International Broker Comparison
| Broker | Best For | Min. Deposit | FX Fee | US Stocks | Intl Markets | Non-US Clients |
|---|---|---|---|---|---|---|
| Interactive Brokers | Active traders, multi-currency, global access | $0 (no min for individuals) | 0.002-0.03% (spot) | Yes | 150+ markets | 190+ countries |
| Schwab International | Long-term buy & hold, US ETFs | $25,000 | 1% (conversion) | Yes | 12+ markets | Select countries |
| Saxo Bank | Wealthy investors, premium platform | $2,000-$10,000 | 0.25-0.5% | Yes | 60+ markets | 100+ countries |
| HSBC Expat (Jersey) | High-net-worth, integrated banking | $100,000 (Premier) | 0.5-1% | Yes | 20+ markets | Expat centres |
| eToro | Social trading, crypto, beginners | $10-$200 (varies) | 0.1-0.5% | Yes (CFD/direct) | 20+ markets | 140+ countries |
| Degiro (flatex) | European investors, low cost | $0 (varies) | 0.025% (min €1) | Yes | 30+ markets | EU/EEA + select |
Detailed Comparisons
Interactive Brokers (IBKR)
Verdict: Best overall for international investors. Tiered pricing: ~$0.35/trade for US stocks. Pro version vs IBKR Lite (for US residents). Supports IRAs, margin, options, futures, bonds, forex, and 150+ global markets. Currency conversion at near-spot rates. Strong API for algorithmic trading. However, the platform has a steeper learning curve and customer support is basic. Account protections: SIPC up to $500k + Lloyds of London excess cover. IBKR also offers the GlobalAnalyst tool for free market analysis (not specific to clients).
Schwab International
Verdict: Best for US-expats and long-term buy & hold investors. High $25k minimum. No commissions on US stocks/ETFs. Good research and customer service. No margin accounts for non-US residents. Limited to ~12 international markets. Schwab also markets directly in Hong Kong, Singapore, and other Asian financial hubs through Schwab Private Client, but those may have higher minimums. Schwab International does not offer access to IPOs or complex options strategies. The Schwab Global Account supports multi-currency (USD, EUR, GBP, JPY, CAD, AUD, CHF, HKD) and allows holding cash balances in those currencies.
Saxo Bank
Verdict: Best for premium investors needing a polished platform. SaxoTraderGO and SaxoTraderPRO platforms are excellent. Higher fees than IBKR. Strong in forex and CFDs. Minimum deposit varies by jurisdiction. More expensive for frequent trading. Saxo offers its own research portal (Saxo Strats) and access to SaxoSelect (managed portfolios). The SaxoWealthCare tool is unique: it analyzes investment risks and allows you to model black-swan events. Important: Saxo does not allow all strategies (e.g., shorting stocks that are not available for lending in your jurisdiction).
HSBC Expat (Jersey)
Verdict: Best for high-net-worth clients needing integrated global banking. HSBC Premier status required. Access to HSBC's global view and transfers between countries. Invest via HSBC Expat Investment Centre. Investment funds, ISAs (for UK expats), and offshore bonds available. Relatively expensive but integrates banking and investing seamlessly. US expats: HSBC Expat can be difficult for US persons due to FATCA. Many expat branches have stopped accepting US clients, though HSBC Expat in Jersey may still accept them with the right disclosures. Always check current policy.
eToro
Verdict: Best for beginners and social traders. Commission-free US stocks, ETFs, and crypto. Social trading features (CopyTrader, Smart Portfolios). CFD and spread-betting available. eToro has expanded its direct share-dealing offering (non-CFD) in many jurisdictions. Limitations: No mutual funds or bonds. Withdrawal fees ($5 per withdrawal). Currency conversion fees on deposits/withdrawals in non-USD accounts. Customer support has been a frequent complaint. eToro USA LLC is regulated by FinCEN (as a money services business) and SEC (for certain securities).
Degiro (flatex Degiro)
Verdict: Best for European residents. Very low fees. Wide range of international exchanges. €1 + 0.0035% per trade on major US exchanges (AutoFX for USD conversion). Custody account option (no securities lending). Limited customer support. Owned by flatexDEGIRO Bank AG (German). Not ideal for non-EU residents. Degiro's "AutoFX" converts currency automatically on settlement — this can be slightly more expensive than manual conversion with a separate currency account, but the pricing published (0.25% or 0.10% minimum) is transparent.
Key Selection Criteria
- Residency: Not all brokers accept clients from all countries. Always check the broker's accepted countries list. Some brokers (e.g., Interactive Advisors) do not serve EEA residents due to PRIIPs regulation.
- Currency Conversion: Hidden FX spreads can eat returns. IBKR and Degiro offer the best FX rates.
- US Estate Tax: Holding US-domiciled ETFs in accounts over $60k can trigger US estate tax at death. Non-US residents should consider Ireland-domiciled UCITS ETFs instead of US-domiciled ETFs. Non-US brokers offering US-domiciled ETFs create the same US estate tax exposure.
- Investment Protection: SIPC (US) vs. FSCS (UK) vs. SGS (Singapore) vs. national guarantee schemes. Irish brokers covered by the Investor Compensation Company DAC (ICCL) up to €20,000. UK brokers: FSCS covers up to £85,000 per person per firm.
- Tax Reporting: US-domiciled accounts report cost basis to the IRS automatically. Non-US brokers typically don't. This affects your ability to file US taxes easily.
- Account Type: Most international accounts are general (taxable) accounts. If you want tax-advantaged accounts (ISA, SIPP, RRSP, TFSA, etc.), you must use a domestic broker in that country.
Recommendations by Profile
- US Expat: Interactive Brokers + Schwab International (keep a US address if possible for lower minimum)
- EU Resident (Non-US): Degiro + Interactive Brokers (for US stocks)
- UK Expat: Interactive Brokers + Hargreaves Lansdown (for ISA/SIPP if still UK-resident)
- Asia-Based Expat (Non-US): Interactive Brokers + Saxo (for premium service)
- Young / Small Portfolio: eToro or Trading 212
- High Net Worth: HSBC Expat + Saxo + IBKR