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 TradeStation 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. Interactive Brokers and TradeStation 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 $0.50 at TradeStation. 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. Interactive Brokers and TradeStation provide clients with Stock Trading, Options Trading, Mutual Funds and Futures Trading. As far as mutual funds go, Interactive Brokers trails TradeStation by 4,345 total mutual funds, with TradeStation offering 4357 and Interactive Brokers offering 12.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Both Interactive Brokers and TradeStation offer virtual trading. For mobile trading, Both Interactive Brokers and TradeStation offer clients access to 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 available to clients of Interactive Brokers while TradeStation offers customers none of these.
Overall, between Interactive Brokers and TradeStation, Interactive Brokers is the winner.
Interactive Brokers Review