Brokers of Kazakhstan 2025 — Choosing the Best Foreign Brokerage Intermediary for Traders from Kazakhstan

Alexander Vasiliev September 06, 2025
Reading time: 6 min.

• 1. Exchanges in Kazakhstan
• 2. Brokers for Kazakhs
• 3. Comparison Table of Conditions
• 4. Pros and Cons of Foreign Brokers

1. Exchanges and Investment Market in Kazakhstan

It is important to note that the capital investment market of Kazakhstan is the second largest in volume after Russia's in the entire Eurasian space of the former USSR.

Thanks to the geopolitical position and several large fuel and energy corporations of Kazakhstan, by 2020 the Astana International Financial Center was formed and became fully operational. This attracted a large number of investment projects, thanks to which Kazakhstan began to play a leading role in the relations of Eastern European, Turkic, and Central Asian countries.

The country is large, the market has formed and continues to grow, offering investors new products and access to international global markets for securities and collective investments.

If we draw a parallel with Uzbekistan, Kazakhstan has already solved the problems with the legislative framework and the protection of investors from unfair practices.

Advanced IT infrastructure, numerous qualified personnel, 3 trading exchanges, confident monetary policy regarding the tenge, systematic educational work with the population to improve financial and investment literacy - all this resulted in the creation of the largest International Financial Center in Astana.

The investment market in exchange instruments of Kazakhstan is organized on three exchanges:

• Kazakhstan Stock Exchange (KASE), essentially controlled by the government of Kazakhstan
• Astana International Exchange (AIX), whose owners include a consortium of Kazakh, American, and Chinese investors, including the NASDAQ exchange
• ITS Exchange (several shareholders, including the Russian "SPB Exchange" and Freedom Finance)

The KASE exchange specializes in trading currency, bonds, and money market operations. The trading volume in the stock market, according to its reports, is not large — just over $300 million in January-September. On AIX, activity in the debt and equity segments is approximately the same. However, liquidity here is even lower — the trading volume with stocks and ETFs for the year did not exceed $100 million. The ITS platform features issuers popular in Europe, the USA, and Hong Kong. But the turnover is still modest.

For comparison: on the Moscow Exchange in Russia, stock turnover is 20 times greater. It turns out that the stock market of Kazakhstan is several orders of magnitude smaller than the Russian one. And tens of thousands of percent smaller than the American and Chinese ones.

It should be noted that the main disadvantage of the investment market in Kazakhstan is that local Kazakh brokers providing access to national exchanges cannot offer such a wide range of instruments and services as their foreign colleagues, so investors from Kazakhstan are increasingly considering accessing international markets not only through local investment operators but also through the infrastructure of foreign brokers.

2. The Best Brokers for Access to the Exchanges of Kazakhstan and the World

What is important for an investor to understand?

If you just need to buy exchange-traded shares of large international corporations like Apple, Facebook, or Volkswagen, it is enough to open a brokerage account with Kazakh companies, for example Halyk Finance, Jusan Invest, BCC Invest, with access to the internal exchanges of Kazakhstan KASE, AIX or to the popular American exchanges Nasdaq and NYSE.

But if foreign jurisdiction, account insurance, high liquidity, additional services for advanced investors, tax and commission optimization, as well as access to crypto assets are important to you, then you can consider the conditions of foreign brokers.

3. 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 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) Marging from $5 to $8 per order Voice Account Management Trading robots Preparation of tax returns
4/5 https://freedom24.com Global brokerage holding whose shares are traded on the Nasdaq exchange. For wealthy investors on international exchanges with favorable conditions for savings accounts. 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 only from US Preparation of tax returns

Let's list the 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 has historically been the American Interactive Brokers. But in recent years, the sanction and regulatory policy of the US has led to investors from Russia, the CIS, and all of Eurasia being treated with excessive biased attention. They require confirmation of the origin of funds, complicate the deposit/withdrawal of funds to accounts, and other difficulties.

If we compare brokers in Kazakhstan by turnover, the clear leader is the American holding with Russian roots Freedom Finance Holding – this is the only broker from the CIS territory that has passed the listing on the American Nasdaq exchange. Thanks to clients from Russia, the broker has turnovers several times greater than other participants in the Kazakh exchanges. Being an international financial holding present in almost all jurisdictions popular with investors, the company provides access to most of the products popular with investors and traders.

Freedom24 - the European subsidiary of the holding with direct access to European and American exchanges, whose branches are present in all major European countries.

Freedom24 rapidly burst onto the European investment market and began to rank in the top lines of brokerage company ratings in Germany, Spain, Portugal, the Czech Republic, and other wealthy Western European states thanks to its high interest rates on savings and deposit accounts in euros and direct access to American instruments, including ETFs on indices (USA), which classic European brokers cannot provide access to.

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

Halyk Finance is a subsidiary of Halyk Bank of Kazakhstan. In addition to the exchanges of Kazakhstan, it provides access to the American NYSE and Nasdaq. It offers clients a mobile application and a trading terminal of its own development. It has its own line of investment funds for trust management.

Jusan Invest is the largest non-state broker in Kazakhstan. It has over a million clients in the republic and a wide range of services with access to American and European exchanges. The main competitive advantages: a convenient trading platform, qualified support, tariffs with minimal commissions, and a strong trust management service.

Just2Trade – the Cypriot trademark of the American brokerage holding Lime Financial. The widest range of investment instruments among the presented brokers. Without exaggeration, one of the best European brokers for professional traders. It has services that the above brokers do not have: auto-following, structured products, pre-IPO, cryptocurrency trading, American trader terminals, and other services.

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

The disadvantages of investing through Russian brokers for citizens of Kazakhstan who do not have the status of a tax resident of Russia are an income tax = 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 during the last 12 months. For a resident of the Russian Federation, any income tax per year up to 5 million rubles is 13%, if more, then 15%.

4. Advantages and Disadvantages of Trading on Foreign Exchanges through 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 colleagues 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 of financial results through offshore jurisdictions
• Regional diversification of investment assets of investors in a currency other than the tenge
• Stability and transparency of European and American legislation (although the history of blocking funds of Russian investors in Europe and the US does not confirm this)

Cons

• The need for independent calculation of commissions and interaction with the tax service
• Costs for converting tenge 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 the nuances of international tax regulation

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

More information about foreign stock brokers for investors and traders

Information about European brokers
Information about US brokers
How to trade on Hong Kong and China exchanges?
How to choose a foreign broker?
Deposit and withdrawal of money. Features
FAQ foreign stock brokers account