Best discount brokers in Saudi Arabia in 2020

Interactive Brokers
4.9
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XTB
4.6
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80% of retail CFD accounts lose money
Firstrade
4.5
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Best discount brokers in Saudi Arabia in 2020

Choose the best discount broker in 2020 for citizens in Saudi Arabia, 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 67 brokers, 5 made it to the top. And now, without further ado...

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

  1. Interactive Brokers is the best discount broker in Saudi Arabia in 2020. Low trading fees, average non-trading fee, free stock and ETF trading for US customers.
  2. XTB is the second. Low trading and non-trading fees, high stock CFD fees.
  3. Firstrade rounded out the top three. Low trading and non-trading fees, free stock, ETF, fund and options trading. Third place.
  4. XM in the fourth place. Low trading fees, average non-trading fees, low CFD fees.
  5. eToro. Low trading fees, high non-trading fees, free stock and ETF trading. Just made it to the list with being number five.
Best discount brokers in 2020 for Saudi citizens
Broker Info Fees score
#1 Interactive Brokers US discount broker 4.3 stars
#2 XTB Global CFD and forex broker 4.0 stars
#3 Firstrade US discount broker 4.5 stars
#4 XM Global CFD and forex broker 3.8 stars
#5 eToro Global social trading broker 4.2 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 Saudi 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 High inactivity fee

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#1 Interactive Brokers
Fees
4.3

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 XTB Firstrade XM eToro
US stock $1.0 $10.0 $0.0 $0.0 $0.0
UK stock $7.2 $10.0 - - $0.0
EURUSD benchmark fee $17.9 $15.0 - $17.1 $19.6
Mutual fund $15.0 - $0.0 - -
US Treasury bond $5.0 - $40.0 - -
US stock index options $6.5 - $0.0 - -
Interactive Brokers non-trading fees
Interactive Brokers XTB Firstrade XM eToro
Account fee No No No No No
Inactivity fee Yes No No Yes Yes
Withdrawal fee $0 $0 $0 $0 $5

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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 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 XTB Firstrade XM eToro
Minimum deposit $0 $250 $0 $5 $200
Time to open account 1-3 days 1 day 1-3 days 1 day 1 day

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#1 Interactive Brokers
Deposit and withdrawal
2.5

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 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 XTB Firstrade XM eToro
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No No Yes Yes
Electronic wallets No No No Yes Yes
Withdrawal fee $0 $0 $0 $0 $5

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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 XTB Firstrade XM eToro
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes No Yes
Forex Yes Yes No Yes Yes
Fund Yes No Yes No No
Bond Yes No Yes No No
Options Yes No Yes No No
Futures Yes No No No No
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 Firstrade XM eToro
Web platform score 4.3 stars 4.4 stars 4.3 stars 2.8 stars 4.4 stars
Mobile platform score 3.5 stars 4.3 stars 3.3 stars 3.8 stars 4.9 stars
Desktop platform score 3.0 stars 4.4 stars - 3.3 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 a vast range of markets and products available, with diverse research tools and low costs

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-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 4.3 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. The company is regulated by several financial authorities worldwide, including the UK's Financial Conduct Authority (FCA) and the Polish Financial Supervision Authority (KNF). XTB is listed on the Warsaw Stock Exchange.

XTB is considered safe because it is regulated by at least one top-tier financial authority, the FCA, and is listed on a stock exchange.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders looking for low fees and great deposit/withdrawal service

Pros Cons
Low forex and stock index CFD fees High fee for stock CFD
Free and fast deposit and withdrawal Limited product portfolio, mostly CFD and FX
Easy and fast account opening Poor email support

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80% of retail CFD accounts lose money

#2 XTB
Fees
4.0

XTB has low trading fees and low non-trading fees. Within trading fees, there are low fees for forex and stock index CFDs. On the other hand, stock CFD fees are high.
Pros Cons
Low trading fees High stock CFD fees
Low non-trading fees
No withdrawal fee
XTB trading fees
Interactive Brokers XTB Firstrade XM eToro
US stock $1.0 $10.0 $0.0 $0.0 $0.0
UK stock $7.2 $10.0 - - $0.0
EURUSD benchmark fee $17.9 $15.0 - $17.1 $19.6
Mutual fund $15.0 - $0.0 - -
US Treasury bond $5.0 - $40.0 - -
US stock index options $6.5 - $0.0 - -
XTB non-trading fees
Interactive Brokers XTB Firstrade XM eToro
Account fee No No No No No
Inactivity fee Yes No No Yes Yes
Withdrawal fee $0 $0 $0 $0 $5

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80% of retail CFD accounts lose money

#2 XTB
Account opening
5.0

XTB's account opening process is hassle-free, fully digital and straightforward. Your account will be ready for trading on the same day.
Pros Cons
Fast None
Fully digital
Low minimum deposit
XTB minimum deposit and time to open an account
Interactive Brokers XTB Firstrade XM eToro
Minimum deposit $0 $250 $0 $5 $200
Time to open account 1-3 days 1 day 1-3 days 1 day 1 day

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80% of retail CFD accounts lose money

#2 XTB
Deposit and withdrawal
4.5

XTB deposits and withdrawals are cost-friendly, fast, and can be done in several forms.
Pros Cons
Credit/Debit card available None
Free withdrawal
No deposit fee
XTB withdrawal fee and options
Interactive Brokers XTB Firstrade XM eToro
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No No Yes Yes
Electronic wallets No No No Yes Yes
Withdrawal fee $0 $0 $0 $0 $5

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80% of retail CFD accounts lose money

#2 XTB
Markets and products
2.8

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

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80% 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, a two-step login is not available.
Pros Cons
User-friendly No two-step (safer) login
Clear fee report
Good search function
Best discount brokers - XTB trading platform
XTB trading platforms
Interactive Brokers XTB Firstrade XM eToro
Web platform score 4.3 stars 4.4 stars 4.3 stars 2.8 stars 4.4 stars
Mobile platform score 3.5 stars 4.3 stars 3.3 stars 3.8 stars 4.9 stars
Desktop platform score 3.0 stars 4.4 stars - 3.3 stars -

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80% 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, and it is listed on the Warsaw Stock Exchange. 

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

XTB has some drawbacks, though. The stock CFD fees are high. The product range is mainly limited to FX and CFDs, although real stock and ETF trading are available in some European countries. Lastly, its email support did not reply to our queries.

We recommend XTB for clients who prefer forex or CFD trading, and also want to enjoy great deposit and withdrawal options and a fast account opening. Feel free to test it using a demo account.

XTB
Summary XTB is a global CFD and forex broker, listed on the Warsaw Stock Exchange and regulated by financial authorities including the UK FCA and Poland's KNF.
Fees score 4.0 stars
Recommended for Forex and CFD traders looking for low fees and great deposit/withdrawal service

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80% of retail CFD accounts lose money

Firstrade Logo

#3 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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#3 Firstrade
Fees
4.5

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 XTB Firstrade XM eToro
US stock $1.0 $10.0 $0.0 $0.0 $0.0
UK stock $7.2 $10.0 - - $0.0
EURUSD benchmark fee $17.9 $15.0 - $17.1 $19.6
Mutual fund $15.0 - $0.0 - -
US Treasury bond $5.0 - $40.0 - -
US stock index options $6.5 - $0.0 - -
Firstrade non-trading fees
Interactive Brokers XTB Firstrade XM eToro
Account fee No No No No No
Inactivity fee Yes No No Yes Yes
Withdrawal fee $0 $0 $0 $0 $5

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#3 Firstrade
Account opening
4.4

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 XTB Firstrade XM eToro
Minimum deposit $0 $250 $0 $5 $200
Time to open account 1-3 days 1 day 1-3 days 1 day 1 day

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#3 Firstrade
Deposit and withdrawal
1.8

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 XTB Firstrade XM eToro
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No No Yes Yes
Electronic wallets No No No Yes Yes
Withdrawal fee $0 $0 $0 $0 $5

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#3 Firstrade
Markets and products
2.8

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 XTB Firstrade XM eToro
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes No Yes
Forex Yes Yes No Yes Yes
Fund Yes No Yes No No
Bond Yes No Yes No No
Options Yes No Yes No No
Futures Yes No No No No
CFD Yes Yes No Yes Yes
Crypto Yes Yes No Yes Yes

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#3 Firstrade
Web trading platform
4.3

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 XTB Firstrade XM eToro
Web platform score 4.3 stars 4.4 stars 4.3 stars 2.8 stars 4.4 stars
Mobile platform score 3.5 stars 4.3 stars 3.3 stars 3.8 stars 4.9 stars
Desktop platform score 3.0 stars 4.4 stars - 3.3 stars -

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#3 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 4.5 stars
Recommended for Beginners and investors looking for zero-commission trading, focusing on the US market

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XM Logo

#4 Best discount broker
XM

4.4

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

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

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

In this review, we focus on the XM brand.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.10% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Risk warnings are shown on the website but they are unclear on percentages

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

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

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75.55% of retail CFD accounts lose money

#4 XM
Fees
3.8

XM has low trading fees for CFDs and charges no withdrawal fee. On the other hand, forex fees are average, and there is a fee for inactivity.
Pros Cons
Low CFD fees Inactivity fee
No withdrawal fee Average FX fees
XM trading fees
Interactive Brokers XTB Firstrade XM eToro
US stock $1.0 $10.0 $0.0 $0.0 $0.0
UK stock $7.2 $10.0 - - $0.0
EURUSD benchmark fee $17.9 $15.0 - $17.1 $19.6
Mutual fund $15.0 - $0.0 - -
US Treasury bond $5.0 - $40.0 - -
US stock index options $6.5 - $0.0 - -
XM non-trading fees
Interactive Brokers XTB Firstrade XM eToro
Account fee No No No No No
Inactivity fee Yes No No Yes Yes
Withdrawal fee $0 $0 $0 $0 $5

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75.55% of retail CFD accounts lose money

#4 XM
Account opening
5.0

XM account opening is hassle-free and straightforward. Your account is ready for trading on the same day.
Pros Cons
Fast None
Fully digital
Low minimum deposit
XM minimum deposit and time to open an account
Interactive Brokers XTB Firstrade XM eToro
Minimum deposit $0 $250 $0 $5 $200
Time to open account 1-3 days 1 day 1-3 days 1 day 1 day

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75.55% of retail CFD accounts lose money

#4 XM
Deposit and withdrawal
5.0

XM's deposit and withdrawal functions are fast and inexpensive, and offer you several options.
Pros Cons
Credit/Debit card available None
Free withdrawal
No deposit fee
Free wire withdrawal above $200
XM withdrawal fee and options
Interactive Brokers XTB Firstrade XM eToro
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No No Yes Yes
Electronic wallets No No No Yes Yes
Withdrawal fee $0 $0 $0 $0 $5

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75.55% of retail CFD accounts lose money

#4 XM
Markets and products
2.5

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

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75.55% of retail CFD accounts lose money

#4 XM
Web trading platform
2.8

XM's web trading platform is provided by MetaTrader. It is highly customizable and has a clear fee report. On the other hand, the platform lacks price alerts, and the design is outdated.
Pros Cons
Clear fee report No price alerts
Good customizability (for charts, workspace) Outdated design
Best discount brokers - XM trading platform
XM trading platforms
Interactive Brokers XTB Firstrade XM eToro
Web platform score 4.3 stars 4.4 stars 4.3 stars 2.8 stars 4.4 stars
Mobile platform score 3.5 stars 4.3 stars 3.3 stars 3.8 stars 4.9 stars
Desktop platform score 3.0 stars 4.4 stars - 3.3 stars -

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75.55% of retail CFD accounts lose money

#4 XM
Verdict

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

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

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

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

XM
Summary XM is a global forex and CFD broker regulated by Australia's ASIC, CySEC of Cyprus, and Belizean authority IFSC.
Fees score 3.8 stars
Recommended for Forex and CFD traders who prefer MetaTrader platforms and seek low trading fees

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75.55% of retail CFD accounts lose money

eToro Logo

#5 Best discount broker
eToro

4.6

eToro is a well-known Israeli fintech startup, a social trading broker established in 2007.

eToro serves UK clients through an entity regulated by the Financial Conduct Authority (FCA), Australians through an Australian Securities and Investment Commission (ASIC) regulated entity. All other customers are served by a Cypriot entity that is regulated by the Cyprus Securities and Exchange Commission (CySEC).

eToro is not listed on any stock exchange, does not disclose its annual report on its site and does not have a bank parent.

eToro is considered safe because its UK and Australian arms are regulated by top-tier financial authorities and it is a well-known fintech startup.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for traders interested in social trading (i.e. copying other investors’ trades) & zero commission stock trading

Pros Cons
Free stock and ETF trading High forex fees
Seamless account opening Withdrawing money can be slow
Social trading experience Only one account base currency

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#5 eToro
Fees
4.2

eToro offers free stock trading. On the negative side, forex trading fees are high and there is a fee charged for inactivity or withdrawal.
Pros Cons
Low trading fees High forex fees
Free stock trading Withdrawal fee
Low CFD fees
eToro trading fees
Interactive Brokers XTB Firstrade XM eToro
US stock $1.0 $10.0 $0.0 $0.0 $0.0
UK stock $7.2 $10.0 - - $0.0
EURUSD benchmark fee $17.9 $15.0 - $17.1 $19.6
Mutual fund $15.0 - $0.0 - -
US Treasury bond $5.0 - $40.0 - -
US stock index options $6.5 - $0.0 - -
eToro non-trading fees
Interactive Brokers XTB Firstrade XM eToro
Account fee No No No No No
Inactivity fee Yes No No Yes Yes
Withdrawal fee $0 $0 $0 $0 $5

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#5 eToro
Account opening
5.0

Account opening at eToro is seamless and very fast.
Pros Cons
Fast None
Fully digital
Low minimum deposit
eToro minimum deposit and time to open an account
Interactive Brokers XTB Firstrade XM eToro
Minimum deposit $0 $250 $0 $5 $200
Time to open account 1-3 days 1 day 1-3 days 1 day 1 day

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#5 eToro
Deposit and withdrawal
3.7

Depositing money is free and easy, with a lot of available options, including credit cards. However, there is a withdrawal fee and only USD accounts are available.
Pros Cons
Credit/Debit card available Only one account base currency
No deposit fee $5 withdrawal fee
User-friendly Conversion fee for non-USD deposits
eToro withdrawal fee and options
Interactive Brokers XTB Firstrade XM eToro
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No No Yes Yes
Electronic wallets No No No Yes Yes
Withdrawal fee $0 $0 $0 $0 $5

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#5 eToro
Markets and products
3.8

At eToro you can trade with CFDs and forex, as well as real stocks, ETFs and many cryptocurrencies. In addition, the broker also offers innovative services like social trading and CopyPortfolio.
eToro markets and products
Interactive Brokers XTB Firstrade XM eToro
Stock Yes Yes Yes Yes Yes
ETF Yes Yes Yes No Yes
Forex Yes Yes No Yes Yes
Fund Yes No Yes No No
Bond Yes No Yes No No
Options Yes No Yes No No
Futures Yes No No No No
CFD Yes Yes No Yes Yes
Crypto Yes Yes No Yes Yes

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#5 eToro
Web trading platform
4.4

eToro offers a user-friendly and well-designed web trading platform. In addition, social trading is also available. On the other hand, the customizability is limited.
Pros Cons
User-friendly Limited customizability (for charts, workspace)
Clear fee report
Two-step (safer) login
Best discount brokers - eToro trading platform
eToro trading platforms
Interactive Brokers XTB Firstrade XM eToro
Web platform score 4.3 stars 4.4 stars 4.3 stars 2.8 stars 4.4 stars
Mobile platform score 3.5 stars 4.3 stars 3.3 stars 3.8 stars 4.9 stars
Desktop platform score 3.0 stars 4.4 stars - 3.3 stars -

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#5 eToro
Verdict

eToro has zero-commission stock trading. Account opening is swift and seamless. It also has a lot of innovative features, like social trading and copying other (successful) traders.

It has some drawbacks, though. Forex fees are high and eToro only allows USD accounts, which means that conversion costs on deposits and withdrawals can be high in some cases. Live chat is hard to reach and their educational materials could be better.

Overall, we would recommend eToro for its social trading feature and zero-commission stock trading.

Risk disclaimer

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

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.

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

Past performance is not an indication of future results.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.

eToro
Summary eToro is a global social trading broker. It is regulated by top-tier authorities such as the UK FCA or Australia's ASIC.
Fees score 4.2 stars
Recommended for Traders interested in social trading (i.e. copying other investors’ trades) & zero commission stock trading

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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 Saudi Arabia:

Best discount brokers in 2020 for Saudi citizens
Interactive Brokers XTB Firstrade XM eToro
Fees score 4.3 stars 4.0 stars 4.5 stars 3.8 stars 4.2 stars
Account opening score 3.4 stars 5.0 stars 4.4 stars 5.0 stars 5.0 stars
Deposit and withdrawal score 2.5 stars 4.5 stars 1.8 stars 5.0 stars 3.7 stars
Markets and products score 5.0 stars 2.8 stars 2.8 stars 2.5 stars 3.8 stars
Web platform score 4.3 stars 4.4 stars 4.3 stars 2.8 stars 4.4 stars
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Interactive Brokers is our winner, the best discount broker in Saudi Arabia 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.

Gergely Korpos

Gergely Korpos

Co-founder, CPO

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.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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Visit XTB
80% of retail CFD accounts lose money
Visit XM
75.55% of retail CFD accounts lose money
Visit eToro
Your capital is at risk
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