Interactive Brokers VS TradeStation

Overall, Interactive Brokers's and Tradestation's service are similar, however IBKR has a slightly better overall score, and BrokerChooser named it as Best online broker in 2022.
 

  Interactive Brokers TradeStation
Overall score 4.9 stars 4.7 stars
Recommended for Traders looking for broad market access and a professional trading environment Traders focusing on US markets and buy-and-hold investing
Fees score 4.5 stars 4.2 stars
Account opening score 3.2 stars 5.0 stars
Deposit and withdrawal score 3.0 stars 2.2 stars
Markets and products score 5.0 stars 3.2 stars

In terms of fees the two brokers service is also similar. Both has low trading fees and offers free stock and ETF trading for US customers, but TradeStation has average non-trading fees, while IBKR's non-trading fees are low. So the winner in this category is IBKR.

You can use bank transfer to deposit and withdrawal money at both brokers. The processes are sligthly easier at IBKR and offers large selection of account base currencies (23), however it takes 2 days to withdraw money from this broker. At TradeStation the withdrawal time is just 1 day, but they only offer 9 different base currencies.

Account opening is a bit easier at TradeStation, and it takes only 1 day, compared to IBKR where it takes 1-3 days. On the other hand you can open an account fully online in both cases and  there isn't any minimum deposit neither at IBKR nor at TradeStation.

Trading platform availability is the same at TradeStation and Interactive Brokers, as both offers mobile, web and desktop platforms as well, however while TradeStation's mobile trading platform is better than IBKR's, Interactive Brokers has better desktop trading platform.  

Regarding to markets and products, Interactive Brokers offers more options since most asset types are available at this broker. Compared that with TradeStation where you can't trade fractional shares, forex and CFDs. So IBKR won in this category.

Research and education options are similar at the two brokers. Both has great educational materials and charting quality, and both offer demo account opportunity.

When it comes to customer service you can contact IBKR and TradeStation via phone, live chat and email as well, however there's no 24/7 support.

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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