Comparing brokers side by side is no easy task. For our annual broker review, we assess over a dozen brokers on hundreds of different variables to find the best online broker. Yielding a database of over 4,000 data points, let's compare ChoiceTrade vs Interactive Brokers.
To start this comparison, first, we will take a look at the online broker commission rates for placing regular stock and options trades. ChoiceTrade and Interactive Brokers both cost $0 per trade. With options, the base fee is $0 for both ChoiceTrade and Interactive Brokers. ChoiceTrade's per contract rate of $0.40 is less than Interactive Brokers which charges $0.70. It's important to note that not all brokers charge a flat fee per trade. Thus, it is important to read the full commission notes for each broker, which we include with each online broker review.
Next to commission rates, being able to trade what you want is important. ChoiceTrade offers clients Stock Trading and Options Trading while Interactive Brokers offers Stock Trading, Options Trading, Mutual Funds and Futures Trading. Looking at mutual funds, ChoiceTrade trails Interactive Brokers by 12 total mutual funds, with Interactive Brokers offering 12 and ChoiceTrade offering 0.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. Both ChoiceTrade and Interactive Brokers offer virtual trading. Taking a look at mobile trading, ChoiceTrade offer clients access to an iPhone App and Android App while Interactive Brokers has an iPhone App, iPad App and Android App. Not to be left out, online banking is also a nice benefit for many investors, and some brokerages provide these services to clients. Checking Accounts and Debit Cards are offered by Interactive Brokers while ChoiceTrade offers none of these.
Overall, between ChoiceTrade and Interactive Brokers, Interactive Brokers is the winner.
Interactive Brokers Review