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Interactive Brokers vs Fidelity who is better in 2022?

Overall, the services of Interactive Brokers (IBKR) are in the same league as Fidelity's, but Interactive Brokers has a slightly higher overall score. In fact, BrokerChooser named Interactive Brokers as the Best online broker in 2022.

Here's a summary of how IBKR and Fidelity compare in some important categories:

  Interactive Brokers Fidelity
Overall score 4.9 stars 4.8 stars
Recommended for Traders looking for broad market access and a professional trading environment Investors and traders looking for solid research and great trading platforms
Fees score 4.6 stars 3.9 stars
Account opening score 3.2 stars 3.7 stars
Deposit and withdrawal score 3.0 stars 3.8 stars
Markets and products score 5.0 stars 3.8 stars

Interactive Brokers vs Fidelity
IBKR vs Fidelity compared

Interactive Brokers vs Fidelity
Fees and funding

Fees

A comparison of their fees shows that both Interactive Brokers and Fidelity have generally low trading and non-trading fees, including free trading of US stocks and ETFs for some or all US clients. However, Fidelity has much higher fund fees, as well as relatively steep financing rates for margin trading. Because of these, Interactive Brokers wins this category.

For more information, check out our fee summaries for both IBKR and Fidelity.

Deposit and withdrawal

You can use bank transfer to deposit and withdraw money at both Interactive Brokers and Fidelity, but credit/debit cards aren't accepted at either broker. The withdrawal time at both brokers is 2 days, which is not the fastest on the market. What tips the scale in Fidelity's favor in this category is that it accepts electronic wallets such as PayPal for deposits and withdrawals.

Interactive Brokers and Fidelity deposit

Interactive Brokers vs Fidelity
Platforms and products

Account opening

Opening an account takes place fully online at both brokers. Neither broker gets very high marks in this category, but at Fidelity, registration and verification is not as slow and cumbersome as at Interactive Brokers, so Fidelity comes out on top when comparing account opening experiences.

Interactive Brokers and Fidelity account open

Trading platforms

Trading platform availabilty is the same at Interactive Brokers and Fidelity, as both offer web, mobile and desktop platforms as well. Fidelity gets higher marks here, as its platforms (especially mobile) provide a better user experience while offering similar functionality.

Markets and products

Interactive Brokers is clearly stronger when it comes to markets and products, as almost all asset types are available here, and its international market coverage is also unrivaled. By contrast, Fidelity doesn't offer forex, futures or CFDs, and has a more pronounced US market focus.

Interactive Brokers vs Fidelity
Research, education and support

Research and education

Regarding research and education, there are no great differences between the two brokers. Both offer a demo account and high-quality charting, but Fidelity has a slightly better research score, as its tools are more user-friendly, and as it has some great extra services including an excellent stock screener.

Interactive Brokers and Fidelity education

Customer service

When it comes to customer service, IBKR and Fidelity are very similar. You can contact both via phone, live chat and email, but neither are available 24/7. There are slight differences in waiting times, with Fidelity proving somewhat quicker to respond (except on chat).

Interactive Brokers vs Fidelity
FAQ

Is Fidelity or Interactive Brokers better?

Overall, Fidelity and Interactive Brokers are neck to neck, as both excel at some aspects. Account opening and deposit/withdrawal are faster and more convenient at Fidelity; plus, Fidelity offers slightly more user-friendly research tools and trading platforms. However, Interactive Brokers has better fees, and its market and product coverage also outshines that of Fidelity.

Is Fidelity good for beginners?

Yes, based on BrokerChooser's scoring methodology, Fidelity is recommended for beginners. If you'd like to read more about why Fidelity is good for beginners, check out our article on this here.

Is IBKR good for beginners?

No, based on BrokerChooser's scoring methodology, Interactive Brokers (IBKR) is not recommended for beginners. If you'd like to read more about what aspects you should consider when weighing whether IBKR is good for beginners, check out our article on this here.

Author of this article

András Iván

Author of this article

Andras has over 5 years of experience in investing and trading equities, options and bonds. He believes that active trading and a more passive investing approach both have merits and everyone can find a strategy that fits their needs. He's eager to help identify the characteristics of specific brokers, so the best match can be found for each client.

András Iván

Broker Analyst

Andras has over 5 years of experience in investing and trading equities, options and bonds. He believes that active trading and a more passive investing approach both have merits and everyone can find a strategy that fits their needs. He's eager to help identify the characteristics of specific brokers, so the best match can be found for each client.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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