Best online brokers in 2022 – Fee comparison included

To help you to find the best online brokers in 2022, we went ahead and did the research for you. We selected 103 quality online brokers, checked and compared basically every aspect of their services, with a special focus on fees, safety, trading platforms, as well as deposit and withdrawal options. Service providers had to prove their excellence in multiple areas to be considered among the best online brokers. We dug deep, so you won’t have to.

In total, 5 brokers made it to the top and we highly recommend all 5 of them. And now, without further ado…

Top 5 picks for best online brokers in 2022:

  1. Interactive Brokers is the best online broker in 2022. Low trading fees. Wide range of products. Many great research tools.
  2. DEGIRO takes second place. One of the lowest fees on the market. Regulated by top-tier authorities. Easy-to-use web and mobile platform.
  3. Saxo Bank rounds out the top three. Great trading platform. Outstanding research. Broad product portfolio.
  4. XTB is numero quattro. Low forex CFD fees, commission-free stocks/ETFs for some. Free and fast deposit and withdrawal. Easy and fast account opening.
  5. Charles Schwab just made it to the list at number five. Free stock and ETF trading. Outstanding research. Great customer service.
Best online brokers in 2022
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5

What makes a good online broker? Surely, they need to provide great services in all areas. First of all, they need to offer fair fees and have a good safety score. Depositing and withdrawing funds should be either free or cheap and user-friendly. Great trading platforms, an easy account opening procedure and a wide range of products also weigh heavily in the scoring.

These features are easy to list, but hard to figure out. We are testing brokers based on close to 500 criteria with real accounts and real money. You can find all the criteria in our methodology.

And now, let’s see the best online brokers in 2022 one by one, starting with the winner, Interactive Brokers.

#1 Best stock broker

Interactive Brokers

Interactive Brokers, one of the biggest US-based discount brokers, was founded in 1977. 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).

Given that the broker has licenses from multiple top-tier regulators, Interactive Brokers is considered safe. The fact that it has a long track record and publicly disclosed financials while being listed on a stock exchange all point to IB being a safe service provider.

Interactive Brokers recently launched a new app for global stock trading: read our review of IBKR GlobalTrader.

In addition, Interactive Brokers also has an app you can use for ESG investing: read our review of IMPACT by Interactive Brokers.

Recommended for traders looking for broad market access and a professional trading environment

ProsCons
Low trading fees Complicated account opening process
Wide range of products Complex desktop trading platform
Many great research tools Understaffed customer service
#1 Interactive Brokers

Fees

Interactive Brokers has low trading fees and the best margin rates in the industry. For US clients, stock and ETF trading is free if they choose the Lite plan.

ProsCons
Low trading fees None
Free stock and ETF trading for US clients 
 Low margin rates 
Interactive Brokers fees
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5

All commissions, spreads and financing rates (if applicable) for opening a position, holding for a week, and closing.

#1 Interactive Brokers

Mobile trading platform

The Interactive Brokers mobile trading platform boasts a lot of functions and a useful chatbot, but its user interface could be better.

ProsCons
 Two-step (safer) login Minor technical glitches
Good variety of order types 
 Price alerts 

Best stock brokers – Interactive Brokers mobile trading platform

#1 Interactive Brokers

Deposit and withdrawal

Interactive Brokers offers several account base currencies and one free withdrawal per month. The main drawback is that you can only use bank transfer.

ProsCons
No deposit fee Credit/Debit card not available
Several account base currencies 
First withdrawal free each month 
Interactive Brokers withdrawal fee and options
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5
#2 Best online broker

DEGIRO

DEGIRO is a German-Dutch online discount broker. It was established in 2008 by former employees of another brokerage company in the Netherlands. DEGIRO merged with flatexDEGIRO Bank AG in early 2021, creating the biggest online execution-only broker in Europe with its own banking license.

Check out our DEGIRO review tailored to the needs of beginner investors and traders.

DEGIRO is regulated by top-tier financial authorities such as the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, or BaFin) in Germany.

Disclaimer: Investing involves risk of loss.

Disclaimer for UK clients: Deemed authorised and regulated by the Financial Conduct Authority (FCA). The nature and extent of consumer protections may differ from those applicable to firms based in the UK. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the FCA’s website.

Recommended for traders and investors looking for execution only

ProsCons
 One of the lowest fees on the market Forex not available
Regulated by top-tier authorities Limited research tools
 Easy-to-use web and mobile platform No credit/debit card deposit
#2 DEGIRO

Fees

DEGIRO has low trading fees for all asset classes. Non-trading fees are also low, as there are no inactivity or withdrawal fees. On the negative side, trading US options or futures will come with a €5 monthly fee. If you need currency conversion, a 0.25% fee will apply.

ProsCons
Low fund fees  €5 monthly fee for trading US derivatives (options and futures)
No inactivity fee 0.25% FX conversion fee
Low stock and ETF fees 
DEGIRO fees
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5

All commissions, spreads and financing rates (if applicable) for opening a position, holding for a week, and closing.

#2 DEGIRO

Mobile trading platform

DEGIRO’s mobile app has a basic but good design and is pretty straightforward to use.

ProsCons
User-friendly No price alerts
Two-step (safer) login 
Touch/Face ID login 

Best online brokers in 2022 – DEGIRO trading platform

#2 DEGIRO

Deposit and withdrawal

DEGIRO deposits and withdrawals are free of charge via bank transfer. A big drawback though is that you can’t deposit funds using a credit or debit card.

ProsCons
Free withdrawal Credit/Debit card not available
No deposit fee 
Several account base currencies 
DEGIRO withdrawal fee and options
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5
#3 Best online broker

Saxo Bank

Saxo Bank, a Danish investment bank founded in 1992, provides online trading and investment services. The company is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK’s Financial Conduct Authority (FCA).

Saxo Bank is a global service provider and as such it operates a number of separate legal entities in different regions of the world. The services offered by the various entities may differ slightly, especially with respect to fees and product portfolios. In this review, we tested Saxo Markets UK.

Being regulated by top-tier financial authorities, having a long track record and a banking background are all good signs for Saxo Bank’s safety.

HEADS UP: Recent issues with account opening – Saxo Bank seems to have a delay in sending you a crucial URL needed to start your account opening. For more info, see Saxo Bank account opening issues in the review’s ‘Account opening’ chapter. Don’t want to wait to open an account? Check out some Saxo Bank alternatives.

Recommended for investors and traders looking for a great trading platform and solid research

ProsCons
Great trading platform High bond, options and futures fees
Outstanding research High minimum deposit
Broad product portfolio Lacks live chat and 24/7 availability
#3 Saxo Bank

Fees

Saxo Bank has overall average trading and non-trading fees, but the structure is quite mixed, with great differences between the fees for various asset classes.

ProsCons
Low forex fees Inactivity fee
 Low fund fees Custody fee
No withdrawal fee  High fees for options and futures
Saxo Bank fees
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5

All commissions, spreads and financing rates (if applicable) for opening a position, holding for a week, and closing.

#3 Saxo Bank

Mobile trading platform

Saxo Bank’s user-friendly mobile app has the same look and very similar functionalities as the web platform.

ProsCons
User-friendly None
Two-step (safer) login 
Good search function 

Best online brokers in 2022 – Saxo Bank trading platform

#3 Saxo Bank

Deposit and withdrawal

Saxo Bank provides multiple deposit and withdrawal options free of charge, on a user-friendly interface.

ProsCons
 Credit/Debit card available Electronic wallets not available
Free withdrawal 
No deposit fee 
Saxo Bank withdrawal fee and options
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5
#4 Best online broker

XTB

XTB is a global CFD broker with headquarters in London and Warsaw, founded in 2002. The company is regulated by several financial authorities worldwide, including the top-tier UK Financial Conduct Authority (FCA). In addition, XTB is listed on the Warsaw Stock Exchange, and as such is required to regularly disclose its financials.

XTB is considered safe because it has a long track record, is listed on a stock exchange and publishes its financial statements transparently.

HEADS UP: Recent feedback about deposit and withdrawal – The details of depositing by wire transfer might be unclear for some of our users according to recent feedback we received. If you have problems, head to the ‘Deposit and withdrawal’ section of the review, where we explain how to make a free wire deposit to your XTB account under the section’s ‘Deposit and fees and options’ heading.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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 and cfd traders looking for low fees and great deposit/withdrawal service

ProsCons
Low forex CFD fees, commission-free stocks/ETFs for some Product portfolio limited mostly to CFDs
Free and fast deposit and withdrawal Limited fundamental data
Easy and fast account opening Inactivity fee charged

76% of retail CFD accounts lose money

#4 XTB

Fees

Forex fees are low, in many cases there’s no withdrawal fee, and some clients are eligible for free stock and ETF trading. However, there’s an inactivity fee.

ProsCons
Free stocks/ETFs up to €100k monthly volume  Inactivity fee
Low forex and stock index CFD fees 
 Most bank transfer withdrawals are free 
XTB fees
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5

All commissions, spreads and financing rates (if applicable) for opening a position, holding for a week, and closing.

#4 XTB

Mobile trading platform

The XTB mobile trading app has a good search function and a modern design. On the other hand, there is no two-step authentication.

ProsCons
User-friendly No two-step (safer) login
 Price alerts 
Modern design 

Best online brokers in 2022 – XTB trading platform

76% of retail CFD accounts lose money

#4 XTB

Deposit and withdrawal

XTB deposits and withdrawals are fast, mostly free and can be done via several channels.

ProsCons
Credit/Debit card available Few minor account currencies accepted
Deposits/withdrawals are mostly free 
E-wallets available 
XTB withdrawal fee and options
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5

76% of retail CFD accounts lose money

#5 Best online broker

Charles Schwab

Charles Schwab is a US discount broker that was founded in 1971 and is listed on the New York Stock Exchange.

It is regulated by several top-tier financial authorities, such as the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Recommended for investors and traders looking for solid research, low fees and great customer service

ProsCons
Free stock and ETF trading High fees for some mutual funds
Outstanding research Only US/Canada markets available
Great customer service 
#5 Charles Schwab

Fees

Charles Schwab offers free trading for stocks and ETFs, as well as some mutual funds and bonds, while non-trading fees are low. On the negative side, some fund fees are high.

ProsCons
Free stock and ETF trading High fees for non-free mutual funds
Free trading for some funds/bonds 
Low non-trading fees 
Charles Schwab fees
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5

All commissions, spreads and financing rates (if applicable) for opening a position, holding for a week, and closing.

#5 Charles Schwab

Mobile trading platform

Charles Schwab offers a great mobile trading platform with order confirmation and biometric login. In functionality and design, it is very similar to the web trading platform.

ProsCons
User-friendly No price alerts
Touch/Face ID login 
Order confirmation 
#5 Charles Schwab

Deposit and withdrawal

Funding your account is easy and user-friendly at Charles Schwab and there is no deposit fee. However, you can only use bank transfer and there is a high fee for wire withdrawals.

ProsCons
 No deposit fee  High fee for wire (bank transfer) withdrawals
User-friendly 
  
Charles Schwab withdrawal fee and options
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5
Best online brokers in 2022

What makes a good online broker

Now that you know the top 5, you probably want to know how we came up with this list. Let’s go through a few points quickly.

Are these brokers reliable?

Yes. You can be sure none of them is a scam. They are all regulated by at least one top-tier regulator.

How did BrokerChooser pick the best online brokers?

At BrokerChooser, we test online brokers based on more than 500 criteria, with real accounts and real money. We don’t want to overwhelm you, so we will list only the five top criteria.

The 5 most important criteria for the best online brokers in 2022

Interactive Brokers 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. Visit broker
Alpaca Trading Alpaca Securities LLC is US-based broker providing commission-free API stock trading. The company is regulated by the top-tier SEC and FINRA: Visit broker
TradeStation Global TradeStation Global is an introducing broker of Interactive Brokers. This practically means that assets and cash are held with Interactive Brokers, but services like fees and customer support are provided by TradeStation Global. TradeStation Global is regulated by the top-tier UK FCA. Visit broker
Zacks Trade Zacks Trade is a US discount broker that also allows international clients to open an account. Zacks Trade is a division of LBMZ Securities, which is regulated by SEC and FINRA. Customers are protected by the SIPC scheme, up to $500,000 (including a $250,000 limit for cash). Visit broker
Saxo Bank Saxo Bank is a Danish investment bank. It is regulated by several financial authorities globally, including the top-tier UK FCA. Visit broker
Best online brokers in 2022

Bottom line

These were the details, now let’s zoom out. Here are the best online brokers in 2022:

Best stock brokers in the US in 2022
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5

Interactive Brokers is our winner, selected the best online broker in 2022. Low trading fees. Wide range of products. Many great research tools.
All of these brokers are a great choice and score high in terms of safety. Pick the winner, or any of the runners-up, and take the next step in your trading journey. Let us know what you think in the comments section.
Still unsure? For a tailored recommendation, check out our broker finder tool. If you enter the name of your country, it will show only the brokers that are relevant to you. Want more details? Compare brokers with the help of this detailed comparison table.

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