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Interactive Brokers vs Firstrade 2023

StockBrokers.com

Written by StockBrokers.com

February 23, 2023

Is Interactive Brokers better than Firstrade? After testing 17 of the best online brokers over three months, Interactive Brokers (91.92%) is better than Firstrade (87.80%). Interactive Brokers is a go-to choice for professionals because of its institutional-grade desktop trading platform, high-quality trade executions and rock-bottom margin rates.

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Overall RatingInteractive BrokersFirstrade
Overall 4.5/5 Stars 4.5/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 5/5 Stars 4.5/5 Stars
Platforms & Tools 5/5 Stars 3.5/5 Stars
Mobile Trading Apps 5/5 Stars 4.5/5 Stars
Research 5/5 Stars 4.5/5 Stars
Customer Service 4/5 Stars 3.0/5 Stars
Education 4.5/5 Stars 3.5/5 Stars
Ease Of Use 4/5 Stars 4.5/5 Stars
Winner check_circle
Review Interactive Brokers Review Firstrade Review
Trading FeesInteractive BrokersFirstrade
Minimum Deposit $0.00 $0.00
Stock Trades $0.00 $0.00
Penny Stock Fees (OTC) $0.00 $0.00
Mutual Fund Trade Fee $14.95 $0
Options (Base Fee) $0.00 $0.00
Options (Per Contract) $0.65 $0.00
Futures (Per Contract) $0.85 N/A
Broker Assisted Trade Fee $30 $19.95
Margin RatesInteractive BrokersFirstrade
Margin Rate Under $25,000 4.58% 11.50%
Margin Rate $25,000 to $49,999.99 4.58% 11.30%
Margin Rate $50,000 to $99,999.99 4.58% 10.80%
Margin Rate $100,000 to $249,999.99 4.08% 10.30%
Margin Rate $250,000 to $499,999.99 4.08% 10.00%
Margin Rate $500,000 to $999,999.99 4.08% 8.10%
Margin Rate Above $1,000,000 3.83% 7.50%
Account FeesInteractive BrokersFirstrade
IRA Annual Fee $0.00 $0.00
IRA Closure Fee $0.00 $0.00
Account Transfer Out (Partial) $0.00 $55.00
Account Transfer Out (Full) $0.00 $75.00
Options Exercise Fee $0.00 $0.00
Options Assignment Fee $0.00 $0.00
Investment OptionsInteractive BrokersFirstrade
Stock Trading Yes Yes
Margin Trading Yes Yes
Fractional Shares Yes No
OTC Stocks Yes Yes
Options Trading Yes Yes
Complex Options Max Legs 6 4
Futures Trading Yes No
Forex Trading No No
Crypto Trading Yes Yes
Crypto Trading - Total Coins 4 38
Mutual Funds (No Load) 10882 13777
Mutual Funds (Total) 11160 19027
Bonds (US Treasury) Yes Yes
Bonds (Corporate) Yes Yes
Bonds (Municipal) Yes Yes
Advisor Services No No
International Countries (Stocks) 33 0
Order TypesInteractive BrokersFirstrade
Order Type - Market Yes Yes
Order Type - Limit Yes Yes
Order Type - After Hours Yes Yes
Order Type - Stop Yes Yes
Order Type - Trailing Stop Yes Yes
Order Type - OCO Yes Yes
Order Type - OTO Yes Yes
Order Type - Broker Assisted Yes Yes
BeginnersInteractive BrokersFirstrade
Education (Stocks) Yes Yes
Education (ETFs) Yes No
Education (Options) Yes Yes
Education (Mutual Funds) No No
Education (Bonds) Yes No
Education (Retirement) Yes Yes
Retirement Calculator No Yes
Investor Dictionary Yes Yes
Paper Trading Yes No
Videos Yes Yes
Webinars Yes Yes
Webinars (Archived) Yes Yes
Progress Tracking Yes No
Interactive Learning - Quizzes Yes No
Stock Trading AppsInteractive BrokersFirstrade
iPhone App Yes Yes
Android App Yes Yes
Apple Watch App Yes No
Trading - Stocks Yes Yes
Trading - After-Hours Yes Yes
Trading - Simple Options Yes Yes
Trading - Complex Options Yes Yes
Order Ticket RT Quotes Yes Yes
Order Ticket SRT Quotes Yes Yes
Stock App FeaturesInteractive BrokersFirstrade
Market Movers (Top Gainers) Yes Yes
Stream Live TV Yes No
Videos on Demand Yes No
Stock Alerts Yes Yes
Option Chains Viewable Yes Yes
Watch List (Real-time) Yes Yes
Watch List (Streaming) Yes Yes
Watch Lists - Create & Manage Yes Yes
Watch Lists - Column Customization Yes Yes
Watch Lists - Total Fields 640 50
Stock App ChartingInteractive BrokersFirstrade
Charting - After-Hours Yes No
Charting - Can Turn Horizontally Yes Yes
Charting - Multiple Time Frames Yes Yes
Charting - Technical Studies 97 81
Charting - Study Customizations Yes Yes
Charting - Stock Comparisons No No
Trading PlatformsInteractive BrokersFirstrade
Active Trading Platform Trader Workstation (TWS) Firstrade Navigator
Desktop Trading Platform Yes No
Desktop Platform (Mac) Yes No
Web Trading Platform Yes Yes
Paper Trading Yes No
Trade Journal Yes No
Watch Lists - Total Fields 640 50
Stock Chart FeaturesInteractive BrokersFirstrade
Charting - Adjust Trades on Chart Yes No
Charting - Indicators / Studies 121 102
Charting - Drawing Tools 85 8
Charting - Notes Yes No
Charting - Index Overlays Yes Yes
Charting - Historical Trades Yes No
Charting - Corporate Events Yes Yes
Charting - Custom Date Range Yes No
Charting - Custom Time Bars Yes No
Charting - Automated Analysis Yes No
Charting - Save Profiles Yes No
Trade Ideas - Technical Analysis Yes No
Charting - Study Customizations 5 6
Charting - Custom Studies No No
Day TradingInteractive BrokersFirstrade
Streaming Time & Sales Yes No
Streaming TV Yes No
Direct Market Routing - Stocks Yes No
Ladder Trading Yes No
Trade Hot Keys Yes No
Level 2 Quotes - Stocks Yes No
Trade Ideas - Backtesting Yes No
Trade Ideas - Backtesting Adv Yes No
Short Locator Yes No
Order Liquidity Rebates Yes No
Research OverviewInteractive BrokersFirstrade
Research - Stocks Yes Yes
Research - ETFs Yes Yes
Research - Mutual Funds Yes Yes
Research - Pink Sheets / OTCBB Yes Yes
Research - Bonds Yes Yes
Screener - Stocks Yes Yes
Screener - ETFs Yes Yes
Screener - Mutual Funds Yes Yes
Screener - Bonds Yes Yes
Misc - Portfolio Allocation Yes Yes
Stock ResearchInteractive BrokersFirstrade
Stock Research - PDF Reports 7 1
Stock Research - Earnings Yes Yes
Stock Research - Insiders Yes Yes
Stock Research - Social Yes No
Stock Research - News Yes Yes
Stock Research - ESG Yes No
Stock Research - SEC Filings Yes Yes
ETF ResearchInteractive BrokersFirstrade
ETFs - Strategy Overview Yes Yes
ETF Fund Facts - Inception Date Yes Yes
ETF Fund Facts - Expense Ratio Yes Yes
ETF Fund Facts - Net Assets Yes Yes
ETF Fund Facts - Total Holdings Yes Yes
ETFs - Top 10 Holdings Yes Yes
ETFs - Sector Exposure Yes Yes
ETFs - Risk Analysis Yes Yes
ETFs - Ratings Yes Yes
ETFs - Morningstar StyleMap Yes Yes
ETFs - PDF Reports Yes Yes
Mutual Fund ResearchInteractive BrokersFirstrade
Mutual Funds - Strategy Overview Yes Yes
Mutual Funds - Performance Chart Yes Yes
Mutual Funds - Performance Analysis Yes Yes
Mutual Funds - Prospectus Yes Yes
Mutual Funds - 3rd Party Ratings Yes Yes
Mutual Funds - Fees Breakdown Yes Yes
Mutual Funds - Top 10 Holdings Yes Yes
Mutual Funds - Asset Allocation Yes Yes
Mutual Funds - Sector Allocation Yes Yes
Mutual Funds - Country Allocation Yes Yes
Mutual Funds - StyleMap Yes Yes
Options TradingInteractive BrokersFirstrade
Option Chains - Basic View Yes Yes
Option Chains - Strategy View Yes Yes
Option Chains - Streaming Yes No
Option Chains - Total Columns 44 8
Option Chains - Greeks 12 5
Option Chains - Quick Analysis Yes No
Option Analysis - P&L Charts Yes Yes
Option Probability Analysis Yes No
Option Probability Analysis Adv Yes Yes
Option Positions - Greeks Yes No
Option Positions - Greeks Streaming Yes No
Option Positions - Adv Analysis Yes No
Option Positions - Rolling Yes Yes
Option Positions - Grouping Yes No
BankingInteractive BrokersFirstrade
Bank (Member FDIC) No No
Checking Accounts No Yes
Savings Accounts No No
Credit Cards No No
Debit Cards Yes Yes
Mortgage Loans No No
Customer ServiceInteractive BrokersFirstrade
Phone Support (Prospect Customers) Yes Yes
Phone Support (Current Customers) Yes Yes
Email Support Yes Yes
Live Chat (Prospect Customers) No Yes
Live Chat (Current Customers) Yes Yes
24/7 Support No No
OverallInteractive BrokersFirstrade
Overall 4.5/5 Stars 4.5/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 5/5 Stars 4.5/5 Stars
Platforms & Tools 5/5 Stars 3.5/5 Stars
Mobile Trading Apps 5/5 Stars 4.5/5 Stars
Research 5/5 Stars 4.5/5 Stars
Education 4.5/5 Stars 3.5/5 Stars
Ease Of Use 4/5 Stars 4.5/5 Stars
Winner check_circle
Review Interactive Brokers Review Firstrade Review
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  • check_box_outline_blankcheck_boxFirstrade
  • check_box_outline_blankcheck_boxInteractive Brokers
  • check_box_outline_blankcheck_boxJ.P. Morgan Self-Directed Investing
  • check_box_outline_blankcheck_boxMerrill Edge
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Interactive Brokers vs Firstrade Comparison

Comparing brokers side by side is no easy task. For our 2023 annual broker review, we spent hundreds of hours assessing 17 brokerages to find the best online broker. Let's compare Interactive Brokers vs Firstrade.

Is Interactive Brokers or Firstrade better for beginners?

Interactive Brokers offers more comprehensive new investor education for beginner investors than Firstrade. Interactive Brokers offers investors access to Paper Trading, Videos, Education (Stocks), Education (ETFs), Education (Options), Education (Bonds) and Education (Retirement), while Firstrade offers investors access to Videos, Education (Stocks), Education (Options) and Education (Retirement). Neither have Education (Mutual Funds).

What about Interactive Brokers vs Firstrade pricing?

Interactive Brokers and Firstrade charge the same amount for regular stock trades, $0.00. Option contracts are pricier at Interactive Brokers, costing $0.65 per contract versus $0.00 per contract at Firstrade. For a complete commissions summary, see our best brokers for free stock trading guide.

Does Interactive Brokers or Firstrade offer a wider range of investment options?

Interactive Brokers offers investors access to Stock Trading, Fractional Shares, Options Trading, OTC Stocks, Mutual Funds and Futures Trading, while Firstrade offers investors access to Stock Trading, Options Trading, OTC Stocks and Mutual Funds. Neither have Forex Trading and Advisor Services. Looking at Mutual Funds, Firstrade trails Interactive Brokers in its offering of no transaction fee (NTF) mutual funds, with Interactive Brokers offering 4329 and Firstrade offering 3767.

Which trading platform is better: Interactive Brokers or Firstrade?

To compare the trading platforms of Interactive Brokers and Firstrade, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, Interactive Brokers offers a better experience. With research, Interactive Brokers offers superior market research. Finally, we found Interactive Brokers to provide better mobile trading apps.

Does either broker offer banking?

Online banking can be a benefit for investors, and some brokerages do provide banking services to customers. Debit Cards are offered by Interactive Brokers while Firstrade offers Checking Accounts and Debit Cards. Neither have Savings Accounts, Credit Cards and Mortgage Loans.

Is Interactive Brokers good?

Interactive Brokers is a go-to choice for professionals because of its institutional-grade desktop trading platform, high-quality trade executions and rock-bottom margin rates.

Is Firstrade good?

Firstrade scored well in our 2023 Annual Review for ease of use, and is a great choice for Chinese-speaking investors. However, it lags behind the competition in certain areas, especially platforms, tools and education.

Interactive Brokers vs Firstrade Winner

Overall winner: Interactive Brokers

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