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Brokers, compared

Where to open an account if you want to enter IPO lotteries

Every broker underwriting an IPO runs its own lottery, so holding several accounts means several entries for the same listing. What differs between them is how the draw is decided and whether your money has to be sitting there before you apply.

The score out of 100 is this site's own, weighting the lottery type (35), whether a deposit is required (25), how many IPOs the broker handles (20), whether losing accumulates toward future draws (10), and its record as lead underwriter on listings tracked here (10). It is a guide to how accessible the lottery is without a large balance, not a prediction of whether you will win. The same calculation is used on the Japanese pages.

Mizuho Securities

みずほ証券

Part equal, part weighted by amount applied for

77/100

No deposit to applyHandles many IPOs

Top marks for: letting you apply with no money deposited, the number of listings you can apply for, the size of its allocation as lead underwriter

Read more about みずほ証券

Nomura Securities

野村證券

Part equal, part weighted by amount applied for

77/100

No deposit to applyHandles many IPOs

Top marks for: letting you apply with no money deposited, the number of listings you can apply for, the size of its allocation as lead underwriter

Read more about 野村證券

Matsui Securities

松井証券

Part equal, part weighted by amount applied for

67/100

No deposit to applyHandles many IPOs

Top marks for: letting you apply with no money deposited, the number of listings you can apply for

Read more about 松井証券

Okasan Online Securities

岡三オンライン

Part equal, part weighted by amount applied for

67/100

No deposit to applyHandles many IPOs

Top marks for: letting you apply with no money deposited, the number of listings you can apply for

Read more about 岡三オンライン

SBI Securities

SBI証券

Part equal, part weighted by amount applied for

62/100

Deposit required to applyHandles many IPOsLosses accumulate

Top marks for: the number of listings you can apply for, making your losses count toward a future win, the size of its allocation as lead underwriter

Read more about SBI証券

DMM.com Securities

DMM.com証券

Equal lottery — one ticket per applicant

60/100

No deposit to apply

Top marks for: how equal its lottery is, letting you apply with no money deposited

Read more about DMM.com証券

Monex Securities

マネックス証券

Equal lottery — one ticket per applicant

55/100

Deposit required to applyHandles many IPOs

Top marks for: how equal its lottery is, the number of listings you can apply for

Read more about マネックス証券

SMBC Nikko Securities

SMBC日興証券

Part equal, part weighted by amount applied for

52/100

Deposit required to applyHandles many IPOs

Top marks for: the number of listings you can apply for, the size of its allocation as lead underwriter

Read more about SMBC日興証券

Daiwa Securities

大和証券

Part equal, part weighted by amount applied for

52/100

Deposit required to applyHandles many IPOs

Top marks for: the number of listings you can apply for, the size of its allocation as lead underwriter

Read more about 大和証券

Mitsubishi UFJ Morgan Stanley Securities

三菱UFJモルガン・スタンレー証券

Part equal, part weighted by amount applied for

52/100

Deposit required to applyHandles many IPOs

Top marks for: the number of listings you can apply for, the size of its allocation as lead underwriter

Read more about 三菱UFJモルガン・スタンレー証券

SBI Neotrade Securities

SBIネオトレード証券

Part equal, part weighted by amount applied for

47/100

No deposit to apply

Top marks for: letting you apply with no money deposited

Read more about SBIネオトレード証券

Mitsubishi UFJ eSmart Securities

三菱UFJ eスマート証券

Equal lottery — one ticket per applicant

35/100

Deposit required to apply

Top marks for: how equal its lottery is

Read more about 三菱UFJ eスマート証券

Rakuten Securities

楽天証券

Equal lottery — one ticket per applicant

35/100

Deposit required to apply

Top marks for: how equal its lottery is

Read more about 楽天証券

GMO CLICK Securities

GMOクリック証券

Equal lottery — one ticket per applicant

35/100

Deposit required to apply

Top marks for: how equal its lottery is

Read more about GMOクリック証券

Marusan Securities

丸三証券

Part equal, part weighted by amount applied for

32/100

Deposit required to apply

Top marks for: the size of its allocation as lead underwriter

Read more about 丸三証券

Daiwa Connect Securities

大和コネクト証券

Part equal, part weighted by amount applied for

22/100

Deposit required to apply
Read more about 大和コネクト証券

Iwai Cosmo Securities

岩井コスモ証券

Part equal, part weighted by amount applied for

22/100

Deposit required to apply
Read more about 岩井コスモ証券

Before you apply anywhere

You need to live in Japan to hold one of these accounts. What that requires as a foreign national is set out on the account opening page.

This site earns affiliate commission when someone opens an account through its links. There is no cost to you, and commission does not affect the order above — the ranking comes from the scoring described, and the highest-volume broker is not first.

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