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 | 4.9 | 4.8 | 4.7 | 4.7 | 4.7 |
| Fees score | 4.3 stars | 2.9 stars | 5.0 stars | 2.3 stars | 4.3 stars |
| Account opening score | 3.4 stars | 2.5 stars | 5.0 stars | 4.0 stars | 5.0 stars |
| Deposit and withdrawal score | 2.5 stars | 4.8 stars | 3.3 stars | 4.1 stars | 1.8 stars |
| Web platform score | 4.3 stars | 5.0 stars | 3.9 stars | 4.3 stars | 4.5 stars |
| Markets and products score | 5.0 stars | 5.0 stars | 3.6 stars | 5.0 stars | 2.7 stars |
| Find out more | Find out more | Find out more | Find out more | Find out more |
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 71 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
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, Interactive Brokers is considered safe. 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
| Pros | Cons |
|---|---|
| • Low trading fees | • Complicated account opening process |
| • Wide range of products | • Complex desktop trading platform |
| • Many great research tools | • High inactivity fee |
Fees
Interactive Brokers has low trading fees; while for US clients, stock and ETF trading is free. On the negative side, there is a high inactivity fee for non-US clients.
| Pros | Cons |
|---|---|
| • Low trading fees | • Inactivity fee |
| • Low stock and ETF fees | |
| • Free stock and ETF trading for US clients | |
| • Low margin rates |
| Interactive Brokers | Saxo Bank | DEGIRO | Swissquote | Tradestation | |
|---|---|---|---|---|---|
| US stock | $1.0 | $10.0 | $0.6 | $25.0 | $1.0 |
| UK stock | $7.2 | $9.6 | $2.4 | $30.0 | - |
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 | • Confusing messages throughout the process |
| Interactive Brokers | Saxo Bank | DEGIRO | Swissquote | Tradestation | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $10,000 | $0 | $0 | $1 |
| Time to open account | 1-3 days | >3 days | 1 day | 1 day | 1 day |
Learn more about Interactive Brokers minimum deposit here.
Deposit and withdrawal
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.
| Pros | Cons |
|---|---|
| • No deposit fee | • Credit/Debit card not available |
| • Several account base currencies | • Not user-friendly |
| • First withdrawal each month free |
| 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 | $0 |
Web trading platform
Interactive Brokers's web platform is simple and easy to use, even for beginners. On the negative side, it is not customizable.
| Pros | Cons |
|---|---|
| • User-friendly | • Limited customizability (for charts, workspace) |
| • Clear fee report | |
| • Two-step (safer) login |
| Interactive Brokers | Saxo Bank | DEGIRO | Swissquote | Tradestation | |
|---|---|---|---|---|---|
| Web platform score | 4.3 stars | 5.0 stars | 3.9 stars | 4.3 stars | 4.5 stars |
| Mobile platform score | 3.5 stars | 5.0 stars | 4.4 stars | 4.7 stars | 4.8 stars |
| Desktop platform score | 3.0 stars | 5.0 stars | - | 3.3 stars | 2.5 stars |
Learn more about Interactive Brokers's web trading platform in the detailed Interactive Brokers review.
Markets and products
Through Interactive Brokers you can access an extremely wide range of markets and all product types are 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 | Yes | Yes | Yes | Yes |
| Bond | Yes | Yes | Yes | Yes | Yes |
| Options | Yes | Yes | Yes | Yes | Yes |
| Futures | Yes | Yes | Yes | Yes | Yes |
| CFD | Yes | Yes | No | Yes | No |
| Crypto | Yes | Yes | Yes | Yes | Yes |
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 low fees, a vast range of markets and products available with diverse research tools.
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 get a handle on, especially for beginners.
If you have experience navigating complex platforms and enjoy transparent, low-cost trading, Interactive Brokers could be 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 | 4.3 stars |
| Recommended for | Traders looking for low fees and a professional trading environment |
Interactive Brokers alternatives
Saxo Bank
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
| 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 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.
| Pros | Cons |
|---|---|
| • Low fund fees | • Inactivity fee |
| • No withdrawal fee | • High bond, options and futures fees |
| • Transparent fee structure | |
| • Lower fees for Platinum and VIP clients |
| Saxo Bank | Interactive Brokers | |
|---|---|---|
| Apple benchmark fee | $20.2 | $2.2 |
| Vodafone benchmark fee | $19.7 | $14.9 |
| EURUSD benchmark fee | $15.7 | $17.9 |
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
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.
| 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 | $10,000 | $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 provides multiple deposit and withdrawal options free of charge on a user-friendly interface.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | • Electronic wallets are not available for deposit or withdrawal |
| • 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 among online brokers. It's easy to use, but also provides features favored by 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 | 4.3 stars |
| Mobile platform score | 5.0 stars | 3.5 stars |
| Desktop platform score | 5.0 stars | 3.0 stars |
Learn more about Saxo Bank's web trading platform in the detailed Saxo Bank review.
Markets and products
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.
| Saxo Bank | 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
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.
| Saxo Bank | |
|---|---|
| Summary | Saxo Bank is a Danish investment bank. It is regulated by more than 10 financial authorities, including the top-tier UK FCA. |
| Fees score | 2.9 stars |
| Recommended for | Investors and traders looking for a great trading platform and solid research |
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Interactive Brokers alternatives
DEGIRO
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 such as 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.
As of July 2020, DEGIRO no longer keeps a waiting list for new clients.
Recommended for price-sensitive buy-and-hold investors and traders looking only to carry out transactions
| Pros | Cons |
|---|---|
| • One of the lowest fees on the market | • Forex not available |
| • Regulated by multiple top-tier regulators | • Limited research and education |
| • Easy-to-use web and mobile platform | • No credit/debit card deposit |
Fees
DEGIRO has low trading and non-trading fees. In most asset classes, it is the best on the market. You can trade some ETFs for free once a month - a great deal for buy-and-hold investors.
| Pros | Cons |
|---|---|
| • Low trading fees | • Higher trading fees for Asian and smaller European stock exchanges |
| • Low non-trading fees | |
| • Low stock and ETF fees |
| DEGIRO | Interactive Brokers | |
|---|---|---|
| Apple benchmark fee | $1.4 | $2.2 |
| Vodafone benchmark fee | $5.3 | $14.9 |
| EURUSD benchmark fee | - | $17.9 |
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
DEGIRO no longer keeps a waiting list for new users, and no minimum deposit is required. The account creation process is once again fast and fully digital.
| 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. On the other hand, you cannot 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 simple and easy to use, even for beginners. On the negative side, you cannot 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 | 3.9 stars | 4.3 stars |
| Mobile platform score | 4.4 stars | 3.5 stars |
| Desktop platform score | - | 3.0 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. CFD and forex are not available, though.
| 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 | No | Yes |
| Crypto | Yes | 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. DEGIRO also has one of the best trading platforms for Europeans. In addition, the account opening process is now fast again, as a recent temporary waiting list has been scrapped.
On the other hand, education and research tools are limited. We should also mention that there is 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 Dutch discount broker established in 2008. It is regulated by the Dutch FMA. As of March 25, 2020, DEGIRO introduced a waiting list for new customers. Longer than usual account opening times are expected. |
| Fees score | 5.0 stars |
| Recommended for | Price-sensitive buy-and-hold investors and traders looking only to carry out transactions |
Interactive Brokers alternatives
Swissquote
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 trading. 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 has a long track record.
In this review, we focus mainly 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
| Pros | Cons |
|---|---|
| • Access to many markets and products | • High trading fees |
| • No inactivity fee | • Confusing trading platform selection |
| • Rock-solid background | • Some research tools are not free |
Fees
Swissquote charges no inactivity fee and you can trade an impressive selection of funds for favorable fees. On the other hand, trading fees are generally high, including stocks and ETFs fees, and there is a fee for withdrawing your money.
| Pros | Cons |
|---|---|
| • Low fund fees | • High trading fees |
| • No inactivity fee | • High stock and ETF fees |
| • Low financing rate | • High bond fees |
| • Withdrawal fee at Swissquote (CH) |
| Swissquote | Interactive Brokers | |
|---|---|---|
| Apple benchmark fee | $50.2 | $2.2 |
| Vodafone benchmark fee | $60.5 | $14.9 |
| EURUSD benchmark fee | $16.3 | $17.9 |
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
Swissquote offers a fully digital account opening process, although we encountered wait times. There is no minimum deposit for trading accounts, but a high minimum for forex and robo-advisory accounts.
| Pros | Cons |
|---|---|
| • Fully digital | • Long wait times |
| • No minimum deposit for trading account | • Forex and robo-advisor accounts have high minimum |
| 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
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, and the Swiss entity charges fees.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | • Swiss entity charges withdrawal and deposit fees |
| • Several account base currencies |
| Swissquote | Interactive Brokers | |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit/Debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $10 | $0 |
Web trading platform
The Swissquote (CH) eTrading platform has a lot of functions, so many that sometimes it can get complicated. Customizability is good and there is a clear overview of trading fees, but it's easy to get lost on the platform.
| Pros | Cons |
|---|---|
| • Clear fee report | • Easy to get lost among functions |
| • Two-step (safer) login | |
| • Good search function |
| Swissquote | Interactive Brokers | |
|---|---|---|
| Web platform score | 4.3 stars | 4.3 stars |
| Mobile platform score | 4.7 stars | 3.5 stars |
| Desktop platform score | 3.3 stars | 3.0 stars |
Learn more about Swissquote's web trading platform in the detailed Swissquote review.
Markets and products
At Swissquote (CH) you can access many markets and trade with a lot of different product types. At Swissquote Forex (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 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 assets 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 is 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.
| Swissquote | |
|---|---|
| Summary | Swissquote is a Swiss online broker with a banking license. It is listed on the Swiss stock exchange and regulated by several authorities globally, including the top-tier UK FCA. |
| Fees score | 2.3 stars |
| Recommended for | Affluent investors who value safety and are OK with higher fees |
Interactive Brokers alternatives
Tradestation
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
| Pros | Cons |
|---|---|
| • Great web and mobile trading platform | • Not user-friendly deposit and withdrawal |
| • Low stock and ETF fees | • No forex trading |
| • High-quality educational tools | • Poor customer service |
Fees
Tradestation has low trading fees and you can choose from multiple fee structures. On the negative side, withdrawals are costly.
| Pros | Cons |
|---|---|
| • Low trading fees | • High non-trading fees |
| • Low stock and ETF fees | • Withdrawal fee |
| • Multiple fee structures to choose from |
| Tradestation | Interactive Brokers | |
|---|---|---|
| Apple benchmark fee | $2.2 | $2.2 |
| Vodafone benchmark fee | - | $14.9 |
| EURUSD benchmark fee | - | $17.9 |
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
Tradestation account opening is fully digital, user-friendly, and fast. On the other hand, the base currency can be only USD (with the exception of the futures account).
| Pros | Cons |
|---|---|
| • Fast | • Multiple base currencies only for futures accounts |
| • Fully digital | |
| • No minimum deposit |
| Tradestation | Interactive Brokers | |
|---|---|---|
| Minimum deposit | $1 | $0 |
| Time to open account | 1 day | 1-3 days |
If you are interested more in Tradestation minimum deposit, this overview will help you.
Deposit and withdrawal
Tradestation's deposit and withdrawal could be better. Although there is no deposit fee and the process is user-friendly, you can use only bank transfer; and the fee for bank transfer withdrawals (wire transfers) is high.
| Pros | Cons |
|---|---|
| • No deposit fee | • Credit/Debit card not available |
| • Several account base currencies | • High fee for wire withdrawal |
| • Deposit and withdrawal in cryptocurrencies |
| Tradestation | Interactive Brokers | |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit/Debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
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.
| Pros | Cons |
|---|---|
| • User-friendly | • No price alerts |
| • Clear fee report | |
| • Two-step (safer) login |
| Tradestation | Interactive Brokers | |
|---|---|---|
| Web platform score | 4.5 stars | 4.3 stars |
| Mobile platform score | 4.8 stars | 3.5 stars |
| Desktop platform score | 2.5 stars | 3.0 stars |
Learn more about Tradestation's web trading platform in the detailed Tradestation review.
Markets and products
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.
| Tradestation | Interactive Brokers | |
|---|---|---|
| Stock | Yes | Yes |
| ETF | Yes | Yes |
| Forex | No | Yes |
| Fund | Yes | Yes |
| Bond | Yes | Yes |
| Options | Yes | Yes |
| Futures | Yes | Yes |
| CFD | No | Yes |
| Crypto | Yes | Yes |
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.
| Tradestation | |
|---|---|
| Summary | TradeStation is a US stockbroker regulated by FINRA, a top-tier US regulatory body. |
| Fees score | 4.3 stars |
| Recommended for | Traders focusing on US markets and buy-and-hold investing |
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 looking for 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 only to carry out transactions |
| Swissquote | Swiss investment bank | Affluent investors who value safety and are OK with higher fees |
| Tradestation | US stockbroker | Traders focusing on US markets and buy-and-hold investing |
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