This is one of the most sought-after questions all over the internet these days when it comes to stock trading. Which are some of the best global stockbrokers available for 2023?
Today, I will shed some light on some of the best stockbrokers that serve globally, i.e., many countries over the world.
Why would anyone want to know about the best international broker when they could just find the best broker in their country? Well, there are a variety of reasons for the question mentioned above and the most important reason is reliability.
Any broker having its presence globally and catering to international clients is more reliable compared to a broker serving a single country.
Such brokers will not get affected by country-specific decisions or other factors that influence a broker’s operations.
Following that, brokerages offering services globally provide access to several markets, which is advantageous.
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The information in this article is for general guidance only. It does not constitute financial, legal, or tax advice, and is not a recommendation or solicitation to invest. Some facts may have changed since the time of writing.
Interactive Brokers
Interactive Brokers is one of the best international stockbrokers with its presence in almost all the countries of the world. It can be said as the hands-down best broker available with various beneficial features.
Let us have a look at some of the aspects of this broker so that you can have a brief insight into the features.
Account
Even though the process of opening an account is fully digital, it is somewhat complicated. Account verification takes more time compared to other brokers, but on the bright side, the minimum deposit is low.
Deposits and Withdrawals
Interactive Brokers comes with the availability of various base currencies and only one withdrawal per month. Adding to that, the payment method for withdrawals is limited to bank transfers.
Trading Platforms
Interactive Brokers offers a simple and easy-to-use web trading platform. It can easily be navigated by beginner-level investors as well, yet there are some minute glitches.
The mobile trading platform has advantageous functions and an interactive chatbot feature. However, the mobile trading platform cannot be considered equal to some of the best competitors available.
The desktop trading platform of Interactive Brokers goes by the name of TWS and is a great platform. Regardless of its customizability and other features, it is deemed appropriate for experienced investors.
Markets and Products
Interactive Brokers allows its clients to trade with a wide array of assets, which have been listed below.
— Stocks
— ETFs
— Forex
— Funds
— Bonds
— Options
— Futures
— CFDs
— Cryptocurrencies
Since we are talking about stockbrokers, IB offers access to 83 stock markets, which is very impressive.
Adding to that, it also provides access to more than 13,000 ETFs to its clients.
Research and Education
Even though the interface is not so good in the trading platforms, the research features are very impressive.
It offers a great interactive chart, trading ideas, and most importantly, fundamental data on the assets being traded.
The educational resources are also exceptional at IB, which include courses, videos, webinars, a glossary, and a demo account.
Safety
Interactive Brokers is regulated in many countries including the USA, UK, Australia, Canada, Hong Kong, Singapore, Japan, etc.
IB is known to offer negative balance protection to clients from the USA, the UK, and the countries in the EU.
It also offers negative balance protection for clients involved with forex spot trading and CFD trading from the EU.
IB is regulated by several financial authorities, which are:
— Financial Conduct Authority (FCA)
— Financial Industry Regulatory Authority (FINRA)
— US Securities and Exchange Commission (SEC)
— Central Bank of Ireland (CBI)
— Central Bank of Hungary (MNB)
— Investment Industry Regulatory Organization of Canada (IIROC)
— Australian Securities and Investments Commission (ASIC)
— Securities and Exchange Board of India (BSE)
— Financial Services Agency (FSA)
— Hong Kong Securities and Futures Commission
— Monetary Authority of Singapore
Based on these, IB is definitely a reliable and safe broker.
Fees
IB has low trading fees and competitive margin rates compared to most other brokers. Upon choosing the Lite plan in the US, stock and ETF trading incur no charges.
Pros and cons
The advantages of trading with Interactive Brokers are as follows:
— Low trading fees.
— Accessibility to a wide range of markets as well as products.
— Great research tools.
The disadvantages of trading with IB are as follows:
— Complex account opening.
— The trading platforms are complex and are only suitable for experienced investors, especially the desktop trading platform.
— Customer support is not effective.
Having said that, Interactive Brokers is one of the best stockbrokers that comes with great advantages. It is one of the best stockbrokers available for stock trading in 2023.
More than 100,000 new clients have chosen IB over the past six months, which makes us understand its popularity.
Webull
Webull is another great stockbroker offering services in multiple countries but is most popular in the U.S.
Webull provides access to commission-free US stocks, ETFs, crypto, and options. Let us take a look at some of the important features of this broker to have a better insight into suitability.
Account
Unlike most brokers, the account opening process at Webull is very simple and hassle-free.
It can be done completely online and the process of verification takes less than a day, which is impressive.
Deposits and Withdrawals
One of the major drawbacks of Webull is that it does not offer many options for deposits or withdrawals.
The only option available for deposits and withdrawals is bank transfer, and the transfer fees are high. However, the transfer process is simple and the ACH transfers are free of charge.
Trading Platforms
The web trading platform at Webull is exceptional and is suitable for beginners and experts alike.
The mobile trading platform is great in terms of design and user-friendliness. It offers several useful features such as an advanced order panel, price alerts, and a two-step login.
The desktop trading platform is similar to the web trading platform considering the functionality and design.
Markets and Products
The products available for trading at Webull are limited to stocks, ETFs, crypto, and options. The markets available for stock trading are just 5, whereas ETFs available are around 2,300.
Research and Education
The research tools provided by Webull are easy to use and come with features like recommendations and fundamental data.
It does lack some of the beneficial analytic tools such as an economic calendar, which would have been great if offered.
The educational resources at Webull are limited to a demo account and educational content.
Safety
This broker is regulated by top-tier authorities in the US and Hong Kong, which are:
— US Securities and Exchange Commission (SEC)
— Financial Industry Regulatory Authority (FINRA)
— Hong Kong Securities and Futures Commission (SFC)
In the US, the investor protection amount is for up to an amount of $500,000, with a $250,000 limit for cash.
In Hong Kong, the investor protection amount is up to an amount of HKD 500,000.
Webull does not offer negative balance protection and it is not a listed company, which are the drawbacks.
Fees
Webull gives access to commission-free trading when involved with US-listed stocks, ETFs, and options.
As discussed earlier, wire transfer fees are quite high, which makes it a bit inconvenient. On the bright side, there are no fees for withdrawing through ACH transfers and there are no inactivity fees.
Pros and cons
The advantages of trading with Webull are as follows:
— Free US stock, ETF, and options trading.
— Simple and quick account opening.
— Exceptional trading platforms.
The disadvantages of trading with Webull are as follows:
— Limited product portfolio.
— Available in a few countries.
— Deposits and withdrawals can only be done with the help of bank transfers, and adding to that, wire transfers are pricey.
— Lacks live chat for customer support and phone support is also inefficient.
Considering the aspects like trading fees and trading platforms, Webull is an exceptional broker available. However, if you consider certain aspects like deposits, withdrawals, product portfolio, etc., it is not the industry leader.
TradeStation Global
Click on the link given below to get access to the latest in-depth review of TradeStation Global.
TradeStation Global offers low stock fees as well as ETF fees. It is useful for beginners, yet it offers some of the best features for advanced investors.
TradeStation Global also lacks certain features such as lacking live chat and only bank transfers available for deposits and withdrawals.
The account opening process is complex, which makes it somewhat fall back compared to its competitors.
TradeStation Global also lacks educational content, which is a major drawback for beginner-level investors.
Therefore, TradeStation Global is a good broker, but it may not be the best choice available for individuals.
eToro
eToro is another trading platform available in several countries, which offers cost-efficient stock trades.
The product portfolio is limited to stocks, CFDs, forex, and cryptos, while the stock and ETF trading is free.
Let us have a brief insight into the features offered by eToro so that you can have a better understanding.
Account
There are no backdrops when it comes to the account opening process of eToro. It is simple and quick and adding to that, the minimum deposit is low for most countries.
Deposits and Withdrawals
There are multiple methods available for making a deposit at eToro, however, the only base currency is USD.
The options available for deposits and withdrawals at eToro are bank transfer, credit card, debit card, and e-wallets.
You should note that the methods available may or may not be available depending on the country of your residence.
The minimum deposit amount at eToro is $50, and if you choose bank transfer, it can be $500.
You should also consider the fact that the minimum deposit amount varies by country, and ranges between $10 (UK and US) to $10,000 (Israel).
Deposits are free, whereas the withdrawals at eToro come with a flat fee of $5 and the minimum withdrawal amount is $30.
This means you might incur a currency conversion fee when you deposit or withdraw from currencies other than the USD.
Trading Platforms
The web trading platform is good and comes with the availability of social trading. The design is great, but the platform is said to have limited customization features.
The mobile trading platform is well-designed and offers two-step login and biometric login features.
There is no dedicated desktop trading platform offered by eToro, which means you must resort to the web platform or mobile application.
Markets and Products
The product portfolio of eToro includes stocks, ETFs, cryptos, forex, and CFDs. The markets available for investors at eToro have been listed below.
The non-leveraged positions in stocks, ETFs, and cryptocurrencies are traded as real assets.
eToro may not be a great choice for long-term investors interested in stocks because of the default US dividend tax.
The stock markets that can be accessed with the help of eToro are 17, whereas the ETFs available are 145.
Research and Education
eToro does perform well when it comes to offering advantageous research tools like analyst recommendations. However, eToro does not offer fundamental data, which would have been great if provided.
The availability of educational resources at eToro is satisfactory, yet these resources are not the best available in terms of quality.
The educational resources available at eToro are a demo account, trading platform tutorial, and educational videos.
Safety
eToro is regulated by the financial authorities, which have been listed below.
— Cyprus Securities and Exchange Commission (CySEC)
— Financial Conduct Authority (FCA)
— Australian Securities and Investment Commission (ASIC)
It also offers investor protection in many countries, while the protection amount depends on the country.
For clients who are from European Union and Australia, there is also negative balance protection on CFDs.
Unlike most industry-leading competitors, eToro does not have a banking license and it is not a listed company.
Being an institution in the industry for a very long time, eToro can definitely be said as a safe broker.
Fees
As we are strictly talking about the stockbrokers, eToro performs well because of having no fees for stock, ETF, and options trading.
There is a withdrawal fee of $5 and a requirement for a minimum withdrawal of $30. eToro also charges an inactivity fee of $10 per month following one year of inactivity.
Deposits do not incur any fees, yet there is a requirement for a minimum deposit that ranges between $10 to $10,000 depending on your country.
Pros and cons
Let us start by discussing the advantages of trading with eToro.
— Free stock and ETF trading.
— Simple account opening process.
— Good research tools.
— Availability of social trading.
Now, let us see the disadvantages of trading with eToro.
— Clients may be subject to a higher minimum deposit depending on their country.
— Inactivity fees.
— Withdrawal fees.
— Only one base currency.
— No desktop trading platform.
Considering all the features eToro has to offer, it can be said are a good broker for trading with stocks.
You should remember that the US dividend tax is applicable, and therefore, it may not be a good choice for investors.
Following that, people from other countries should also keep an eye out for the fees such as the currency conversion fee.
Even while weighing all the backdrops, eToro can still be said as one of the best brokers available in 2023.
Charles Schwab
Charles Schwab is another reputed broker that provided stock and ETF trading. It does offer some good features like research and customer support back falls back in fees and minimum deposits.
Let us have a brief insight into the features of Charles Schwab for a better understanding.
Account
At Charles Schwab, the account opening process is completely digital with no minimum deposit for US-based investors.
Since we are talking about international brokers, we do have to consider the fact that clients from other countries have to deposit at least $25,000.
Deposits and Withdrawals
When it comes to deposits and withdrawals, Charles Schwab falls back as it does not have many funding methods.
Those from the US can deposit through checks, ACH transfers, and wire transfers, whereas clients from other countries only get to fund with wire transfers.
There are no withdrawal fees, and withdrawals also come with the only availability of bank transfers.
Deposits and withdrawals at Charles Schwab can only be done using the accounts under the client’s name.
Trading Platforms
The web trading platform does offer a great design but lacks easy navigability and customizability features.
The features and design of the mobile application are pretty much the same as the web-based platform. It also offers some good features such as order confirmation and biometric login.
Unlike the web platform, the desktop trading platform of Charles Schwab is customizable. It does offer multiple order types and a clear fee report, but you should remember that it is only available for Windows.
Markets and Products
Although there are different types of assets available with Charles Schwab, these products are only from the US and Canadian markets.
This broker provides access to four stock markets and 2,300 ETFs, which may not be considered great.
Research and Education
The research tools of Charles Schwab include trading ideas, fundamental data, etc. Because of the availability of many research tools, it becomes hard to navigate the web platform easily.
The educational resources at Charles Schwab include videos and educational articles. Even though these resources are of great quality, they aren’t considered to be organized.
Safety
Charles Schwab is regulated by some of the top-tier financial authorities, which have been listed below.
— US Securities and Exchange Commission (SEC)
— Financial Industry Regulatory Authority (FINRA)
— Commodity Futures Trading Commission (CFTC)
— Hong Kong Securities and Futures Commission (SFC)
— Monetary Authority of Singapore (MAS)
All the countries covered by Charles Schwab are provided with investor protection, and the protection amount differs based on the country.
Unlike most other competitors in this field, this broker also has a banking license and is listed on the NYSE. However, there is no negative balance protection offered to the clients at Charles Schwab.
Fees
As this post primarily addresses the stockbrokers, we have to focus on the stock and ETF fees, which are free at Charles Schwab.
Charles Schwab does charge a withdrawal fee of $25 for withdrawals made with the help of wire transfers to other banks. ACH transfers are free.
Pros and Cons
Let us start by discussing the advantages of trading with Charles Schwab.
— Free stock and ETF trading.
— Great research tools.
— Excellent customer support.
— Great choice for US clients.
Now, let us see the disadvantages of trading with Charles Schwab.
— Only access toward US/Canada markets.
— Minimum deposit of up to $25,000 for clients who are based outside of the U.S.
— A bank transfer is the only method for funding your account and withdrawing money from it.
— There can be a withdrawal fee.
Charles Schwab is yet another topmost industry-leading broker considered a great option all over the world.
It is a great choice for those who are beginners as well as those who want better features for equity trading.
However, there are some drawbacks such as those mentioned right above, which indicate it is most apt for US clients.
Keeping all the negatives aside, it can surely be deemed one of the best international stockbrokers available in 2023.
Firstrade
Firstrade is a discount broker regulated by the SEC and FINRA, and it offers stock, ETF, mutual fund, and options trading.
The account opening is fully digital and requires no minimum deposit for a brokerage account.
Deposits are free, whereas the withdrawal fees (for wire transfers) are high at Firstrade. The deposits and withdrawals can only be done using a bank transfer and the base currency available is USD.
Only web and mobile trading platforms are available, which lack certain features but provide a great design.
Firstrade provides access to five stock markets and 2,300 ETFs, which is not considered a great selection.
The research tools are excellent, whereas the educational resources are considered above average.
It is regulated by the SEC and FINRA, and it offers a high level of investor protection. There is no negative balance protection at Firstrade, and this broker does not have a banking license and neither is it listed on a stock exchange.
The fees are quite low in terms of trading fees, and it offers free trades on US stocks.
Considering all the aspects, Firstrade is a good choice for beginner-level investors as well as those looking for a good equity trading solution (only US markets).
Zacks Trade
Zacks Trade is regulated in the U.S. and offers a great selection of markets available.
The account opening process is completely digital for clients worldwide, and Zacks Trade does not have a minimum deposit requirement.
Zacks Trade, being an international stockbroker, offers 20 base currencies making it a great choice.
Deposits are free, whereas the withdrawal fees are charged after one free withdrawal per month. The deposits and withdrawals can only be done using a bank transfer, which makes it inconvenient.
The trading platforms are good, where the web-based version is the best for beginners and the desktop version is the best for advanced traders.
Zacks Trade offers a selection from 78 stock markets and 13,000 ETFs, which makes it a great choice.
The research tools at Zacks Trade are extremely useful, yet the interface can be hard to navigate. The educational resources of Zacks Trade include a demo account, general educational materials, etc.
Zacks Trade is regulated by SEC and FINRA, and it offers a great level of investor protection.
There is no negative balance protection, Zacks Trade does not hold a banking license and neither is it listed on a stock exchange.
The trading fees are low for stock and ETF trading but most competitors offer these free of charge. There is an inactivity fee of $15 charged per month of inactivity, which can be avoided by having a balance of more than $25,000.
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