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To help you find the best discount brokers in 2022 for citizens in the Seychelles, 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 Seychellois citizens in 2022:

  1. Interactive Brokers is the best discount broker in the Seychelles in 2022. Low trading and non-trading fees, free stock and ETF trading for US customers.
  2. Passfolio takes second place. Free stock and ETF trading, average non-trading fees.
  3. Zacks Trade rounds out the top three. Low trading and non-trading fees, high fund fees.
  4. CapTrader is ranked fourth. Low trading and non-trading fees.
  5. ARMO Broker just made it to the list at number five. Low stock and ETF fees but high forex, options and futures fees.
Best discount brokers in 2022 for Seychellois citizens
Broker Info Fees score
#1 Interactive Brokers International broker providing all asset classes 4.5 stars
#2 Passfolio Global zero-commission stockbroker 4.3 stars
#3 Zacks Trade US discount broker 4.2 stars
#4 CapTrader Global stockbroker 3.5 stars
#5 ARMO Broker Global stockbroker 3.5 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 Seychellois citizens in 2022 one by one, starting with the winner, Interactive Brokers.

Interactive Brokers Logo

#1 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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#1 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
Interactive Brokers Passfolio Zacks Trade CapTrader ARMO Broker
US stock $1.0 $0.0 $1.0 $2.0 $3.0
UK stock $4.2 - $16.8 $11.2 $9.8
EURUSD benchmark fee $10.4 - - $13.9 $14.4
US stock index options $6.5 - $7.8 $35.0 $33.0
Mutual fund $15.0 - $27.5 $15.0 $15.0
Interactive Brokers non-trading fees
Interactive Brokers Passfolio Zacks Trade CapTrader ARMO Broker
Account fee No No No No No
Inactivity fee No No No Yes No
Withdrawal fee $0 $0 $0 $0 $0

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#1 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
Interactive Brokers Passfolio Zacks Trade CapTrader ARMO Broker
Stocks Yes Yes Yes Yes Yes
ETFs Yes Yes Yes Yes Yes
Forex Yes No No Yes Yes
Funds Yes No Yes Yes Yes
Bonds Yes No Yes Yes Yes
Options Yes No Yes Yes Yes
Futures Yes No No Yes Yes
CFDs Yes No No Yes Yes
Crypto Yes Yes No Yes Yes

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Passfolio Logo

#2 Best discount broker
Passfolio

4.5

Passfolio, a global zero-commission stockbroker, is a young and ambitious brokerage founded in 2018. It is regulated by the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). In addition to the top-tier regulation, clients also enjoy investor protection under the SIPC policy of Passfolio's clearing firm for up to an additional $30 million (with a cash sub-limit of $900,000 per account), subject to an aggregate limit of $150 million.

Although Passfolio is a global broker, there is a distinct focus on Brazilian customers, as evidenced by the fact that a good portion of the content it offers is available in Portuguese. 

Passfolio is considered safe because it is regulated by top-tier authorities and offers extra protection to investors. 

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#2 Passfolio
Fees
4.3

Passfolio has attractive fees, as trading in all assets except for cryptos is free of charge above a trade value of $5. On the other hand, most withdrawal options carry a fee.
Pros Cons
Free stock and ETF trading above $5 Withdrawal fee
No account opening and maintenance fees High margin rates for stock trading
Passfolio trading fees
Interactive Brokers Passfolio Zacks Trade CapTrader ARMO Broker
US stock $1.0 $0.0 $1.0 $2.0 $3.0
UK stock $4.2 - $16.8 $11.2 $9.8
EURUSD benchmark fee $10.4 - - $13.9 $14.4
US stock index options $6.5 - $7.8 $35.0 $33.0
Mutual fund $15.0 - $27.5 $15.0 $15.0
Passfolio non-trading fees
Interactive Brokers Passfolio Zacks Trade CapTrader ARMO Broker
Account fee No No No No No
Inactivity fee No No No Yes No
Withdrawal fee $0 $0 $0 $0 $0

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#2 Passfolio
Markets and products
2.2

Passfolio offers stocks, ETFs, REITs and ADRs traded on US stock exchanges, as well as cryptos. Popular assets such as mutual funds, bonds and options are not available.
Passfolio markets and products
Interactive Brokers Passfolio Zacks Trade CapTrader ARMO Broker
Stocks Yes Yes Yes Yes Yes
ETFs Yes Yes Yes Yes Yes
Forex Yes No No Yes Yes
Funds Yes No Yes Yes Yes
Bonds Yes No Yes Yes Yes
Options Yes No Yes Yes Yes
Futures Yes No No Yes Yes
CFDs Yes No No Yes Yes
Crypto Yes Yes No Yes Yes

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Zacks Trade Logo

#3 Best discount broker
Zacks Trade

4.4

Zacks Trade is a US-based discount broker and a division of LBMZ Securities. LBMZ Securities was founded in 1978 and is regulated by the top-tier US financial authorities SEC and FINRA.

LBMZ Securities's clearing and execution services are provided through Interactive Brokers, a global stockbroker regulated by many top-tier financial authorities globally.

If you're familiar with the services of Interactive Brokers, you might notice that many of Zacks Trade's services are the same. To sum up:

  • Zacks Trade has its own, different fee structure, product selection, educational tools and customer support. Unlike at Interactive Brokers, trading forex, CFDs and futures is not supported.
  • The account opening and deposit/withdrawal processes, trading platforms and research tools are the same as at Interactive Brokers.

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

Since Zacks is more expensive than IB, why would anyone favor Zacks over Interactive Brokers? We found two possible reasons:

  • Zacks falls under SEC regulation and users have SIPC protection, no matter where they live
  • Zacks provides free broker-assisted trading

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#3 Zacks Trade
Fees
4.2

Zacks Trade has low trading and non-trading fees. Its stock, ETF and bond trading fees are especially low, while mutual fund fees are quite high.
Pros Cons
Low stock and ETF fees / Free stock trading High fund fees
No withdrawal fee
No inactivity fee
Zacks Trade trading fees
Interactive Brokers Passfolio Zacks Trade CapTrader ARMO Broker
US stock $1.0 $0.0 $1.0 $2.0 $3.0
UK stock $4.2 - $16.8 $11.2 $9.8
EURUSD benchmark fee $10.4 - - $13.9 $14.4
US stock index options $6.5 - $7.8 $35.0 $33.0
Mutual fund $15.0 - $27.5 $15.0 $15.0
Zacks Trade non-trading fees
Interactive Brokers Passfolio Zacks Trade CapTrader ARMO Broker
Account fee No No No No No
Inactivity fee No No No Yes No
Withdrawal fee $0 $0 $0 $0 $0

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#3 Zacks Trade
Markets and products
3.5

Zacks Trade offers international stocks, ETFs and bonds, which is fairly unique for a US broker, as well as US funds and options. However, you cannot trade futures or forex.
Zacks Trade markets and products
Interactive Brokers Passfolio Zacks Trade CapTrader ARMO Broker
Stocks Yes Yes Yes Yes Yes
ETFs Yes Yes Yes Yes Yes
Forex Yes No No Yes Yes
Funds Yes No Yes Yes Yes
Bonds Yes No Yes Yes Yes
Options Yes No Yes Yes Yes
Futures Yes No No Yes Yes
CFDs Yes No No Yes Yes
Crypto Yes Yes No Yes Yes

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CapTrader Logo

#4 Best discount broker
CapTrader

4.1

CapTrader was founded in Germany in 1997. It is an introducing broker to Interactive Brokers (IB), one of the largest brokers in the world.

  • The account opening and deposit/withdrawal options are very similar to Interactive Brokers
  • The trading platforms and available products are exactly the same as at Interactive Brokers
  • Fees, however, are charged by CapTrader, not by Interactive Brokers
  • CapTrader offers its own customer support and educational tools

CapTrader is considered safe because it has a long track record and is regulated by top-tier financial authorities. After Brexit, European users of CapTrader are being served through the Irish licence of Interactive Brokers.

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#4 CapTrader
Fees
3.5

CapTrader has low stock and ETF fees, and margin rates are also low. On the other hand, forex, options and futures fees are high.
Pros Cons
Low stock and ETF fees / Free stock trading High forex fees
One free withdrawal per month
Low margin rates
CapTrader trading fees
Interactive Brokers Passfolio Zacks Trade CapTrader ARMO Broker
US stock $1.0 $0.0 $1.0 $2.0 $3.0
UK stock $4.2 - $16.8 $11.2 $9.8
EURUSD benchmark fee $10.4 - - $13.9 $14.4
US stock index options $6.5 - $7.8 $35.0 $33.0
Mutual fund $15.0 - $27.5 $15.0 $15.0
CapTrader non-trading fees
Interactive Brokers Passfolio Zacks Trade CapTrader ARMO Broker
Account fee No No No No No
Inactivity fee No No No Yes No
Withdrawal fee $0 $0 $0 $0 $0

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#4 CapTrader
Markets and products
5.0

Through CapTrader, you can access an extremely wide range of markets, and virtually all product types imaginable.
CapTrader markets and products
Interactive Brokers Passfolio Zacks Trade CapTrader ARMO Broker
Stocks Yes Yes Yes Yes Yes
ETFs Yes Yes Yes Yes Yes
Forex Yes No No Yes Yes
Funds Yes No Yes Yes Yes
Bonds Yes No Yes Yes Yes
Options Yes No Yes Yes Yes
Futures Yes No No Yes Yes
CFDs Yes No No Yes Yes
Crypto Yes Yes No Yes Yes

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ARMO Broker Logo

#5 Best discount broker
ARMO Broker

4.1

ARMO Broker is a Germany-based stockbroker that was founded in 2019. It is an introducing broker to IBIE, the Irish entity of Interactive Brokers, one of the largest brokers in the world. IBIE is regulated by the Central Bank of Ireland. 

If you're familiar with the services of Interactive Brokers, you will notice that many of ARMO Broker's services are the same or similar. In summary:

  • The account opening and deposit/withdrawal options are very similar to Interactive Brokers
  • The trading platforms and available products are exactly the same as at Interactive Brokers
  • Fees, however, are charged by ARMO Broker, not by Interactive Brokers
  • ARMO Broker offers its own customer support and some educational tools in German

ARMO Broker is regulated by a top-tier financial authority. However, it doesn't have a long track record of operation. 

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#5 ARMO Broker
Fees
3.5

ARMO Broker has low stock and ETF fees and charges no inactivity fee. On the other hand, the fees for trading forex, options and futures are high.
Pros Cons
Low stock and ETF fees High forex, options and futures fees
No inactivity fee
ARMO Broker trading fees
Interactive Brokers Passfolio Zacks Trade CapTrader ARMO Broker
US stock $1.0 $0.0 $1.0 $2.0 $3.0
UK stock $4.2 - $16.8 $11.2 $9.8
EURUSD benchmark fee $10.4 - - $13.9 $14.4
US stock index options $6.5 - $7.8 $35.0 $33.0
Mutual fund $15.0 - $27.5 $15.0 $15.0
ARMO Broker non-trading fees
Interactive Brokers Passfolio Zacks Trade CapTrader ARMO Broker
Account fee No No No No No
Inactivity fee No No No Yes No
Withdrawal fee $0 $0 $0 $0 $0

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#5 ARMO Broker
Markets and products
4.9

Through ARMO Broker, you can access a wide range of markets, and all product types are available to trade.
ARMO Broker markets and products
Interactive Brokers Passfolio Zacks Trade CapTrader ARMO Broker
Stocks Yes Yes Yes Yes Yes
ETFs Yes Yes Yes Yes Yes
Forex Yes No No Yes Yes
Funds Yes No Yes Yes Yes
Bonds Yes No Yes Yes Yes
Options Yes No Yes Yes Yes
Futures Yes No No Yes Yes
CFDs Yes No No Yes Yes
Crypto Yes Yes No Yes Yes

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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 the Seychelles:

Best discount brokers in 2022 for Seychellois citizens
Interactive Brokers Passfolio Zacks Trade CapTrader ARMO Broker
Fees score 4.5 stars 4.3 stars 4.2 stars 3.5 stars 3.5 stars
Stock and ETF fee scores 4.8 stars 5.0 stars 4.5 stars 4.5 stars 4.4 stars
Markets and products score 5.0 stars 2.2 stars 3.5 stars 5.0 stars 4.9 stars
Deposit and withdrawal score 3.0 stars 2.8 stars 3.5 stars 3.0 stars 3.0 stars
Account opening score 3.2 stars 5.0 stars 2.5 stars 1.0 stars 1.7 stars
Visit broker Visit broker Visit broker Visit broker Visit broker

Interactive Brokers is our winner, the best discount broker in the Seychelles in 2022. Low trading and non-trading fees, free stock and ETF trading for US customers.

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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