Best discount brokers in West Bank in 2020

Interactive Brokers
4.9
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XTB
4.6
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75% of retail CFD accounts lose money
ChoiceTrade
4.1
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Choose the best discount broker in 2020 for citizens in West Bank, 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 57 brokers, 3 made it to the top. And now, without further ado...

The top 3 picks for the best discount brokers for West Bank citizens in 2020:

  1. Interactive Brokers is the best discount broker in West Bank 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. ChoiceTrade rounded out the top three. Low trading fees, high non-trading fees, low stock and ETF fees. Third place.
Best discount brokers in 2020 for West Bank citizens
Broker Info Fees score
#1 Interactive Brokers US discount broker 4.0
#2 XTB Global CFD and forex broker 4.0
#3 ChoiceTrade US-based stockbroker 4.0

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 West Bank 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 Funding and withdrawal only via bank transfer

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#1 Interactive Brokers
Fees
4.0

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 ChoiceTrade
US stock $1.0 $10.0 $0.0
UK stock $7.2 $10.0 -
EURUSD benchmark fee $17.9 $15.0 -
Mutual fund $15.0 - -
US Treasury bond $5.0 - -
US stock index options $7.0 - $4.0
Interactive Brokers non-trading fees
Interactive Brokers XTB ChoiceTrade
Account fee No No Yes
Inactivity fee Yes No Yes
Withdrawal fee $0 $0 $5

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#1 Interactive Brokers
Account opening
3.0

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 ChoiceTrade
Minimum deposit $0 $250 $100
Time to open account 1-3 days 1 day 1-3 days

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#1 Interactive Brokers
Deposit and withdrawal
3.0

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 ChoiceTrade
Bank Transfer Yes Yes Yes
Credit/Debit card No No No
Electronic wallets No No No
Withdrawal fee $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 ChoiceTrade
Stock Yes Yes Yes
ETF Yes Yes Yes
Forex Yes Yes No
Fund Yes No No
Bond Yes No No
Options Yes No Yes
Futures Yes No No
CFD Yes Yes No
Crypto Yes Yes No

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#1 Interactive Brokers
Web trading platform
4.0

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 ChoiceTrade
Web platform score 4.0 4.0 2.0
Mobile platform score 4.0 4.0 4.0
Desktop platform score 3.0 4.0 3.0

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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: you can only fund your account via wire transfer 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 4.0
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. 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 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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75% 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 ChoiceTrade
US stock $1.0 $10.0 $0.0
UK stock $7.2 $10.0 -
EURUSD benchmark fee $17.9 $15.0 -
Mutual fund $15.0 - -
US Treasury bond $5.0 - -
US stock index options $7.0 - $4.0
XTB non-trading fees
Interactive Brokers XTB ChoiceTrade
Account fee No No Yes
Inactivity fee Yes No Yes
Withdrawal fee $0 $0 $5

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75% 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 ChoiceTrade
Minimum deposit $0 $250 $100
Time to open account 1-3 days 1 day 1-3 days

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75% of retail CFD accounts lose money

#2 XTB
Deposit and withdrawal
5.0

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 ChoiceTrade
Bank Transfer Yes Yes Yes
Credit/Debit card No No No
Electronic wallets No No No
Withdrawal fee $0 $0 $5

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75% of retail CFD accounts lose money

#2 XTB
Markets and products
3.0

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 ChoiceTrade
Stock Yes Yes Yes
ETF Yes Yes Yes
Forex Yes Yes No
Fund Yes No No
Bond Yes No No
Options Yes No Yes
Futures Yes No No
CFD Yes Yes No
Crypto Yes Yes No

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75% of retail CFD accounts lose money

#2 XTB
Web trading platform
4.0

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 ChoiceTrade
Web platform score 4.0 4.0 2.0
Mobile platform score 4.0 4.0 4.0
Desktop platform score 3.0 4.0 3.0

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75% 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
Recommended for Forex and CFD traders looking for low fees and great deposit/withdrawal service

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75% of retail CFD accounts lose money

ChoiceTrade Logo

#3 Best discount broker
ChoiceTrade

4.1

ChoiceTrade is a US-based stockbroker founded in 2000. It is regulated by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA). It is also a member of SIPC. SIPC membership means that clients are eligible for the SIPC investor protection scheme which offers up to $500,000 (cash up to $250,000) per account.

ChoiceTrade is considered safe because it has a long track record, it is regulated by top-tier regulators, and it discloses annual financial statements. 

Recommended for stock and options traders looking for low trading fees and focusing on the us market

Pros Cons
Commission-free stock and ETF trading High non-trading fees
Fast and easy account opening Not user-friendly withdrawal
User-friendly mobile trading platform Limited product portfolio

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#3 ChoiceTrade
Fees
4.0

ChoiceTrade has low trading fees and you can trade stocks and ETFs with no commission. On the flip side, the non-trading fees are high.
Pros Cons
Low trading fees High non-trading fees
Low stock and ETF fees Withdrawal fee
Commission-free stock trading Inactivity fee
ChoiceTrade trading fees
Interactive Brokers XTB ChoiceTrade
US stock $1.0 $10.0 $0.0
UK stock $7.2 $10.0 -
EURUSD benchmark fee $17.9 $15.0 -
Mutual fund $15.0 - -
US Treasury bond $5.0 - -
US stock index options $7.0 - $4.0
ChoiceTrade non-trading fees
Interactive Brokers XTB ChoiceTrade
Account fee No No Yes
Inactivity fee Yes No Yes
Withdrawal fee $0 $0 $5

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#3 ChoiceTrade
Account opening
5.0

Opening an account at ChoiceTrade is easy, fast and fully digital for both US and international clients.
Pros Cons
Fully digital None
Low minimum deposit
User-friendly
ChoiceTrade minimum deposit and time to open an account
Interactive Brokers XTB ChoiceTrade
Minimum deposit $0 $250 $100
Time to open account 1-3 days 1 day 1-3 days

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#3 ChoiceTrade
Deposit and withdrawal
1.0

ChoiceTrade deposit is ok, but withdrawal is very inconvenient. The credit/debit cards are not accepted, there is a high withdrawal fee and the withdrawal process is not user-friendly.
Pros Cons
No deposit fee Credit/Debit card not available
Withdrawal is way overcomplicated
ChoiceTrade withdrawal fee and options
Interactive Brokers XTB ChoiceTrade
Bank Transfer Yes Yes Yes
Credit/Debit card No No No
Electronic wallets No No No
Withdrawal fee $0 $0 $5

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#3 ChoiceTrade
Markets and products
2.0

At ChoiceTrade you can trade only with stocks, ETFs, and options available on US exchanges.
ChoiceTrade markets and products
Interactive Brokers XTB ChoiceTrade
Stock Yes Yes Yes
ETF Yes Yes Yes
Forex Yes Yes No
Fund Yes No No
Bond Yes No No
Options Yes No Yes
Futures Yes No No
CFD Yes Yes No
Crypto Yes Yes No

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#3 ChoiceTrade
Web trading platform
2.0

ChoiceTrade web trading platform offers a clear fee report and a great variety of order types. On the other hand, the design is outdated, there is no two-step login, and the search functions are poor.
Pros Cons
Clear fee report No two-step (safer) login
Good variety of order types Poor search function
Order confirmation Design is very outdated
Best discount brokers - ChoiceTrade trading platform
ChoiceTrade trading platforms
Interactive Brokers XTB ChoiceTrade
Web platform score 4.0 4.0 2.0
Mobile platform score 4.0 4.0 4.0
Desktop platform score 3.0 4.0 3.0

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#3 ChoiceTrade
Verdict

ChoiceTrade offers commission-free stock trading. The account opening is easy, fully digital, and takes 1-2 daysIt also offers a great and user-friendly mobile trading platform.

On the negative side, ChoiceTrade charges a high inactivity fee and withdrawal fee for bank transfers. The withdrawal is not user-friendly and you can use only bank transfer. The product offer is limited, you can trade only with stocks, ETF, and options.

As ChoiceTrade account opening is seamless and you can trade stocks and ETFs with zero commission, feel free to try it.

ChoiceTrade
Summary ChoiceTrade is a US stockbroker, regulated by top-tier US authorities the SEC and FINRA. It is not listed on a stock exchange and does not have a banking backgorund.
Fees score 4.0
Recommended for Stock and options traders looking for low trading fees and focusing on the US market

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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 West Bank:

Best discount brokers in 2020 for West Bank citizens
Interactive Brokers XTB ChoiceTrade
Fees score 4.0 4.0 4.0
Account opening score 3.0 5.0 5.0
Deposit and withdrawal score 3.0 5.0 1.0
Markets and products score 5.0 3.0 2.0
Web platform score 4.0 4.0 2.0
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75% of retail CFD accounts lose money
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Interactive Brokers is our winner, the best discount broker in West Bank 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.

Tibor Bedő

Tibor Bedő

Co-founder, CEO

Author of this article

Tibor believes having a good stockbroker is everybody's privilege. He worked extensively in the financial industry, including at Morgan Stanley and at The Boston Consulting Group (BCG). He advised leading European banks on strategy, finance and risk management.

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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