The best alternatives to Interactive Brokers are
- Saxo Bank - Danish investment bank
- DEGIRO - Dutch discount broker
- Swissquote - Swiss investment bank
- Tradestation - US stockbroker
Let's see in a bit more detail how the Interactive Brokers alternatives compare to Interactive Brokers and each other:
| Interactive Brokers | Saxo Bank | DEGIRO | Swissquote | Tradestation | |
|---|---|---|---|---|---|
| Overall score | 4.8 | 4.7 | 4.7 | 4.5 | 4.4 |
| Fees score | |||||
| Account opening score | |||||
| Deposit and withdrawal score | |||||
| Web platform score | |||||
| Markets and products score | |||||
| Visit broker | Visit broker | Visit broker | Visit broker | Visit broker |
Why are these brokers considered good alternatives to Interactive Brokers? There are many areas based on which Interactive Brokers can be compared with others. When we say a given online broker is a good alternative to Interactive Brokers we mean these brokers are comparable in the following areas:
- The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
- The type of clients they target, i.e. beginners, experienced investors, or day traders.
Interactive Brokers alternatives recommendations
Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:
- Interactive Brokers is recommended for traders who prefer low fees and a professional trading environment
- Saxo Bank is recommended for investors and traders looking for a great trading platform and solid research
- DEGIRO is recommended for price-sensitive buy and hold investors and traders looking for only execution
- Swissquote is recommended for affluent investors valuing safety and being ok with higher fees
- Tradestation is recommended for traders wanting great research tools and preferring the us markets
Important factors of finding Interactive Brokers alternatives
So far Brokerchooser has reviewed 56 online brokers in detail, which gives this comparison a solid starting point.
Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we
- open a live account
- check over 100 criteria, with weighting based on readers' preferences
- refresh data regularly
Whether Interactive Brokers or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:
Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. Interactive Brokers is one of the cheaper brokers, so if this is an important consideration for you, make sure you pick a similarly low-cost Interactive Brokers alternative.
Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you cannot make a deposit with your credit card at Interactive Brokers, some alternatives might allow you to do that.
Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.
Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given Interactive Brokers alternative is a must.
Now let's dive into the details of how Interactive Brokers and its alternatives perform in the most important areas!
Interactive Brokers alternatives
Interactive Brokers
4.8
5 stars
Best online broker
Interactive Brokers was founded in 1978 and it is one of the biggest US-based discount brokers. It is regulated by several regulators globally, including top-tier authorities like FCA and SEC. Interactive Brokers Group is listed on the New York Stock Exchange.
Interactive Brokers is considered safe because it has a long track record, is listed on a stock exchange, discloses its financials, and is regulated by top-tier regulators.
Recommended for traders who prefer low fees and a professional trading environment
- Broad product portfolio
- Low fees
- Great and diverse research tools
- Funding and withdrawal only through bank transfer
- Complicated account opening process
- Not user-friendly and complicated desktop trading platform
Fees 4 stars
Interactive Brokers has low trading fees and high non-trading fees. The fees are transparent.
- Low trading fees
- Transparent fee structure
- Inactivity fee
| Interactive Brokers | Saxo Bank | DEGIRO | Swissquote | Tradestation | |
|---|---|---|---|---|---|
| Apple benchmark fee | $2.2 | $20.0 | $1.4 | $30.2 | $2.2 |
| Vodafone benchmark fee | $17.9 | $15.0 | $5.2 | $73.0 | - |
| EURUSD benchmark fee | $23.0 | $58.4 | - | $18.9 | - |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Account opening 3 stars
The account opening process is fully digital, but slow and complicated.
- Fully digital account opening
- No minimum deposit for most accounts
- Slow account opening
- Not user-friendly
- Confusing messages throughout the process
| Interactive Brokers | Saxo Bank | DEGIRO | Swissquote | Tradestation | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $725 | $0 | $0 | $500 |
| Time to open account | 1-3 days | 1-3 days | 1 day | 1 day | 1-3 days |
Learn more about Interactive Brokers minimum deposit here.
Deposit and withdrawal 2 stars
Interactive Brokers offers a lot of base currencies and one withdrawal per month is free. On the negative side, only bank transfer is available.
- Several account base currencies
- No charge for the first withdrawal each month
- Credit/Debit card not available
- Slow funding and withdrawal - over 3 days
| Interactive Brokers | Saxo Bank | DEGIRO | Swissquote | Tradestation | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | No | No | No | No |
| Electronic wallets | No | No | No | No | No |
| Withdrawal fee | $0 | $0 | $0 | $10 | $35 |
Web trading platform 4 stars
The Interactive Brokers web platform is simple and easy to use, even for beginners. On the negative side, it is a bit complicated to customize.
- User-friendly
- Clear fee report
- Two-step (safer) login
- Limited customizability (for charts, workspace)
| Interactive Brokers | Saxo Bank | DEGIRO | Swissquote | Tradestation | |
|---|---|---|---|---|---|
| Web platform score | |||||
| Mobile platform score | |||||
| Desktop platform score | - | - |
Learn more about Interactive Brokers's web trading platform in the detailed Interactive Brokers review.
Markets and products 5 stars
Interactive Brokers allows you access to a very wide range of markets and you can trade with all product types. IB's product range is the widest available.
| Interactive Brokers | Saxo Bank | DEGIRO | Swissquote | Tradestation | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | Yes | Yes | Yes |
| ETF | Yes | Yes | Yes | Yes | Yes |
| Forex | Yes | Yes | No | Yes | No |
| Fund | Yes | No | Yes | Yes | Yes |
| Bond | Yes | Yes | Yes | Yes | No |
| Options | Yes | Yes | Yes | Yes | Yes |
| Futures | Yes | Yes | Yes | Yes | Yes |
| CFD | Yes | Yes | Yes | Yes | No |
| Crypto | Yes | Yes | Yes | Yes | No |
Verdict
IB is one of the biggest discount US brokers regulated by top-tier regulators. If you like low-cost trading and easily navigate on a really complicated platform, Interactive Brokers is for you. We mainly recommend IB for traders.
It has low trading fees, a wide range of product portfolio, and diverse research tools.
On the flip side, only bank transfer is available for deposit and withdrawal. The account opening and the desktop platform are not user-friendly and complicated.
Interactive Brokers is definitely recommended if you want low fees, a lot of products and you are experienced to cope with a complicated platform.
| Interactive Brokers | |
|---|---|
| Summary | Interactive Brokers is a US discount broker. IB is listed on stock exchange and regulated by several authorities, like the top-tier FCA and SEC. |
| Fees score | |
| Recommended for | Traders who prefer low fees and a professional trading environment |
Interactive Brokers alternatives
Saxo Bank
4.7
5 stars
Best trading platform
Saxo Bank is a Danish investment bank providing online trading and investments. It is a leading European retail brokerage innovator. Saxo is privately owned, established in 1992, and headquartered in Copenhagen.
Saxo is considered safe as it is regulated worldwide by more than 10 financial regulators, including top-tier regulators, like the UK FCA.
Recommended for investors and traders looking for a great trading platform and solid research
- Outstanding research
- Great trading platform
- Broad product portfolio
- High forex, bond, options, and futures fees
- Slow account opening
- Missing live chat
Fees 3 stars
Saxo Bank has average trading and non-trading fees.
- No withdrawal fee
- Transparent fee structure
- Lower fees for Platinum and VIP clients
- Inactivity fee
- High financing rate
- High forex, bond, options and futures fees
| Saxo Bank | Interactive Brokers | |
|---|---|---|
| Apple benchmark fee | $20.0 | $2.2 |
| Vodafone benchmark fee | $15.0 | $17.9 |
| EURUSD benchmark fee | $58.4 | $23.0 |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Account opening 3 stars
Account opening is available for residents of almost every country and is fully digital.
- Fast account opening
- Fully digital account opening
- Available for residents of almost every country
- Minimum deposit is higher than $500
- Sales team pushy
- Classic accounts available only in a single currency
| Saxo Bank | Interactive Brokers | |
|---|---|---|
| Minimum deposit | $725 | $0 |
| Time to open account | 1-3 days | 1-3 days |
If you are interested more in Saxo Bank minimum deposit, this overview will help you.
Deposit and withdrawal 5 stars
Saxo provides multiple deposit and withdrawal options free of charge on a user-friendly interface.
- Free withdrawal
- No deposit fee
- Several account base currencies
- Credit/Debit card withdrawal not available
| Saxo Bank | Interactive Brokers | |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit/Debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform 5 stars
Saxo Bank's web trading platform is easy-to-use and well-designed. However, it doesn't provide a two-step login and the customizability is limited.
- User-friendly
- Good search function
- Looks appealing
- No two-step (safer) login
- Limited customizability (for charts, workspace)
| Saxo Bank | Interactive Brokers | |
|---|---|---|
| Web platform score | ||
| Mobile platform score | ||
| Desktop platform score |
Learn more about Saxo Bank's web trading platform in the detailed Saxo Bank review.
Markets and products 4 stars
At Saxo Bank you can reach many markets and trade with a lot of different products, except for funds.
| Saxo Bank | Interactive Brokers | |
|---|---|---|
| Stock | Yes | Yes |
| ETF | Yes | Yes |
| Forex | Yes | Yes |
| Fund | No | Yes |
| Bond | Yes | Yes |
| Options | Yes | Yes |
| Futures | Yes | Yes |
| CFD | Yes | Yes |
| Crypto | Yes | Yes |
Verdict
Saxo Bank is a great broker, providing a complex and good service.
It has the best trading platforms backed by great research. The product portfolio is covering all important international markets and asset classes.
It has some drawbacks though. The fees for forex, bond, options, and futures are high. The account opening can take long and the live chat is missing.
In general, Saxo Bank is one of the best online brokerage companies you can choose. By opening an account, you end up with a broad, well-developed service.
| Saxo Bank | |
|---|---|
| Summary | Saxo Bank is a Danish investment bank. It is regulated by more than 10 financial authorities, including the top-tier FCA. |
| Fees score | |
| Recommended for | Investors and traders looking for a great trading platform and solid research |
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Interactive Brokers alternatives
DEGIRO
4.7
5 stars
Best discount broker
DEGIRO is a trending Dutch online discount broker. It is privately owned and was established in 2013 by former employees of another brokerage company.
DEGIRO is considered safe as it is regulated by top-tier financial regulators, the Dutch AFM and DNB. It is registered with the Chamber of Commerce and Industry in Amsterdam under number 34342820.
Recommended for price-sensitive buy and hold investors and traders looking for only execution
- One of the lowest fees in the market
- Broad access to international markets
- Easy to use web and mobile platform
- Limited research and education
- No forex trading
- No credit/debit card deposit and withdrawal
Fees 5 stars
DEGIRO has low trading and non-trading fees. In most asset classes, it is the best in the market. There are some ETFs which you can trade free once per month. It's a great offer for buy-and-hold investors.
- Low trading fees
- Low non-trading fees
- No withdrawal fee
- At some ETFs, one free trade per month
- Yearly service fee for mutual funds
- Higher trading fees for Asian and smaller European stock exchanges
| DEGIRO | Interactive Brokers | |
|---|---|---|
| Apple benchmark fee | $1.4 | $2.2 |
| Vodafone benchmark fee | $5.2 | $17.9 |
| EURUSD benchmark fee | - | $23.0 |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Account opening 5 stars
DEGIRO has an easy and fast account opening process. Also, there is no minimum deposit.
- Fully digital account opening
- No minimum deposit
- User-friendly
| DEGIRO | Interactive Brokers | |
|---|---|---|
| Minimum deposit | $0 | $0 |
| Time to open account | 1 day | 1-3 days |
If you are interested more in DEGIRO minimum deposit, this overview will help you.
Deposit and withdrawal 3 stars
DEGIRO deposit and withdrawal is free of charge via bank transfer. On the other hand, you cannot deposit with credit or debit card.
- Free withdrawal
- No deposit fee
- Several account base currencies
- Credit/Debit card not available
| DEGIRO | Interactive Brokers | |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit/Debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform 4 stars
DEGIRO’s web platform is simple and easy to use. Even beginners can easily navigate it and buy stocks. On the negative side, it is a bit complicated to customize.
- User-friendly
- Two-step (safer) login
- Looks appealing
- Limited customizability (for charts, workspace)
- No price alerts
| DEGIRO | Interactive Brokers | |
|---|---|---|
| Web platform score | ||
| Mobile platform score | ||
| Desktop platform score | - |
Learn more about DEGIRO's web trading platform in the detailed DEGIRO review.
Markets and products 3 stars
At DEGIRO you can access many markets and trade with a lot of different products, except for forex.
| DEGIRO | Interactive Brokers | |
|---|---|---|
| Stock | Yes | Yes |
| ETF | Yes | Yes |
| Forex | No | Yes |
| Fund | Yes | Yes |
| Bond | Yes | Yes |
| Options | Yes | Yes |
| Futures | Yes | Yes |
| CFD | Yes | Yes |
| Crypto | Yes | Yes |
Verdict
DEGIRO is a good choice if you want a simple platform and don’t want to spend a fortune on fees.
It is far cheaper than its big European competitors and only Interactive Brokers can compete with DEGIRO fees. DEGIRO also has great access to international markets and trading products. And it is als one of the best trading platforms for Europeans.
However, cheapness comes with some shortfalls. Education and research tools are limited, there is no forex trading and limited deposit and withdrawal options.
All in all, it is a great online broker. As there is no minimum deposit and no inactivity fee, feel free to try it out.
| DEGIRO | |
|---|---|
| Summary | DEGIRO is a Dutch discount broker established in 2008. It is regulated by the Dutch FMA. |
| Fees score | |
| Recommended for | Price-sensitive buy and hold investors and traders looking for only execution |
Interactive Brokers alternatives
Swissquote
4.5
5 stars
Best for funds
Swissquote is a Swiss investment bank, established in 1996. It has two main arms:
The Swiss arm for stocks, funds, options, and futures
The UK arm for CFDs, and FX
Formally, Swissquote Bank Ltd is based in Switzerland and regulated by FINMA, the Swiss financial regulator. This one offers stocks, funds, bonds, futures and options. The other, Swissquote Ltd is UK based, regulated by the FCA, the UK financial regulator, and offers CFDs and FX.
Swissquote is considered safe because Swissquote Bank Ltd has a banking license, it is listed on the Swiss stock exchange, and discloses detailed financials regularly.
For clarity, we will call the Switzerland Swissquote for stocks "Swissquote (CH)", and the UK Swissquote for CFDs and FX "SwissquoteForex (UK)".
Recommended for affluent investors valuing safety and being ok with higher fees
- Extensive market and product access
- High investor protection amount
- Digital account opening
- High trading fees
- Overcomplicated trading platform
- Better part of the research not free
Fees 2 stars
Swissquote has high trading fees and average non-trading fees. As a plus, there is no inactivity fee.
- No inactivity fee
- High trading fees
- Withdrawal fee
| Swissquote | Interactive Brokers | |
|---|---|---|
| Apple benchmark fee | $30.2 | $2.2 |
| Vodafone benchmark fee | $73.0 | $17.9 |
| EURUSD benchmark fee | $18.9 | $23.0 |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Account opening 5 stars
Swissquote offers a fast, easy, and fully digital account opening. Also, there is no minimum account balance requirement for Swissquote (CH).
- Fast account opening
- Fully digital account opening
- No minimum deposit for Swissquote (CH)
- Video identification of documents may not be available for some locations
- High minimum deposit for SwissquoteForex (UK)
| Swissquote | Interactive Brokers | |
|---|---|---|
| Minimum deposit | $0 | $0 |
| Time to open account | 1 day | 1-3 days |
If you are interested more in Swissquote minimum deposit, this overview will help you.
Deposit and withdrawal 4 stars
The depsoit is fast and user-friendly. On the flip side, you can only withdraw by bank transfer.
- No deposit fee
- Several account base currencies
- Credit/Debit card deposit
- Credit card withdrawal is not available
- Withdrawal is not user-friendly
| Swissquote | Interactive Brokers | |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit/Debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $10 | $0 |
Web trading platform 3 stars
The Swissquote (CH) platform has a lot of functions, even too many. It can get complicated. SwissquoteForex (UK)' MetaTrader 4 is a well thought out platform.
- Two-step (safer) login
- Price alerts
- Available in several languages
- Poor search function
- Limited order types
| Swissquote | Interactive Brokers | |
|---|---|---|
| Web platform score | ||
| Mobile platform score | ||
| Desktop platform score | - |
Learn more about Swissquote's web trading platform in the detailed Swissquote review.
Markets and products 5 stars
At Swissquote(CH) you can reach many markets and trade with a lot of different product types. At SwissquoteForex (UK) you can trade only Forex and some CFDs.
| Swissquote | Interactive Brokers | |
|---|---|---|
| Stock | Yes | Yes |
| ETF | Yes | Yes |
| Forex | Yes | Yes |
| Fund | Yes | Yes |
| Bond | Yes | Yes |
| Options | Yes | Yes |
| Futures | Yes | Yes |
| CFD | Yes | Yes |
| Crypto | Yes | Yes |
Verdict
Swissquote has a rock solid background. It is Swiss, it is listed, it is a bank. It has two entities, one in the UK and one in Switzerland. If you open an account at the London-based entity, you can trade with forex and CFDs, while the Swiss entity gives you access to a wide range of asset classes from stocks to options.
Swissquote has an easy and fast account opening. We really liked its market and product coverage. There are lot of stocks, mutual funds, and a lot of different type of products from bonds to cryptos.
However, nothing comes for free. The trading fees are relatively high.
All in all, Swissquote is a great provider. As there is no minimum deposit requirements and no inactivity fee, feel free to try it out.
| Swissquote | |
|---|---|
| Summary | Swissquote is Swiss online broker with its own banking background. It is listed on the Swiss exchange and regulated several authorities globally, including the top-tier FCA. |
| Fees score | |
| Recommended for | Affluent investors valuing safety and being ok with higher fees |
Interactive Brokers alternatives
Tradestation
4.4
4 stars
TradeStation is a US broker with a long history dating back to 1982. Its parent company, the Monex Group is listed on the Tokyo stock exchange.
TradeStation is considered safe as it is regulated by a top-tier regulator, the US FINRA. Clients are eligible for the SIPC investor protection scheme which offers up to $500,000 (cash up to $250,000) per account.
Recommended for traders wanting great research tools and preferring the us markets
- Great mobile trading platform
- Wide range of reserach tools
- High-quality educational tools
- Not user-friendly deposit and withdrawal
- No forex
- Bad customer service
Fees 4 stars
TradeStation has low trading fees and there are multiple fee structures to choose from. Non-trading fees, like inactivity fees are high.
- Low trading fees
- More fee structures you can choose from
- High non-trading fees
| Tradestation | Interactive Brokers | |
|---|---|---|
| Apple benchmark fee | $2.2 | $2.2 |
| Vodafone benchmark fee | - | $17.9 |
| EURUSD benchmark fee | - | $23.0 |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Account opening 4 stars
TradeStation account opening is fully digital and user-friendly. On the other hand, it takes more days until your account is approved.
- Fully digital account opening
- User-friendly
- Slow account opening
| Tradestation | Interactive Brokers | |
|---|---|---|
| Minimum deposit | $500 | $0 |
| Time to open account | 1-3 days | 1-3 days |
If you are interested more in Tradestation minimum deposit, this overview will help you.
Deposit and withdrawal 2 stars
TradeStation deposit and withdrawal can be improved. As a plus, the deposit is free. However, you can use only bank transfer and there is a high, $35 withdrawal fee.
- No deposit fee
- Credit/Debit card not available
- Not user-friendly
- High withdrawal fee (for non-US clients $35 /tansaction)
| Tradestation | Interactive Brokers | |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit/Debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $35 | $0 |
Web trading platform 4 stars
TradeStation has a good web trading platform. It is user-friendly with and looks nice. It also offers a great order management. On the flip side, it lacks the alerts and the clear fee reports.
- User-friendly
- Good customizability (for charts, workspace)
- Good variety of order types
- No clear fee report available
- No price alerts
| Tradestation | Interactive Brokers | |
|---|---|---|
| Web platform score | ||
| Mobile platform score | ||
| Desktop platform score |
Learn more about Tradestation's web trading platform in the detailed Tradestation review.
Markets and products 2 stars
TradeStation gives you access to a wide variety of US products. However, its non-US offer is not competitive. The forex, CFDs and cryptos are missing.
| Tradestation | Interactive Brokers | |
|---|---|---|
| Stock | Yes | Yes |
| ETF | Yes | Yes |
| Forex | No | Yes |
| Fund | Yes | Yes |
| Bond | No | Yes |
| Options | Yes | Yes |
| Futures | Yes | Yes |
| CFD | No | Yes |
| Crypto | No | Yes |
Verdict
TradeStation is a great US broker.
The mobile platform is very user-friendly with many functions. It also offers great research tools, including a wide range of analytical tools. Lastly, education is well-structured and high-quality.
On the other hand, the deposit and withdrawal are not user-friendly and you can use only bank transfer. It lacks many asset classes, e.g. forex or CFDs. The customer service can be improved as the response time at email and chat support are very slow.
Feel free to try TradeStation if you prefer Recommended for buy and hold investors with any experience level.
| Tradestation | |
|---|---|
| Summary | TradeStation is a US stockbroker regulated by FINRA, the top-tier US regulator. |
| Fees score | |
| Recommended for | Traders wanting great research tools and preferring the US markets |
Interactive Brokers alternatives
Bottom line
Based on our analysis, there are several good alternatives to Interactive Brokers. They all offer similar products and target similar customers. Here's a recap of the results in a table.
| Broker | Info | Recommended for |
|---|---|---|
| Interactive Brokers | US discount broker | Traders who prefer low fees and a professional trading environment |
| Saxo Bank | Danish investment bank | Investors and traders looking for a great trading platform and solid research |
| DEGIRO | Dutch discount broker | Price-sensitive buy and hold investors and traders looking for only execution |
| Swissquote | Swiss investment bank | Affluent investors valuing safety and being ok with higher fees |
| Tradestation | US stockbroker | Traders wanting great research tools and preferring the US markets |
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