Using data from the StockBrokers.com 2017 Broker Rankings
, we can compare ChoiceTrade vs Interactive Brokers to determine which broker is better for you. Our database includes thousands of data points on everything from research to trading tools. Let's take a closer look at ChoiceTrade and Interactive Brokers.
First we will break down the commission charges of both brokers for placing stock and options trades. ChoiceTrade charges more than Interactive Brokers for placing regular stock trades ($5 and $0 (the broker charges a per share rate instead), respectively). With options, the base fees charged are $5 (ChoiceTrade) and $0 (Interactive Brokers). At a difference of $0.20 per contract, ChoiceTrade's per contract rate of $0.50 is less than Interactive Brokers which charges $0.70. Note that flat rate trading is not available everywhere though, so it is important to read the complete commission notes for each broker to know the full breakdown (go to any stock broker review
page, then scroll down to the "Commission Notes" section).
Trading fees aside, having access to trade what you want is also an important consideration. Interactive Brokers offers clients Stock Trading, Options Trading, Mutual Funds and Futures Trading while ChoiceTrade offers Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, Interactive Brokers boasts an offering of 8026 compared to ChoiceTrade's 500 available funds. And, commission free ETFs deserve a mention, Interactive Brokers offers 33 versus ChoiceTrade's total of 0.
Finally, by looking at the most popular features and offerings of each broker, we can really see the differences between the two. ChoiceTrade and Interactive Brokers both have virtual trading. For mobile trading, Interactive Brokers supports the iPhone App, iPad App and Android App while ChoiceTrade supports the none of these. Online banking is also used by many clients, and multiple brokerages provide these services. Neither ChoiceTrade nor Interactive Brokers offers Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans. All things considered, when it comes to platform tools, research, and trading via smartphone, Interactive Brokers posted awards for Best in Class - Platforms & Tools and Best in Class - Mobile Trading in 2014, while ChoiceTrade found itself with none of these.
Overall, Interactive Brokers comes out on top with 4.00 stars over ChoiceTrade's 2.00 stars.