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Interactive Brokers vs Charles Schwab 2019

StockBrokers.com | December 4th, 2019

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  3. Interactive Brokers vs Charles Schwab Review

Is Interactive Brokers better than Charles Schwab? After scoring brokers in nine separate categories for our 2019 review, Charles Schwab (84.06%) is better than Interactive Brokers (80.99%).

Charles Schwab

Best for IRA accounts

For investors seeking access to $0 stock and ETF trades alongside excellent research tools for performing market analysis, Charles Schwab will not disappoint. Charles Schwab is also our number one pick for IRA accounts and broader retirement investing. Read full review

Interactive Brokers

Best For Professionals - Open Account
Exclusive Offer: New clients that open an account today receive a special margin rate

While Interactive Brokers does offer a $0 trading account type (IBKR Lite), the broker is best known for its professional traders accounts (IBKR Pro), where Interactive Brokers offers per-share pricing ($.005 per share with a $1 minimum per trade), and charges up to $20 per month between two minimum activity fees. Traders who can meet its $100,000 minimum deposit for margin trading are rewarded with an industry-leading commissions schedule, margin rates, and full support for international trading.Read full review.

Overall Rating

Feature Interactive Brokers Charles Schwab
Overall 4 4
Interactive Brokers Review Charles Schwab Review

Trading Fees

Feature Interactive Brokers Charles Schwab
Minimum Deposit $0.00 $0.00
Stock Trade Fee (per trade) N/A $0.00
ETF Trade Fee $0.01 $0.00
Options Base Fee $0.00 $0.00
Options Per Contract Fee $0.70 $0.65
Mutual Fund Trade Fee $14.95 $49.95
Broker Assisted Trades Fee $30.00 $25.00
Commissions & Fees 4.5 4.5
Winner check_circle

Margin Rates

Feature Interactive Brokers
Open Account 		Charles Schwab
Open Account
Under $24,999.99 3.08% 9.33%
$25,000.00 to $49,999.99 3.08% 8.83%
$50,000.00 to $99,999.99 3.08% 7.88%
$100,000.00 to $249,999.99 2.58% 7.83%
$250,000.00 to $499,999.99 3.18% 7.58%
$500,000.00 to $999,999.99 2.75% 6.08%
Above $1,000,000.00 2.08% 5.75%
Commissions & Fees 4.5 4.5
Winner check_circle

Account Fees

Feature Interactive Brokers Charles Schwab
IRA Annual Fee $0.00 $0.00
IRA Closure Fee $0.00 $50.00
Returned ACH Fee N/A $25.00
Returned Wire Fee N/A $25.00
Stock Certificate Processing Fee N/A $100.00
Stock Certificate Delivery Fee N/A N/A
Paper Statement Fee N/A $0.00
Paper Confirmation Fee N/A $0.00
Domestic Wire Fee $10.00 $25.00
International Wire Fee $10.00 $25.00
Commissions & Fees 4.5 4.5

Investment Options

Feature Interactive Brokers Charles Schwab
Stock Trading
 Yes Yes
OTCBB / Pink Sheets
 Yes Yes
Options Trading
 Yes Yes
Complex Options Max Legs
 8 4
Futures Trading
 Yes Yes
Forex Trading
 No No
Commission-Free ETFs 96 all
Mutual Funds (No Load)
 8534 7291
Mutual Funds (Total)
 1243 9978
Bonds (US Treasury)
 Yes Yes
Bonds (Corporate)
 Yes Yes
Bonds (Municipal)
 Yes Yes
Advisor Services
 No Yes
International Trading
 Yes Yes
Offering of Investments 5 4.5
Winner check_circle

Order Types

Feature Interactive Brokers Charles Schwab
Order Type - Market
 Yes Yes
Order Type - Limit
 Yes Yes
Order Type - Stop
 Yes Yes
Order Type - Trailing Stop
 Yes Yes
Order Type - Contingent
 Yes Yes
Order Type - MultiContingent
 Yes Yes
Order Type - OCO
 Yes Yes
Order Type - OTO
 Yes Yes
Order Type - OTOCO
 Yes Yes
Offering of Investments 5 4.5
Winner check_circle

Trading Platforms

Feature Interactive Brokers Charles Schwab
Desktop Platform (Windows)
 Yes Yes
Desktop Platform (Mac)
 Yes Yes
Web Platform
 Yes Yes
Paper Trading
 Yes No
Trade Journal
 Yes Yes
Watch Lists - Total Fields
 494 125
Heat Mapping
 Yes Yes
Platforms & Tools 4.5 4.5
Winner check_circle

Charting Features

Feature Interactive Brokers Charles Schwab
Charting - Trade Off Chart
 Yes Yes
Charting - Indicators / Studies
 121 41
Charting - Drawing Tools
 9 15
Charting - Historical Trades
 Yes No
Charting - Corporate Events
 Yes Yes
Charting - Automated Analysis
 No Yes
Charting - Save Profiles
 Yes Yes
Charting - Study Customizations
 6 7
Charting - Custom Studies
 No No
Platforms & Tools 4.5 4.5
Winner check_circle

Day Trading

Feature Interactive Brokers Charles Schwab
Stock Alerts - Basic Fields
 Yes Yes
Stock Alerts - Advanced Fields
 No Yes
Streaming Time & Sales
 Yes Yes
Streaming TV
 Yes Yes
Direct Market Routing - Stocks
 Yes Yes
Direct Market Routing - Options
 Yes No
Ladder Trading
 Yes No
Trade Hot Keys
 Yes Yes
Level 2 Quotes - Stocks
 Yes Yes
Level 2 Quotes - Options
 Yes Yes
Trade Ideas - Backtesting
 Yes Yes
Short Locator
 Yes No
Order Liquidity Rebates
 Yes No
Winner check_circle

Mobile Trading Apps

Feature Interactive Brokers Charles Schwab
iPhone App
 Yes Yes
Android App
 Yes Yes
Apple Watch App
 Yes Yes
Trading - Stocks
 Yes Yes
Trading - After-Hours
 Yes Yes
Trading - Conditional Orders
 Yes No
Trading - Mutual Funds
 Yes Yes
Trading - Simple Options
 Yes Yes
Trading - Complex Options
 Yes Yes
Trading - Option Rolling
 No No
Touch / Face ID
 Yes Yes
Winner check_circle

Mobile App Features

Feature Interactive Brokers Charles Schwab
Watch List Syncing
Yes Yes
Stock Alerts
 Yes No
Charting - After Hours
 Yes No
Charting - Drawing
 No No
Charting - Study Customizations
Yes Yes
Heatmapping
 No Yes
Stream Live TV
 Yes Yes
Barcode Lookup
 No No
Mobile Trading 4.5 4
Winner check_circle

Research Overview

Feature Interactive Brokers Charles Schwab
Research - Stocks
 Yes Yes
Research - ETFs
 Yes Yes
Research - Mutual Funds
 No Yes
Research - Pink Sheets / OTCBB
 Yes Yes
Research - Fixed Income
 Yes Yes
Screener - Stocks
 Yes Yes
Screener - ETFs
 Yes Yes
Screener - Mutual Funds
 No Yes
Screener - Options
 Yes Yes
Screener - Bonds
 Yes Yes
Misc - Portfolio Builder
 Yes Yes
Misc - Portfolio Allocation
 Yes Yes
Research 3.5 5
Winner check_circle

Stock Research

Feature Interactive Brokers Charles Schwab
Stock Research - Reports
 2 8
Stock Research - Earnings
 Yes Yes
Stock Research - Insiders
 Yes Yes
Stock Research - Metric Comp
 Yes Yes
Stock Research - SEC Filings
 Yes Yes
Stock Research - Social
 Yes Yes
Stock Research - Balance Sheet
 Yes Yes
Stock Research - Cash Flows
 Yes Yes
Stock Research - News
 Yes Yes
Stock Research - ESG
 Yes No
Research 3.5 5
Winner check_circle

ETF Research

Feature Interactive Brokers Charles Schwab
ETFs - Strategy Overview
 Yes Yes
ETFs - Top 10 Holdings
 Yes Yes
ETFs - Sector Exposure
 Yes Yes
ETFs - Risk Analysis
 Yes Yes
ETFs - Performance Analysis
 Yes Yes
ETFs - Ratings
 Yes Yes
ETFs - Morningstar StyleMap
 No Yes
ETFs - Reports
 Yes Yes
Research 3.5 5
Winner check_circle

Mutual Fund Research

Feature Interactive Brokers Charles Schwab
Mutual Funds - Strategy Overview
 No Yes
Mutual Funds - Prospectus
 Yes Yes
Mutual Funds - Reports
 Yes Yes
Mutual Funds - Fees Breakdown
 Yes Yes
Mutual Funds - Top 10 Holdings
 No Yes
Mutual Funds - Asset Allocation
 No Yes
Mutual Funds - Sector Allocation
 No Yes
Mutual Funds - Country Allocation
 No Yes
Mutual Funds - StyleMap
 No Yes
Mutual Funds - 3rd Party Ratings
 No Yes
Research 3.5 5
Winner check_circle

Options Trading

Feature Interactive Brokers Charles Schwab
Option Chains - Streaming
 Yes Yes
Option Chains - Total Columns
 37 44
Option Chains - Greeks
4 5
Option Chains - Quick Analysis
 Yes Yes
Option Analysis - P&L Charts
 Yes Yes
Option Probability Analysis
 Yes Yes
Option Probability Analysis Adv
 Yes Yes
Option Positions - Greeks
Yes Yes
Option Positions - Adv Analysis
 Yes Yes
Option Positions - Rolling
 Yes Yes
Option Positions - Grouping
 Yes Yes
Platforms & Tools 4.5 4.5
Winner check_circle

Beginners

Feature Interactive Brokers Charles Schwab
Has Education - Stocks
 Yes Yes
Has Education - ETFs
 Yes Yes
Has Education - Options
 Yes Yes
Has Education - Mutual Funds
 No Yes
Has Education - Fixed Income
 Yes Yes
Has Education - Retirement
 No Yes
Paper Trading
 Yes No
Videos
 Yes Yes
Webinars (Monthly Avg)
 20 50
Webinars (Archived)
 Yes Yes
Live Seminars
 No Yes
Progress Tracking
 Yes No
Interactive Learning - Quizzes
 Yes No
Investor Magazine
 Yes Yes
Education 3 4.5
Winner check_circle

Banking

Feature Interactive Brokers Charles Schwab
Retail Locations
 0 357
Member FDIC
 Yes Yes
Checking Accounts
 Yes Yes
Savings Accounts
 No Yes
Credit Cards
 No Yes
Debit Cards
 Yes Yes
Mortgage Loans
 No Yes
No Fee Banking
 Yes Yes
Banking 2 4.5
Winner check_circle

Overall

Feature Interactive Brokers Charles Schwab
Interactive Brokers Review Charles Schwab Review
Overall 4 4
Winner check_circle

Using data from our latest annual broker review which tested more than a dozen different online brokers over six months, we can compare Charles Schwab vs Interactive Brokers to determine which broker is best. Let's dive in.

First, we will break down the commission charges of both brokers for placing stock and options trades. Charles Schwab and Interactive Brokers have equal fees for trading stocks (equities), $0 per trade. Looking at options, the base fees charged are the same for both brokers, $0. Charles Schwab's per contract rate of $0.65 is less than Interactive Brokers which charges $0.70. Instead of flat rate fees, several brokers charge a per-share fee instead. For a complete review of trading charges, read our full online broker reviews.

Next, investors want to make sure they can trade the investment vehicle they want. Charles Schwab and Interactive Brokers provide clients with Stock Trading, Options Trading, Mutual Funds and Futures Trading. As far as mutual funds go, Interactive Brokers offers its clients access to 11000 different mutual funds while Charles Schwab has 5846 available funds, a difference of 5,154.

Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Interactive Brokers offers virtual trading while Charles Schwab does not. For mobile trading, Charles Schwab and Interactive Brokers both have a iPhone App, iPad App and Android App. Online banking is also used by many customers, and multiple full-service brokerages provide these services. Checking Accounts and Debit Cards are offered by Interactive Brokers while Charles Schwab offers Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans.

Overall, between Charles Schwab and Interactive Brokers, Charles Schwab is the winner.

Charles Schwab Review
Interactive Brokers Review

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All pricing data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. For stock trade rates, advertised pricing is for a standard order size of 500 shares of stock priced at $30 per share. For options orders, an options regulatory fee per contract may apply.

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