Interactive Brokers Alternatives

The best alternatives to Interactive Brokers are

1. Saxo Bank - Danish investment bank
2. DEGIRO - Dutch discount broker
3. Swissquote - Swiss investment bank
4. Tradestation - US stockbroker

Let's see in a bit more detail how the Interactive Brokers alternatives compare to Interactive Brokers and each other:

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 looking for 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 only to carry out transactions
• Swissquote is recommended for affluent investors who value safety and are ok with higher fees
• Tradestation is recommended for traders focusing on us markets and buy-and-hold investing

Important factors of finding Interactive Brokers alternatives

So far BrokerChooser has reviewed 63 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 was founded in 1978 and is one of the biggest US-based discount brokers. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).

As it has licenses from multiple top-tier regulators, the broker is considered safe. Also, having a long track record and publicly disclosed financials while being listed on a stock exchange are also great signs for its safety.

Recommended for traders looking for low fees and a professional trading environment

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Fees

4.3

Interactive Brokers has low trading fees and for US clients, stock and ETF trading is free. On the negative side, there is a high inactivity fee for non-US clients.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k

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Account opening

3.4

IB's account opening process is fully digital and the required minimum deposit is low. On the negative side, the online registration is complicated and account verification takes around 2 business days.

Learn more about Interactive Brokers minimum deposit here.

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Deposit and withdrawal

2.5

Interactive Brokers offers many account base currency options and one free withdrawal per month. The main drawbacks are that you can only use bank transfer and the process is not user-friendly.

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Web trading platform

4.3

Interactive Brokers's web platform is simple and easy to use even for beginners. On the negative side, it is not customizable.

Learn more about Interactive Brokers's web trading platform in the detailed Interactive Brokers review.

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Markets and products

5.0

Through Interactive Brokers you can access an extremely wide range of markets, with every product type available.

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Verdict

Interactive Brokers is one of the biggest US-based discount brokers, regulated by several top-tier regulators globally. We recommend this broker for advanced traders.

On the plus side, IB has a vast range of markets and products available, with diverse research tools and low costs. 

There are some drawbacks though: there is a high inactivity fee and the account opening process is complicated. The desktop platform is complex and hard-to-understand, especially for beginners.

If you have experience navigating complex platforms and you like transparent low-cost trading, Interactive Brokers could be a great fit for you.

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Saxo Bank is a Danish investment bank founded in 1992, providing online trading and investments. The company is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK Financial Conduct Authority (FCA). 

Saxo Bank is a global service provider. In the different regions, its subsidiaries are present in the form of separate legal entities. The services offered by each entity might change slightly especially in case of their fees and products available to trade. In this review, we tested Saxo Bank UK.

Saxo Bank is considered safe because it has a long track record, has a banking background, and is regulated by top-tier financial authorities.

Recommended for investors and traders looking for a great trading platform and solid research

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Fees

2.9

Saxo Bank has average trading and non-trading fees overall. The fees for forex, mutual funds and stock index CFDs are low, while they are average for real stocks, ETFs or stock CFDs. Bond, options and futures fees are high.

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

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Account opening

2.6

Saxo's account opening is fully digital, user-friendly, and available in most of the world. On the other hand, the minimum deposit is high in certain countries, and account verification can take longer.

If you are interested more in Saxo Bank minimum deposit, this overview will help you.

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Deposit and withdrawal

4.8

Saxo provides multiple deposit and withdrawal options free of charge on a user-friendly interface.

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Web trading platform

5.0

Saxo Bank's web trading platform is one of the best among online brokers. It's easy to use, but also provides features favored by professionals, such as an advanced order panel.

Learn more about Saxo Bank's web trading platform in the detailed Saxo Bank review.

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Markets and products

5.0

Saxo Bank's product portfolio is great. It covers all asset classes and a lot of markets globally. Mutual funds and crypto are the only areas where its selection could be improved.

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Verdict

Saxo Bank is a great broker, providing a complex and good service.

Saxo offers a user-friendly and well-designed trading platform, backed by great research. The product portfolio covers all asset types and many international markets.

It has some drawbacks though. The fees for bonds, options and futures are high. There is also a high minimum deposit for certain countries. Lastly, there is no live chat or 24/7 customer support.

In general, Saxo Bank is one of the best online brokerage companies out there. By opening an account, you will get a broad, well-developed service constantly responding to the needs of clients.

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Compare to best alternative

Disclaimer: As of March 25, 2020, DEGIRO has introduced a temporary waiting list for new client registrations, until further notice. This is due to the surge of new registrations amid the ongoing heavy market volatility. Because of this situation, the account creation process may take much longer, although it is uncertain how long exactly. We will update the review as we find out more details. Be also aware that investing involves a risk of loss.

DEGIRO is a Dutch online discount broker. It is privately owned and was established in 2008 by former employees of another brokerage company.

DEGIRO is regulated by top-tier financial authorities, the Netherlands Authority for the Financial Markets (AFM) and the Dutch Central Bank (DNB). It is registered with the Chamber of Commerce and Industry in Amsterdam.

Recommended for price-sensitive buy-and-hold investors and traders looking only to carry out transactions

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Fees

5.0

DEGIRO has low trading and non-trading fees. In most asset classes, it is the best on the market. There are some ETFs that you can trade once a month for free, which is a great deal for buy-and-hold investors.

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

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Account opening

3.8

At DEGIRO, no minimum deposit is required. On the other hand, as of March 25, 2020, DEGIRO has introduced a waiting list for new accounts. To test this, we have applied for multiple accounts, but sadly we are still on the waiting list and could not proceed.

If you are interested more in DEGIRO minimum deposit, this overview will help you.

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Deposit and withdrawal

3.3

DEGIRO deposits and withdrawals are free of charge via bank transfer. On the other hand, you cannot deposit with credit or debit card.

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Web trading platform

4.0

DEGIRO's web platform is simple and easy to use. Even beginners can easily navigate it and buy stocks. On the negative side, you cannot set price alerts.

Learn more about DEGIRO's web trading platform in the detailed DEGIRO review.

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Markets and products

3.6

At DEGIRO you can access many markets and trade with a lot of different products. CFD and forex are not available.

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Verdict

DEGIRO is a good choice if you want a simple platform and don’t want to spend too much on fees.

It is far cheaper than its big European competitors and only TradeStation Global comes close to competing with DEGIRO's fees. The account opening process is also fast, you will usually have your account ready to use within a day. It is also one of the best trading platforms for Europeans.

However, its low prices come with some shortfalls. Education and research tools are limited, there is no forex trading, and you can only deposit and withdraw money by bank transfer. Also, there is a waiting list for new accounts at the moment.

All in all, DEGIRO is a great online broker. There is no minimum deposit and no inactivity fee, so feel free to go ahead and give it a try.

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Swissquote is a Swiss investment bank established in 1996. It has two main trading arms: a Swiss unit for trading stocks, funds, options and futures and a company in the UK for CFDs and forex.

Formally, Swissquote Bank Ltd is based in Switzerland and is regulated by the Swiss Financial Market Supervisory Authority (FINMA), the country's financial regulator.

The other entity, Swissquote Ltd, is UK-based and offers CFDs and forex. It is regulated by the Financial Conduct Authority (FCA), the UK's financial authority.

Swissquote is considered safe because Swissquote Bank Ltd has a banking license, it is listed on the Swiss stock exchange, discloses detailed financials regularly and it has a long track record.

For clarity, in this review we focus on the Swiss entity, but also discuss services of the UK arm, especially in the case of CFD and forex trading. To make it clear which company we are talking about, we will refer to the Swiss entity as "Swissquote (CH)" and to the UK-based entity as "Swissquote Forex (UK)".

Recommended for affluent investors who value safety and are ok with higher fees

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Fees

2.3

Swissquote doesn't charge an inactivity fee and you can trade an impressive selection of funds for favorable fees. On the other hand, trading fees are generally high, including for stocks and ETFs, and there is a fee for withdrawing your money.

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

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Account opening

4.0

Swissquote offers a fully digital account opening, although we encountered some technical difficulties during the identification process. There is no minimum deposit for trading accounts, but a high minimum for forex and robo-advisory accounts.

If you are interested more in Swissquote minimum deposit, this overview will help you.

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Deposit and withdrawal

4.1

Depositing at Swissquote is quick with credit/debit card and can be done in several base currencies. On the negative side, you can only withdraw money via bank transfer.

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Web trading platform

4.2

The Swissquote (CH) eTrading platform has a lot of functions, so many that sometimes it can get complicated. Customizability is good and a there is a clear overview of trading fees, but you may run into some bugs.

Learn more about Swissquote's web trading platform in the detailed Swissquote review.

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Markets and products

4.9

At Swissquote (CH) you have access to many markets and trade with a lot of different product types. At Swissquote Forex (UK) you can trade only forex and some CFDs.

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Verdict

Swissquote is an investment bank with a rock-solid background:

• It is Swiss,
• it is listed on an exchange
• and it is a bank. 

It has two main entities, one in the UK and one in Switzerland. If you open an account at the London-based entity you can trade forex and CFDs, while the Swiss entity gives you access to asset classes ranging from stocks to options.

Swissquote offers a broad range of products across many markets. There are many stocks, mutual funds, and a lot of different other types of products, from bonds to cryptos.

However, nothing comes for free: Swissquote's trading fees are relatively high. 

All in all, Swissquote is a great stockbroker. As you can trade many products and no inactivity fee is charged, feel free to give it a try.

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Tradestation is a US stockbroker founded in 1982. It is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Clients are eligible for up to $500,000 (cash up to $250,000) investor protection per account.

Tradestation is considered safe because it has a long track record, discloses its financials, and its parent company, the Monex Group is listed on the Tokyo stock exchange.

Recommended for traders focusing on us markets and buy-and-hold investing

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Fees

4.3

Tradestation has low trading fees and high non-trading fees. You can choose from multiple fee structures, but you still have to pay withdrawal.

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

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Account opening

5.0

Tradestation account opening is fully digital, user-friendly, and fast. On the other hand, the minimum deposit is $500 and multiple base currencies are only available for futures accounts.

If you are interested more in Tradestation minimum deposit, this overview will help you.

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Deposit and withdrawal

1.8

Tradestation's deposit and withdrawal could be better. For example, you can only use bank transfer and there is a high withdrawal fee. On the upside, the deposit is free and withdrawal through wire transfer is fast.

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Web trading platform

4.5

Tradestation has a good web trading platform. It is user-friendly and it looks nice, and it provides a two-step verification. On the flip side, it lacks price alerts.

Learn more about Tradestation's web trading platform in the detailed Tradestation review.

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Markets and products

2.7

Tradestation gives you access to a wide variety of US products, but its non-US market coverage is not competitive. Also, forex and CFDs are missing.

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Verdict

Tradestation is a great US broker.

The web and mobile platforms are very user-friendly with many functions. It also offers low stock and ETF trading fees. 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. There is no forex trading, and the customer service is of poor quality.

Feel free to try Tradestation if you prefer trading on US markets. We recommend it for buy and hold investors with some experience.

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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.

Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.