To find the best international online brokers in the Middle East, 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 the Middle East:
- Interactive Brokers is the number one international online broker in 2020. Wide range of products. Many great research tools. Regulated by several authorities.
- Saxo Bank is your runner-up. Great trading platform. Outstanding research. Broad product portfolio.
- Tradestation rounds out the top three. Great web and mobile trading platform. Low stock and ETF fees. High-quality educational tools.
- Swissquote, numero quatro. Access to many markets and products. No inactivity fee. Rock-solid background.
- Oanda. Generally low fees. Easy-to-use web trading platform. Easy and digital account opening. Just made it to the list at number five.
| Broker | Info | Score | Best in | |
|---|---|---|---|---|
| #1 | Interactive Brokers | US discount broker | 4.9 | Best online broker |
| #2 | Saxo Bank | Danish investment bank | 4.8 | Best forex broker |
| #3 | Tradestation | US stockbroker | 4.7 | Best app for stock trading |
| #4 | Swissquote | Swiss investment bank | 4.6 | |
| #5 | Oanda | US forex broker | 4.6 | Best mobile trading platform |
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 the Middle East one by one, starting with the winner, Interactive Brokers.
#1 Best international online brokers for Middle East citizens
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, 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 |
#1 Interactive Brokers
Fees
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 | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| US stock | $1.0 | $10.0 | $1.0 | $25.0 | - |
| UK stock | $7.2 | $9.6 | - | $30.0 | - |
| EURUSD benchmark fee | $17.9 | $15.5 | - | $16.5 | $15.9 |
All spreads, commissions and financing rates are for opening a position, holding for a week, and closing.
#1 Interactive Brokers
Account opening
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 | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $600 | $500 | $0 | $0 |
| Time to open account | 1-3 days | 1-3 days | 1 day | 1 day | 1-3 days |
#1 Interactive Brokers
Deposit and withdrawal
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 | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | No | Yes |
| Electronic wallets | No | No | No | No | Yes |
| Withdrawal fee | $0 | $0 | $35 | $10 | $0 |
#1 Interactive Brokers
Markets and products
Through Interactive Brokers you can access an extremely wide range of markets, with every product type available.
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | No |
| ETF | Yes | Yes | Yes | Yes | No |
| Forex | Yes | Yes | No | Yes | Yes |
| Fund | Yes | Yes | Yes | Yes | No |
| Bond | Yes | Yes | Yes | Yes | No |
| Options | Yes | Yes | Yes | Yes | No |
| Futures | Yes | Yes | Yes | Yes | No |
| CFD | Yes | Yes | No | Yes | Yes |
| Crypto | Yes | Yes | No | Yes | No |
#1 Interactive Brokers
Web trading platform
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 |
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | 5.0 | 5.0 | 4.0 | 5.0 |
| Mobile platform score | 4.0 | 5.0 | 5.0 | 5.0 | 5.0 |
| Desktop platform score | 3.0 | 5.0 | 3.0 | - | 4.0 |
#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 |
#2 Best international online brokers for Middle East citizens
Saxo Bank
Saxo Bank is a Danish investment bank founded in 1992, providing online trading and investments. The company is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK Financial Conduct Authority (FCA).
Saxo Bank is a global service provider. In the different regions, its subsidiaries are present in the form of separate legal entities. The services offered by each entity might change slightly especially in case of their fees and products available to trade. In this review, we tested Saxo Bank UK.
Saxo Bank is considered safe because it has a long track record, has a banking background, and is regulated by top-tier financial authorities.
Recommended for investors and traders looking for a great trading platform and solid research
| Pros | Cons |
|---|---|
| • Great trading platform | • High bond, options and futures fees |
| • Outstanding research | • High minimum deposit |
| • Broad product portfolio | • Lacks live chat and 24/7 availability |
#2 Saxo Bank
Fees
Saxo Bank has average trading and non-trading fees overall. The fees for forex, mutual funds and stock index CFDs are low, while they are average for real stocks, ETFs or stock CFDs. Bond, options and futures fees are high.
| Pros | Cons |
|---|---|
| • Low fund fees | • Inactivity fee |
| • No withdrawal fee | • High bond, options and futures fees |
| • Transparent fee structure | |
| • Lower fees for Platinum and VIP clients |
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| US stock | $1.0 | $10.0 | $1.0 | $25.0 | - |
| UK stock | $7.2 | $9.6 | - | $30.0 | - |
| EURUSD benchmark fee | $17.9 | $15.5 | - | $16.5 | $15.9 |
All spreads, commissions and financing rates are for opening a position, holding for a week, and closing.
#2 Saxo Bank
Account opening
Saxo's account opening is fully digital, user-friendly, and available in most of the world. On the other hand, the minimum deposit is high, and account verification could be faster.
| Pros | Cons |
|---|---|
| • Fully digital | • Minimum deposit is higher than $500 |
| • User-friendly | • Relatively slow account verification |
| • Available in almost every country |
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $600 | $500 | $0 | $0 |
| Time to open account | 1-3 days | 1-3 days | 1 day | 1 day | 1-3 days |
#2 Saxo Bank
Deposit and withdrawal
Saxo provides multiple deposit and withdrawal options free of charge on a user-friendly interface.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | None |
| • Free withdrawal | |
| • No deposit fee |
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | No | Yes |
| Electronic wallets | No | No | No | No | Yes |
| Withdrawal fee | $0 | $0 | $35 | $10 | $0 |
#2 Saxo Bank
Markets and products
Saxo Bank's product portfolio is great. It covers all asset classes and a lot of markets globally. Mutual funds and crypto are the only areas where its selection could be improved.
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | No |
| ETF | Yes | Yes | Yes | Yes | No |
| Forex | Yes | Yes | No | Yes | Yes |
| Fund | Yes | Yes | Yes | Yes | No |
| Bond | Yes | Yes | Yes | Yes | No |
| Options | Yes | Yes | Yes | Yes | No |
| Futures | Yes | Yes | Yes | Yes | No |
| CFD | Yes | Yes | No | Yes | Yes |
| Crypto | Yes | Yes | No | Yes | No |
#2 Saxo Bank
Web trading platform
Saxo Bank's web trading platform is one of the best among online brokers. It's easy to use, but also provides features favored by professionals, such as an advanced order panel. On the negative side, there is no two-step login.
| Pros | Cons |
|---|---|
| • User-friendly | • No two-step (safer) login |
| • Clear fee report | |
| • Good search function |
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | 5.0 | 5.0 | 4.0 | 5.0 |
| Mobile platform score | 4.0 | 5.0 | 5.0 | 5.0 | 5.0 |
| Desktop platform score | 3.0 | 5.0 | 3.0 | - | 4.0 |
#2 Saxo Bank
Verdict
Saxo Bank is a great broker, providing a complex and good service.
Saxo offers a user-friendly and well-designed trading platform, backed by great research. The product portfolio covers all asset types and many international markets.
It has some drawbacks though. The fees for bonds, options and futures are high. There is also a high minimum deposit. Lastly, there is no live chat or 24/7 customer support.
In general, Saxo Bank is one of the best online brokerage companies out there. By opening an account, you will get a broad, well-developed service constantly responding to the needs of clients.
| Saxo Bank | |
|---|---|
| Summary | Saxo Bank is a Danish investment bank. It is regulated by more than 10 financial authorities, including the top-tier UK FCA. |
| Fees score | 3.0 |
| Recommended for | Investors and traders looking for a great trading platform and solid research |
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#3 Best international online brokers for Middle East citizens
Tradestation
Tradestation is a US stockbroker founded in 1982. It is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Clients are eligible for up to $500,000 (cash up to $250,000) investor protection per account.
Tradestation is considered safe because it has a long track record, discloses its financials, and its parent company, the Monex Group is listed on the Tokyo stock exchange.
Recommended for traders focusing on us markets and buy-and-hold investing
| Pros | Cons |
|---|---|
| • Great web and mobile trading platform | • Not user-friendly deposit and withdrawal |
| • Low stock and ETF fees | • No forex trading |
| • High-quality educational tools | • Poor customer service |
#3 Tradestation
Fees
Tradestation has low trading fees and high non-trading fees. You can choose from multiple fee structures, but you still have to pay withdrawal.
| Pros | Cons |
|---|---|
| • Low trading fees | • High non-trading fees |
| • Low stock and ETF fees | • Withdrawal fee |
| • Multiple fee structures to choose from |
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| US stock | $1.0 | $10.0 | $1.0 | $25.0 | - |
| UK stock | $7.2 | $9.6 | - | $30.0 | - |
| EURUSD benchmark fee | $17.9 | $15.5 | - | $16.5 | $15.9 |
All spreads, commissions and financing rates are for opening a position, holding for a week, and closing.
#3 Tradestation
Account opening
Tradestation account opening is fully digital, user-friendly, and fast. On the other hand, the minimum deposit is $500 and multiple base currencies are only available for futures accounts.
| Pros | Cons |
|---|---|
| • Fast | • $500 minimum deposit |
| • Fully digital | • Multiple base currencies only for futures accounts |
| • User-friendly |
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $600 | $500 | $0 | $0 |
| Time to open account | 1-3 days | 1-3 days | 1 day | 1 day | 1-3 days |
#3 Tradestation
Deposit and withdrawal
Tradestation's deposit and withdrawal could be better. For example, you can only use bank transfer and there is a high withdrawal fee. On the upside, the deposit is free and you can choose from multiple base currencies with a futures account.
| Pros | Cons |
|---|---|
| • No deposit fee | • Credit/Debit card not available |
| • Several account base currencies | • High withdrawal fee |
| • Slow withdrawal - over 3 days |
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | No | Yes |
| Electronic wallets | No | No | No | No | Yes |
| Withdrawal fee | $0 | $0 | $35 | $10 | $0 |
#3 Tradestation
Markets and products
Tradestation gives you access to a wide variety of US products, but its non-US market coverage is not competitive. Forex, CFDs and cryptos are missing.
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | No |
| ETF | Yes | Yes | Yes | Yes | No |
| Forex | Yes | Yes | No | Yes | Yes |
| Fund | Yes | Yes | Yes | Yes | No |
| Bond | Yes | Yes | Yes | Yes | No |
| Options | Yes | Yes | Yes | Yes | No |
| Futures | Yes | Yes | Yes | Yes | No |
| CFD | Yes | Yes | No | Yes | Yes |
| Crypto | Yes | Yes | No | Yes | No |
#3 Tradestation
Web trading platform
Tradestation has a good web trading platform. It is user-friendly and it looks nice, and it provides a two-step verification. On the flip side, it lacks price alerts.
| Pros | Cons |
|---|---|
| • User-friendly | • No price alerts |
| • Clear fee report | |
| • Two-step (safer) login |
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | 5.0 | 5.0 | 4.0 | 5.0 |
| Mobile platform score | 4.0 | 5.0 | 5.0 | 5.0 | 5.0 |
| Desktop platform score | 3.0 | 5.0 | 3.0 | - | 4.0 |
#3 Tradestation
Verdict
Tradestation is a great US broker.
The web and mobile platforms are very user-friendly with many functions. It also offers low stock and ETF trading fees. Lastly, education is well-structured and high-quality.
On the other hand, the deposit and withdrawal are not user-friendly and you can use only bank transfer. There is no forex trading, and the customer service is of poor quality.
Feel free to try Tradestation if you prefer trading on US markets. We recommend it for buy and hold investors with some experience.
| Tradestation | |
|---|---|
| Summary | TradeStation is a US stockbroker regulated by FINRA, a top-tier US regulatory body. |
| Fees score | 4.0 |
| Recommended for | Traders focusing on US markets and buy-and-hold investing |
#4 Best international online brokers for Middle East citizens
Swissquote
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. 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 it has a long track record.
For clarity, in this review we focus 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
| Pros | Cons |
|---|---|
| • Access to many markets and products | • High trading fees |
| • No inactivity fee | • Confusing trading platform selection |
| • Rock-solid background | • Some research tools are not free |
#4 Swissquote
Fees
Swissquote doesn't charge an inactivity fee and you can trade an impressive selection of funds for favorable fees. On the other hand, trading fees are generally high, including for stocks and ETFs, and there is a fee for withdrawing your money.
| Pros | Cons |
|---|---|
| • Low fund fees | • High trading fees |
| • No inactivity fee | • High stock and ETF fees |
| • High bond fees |
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| US stock | $1.0 | $10.0 | $1.0 | $25.0 | - |
| UK stock | $7.2 | $9.6 | - | $30.0 | - |
| EURUSD benchmark fee | $17.9 | $15.5 | - | $16.5 | $15.9 |
All spreads, commissions and financing rates are for opening a position, holding for a week, and closing.
#4 Swissquote
Account opening
Swissquote offers a fully digital account opening, although we encountered some technical difficulties during the identification process. There is no minimum deposit for trading accounts, but a high minimum for forex and robo-advisory accounts.
| Pros | Cons |
|---|---|
| • Fully digital | • Technical difficulties |
| • No minimum deposit for trading account | • Forex and robo-advisor accounts have high minimum |
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $600 | $500 | $0 | $0 |
| Time to open account | 1-3 days | 1-3 days | 1 day | 1 day | 1-3 days |
#4 Swissquote
Deposit and withdrawal
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.
| Pros | Cons |
|---|---|
| • Quick deposit and withdrawal - within 3 days | • Credit/Debit card withdrawal not available |
| • Several account base currencies at Swissquote (UK) |
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | No | Yes |
| Electronic wallets | No | No | No | No | Yes |
| Withdrawal fee | $0 | $0 | $35 | $10 | $0 |
#4 Swissquote
Markets and products
At Swissquote (CH) you have access to many markets and trade with a lot of different product types. At Swissquote Forex (UK) you can trade only forex and some CFDs.
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | No |
| ETF | Yes | Yes | Yes | Yes | No |
| Forex | Yes | Yes | No | Yes | Yes |
| Fund | Yes | Yes | Yes | Yes | No |
| Bond | Yes | Yes | Yes | Yes | No |
| Options | Yes | Yes | Yes | Yes | No |
| Futures | Yes | Yes | Yes | Yes | No |
| CFD | Yes | Yes | No | Yes | Yes |
| Crypto | Yes | Yes | No | Yes | No |
#4 Swissquote
Web trading platform
The Swissquote (CH) eTrading platform has a lot of functions, so many that sometimes it can get complicated. Customizability is good and a there is a clear overview of trading fees, but you may run into some bugs.
| Pros | Cons |
|---|---|
| • Clear fee report | • Account login and search function bugs |
| • Good customizability (for charts, workspace) | • Easy to get lost among functions |
| • Available in several languages |
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | 5.0 | 5.0 | 4.0 | 5.0 |
| Mobile platform score | 4.0 | 5.0 | 5.0 | 5.0 | 5.0 |
| Desktop platform score | 3.0 | 5.0 | 3.0 | - | 4.0 |
#4 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 asset classes 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 comes for 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.
| Swissquote | |
|---|---|
| Summary | Swissquote is a Swiss online broker with a banking license. It is listed on the Swiss stock exchange and regulated by several authorities globally, including the top-tier UK FCA. |
| Fees score | 2.0 |
| Recommended for | Affluent investors who value safety and are OK with higher fees |
#5 Best international online brokers for Middle East citizens
Oanda
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 |
#5 Oanda
Fees
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 |
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| US stock | $1.0 | $10.0 | $1.0 | $25.0 | - |
| UK stock | $7.2 | $9.6 | - | $30.0 | - |
| EURUSD benchmark fee | $17.9 | $15.5 | - | $16.5 | $15.9 |
All spreads, commissions and financing rates are for opening a position, holding for a week, and closing.
#5 Oanda
Account opening
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 |
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $600 | $500 | $0 | $0 |
| Time to open account | 1-3 days | 1-3 days | 1 day | 1 day | 1-3 days |
#5 Oanda
Deposit and withdrawal
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 |
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | No | Yes |
| Electronic wallets | No | No | No | No | Yes |
| Withdrawal fee | $0 | $0 | $35 | $10 | $0 |
#5 Oanda
Markets and products
At Oanda you can trade only forex and CFDs. It offers fewer forex pairs but more CFDs than its closest competitors.
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | No |
| ETF | Yes | Yes | Yes | Yes | No |
| Forex | Yes | Yes | No | Yes | Yes |
| Fund | Yes | Yes | Yes | Yes | No |
| Bond | Yes | Yes | Yes | Yes | No |
| Options | Yes | Yes | Yes | Yes | No |
| Futures | Yes | Yes | Yes | Yes | No |
| CFD | Yes | Yes | No | Yes | Yes |
| Crypto | Yes | Yes | No | Yes | No |
#5 Oanda
Web trading platform
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 |
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | 5.0 | 5.0 | 4.0 | 5.0 |
| Mobile platform score | 4.0 | 5.0 | 5.0 | 5.0 | 5.0 |
| Desktop platform score | 3.0 | 5.0 | 3.0 | - | 4.0 |
#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.
| 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 | 4.0 |
| Recommended for | Forex traders who value a user-friendly platform and great research tools |
Best international online brokers for citizens in the Middle East
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 the Middle East?
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:
| 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 the Middle East
Bottom line
You saw the details, now let's zoom out. Here are the best international online brokers of 2020 for citizens in the Middle East:
| Interactive Brokers | Saxo Bank | Tradestation | Swissquote | Oanda | |
|---|---|---|---|---|---|
| Overall score | 4.9 | 4.8 | 4.7 | 4.6 | 4.6 |
| Best in | Best online broker | Best forex broker | Best app for stock trading | Best mobile trading platform | |
| Fees score | 4.0 | 3.0 | 4.0 | 2.0 | 4.0 |
| Account opening score | 3.0 | 3.0 | 5.0 | 4.0 | 4.0 |
| Deposit and withdrawal score | 3.0 | 5.0 | 2.0 | 4.0 | 4.0 |
| Markets and products score | 5.0 | 5.0 | 2.0 | 5.0 | 2.0 |
| Web platform score | 4.0 | 5.0 | 5.0 | 4.0 | 5.0 |
| Visit broker | Visit broker | Visit broker | Visit broker |
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73.5% of retail CFD accounts lose money |
Interactive Brokers is our winner, the best international online broker in the Middle East 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.
