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 and Interactive Brokers charge the same amount for regular stock trades, $0. With options, the base fees charged are $5 (ChoiceTrade) and $0 (Interactive Brokers). Each option contract then costs $0.70 at Interactive Brokers and $0.15 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. ChoiceTrade supports Stock Trading and Options Trading while Interactive Brokers supports Stock Trading, Options Trading, Mutual Funds and Futures Trading. As far as mutual funds go, ChoiceTrade trails Interactive Brokers by 11,000 total mutual funds, with Interactive Brokers offering 11000 and ChoiceTrade offering 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, ChoiceTrade supports the iPhone App and Android App while Interactive Brokers supports the 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 ChoiceTrade offers none of these. All factors considered, when it comes to platform tools, research, and mobile trading, ChoiceTrade along with Interactive Brokers both finished with awards Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, between ChoiceTrade and Interactive Brokers, Interactive Brokers is the winner
Interactive Brokers Review