. Its trading platform is aimed at experienced options traders, and can be intimidating for beginners. However, its educational and research tools are great for learning. Deposit and withdrawal processes could be better, and a demo account would also be great for practice purposes.

As there is no minimum deposit, no inactivity fee or monthly fee, and the account opening process is seamless, you should feel free to try it.

tastyworks
Summary tastyworks is a recently established US options and stockbroker. It is overseen by FINRA, a top-tier regulatory body.
Fees score 4.5 stars
Recommended for Options and futures traders focusing on US markets

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IG Logo

#4 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 UK's Financial Conduct Authority (FCA) and Germany's 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. 74-89% of retail investor accounts lose money when trading CFDs. 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 forex and stock CFD fees
Superb educational tools Limited product portfolio
Great deposit and withdrawal options Slow customer support

Open account
74-89% of retail CFD accounts lose money

#4 IG
Fees
2.7

IG has low non-trading fees. There is no fee for withdrawals and an inactivity fee is charged only after 2 years. On the negative side, the forex and stock CFD fees are high.
Pros Cons
No withdrawal fee High forex fees
Inactivity fee charged only after 2 years High stock CFD trading fees
IG trading fees
Interactive Brokers XTB tastyworks IG Swissquote
US stock $1.0 $10.0 $0.0 $15.0 $25.0
UK stock $7.8 $12.0 - $10.4 $32.5
EURUSD benchmark fee $11.2 $8.3 - $17.3 $17.6
Mutual fund $15.0 - - - $9.0
US Treasury bond $5.0 - - - $75.0
US stock index options $6.5 - $12.5 $10.0 $19.9
IG non-trading fees
Interactive Brokers XTB tastyworks IG Swissquote
Account fee No No No No No
Inactivity fee Yes Yes No Yes No
Withdrawal fee $0 $0 $0 $0 $10

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74-89% of retail CFD accounts lose money

#4 IG
Account opening
4.4

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 XTB tastyworks IG Swissquote
Minimum deposit $0 $0 $0 $0 $0
Time to open account 1-3 days 1 day 1 day 1-3 days 1 day

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74-89% of retail CFD accounts lose money

#4 IG
Deposit and withdrawal
4.5

IG offers free and fast deposits and withdrawals. There are various options for funding your account, including traditional methods such as bank wire transfer 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 XTB tastyworks IG Swissquote
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No No No Yes No
Electronic wallets No No No Yes No
Withdrawal fee $0 $0 $0 $0 $10

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74-89% of retail CFD accounts lose money

#4 IG
Markets and products
4.0

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 stocks. Other popular assets, however, like mutual funds and bonds, are not available.
IG markets and products
Interactive Brokers XTB tastyworks IG Swissquote
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes Yes Yes
Forex Yes Yes No Yes Yes
Fund Yes No No No Yes
Bond Yes No No No Yes
Options Yes No Yes Yes Yes
Futures Yes No Yes No Yes
CFD Yes Yes No Yes Yes
Crypto Yes Yes No Yes Yes

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74-89% of retail CFD accounts lose money

#4 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 XTB tastyworks IG Swissquote
Web platform score 4.3 stars 4.4 stars 3.4 stars 5.0 stars 4.3 stars
Mobile platform score 3.5 stars 4.4 stars 4.2 stars 5.0 stars 4.7 stars
Desktop platform score 3.0 stars 4.4 stars 3.9 stars - 3.4 stars

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74-89% of retail CFD accounts lose money

#4 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 has tested. The deposit and withdrawal conditions are great. You can also expand your knowledge with great educational materials.

On the other hand, there are some drawbacks. The forex and stock CFD fees are high and the product portfolio in most countries is limited to forex, CFDs and options. Customer support could be better.

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

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 2.7 stars
Recommended for Traders of any experience level looking for an easy-to-use trading platform

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74-89% of retail CFD accounts lose money

Swissquote Logo

#5 Best discount broker
Swissquote

4.5

Swissquote is a Swiss investment bank established in 1996. It has two main trading arms: a Swiss unit for trading stocks, funds, options and futures and a company in the UK for CFDs and forex.

Formally, Swissquote Bank Ltd is based in Switzerland and is regulated by the Swiss Financial Market Supervisory Authority (FINMA), the country's financial regulator.

The other entity, Swissquote Ltd, is UK-based and offers CFDs and forex trading. It is regulated by the Financial Conduct Authority (FCA), the UK's financial authority.

Swissquote is considered safe because Swissquote Bank Ltd has a banking license, it is listed on the Swiss stock exchange, discloses detailed financials regularly and has a long track record.

In this review, we focus mainly on the Swiss entity, but also discuss services of the UK arm, especially in the case of CFD and forex trading. To make it clear which company we are talking about, we will refer to the Swiss entity as "Swissquote (CH)" and to the UK-based entity as "Swissquote Forex (UK)".

Recommended for affluent investors who value safety and are ok with higher fees

Pros Cons
Access to many markets and products High trading fees
No inactivity fee Confusing trading platform selection
Rock-solid background Some research tools are not free

Open account

#5 Swissquote
Fees
1.6

Swissquote charges no inactivity fee and you can trade an impressive selection of funds for favorable fees. On the other hand, trading fees are generally high, including stocks and ETFs fees, and there is a fee for withdrawing your money.
Pros Cons
Low fund fees High trading fees
No inactivity fee High stock and ETF fees
Low financing rate High bond fees
Withdrawal fee at Swissquote (CH)
Swissquote trading fees
Interactive Brokers XTB tastyworks IG Swissquote
US stock $1.0 $10.0 $0.0 $15.0 $25.0
UK stock $7.8 $12.0 - $10.4 $32.5
EURUSD benchmark fee $11.2 $8.3 - $17.3 $17.6
Mutual fund $15.0 - - - $9.0
US Treasury bond $5.0 - - - $75.0
US stock index options $6.5 - $12.5 $10.0 $19.9
Swissquote non-trading fees
Interactive Brokers XTB tastyworks IG Swissquote
Account fee No No No No No
Inactivity fee Yes Yes No Yes No
Withdrawal fee $0 $0 $0 $0 $10

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#5 Swissquote
Account opening
4.0

Swissquote offers a fully digital account opening process, although we encountered wait times. There is no minimum deposit for trading accounts, but a high minimum for forex and robo-advisory accounts.
Pros Cons
Fully digital Long wait times
No minimum deposit for trading account Forex and robo-advisor accounts have high minimum
Swissquote minimum deposit and time to open an account
Interactive Brokers XTB tastyworks IG Swissquote
Minimum deposit $0 $0 $0 $0 $0
Time to open account 1-3 days 1 day 1 day 1-3 days 1 day

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#5 Swissquote
Deposit and withdrawal
4.1

Depositing at Swissquote is quick with credit/debit card and can be done in several base currencies. On the negative side, you can only withdraw money via bank transfer, and the Swiss entity charges fees.
Pros Cons
Credit/Debit card available Swiss entity charges withdrawal and deposit fees
Several account base currencies
Swissquote withdrawal fee and options
Interactive Brokers XTB tastyworks IG Swissquote
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No No No Yes No
Electronic wallets No No No Yes No
Withdrawal fee $0 $0 $0 $0 $10

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#5 Swissquote
Markets and products
5.0

At Swissquote (CH) you can access many markets and trade with a lot of different product types. At Swissquote Forex (UK) you can trade only forex and some CFDs.
Swissquote markets and products
Interactive Brokers XTB tastyworks IG Swissquote
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes Yes Yes
Forex Yes Yes No Yes Yes
Fund Yes No No No Yes
Bond Yes No No No Yes
Options Yes No Yes Yes Yes
Futures Yes No Yes No Yes
CFD Yes Yes No Yes Yes
Crypto Yes Yes No Yes Yes

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#5 Swissquote
Web trading platform
4.3

The Swissquote (CH) eTrading platform has a lot of functions, so many that sometimes it can get complicated. Customizability is good and there is a clear overview of trading fees, but it's easy to get lost on the platform.
Pros Cons
Clear fee report Easy to get lost among functions
Two-step (safer) login
Good search function
Best discount brokers - Swissquote trading platform
Swissquote trading platforms
Interactive Brokers XTB tastyworks IG Swissquote
Web platform score 4.3 stars 4.4 stars 3.4 stars 5.0 stars 4.3 stars
Mobile platform score 3.5 stars 4.4 stars 4.2 stars 5.0 stars 4.7 stars
Desktop platform score 3.0 stars 4.4 stars 3.9 stars - 3.4 stars

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#5 Swissquote
Verdict

Swissquote is an investment bank with a rock-solid background:

  • It is Swiss,
  • it is listed on an exchange
  • and it is a bank

It has two main entities, one in the UK and one in Switzerland. If you open an account at the London-based entity you can trade forex and CFDs, while the Swiss entity gives you access to assets ranging from stocks to options.

Swissquote offers a broad range of products across many markets. There are many stocks, mutual funds, and a lot of different other types of products, from bonds to cryptos.

However, nothing is free: Swissquote's trading fees are relatively high

All in all, Swissquote is a great stockbroker. As you can trade many products and no inactivity fee is charged, feel free to give it a try.

Swissquote
Summary Swissquote is a Swiss online broker with a banking license. It is listed on the Swiss stock exchange and regulated by several authorities globally, including the top-tier UK FCA.
Fees score 1.6 stars
Recommended for Affluent investors who value safety and are OK with higher fees

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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 Puerto Rico:

Best discount brokers in 2020 for Puerto Rican citizens
Interactive Brokers XTB tastyworks IG Swissquote
Fees score 4.0 stars 3.7 stars 4.5 stars 2.7 stars 1.6 stars
Account opening score 3.4 stars 5.0 stars 5.0 stars 4.4 stars 4.0 stars
Deposit and withdrawal score 3.5 stars 4.5 stars 1.9 stars 4.5 stars 4.1 stars
Markets and products score 5.0 stars 2.8 stars 2.6 stars 4.0 stars 5.0 stars
Web platform score 4.3 stars 4.4 stars 3.4 stars 5.0 stars 4.3 stars
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Interactive Brokers is our winner, the best discount broker in Puerto Rico 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.

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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82% of retail CFD accounts lose money
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74-89% of retail CFD accounts lose money
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