The best alternatives to Interactive Brokers are
- Saxo Bank - Danish investment bank
- DEGIRO - German-Dutch discount broker
- TradeStation Global - UK-based global 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 | TradeStation Global | |
|---|---|---|---|---|
| Overall score | 4.9 | 4.8 | 4.8 | 4.6 |
| Fees score | 4.5 stars | 3.3 stars | 4.6 stars | 3.9 stars |
| Account opening score | 3.2 stars | 2.0 stars | 5.0 stars | 2.5 stars |
| Deposit and withdrawal score | 3.0 stars | 4.8 stars | 3.3 stars | 3.5 stars |
| Web platform score | 4.0 stars | 5.0 stars | 4.0 stars | 4.0 stars |
| Markets and products score | 5.0 stars | 5.0 stars | 3.6 stars | 4.9 stars |
| 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.
Not sure which broker to choose? For a tailored recommendation, check out our broker finder tool. Answer 4 simple questions and get a list of the most relevant brokers.
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 broad market access 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 traders and investors looking for execution only
- TradeStation Global is recommended for traders and investors looking for low fees and a wide selection of products
Important factors of finding Interactive Brokers alternatives
So far BrokerChooser has reviewed 101 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
Saxo Bank
Saxo Bank, a Danish investment bank founded in 1992, provides online trading and investment services. The company is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK's Financial Conduct Authority (FCA).
Saxo Bank is a global service provider and as such it operates a number of separate legal entities in different regions of the world. The services offered by the various entities may differ slightly, especially with respect to fees and product portfolios. In this review, we tested Saxo Markets UK.
Being regulated by top-tier financial authorities, having a long track record and a banking background are all good signs for Saxo Bank's safety.
HEADS UP: Recent issues with account opening – Saxo Bank seems to have a delay in sending you a crucial URL needed to start your account opening. For more info, see Saxo Bank account opening issues in the review's 'Account opening' chapter. Don't want to wait to open an account? Check out some Saxo Bank alternatives.
Recommended for investors and traders looking for a great trading platform and solid research
| Pros | Cons |
|---|---|
| • Great trading platform | • High bond, options and futures fees |
| • Outstanding research | • High minimum deposit |
| • Broad product portfolio | • Lacks live chat and 24/7 availability |
Fees
Saxo Bank has overall average trading and non-trading fees, but the structure is quite mixed, with great differences between the fees for various asset classes.
| Pros | Cons |
|---|---|
| • Low forex fees | • Inactivity fee |
| • Low fund fees | • Custody fee |
| • No withdrawal fee | • High fees for options and futures |
| Saxo Bank | Interactive Brokers | |
|---|---|---|
| Apple benchmark fee | $20.3 | $2.3 |
| Vodafone benchmark fee | $23.1 | $9.1 |
| EURUSD benchmark fee | $7.1 | $10.4 |
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
Saxo's account opening is fully digital, user-friendly and available in most countries. However, the minimum deposit is high in certain countries and verification can be slow.
| Pros | Cons |
|---|---|
| • Fully digital | • Minimum deposit is high in certain countries |
| • User-friendly | • Slow account verification |
| • Available in almost every country |
| Saxo Bank | Interactive Brokers | |
|---|---|---|
| Minimum deposit | $2,000 | $0 |
| Time to open account | >3 days | 1-3 days |
If you are interested more in Saxo Bank minimum deposit, this overview will help you.
Deposit and withdrawal
Saxo Bank provides multiple deposit and withdrawal options free of charge, on a user-friendly interface.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | • Electronic wallets not available |
| • Free withdrawal | |
| • No deposit fee |
| Saxo Bank | Interactive Brokers | |
|---|---|---|
| Bank transfer | Yes | Yes |
| Credit/debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
Saxo Bank's web trading platform is one of the best on the market. Easy to use, the platform also provides features tailored for professionals, such as an advanced order panel.
| Pros | Cons |
|---|---|
| • User-friendly | None |
| • Clear fee report | |
| • Two-step (safer) login |
| Saxo Bank | Interactive Brokers | |
|---|---|---|
| Web platform score | 5.0 stars | 4.0 stars |
| Mobile platform score | 5.0 stars | 3.5 stars |
| Desktop platform score | 5.0 stars | 3.8 stars |
Learn more about Saxo Bank's web trading platform in the detailed Saxo Bank review.
Markets and products
Saxo Bank's product portfolio covers all asset classes and a lot of markets globally. Mutual funds are the only area where the selection could be improved.
| Saxo Bank | Interactive Brokers | |
|---|---|---|
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Forex | Yes | Yes |
| Funds | Yes | Yes |
| Bonds | Yes | Yes |
| Options | Yes | Yes |
| Futures | Yes | Yes |
| CFDs | Yes | Yes |
| Crypto | Yes | Yes |
Verdict
Saxo Bank is a great broker that provides a complex and good service.
It 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 adapted to the needs of clients.
| Saxo Bank | |
|---|---|
| Summary | Saxo Bank is a Danish investment bank. It is regulated by several financial authorities globally, including the top-tier UK FCA. |
| Fees score | 3.3 stars |
| Recommended for | Investors and traders looking for a great trading platform and solid research |
Interactive Brokers alternatives
DEGIRO
DEGIRO is a German-Dutch online discount broker. It was established in 2008 by former employees of another brokerage company in the Netherlands. DEGIRO merged with flatexDEGIRO Bank AG in early 2021, creating the biggest online execution-only broker in Europe with its own banking license.
Check out our DEGIRO review tailored to the needs of beginner investors and traders.
DEGIRO is regulated by top-tier financial authorities such as the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, or BaFin) in Germany.
Disclaimer: Investing involves risk of loss.
Disclaimer for UK clients: Deemed authorised and regulated by the Financial Conduct Authority (FCA). The nature and extent of consumer protections may differ from those applicable to firms based in the UK. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the FCA's website.
Recommended for traders and investors looking for execution only
| Pros | Cons |
|---|---|
| • One of the lowest fees on the market | • Forex not available |
| • Regulated by top-tier authorities | • Limited research tools |
| • Easy-to-use web and mobile platform | • No credit/debit card deposit |
Fees
DEGIRO has low trading fees for all asset classes. Non-trading fees are also low, as there are no inactivity or withdrawal fees. On the negative side, trading US options or futures will come with a €5 monthly fee. If you need currency conversion, a 0.25% fee will apply.
| Pros | Cons |
|---|---|
| • Low fund fees | • €5 monthly fee for trading US derivatives (options and futures) |
| • No inactivity fee | • 0.25% FX conversion fee |
| • Low stock and ETF fees |
| DEGIRO | Interactive Brokers | |
|---|---|---|
| Apple benchmark fee | $1.5 | $2.3 |
| Vodafone benchmark fee | $7.0 | $9.1 |
| EURUSD benchmark fee | - | $10.4 |
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
The account opening process at DEGIRO is fast, fully digital, and no minimum deposit is required.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • No minimum deposit |
| 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
DEGIRO deposits and withdrawals are free of charge via bank transfer. A big drawback though is that you can't deposit funds using a credit or debit card.
| Pros | Cons |
|---|---|
| • Free withdrawal | • Credit/Debit card not available |
| • No deposit fee | |
| • Several account base currencies |
| DEGIRO | Interactive Brokers | |
|---|---|---|
| Bank transfer | Yes | Yes |
| Credit/debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
DEGIRO's web platform is very basic and easy to use, even for beginners. On the negative side, you can't set price alerts.
| Pros | Cons |
|---|---|
| • User-friendly | • Limited customizability (for charts, workspace) |
| • Clear fee report | • No price alerts |
| • Two-step (safer) login |
| DEGIRO | Interactive Brokers | |
|---|---|---|
| Web platform score | 4.0 stars | 4.0 stars |
| Mobile platform score | 4.5 stars | 3.5 stars |
| Desktop platform score | - | 3.8 stars |
Learn more about DEGIRO's web trading platform in the detailed DEGIRO review.
Markets and products
At DEGIRO, you can access many markets and trade a lot of different products. CFDs and forex are not available, though.
| DEGIRO | Interactive Brokers | |
|---|---|---|
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Forex | No | Yes |
| Funds | Yes | Yes |
| Bonds | Yes | Yes |
| Options | Yes | Yes |
| Futures | Yes | Yes |
| CFDs | No | Yes |
| Crypto | No | Yes |
Verdict
DEGIRO is a good choice if you want a simple platform and don’t want to spend too much on fees.
Transaction costs are generally very low. In addition, the account opening process is fast.
On the other hand, as DEGIRO is an execution-only broker, its research tools are limited. We should also mention that it offers no forex trading, and most clients can only deposit and withdraw by bank transfer.
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.
| DEGIRO | |
|---|---|
| Summary | DEGIRO is a discount broker that merged with flatexDEGIRO Bank AG and is supervised by the German financial regulator. |
| Fees score | 4.6 stars |
| Recommended for | Traders and investors looking for execution only |
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Interactive Brokers alternatives
TradeStation Global
TradeStation Global is a brand of TradeStation International Ltd, which is based in the UK and is regulated by the top-tier Financial Conduct Authority (FCA).
TradeStation Global is a combined product offered by Interactive Brokers (IB) and TradeStation for clients outside the EU/EEA. Here are its most important elements:
- The account opening, deposit/withdrawal options, and available products are the same as at Interactive Brokers.
- You can use both Interactive Brokers's and TradeStation's own desktop platform.
- TradeStation Global charges its own fees, and offers its own customer support and educational tools.
Both Interactive Brokers and TradeStation are reputable brokers, regulated by top-tier financial authorities. While Interactive Brokers is listed on the NASDAQ, TradeStation itself is not: only TradeStation's parent company Monex is listed, on the Tokyo Stock Exchange.
Recommended for traders and investors looking for low fees and a wide selection of products
| Pros | Cons |
|---|---|
| • Low stock and ETF fees | • Only bank transfer allowed for deposit and withdrawal |
| • Wide range of products | • Complicated account opening |
| • Fast customer service | • Limited education materials |
Fees
TradeStation Global has low trading fees, especially for stocks and ETFs. There's no inactivity fee and the first withdrawal each month is free. However, mutual fund fees are high.
| Pros | Cons |
|---|---|
| • Low trading fees | • High fund fees |
| • Low non-trading fees |
| TradeStation Global | Interactive Brokers | |
|---|---|---|
| Apple benchmark fee | $3.3 | $2.3 |
| Vodafone benchmark fee | $5.5 | $9.1 |
| EURUSD benchmark fee | $10.4 | $10.4 |
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
TradeStation Global's account opening is fully digital and fast, but the process is complicated, and there's a high $1,000 minimum deposit required in order to use TSG's own desktop platform.
| Pros | Cons |
|---|---|
| • Fast | • $1,000 minimum deposit required for desktop platform |
| • Fully digital | • Not user-friendly |
| TradeStation Global | Interactive Brokers | |
|---|---|---|
| Minimum deposit | $1,000 | $0 |
| Time to open account | 1 day | 1-3 days |
If you are interested more in TradeStation Global minimum deposit, this overview will help you.
Deposit and withdrawal
TradeStation Global offers many account base currency options and one free withdrawal per month. The main drawback is that you can only use bank transfer.
| Pros | Cons |
|---|---|
| • No deposit fee | • Credit/Debit card not available |
| • Several account base currencies | |
| • No charge for the first withdrawal each month. |
| TradeStation Global | Interactive Brokers | |
|---|---|---|
| Bank transfer | Yes | Yes |
| Credit/debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
You can use your TradeStation Global account to log in to the Interactive Brokers web trading platform. The TSG Client Portal is simple and easy to use even for beginners.
| Pros | Cons |
|---|---|
| • User-friendly | • User experience could be better |
| • Clear fee report | |
| • Two-step (safer) login |
| TradeStation Global | Interactive Brokers | |
|---|---|---|
| Web platform score | 4.0 stars | 4.0 stars |
| Mobile platform score | 3.5 stars | 3.5 stars |
| Desktop platform score | 4.0 stars | 3.8 stars |
Learn more about TradeStation Global's web trading platform in the detailed TradeStation Global review.
Markets and products
With TradeStation Global, you can access the same range of product types and exchanges as at Interactive Brokers. This selection is one of the widest among online brokers.
| TradeStation Global | Interactive Brokers | |
|---|---|---|
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Forex | Yes | Yes |
| Funds | Yes | Yes |
| Bonds | Yes | Yes |
| Options | Yes | Yes |
| Futures | Yes | Yes |
| CFDs | Yes | Yes |
| Crypto | Yes | Yes |
Verdict
TradeStation Global has low stock/ETF fees, provides access to a lot of products and markets and has great customer support. The TradeStation Global desktop platform has great charting tools, plenty of indicators, highly customizable watchlists (Radar Screen) and a great programming tool (EasyLanguage).
On the other hand, the deposit and withdrawal process is not user-friendly and you can use only bank transfer. The account opening is complicated, and for full account verification to use the TSG desktop trading platform, a minimum deposit of $1,000 is required.
If you want access to IB's product range and an account with a slightly different fee structure, feel free to try TradeStation Global.
| TradeStation Global | |
|---|---|
| Summary | TradeStation Global is an introducing broker of Interactive Brokers. This practically means that assets and cash are held with Interactive Brokers, but services like fees and customer support are provided by TradeStation Global. TradeStation Global is regulated by the top-tier UK FCA. |
| Fees score | 3.9 stars |
| Recommended for | Traders and investors looking for low fees and a wide selection of products |
Interactive Brokers alternatives
Interactive Brokers
Interactive Brokers, one of the biggest US-based discount brokers, was founded in 1977. 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).
Given that the broker has licenses from multiple top-tier regulators, Interactive Brokers is considered safe. The fact that it has a long track record and publicly disclosed financials while being listed on a stock exchange all point to IB being a safe service provider.
Interactive Brokers recently launched a new app for global stock trading: read our review of IBKR GlobalTrader.
In addition, Interactive Brokers also has an app you can use for ESG investing: read our review of IMPACT by Interactive Brokers.
Recommended for traders looking for broad market access and a professional trading environment
| Pros | Cons |
|---|---|
| • Low trading fees | • Complicated account opening process |
| • Wide range of products | • Complex desktop trading platform |
| • Many great research tools | • Understaffed customer service |
Fees
Interactive Brokers has low trading fees and the best margin rates in the industry. For US clients, stock and ETF trading is free if they choose the Lite plan.
| Pros | Cons |
|---|---|
| • Low trading fees | None |
| • Free stock and ETF trading for US clients | |
| • Low margin rates |
| Interactive Brokers | Saxo Bank | DEGIRO | TradeStation Global | |
|---|---|---|---|---|
| US stock | $1.0 | $10.0 | $0.6 | $1.5 |
| UK stock | $4.2 | $11.2 | $3.2 | $2.4 |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k
Account opening
IB's account opening process is fully digital and the required minimum deposit is low. On the negative side, the process is complicated and account verification takes relatively long.
| Pros | Cons |
|---|---|
| • Fully digital | • Not user-friendly |
| • No minimum deposit for most account types |
| Interactive Brokers | Saxo Bank | DEGIRO | TradeStation Global | |
|---|---|---|---|---|
| Minimum deposit | $0 | $2,000 | $0 | $1,000 |
| Time to open account | 1-3 days | >3 days | 1 day | 1 day |
Learn more about Interactive Brokers minimum deposit here.
Deposit and withdrawal
Interactive Brokers offers several account base currencies and one free withdrawal per month. The main drawback is that you can only use bank transfer.
| Pros | Cons |
|---|---|
| • No deposit fee | • Credit/Debit card not available |
| • Several account base currencies | |
| • First withdrawal free each month |
| Interactive Brokers | Saxo Bank | DEGIRO | TradeStation Global | |
|---|---|---|---|---|
| Bank transfer | Yes | Yes | Yes | Yes |
| Credit/debit card | No | No | No | No |
| Electronic wallets | No | No | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 |
Web trading platform
The Interactive Brokers web platform is simple and easy to use, even for beginners, however there are some minor but annoying glitches.
| Pros | Cons |
|---|---|
| • User-friendly | • User experience could be better |
| • Clear fee report | |
| • Two-step (safer) login |
| Interactive Brokers | Saxo Bank | DEGIRO | TradeStation Global | |
|---|---|---|---|---|
| Web platform score | 4.0 stars | 5.0 stars | 4.0 stars | 4.0 stars |
| Mobile platform score | 3.5 stars | 5.0 stars | 4.5 stars | 3.5 stars |
| Desktop platform score | 3.8 stars | 5.0 stars | - | 4.0 stars |
Learn more about Interactive Brokers's web trading platform in the detailed Interactive Brokers review.
Markets and products
At Interactive Brokers, you have access to an extremely wide range of markets and all product types are available.
| Interactive Brokers | Saxo Bank | DEGIRO | TradeStation Global | |
|---|---|---|---|---|
| Stocks | Yes | Yes | Yes | Yes |
| ETFs | Yes | Yes | Yes | Yes |
| Forex | Yes | Yes | No | Yes |
| Funds | Yes | Yes | Yes | Yes |
| Bonds | Yes | Yes | Yes | Yes |
| Options | Yes | Yes | Yes | Yes |
| Futures | Yes | Yes | Yes | Yes |
| CFDs | Yes | Yes | No | Yes |
| Crypto | Yes | Yes | No | Yes |
Verdict
Interactive Brokers is one of the biggest US-based discount brokers, regulated by several top-tier regulators globally. We recommend this broker both for advanced traders and for everyday investors who want to have access to many stock markets.
On the plus side, IB offers very low fees, a vast range of markets and products, and diverse research tools.
There are some drawbacks, though. We weren't satisfied with the quaity of the customer service and the account opening process is complicated. Unlike the web and mobile platforms, the desktop platform is complex and hard to get a handle on, especially for beginners.
If you have experience navigating complex platforms and enjoy transparent, low-cost trading, Interactive Brokers is a great fit for you.
| Interactive Brokers | |
|---|---|
| Summary | Interactive Brokers is a US discount broker. It is listed on a stock exchange and regulated by several authorities, including top-tier ones like the FCA and the SEC. |
| Fees score | 4.5 stars |
| Recommended for | Traders looking for broad market access and a professional trading environment |
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 | International broker providing all asset classes | Traders looking for broad market access and a professional trading environment |
| Saxo Bank | Danish investment bank | Investors and traders looking for a great trading platform and solid research |
| DEGIRO | German-Dutch discount broker | Traders and investors looking for execution only |
| TradeStation Global | UK-based global stockbroker | Traders and investors looking for low fees and a wide selection of products |
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