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Interactive Brokers vs TradeStation 2023

StockBrokers.com

Written by StockBrokers.com

February 23, 2023

Is Interactive Brokers better than TradeStation? After testing 17 of the best online brokers over three months, Interactive Brokers (91.92%) is better than TradeStation (78.24%). 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 BrokersTradeStation
Overall 4.5/5 Stars 4/5 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 4.5/5 Stars
Mobile Trading Apps 5/5 Stars 4.5/5 Stars
Research 5/5 Stars 3/5 Stars
Customer Service 4/5 Stars 3.5/5 Stars
Education 4.5/5 Stars 3.5/5 Stars
Ease Of Use 4/5 Stars 3/5 Stars
Winner check_circle
Review Interactive Brokers Review TradeStation Review
Trading FeesInteractive BrokersTradeStation
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 $14.95
Options (Base Fee) $0.00 $0.00
Options (Per Contract) $0.65 $0.60
Futures (Per Contract) $0.85 $1.50
Broker Assisted Trade Fee $30 $0
Margin RatesInteractive BrokersTradeStation
Margin Rate Under $25,000 4.58% 11.00%
Margin Rate $25,000 to $49,999.99 4.58% 11.00%
Margin Rate $50,000 to $99,999.99 4.58% 10.00%
Margin Rate $100,000 to $249,999.99 4.08% 10.00%
Margin Rate $250,000 to $499,999.99 4.08% 10.00%
Margin Rate $500,000 to $999,999.99 4.08% 5.50%
Margin Rate Above $1,000,000 3.83% 5.50%
Account FeesInteractive BrokersTradeStation
IRA Annual Fee $0.00 $35.00
IRA Closure Fee $0.00 $50.00
Account Transfer Out (Partial) $0.00 $125.00
Account Transfer Out (Full) $0.00 $125.00
Options Exercise Fee $0.00 $14.95
Options Assignment Fee $0.00 $5.95
Investment OptionsInteractive BrokersTradeStation
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 Yes
Forex Trading No No
Crypto Trading Yes Yes
Crypto Trading - Total Coins 4 11
Mutual Funds (No Load) 10882 800
Mutual Funds (Total) 11160 4000
Bonds (US Treasury) Yes Yes
Bonds (Corporate) Yes Yes
Bonds (Municipal) Yes Yes
Advisor Services No No
International Countries (Stocks) 33 0
Order TypesInteractive BrokersTradeStation
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 BrokersTradeStation
Education (Stocks) Yes Yes
Education (ETFs) Yes No
Education (Options) Yes Yes
Education (Mutual Funds) No No
Education (Bonds) Yes No
Education (Retirement) Yes No
Retirement Calculator No No
Investor Dictionary Yes No
Paper Trading Yes Yes
Videos Yes Yes
Webinars Yes Yes
Webinars (Archived) Yes No
Progress Tracking Yes No
Interactive Learning - Quizzes Yes No
Stock Trading AppsInteractive BrokersTradeStation
iPhone App Yes Yes
Android App Yes Yes
Apple Watch App Yes Yes
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 BrokersTradeStation
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 640 335
Stock App ChartingInteractive BrokersTradeStation
Charting - After-Hours Yes Yes
Charting - Can Turn Horizontally Yes Yes
Charting - Multiple Time Frames Yes Yes
Charting - Technical Studies 97 45
Charting - Study Customizations Yes Yes
Charting - Stock Comparisons No No
Trading PlatformsInteractive BrokersTradeStation
Active Trading Platform Trader Workstation (TWS) TradeStation 10
Desktop Trading Platform Yes Yes
Desktop Platform (Mac) Yes No
Web Trading Platform Yes Yes
Paper Trading Yes Yes
Trade Journal Yes No
Watch Lists - Total Fields 640 335
Stock Chart FeaturesInteractive BrokersTradeStation
Charting - Adjust Trades on Chart Yes Yes
Charting - Indicators / Studies 121 290
Charting - Drawing Tools 85 23
Charting - Notes Yes Yes
Charting - Index Overlays Yes Yes
Charting - Historical Trades Yes Yes
Charting - Corporate Events Yes Yes
Charting - Custom Date Range Yes Yes
Charting - Custom Time Bars Yes Yes
Charting - Automated Analysis Yes Yes
Charting - Save Profiles Yes Yes
Trade Ideas - Technical Analysis Yes Yes
Charting - Study Customizations 5 12
Charting - Custom Studies No Yes
Day TradingInteractive BrokersTradeStation
Streaming Time & Sales Yes Yes
Streaming TV Yes No
Direct Market Routing - Stocks Yes Yes
Ladder Trading Yes Yes
Trade Hot Keys Yes Yes
Level 2 Quotes - Stocks Yes Yes
Trade Ideas - Backtesting Yes Yes
Trade Ideas - Backtesting Adv Yes Yes
Short Locator Yes Yes
Order Liquidity Rebates Yes Yes
Research OverviewInteractive BrokersTradeStation
Research - Stocks Yes Yes
Research - ETFs Yes Yes
Research - Mutual Funds Yes No
Research - Pink Sheets / OTCBB Yes Yes
Research - Bonds Yes No
Screener - Stocks Yes Yes
Screener - ETFs Yes No
Screener - Mutual Funds Yes No
Screener - Bonds Yes No
Misc - Portfolio Allocation Yes Yes
Stock ResearchInteractive BrokersTradeStation
Stock Research - PDF Reports 7 0
Stock Research - Earnings Yes No
Stock Research - Insiders Yes No
Stock Research - Social Yes No
Stock Research - News Yes Yes
Stock Research - ESG Yes No
Stock Research - SEC Filings Yes No
ETF ResearchInteractive BrokersTradeStation
ETFs - Strategy Overview Yes No
ETF Fund Facts - Inception Date Yes No
ETF Fund Facts - Expense Ratio Yes No
ETF Fund Facts - Net Assets Yes No
ETF Fund Facts - Total Holdings Yes No
ETFs - Top 10 Holdings Yes No
ETFs - Sector Exposure Yes No
ETFs - Risk Analysis Yes No
ETFs - Ratings Yes No
ETFs - Morningstar StyleMap Yes No
ETFs - PDF Reports Yes No
Mutual Fund ResearchInteractive BrokersTradeStation
Mutual Funds - Strategy Overview Yes No
Mutual Funds - Performance Chart Yes No
Mutual Funds - Performance Analysis Yes No
Mutual Funds - Prospectus Yes No
Mutual Funds - 3rd Party Ratings Yes No
Mutual Funds - Fees Breakdown Yes No
Mutual Funds - Top 10 Holdings Yes No
Mutual Funds - Asset Allocation Yes No
Mutual Funds - Sector Allocation Yes No
Mutual Funds - Country Allocation Yes No
Mutual Funds - StyleMap Yes No
Options TradingInteractive BrokersTradeStation
Option Chains - Basic View Yes Yes
Option Chains - Strategy View Yes Yes
Option Chains - Streaming Yes Yes
Option Chains - Total Columns 44 32
Option Chains - Greeks 12 5
Option Chains - Quick Analysis Yes Yes
Option Analysis - P&L Charts Yes Yes
Option Probability Analysis Yes Yes
Option Probability Analysis Adv Yes Yes
Option Positions - Greeks Yes Yes
Option Positions - Greeks Streaming Yes Yes
Option Positions - Adv Analysis Yes Yes
Option Positions - Rolling Yes Yes
Option Positions - Grouping Yes Yes
BankingInteractive BrokersTradeStation
Bank (Member FDIC) No No
Checking Accounts No No
Savings Accounts No No
Credit Cards No No
Debit Cards Yes No
Mortgage Loans No No
Customer ServiceInteractive BrokersTradeStation
Phone Support (Prospect Customers) Yes Yes
Phone Support (Current Customers) Yes No
Email Support Yes Yes
Live Chat (Prospect Customers) No Yes
Live Chat (Current Customers) Yes Yes
24/7 Support No No
OverallInteractive BrokersTradeStation
Overall 4.5/5 Stars 4/5 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 4.5/5 Stars
Mobile Trading Apps 5/5 Stars 4.5/5 Stars
Research 5/5 Stars 3/5 Stars
Education 4.5/5 Stars 3.5/5 Stars
Ease Of Use 4/5 Stars 3/5 Stars
Winner check_circle
Review Interactive Brokers Review TradeStation Review
  • check_box_outline_blankcheck_boxAlly Invest
  • check_box_outline_blankcheck_boxCharles Schwab
  • check_box_outline_blankcheck_boxE*TRADE
  • check_box_outline_blankcheck_boxeToro
  • check_box_outline_blankcheck_boxFidelity
  • 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
  • check_box_outline_blankcheck_boxRobinhood
  • check_box_outline_blankcheck_boxSofi Invest
  • check_box_outline_blankcheck_boxtastytrade
  • check_box_outline_blankcheck_boxTD Ameritrade
  • check_box_outline_blankcheck_boxTradeStation
  • check_box_outline_blankcheck_boxTradier
  • check_box_outline_blankcheck_boxVanguard
  • check_box_outline_blankcheck_boxWebull

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Interactive Brokers vs TradeStation 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 TradeStation.

Is Interactive Brokers or TradeStation better for beginners?

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

What about Interactive Brokers vs TradeStation pricing?

Interactive Brokers and TradeStation charge the same amount for regular stock trades, $0.00. Option contracts are pricier at Interactive Brokers, costing $0.65 per contract versus $0.60 per contract at TradeStation. For a complete commissions summary, see our best brokers for free stock trading guide.

Does Interactive Brokers or TradeStation 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 TradeStation offers investors access to Stock Trading, Options Trading, OTC Stocks, Mutual Funds and Futures Trading. Neither have Forex Trading and Advisor Services. Looking at Mutual Funds, TradeStation trails Interactive Brokers in its offering of no transaction fee (NTF) mutual funds, with Interactive Brokers offering 4329 and TradeStation offering 0.

Which trading platform is better: Interactive Brokers or TradeStation?

To compare the trading platforms of Interactive Brokers and TradeStation, 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 TradeStation offers none. Neither have Checking Accounts, 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 TradeStation good?

TradeStation supports casual traders through its web-based platform and active traders through its desktop platform. We like the web-based platform and mobile app, but the flagship desktop platform could use a refresh. TradeStation ranked among Best in Class in the Commissions and Fees and Investment Options categories in our 2023 Annual Review of online stockbrokers.

Interactive Brokers vs TradeStation Winner

Overall winner: Interactive Brokers

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