Passfolio Review 2023

  • 9.2

Passfolio review summary

Unfortunately, Passfolio is closed its operation in November 2022. Passfolio offers commission-free trading above a value of $5 in ETFs, stocks and REITs. The broker has an outstanding mobile platform, the account opening is lightning fast and predominantly smooth. It is a good choice for beginner investors. On the downside, Passfolio focuses solely on the US market and the product portfolio is limited. The process of depositing funds is cumbersome, withdrawal is not free, and there is no desktop trading platform. BrokerChooser gave Passfolio a 4.6/5 rating based on analyzing 500+ criteria and testing via opening a live account.

Passfolio is a regulated broker, it is overseen by a top-tier financial regulator in the USA . Passfolio is also covered by investor protection in selected jurisdictions. We at BrokerChooser always test brokers with real money, including the withdrawal process.

Interactive Brokers is available in Pakistan

Passfolio pros and cons

Pros Cons
Free US stock and ETF trading Limited product portfolio focusing on US markets
Great mobile platform Deposit is not user-friendly
Fast and fully digital account opening Missing desktop platform

Passfolio main highlights

🗺️ Country of regulationUSA
💰 Trading fees classLow
💰 Inactivity fee chargedNo
💰 Withdrawal fee amount$0
💰 Minimum deposit$0
🕖 Time to open an account1 day
🎮 Demo account providedNo
🛍️ Products offeredStock, ETF, Crypto

To read much more details about the broker’s services and features, expand on the sections below.

Our overall Interactive Brokers rating
  • 9.2

  • Fees
  • Account opening
  • Deposit and withdrawal
  • Web trading platform
  • Mobile trading platform
  • Markets and products
  • Research
  • Customer service
  • Education
Passfolio review


Passfolio has attractive fees, as trading in all assets except for cryptos is free of charge above a trade value of $5. On the other hand, most withdrawal options carry a fee.

Pros Cons
Free stock and ETF trading above $5 Withdrawal fee
No account opening and maintenance fees High margin rates for stock trading
Passfolio fees snapshot
AssetsFee levelFee terms
US stockLowMonthly 10 stock order is commission-free, after that is the following: 0.25% (minimum of $1,
maximum of $8), Orders between $5 – $400 = $1
Orders between $400.01 – $3,200 = 0,25%
over $3,200 = $8
EURUSDNot available
Mutual fundNot available
Inactivity feeLowNo account fee

How we ranked fees

We ranked Passfolio’s fee levels as low, average or high based on how they compare to those of all reviewed brokers.

First, let’s go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

  • Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
  • Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of Passfolio for each asset class. For example, in the case of stock investing the most important fees are commissions.

We also compared Passfolio’s fees with those of two similar brokers we selected, Revolut and SoFi Invest. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of Passfolio alternatives.

To have a clear overview of Passfolio, let’s start with its trading fees.

Passfolio trading fees

In practical terms, there are no trading fees at Passfolio, as the broker only charges for trades with a value of less than $1.0 Besides being highly unusual in the broker universe, this fee profile makes Passfolio especially well-suited for newcomers to trading.

Stock fees and ETF fees

Passfolio charges no commission for the first 10 orders in a month. Above that limit it costs $1 for orders between $5 – $400, 0,25% of the trade value fo orders between $400.01 – $3,200 and $8 for orders over $3,200.
For asset orders, which are less than $5 per share, Passfolio charges $0.25/share, with a minimum price of $1. 

To make matters even sweeter, clients can also trade REITs (real estate investment trusts) and ADRs (American depositary receipts, essentially stocks of companies not listed in the US) free of charge.

Passfolio stock and ETF commission for a $2,000 trade
 PassfolioRevolut SoFi Invest
US stock$0.0$7.0$0.0

If you prefer stock trading on margin, you should check Passfolio’s margin rates.

Trading on margin basically means that you borrow money from your broker and can purchase more shares than you could with just the available cash in your account. You have to pay interest on this borrowed money – the interest rate is called the margin rate. It can account for a significant portion of your trading costs.

Passfolio margin rates are high.

Passfolio annual margin rates
 PassfolioRevolutSoFi Invest
USD margin rate10.9%

Crypto fees

Passfolio’s crypto partner Gemini charges 0.35% on each crypto trade, but the brokerage does not charge any fees on top of that. Opening, maintaining, and closing your crypto account with Passfolio are all free.

Robo-advisor fees

Passfolio provides a robo-advisory service called Smart Portfolios. Passfolio charges a 0.75% annual advisory fee, which is fixed. However, other fees may apply, as the fee is proportional to the time of use of the program and the total amount invested on the day of collection.

Non-trading fees

Passfolio has low non-trading fees. With the sole exception of withdrawals, clients do not have to pay any other non-trading fees, which is an ideal setup for long-term traders. When it comes to withdrawals, all transactions carry a price tag.

Passfolio non-trading fees
 Interactive BrokersSaxo BankDEGIRO
Account feeNoNoNo
Inactivity feeNoNoNo
Deposit fee$0$0$0
Withdrawal fee$0$0$0
Interactive Brokers review

Account opening

On mobile, the account opening at Passfolio is super fast and fully digital, with validation in just 15 minutes. On the other hand, there may be some issues when validating via desktop.

Pros Cons
Fully digital Verification can be buggy on desktop
No minimum deposit
Verification in 15 minutes

Although Passfolio primarily caters to US investors, it also accepts clients from Brazil, Colombia, Mexico and Nigeria.

What is the minimum deposit at Passfolio?

There is no required minimum deposit at Passfolio. That comes on top of the fact that having a regular account at Passfolio does not incur any other fees either.

Account types

There are two main acccount types at Passfolio: the Standard Account and the Pro Account.

The Standard Account comes free of charge and its main features are the following:

  • commission-free stock trades (securities that cost less than $5 will be charged a fee of $0.02/share)
  • access to fractional share trades
  • crypto deposits and trades
  • limit order
  • access to Smart Portfolio (robo advisoy service)

Pro Account holders will be charged a $5 monthly account fee (the first month is free of charge) and will have access to all the services included in the Standard Account and some extra features, such as stop orders, margin trading and dividend reinvestment. 
You can activate your Pro Account by clicking on “Passfolio Pro” in the “Account” tab. 

For Brazilian clients, Passfolio  keeps separate stock trading accounts and crypto trading accounts for security reasons. The two accounts need to be topped up separately. When you deposit via TED, an IOF fee of 0.38% (federal tax) is charged on top of the broker’s 1.9% fee. The minimum deposit for Brazilian clients depositing with TED is $100 for the first deposit after opening their accounts. 

The broker does not offer corporate accounts. 

How to open your account

Accounts at Passfolio can be opened either on a mobile phone or a computer. The mobile account opening was smooth and effortless but we ran into some validation issues when doing the account opening on a computer. The system repeatedly showed an error message when we clicked on the validation link.

To open an account on a mobile device, follow these steps: 

  • Download the application
  • Click on ‘Get Started’
  • Select language
  • Enter the requested data (email adress, name, phone number, country of residency and citizenship, tax number and residential adress)
  • Verify your phone number 
  • Answer questions related to your employment status and income level
  • Answer questions related to your investment goals
  • Make a selfie with the camera and scan your ID
  • Verify your email address
  • Done!



Passfolio review – Account opening

Our best alternatives to Passfolio are:

The highest ranking competitors are:

  1. Revolut full review
  2. SoFi Invest full review
  3. Robinhood full review
  4. Freetrade full review
Passfolio review

Deposit and withdrawal

Passfolio’s deposit functions are numerous and most of them come free of charge. On the other hand, withdrawal is not free and the process of depositing funds is complicated.

No deposit fee Only one account base currency
  Not user-friendly
  Withdrawal fee

Account base currencies

At Passfolio, there is only 1 base currency available, USD. This is not highly unusual among next-generation brokers, as shown in the comparison table below. Despite the focus on Brazilian customers, even these clients need to convert their deposits to USD, which they can do via a TED transfer. 

Base currencies at Passfolio vs similar brokers
 PassfolioRevolutSoFi Invest
Number of base currencies111

Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don’t have to pay a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. Digital bank offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Deposit fees and options

Passfolio has no deposit fees, except for credit/depit card and TED transfers. For the first option they charge a 3,8% conversion fee + 1% Passfolio fee, for TED transfers they charge a 1.9% currency conversion fee + 0.38% IOF (a tax on financial transactions in Brazil). Passfolio supports the following transfer methods: USD paper checks, wire transfers, Wise, Revolut, ACH, TEDs, SWIFT, SafetyPay and SEPA. However, the transfer methods available to you will vary according to your location.

Passfolio’s unique value proposition is that it allows clients to top up their crypto accounts with cryptos, which many clients may find very attractive. 

Passfolio deposit options
 PassfolioRevolutSoFi Invest
Bank transferYesYesYes
Credit/debit cardYesYesNo
Electronic walletsNoYesNo

You can only deposit money from accounts that are in your name.

Passfolio review – Deposit and withdrawal – Deposit

Passfolio withdrawal fees and options

All withdrawal transfers come with a fee.

Surprisingly, ACH withdrawal – which is free of charge at many other brokers – costs $0.25; the wire is $25 ($35 if international); for TED transactions, there is a 1.9% conversion fee + 0.38% IOF + RBL 2. Even though wire transfers and TED transactions – the latter is available only for Brazilian clients – are rather pricy, Passfolio’s overall withdrawal fee profile is still attractive. 

Passfolio withdrawal fees and options
 PassfolioRevolutSoFi Invest
Bank transferYesYesYes
Credit/debit cardNoNoNo
Electronic walletsNoNoNo
Withdrawal fee$0$0$0

You can only withdraw money to accounts in your name.

How do you withdraw money from Passfolio?

  • Select the ‘Transfer’ menu
  • Select the appropriate account (Stock/Crypto account)
  • Enter the withdrawal amount
  • Select type of transfer
  • Hit ‘OK’
Passfolio review

Web trading platform

Passfolio’s new web trading platform is still in Beta. It is user-friendly and has two-factor SMS verification. However, it is not customizable, has only a few order types and no price alerts.

Pros Cons
User-friendly Limited customizability (for charts, workspace)
Clear fee report Limited order types
Two-step (safer) login No price alerts
Passfolio platforms to choose from
Trading platformScoreAvailable

Passfolio has a new inhouse-built web trading platform.

The web trading platform is available in only a few languages: English, Portuguese, Spanish.

Look and feel

The Passfolio web trading platform is user-friendly and clean. It is easy to find any desired features.

On the other hand, it feels like it is still in an early development phase. The platform has only basic features without a great variety of settings, tools or order types. It is dedicated only to fill orders, just as the mobile platform.

Passfolio review – Web trading platform

Login and security

Passfolio provides a safer, two-step login via SMS or email authentication, which is a great addition.

Search functions

The search functions are OK. You can search by asset classes or directly by the asset ticker. We would’ve loved to see asset categorization when searching with the search bar too.

Passfolio review – Web trading platform – Search

Passfolio review – Web trading platform – Order panel

Placing orders

You can only use three basic order types. There are no sophisticated ones like ‘one-cancels-the-other’ and so on. The following order types are available:

  • Market
  • Limit
  • Stop-Market

To get a better understanding of these terms, read our overview of order types.

There are also order time limits you can use:

  • Good ’til canceled (GTC)
  • Good ’til time (GTT)

Passfolio review – Web trading platform – Order panel

Alerts and notifications

You cannot set price alerts and notifications.

Portfolio and fee reports

Passfolio has clear portfolio and fee reports. Just go to ‘Documents’ on the platform, then to ‘Statements’.

In addition, you can also export your account history in CSV format. This feature can help you to better track your investments.

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Passfolio review

Mobile trading platform

Passfolio’s mobile platform boasts a clear-cut design and its search functions are also solid. What’s missing is a wider selection of order types.

Pros Cons
User-friendly Limited order types
Two-step (safer) login
Good search function

Passfolio’s mobile trading platform, an in-house development, is a mobile-first service. The platform’s easy-to-use design makes it perfect for beginners and users with no sophisticated expectations. The platform is available in English, Portuguese and Spanish.

Look and feel

The Passfolio mobile trading platform is user-friendly. The design is straightforward and the functionalities are easy to find within the app.  

Passfolio review – Mobile trading platform

Login and security

Passfolio provides a safe login. Users can select their personalized login setup in the ‘Settings’ menu. By default, the platform will ask for biometric authentication upon each login. The two-factor authentication (2FA) is via SMS and required of everyone upon registration. Since it’s connected to your cellphone number, it’s not possible to deactivate 2FA. Overall, the login options left us with the impression that the app offers a high level of security.

Search functions

The search functions are excellent and remarkably user-friendly. Users can search by entering a ticker or an asset name and filter by asset type.


Passfolio review – Mobile trading platform – Search

Placing orders

The range of order types is very narrow, as users can only choose between Market and Limit orders. This is less than the order types offered by some of its closest competitors.

Order time limits are also available, such as Good ’til Canceled (GTC) and Good ’til Day (GTD). In practice, the limited scope of order types means that clients can only execute trades at market price or at limit, which is a rather slim offering.

Passfolio review – Mobile trading platform – Order panel

Alerts and notifications

You can set alerts and notifications on the Passfolio mobile platform, so this way you can receive alerts for price changes in assets you watch or own.

Passfolio review

Desktop trading platform

Passfolio does not offer a desktop trading platform.

Passfolio review

Markets and products

Passfolio offers stocks, ETFs, REITs and ADRs traded on US stock exchanges, as well as cryptos. Popular assets such as mutual funds, bonds and options are not available.

Passfolio asset classes
 PassfolioRevolutSoFi Invest

Passfolio’s overall product offering is rather limited, and some highly popular asset classes (e.g. mutual funds and options) are not available at all.

Stocks and ETFs

Passfolio clients can trade stocks, ETFs, REITs and ADRs listed on the NYSE and NASDAQ. The number of ETFs pales in comparison with the offering of the broker’s main competitors.

Passfolio stock and ETF selection
Passfolio Revolut SoFi Invest
Stock markets (#) 2 3 3
ETFs (#) 819 2,300


On the crypto front, Passfolio has a lot going for it. Clients can buy actual crypto, not just crypto CFDs, which is a real differentiator. In addition, the crypto selection is far wider than the competition’s offering. 

Passfolio crypto selection
Passfolio Revolut SoFi Invest
Cryptos (#) 107 83 30


Clients at Passfolio can also trade REITs (real estate investment trusts) and ADRs (American depositary receipts). REITs are modeled after mutual funds in that they pool the capital of numerous investors and allow individual investors to earn dividends from income-producing real estate without having to buy the properties themselves. ADRs, which represent shares in a foreign company that is not listed in the US, are a great way for easy access to foreign shares. 


Passfolio has a Roadmap page that details the new features and functionalities the broker is working on and also allows visitors to leave comments or suggestions about future developments. Too bad the entire page is available in Portuguese only, as we would have loved to know what improvements are in the pipeline.

Smart Portfolios

Smart Portfolios is a robo-advisory service provided by Passfolio. It’s suitable for you if you don’t want to manage your investments on your own or simply need to gain some confidence in investing. 

You can choose from 3 different investment options based on your risk appetite: Conservative, Moderate and Aggressive. The minimum investment starts from $100, and Passfolio charges a 0.75% annual advisory fee. 

However, the Robo Advisor Smart Portfolios are only available to Passfolio Pro users.

Passfolio review


Passfolio’s charting interface is pleasing to the eye but limited in functionality. Extracting any data other than some basic info (i.e. opening/closing prices) is virtually impossible.

Pros Cons
User-friendly Limited interactive charting
No fundamental data available

Trading ideas

Passfolio provides some trading ideas, in the form of Top Gainers and Losers, Dividents and has a Viral50 list. However, actual recommendations are quite limited. 

Fundamental data

Passfolio does not offer fundamental data on assets.


Passfolio has poor charting tools. There are no technical indicators and there’s no possibility to draw trendlines either. Users only have access to line charts and candle charts on the platform, and the range of data is also very narrow. For those keen on charting, we recommend using an external tool.  

Passfolio review – Research – Charting

News feed, Watchlists

The Passfolio app has a Stock Market News feature, with which you can follow the latest developments and recent news on different individual assets. Besides this feature users can generate watchlists, albeit these are rather basic and useful maybe for beginners.

Passfolio review

Customer service

Passfolio clients can contact the broker via all three customary channels. The email service is very fast, the live chat is somewhat slower, while phone support is virtually nonexistent.

Pros Cons
Relevant answers No 24/7 support
Fast email support Couldn’t reach phone support on multiple occasions

You can contact Passfolio via:

  • Live chat
  • Phone
  • Email

We missed the 24/7 availability. 

Contacting Passfolio via email is a rewarding experience as their response time is extraordinarily short (sometimes they reply within 20 minutes) and the answers are detailed and relevant. The live chat is less convincing; although customer service representatives are very helpful, the answers are not always exhaustive. We did not manage to reach Passfolio on the phone even though we tried several times and at different hours. This is disappointing.

Extra customer service features include a client support page and an extremely detailed FAQ section, the latter being increasingly common among brokers. Unfortunately, the search function on the FAQ page is poor. 

Passfolio review – Customer Service

Passfolio review


Passfolio’s education services are limited and not varied. There are some high-quality educational articles and a YouTube channel with market updates in Portuguese.

Pros Cons
Quality educational texts No demo account
Educational videos No trading platform tutorial videos

At Passfolio you can learn in the following ways:

  • General educational videos
  • Quality educational articles

The Beginner’s Guide to Passfolio offers in-depth and detailed information about the way Passfolio operates in a highly transparent manner. The educational articles on fees and the Passfolio app are of high quality and super informative.

Despite Passfolio is not providing a demo account, customers are able to test the trading surface as “Guests”.

Another big positive is that Portuguese-speaking customers have access to a range of quality educational videos, especially on taxation issues. This is extremely useful and most probably highly appreciated. On the whole, educational materials are rather scarce, which may be typical of entry-level brokers but rather poor compared to more established ones, which offer a wealth of webinars, video tutorials and learning centers.

Passfolio review – Education

Passfolio review


Passfolio is regulated by the top-tier SEC and offers high-level protection. However, it does not have a banking license and is not listed on a stock exchange.

Pros Cons
Majority of clients belong to a top-tier financial authority Does not hold a banking license
High level of investor protection Not listed on stock exchange
Financial information is not publicly available

Is Passfolio regulated?

Yes, it is regulated by the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). 

Is Passfolio safe?

To be certain if a brokerage is safe, we highly advise that you check two facts:

  • how you are protected if something goes wrong
  • what the background of the broker is

How you are protected

Passfolio operates via a single legal entitiy, Passfolio Securities LLC, which is a member of SIPC.  Furthermore, for currency and cryptocurrency exchange services Passfolio offers a different protection, through Passfolio Financial, LLC., which is registered with FinCEN. 

The regular SIPC investor protection amount is for up to $500,000 for total coverage and up to $250,000 of that total can be applied to protect cash. Not all investments are protected by SIPC. In general, SIPC covers notes, stocks, bonds, mutual funds and other investment company shares, and other registered securities. It does not cover instruments such as unregistered investment contracts, unregistered limited partnerships, fixed annuity contracts, currency, and interests in gold, silver or other commodity futures contracts or commodity options.


Passfolio was established in 2018. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises.

The fact that Passfolio is regulated by two top-tier authorities is a great sign for the broker’s safety.

Passfolio review

Bottom line

As an up-and-coming brokerage, the main attractive feature of Passfolio is its highly competitive fee structure. You can essentially trade free of charge with an amount exceeding $5, depositing funds is free and the broker doesn’t charge any account fees either. The mobile app is exceptionally user-friendly and the account opening and validation was extremely fast.

On the negative side, the range of products is rather limited and customers have access solely to US markets (NYSE/NASDAQ). Depositing funds in your Passfolio account can prove to be a cumbersome process and all withdrawals carry a price tag. Educational materials are pretty scarce, albeit some of high quality, and videos are only available in Portuguese.

Passfolio is ideal for investors looking for an easy-to-use platform to trade in US securities.

Passfolio review



We recommend Passfolio for beginners and long-term investors focusing on the US stock market.

Below you can find links to all aspects of Passfolio in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our Passfolio fees article.

What about the minimum deposit?

Our ultimate guide to the Passfolio minimum deposit is updated regularly.

How to start your Passfolio account?

Look no further than our evaluation of the Passfolio account opening.

How’s their trading app?

Here’s our expert view after checking the Passfolio trading app.

Is the quality of customer service satisfactory?

All you need to know about the Passfolio customer service.

Legit or scam?

Is Passfolio legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether Passfolio is really free.

Is this broker good for beginners?

We checked it in Is Passfolio good for beginners.

Should you buy your silver bullets on Passfolio?

Research for silver bugs in the Silver buy on Passfolio guide

I want to trade options, are they available at Passfolio?

We explored the topic in Can you trade options on Passfolio?

What is the minimum account balance at Passfolio?

Check out the current account balance requirements at Passfolio in our What is the minimum account balance at Passfolio article.

Looking for commission and fees data for Passfolio?

We collected them in Passfolio commission and fees.

How do you withdraw money from Passfolio?

We tested it and collected the options and costs in How to withdraw money on Passfolio.

Comparison of IBKR LITE and IBKR PRO
CommissionUS exchange-listed stocks and ETFs are commission-free while other products have fixed or tiered pricingFixed or tiered pricing for all products
SMART Routingnot availableavailable

After you select the product you are interested in, the system will display an information and trading window that shows

  • asset market information,
  • an interactive chart with technical indicators,
  • related news,
  • some fundamental data,
  • summary of the latest analyst report,
  • and the ‘Buy’ and ‘Sell’ buttons that transfer you to the order panel.

Placing orders

IBKR Mobile has the same order types as the web trading platform. 

Passfolio’s mobile trading platform, an in-house development, is a mobile-first service. The platform’s easy-to-use design makes it perfect for beginners and users with no sophisticated expectations. The platform is available in English, Portuguese and Spanish.

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