Al Rajhi Capital vs Keytrade Bank — which broker is better?

Pros

• Licensed by Saudi Arabia's CMA since 19 June 2007 (licence 07068-37) and shown on the CMA's list of financial market institutions for dealing, custody, advising, arranging and fund management
• Wholly owned by Al Rajhi Bank, founded in 1957 and listed on the Saudi Exchange under 1120; Al Rajhi Capital's 2025 annual report includes an independent auditors' report
• One app for Saudi shares, international brokerage and Al Rajhi funds from SAR 10, rated 4.6 from 217,057 ratings on the Saudi App Store (read on 2 November 2026)
• Wide foreign reach in the published schedule: the US, seven Gulf and MENA exchanges, 14 European markets and 11 in Asia-Pacific and Turkey, plus sukuk
• US shares via the IBKR route at USD 0.01 per share with a USD 1 minimum per order
• Sharia governance in the provider's own words: a named three-member Shariah Board, a published Sharia list of Saudi Main Market companies, and Murabaha financing for Saudi shares that it describes as complying with Shariah
• Human help on the ground: 16 offices in the Kingdom, walk-in investment centres and a phone trading desk

Cons

• No published commission for Saudi Exchange (Tadawul) trades on the pages we read; the Saudi Exchange page linked for ETF and rights commissions returned an access error, so the home-market price is unknown
• High minimums abroad: EUR 18 per European order at 0.18% plus 0.05% a year in custody, AED 130 in Dubai and Abu Dhabi, and VAT on top of every commission
• Online opening only with an Al Rajhi Bank ATM card; otherwise, and for international brokerage, a visit to an investment centre in Saudi Arabia
• Aimed at Saudi residents: we found no offer for other countries, and online opening and the international-brokerage FAQ both route through an Al Rajhi Bank account
• No general investor compensation scheme found in Saudi Arabia, and client-asset segregation is not described on the pages we read
• Real-time prices on the international platform cost extra at an unstated fee, and education material is thin

Pros

• Euronext Brussels, Amsterdam and Paris orders from EUR 2.45 up to EUR 250 and EUR 5.95 up to EUR 2,500; US orders on the same ladder in USD up to USD 10,000
• No custody fee on securities for private individuals, no account management fees and no minimum deposit
• Belgian tax handling built in: the TOB and the 30% dividend withholding tax are collected, and from 1 June 2026 the 10% capital gains tax is withheld unless you opt out
• A bank under French ACPR supervision inside a group the ECB supervises directly; FGDR cover up to EUR 100,000 for deposits and EUR 70,000 for securities
• One institution for everything: current account, regulated savings accounts, cards, securities, Keyplan fund savings from EUR 25, pension savings and discretionary management from EUR 15,000
• Broad listed range: shares on Euronext, Xetra, London, Zurich, the Nordic exchanges, the US and Toronto, more than 3,200 trackers, more than 660 funds, options on Euronext, Eurex and US markets
• Free SEPA and instant SEPA transfers, and real-time transfers between your own Keytrade accounts

Cons

• Expensive outside Euronext and the US: EUR 24.95 per order on Xetra, Milan and Madrid, GBP 29.95 in London, CHF 49.95 in Zurich
• 0.50% change costs on every securities trade that involves a currency conversion
• Real-time quotes cost EUR 2.50 to EUR 20 a month per market group unless you make 3 trades a month there; Madrid, Toronto and Oslo are delayed only
• No futures in the tariff list, and we found no fractional shares, demo account or public trading API
• Only for Belgian residents, Belgian tax residents and Belgian citizens; the EUR 100,000 deposit ceiling is shared with Fortuneo, the same bank