Best international online brokers for citizens in Turkmenistan

Interactive Brokers
4.9
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Oanda
4.6
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73.5% of retail CFD accounts lose money
XTB
4.6
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80% of retail CFD accounts lose money
Best international online brokers for citizens in Turkmenistan

To find the best international online brokers in Turkmenistan, we went ahead and did the research for you. After testing, analyzing and comparing 63 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 Turkmenistan:

  1. Interactive Brokers is the number one international online broker in 2020. Wide range of products. Many great research tools. Regulated by several authorities.
  2. Oanda is your runner-up. Generally low fees. Easy-to-use web trading platform. Easy and digital account opening.
  3. XTB rounds out the top three. Low forex and stock index CFD fees. Free and fast deposit and withdrawal. Easy and fast account opening.
  4. City Index, numero quatro. Low fees for forex and index CFDs. Fast and smooth account opening. Diverse research tools.
  5. Firstrade. Free stock, ETF, fund, and options trading. Solid research tools. Quality educational tools. Just made it to the list at number five.
Best international online brokers of 2020 for citizens in Turkmenistan
Broker Info Score Best in
#1 Interactive Brokers US discount broker 4.9 Best online broker
#2 Oanda US forex broker 4.6 Best mobile trading platform
#3 XTB Global CFD and forex broker 4.6 Best CFD broker
#4 City Index Global CFD and forex broker 4.6
#5 Firstrade US discount broker 4.5 Best broker for funds

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 Turkmenistan one by one, starting with the winner, Interactive Brokers.

Interactive Brokers Logo

#1 Best international online brokers for citizens in Turkmenistan
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 High inactivity fee

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#1 Interactive Brokers
Fees
4.3

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 fees
Interactive Brokers Oanda XTB City Index Firstrade
US stock $1.0 - $10.0 - $0.0
UK stock $7.2 - $10.0 - -
EURUSD benchmark fee $17.9 $15.9 $15.0 $12.8 -

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 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 Oanda XTB City Index Firstrade
Minimum deposit $0 $0 $250 $0 $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 Oanda XTB City Index Firstrade
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No Yes No Yes No
Electronic wallets No Yes No Yes No
Withdrawal fee $0 $0 $0 $0 $0

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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 Oanda XTB City Index Firstrade
Stock Yes No Yes No Yes
ETF Yes No Yes No Yes
Forex Yes Yes Yes Yes No
Fund Yes No No No Yes
Bond Yes No No No Yes
Options Yes No No No Yes
Futures Yes No No No No
CFD Yes Yes Yes Yes No
Crypto Yes No Yes Yes No

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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.
Pros Cons
User-friendly Limited customizability (for charts, workspace)
Clear fee report
Two-step (safer) login
Best international online brokers for citizens in Turkmenistan - Interactive Brokers trading platform
Interactive Brokers trading platforms
Interactive Brokers Oanda XTB City Index Firstrade
Web platform score 4.3 stars 4.5 stars 4.4 stars 4.3 stars 4.3 stars
Mobile platform score 3.5 stars 5.0 stars 4.3 stars 4.3 stars 3.3 stars
Desktop platform score 3.0 stars 3.8 stars 4.4 stars 3.0 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 a vast range of markets and products available, with diverse research tools and low costs

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-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 4.3 stars
Recommended for Traders looking for low fees and a professional trading environment

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Oanda Logo

#2 Best international online brokers for citizens in Turkmenistan
Oanda

4.6

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

Pros Cons
Generally low fees Only FX and some CFDs
Easy-to-use web trading platform Poor customer service
Easy and digital account opening High bank withdrawal fee

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73.5% of retail CFD accounts lose money

#2 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.
Pros Cons
Low trading fees High withdrawal fee for bank transfers
Low forex fees
No withdrawal fee
No withdrawal fee in most cases
Oanda fees
Interactive Brokers Oanda XTB City Index Firstrade
US stock $1.0 - $10.0 - $0.0
UK stock $7.2 - $10.0 - -
EURUSD benchmark fee $17.9 $15.9 $15.0 $12.8 -

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

#2 Oanda
Account opening
4.4

Oanda's account opening is straightforward, with no required minimum balance.
Pros Cons
Fully digital Issues with ID verification can slow account opening
No minimum deposit
Low minimum deposit
Oanda minimum deposit and time to open an account
Interactive Brokers Oanda XTB City Index Firstrade
Minimum deposit $0 $0 $250 $0 $0
Time to open account 1-3 days 1-3 days 1 day 1 day 1-3 days

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73.5% of retail CFD accounts lose money

#2 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.
Pros Cons
Credit/Debit card available High withdrawal fee for bank transfers
No deposit fee
Withdrawal is free for PayPal and for the first debit card transaction each month
Oanda withdrawal fee and options
Interactive Brokers Oanda XTB City Index Firstrade
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No Yes No Yes No
Electronic wallets No Yes No Yes No
Withdrawal fee $0 $0 $0 $0 $0

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73.5% of retail CFD accounts lose money

#2 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.
Oanda markets and products
Interactive Brokers Oanda XTB City Index Firstrade
Stock Yes No Yes No Yes
ETF Yes No Yes No Yes
Forex Yes Yes Yes Yes No
Fund Yes No No No Yes
Bond Yes No No No Yes
Options Yes No No No Yes
Futures Yes No No No No
CFD Yes Yes Yes Yes No
Crypto Yes No Yes Yes No

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73.5% of retail CFD accounts lose money

#2 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.
Pros Cons
User-friendly No price alerts
Clear fee report
Two-step (safer) login
Best international online brokers for citizens in Turkmenistan - Oanda trading platform
Oanda trading platforms
Interactive Brokers Oanda XTB City Index Firstrade
Web platform score 4.3 stars 4.5 stars 4.4 stars 4.3 stars 4.3 stars
Mobile platform score 3.5 stars 5.0 stars 4.3 stars 4.3 stars 3.3 stars
Desktop platform score 3.0 stars 3.8 stars 4.4 stars 3.0 stars -

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73.5% of retail CFD accounts lose money

#2 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.

Oanda
Summary Oanda is a US forex broker. It is regulated by top-tier authorities like the UK FCA and Australia's ASIC.
Fees score 4.5 stars
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

XTB Logo

#3 Best international online brokers for citizens in Turkmenistan
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. 80% 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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80% of retail CFD accounts lose money

#3 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 fees
Interactive Brokers Oanda XTB City Index Firstrade
US stock $1.0 - $10.0 - $0.0
UK stock $7.2 - $10.0 - -
EURUSD benchmark fee $17.9 $15.9 $15.0 $12.8 -

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

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80% of retail CFD accounts lose money

#3 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 Oanda XTB City Index Firstrade
Minimum deposit $0 $0 $250 $0 $0
Time to open account 1-3 days 1-3 days 1 day 1 day 1-3 days

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80% of retail CFD accounts lose money

#3 XTB
Deposit and withdrawal
4.5

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 Oanda XTB City Index Firstrade
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No Yes No Yes No
Electronic wallets No Yes No Yes No
Withdrawal fee $0 $0 $0 $0 $0

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80% of retail CFD accounts lose money

#3 XTB
Markets and products
2.8

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 Oanda XTB City Index Firstrade
Stock Yes No Yes No Yes
ETF Yes No Yes No Yes
Forex Yes Yes Yes Yes No
Fund Yes No No No Yes
Bond Yes No No No Yes
Options Yes No No No Yes
Futures Yes No No No No
CFD Yes Yes Yes Yes No
Crypto Yes No Yes Yes No

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80% of retail CFD accounts lose money

#3 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, a two-step login is not available.
Pros Cons
User-friendly No two-step (safer) login
Clear fee report
Good search function
Best international online brokers for citizens in Turkmenistan - XTB trading platform
XTB trading platforms
Interactive Brokers Oanda XTB City Index Firstrade
Web platform score 4.3 stars 4.5 stars 4.4 stars 4.3 stars 4.3 stars
Mobile platform score 3.5 stars 5.0 stars 4.3 stars 4.3 stars 3.3 stars
Desktop platform score 3.0 stars 3.8 stars 4.4 stars 3.0 stars -

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80% of retail CFD accounts lose money

#3 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 stars
Recommended for Forex and CFD traders looking for low fees and great deposit/withdrawal service

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80% of retail CFD accounts lose money

City Index Logo

#4 Best international online brokers for citizens in Turkmenistan
City Index

4.6

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. 71% 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

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71% of retail CFD accounts lose money

#4 City Index
Fees
4.1

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
City Index fees
Interactive Brokers Oanda XTB City Index Firstrade
US stock $1.0 - $10.0 - $0.0
UK stock $7.2 - $10.0 - -
EURUSD benchmark fee $17.9 $15.9 $15.0 $12.8 -

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

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71% of retail CFD accounts lose money

#4 City Index
Account opening
5.0

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
City Index minimum deposit and time to open an account
Interactive Brokers Oanda XTB City Index Firstrade
Minimum deposit $0 $0 $250 $0 $0
Time to open account 1-3 days 1-3 days 1 day 1 day 1-3 days

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71% of retail CFD accounts lose money

#4 City Index
Deposit and withdrawal
4.0

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
City Index withdrawal fee and options
Interactive Brokers Oanda XTB City Index Firstrade
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No Yes No Yes No
Electronic wallets No Yes No Yes No
Withdrawal fee $0 $0 $0 $0 $0

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71% of retail CFD accounts lose money

#4 City Index
Markets and products
2.1

At City Index, you can only trade with CFDs, forex, and cryptos. Unfortunately, real stocks, bonds and ETFs are not available.
City Index markets and products
Interactive Brokers Oanda XTB City Index Firstrade
Stock Yes No Yes No Yes
ETF Yes No Yes No Yes
Forex Yes Yes Yes Yes No
Fund Yes No No No Yes
Bond Yes No No No Yes
Options Yes No No No Yes
Futures Yes No No No No
CFD Yes Yes Yes Yes No
Crypto Yes No Yes Yes No

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71% of retail CFD accounts lose money

#4 City Index
Web trading platform
4.3

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
Best international online brokers for citizens in Turkmenistan - City Index trading platform
City Index trading platforms
Interactive Brokers Oanda XTB City Index Firstrade
Web platform score 4.3 stars 4.5 stars 4.4 stars 4.3 stars 4.3 stars
Mobile platform score 3.5 stars 5.0 stars 4.3 stars 4.3 stars 3.3 stars
Desktop platform score 3.0 stars 3.8 stars 4.4 stars 3.0 stars -

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71% of retail CFD accounts lose money

#4 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 4.1 stars
Recommended for Forex and CFD traders looking for low forex fees and great research tools

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71% of retail CFD accounts lose money

Firstrade Logo

#5 Best international online brokers for citizens in Turkmenistan
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

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#5 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 fees
Interactive Brokers Oanda XTB City Index Firstrade
US stock $1.0 - $10.0 - $0.0
UK stock $7.2 - $10.0 - -
EURUSD benchmark fee $17.9 $15.9 $15.0 $12.8 -

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

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#5 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 Oanda XTB City Index Firstrade
Minimum deposit $0 $0 $250 $0 $0
Time to open account 1-3 days 1-3 days 1 day 1 day 1-3 days

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#5 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 Oanda XTB City Index Firstrade
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No Yes No Yes No
Electronic wallets No Yes No Yes No
Withdrawal fee $0 $0 $0 $0 $0

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#5 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 Oanda XTB City Index Firstrade
Stock Yes No Yes No Yes
ETF Yes No Yes No Yes
Forex Yes Yes Yes Yes No
Fund Yes No No No Yes
Bond Yes No No No Yes
Options Yes No No No Yes
Futures Yes No No No No
CFD Yes Yes Yes Yes No
Crypto Yes No Yes Yes No

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#5 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 international online brokers for citizens in Turkmenistan - Firstrade trading platform
Firstrade trading platforms
Interactive Brokers Oanda XTB City Index Firstrade
Web platform score 4.3 stars 4.5 stars 4.4 stars 4.3 stars 4.3 stars
Mobile platform score 3.5 stars 5.0 stars 4.3 stars 4.3 stars 3.3 stars
Desktop platform score 3.0 stars 3.8 stars 4.4 stars 3.0 stars -

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#5 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

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Best international online brokers for citizens in Turkmenistan
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 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 Turkmenistan?

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:

5 important criteria for the best international online brokers in 2020
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 Turkmenistan
Bottom line

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

Best international online brokers for citizens in Turkmenistan
Interactive Brokers Oanda XTB City Index Firstrade
Overall score 4.9 4.6 4.6 4.6 4.5
Best in Best online broker Best mobile trading platform Best CFD broker Best broker for funds
Fees score 4.3 stars 4.5 stars 4.0 stars 4.1 stars 4.5 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 4.2 stars 4.5 stars 4.0 stars 1.8 stars
Markets and products score 5.0 stars 1.5 stars 2.8 stars 2.1 stars 2.8 stars
Web platform score 4.3 stars 4.5 stars 4.4 stars 4.3 stars 4.3 stars
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73.5% of retail CFD accounts lose money
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80% of retail CFD accounts lose money
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71% of retail CFD accounts lose money
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Interactive Brokers is our winner, the best international online broker in Turkmenistan of 2020. Wide range of products. Many great research tools. Regulated by several authorities.
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.

Gergely Korpos

Gergely Korpos

Co-founder, CPO

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.

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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