Retail investing in Kazakhstan is no longer a niche market. In the first quarter of 2026, the KASE Index gained 10.0% to 7,734.60 points, while retail investors accounted for 43.5% of equity trading volume.
The market includes brokers licensed by the Agency for Regulation and Development of the Financial Market (ARDFM), AIFC companies licensed by the AFSA, and brokerage services available through banking apps. Terms and conditions vary significantly, from the range of exchanges and trading hours to commissions and cryptocurrency trading, so it is worth comparing them before opening an account.
What criteria should be used when comparing brokers?
Regulation and reliability. The country has two regulatory regimes: the national regime, with brokers licensed by the ARDFM, and the AIFC regime, which is governed by English law. Licenses should be checked against regulatory registries and exchange membership lists. Additional benchmarks include ratings and ownership structure.
Available markets. KASE and AIX provide the basic market offering. Some brokers access international markets through a chain of foreign counterparties, while others use their own group’s infrastructure.
Investment instruments. Stocks, bonds, ETFs, mutual fund units, IPOs, foreign exchange transactions, repos, derivatives and, starting in 2026, digital assets.
Commissions. The broker’s commission is not the only cost to consider. Minimum transaction fees imposed by third parties, exchanges, depositories and custodians can significantly reduce returns on small investments.
Service convenience. Online account opening, deposit and withdrawal speeds, and app quality.
Analysis and support. Market reviews, investment ideas and training.
Comparison of Freedom Broker, Halyk Finance, BCC Invest and Alatau City Invest*
| Criterion | Freedom Broker | Halyk Finance | BCC Invest | Alatau City Invest |
| Access to international exchanges | The group owns a U.S. broker-dealer that is a member of the NYSE and Nasdaq and operates the ITS platform within the AIFC jurisdiction | NYSE, Nasdaq, LSE, Euronext, HKEX and ADX through foreign counterparties | NYSE, Nasdaq, LSE and Xetra through foreign counterparties | Access to international markets through foreign settlement organizations and custodians |
| Foreign securities trading hours | Up to 19 hours per day on ITS: 9 a.m.-3:45 a.m. Astana time (GMT+5), Monday-Friday | NYSE and Nasdaq trading through the end of the regular session | Extended trading hours are not specified | Extended trading hours are not specified |
| Cryptocurrency transactions within brokerage infrastructure | Yes. The AFSA license covers investment transactions involving digital assets | Not specified | Not specified | Not offered by the broker. The group’s bank is developing cryptocurrency services |
| Digital asset deposits to a brokerage account | Yes. Available since March 2026 for USDT (Tron), USDC (Ethereum), BTC and ETH; 3% commission | Not specified | Not specified | Not specified |
| Withdrawals from a brokerage account to a crypto wallet | Yes, with conversion from fiat currency to cryptocurrency and withdrawal to a personal or exchange wallet | Not specified | Not specified | Not specified |
*As of August 2026. Based on information available on the companies’ websites. «Not specified» means the service is not mentioned in the publicly available product information.
Halyk Finance operates under license No. 3.2.229/7 dated Nov. 4, 2016. The company estimates its brokerage client portfolio at more than $3 billion and notes that its Fitch BBB- rating is the only investment-grade rating among brokers in Kazakhstan.
BCC Invest is a subsidiary of Bank CenterCredit and operates under license No. 3.2.235/12, issued July 10, 2018. Under the «Standard» tariff, electronically placed trades on KASE cost 0.03% (minimum 100 tenge), trades on AIX cost 0.1% (minimum 350 tenge) and trades on international markets cost 0.155% (minimum 3,500 tenge).
Alatau City Invest (formerly Jusan Invest) has been operating since 2004 under license No. 3.2.239/16, issued by the ARDFM on Aug. 22, 2025. The company said it would eliminate minimum brokerage commissions: online trades on KASE and AIX cost 0.04%, while trades on international markets cost 0.1%. Alatau City Bank is developing the group’s cryptocurrency business. Together with Binance Kazakhstan, it launched Crypto Pay for QR code and POS terminal payments, but this is a payment product rather than a brokerage product.
Freedom Broker — opportunities for investors
Freedom Broker is part of international financial group Freedom Holding Corp., which is listed on the Nasdaq under the ticker FRHC. According to the holding company’s financial statements (Form 10-K for the year ended March 31, 2026), the group’s companies operate in more than 20 jurisdictions. Its U.S. division includes a broker-dealer registered with the SEC and FINRA.
Brokerage services are provided by Freedom Finance Global PLC, an AIFC company operating under license No. AFSA-A-LA-2020-0019. The license authorizes investment transactions as principal and agent, investment management, advisory services, and the arrangement of transactions in digital assets. Freedom Finance Global PLC’s S&P Global rating is BB- with a stable outlook.
Key benefits:
Access to international markets. NYSE, Nasdaq, LSE, Xetra, KASE and AIX are available through a single multicurrency account; deposits can be made in tenge, U.S. dollars, euros and rubles.
Investing in international companies. The ITS platform, under the jurisdiction of the AIFC, provides access to more than 3,000 stocks, depositary receipts and ETFs with primary listings on U.S. and European exchanges. The trading session runs from 9 a.m. to 3:45 a.m. Astana time, with Best Execution and Smart Order Routing available.
A wide selection of instruments. Stocks, bonds, ETFs, options, mutual fund units and placements. Digital asset services have been available since March 2026, allowing clients to deposit cryptocurrency into their accounts, convert it to U.S. dollars, and withdraw funds to a crypto wallet. Initial limits are $1,000 per month for retail clients and $10,000 for professional clients. Transactions are subject to AML, KYC and Travel Rule checks.
Analytical materials. Daily market reviews, investment ideas and Freedom Academy courses.
Which broker should different types of investors choose?
For beginners
Ease of account opening, a clear interface and accessible training are important. All four companies offer online account opening. If an investor is already a bank client, using brokerage services within a familiar app can lower the barrier to entry. Halyk, BCC and Alatau City offer investment services within their banking apps, while Freedom offers a separate Freedom Broker app. The minimum transaction fee is also worth considering: for small investments, it can have a greater impact than the percentage rate.
For active investors
Key considerations include the number of instruments, transaction speed and analytics. Access to the secondary bond market, Eurobonds, foreign exchange and repo transactions, as well as a professional trading platform, is important. Halyk Finance offers Halyk TradePro, Freedom Broker offers Tradernet and BCC Invest offers BCC Trade. Access outside regular Kazakhstan trading hours is also important: only Freedom Broker offers extended trading hours for foreign securities.
For investors in foreign markets
Key considerations include access to foreign stocks, the number of trading platforms and currency options. The method of market access is also important: brokers may use their group’s own infrastructure or a chain of foreign counterparties. In the latter case, custodian, settlement and conversion fees may be added to the broker’s rate — this is explicitly stated in the fee schedules of BCC Invest and Alatau City Invest.
What to consider before opening an account
- Rates: Consider not only the percentage rate but also the minimum transaction, withdrawal, and reporting fees.
- Terms of service: Consider the jurisdiction (ARDFM or AIFC), asset custody arrangements and whether the license appears in the regulator’s registry. Client assets are accounted for separately from the broker’s assets — at the Central Securities Depository and with custodian banks.
- Available markets: Are the platforms you are interested in included in the tariff? Are there any restrictions for non-residents?
- App features: Deposit and withdrawal speeds, order types and tax reporting.
- Support quality: Business hours, communication channels, access to a personal broker and analytics.
Conclusion
Each broker has its own advantages and features. Halyk Finance draws on the group’s scale, investment-grade rating and wide range of exchanges. BCC Invest offers some of the lowest rates on KASE and works with non-residents. Alatau City Invest emphasizes eliminating minimum commissions and integrating with the group’s ecosystem.
Freedom Broker may appeal to investors who value access to international markets, a wide range of instruments and the ability to build a diversified investment portfolio, including through extended trading sessions and digital asset services.
