Using data from our latest annual broker review which tested more than a dozen different online brokers over six months, we can compare Interactive Brokers vs SpeedTrader 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. SpeedTrader charges $4.49 per stock trade which is $4.49 more than Interactive Brokers which charges customers $0 (the broker charges a per share rate instead) per trade. For options trading, both Interactive Brokers and SpeedTrader charge the same base fee of $0. Option contracts are pricier at Interactive Brokers, costing $0.70 versus $0 at SpeedTrader. 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. SpeedTrader offers clients Stock Trading and Options Trading while Interactive Brokers offers Stock Trading, Options Trading, Mutual Funds and Futures Trading. As far as mutual funds go, Interactive Brokers boasts an offering of 12 mutual funds compared to SpeedTrader's 0 available funds.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Interactive Brokers and SpeedTrader both offer virtual trading. For mobile trading, SpeedTrader offer clients access to an iPhone App and Android App while Interactive Brokers has an 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 SpeedTrader offers none of these.
Overall, between Interactive Brokers and SpeedTrader, Interactive Brokers is the winner.
Interactive Brokers Review