To find the best international online brokers in Sierra Leone, we went ahead and did the research for you. After testing, analyzing and comparing 57 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 Sierra Leone:
- XTB is the number one international online broker in 2020. Low forex and stock index CFD fees. Free and fast deposit and withdrawal. Easy and fast account opening.
- City Index in the second place. Low fees for forex and index CFDs. Fast and smooth account opening. Diverse research tools.
- Pepperstone rounded out the top three. Low forex and equity index CFD fees. Great customer service. Seamless and free deposit and withdrawal.
- IC Markets, numero quatro. Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
- XM. Low CFD and withdrawal fees. Easy and fast account opening. Great educational tools. Just made it to the list with being number five.
| Broker | Info | Score | Best in | |
|---|---|---|---|---|
| #1 | XTB | Global CFD and forex broker | 4.6 | Best CFD broker |
| #2 | City Index | Global CFD and forex broker | 4.6 | |
| #3 | Pepperstone | Australian forex broker | 4.4 | |
| #4 | IC Markets | Australian forex broker | 4.4 | |
| #5 | XM | Global CFD and forex broker | 4.4 |
What makes a good online broker? First of all, they need to offer fair fees and to have a good safety score. It must also be easy to open an account and deposit money. They should give access to many products and need to have a great platform.
Easy to list, but hard to figure it out. We are testing brokers more than 100 criteria with 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 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 international online brokers in 2020 for citizens in Sierra Leone one by one, starting with the winner, XTB.
#1 Best international online brokers for citizens in Sierra Leone
XTB
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 |
#1 XTB
Fees
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 | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| US stock | $10.0 | - | - | - | $0.0 |
| UK stock | $10.0 | - | - | - | - |
| EURUSD benchmark fee | $15.0 | $12.8 | $14.9 | $15.8 | $17.1 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
#1 XTB
Account opening
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 | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| Minimum deposit | $250 | $0 | $0 | $200 | $5 |
| Time to open account | 1 day | 1 day | 1 day | 1 day | 1 day |
#1 XTB
Deposit and withdrawal
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 | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | Yes | Yes | Yes | Yes |
| Electronic wallets | No | Yes | Yes | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#1 XTB
Markets and products
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 | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| Stock | Yes | No | No | No | Yes |
| ETF | Yes | No | No | No | No |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Fund | No | No | No | No | No |
| Bond | No | No | No | No | No |
| Options | No | No | No | No | No |
| Futures | No | No | No | No | No |
| CFD | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes | Yes | Yes |
#1 XTB
Web trading platform
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 |
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | 4.0 | 3.0 | 3.0 | 3.0 |
| Mobile platform score | 4.0 | 4.0 | 4.0 | 4.0 | 4.0 |
| Desktop platform score | 4.0 | 3.0 | 3.0 | 3.0 | 3.0 |
#1 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 |
#2 Best international online brokers for citizens in Sierra Leone
City Index
City Index was founded in 1983 and it is a global CFD and FX broker. City Index is the brand name of GAIN Capital, which is listed on the New York Stock Exchange. The company is regulated by top-tier financial authorities, such as the Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC) or Monetary Authority of Singapore (MAS).
City Index is considered safe because it has a long track record, is regulated by top-tier financial authorities, and its parent company is listed on a stock exchange.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% 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 forex fees and great research tools
| Pros | Cons |
|---|---|
| • Low fees for forex and index CFDs | • Limited product portfolio |
| • Fast and smooth account opening | • High stock CFD fees |
| • Diverse research tools | • Not user-friendly desktop platform |
#2 City Index
Fees
City Index has low fees for forex and stock index CFDs. On the other hand, stock CFD fees are high and there is an inactivity fee.
| Pros | Cons |
|---|---|
| • Low forex fees | • Inactivity fee |
| • No withdrawal fee | • High stock CFD fee |
| • Low stock index CFD fees |
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| US stock | $10.0 | - | - | - | $0.0 |
| UK stock | $10.0 | - | - | - | - |
| EURUSD benchmark fee | $15.0 | $12.8 | $14.9 | $15.8 | $17.1 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
#2 City Index
Account opening
City Index account opening is fully digital and there is no minimum deposit. It took us one day to have an approved open account.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • No minimum deposit |
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| Minimum deposit | $250 | $0 | $0 | $200 | $5 |
| Time to open account | 1 day | 1 day | 1 day | 1 day | 1 day |
#2 City Index
Deposit and withdrawal
City Index provides multiple options for deposit and withdrawal and they are free of charge. However, the withdrawal with some credit cards is not possible.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | • Problem with credit card withdrawal |
| • Free withdrawal | |
| • No deposit fee |
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | Yes | Yes | Yes | Yes |
| Electronic wallets | No | Yes | Yes | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#2 City Index
Markets and products
At City Index, you can only trade with CFDs, forex, and cryptos. Unfortunately, real stocks, bonds and ETFs are not available.
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| Stock | Yes | No | No | No | Yes |
| ETF | Yes | No | No | No | No |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Fund | No | No | No | No | No |
| Bond | No | No | No | No | No |
| Options | No | No | No | No | No |
| Futures | No | No | No | No | No |
| CFD | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes | Yes | Yes |
#2 City Index
Web trading platform
City Index's web trading platform is user-friendly and extremely customizable. It has also a lot of order types. On the flip side, there is no two-step login.
| Pros | Cons |
|---|---|
| • User-friendly | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | |
| • Good variety of order types |
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | 4.0 | 3.0 | 3.0 | 3.0 |
| Mobile platform score | 4.0 | 4.0 | 4.0 | 4.0 | 4.0 |
| Desktop platform score | 4.0 | 3.0 | 3.0 | 3.0 | 3.0 |
#2 City Index
Verdict
City Index is a great CFD and forex broker regulated by top-tier financial authorities, such as the UK FCA.
On the bright side, it has low forex and stock index CFD fees, a smooth account opening process, and high-quality research tools.
It has some drawbacks though. The product portfolio is limited, the stock CFD fees are quite high, and the desktop platform is not easy-to-use.
As there is no minimum balance, no withdrawal fee and inactivity fee only kicks in after one year, feel free to try City Index out.
| City Index | |
|---|---|
| Summary | City Index is a global CFD broker, regulated by many financial authorities including the top-tier UK FCA. Its parent company, GAIN Capital is listed on the New York Stock Exchange. |
| Fees score | 4.0 |
| Recommended for | Forex and CFD traders looking for low forex fees and great research tools |
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#3 Best international online brokers for citizens in Sierra Leone
Pepperstone
Pepperstone is an Australian forex broker that also offers some CFDs. It was established in 2010 and opened a London office in 2015 to be able to better serve its European clients.
Pepperstone is considered safe since it's regulated by two top-tier financial authorities, the UK's Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% 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 looking for low fees and good customer service
| Pros | Cons |
|---|---|
| • Low forex and equity index CFD fees | • Only forex, CFDs, and crypto |
| • Great customer service | • Basic news flow, no fundamental data |
| • Seamless and free deposit and withdrawal | • No investor protection for non-EU clients |
#3 Pepperstone
Fees
Pepperstone has low forex and equity index fees. Non-trading fees are low as well, as no inactivity or account fee is charged. On the negative side, CFD financing rates, i.e. fees for holding CFD positions overnight, are high.
| Pros | Cons |
|---|---|
| • Low trading fees | • High financing rate for CFDs |
| • Low non-trading fees | |
| • Low forex fees |
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| US stock | $10.0 | - | - | - | $0.0 |
| UK stock | $10.0 | - | - | - | - |
| EURUSD benchmark fee | $15.0 | $12.8 | $14.9 | $15.8 | $17.1 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
#3 Pepperstone
Account opening
Pepperstone's account opening is great. It is fully digital, user-friendly, and requires no minimum deposit for the Standard account.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • No minimum deposit |
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| Minimum deposit | $250 | $0 | $0 | $200 | $5 |
| Time to open account | 1 day | 1 day | 1 day | 1 day | 1 day |
#3 Pepperstone
Deposit and withdrawal
Pepperstone provides plenty of options for deposit and withdrawal, as well as a wide selection of account base currencies. However, there is a high, $20 fee for bank withdrawals for clients outside the EU and Australia.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | • High bank withdrawal fee for clients outside the EU/Australia |
| • No deposit fee | |
| • Several account base currencies |
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | Yes | Yes | Yes | Yes |
| Electronic wallets | No | Yes | Yes | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#3 Pepperstone
Markets and products
At Pepperstone you can only trade with forex, some CFDs, and cryptos.
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| Stock | Yes | No | No | No | Yes |
| ETF | Yes | No | No | No | No |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Fund | No | No | No | No | No |
| Bond | No | No | No | No | No |
| Options | No | No | No | No | No |
| Futures | No | No | No | No | No |
| CFD | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes | Yes | Yes |
#3 Pepperstone
Web trading platform
Pepperstone's web trading platform is provided by MetaTrader. It is highly customizable, available in many languages, and has a clear fee report. On the other hand, it lacks two-step login and price alerts, and its design is outdated.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • No price alerts |
| • Order confirmation |
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | 4.0 | 3.0 | 3.0 | 3.0 |
| Mobile platform score | 4.0 | 4.0 | 4.0 | 4.0 | 4.0 |
| Desktop platform score | 4.0 | 3.0 | 3.0 | 3.0 | 3.0 |
#3 Pepperstone
Verdict
Pepperstone is a great forex broker, regulated by the top-tier FCA and ASIC.
Forex and equity index fees are low. Customer service is great, giving you relevant answers within a short time. Deposit and withdrawal are a breeze, with no fees charged.
On the other hand, Pepperstone provides only forex, CFDs and cryptos to trade with. There are no fundamental research tools, and the quality of news feeds is poor. Lastly, there is no investor protection for non-EU clients.
Feel free to try Pepperstone since there is no inactivity fee or minimum deposit for standard accounts.
| Pepperstone | |
|---|---|
| Summary | Pepperstone is a forex and CFD broker regulated by both the UK FCA and the ASIC in Australia. |
| Fees score | 4.0 |
| Recommended for | Forex traders looking for low fees and good customer service |
#4 Best international online brokers for citizens in Sierra Leone
IC Markets
IC Markets is an Australian forex broker that was founded in 2007. The company is considered safe because it is regulated by the top-tier Australian Securities and Investments Commission (ASIC).
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% 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 easy account opening and free deposit/withdrawal options
| Pros | Cons |
|---|---|
| • Low forex fees | • No investor protection |
| • Easy and fast account opening | • No negative balance protection |
| • Free deposit and withdrawal | • Only forex, CFD and crypto trading |
#4 IC Markets
Fees
IC Markets has low trading and non-trading fees. There is no inactivity or withdrawal fee. On the negative side, financing rates for CFDs are high.
| Pros | Cons |
|---|---|
| • Low trading fees | • High financing rate for CFDs |
| • Low non-trading fees | |
| • Low forex fees |
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| US stock | $10.0 | - | - | - | $0.0 |
| UK stock | $10.0 | - | - | - | - |
| EURUSD benchmark fee | $15.0 | $12.8 | $14.9 | $15.8 | $17.1 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
#4 IC Markets
Account opening
The account opening process at IC Markets is user-friendly and fully digital. It was also very quick, as our account was approved within a day.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • Low minimum deposit |
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| Minimum deposit | $250 | $0 | $0 | $200 | $5 |
| Time to open account | 1 day | 1 day | 1 day | 1 day | 1 day |
#4 IC Markets
Deposit and withdrawal
IC Markets's depositing and withdrawal services are great. There are no fees for either and many options are available for moving your money in and out.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | None |
| • Free withdrawal | |
| • No deposit fee |
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | Yes | Yes | Yes | Yes |
| Electronic wallets | No | Yes | Yes | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#4 IC Markets
Markets and products
At IC Markets, you can trade only with forex, some CFDs, and crypto products, no other assets are available.
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| Stock | Yes | No | No | No | Yes |
| ETF | Yes | No | No | No | No |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Fund | No | No | No | No | No |
| Bond | No | No | No | No | No |
| Options | No | No | No | No | No |
| Futures | No | No | No | No | No |
| CFD | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes | Yes | Yes |
#4 IC Markets
Web trading platform
The web trading platform of IC Markets is provided by MetaTrader. It is highly customizable, available in a lot of languages, and has a clear fee report. On the other hand, it lacks a two-step login and 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 |
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | 4.0 | 3.0 | 3.0 | 3.0 |
| Mobile platform score | 4.0 | 4.0 | 4.0 | 4.0 | 4.0 |
| Desktop platform score | 4.0 | 3.0 | 3.0 | 3.0 | 3.0 |
#4 IC Markets
Verdict
IC Markets is a great forex and CFD broker.
Its forex fees are low and account opening is fast and easy. Deposits and withdrawals are free and user-friendly. The education section of its website is also a plus.
On the other hand, IC Markets offers only forex, CFD and crypto trading. It also does not provide any investor or negative balance protection.
Feel free to try IC Markets, as you will have an account within a day and there is no inactivity fee.
| IC Markets | |
|---|---|
| Summary | IC Markets is a global forex and CFD broker. |
| Fees score | 4.0 |
| Recommended for | Forex traders who value easy account opening and free deposit/withdrawal options |
#5 Best international online brokers for citizens in Sierra Leone
XM
Trading Point Holding, XM's parent company, was founded in 2009 and it is a global CFD and FX broker. Trading Point Holding has two brands: XM and Trading.com.
XM is available globally and regulated by three financial authorities: Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), International Financial Services Commission of Belize (IFSC).
Trading.com was launched in 2019 and is available only for EEA residents, except Belgian, Cypriot, Greek, and Swiss residents. Trading.com is regulated by the Financial Conduct Authority (FCA).
In this review, we focus on the XM brand.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.10% 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. Risk warnings are shown on the website but they are unclear on percentages
Recommended for forex and cfd traders who prefer metatrader platforms and seek low trading fees
| Pros | Cons |
|---|---|
| • Low CFD and withdrawal fees | • Only CFDs, forex, cryptos for Europeans |
| • Easy and fast account opening | • Average forex fees |
| • Great educational tools | • Inactivity fee |
#5 XM
Fees
XM has low trading fees for CFD's and no withdrawal fee. On the other hand, the forex fees are average and there is a fee for inactivity.
| Pros | Cons |
|---|---|
| • Low CFD fees | • Inactivity fee |
| • No withdrawal fee | • Average FX fees |
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| US stock | $10.0 | - | - | - | $0.0 |
| UK stock | $10.0 | - | - | - | - |
| EURUSD benchmark fee | $15.0 | $12.8 | $14.9 | $15.8 | $17.1 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
#5 XM
Account opening
XM account opening is hassle-free and straightforward. Your account is ready for trading on the same day.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • Low minimum deposit |
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| Minimum deposit | $250 | $0 | $0 | $200 | $5 |
| Time to open account | 1 day | 1 day | 1 day | 1 day | 1 day |
#5 XM
Deposit and withdrawal
XM's deposit and withdrawal are fast, can be done in several forms, and are cost-friendly.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | None |
| • Free withdrawal | |
| • No deposit fee | |
| • Free wire withdrawal for more than $200 withdrawals |
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | Yes | Yes | Yes | Yes |
| Electronic wallets | No | Yes | Yes | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
#5 XM
Markets and products
At XM, you can trade with CFDs, forex, and cryptos. Non-European clients can also trade with some real stocks. There are no ETFs, mutual funds, bonds, options, and futures.
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| Stock | Yes | No | No | No | Yes |
| ETF | Yes | No | No | No | No |
| Forex | Yes | Yes | Yes | Yes | Yes |
| Fund | No | No | No | No | No |
| Bond | No | No | No | No | No |
| Options | No | No | No | No | No |
| Futures | No | No | No | No | No |
| CFD | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes | Yes | Yes |
#5 XM
Web trading platform
The web trading platform of XM 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 price alerts |
| • Good customizability (for charts, workspace) | • Outdated design |
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | 4.0 | 3.0 | 3.0 | 3.0 |
| Mobile platform score | 4.0 | 4.0 | 4.0 | 4.0 | 4.0 |
| Desktop platform score | 4.0 | 3.0 | 3.0 | 3.0 | 3.0 |
#5 XM
Verdict
XM is regulated by more authorities globally, including the top-tier ASIC.
On the plus side, we liked the low CFD and withdrawal fees. The account opening is seamless and hassle-free. There is a wide range of educational tools in great quality.
XM has some drawbacks though. Its product range is limited to FX, CFDs, cryptos. Stocks only for non-Europeans. Its forex fees are average. Lastly, a monthly $5 fee is charged after three months of inactivity.
We recommend XM for clients who prefer CFD and forex trading and are looking for 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 | 4.0 |
| Recommended for | Forex and CFD traders who prefer MetaTrader platforms and seek low trading fees |
Best international online brokers for citizens in Sierra Leone
What makes a good online broker
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 regulators. Some of them are also listed on an exchange, and 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 Sierra Leone?
At Brokerchooser we test online brokers more than 100 criteria, with a real account and real money. Not to overwhelm you we list the five most important criteria.
The 5 most important criteria for best international online brokers are:
| 1. Fees | The trading fee of a typical US equity trade can be 50 times higher at one online broker compared to another. Worth to check the fees. |
| 2. Account opening | Some online brokers require a minimum to invest, others don't set a minimal first-time deposit. Check out what the best online brokers require. |
| 3. Deposit and withdrawal | Transferring money to your account can be 5 times longer and more expensive at one online broker compared to another. |
| 4. Products and markets | You want to invest in Amazon and Bitcoin? They might not be available. Check the product coverage before opening an account. |
| 5. Trading platform | A user-friendly and well-equipped trading platform can significantly increase your trading comfort. |
Best international online brokers for citizens in Sierra Leone
Bottom line
You saw the details, now let's zoom out. Here are the best international online brokers of 2020 for citizens in Sierra Leone:
| XTB | City Index | Pepperstone | IC Markets | XM | |
|---|---|---|---|---|---|
| Overall score | 4.6 | 4.6 | 4.4 | 4.4 | 4.4 |
| Best in | Best CFD broker | ||||
| Fees score | 4.0 | 4.0 | 4.0 | 4.0 | 4.0 |
| Account opening score | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 |
| Deposit and withdrawal score | 5.0 | 4.0 | 5.0 | 5.0 | 5.0 |
| Markets and products score | 3.0 | 2.0 | 2.0 | 2.0 | 3.0 |
| Web platform score | 4.0 | 4.0 | 3.0 | 3.0 | 3.0 |
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75% of retail CFD accounts lose money |
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72% of retail CFD accounts lose money |
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71.4% of retail CFD accounts lose money |
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74-89% of retail CFD accounts lose money |
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69.10% of retail CFD accounts lose money |
XTB is our winner, the best international online broker in Sierra Leone of 2020. Low forex and stock index CFD fees. Free and fast deposit and withdrawal. Easy and fast account opening.
All brokers are considered a great choice. Pick the winner, or any runner-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.
