Securities Account in Tunisia: Opening and Broker

Mizen editorial team · published 30/10/2026 · checked 30/10/2026 · Translation; the French version is authoritative

To buy or sell shares on the Tunis Stock Exchange, a securities account with a broker (intermédiaire en bourse) is required, either directly or through one's bank. Here are the formalities, what the decree on brokers guarantees to the client, and what no statutory text dictates.

The broker, a mandatory intermediary

An investor cannot trade directly on the trading system. Every transaction must pass through a broker approved by the Financial Market Council (Conseil du marché financier - CMF).

Two routes are available to submit orders:

• opening an account directly with a brokerage firm (société d'intermédiation en bourse), upon concluding a written agreement;
• going through one's bank, which receives the instruction and transmits it to a broker responsible for executing it.

The Tunis Stock Exchange website lists 19 brokers: Amen Invest, AFC, Attijari Intermédiation, BH Invest, BMCE Capital Securities, BNA Capitaux, BTK Conseil, CGI, Finacorp, MACSA, STB Finance, MENA Capital Partners, Maxula Bourse, SBT, Tunisie Valeurs, Tuniso-Séoudienne d'Investissement, UIB Finance, Union Capital, and UFI. Before depositing any funds or signing, the institution's current licence should be verified with the CMF. To become familiar with placing orders without committing capital, the Mizen practice account allows you to simulate it.

Bank or direct broker: transmission and execution

The bank transmits the order; the broker executes it. Going through one's bank therefore adds an extra link, and bank fees may be added to those of the broker. A breakdown of commissions can be found in the guide to transaction fees.

An ordinary securities account should not be confused with the Equity Savings Account (compte épargne en actions, CEA), a separate account subject to its own rules.

Opening formalities and the account agreement

The broker verifies the identity, address, and legal capacity of the client, complies with anti-money laundering requirements, and has the client complete a form whose required details are set by the CMF.

It must also understand the financial capacity, experience, and investment objectives of its client, and disclose the risks.

The relationship is formalised by a written account agreement. Upon signing, the broker provides the investor with its full schedule of commissions. Any tariff change is notified 45 days before taking effect; the client has one month to object, failing which acceptance is deemed granted.

Initial deposit, order execution, and asset protection

No statutory text sets a minimum amount to open a securities account.

Example. An investor opens a securities account and deposits 1,000 DT. He buys 50 shares at 19.000 DT, amounting to 950 DT. Added to this are the Stock Exchange commission (0.15%, or 1.425 DT), the brokerage fee stipulated in his agreement, and VAT: the remaining balance must cover them. If the fee schedule sets a minimum brokerage fee per order, it weighs more heavily on a small amount.

The broker has 5 business days following execution to issue a contract note (avis d'opéré): traded quantity, execution price, brokerage fee, exchange duties, commissions, taxes, and net amount debited. The client subsequently receives an account statement at least once per quarter.

The available order types and the settlement and delivery of trades are covered in separate guides.

Client asset protection relies on two mechanisms:

• client cash is deposited in a segregated professional bank account;
• the Client Guarantee Fund (Fonds de garantie de la clientèle) covers broker default.

Account maintenance fees and securities transfers

Custody fees and account maintenance charges: no public regulation sets a tariff. They appear in the schedule provided by each broker or bank.

To switch service providers, regulations govern the transfer of securities to another broker based on a joint formal record (procès-verbal contradictoire) agreed between the parties. In the absence of dispute, the transfer is completed within a maximum of 3 trading days.

Frequently asked questions

How do I open a stock exchange account in Tunisia?

With an approved broker, or through your bank, which will route orders to a broker. The broker verifies the client's identity, address, and legal capacity and has them fill out a form whose content is prescribed by the CMF. A written account agreement, accompanied by the schedule of commissions, is signed.

Which is the best broker in Tunisia?

There is no official ranking. Mizen does not rank brokers. The points of comparison are objective: the brokerage fee and custody schedule provided with the agreement, order submission channels (branch, telephone, internet), and CMF licensing, to be verified prior to any deposit.

Where can I find the list of approved brokers?

The Tunis Stock Exchange website lists 19 (on the "Market Participants" page). Licensing is granted by the CMF: an institution's authorisation must be verified with it.

What are the custody and maintenance fees for a securities account?

No public regulation sets a tariff for custody fees and account maintenance charges: they appear in each institution's fee schedule. The broker delivers this pricing schedule in writing upon subscription and notifies clients at least 45 days before any change.

Can one invest on the Tunis Stock Exchange with 1,000 dinars?

No minimum amount is required to open a securities account. On a small amount, brokerage fees, the Stock Exchange commission, VAT, and, if specified in the schedule, the minimum brokerage fee per order weigh proportionally heavier.

• Règlement général de la Bourse — art. 90
• Décret n° 99-2478 du 01/11/1999 (statut des intermédiaires en bourse) — art. 50, 50 bis, 51 à 56
• Bourse de Tunis — investir en bourse — ouverture de compte et agrément
• Bourse de Tunis — acteurs du marché — liste des intermédiaires
• Bourse de Tunis — protection des investisseurs — fonds de garantie de la clientèle

General information; not tax advice and not an investment recommendation.