TRADING PLATFORMS · JAPAN
Trading platforms in Japan: a provisional comparison
Ten brokers for adult Japanese residents, comparing ordinary cash-share and ETF routes. Zero-fee courses have conditions; foreign-resident onboarding varies.
Fees checked on each broker's price list on .
Provisional editorial comparison, not a total-cost ranking. These partial scores cover published fees and features. Spread, depth, slippage and effective execution costs have not been measured comparably and are not silently assumed to be zero. Read the execution review and unresolved research before choosing a broker.
Partial scores at a glance
| # | Broker | Partial score | Commissions (35%) | Currency exchange (15%) | ETF offer (25%) | Other advantages and costs (25%) |
|---|---|---|---|---|---|---|
| 1 | Interactive Brokers Securities Japan (IBSJ) | 8.6 | 9 | 8.5 | 9.5 | 7 |
| 2 | SBI Securities (Internet course) | 8.5 | 8.5 | 8.5 | 9 | 8 |
| 3 | Rakuten Securities (Zero course) | 8.5 | 8.5 | 8.5 | 9 | 8 |
| 4 | Matsui Securities | 8.3 | 8 | 10 | 8 | 8 |
| 5 | Monex Securities | 7.8 | 7.5 | 7 | 8.5 | 8 |
| 6 | Mitsubishi UFJ eSmart Securities (formerly au Kabucom) | 7.3 | 8 | 5 | 7.5 | 7.5 |
| 7 | DMM Stock (DMM.com Securities) | 6.6 | 7 | 4.5 | 7.5 | 6.5 |
| 8 | SMBC Nikko Securities (Direct course) | 6.4 | 6.5 | 3.5 | 7.5 | 7 |
| 9 | Nomura Securities (Net & Call) | 5.6 | 4 | 3.5 | 8 | 6.5 |
| 10 | PayPay Securities | 4.9 | 4.5 | 4 | 5 | 6 |
Spreads and execution: the missing part of a fee table
The bid is what you can sell for; the ask is what you can buy for. Their difference is the quoted spread. It varies with the instrument, time, available quantity and market. A low commission does not establish a low total cost. No synchronized executable quotes or comparable fills were collected for these brokers: the table below is a documentary review, not a measured spread league table.
| Broker | Execution evidence and limits | Comparable realized spread |
|---|---|---|
| Interactive Brokers Securities Japan (IBSJ) | The recovered December 2023 Japanese policy describes domestic TSE/PTS routing and price/liquidity considerations. Do not extend its scope or historical hours to every US ETF route. Contemporary comparable spread and fills were not measured. | Not measured |
| SBI Securities (Internet course) | SOR compares eligible venues, prices and quantities; improvement is not guaranteed. Routing and Zero Revolution eligibility are separate conditions. No observed cross-broker spread comparison is available. | Not measured |
| Rakuten Securities (Zero course) | SOR compares eligible TSE, PTS and R Cross routes. Zero Course has consent/route conditions. Rakuten notes latency can produce an apparently worse execution; SOR does not guarantee price improvement or remove the spread. | Not measured |
| Matsui Securities | Comparable executable quotes, market depth and realized fills were not collected. A broker-specific execution-policy audit for this account/product remains incomplete; headline commissions cannot establish execution quality. Consult the fee and account conditions below. | Not measured |
| Monex Securities | Comparable executable quotes, market depth and realized fills were not collected. A broker-specific execution-policy audit for this account/product remains incomplete; headline commissions cannot establish execution quality. Consult the fee and account conditions below. | Not measured |
| Mitsubishi UFJ eSmart Securities (formerly au Kabucom) | Comparable executable quotes, market depth and realized fills were not collected. A broker-specific execution-policy audit for this account/product remains incomplete; headline commissions cannot establish execution quality. Consult the fee and account conditions below. | Not measured |
| DMM Stock (DMM.com Securities) | Comparable executable quotes, market depth and realized fills were not collected. A broker-specific execution-policy audit for this account/product remains incomplete; headline commissions cannot establish execution quality. Consult the fee and account conditions below. | Not measured |
| SMBC Nikko Securities (Direct course) | Comparable executable quotes, market depth and realized fills were not collected. A broker-specific execution-policy audit for this account/product remains incomplete; headline commissions cannot establish execution quality. Consult the fee and account conditions below. | Not measured |
| Nomura Securities (Net & Call) | Comparable executable quotes, market depth and realized fills were not collected. A broker-specific execution-policy audit for this account/product remains incomplete; headline commissions cannot establish execution quality. Consult the fee and account conditions below. | Not measured |
| PayPay Securities | US dealer prices add 0.5% on buying/subtract 0.5% on selling in the stated regular-hour/plan cases, or 0.7% in the specified other cases. These are per-side adjustments to its reference, not the full quoted spread; they already include the commission-equivalent charge. USD 1,000 reference purchase: USD 5 or USD 7 component before FX. Do not double count it or equate the reference with NBBO midpoint. FX adds JPY 0.35 per USD. | Not measured |
When a lower commission costs more
Illustration only, not observed broker prices: for a EUR 1,000 immediate market purchase, route A with a EUR 1 commission and a 0.60% full quoted spread costs approximately EUR 4.00 relative to the midpoint. Route B with a EUR 3 commission and a 0.04% spread costs EUR 3.20. This assumes execution at the ask, enough depth, no market movement, no price improvement, no FX and no other costs. A EUR 1 commission saving is cancelled by a EUR 1 worse same-side execution price on this order (0.10%).
For one side, the illustration uses commission + half the quoted spread × order value + additional slippage beyond that quote + FX + other transaction charges. An immediate round trip at unchanged quotes incurs approximately the full spread. If actual execution shortfall is measured against a reference midpoint, do not add the quoted spread again. A limit order controls the worst acceptable price but may not fill.
A rigorous comparison needs the same ISIN/share class, order size, currency, side, timestamp, market depth, route and order type, including active underlying-market hours. Compare actual fills, rejected or unfilled orders, conversion rates, exchange and settlement fees. Add holding-period custody/subscription fees, transfer/dividend charges and applicable taxes separately; ETF TER and tracking difference are product costs, not a broker's spread.
Sources: SEC Investor.gov: order execution and price improvement. Broker-specific execution sources appear with each broker below. These general principles do not imply identical regulations across countries.
The provisional ranking
Interactive Brokers Securities Japan (IBSJ)
8.6/10
Profile: Low US order commissions and wider exchange access
- Commissions
- 9
- Currency exchange
- 8.5
- ETF offer
- 9.5
- Other advantages and costs
- 7
Why it ranks here. Much lower small-US-order commission than the common 0.495% schedule, with wider market coverage.
Watch out. Japan account rules differ from IBKR US: no Lite assumption, restricted manual currency conversion; current tax-account and transfer details need confirmation. Spread and execution comparison remains unmeasured; the partial score is not a total-cost result.
All fees and features
- Stocks & ETFs
- US Fixed: USD 0.005/share, USD 1 minimum; Tiered: USD 0.0035/share, USD 0.35 minimum plus external costs at the first tier. Japan Fixed: 0.08%, JPY 80 minimum.
- Options
- Not assessed: this comparison covers cash stocks and ETFs.
- Non-US shares
- Local IBSJ site advertises stock-market access in 17 countries; product permissions and the Japan-specific list govern, not the global IBKR catalogue.
- Currency exchange
- IBSJ automatically converts insufficient trading currency, typically with a 0.03% adjustment and no separate conversion commission. Manual conversion is limited to JPY; minimum USD 2 equivalent applies.
- ETF range
- Japan, US, European and Asian stock-market access is advertised locally; exact ETF count and instrument eligibility not verified.
- Fractional shares
- ETF fractional eligibility not verified; do not infer it from fractional domestic-stock services.
- Minimum
- Account-opening minimum not verified; ordinary exchange orders require the security-specific trading unit.
- Account and transfer fees
- Stock-pricing page states no platform or maintenance fee; optional market-data and outgoing-transfer charges not fully verified.
- Tax-advantaged accounts
- NISA is offered by the local entity. Current taxable designated-account availability was not resolved; do not assume US account features or tax reporting.
- Protection
- Segregation; conditional JIPF cover for unreturned assets up to JPY10m; investment losses excluded.
Sources: interactivebrokers.co.jp: commissions stocks · interactivebrokers.co.jp: commissions stocks asia pacific · interactivebrokers.co.jp: commissions spot currencies · interactivebrokers.co.jp: individual · interactivebrokers.co.jp: products stocks · go.jp: kinyushohin.pdf · or.jp: index · or.jp: index · interactivebrokers.co.jp
SBI Securities (Internet course)
8.5/10
Profile: Domestic trading and selected overseas ETFs
- Commissions
- 8.5
- Currency exchange
- 8.5
- ETF offer
- 9
- Other advantages and costs
- 8
Why it ranks here. Combines conditional domestic zero commission with a selected US ETF waiver and inexpensive real-time conversion.
Watch out. Zero Revolution requires the eligible online course and prescribed electronic-delivery settings. US citizens/green-card holders face product restrictions; foreign nationals use postal onboarding. Spread and execution comparison remains unmeasured; the partial score is not a total-cost result.
All fees and features
- Stocks & ETFs
- Domestic cash shares/ETFs: JPY 0 under Zero Revolution eligibility. Standard US cash: 0.495% including tax, USD 22 cap; selected US ETF purchases exempt.
- Options
- Not assessed: this comparison covers cash stocks and ETFs.
- Non-US shares
- Japan and selected US-listed securities; additional exchanges not verified.
- Currency exchange
- JPY/USD real-time conversion commission is zero on the eligible Internet course (not Plan C); market bid/ask spread remains. Yen-settled stock trades are not that real-time conversion route.
- ETF range
- Domestic ETFs and selected US/overseas ETFs; the purchase-fee waiver is a subset, not the whole ETF universe. Exact ETF count not verified.
- Fractional shares
- ETF fractional eligibility not verified; do not infer it from fractional domestic-stock services.
- Minimum
- Account-opening minimum not verified; ordinary exchange orders require the security-specific trading unit.
- Account and transfer fees
- Full custody, inactivity and outgoing-transfer schedule not verified; no assumption of zero fees.
- Tax-advantaged accounts
- NISA availability shown in official material; eligibility and instrument restrictions apply. Standard taxable pricing is the baseline.
- Protection
- Segregation; conditional JIPF cover for unreturned assets up to JPY10m; investment losses excluded.
Sources: sbisec.co.jp: zero revolution 2023 · sbisec.co.jp: prestory241023 011500.pdf · sbisec.co.jp: ef9994a4a6766001122d116 · sbisec.co.jp: ecb693a8504de0011d61dc1 · go.jp: kinyushohin.pdf · or.jp: index · or.jp: index · sbisec.co.jp: wpletmgr001control
Rakuten Securities (Zero course)
8.5/10
Profile: Conditional domestic zero commission with US ETF access
- Commissions
- 8.5
- Currency exchange
- 8.5
- ETF offer
- 9
- Other advantages and costs
- 8
Why it ranks here. A low-cost domestic route and selected ETF purchase exemptions, with a separate zero-commission real-time currency service.
Watch out. Do not generalize NISA waivers or real-time FX to ordinary yen-settled US orders. Zero course requires SOR including R Cross consent. Spread and execution comparison remains unmeasured; the partial score is not a total-cost result.
All fees and features
- Stocks & ETFs
- Domestic cash JPY 0 on Zero course, requiring SOR including R Cross consent. Standard US 0.495% including tax, USD 22 cap; selected ETF buys exempt.
- Options
- Not assessed: this comparison covers cash stocks and ETFs.
- Non-US shares
- Japan and selected US-listed securities; additional exchanges not verified.
- Currency exchange
- Real-time JPY/USD conversion commission is zero but interbank bid/ask spread remains. Yen settlement of US purchases costs JPY 0.25/USD and is excluded from the zero conversion route.
- ETF range
- Domestic and selected US-listed ETFs; selected commission-free buys are not the complete shelf. Exact ETF count not verified.
- Fractional shares
- ETF fractional eligibility not verified; do not infer it from fractional domestic-stock services.
- Minimum
- Account-opening minimum not verified; ordinary exchange orders require the security-specific trading unit.
- Account and transfer fees
- Full custody, inactivity and outgoing-transfer schedule not verified; no assumption of zero fees.
- Tax-advantaged accounts
- NISA availability shown in official material; eligibility and instrument restrictions apply. Standard taxable pricing is the baseline.
- Protection
- Segregation; conditional JIPF cover for unreturned assets up to JPY10m; investment losses excluded.
Sources: rakuten-sec.co.jp: commission · rakuten-sec.co.jp: commission · rakuten-sec.co.jp: us · rakuten-sec.co.jp: ekyc ccweb 00 · go.jp: kinyushohin.pdf · or.jp: index · or.jp: index · rakuten-sec.co.jp: sor · rakuten-sec.co.jp: rx
Matsui Securities
8.3/10
Profile: Small domestic portfolios and scheduled currency conversion
- Commissions
- 8
- Currency exchange
- 10
- ETF offer
- 8
- Other advantages and costs
- 8
Why it ranks here. The small domestic-order case is commission-free and the separate scheduled currency service explicitly includes the spread in its zero-cost claim.
Watch out. Daily turnover includes cash and margin trades, although only cash is assessed here. Best Match can add 33% of price improvement. Japanese communication is required. Spread and execution comparison remains unmeasured; the partial score is not a total-cost result.
All fees and features
- Stocks & ETFs
- Domestic daily combined turnover up to JPY 500,000: JPY 0; above this, charges rise. US cash: 0.495% including tax, cap USD 22.
- Options
- Not assessed: this comparison covers cash stocks and ETFs.
- Non-US shares
- Japan and selected US-listed securities; additional exchanges not verified.
- Currency exchange
- Scheduled JPY/USD exchange publishes zero commission and zero spread; this excludes US stock orders placed in JPY, which cost JPY 0.25/USD.
- ETF range
- Domestic ETFs are included in the daily box tariff; selected US ETFs available. Exact US ETF shelf size not verified.
- Fractional shares
- ETF fractional eligibility not verified; do not infer it from fractional domestic-stock services.
- Minimum
- Account-opening minimum not verified; ordinary exchange orders require the security-specific trading unit.
- Account and transfer fees
- Account opening and maintenance stated free; Best Match price-improvement charge can be additional. Transfers and optional services not fully checked.
- Tax-advantaged accounts
- NISA availability shown in official material; eligibility and instrument restrictions apply. Standard taxable pricing is the baseline.
- Protection
- Segregation; conditional JIPF cover for unreturned assets up to JPY10m; investment losses excluded.
Sources: matsui.co.jp: fee · matsui.co.jp: fee · matsui.co.jp: rule · matsui.co.jp: person · matsui.co.jp: personal · matsui.co.jp: step · go.jp: kinyushohin.pdf · or.jp: index · or.jp: index
Monex Securities
7.8/10
Profile: Selected US ETF purchase waivers and research tools
- Commissions
- 7.5
- Currency exchange
- 7
- ETF offer
- 8.5
- Other advantages and costs
- 8
Why it ranks here. Selected ETF buy waivers and zero buy-side conversion fees can reduce accumulation costs, with clear domestic per-order pricing.
Watch out. Ordinary US sales retain commission and sell-side FX costs. US-tax-obligated customers cannot open the foreign trading account. Zero yen-settlement FX is periodically reviewed. Spread and execution comparison remains unmeasured; the partial score is not a total-cost result.
All fees and features
- Stocks & ETFs
- Domestic per-order course: JPY 99 at JPY 100,000. US cash: 0.495% including tax, USD 22 cap; 23 selected ETFs have free purchase commission.
- Options
- Not assessed: this comparison covers cash stocks and ETFs.
- Non-US shares
- Japan and selected US-listed securities; additional exchanges not verified.
- Currency exchange
- JPY to USD conversion fee zero; USD to JPY JPY 0.25/USD, plus interbank bid/ask spread. Yen-settled purchase zero fee is subject to quarterly review (next December 2026).
- ETF range
- 23 ETFs in its purchase-fee-free program as of September 2026; this is not the total ETF count. Domestic ETFs also available.
- Fractional shares
- ETF fractional eligibility not verified; do not infer it from fractional domestic-stock services.
- Minimum
- Account-opening minimum not verified; ordinary exchange orders require the security-specific trading unit.
- Account and transfer fees
- General securities and foreign trading account opening/maintenance free; transfer-out and other ancillary fees not fully checked.
- Tax-advantaged accounts
- NISA availability shown in official material; eligibility and instrument restrictions apply. Standard taxable pricing is the baseline.
- Protection
- Segregation; conditional JIPF cover for unreturned assets up to JPY10m; investment losses excluded.
Sources: monex.co.jp: fee · monex.co.jp: fee · monex.co.jp: 01 · monex.co.jp · monex.co.jp: minor · go.jp: kinyushohin.pdf · or.jp: index · or.jp: index
Mitsubishi UFJ eSmart Securities (formerly au Kabucom)
7.3/10
Profile: SOR-routed domestic cash orders
- Commissions
- 8
- Currency exchange
- 5
- ETF offer
- 7.5
- Other advantages and costs
- 7.5
Why it ranks here. Conditional zero domestic commission with selected US ETFs and a published 20-sen yen-settlement spread.
Watch out. The current name replaces au Kabucom. US NISA is yen-settled only; a foreign account is required, and SOR is required for domestic zero commission. Spread and execution comparison remains unmeasured; the partial score is not a total-cost result.
All fees and features
- Stocks & ETFs
- Domestic cash commission JPY 0 when SOR is selected; excluded regional-primary-market securities and operator orders remain chargeable. US cash: 0.495% including tax, cap USD 22.
- Options
- Not assessed: this comparison covers cash stocks and ETFs.
- Non-US shares
- Japan and selected US-listed securities; additional exchanges not verified.
- Currency exchange
- US yen settlement uses JPY 0.20/USD spread; this is a yen amount per dollar, not 0.20%.
- ETF range
- Domestic ETFs and selected US ETFs; US ETF legal-filing restrictions apply. A headline total stock count is not an ETF count.
- Fractional shares
- ETF fractional eligibility not verified; do not infer it from fractional domestic-stock services.
- Minimum
- Account-opening minimum not verified; ordinary exchange orders require the security-specific trading unit.
- Account and transfer fees
- Foreign securities account opening and administration free; full transfer schedule not verified.
- Tax-advantaged accounts
- NISA availability shown in official material; eligibility and instrument restrictions apply. Standard taxable pricing is the baseline.
- Protection
- Segregation; conditional JIPF cover for unreturned assets up to JPY10m; investment losses excluded.
Sources: kabu.com: default · kabu.com: rule · kabu.com: default · kabu.com: honninkakunin · go.jp: kinyushohin.pdf · or.jp: index · or.jp: index
DMM Stock (DMM.com Securities)
6.6/10
Profile: Low domestic per-order charges
- Commissions
- 7
- Currency exchange
- 4.5
- ETF offer
- 7.5
- Other advantages and costs
- 6.5
Why it ranks here. Low domestic per-order cash fees and an explicit selected US ETF offering.
Watch out. Older zero-US-commission claims are inconsistent with the current standard tariff. Premium/member pricing has separate qualification conditions. US nationals and green-card holders cannot open the foreign account. Spread and execution comparison remains unmeasured; the partial score is not a total-cost result.
All fees and features
- Stocks & ETFs
- Domestic cash JPY 88 at JPY 100,000. Standard US cash 0.495% including tax, USD 22 cap; not universally zero.
- Options
- Not assessed: this comparison covers cash stocks and ETFs.
- Non-US shares
- Japan and selected US-listed securities; additional exchanges not verified.
- Currency exchange
- JPY 0.25/USD one-way on yen settlement or currency conversion; trading from an already funded USD balance avoids a new conversion at that trade.
- ETF range
- Selected domestic and US-listed ETFs; exact count not verified. US selected-ETF access is stated separately from stocks and ADRs.
- Fractional shares
- ETF fractional eligibility not verified; do not infer it from fractional domestic-stock services.
- Minimum
- Account-opening minimum not verified; ordinary exchange orders require the security-specific trading unit.
- Account and transfer fees
- Full custody, inactivity and outgoing-transfer schedule not verified; no assumption of zero fees.
- Tax-advantaged accounts
- NISA availability shown in official material; eligibility and instrument restrictions apply. Standard taxable pricing is the baseline.
- Protection
- Segregation; conditional JIPF cover for unreturned assets up to JPY10m; investment losses excluded.
Sources: dmm.com: commission · dmm.com: outline · dmm.com · dmm.com: risk · dmm.com: regulation.pdf · go.jp: kinyushohin.pdf · or.jp: index · or.jp: index
SMBC Nikko Securities (Direct course)
6.4/10
Profile: Domestic and selected US securities with branch support
- Commissions
- 6.5
- Currency exchange
- 3.5
- ETF offer
- 7.5
- Other advantages and costs
- 7
Why it ranks here. Offers real domestic and selected US cash ETFs through the online Direct course, with multiple support channels.
Watch out. US accounts have nationality/product restrictions; foreign applicants may need branch/postal onboarding. Do not confuse Direct pricing with the Comprehensive course. Spread and execution comparison remains unmeasured; the partial score is not a total-cost result.
All fees and features
- Stocks & ETFs
- Domestic online Direct case JPY 137 at JPY 100,000. US Direct 0.495% including tax, cap USD 22; foreign local charges may be additional.
- Options
- Not assessed: this comparison covers cash stocks and ETFs.
- Non-US shares
- Japan and selected US-listed securities; additional exchanges not verified.
- Currency exchange
- Below USD 100,000: JPY 0.50/USD each direction relative to the broker midpoint; higher-value preferential tier is not this baseline.
- ETF range
- Selected NYSE, NYSE Arca, NYSE American and Nasdaq stocks, ETFs and ADRs; exact ETF count not verified.
- Fractional shares
- ETF fractional eligibility not verified; do not infer it from fractional domestic-stock services.
- Minimum
- Account-opening minimum not verified; ordinary exchange orders require the security-specific trading unit.
- Account and transfer fees
- Full custody, inactivity and outgoing-transfer schedule not verified; no assumption of zero fees.
- Tax-advantaged accounts
- NISA availability shown in official material; eligibility and instrument restrictions apply. Standard taxable pricing is the baseline.
- Protection
- Segregation; conditional JIPF cover for unreturned assets up to JPY10m; investment losses excluded.
Sources: smbcnikko.co.jp: direct · smbcnikko.co.jp: online · smbcnikko.co.jp: attention · smbcnikko.co.jp: confirm2 · go.jp: kinyushohin.pdf · or.jp: index · or.jp: index
Nomura Securities (Net & Call)
5.6/10
Profile: Additional overseas-market access through a Japanese broker
- Commissions
- 4
- Currency exchange
- 3.5
- ETF offer
- 8
- Other advantages and costs
- 6.5
Why it ranks here. Broader selected overseas-market access than Japan/US-only alternatives, but small foreign trades cost more.
Watch out. USD 1,000 example cannot be assigned a yen tariff band without an exchange-rate assumption; JPY 2,389 applies only if converted tariff basis is at most JPY 200,000. Foreign nationals use postal application. Spread and execution comparison remains unmeasured; the partial score is not a total-cost result.
All fees and features
- Stocks & ETFs
- Domestic online cash: JPY 152 at JPY 100,000. Foreign online domestic commission starts JPY 2,389 at yen-equivalent order value up to JPY 200,000, plus overseas charges/taxes.
- Options
- Not assessed: this comparison covers cash stocks and ETFs.
- Non-US shares
- Japan and selected US-listed securities; additional exchanges not verified.
- Currency exchange
- USD below USD 100,000: JPY 0.50/USD each way; published schedule effective August 24, 2026.
- ETF range
- Selected stocks and ETFs in the US, Hong Kong, Germany and Australia through online service; exact ETF count not verified.
- Fractional shares
- ETF fractional eligibility not verified; do not infer it from fractional domestic-stock services.
- Minimum
- Account-opening minimum not verified; ordinary exchange orders require the security-specific trading unit.
- Account and transfer fees
- Full custody, inactivity and outgoing-transfer schedule not verified; no assumption of zero fees.
- Tax-advantaged accounts
- NISA availability shown in official material; eligibility and instrument restrictions apply. Standard taxable pricing is the baseline.
- Protection
- Segregation; conditional JIPF cover for unreturned assets up to JPY10m; investment losses excluded.
Sources: nomura.co.jp: netcall · nomura.co.jp: fstock · nomura.co.jp: exrate · nomura.co.jp: apply · go.jp: kinyushohin.pdf · or.jp: index · or.jp: index
PayPay Securities
4.9/10
Profile: Small amount-based investments in a selected shelf
- Commissions
- 4.5
- Currency exchange
- 4
- ETF offer
- 5
- Other advantages and costs
- 6
Why it ranks here. Amount-based cash investing offers simple access to a selected ETF shelf.
Watch out. Zero separately billed commission does not mean zero trading costs. Dealer price spreads and FX apply even in NISA, and prices differ from exchange execution. Spread and execution comparison remains unmeasured; the partial score is not a total-cost result.
All fees and features
- Stocks & ETFs
- Cash securities use dealer prices: Japan 0.5% added/subtracted; US 0.5% during regular US hours, 0.7% outside. These embedded costs also apply in NISA.
- Options
- Not assessed: this comparison covers cash stocks and ETFs.
- Non-US shares
- Selected US securities and domestic cash securities via dealer transactions; do not select the separate CFD products.
- Currency exchange
- JPY 0.35/USD added on buys/subtracted on sells, in addition to the cash-security price spread.
- ETF range
- Selected Japanese and US ETFs alongside shares; a restricted selection, with no verified exact ETF count.
- Fractional shares
- Amount-based investing is offered; exact minimum and ETF-by-ETF fractional eligibility not verified.
- Minimum
- Account-opening minimum not verified; ordinary exchange orders require the security-specific trading unit.
- Account and transfer fees
- Full custody, inactivity and outgoing-transfer schedule not verified; no assumption of zero fees.
- Tax-advantaged accounts
- NISA availability shown in official material; eligibility and instrument restrictions apply. Standard taxable pricing is the baseline.
- Protection
- Segregation; conditional JIPF cover for unreturned assets up to JPY10m; investment losses excluded.
Sources: paypay-sec.co.jp: cost · paypay-sec.co.jp: faq · paypay-sec.co.jp: faq mini · paypay-sec.co.jp: yakkan 20260213.pdf · go.jp: kinyushohin.pdf · or.jp: index · or.jp: index
Also considered
- Daiwa Securities: eligible cash securities candidate with online US ETF access, but a comparable current ordinary US order tariff and full FX/account-cost reconciliation were not completed in this bounded research pass. Excluded from provisional ranking for evidence incompleteness, not ineligibility.
- Saxo Bank Securities Japan: additional candidate identified in the current local FSA/JIPF lists; cash share/ETF pricing and current Japan-resident service scope not researched sufficiently. No score or ineligibility claim.
What remains unverified
- EXECUTION: no synchronized executable bid/ask quotes with depth, matched fills or effective FX benchmarks were collected. Variable spreads, price impact and slippage are not zero and are not included in the four-criterion numeric score. The order can change with the investor profile and execution conditions.
- ETF shelf counts, security-specific restrictions, complete custody/inactivity/transfer schedules and account minimums not comprehensively verified for all brokers. Unverified means unknown, not zero.
- IBSJ: current designated taxable account and detailed NISA eligible ETF list; optional market data, transfers and US commission consumption-tax presentation require confirmation.
- Most brokers require Japanese documentation; language, Japan phone, visa-duration and tax-residency restrictions must be checked for the individual. No universal eligibility for every foreign resident is claimed.
- DMM: current detailed foreign-resident onboarding criteria not fully extracted; US/green-card foreign-account prohibition confirmed.
- SBI and Rakuten: exact current selected-ETF waiver lists not enumerated; a hypothetical unnamed ETF is charged standard commission.
- Monex: buy-side zero yen-settlement FX scheduled for review December 2026; do not describe that route as permanently free.
- JIPF membership was checked entity by entity in the September 14, 2026 list; FSA register snapshot was August 31, 2026. Protection is conditional return-of-client-assets protection, not an investment guarantee.
- SEC/FINRA/exchange fees, tax, transfer charges and issuer expenses are excluded from benchmark totals; exact future sell-side levies must be checked at trade time.
Is my money protected?
The ten entities were matched to the FSA register dated 31 August 2026 and the JIPF member list dated 14 September 2026. JIPF compensation can cover eligible assets not returned after a member failure, up to JPY 10 million under its conditions. It does not cover market losses. Membership is not a guarantee of future solvency or universal account eligibility.
How we score
The partial editorial score uses four criteria: commissions 35%, currency exchange 15%, etf offer 25%, other advantages and costs 25%. It is a weighted judgment about published fees, features and account conditions, not a measurement of total realized cost. Execution is reviewed separately and remains unmeasured; no missing spread is entered as zero and no execution advantage is awarded without comparable evidence. Cash interest and temporary promotions are excluded.
Provisional editorial comparison: ordinary adult Japan-resident online cash stock/ETF investing; no CFDs, margin borrowing, promotions or cash interest. Editorial scores 0-10: commissions 35%, FX 15%, ETF offer 25%, other advantages/costs 25%. Totals rounded to one decimal, ordered by raw total; exact raw ties retain source order and imply no substantive preference. Scores express judgment, not an objective measured cost formula. Benchmarks: USD 1,000 US ETF buy (10 hypothetical units at USD 100), outside selected waivers, and JPY 100,000 domestic cash order with valid lot size and no other same-day trades. Taxes on published commissions included where stated; FX, market spreads, local fees and ETF expenses are separate. NISA is conditional and is not the standard tariff. Material verification gaps remain, as listed below; this comparison does not establish lowest total cost or universal suitability. Execution audit: the four-criterion score does not include a measured spread or slippage sample. Execution policies are reviewed separately; the order is not evidence of lowest total realized cost. Published monetary markups are reported where known, not invented for missing fields.
Fee claims link to broker price lists, schedules or help pages checked on 17 October 2026. Missing or incomplete items remain visible. Scores are editorial judgments, not factual measurements; differences of a few tenths should not imply a precise or universal preference. No affiliate links: Plain Economy earns nothing from any broker on this page, and no broker has seen or paid for it.
Other countries
Trading platforms in Germany: a provisional comparison
Trading platforms in Singapore: a provisional comparison
Trading platforms in the United States: a provisional comparison
Trading platforms in Spain: a provisional comparison
Trading platforms in the UK: a provisional comparison