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Choose the best discount broker in 2020 for citizens in South Korea, 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 71 brokers, 5 made it to the top. And now, without further ado...

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

  1. Interactive Brokers is the best discount broker in South Korea in 2020. Low trading fees, average non-trading fee, free stock and ETF trading for US customers.
  2. Firstrade is the second. Low trading and non-trading fees, free stock, ETF, fund and options trading.
  3. XM rounded out the top three. Low trading fees, average non-trading fees, low CFD fees. Third place.
  4. eToro in the fourth place. Low trading fees, high non-trading fees, free stock and ETF trading.
  5. IG. Average trading fees, low non-trading fees, low index CFD fees. Just made it to the list with being number five.
Best discount brokers in 2020 for South Korean citizens
Broker Info Fees score
#1 Interactive Brokers US discount broker 4.3 stars
#2 Firstrade US discount broker 4.5 stars
#3 XM Global CFD and forex broker 3.8 stars
#4 eToro Global social trading broker 4.5 stars
#5 IG Global CFD and forex broker 3.4 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 South Korean 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
4.3

Interactive Brokers has low trading fees; while 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
Free stock and ETF trading for US clients
Low margin rates
Interactive Brokers trading fees
Interactive Brokers Firstrade XM eToro IG
US stock $1.0 $0.0 $1.0 $0.0 $15.0
UK stock $7.2 - $9.0 $0.0 $9.6
EURUSD benchmark fee $17.9 - $17.1 $16.4 $16.8
Mutual fund $15.0 $0.0 - - -
US Treasury bond $5.0 $40.0 - - -
US stock index options $6.5 $0.0 - - $10.0
Interactive Brokers non-trading fees
Interactive Brokers Firstrade XM eToro IG
Account fee No No No No No
Inactivity fee Yes No Yes Yes Yes
Withdrawal fee $0 $0 $0 $5 $0

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

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

Find out more More

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

Find out more More

#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 Firstrade XM eToro IG
Web platform score 4.3 stars 4.3 stars 2.8 stars 4.4 stars 5.0 stars
Mobile platform score 3.5 stars 3.3 stars 3.8 stars 4.9 stars 5.0 stars
Desktop platform score 3.0 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 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 4.3 stars
Recommended for Traders looking for low fees and a professional trading environment

Find out more More

Firstrade Logo

#2 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

Find out more

#2 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 Firstrade XM eToro IG
US stock $1.0 $0.0 $1.0 $0.0 $15.0
UK stock $7.2 - $9.0 $0.0 $9.6
EURUSD benchmark fee $17.9 - $17.1 $16.4 $16.8
Mutual fund $15.0 $0.0 - - -
US Treasury bond $5.0 $40.0 - - -
US stock index options $6.5 $0.0 - - $10.0
Firstrade non-trading fees
Interactive Brokers Firstrade XM eToro IG
Account fee No No No No No
Inactivity fee Yes No Yes Yes Yes
Withdrawal fee $0 $0 $0 $5 $0

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#2 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 Firstrade XM eToro IG
Minimum deposit $0 $0 $5 $200 $0
Time to open account 1-3 days 1-3 days 1 day 1 day 1-3 days

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

Find out more More

#2 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 Firstrade XM eToro IG
Stock Yes Yes Yes Yes Yes
ETF Yes Yes No Yes Yes
Forex Yes No Yes Yes Yes
Fund Yes Yes No No No
Bond Yes Yes No No No
Options Yes Yes No No Yes
Futures Yes No No No No
CFD Yes No Yes Yes Yes
Crypto Yes No No Yes Yes

Find out more More

#2 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 Firstrade XM eToro IG
Web platform score 4.3 stars 4.3 stars 2.8 stars 4.4 stars 5.0 stars
Mobile platform score 3.5 stars 3.3 stars 3.8 stars 4.9 stars 5.0 stars
Desktop platform score 3.0 stars - 3.3 stars - -

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#2 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

Find out more More

XM Logo

#3 Best discount broker
XM

4.3

XM is an online broker whose parent company is Trading Point Holding, 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 is available only for most EEA residents and is regulated by the UK's Financial Conduct Authority (FCA).

In this review, we will focus on the XM brand.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.55% 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 who prefer metatrader platforms and seek low trading fees

Pros Cons
Low CFD and withdrawal fees Limited product portfolio
Easy and fast account opening Average forex fees
Great educational tools No investor protection for non-EU clients

Find out more
75.55% of retail CFD accounts lose money

#3 XM
Fees
3.8

XM has low trading fees for CFDs and charges no withdrawal fee. On the other hand, forex fees are only average, and there is a fee for inactivity.
Pros Cons
No withdrawal fee Inactivity fee
Low CFD fees Average FX fees
XM trading fees
Interactive Brokers Firstrade XM eToro IG
US stock $1.0 $0.0 $1.0 $0.0 $15.0
UK stock $7.2 - $9.0 $0.0 $9.6
EURUSD benchmark fee $17.9 - $17.1 $16.4 $16.8
Mutual fund $15.0 $0.0 - - -
US Treasury bond $5.0 $40.0 - - -
US stock index options $6.5 $0.0 - - $10.0
XM non-trading fees
Interactive Brokers Firstrade XM eToro IG
Account fee No No No No No
Inactivity fee Yes No Yes Yes Yes
Withdrawal fee $0 $0 $0 $5 $0

Find out more More
75.55% of retail CFD accounts lose money

#3 XM
Account opening
5.0

XM account opening is hassle-free and straightforward. You may be able to trade on your account already on the same day.
Pros Cons
Fast None
Fully digital
Low minimum deposit
XM minimum deposit and time to open an account
Interactive Brokers Firstrade XM eToro IG
Minimum deposit $0 $0 $5 $200 $0
Time to open account 1-3 days 1-3 days 1 day 1 day 1-3 days

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75.55% of retail CFD accounts lose money

#3 XM
Deposit and withdrawal
5.0

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

Find out more More
75.55% of retail CFD accounts lose money

#3 XM
Markets and products
2.5

XM provides CFDs and forex for all clients, while real stocks are available only for clients opening their accounts under the IFSC-regulated entity. Popular asset classes, like real ETFs, bonds or options are missing.
XM markets and products
Interactive Brokers Firstrade XM eToro IG
Stock Yes Yes Yes Yes Yes
ETF Yes Yes No Yes Yes
Forex Yes No Yes Yes Yes
Fund Yes Yes No No No
Bond Yes Yes No No No
Options Yes Yes No No Yes
Futures Yes No No No No
CFD Yes No Yes Yes Yes
Crypto Yes No No Yes Yes

Find out more More
75.55% of retail CFD accounts lose money

#3 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 two-step (safer) login
Good customizability (for charts, workspace) No price alerts
Order confirmation Poor design
Best discount brokers - XM trading platform
XM trading platforms
Interactive Brokers Firstrade XM eToro IG
Web platform score 4.3 stars 4.3 stars 2.8 stars 4.4 stars 5.0 stars
Mobile platform score 3.5 stars 3.3 stars 3.8 stars 4.9 stars 5.0 stars
Desktop platform score 3.0 stars - 3.3 stars - -

Find out more More
75.55% of retail CFD accounts lose money

#3 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 and CFDs. Its forex fees are average, and non-EU customers are not covered by any investor protection.

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

Find out more More
75.55% of retail CFD accounts lose money

eToro Logo

#4 Best discount broker
eToro

4.7

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

Find out more
Your capital is at risk

#4 eToro
Fees
4.5

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 Withdrawal fee
Free stock trading Monthly inactivity fee after 1 year of no trading
Low CFD fees
eToro trading fees
Interactive Brokers Firstrade XM eToro IG
US stock $1.0 $0.0 $1.0 $0.0 $15.0
UK stock $7.2 - $9.0 $0.0 $9.6
EURUSD benchmark fee $17.9 - $17.1 $16.4 $16.8
Mutual fund $15.0 $0.0 - - -
US Treasury bond $5.0 $40.0 - - -
US stock index options $6.5 $0.0 - - $10.0
eToro non-trading fees
Interactive Brokers Firstrade XM eToro IG
Account fee No No No No No
Inactivity fee Yes No Yes Yes Yes
Withdrawal fee $0 $0 $0 $5 $0

Find out more More
Your capital is at risk

#4 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 Firstrade XM eToro IG
Minimum deposit $0 $0 $5 $200 $0
Time to open account 1-3 days 1-3 days 1 day 1 day 1-3 days

Find out more More
Your capital is at risk

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

Find out more More
Your capital is at risk

#4 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 Firstrade XM eToro IG
Stock Yes Yes Yes Yes Yes
ETF Yes Yes No Yes Yes
Forex Yes No Yes Yes Yes
Fund Yes Yes No No No
Bond Yes Yes No No No
Options Yes Yes No No Yes
Futures Yes No No No No
CFD Yes No Yes Yes Yes
Crypto Yes No No Yes Yes

Find out more More
Your capital is at risk

#4 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 Firstrade XM eToro IG
Web platform score 4.3 stars 4.3 stars 2.8 stars 4.4 stars 5.0 stars
Mobile platform score 3.5 stars 3.3 stars 3.8 stars 4.9 stars 5.0 stars
Desktop platform score 3.0 stars - 3.3 stars - -

Find out more More
Your capital is at risk

#4 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 4.5 stars
Recommended for Traders interested in social trading (i.e. copying other investors’ trades) & zero commission stock trading

Find out more More
Your capital is at risk

IG Logo

#5 Best discount broker
IG

4.6

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. 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. 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 stock CFD fees
Superb educational tools Limited product portfolio
Great deposit and withdrawal options Slow customer support

Find out more
76% of retail CFD accounts lose money

#5 IG
Fees
3.4

IG has low fees for stock index CFDs, while forex fees are average to low. There is no fee for withdrawals and an inactivity fee is charged only after 2 years. On the negative side, the stock CFD fees are high.
Pros Cons
No withdrawal fee High stock CFD trading fees
Low stock index CFD trading fees
IG trading fees
Interactive Brokers Firstrade XM eToro IG
US stock $1.0 $0.0 $1.0 $0.0 $15.0
UK stock $7.2 - $9.0 $0.0 $9.6
EURUSD benchmark fee $17.9 - $17.1 $16.4 $16.8
Mutual fund $15.0 $0.0 - - -
US Treasury bond $5.0 $40.0 - - -
US stock index options $6.5 $0.0 - - $10.0
IG non-trading fees
Interactive Brokers Firstrade XM eToro IG
Account fee No No No No No
Inactivity fee Yes No Yes Yes Yes
Withdrawal fee $0 $0 $0 $5 $0

Find out more More
76% of retail CFD accounts lose money

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

Find out more More
76% of retail CFD accounts lose money

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

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76% of retail CFD accounts lose money

#5 IG
Markets and products
3.5

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

Find out more More
76% of retail CFD accounts lose money

#5 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 Firstrade XM eToro IG
Web platform score 4.3 stars 4.3 stars 2.8 stars 4.4 stars 5.0 stars
Mobile platform score 3.5 stars 3.3 stars 3.8 stars 4.9 stars 5.0 stars
Desktop platform score 3.0 stars - 3.3 stars - -

Find out more More
76% of retail CFD accounts lose money

#5 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 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 3.4 stars
Recommended for Traders of any experience level looking for an easy-to-use trading platform

Find out more More
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?

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 South Korea:

Best discount brokers in 2020 for South Korean citizens
Interactive Brokers Firstrade XM eToro IG
Fees score 4.3 stars 4.5 stars 3.8 stars 4.5 stars 3.4 stars
Account opening score 3.4 stars 4.4 stars 5.0 stars 5.0 stars 4.4 stars
Deposit and withdrawal score 2.5 stars 1.8 stars 5.0 stars 3.7 stars 4.5 stars
Markets and products score 5.0 stars 2.8 stars 2.5 stars 3.8 stars 3.5 stars
Web platform score 4.3 stars 4.3 stars 2.8 stars 4.4 stars 5.0 stars
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76% of retail CFD accounts lose money

Interactive Brokers is our winner, the best discount broker in South Korea 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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75.55% of retail CFD accounts lose money
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Your capital is at risk
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76% of retail CFD accounts lose money
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