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4 Best Commission-Free Stock Brokers in Iceland (2024)

Updated on May 21, 2024
Fact checked

Your mind is set: “I want to invest my hard-earned money!”. Now, the question is: “Which brokers are the best when it comes to fees that won’t eat away my profits?”.

Through cost-benefit analysis, we’ve compiled four online brokers as our top picks for the best brokers in Iceland. We’ve listed the following factors that investors like you always take into account: fees (commission-free trading), investment platforms, the range of markets and instruments available, and education resources.

These are our suggestions for the best investing apps in iceland:

eToro

An online broker that offers commission-free stock trading. You can also copy other traders/investors. Slick, modern, and easy for anyone to use. It is trusted by more than 30 million clients worldwide. See our eToro summary.
Disclaimer: eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

Plus500

Plus500 is a multi-asset online broker that offers no commissions when trading CFDs in Indices, Forex, Commodities, Cryptocurrencies, Shares, Options, and ETFs. It also recently launched Plus500 Invest for those who want to invest in real shares. See our Plus500 summary.
Disclaimer: 82% of retail CFD accounts lose money.

Trading 212

An online broker that offers real stocks, ETFs, and CFDs across various asset classes. More details on our Trading 212 summary.
Disclaimer: 76% of retail CFD accounts lose money.

Revolut Trading

It is a feature inside the Revolup app. It offers 1 free trade every month. It charges an annual custody fee of 0.12%. More details on our Revolut summary.

✔️ All of them are authorized to operate in Iceland by the Seðlabanki Íslands. As such, all are under investor protection schemes.

Comparison of brokers in Iceland

Broker
US stock fees
Interest offered
Financial instruments
eToro logo

51% of retail CFD accounts lose money.

$0
Up to 5.3% in USD
Stocks, ETFs, cryptocurrencies and CFDs on stocks, ETFs, commodities, Forex, indices and cryptocurrencies.
4 Best Commission-Free Stock Brokers in Iceland (2024) 1

80% of retail CFD accounts lose money.

$0.006 per shareOn Plus500 Invest only
0%
Stocks (Plus500 Invest) and CFDs on indices, Forex, commodities, cryptocurrencies, shares, options and ETFs.
Trading 212 logo

Investing involves risk of loss.

€/£0
EUR: 4.20%; USD: 5.10%; GBP: 5.20%
Stocks, ETFs, Forex, CFDs on stocks, crypto, indices and ETFs. Fractional shares, automatic investment system.
4 Best Commission-Free Stock Brokers in Iceland (2024) 2

Investing involves risk of loss.

One free trade per monthAfterwards, it varies according to your country of residency.
Revolut US: Up to 4.25% in USD; Revolut International: 0%
Stocks, ETFs, cryptocurrencies, gold, and silver

Reviews

1# eToro

eToro logo
Visit brokerRead review

eToro at a glance

0% Commissions (on Stocks)
Mobile App
Minimum Deposit$50
RegulatorsCySEC, FCA
Visit eToroRead review
Your capital is at risk. Other fees apply. For more information, visit etoro.com/trading/fees.

Founded in 2006, eToro is a well-known worldwide fintech startup and the leader in the social trading field (follow other people’s trades), with over 30 million users worldwide. You can also invest in other products through their platform, which is intuitive and simple to use, making it a good choice for beginners. Plus, eToro offers commission-free stock trading in Iceland.

Opening an account and depositing is easy, and you can even try it out with virtual money (demo account). On the downside, spreads can be high for some products. The only currency accepted (base currency) is the USD, which means that you’ll be charged currency conversion fees upon deposit and withdrawal if you deposit in another currency.

If you want to learn more, check our eToro Review.

eToro Pros and Cons

Pros
  • Commission-free stock trading
  • Social Trading and other innovative products
  • Wide variety of financial products
  • Slick, modern, and easy for anyone to use
  • Top tier regulators
Cons
  • Limited disclosed financial information
  • Withdraw and inactivity fees
  • Spread, overnight, inactivity, and currency conversion fees higher than average
  • Only one base currency account (USD)

2# Plus500

4 Best Commission-Free Stock Brokers in Iceland (2024) 3
Visit brokerRead review

Plus500 at a glance

0% Commissions
Mobile App
ProductsCFDs and, on Plus500 Invest, Real Shares
Minimum Deposit€/£/$100
RegulatorsFCA, CySEC, MAS, ASIC, FMA
Visit Plus500Read review

80% of retail CFD accounts lose money.

Founded in 2008, Plus500 is an online broker offering a wide range of financial products, including real shares and CFDs on forex, indices, shares, commodities, options, ETFs, and cryptocurrencies. It is available in over 50 countries and is listed on the London Stock Exchange.

There are two distinct account types:

  • Plus500 CFD: It only focuses on CFD products;
  • Plus500 Invest: Where you can trade stocks (real shares);

As a side note, Trade Sniper, a platform only available for US users and where you can trade Futures, is also part of the Plus500 group.

The web platform you will use is the WebTrader, Plus500’s proprietary platform, offering a stable trading experience and easy access from multiple devices, including a mobile app. All platforms are easy to use and responsive, and you can start testing the features by opening a demo account.

Their customer support is helpful and easy to assess through a chat that is always shown on the trading platform. Their spreads are low, and they offer accounts in sixteen currencies, including USD, EUR, and GBP. Still, they charge a 0.70% currency conversion fee and a $10 monthly fee following three months with no activity. On Plus500 Invest, they only charge a small commission per trade (US market: $0,006/share).

Finally, it is regulated by financial regulators like the FCA and CySec, meaning that Plus500 is appropriately supervised and that there is an investor protection scheme under the entity you open an account with. For instance, If you open an account as a European investor through Plus500CY Ltd, you are protected up to €20,000. Additionally, Plus500 provides negative balance protection for CFD trading on a per-account basis – only to retail clients from the European Union.

Want to know more about Plus500? Check our Plus500 Review.

Plus500 Pros and Cons

Pros
  • Easy-to-use and responsive platform
  • Low spreads
  • No dealing commissions
  • Demo Account
  • Top-tier regulators
Cons
  • No ETF offering
  • Inactivity fee ($10 per month after no login activity in 3 months)
  • High overnight funding fees
  • Very little research and education provided

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% 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.

3# Trading 212

Trading 212 logo
Visit brokerRead review

Trading 212 at a glance

0% Commissions
Mobile App
ProductsCFDs, Stocks, ETFs, Commodities, Forex, and Cryptocurrencies
Minimum Deposit€1
RegulatorsFCA, FSC, MFSA
Visit Trading 212Read review

Investing involves risk of loss.

Founded in 2006, Trading 212 is a fintech based in London that aims to democratize the entire investment process through a simple mobile application. The company aims to do this by allowing anyone to invest in over 10,000 stocks and ETFs, Forex, commodities, CFDs, and cryptocurrencies. Over 15 million people have already downloaded the app. In 2017, it was the trading app with the most downloads in Germany and, since 2016, it has remained 1st in the United Kingdom.

In Trading 212, you will find commission-free stocks and ETFs trading, fractional shares, and even an automatic investment system (Robo-advisor). Opening an account is extremely quick and easy. On the downside, it shows limitations regarding available products, such as the lack of bonds and options. It charges a 0.15% currency conversion fee when buying assets in a currency different from your base account.

Within the app, you will notice two distinct sub-platforms: Trading 212 Invest, where you can trade a range of assets free of charge and trading 212 CFD, where you may trade leveraged financial products (CFDs).

If you want to learn more, check our Trading 212 Review.

Trading 212 Pros and Cons

Pros
  • Commission-free Real Stocks and ETFs trading
  • AutoInvest & Pies feature
  • Fast and easy account opening process
  • Demo account
  • Top Tier Regulators
Cons
  • Limited product portfolio (no Options, Bonds, Mutual Funds or Futures)
  • No relevant Fundamental tools
  • Spreads on Forex CFDs may be high in certain trading hours
  • Foreign exchange fees (0.15% and 0.50% in “Invest” and  “CFDs” accounts, respectively)

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.

4# Revolut Trading

4 Best Commission-Free Stock Brokers in Iceland (2024) 4
Visit brokerRead review

Revolut at a glance

0% Commissions
Mobile App
ProductsStocks, Cryptocurrencies, Gold, and Silver
Minimum Deposit€1
RegulatorsSEC, FCA and FINRA
Visit RevolutRead review

Investing involves risk of loss.

Founded in 2019, Revolut Trading is part of the Revolut app (existing since 2015) and provides its users with an efficient way to invest (all in one place). It only allows investment in American stocks (+750 companies) free of charge up to 1 transaction per month, cryptocurrencies with a charge of 1.99% or EUR 0.99 per trade (whichever is higher), and gold and silver with a spread of 0.25% when the market is open. On the other hand, there are no inactivity or withdrawal fees.

The app is super intuitive, and the account opening process is 100% digital, fast, and secure. Unfortunately, it still has a very low offer of financial products, and the account can only be denominated in dollars. Some of the non-accessible assets are the following ones: ETFs, CFDs, Forex, bonds, and options. Furthermore, it does not have any educational or market research material, and it charges an annual custody fee of 0.12%.

Learn more in our in-depth Revolut Trading Review.

Revolut Trading Pros and Cons

Pros
  • Simple trading platform
  • Easy account opening process
  • At least, one free trade per month
  • Low trading commissions
  • No inactivity fee
Cons
  • Low product offering (ETFs and other financial products are missing)
  • Investments not covered by the Financial Services Compensation Scheme
  • Annual custody fee of 0.12%

Which platform should you choose?

Some factors you should know when choosing an online broker are the fees charged if it is regulated by top-tier institutions such as the FCA in the UK, the range of products it allows you to trade (not all platforms allow you to trade EU stocks), among others.

The best online broker in your specific case will depend on your profile, preference, and objectives. Explore the websites above and decide for yourself!

A reminder that the above should not be seen as investment advice and should be considered information only. Investors should do their own research and diligence about the best-suited services and opportunities for their risk, returns, and impact strategy.

Hope we helped, and leave your comments below.

Happy investments!

Other FAQs about Brokers in Iceland

How to invest in stocks from Iceland?

You can use one of the online brokers shown above: eToro, Plus500, Trading 212 and Revolut Trading.

What is a brokerage company?

It is an entity designed to be the middleman between you and the people you are trying to buy or sell a stock, ETF, crypto,… you name it!

Which broker is best in Iceland?

There is no single answer. It depends on what you value most: fees, security, investment platform or any relevant feature.

What are the types of investments you can make with a brokerage account?

You can trade stocks, ETFs, Forex, Bonds, Futures and CFDs on stocks, ETFs, indices, cryptocurrencies, commodities.

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About the author
Franklin Silva
Co-Founder & Fintech Analyst

Franklin has three years of experience in Wealth Management as a Fund Research Analyst, has passed the CFA level II, and is the host of the "Edge Over Hedge" YouTube channel.

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