Best international online brokers for citizens in Puerto Rico

To find the best international online brokers in Puerto Rico, we went ahead and did the research for you. After testing, analyzing and comparing 71 brokers, 5 made it to the top. We highly recommend all 5 to you. And now, without further ado...

The top 5 picks for the best international online brokers of 2020 for citizens in Puerto Rico:

1. Interactive Brokers is the number one international online broker in 2020. Low trading fees. Wide range of products. Many great research tools.
2. Swissquote is your runner-up. Access to many markets and products. No inactivity fee. Rock-solid background.
3. Tastyworks rounds out the top three. Low trading fees. Great educational materials. Good research tools.
4. XTB, numero quatro. Low forex and stock index CFD fees. Free and fast deposit and withdrawal. Easy and fast account opening.
5. Oanda. Generally low fees. Easy-to-use web trading platform. Easy and digital account opening. Just made it to the list at number five.

What makes a good online broker? First of all, they must offer fair fees and have a good safety score. It should also be easy to open an account and deposit money. They should give you access to many products, and they need to have a great trading platform.

Easy to list, but hard to figure out. That’s why we are testing brokers along more than 100 criteria, using real accounts and real money. We know what's up. You can find all the ranking criteria in our methodology.

Not sure which broker? For a tailored recommendation, check out our broker finder tool. You can enter your country, and it will narrow down the list of brokers to those that are available where you live. Want more details? Compare brokers with this detailed comparison table.

And now, let's see the best international online brokers in 2020 for citizens in Puerto Rico one by one, starting with the winner, Interactive Brokers.

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

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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.

All spreads, commissions and financing rates are for opening a position, holding for a week, and closing.

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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.

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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.

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#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.

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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.

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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.

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Swissquote is a Swiss investment bank established in 1996. It has two main trading arms: a Swiss unit for trading stocks, funds, options and futures and a company in the UK for CFDs and forex.

Formally, Swissquote Bank Ltd is based in Switzerland and is regulated by the Swiss Financial Market Supervisory Authority (FINMA), the country's financial regulator.

The other entity, Swissquote Ltd, is UK-based and offers CFDs and forex trading. It is regulated by the Financial Conduct Authority (FCA), the UK's financial authority.

Swissquote is considered safe because Swissquote Bank Ltd has a banking license, it is listed on the Swiss stock exchange, discloses detailed financials regularly and has a long track record.

In this review, we focus mainly on the Swiss entity, but also discuss services of the UK arm, especially in the case of CFD and forex trading. To make it clear which company we are talking about, we will refer to the Swiss entity as "Swissquote (CH)" and to the UK-based entity as "Swissquote Forex (UK)".

Recommended for affluent investors who value safety and are ok with higher fees

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#2 Swissquote
Fees

2.3

Swissquote charges no inactivity fee and you can trade an impressive selection of funds for favorable fees. On the other hand, trading fees are generally high, including stocks and ETFs fees, and there is a fee for withdrawing your money.

All spreads, commissions and financing rates are for opening a position, holding for a week, and closing.

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#2 Swissquote
Account opening

4.0

Swissquote offers a fully digital account opening process, although we encountered wait times. There is no minimum deposit for trading accounts, but a high minimum for forex and robo-advisory accounts.

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#2 Swissquote
Deposit and withdrawal

4.1

Depositing at Swissquote is quick with credit/debit card and can be done in several base currencies. On the negative side, you can only withdraw money via bank transfer, and the Swiss entity charges fees.

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#2 Swissquote
Markets and products

5.0

At Swissquote (CH) you can access many markets and trade with a lot of different product types. At Swissquote Forex (UK) you can trade only forex and some CFDs.

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#2 Swissquote
Web trading platform

4.3

The Swissquote (CH) eTrading platform has a lot of functions, so many that sometimes it can get complicated. Customizability is good and there is a clear overview of trading fees, but it's easy to get lost on the platform.

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#2 Swissquote
Verdict

Swissquote is an investment bank with a rock-solid background:

• It is Swiss,
• it is listed on an exchange
• and it is a bank. 

It has two main entities, one in the UK and one in Switzerland. If you open an account at the London-based entity you can trade forex and CFDs, while the Swiss entity gives you access to assets ranging from stocks to options.

Swissquote offers a broad range of products across many markets. There are many stocks, mutual funds, and a lot of different other types of products, from bonds to cryptos.

However, nothing is free: Swissquote's trading fees are relatively high. 

All in all, Swissquote is a great stockbroker. As you can trade many products and no inactivity fee is charged, feel free to give it a try.

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Tastyworks is a young, up-and-coming US broker focusing on options trading.

The people behind Tastyworks are the same experts who built thinkorswim, now operated by TD Ameritrade. Tastyworks is privately owned; it was established in 2017 and is headquartered in Chicago.

Recommended for options and futures traders focusing on us markets

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#3 Tastyworks
Fees

4.4

Tastyworks has low trading fees and there is no inactivity fee. On the other hand, you have to pay a high withdrawal fee for wire transfers.

All spreads, commissions and financing rates are for opening a position, holding for a week, and closing.

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#3 Tastyworks
Account opening

5.0

Tastyworks account opening is user-friendly, fast and fully digital. You can open your account without a required minimum deposit.

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#3 Tastyworks
Deposit and withdrawal

1.9

Tastyworks' deposit and withdrawal functions could be better. Although there is no deposit fee and the process is user-friendly, you can use only bank transfer; and the fee for bank transfer withdrawals (wire transfers) is high.

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#3 Tastyworks
Markets and products

2.4

At Tastyworks, you can trade US stocks, ETFs, options and some futures.

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#3 Tastyworks
Web trading platform

3.4

The Tastyworks web platform is great for experienced traders, especially if you focus on options trading. However, it takes time to figure out how its functions work, and its customizability is limited.

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#3 Tastyworks
Verdict

Tastyworks is an excellent broker for options trading, but it is a bit complicated if you want to trade stocks only.  

Tastyworks is a US broker, therefore its investor protection scheme is excellent. Trading fees are low, with free stock and average options trading fees. Its trading platform is aimed at experienced options traders, and can be intimidating for beginners. However, its educational and research tools are great for learning. Deposit and withdrawal processes could be better, and a demo account would also be great for practice purposes.

As there is no minimum deposit, no inactivity fee or monthly fee, and the account opening process is seamless, you should feel free to try it.

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XTB is a global CFD and forex broker with headquarters in London and Warsaw, founded in 2002. The company is regulated by several financial authorities worldwide, including the top-tier UK Financial Conduct Authority (FCA). In addition, XTB is listed on the Warsaw Stock Exchange, and as such is required to disclose its financials.

XTB is considered safe because it has a long track record, is listed on a stock exchange, and publishes its financial statements transparently.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% 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

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79% of retail CFD accounts lose money

#4 XTB
Fees

4.1

XTB has low forex and stock index CFD fees. There is also no withdrawal fee for most transfers. On the other hand, stock CFD fees are high, and XTB also charges an inactivity fee.

All spreads, commissions and financing rates are for opening a position, holding for a week, and closing.

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79% of retail CFD accounts lose money

#4 XTB
Account opening

5.0

XTB's account opening process is hassle-free, straightforward and fully digital. Your account will be ready for trading on the same day.

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79% of retail CFD accounts lose money

#4 XTB
Deposit and withdrawal

4.5

XTB deposits and withdrawals are fast, mostly free, and can be done via several channels.

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79% of retail CFD accounts lose money

#4 XTB
Markets and products

2.8

XTB's default product selection includes only CFDs, forex and crypto. Some European clients can also trade real stocks and ETFs. Popular asset classes like bonds, mutual funds, options and futures are not available.

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79% of retail CFD accounts lose money

#4 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, two-step login is not available.

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79% of retail CFD accounts lose money

#4 XTB
Verdict

XTB is a great CFD and forex broker. It is regulated by several financial authorities globally, including the UK's FCA. The company 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 fast and mostly free. We also liked the seamless and hassle-free account opening process.

XTB has some drawbacks, though. Stock CFD fees are high. The product range is mainly limited to FX and CFDs, although real stock and ETF trading is available in some European countries. Fundamental data offered by XTB covers only a few basics such as P/E.

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

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79% of retail CFD accounts lose money

Oanda is an American forex broker founded in 1996.

It is considered safe because it has a long track record, discloses its financials, and is regulated by top-tier authorities, such as the US Retail Foreign Exchange Dealer (RFED) and the UK's Financial Conduct Authority (FCA).

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.5% 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 traders who value a user-friendly platform and great research tools

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73.5% of retail CFD accounts lose money

#5 Oanda
Fees

4.5

Oanda charges low CFD and low forex fees. Non-trading fees are low, though the withdrawal fee is quite high for bank transfers.

All spreads, commissions and financing rates are for opening a position, holding for a week, and closing.

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73.5% of retail CFD accounts lose money

#5 Oanda
Account opening

4.4

Oanda's account opening is straightforward, with no required minimum balance.

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73.5% of retail CFD accounts lose money

#5 Oanda
Deposit and withdrawal

4.2

There is no deposit fee and you can conveniently use your debit card for deposit. While withdrawal is free in most cases, it is expensive for bank transfers, and it involves a fee if you withdraw to your card more than once a month.

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73.5% of retail CFD accounts lose money

#5 Oanda
Markets and products

1.5

At Oanda you can trade only forex and CFDs. It offers fewer forex pairs but more CFDs than its closest competitors.

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73.5% of retail CFD accounts lose money

#5 Oanda
Web trading platform

4.5

Oanda's web trading platform is user-friendly and safe with good customizability. On the downside, you can't set price alerts.

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73.5% of retail CFD accounts lose money

#5 Oanda
Verdict

Oanda is a good forex broker: its fees are great, and it has a good web trading platform where you will quickly feel comfortable. It provides a user-friendly and fully digital account opening process, as well as powerful research tools, especially API.

On the other hand, Oanda has a limited product portfolio, as only forex and CFDs are available. Customer support is slow, and bank withdrawal fees can be high.

Feel free to try Oanda: it is regulated by top-tier regulators, there is no minimum deposit, and the inactivity fee only kicks in after two years.

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73.5% of retail CFD accounts lose money

Now you know the top 5. You are probably curious about how we came up with this list. Let's go through a few points quickly. What is an online broker? Why do we think these brokers are safe? What are the most important factors when selecting the best online brokers?

What is an online broker?

Thirty years ago if you wanted to buy a stock, you had to pick up the phone and call your broker, who executed the transaction in return for a commission. Brokers were like in the Wolf of Wall Street movie. They were checking the stocks' prices while holding a telephone and shouting. Everything changed after the internet appeared. Nowadays if you want to buy Apple shares, you open online an account, deposit money, and make the order through the brokers' online platform. These brokers are the online brokers. Online brokers help you buying and selling securities, like stocks. After making your order, the online broker executes it immediately. Everything is online.

Are these brokers safe?

You can be sure none of them is a scam. They are regulated by top-tier authorities. Some of them are also listed on an exchange, while some have a banking background.

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 international online brokers for a citizen in Puerto Rico?

At BrokerChooser, we test online brokers along more than 100 criteria, using real accounts and real money. We don’t want to overwhelm you, so for now we’ll just list the five most important criteria.

The five most important criteria for best international online brokers are:

You saw the details, now let's zoom out. Here are the best international online brokers of 2020 for citizens in Puerto Rico:

Interactive Brokers is our winner, the best international online broker in Puerto Rico of 2020. Low trading fees. Wide range of products. Many great research tools.
All of these brokers are considered a great choice. Pick the winner, or any of the runners-up, and take the next step in your investment journey. Let us know what you think in the comment section.
Still unsure? Use the broker finder and find the best international broker for you, or learn more about investing your money.