To find the best international online broker for the Middle East, we went ahead and did the research for you. After testing, analyzing and comparing 20 brokers, five made it to the top. We highly recommend all five to you. And now, without further ado…
The top 5 picks for the best international online brokers for a Middle East citizen in 2019:
- Interactive Brokers is the best international online broker in 2019. They are hard to beat having the most products at low fees.
- Saxo Bank has the best trading platform, place two.
- Swissquote is the best for funds. Pricier than the others, third place.
- XTB is the best CFD broker, numero quatro.
- TradeStation Global. Very similar to Interactive Brokers, but without education. Just made it to the list with being number five.
Best international online brokers for Middle East citizens
What makes a good online broker
Now you know the top five. 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?
Yes, they are considered 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 Middle East citizen?
At Brokerchooser we test online brokers along ~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 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. Deposit and withdrawal||Transferring money to your account can be 5 times longer and more expensive at one online broker compared to another.|
|3. 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.|
|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.|