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 5,000 data points, let's compare Firstrade 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. Firstrade and Interactive Brokers charge the same amount for regular stock trades, $0. Looking at options, the base fees charged are the same for both brokers, $0. Each option contract then costs $0.70 at Interactive Brokers and $0 at Firstrade. 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. Interactive Brokers offers clients Stock Trading, Options Trading, Mutual Funds and Futures Trading while Firstrade offers Stock Trading, Options Trading and Mutual Funds. Looking at mutual funds, Firstrade offers its clients access to 12603 different mutual funds while Interactive Brokers has 10051 available funds, a difference of 2,552. Commission free ETFs can also be valuable for customers, with Interactive Brokers falling behind Firstrade, offering 45 commission free ETFs compared to Firstrade's 2200.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. Interactive Brokers offers virtual trading while Firstrade does not. Taking a look at mobile trading, Firstrade along with Interactive Brokers both support the 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 available to clients of Firstrade while Interactive Brokers offers customers Debit Cards. On the whole, when it comes to tools, research, and mobile trading, Interactive Brokers was rated Best in Class - Mobile Trading, while Firstrade was rated none of these.
Overall, Interactive Brokers comes out on top with 4.50 stars over Firstrade's 4.00 stars.