Using data from our latest annual broker review which tested more than a dozen different online brokers
over six months, we can compare ChoiceTrade 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. ChoiceTrade charges more than Interactive Brokers for placing regular stock trades ($5 and $0 (the broker charges a per share rate instead), respectively). For options trading, ChoiceTrade has a base fee of $5, and Interactive Brokers a base fee of $0. Option contracts are pricier at Interactive Brokers, costing $0.70 versus $0.50 at ChoiceTrade. 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. Interactive Brokers provides its clients with Stock Trading, Options Trading, Mutual Funds and Futures Trading while ChoiceTrade provides clients access to Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, Interactive Brokers boasts an offering of 10051 mutual funds compared to ChoiceTrade's 500 available funds. And, commission free ETFs deserve a comparison, with Interactive Brokers having the upper hand thanks to its 45 available commission free ETFs compared to ChoiceTrade's offering of 0.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. ChoiceTrade alongside Interactive Brokers offer 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 customers, and multiple full-service brokerages provide these services. Clients can have Debit Cards at Interactive Brokers while customers at ChoiceTrade can have none of these. All factors considered, when it comes to platform tools, research, and mobile trading, Interactive Brokers posted awards Best in Class - Platforms & Tools and Best in Class - Mobile Trading in 2018, while ChoiceTrade found itself with none of these.
Overall, Interactive Brokers takes the upper hand with 4.00 stars over ChoiceTrade's 2.00 stars.