Best Foreign Brokers for Investors from Uzbekistan 2025 — choosing the best stock intermediary for a trader.

Alexander Vasiliev Junuary 10, 2026
Reading time: 6 min.

• 1. Why do investors from Uzbekistan need a foreign broker?
• 2. Features of the stock market in Uzbekistan
• 3. Pros and cons of foreign brokers
• 4. Overview of foreign brokers
• Broker comparison table

1. Stock exchanges and investment market in the Republic of Uzbekistan.

Why would investors from Uzbekistan even need a foreign broker?

The securities market for retail investors in the Republic of Uzbekistan is only forming. Local brokers have only recently begun creating the services and financial products that have been successfully operating for decades in the EU, USA, Russia, Kazakhstan, and other regions.

Brokers in Uzbekistan have been providing the opportunity for remote opening of brokerage accounts for mass investors since 2023. Through broker applications on smartphones, access is opened to trading on the only stock exchange "Toshkent".

This has attracted nearly a hundred thousand new private investors to the market. But they are still far from the services and range of instruments offered by their foreign counterparts.

The largest brokers in Uzbekistan, such as JSC MULK-SARMOYA BROKERLIK UYI, Alp Omad Invest and LLC "Freedom Finance" – not only do not offer popular investment products in Europe, the USA, Russia, and Asia, they don't even provide access to foreign exchanges. Very recently, local brokers providing access to foreign exchanges have begun to appear, for example OBI, but the question of the reliability and stability of their services has not yet been confirmed by mass investors. In neighboring Kazakhstan, local brokers have long provided citizens access to buying securities on American exchanges NYSE and Nasdaq. Tax incentives for long-term investors in securities of local issuers through individual investment accounts are also being introduced, which, for example, have existed in Russia for about fifteen years.

2. Features of the stock market in Uzbekistan

What problems does the Republic's investment market have?

• The market is at a formative stage, the country is large, but the investment capital market is small; products are limited to shares in a few companies and their bond issues. Even investors with large capital of $1 million have little to buy. Small investors are in a better position, but are still limited to a few dozen local securities issuers.
  For example, some of the most popular instruments - gold ETFs or REIT funds with income from real estate rental in Uzbekistan - cannot be purchased yet.
• Weak legislative framework and protection against unfair practices
• Backwardness of IT infrastructure and software
• Monopoly position in the market of state structures that regularly increase tariffs for participants of the Uzbek Stock Market
• Only one Stock Exchange "Toshkent"; for comparison, Kazakhstan has 3 stock exchanges. The country is 2 times smaller, but the stock market is several times larger
• Currently low qualification of specialists working in professional market participants (brokers, funds, market makers, investment companies)
• Lack of trust in the stability of the national currency - the Uzbek sum
• Hence the lack of trust of the general population in the securities and investment market, leading to low financial literacy among investors

Undoubtedly, state bodies and the professional community of the investment market in Uzbekistan are working to increase the attractiveness of investments in the Republic for mass investors. All this was experienced by neighboring Kazakhstan, and within five to seven years it became the financial center of the Central Asian region. Uzbekistan still has a long way to go to match the neighbor's successes.

An alternative investment option for citizens and residents of Uzbekistan is remote opening of a brokerage account through licensed European or American brokers.

More details about the specifics of opening accounts for citizens of the CIS can be found in the section CIS Brokers.

Of course, investing through foreign brokers has its advantages and disadvantages.

3. Pros and cons of foreign brokers

Pros

• Access to investment instruments of global markets in the USA, Europe, Asia, Latin America, Russia and the CIS
• Brokers in Kazakhstan have not yet reached the levels of investment services of foreign counterparts in terms of: robotic trading, automated portfolio formation, auto-following strategies, structured products with capital protection, integration with professional trading terminals
• Interaction with digital financial assets and cryptocurrencies
• Overall, most European and American brokers have lower commissions
• Optimization of tax costs on financial results through offshore jurisdictions
• Regional diversification of investor assets in currencies other than the sum
• Stability and transparency of European and American legislation (although the history of blocking funds of Russian investors in Europe and the USA does not confirm this)

Cons

• Need for independent calculation of commissions and interaction with the tax service
• Costs for converting the national currency into foreign currency, its interbank transfer to foreign jurisdictions and back
• When interacting with foreign brokerage structures, at least a basic understanding of the linguistic and legal features of the country where the foreign broker is registered is required, as well as nuances of interstate tax regulation

Based on these pros and cons, investors and traders choose to access international markets through the infrastructure of foreign brokers.

4. Best foreign brokers for access to global exchanges

Table of conditions of foreign brokers for deposit/withdrawal, terminals, instruments, products for traders

Broker	Deposit, withdrawal	Trading platforms	Trading tools	Investment products	Broker services
5/5 https://j2t.com For a universal type of investor in any foreign assets. Has had Cyprus jurisdiction since 2006. Part of the international Lime Financial group and licensed in the EU, UK, USA. Site Full review Tariffs and commissions Bonuses and promotions	Client from Europe USD, EUR, BTC, USDC, ETH, LTC Client from USA no Client from Asia EUR, USD, RUB, BTC, USDC, ETH, LTC East and CIS EUR, USD (+ Finam Bank), RUB (no sanction bank), BTC, USDC, ETH, LTC, XRP	Trade terminals Metatrader 4 and 5 CQG Trader  For professional traders on international markets there are special trading terminals: Sterling trader=150$/mounth, Lightspeed trader=250$/mounth. (for accounts from $5000) + integration with a large number of third-party trade applications	Currency Stocks Bonds Futures Commodities Funds/ETF	Asset management Individual Retirement Accounts (IRA) Copytrading and signals Investment strategies Structured products	Demo-accounts Marging On average 9.2% per annum. (For Forex: Standard leverage starts at 20% for liquid stocks, 5% for currencies and 1:3 leverage for cryptocurrencies) Voice Account Management from $5 to $8 per order Trading robots Preparation of tax returns
4/5 https://freedom24.com Global brokerage holding whose shares are traded on the Nasdaq exchange. Access to trading terminals via the Tradernet and CQG platforms Site Full review Tariffs and commissions Bonuses and promotions	Deposit, Withdraw Client from Europe EUR, USD Client from USA no Client from Asia EUR East and CIS Russians and CIS citizens open an account with a Kazakh affiliated broker Freedom Finance Global	Trade platforms Trading terminal of internal development "Tradernet" Terminal CQG and its modules	Instruments for trading Currency Stocks Bonds Futures Commodities Funds/ETF	Investment products Asset management Individual Retirement Accounts (IRA) Copytrading and signals Investment strategies Structured products	Broker services Demo-accounts Marging Voice Account Management Trading robots Preparation of tax returns
5/5 https://interactivebrokers.com For clients who need an American broker jurisdiction, the lowest commissions among American brokers, low lending rates, brokerage account insurance up to $500,000 Site Full review Tariffs and commissions	Deposit, Withdraw Client from Europe USD, EUR Client from USA USD, EUR Client from Asia CNY, USD, EUR East and CIS USD, EUR, CNY	Trade platforms IB Trader Workstation (TWS) IBKR Platform	Instruments for trading Currency Stocks Bonds Futures Commodities Funds/ETF	Investment products Asset management Individual Retirement Accounts (IRA) Copytrading and signals Investment strategies Structured products	Broker services Demo-accounts Marging Voice Account Management Trading robots Preparation of tax returns only from US

Let's list possible options for choosing a broker with access to international markets: exchanges in Europe, USA, Asia.

Interactive Brokers

The largest and oldest broker for investors from developing countries historically has been the American Interactive Brokers. But in recent years, the sanctions and regulatory policies of the USA have led to investors from Russia, the CIS, and all of Eurasia being treated with excessive bias. The broker's control services require confirmation of the origin of funds, complicate deposit/withdrawal of funds to accounts, and other nuances for non-American citizens.

Freedom24

The Uzbek Branch of LLC "Freedom Finance" is a regional subdivision of the American holding company with Russian roots Freedom Finance Holding. For some unclear reason, in Uzbekistan, the subsidiary structure of the American holding does not provide access to foreign markets. Meanwhile, its shares are traded on the American Nasdaq exchange. For example, in Kazakhstan, Freedom Finance does not have such restrictions.

So, for access to global markets and exchanges in Europe, the holding has a European subdivision in Cyprus Freedom Finance Europe operating under the Freedom24 brand.


It is precisely the Cypriot Freedom Finance that is focused on European and US markets, and they also open accounts for citizens of other jurisdictions, which can be used to remotely open a brokerage account in a European jurisdiction! This possibility does not extend to Russians and Belarusians; for other CIS citizens, there are no restrictions.

The only drawback of the European Freedom24 is that if you already have a brokerage account in other Freedom Finance companies, you will have to go through a simple Account Opening procedure again.

Just2Trade

Just2Trade is another European broker with Russian roots and American shareholders.

This is a Cypriot brand of the American brokerage holding Lime Financial. It offers the widest range of investment instruments among the presented brokers.

Without exaggeration, one of the best European brokers for professional traders with a 30-year development history. It possesses services not available from the brokers presented above: auto-following, structured products, pre-IPO, cryptocurrency trading, American trading terminals, Metatrader services, and other services. For funding the brokerage account through cryptocurrencies, there is the wallet service J2TX.

Full review of «Just2Trade»

EXANTE

Exante is another European broker for traders with Maltese jurisdiction. Minimum account opening threshold is $10,000. Opening an account for Russian citizens is available only if you are not on Russian territory and can confirm this. A residence permit is not required.

The company has a branched architecture with hundreds of servers worldwide. The trading terminal is fast and convenient. Access through sub-brokerage services to all major world exchanges. Exante has deep expertise in algorithmic and high-frequency trading.

Regarding exchanges, Exante acts as a sub-broker, i.e., provides access to trading through another broker. The company has successfully passed all checks and proven the legitimacy of all processes before the U.S. Securities and Exchange Commission (SEC).

Full review of «Exante»

To this list, we can also add the most technological Russian broker Finam.
Remote opening of a brokerage account for citizens of CIS countries is carried out within one day using passport data and SMS verification. Deposit and withdrawal of funds is carried out using details of any bank in the CIS. Finam provides its clients with access to both Russian and European and American exchanges. There is also access to the Hong Kong, Indian, and Brazilian exchanges.

The downsides of investing through Russian brokers for citizens of Uzbekistan who do not have Russian resident status are the tax rates on income: 30% and 13% on dividend income). A citizen of Kazakhstan can become a resident of Russia if they have spent more than 183 days in Russia within the last 12 months. For a Russian resident, any income tax up to 5 million rubles is 13%, if more, then 15%.

Cypriot brokers withhold tax on dividends at a rate of 0%. It is necessary to independently declare income tax to the Belarusian tax authority when using a foreign broker.

The choice of broker, as always, remains with the investor; for parameter comparison, you can use the Comparison Table above.