Best discount brokers in the Seychelles for 2019

Choose the best discount broker in the Seychelles, 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 56 brokers, 3 made it to the top. And now, without further ado...

The top 3 picks for the best discount brokers for Seychellois citizens in 2019:

1. Interactive Brokers is the winner. Very low fees, especially in the USA.
2. SogoTrade, place two. Low trading, but high non-trading fees.
3. XTB. Low non-trading fees and financing rates, high trading fees. Third place.

All 3 brokers are considered safe. They are regulated by top-tier financial regulators.

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, the ease of opening an account and depositing are also important. They should offer access to a lot of markets and need to have a great platform.

Easy to list, but hard to figure it out. We are testing brokers along ~100 criteria with real accounts and real money. We know what's up.

Boring, but important stuff: some brokers offer CFD products. They are complex and very risky, thus not suitable for everyone. You can easily lose all of your invested money. If you don't have a clue what a CFD is, start with these CFD trading tips.

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 Seychellois citizens in 2019 one by one. Starting with the winner, Interactive Brokers.

#1 Best discount broker
Interactive Brokers

Best online broker

Interactive Brokers was founded in 1978 and it is one of the biggest US-based discount brokers. It is regulated by several regulators globally, including top-tier authorities like FCA and SEC. Interactive Brokers Group is listed on the New York Stock Exchange.

Interactive Brokers is considered safe because it has a long track record, is listed on a stock exchange, discloses its financials, and is regulated by top-tier regulators.

Recommended for traders who prefer low fees and a professional trading environment

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#1 Interactive Brokers
Fees 4 stars

Interactive Brokers has low trading fees and high non-trading fees. The fees are transparent.

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#1 Interactive Brokers
Account opening 3 stars

The account opening process is fully digital, but slow and complicated.

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#1 Interactive Brokers
Deposit and withdrawal 2 stars

Interactive Brokers offers a lot of base currencies and one withdrawal per month is free. On the negative side, only bank transfer is available.

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#1 Interactive Brokers
Markets and products 5 stars

Interactive Brokers allows you access to a very wide range of markets and you can trade with all product types. IB's product range is the widest available.

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#1 Interactive Brokers
Web trading platform 4 stars

The Interactive Brokers web platform is simple and easy to use, even for beginners. On the negative side, it is a bit complicated to customize.

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#1 Interactive Brokers
Verdict

IB is one of the biggest discount US brokers regulated by top-tier regulators. If you like low-cost trading and easily navigate on a really complicated platform, Interactive Brokers is for you. We mainly recommend IB for traders.

It has low trading fees, a wide range of product portfolio, and diverse research tools. 

On the flip side, only bank transfer is available for deposit and withdrawal. The account opening and the desktop platform are not user-friendly and complicated.

Interactive Brokers is definitely recommended if you want low fees, a lot of products and you are experienced to cope with a complicated platform.

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#2 Best discount broker
SogoTrade

SogoTrade is a US-based stock broker founded in 1986 and regulated by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority.

While it is not listed on any stock exchanges and it doesn't have a bank background SogoTrade is considered safe because it has a long track record and it is regulated by top-tier regulators. Clients are eligible for the SIPC investor protection scheme which offers up to $500,000 (cash up to $250,000) per account.

Recommended for stock and options traders aiming for a us-based stockbroker with great customer service

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#2 SogoTrade
Fees 4 stars

SogoTrade has low trading fees and high non-trading fees.

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#2 SogoTrade
Account opening 5 stars

Opening an account at SogoTrade is easy, fast and fully digital for both US and international citizens.

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#2 SogoTrade
Deposit and withdrawal 2 stars

SogoTrade offers free funding. On the other hand, you can transfer money only by bank transfer and non-US clients are charged $50, while US clients are charged $25 for bank transfer withdrawal.

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#2 SogoTrade
Markets and products 1 stars

At SogoTrade, you can trade only with US stocks, ETFs, and options.

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#2 SogoTrade
Web trading platform 3 stars

The SogoTrade trading platform is user-friendly, has a good search function, and offers a variety of order types. However, it's not customizable, it doesn't look nice, and doesn't have price alerts.

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#2 SogoTrade
Verdict

SogoTrade is a great broker for US stock and options trading.

The account opening at SogoTrade is easy, fully digital, and takes 1-2 days. It has also great customer support which gives fast and relevant answers. Lastly, you can use a wide range of research tools, including a wide range of analytical tools.

On the negative side, SogoTrade charges $50 per year inactivity fee and high withdrawal fees for bank transfers, $50 for non-US clients and $25 for US clients. The product offer is limited, you can trade only with stock, ETF, and options. The desktop trading platform can be improved as it is not user-friendly-structured and misses essential tools, like price alerts.

As the account opening is seamless, and SogoTrade offers 100 commission-free trades for new account opens, feel free to try it.

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#3 Best discount broker
XTB

Best CFD broker

XTB is primarily a forex and CFD broker, while in some countries you can also trade with stocks. XTB is a global broker with more than ten offices worldwide. In Europe, it serves clients via the UK or a Polish entity. We tested the UK entity but will provide info on all entities.

XTB is listed on the Warsaw Stock Exchange. A listed company is more transparent, as it discloses its financials regularly. XTB is authorized and regulated by different regulators, including the UK FCA.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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 great funding and withdrawal processes and research tools

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76% of retail CFD accounts lose money

#3 XTB
Fees 4 stars

XTB has average trading fees and low non-trading fees.

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76% of retail CFD accounts lose money

#3 XTB
Account opening 5 stars

XTB account opening is hassle-free and straightforward. Your account is ready for trading on the same day. However, the sales team is very pushy.

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76% of retail CFD accounts lose money

#3 XTB
Deposit and withdrawal 5 stars

XTB's deposit and withdrawal are cost-friendly, fast, and can be done in several forms. Fees for electronic wallet deposits are quite high.

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76% of retail CFD accounts lose money

#3 XTB
Markets and products 2 stars

UK residents, Hungarians and non-Europeans can trade only with CFDs and forex. All other Europeans can also trade with stocks and ETFs.

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76% of retail CFD accounts lose money

#3 XTB
Web trading platform 4 stars

XTB's xStation 5 platform is user-friendly, can be customized and has a good search function. On the other hand, we missed the two-step login, the leverage setting option and the more sophisticated order types.

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76% of retail CFD accounts lose money

#3 XTB
Verdict

XTB is a good broker. It is regulated by more than 10 authorities globally, including the UK FCA, and it is listed on the Warsaw Stock Exchange. 

On the plus side, the deposit and withdrawal process is fast. We liked the seamless and hassle-free account opening. The research tools are easy-to-use.

XTB has some drawbacks though. Its product range is mainly limited to FX and CFDs, but there are stocks trading is also available in some countries. When opening the account the sales team can be pushy. We also missed the 24/7 customer support.

We recommend XTB for clients who prefer forex and CFD trading and are looking for fast account opening, cheap money withdrawal and great research tools. Feel free to test it via the demo account.

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76% of retail CFD accounts lose money

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?

Yes, all three are considered safe. You can be sure none of them is a scam. They are regulated by top-tier regulators. Interactive Brokers is also listed on an exchange.

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 ~100 criteria, with a real account and real money. Not to overwhelm you we list the most important criteria.

The primary selection criteria were fees. We concentrated on stock trading fees and also checked the financing rate, in case you want to trade with a leverage. No inactivity fee was a plus.

The 5 most important criteria for discount brokers are:

Best discount brokers
Bottom line

You saw the details, now let's zoom out. Here are the best discount brokers of 2019 in the Seychelles:

Interactive Brokers is our winner, the best discount broker for Seychellois citizens in 2019. Very low fees, especially in the USA.

All three are considered safe, and 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.

AUTHOR

Dan Sallai

CMO

My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.

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