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Interactive Brokers alternatives

If you’re looking for a trading platform that’s similar to Interactive Brokers, here are some options to consider.

Our pick: Tastyworks

Tastyworks logo
  • Trade stocks, ETFs, options and futures
  • Advanced charting, tools
  • Access to Tastytrade educational resources
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Interactive Brokers offers low fees for active and professional investors. But its advanced charting tools and $20,000 net worth requirement might be too intimidating for some traders. Here are five trading platforms that give Interactive Brokers a run for their money.

Alternatives to Interactive Brokers

These brokers are strong competitors that deliver similar — if not better — features.

TD Ameritrade

TD Ameritrade

4.37 / 5 ★★★★★

Go to site
on TD Ameritrade's secure website
TD Ameritrade is a full-service broker that gives you access to a suite of tools and educational resources to get started. But its real-time market research makes the platform robust enough to grow with you as you gain trading experience. And TD Ameritrade's tools and research can hold their own against Interactive Brokers. For example, you'll get technical analysis tools, such as candlestick charts, and market analysis reports to compare asset performance.

While TD Ameritrade doesn't have the same third-party software integrations and access to international markets as Interactive Brokers, casual traders won't get hit with an inactivity fee. What's more, if you need some extra help, you can get advice on your portfolio through its brokerage services, including robo-advising or speaking with an investment advisor.

Account typesBrokerage, Retirement
Option trade fee$0 + $0.65/contract,
or $25 broker-assisted
Asset typesStocks, Bonds, Options, Mutual funds, ETFs, Currencies

WeBull

Webull

4.4 / 5 ★★★★★

Go to site
on Webull's secure website
Webull and Interactive Brokers go toe-to-toe in many areas. For example, both platforms have comprehensive analysis tools, including customizable technical charts and real-time market data, that work well for day traders and short-term investors. And both offer paper trading accounts for market simulations, so you can test out new trading strategies before you put any real money on the line.

The biggest kicker is Webull's extended-hours trading, which makes the full trading day from 4 am to 8 pm. Only Interactive Brokers Pro customers can get such an early head start.

Account typesBrokerage, Retirement
Annual fee0%
Option trade fee$0
Asset typesStocks, Options, ETFs

Fidelity

Fidelity Brokerage Account

4.18 / 5 ★★★★★

Fidelity is an adaptable platform that appeals to all types of investors — new or experienced. Its platform is more intuitive with a user-friendly interface, so it doesn't scare off beginners. And more experienced investors can customize its desktop version to make their own trading powerhouse.

While Fidelity offers similar trading fees as Interactive Brokers, it sets itself apart with its Cash Management Account (CMA), which can be linked to your brokerage accounts. The CMA comes with a Visa debit card, free checks and unlimited ATM fee reimbursements throughout the United States.

Account typesBrokerage, Retirement
Option trade fee$0 + $0.65/contract
Asset typesStocks, Bonds, Options, Mutual funds, ETFs

Tradestation

TradeStation

4.1 / 5 ★★★★★

Go to site
on TradeStation's secure website
Tradestation is one of Interactive Brokers' top competitors with its in-depth research tools, portfolio analysis features and third-party integrations. And while both platforms have a steep learning curve, Tradestation took steps to streamline its onboarding process in 2019 and improve overall usability.

With Tradestation, you'll get access to extensive educational resources, including hundreds of webinars, as well as dynamic trading software on both its desktop platform and mobile app. But what sets it apart from Interactive Brokers, which only offers crypto futures, is the ability to own crypto assets directly.

But since Tradestation has a $2,000 minimum opening deposit, it's better for active, high-volume traders.

Account typesBrokerage, Retirement
Option trade fee$0 + $0.50/contract
Asset typesStocks, Bonds, Options, Mutual funds, ETFs, Cryptocurrency

Tastyworks

Tastyworks

Go to site
on Tastyworks's secure website
Tastyworks is a derivatives-focused platform with sophisticated tools to help you evaluate volatility, risk and potential opportunities. You'll get multiple watchlists, basic charting and a straightforward trade ticket. But what makes Tastyworks stand out is its graphical derivative trading analysis that produces a bell-shaped curve to help you find contracts.

You won't pay commissions on stocks and ETFs or to close options and futures trades. But you'll pay to open them.

Account typesRetirement
Annual fee0%
Option trade feeStocks & ETFs: $1/contract to open, $0 to close, $10 max/leg
Futures: $2.50/contract to open, $0 to close
Asset typesStocks, Options, ETFs, Cryptocurrency

Pros and cons of Interactive Brokers

Here are a few reasons why Interactive Brokers is a trading favorite and several of its limitations.

Pros

  • Advanced charting and research tools
  • Impressive investment selection, including 135 global exchanges
  • Low brokerage fees that depend on volume

Cons

  • Platform has a steep learning curve
  • Requires a net worth of at least $20,000 to open an account
  • Despite its low fees, the pricing system is more complicated than most brokers

How to transfer your brokerage account

If you’re swapping brokers, the process may vary depending on your current broker and which one you’re moving to. Interactive Brokers allows one free transfer request per calendar month. After that, it charges $10 to wire transfer funds to another account and close your current one.

Interactive Brokers uses the Automated Customer Account Transfer Service (ACATS). You can expect to go through the following process.

  1. Fill out a transfer initiation form with your new broker.
  2. Your current broker validates your form or notifies you of next steps within three business days.
  3. Your old broker completes the process and moves funds between four and eight business days.
  4. Note: Some brokers don’t accept the proprietary funds of others. So you may not be able to transfer mutual funds or ETFs managed by your old broker.

Compare trading platforms

Name Product Asset types Option trade fee Annual fee Signup bonus
Robinhood
Robinhood
Stocks, Options, ETFs, Cryptocurrency
$0
0%
Free stock (chosen randomly with a value anywhere between $2.50 and $200)
Sign up using the "go to site" link
Make unlimited commission-free trades in stocks, funds, and options with Robinhood Financial.
J.P. Morgan Self-Directed Investing
Stocks, Bonds, Options, Mutual funds, ETFs
$0 + $0.65/contract
0%
N/A
INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Vanguard Personal Advisor
Stocks, Options, Mutual funds, ETFs
N/A
$20 per year
N/A
Financial advice powered by relationships, not commissions.
TradeStation
Stocks, Bonds, Options, Mutual funds, ETFs, Cryptocurrency
$0 + $0.50/contract
$0 per month
$50
Deposit qualifying assets of $5,000+
A platform built for all kinds of traders and all styles of trading
Sofi Invest
Stocks, ETFs, Cryptocurrency
N/A
0%
Get one free stock worth up to $1,000
Open an account
A free way to invest in stocks, ETFs and crypto.
Moomoo
Stocks
$0
$0 per year
Get a free stock valued up to $350
Open your Futu brokerage account via Moomoo
Trade stocks on the US, Hong Kong, Shanghai and Shenzhen markets.
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Compare up to 4 providers

*Signup bonus information updated weekly.

Disclaimer: The value of any investment can go up or down depending on news, trends and market conditions. We are not investment advisers, so do your own due diligence to understand the risks before you invest.

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