Written by StockBrokers.com
Is Interactive Brokers better than TradeStation? After testing 18 of the best online brokers, our analysis finds that Interactive Brokers (93.5%) is better than TradeStation (81.7%). 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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0 of 5| Overall Rating | Interactive Brokers | TradeStation | |
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| Review | Interactive Brokers Review | TradeStation Review |
| Broker Screenshots | Interactive Brokers | TradeStation | |
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| Trading Fees | Interactive Brokers | TradeStation | |
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| Minimum Deposit | $0.00 | $0.00 | |
| Stock Trades | $0.00 | $0.00 | |
| Penny Stock Fees (OTC) | $0.00 | $0.01 | |
| Mutual Fund Trade Fee | $14.95 | $14.95 | |
| Options (Per Contract) | $0.65 | $0.60 | |
| Futures (Per Contract) | $0.85 | $1.50 | |
| Broker Assisted Trade Fee | $30 | $25 |
| Margin Rates | Interactive Brokers | TradeStation | |
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| Margin Rate Under $25,000 | 7.83% | 13.5% | |
| Margin Rate $25,000 to $49,999.99 | 7.83% | 13.5% | |
| Margin Rate $50,000 to $99,999.99 | 7.83% | 12.5% | |
| Margin Rate $100,000 to $249,999.99 | 7.83% | 12.5% | |
| Margin Rate $250,000 to $499,999.99 | 7.83% | 12.5% | |
| Margin Rate $500,000 to $999,999.99 | 7.83% | 8% | |
| Margin Rate Above $1,000,000 | 7.83% | 8% |
| Account Fees | Interactive Brokers | TradeStation | |
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| 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 Options | Interactive Brokers | TradeStation | |
|---|---|---|---|
| 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 | Yes | No | |
| Crypto Trading | Yes | No | |
| Crypto Trading - Total Coins | 4 | 0 | |
| Mutual Funds (No Load) | 10988 | 800 | |
| Mutual Funds (Total) | 11456 | 4000 | |
| Bonds (US Treasury) | Yes | Yes | |
| Bonds (Corporate) | Yes | Yes | |
| Bonds (Municipal) | Yes | Yes | |
| Traditional IRAs | Yes | Yes | |
| Roth IRAs | Yes | Yes | |
| Advisor Services | No | No | |
| International Countries (Stocks) | 33 | 0 |
| Order Types | Interactive Brokers | TradeStation | |
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| 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 |
| Beginners | Interactive Brokers | TradeStation | |
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| Education (Stocks) | Yes | Yes | |
| Education (ETFs) | Yes | No | |
| Education (Options) | Yes | Yes | |
| Education (Mutual Funds) | Yes | No | |
| Education (Bonds) | Yes | No | |
| Education (Retirement) | Yes | No | |
| Retirement Calculator | Yes | No | |
| Investor Dictionary | Yes | No | |
| Paper Trading | Yes | Yes | |
| Videos | Yes | Yes | |
| Webinars | Yes | Yes | |
| Webinars (Archived) | Yes | Yes | |
| Progress Tracking | Yes | No | |
| Interactive Learning - Quizzes | Yes | No |
| Stock Trading Apps | Interactive Brokers | TradeStation | |
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| 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 Features | Interactive Brokers | TradeStation | |
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| 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 |
| Stock App Charting | Interactive Brokers | TradeStation | |
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| Charting - After-Hours | Yes | Yes | |
| Charting - Can Turn Horizontally | Yes | No | |
| Charting - Multiple Time Frames | Yes | Yes | |
| Charting - Technical Studies | 97 | 45 | |
| Charting - Study Customizations | Yes | Yes | |
| Charting - Stock Comparisons | No | No |
| Trading Platforms | Interactive Brokers | TradeStation | |
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| 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 | 659 | 341 |
| Stock Chart Features | Interactive Brokers | TradeStation | |
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| Charting - Adjust Trades on Chart | Yes | Yes | |
| Charting - Indicators / Studies | 155 | 294 | |
| 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 | 6 | 12 | |
| Charting - Custom Studies | No | Yes |
| Day Trading | Interactive Brokers | TradeStation | |
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| 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 Overview | Interactive Brokers | TradeStation | |
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| 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 Research | Interactive Brokers | TradeStation | |
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| Stock Research - PDF Reports | 17 | 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 Research | Interactive Brokers | TradeStation | |
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| 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 Research | Interactive Brokers | TradeStation | |
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| 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 | Yes | |
| 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 Trading | Interactive Brokers | TradeStation | |
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| Option Chains - Basic View | Yes | Yes | |
| Option Chains - Strategy View | Yes | Yes | |
| Option Chains - Streaming | Yes | Yes | |
| Option Chains - Total Columns | 38 | 29 | |
| 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 |
| Banking | Interactive Brokers | TradeStation | |
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| 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 Service | Interactive Brokers | TradeStation | |
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| 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 |
| Overall | Interactive Brokers | TradeStation | |
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| Overall |
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| Commissions & Fees |
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| Investment Options |
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| Platforms & Tools |
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| Mobile Trading Apps |
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| Research |
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| Education |
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| Ease Of Use |
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| Winner | check_circle | ||
| Review | Interactive Brokers Review | TradeStation Review |
Comparing brokers side by side is no easy task. We spend hundreds of hours each year testing the platforms, mobile apps, trading tools and general ease of use among online brokerages, as well as comparing commissions and fees, to find the best online broker.
Though many U.S. brokers offer basic trading features, such as an app, charting tools, stock research and educational content, the depth of those features can vary widely. Let's compare Interactive Brokers vs TradeStation.
In stock trading, the more you know, the better you’ll do. Taking advantage of resources like articles, webinars, videos and interactive elements is a great way to shorten the learning curve. In our analysis, we examine the availability of several different types of educational materials.
For 2024, our review finds that Interactive Brokers offers more comprehensive new investor education for beginning investors than TradeStation. Interactive Brokers offers investors access to Paper Trading, Videos, Education (Stocks), Education (ETFs), Education (Options), Education (Mutual Funds), Education (Bonds) and Education (Retirement), while TradeStation offers investors access to Paper Trading, Videos, Education (Stocks) and Education (Options).
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 futures, TradeStation charges $1.50 per contract and Interactive Brokers charges $0.85 per contract. For a deeper dive, see our best brokers for free stock trading or options trading guides.
Looking at a full range of investment options, including order types and international trading, our research has found that Interactive Brokers offers a more comprehensive offering than TradeStation. Interactive Brokers ranks #1 out of 18 brokers for our Investment Options category, while TradeStation ranks #5.
Interactive Brokers offers investors access to Stock Trading, Fractional Shares, Options Trading, OTC Stocks, Mutual Funds, Futures Trading and Forex Trading, while TradeStation offers investors access to Stock Trading, Options Trading, OTC Stocks, Mutual Funds and Futures Trading. Neither have Advisor Services. Looking at Mutual Funds, TradeStation trails Interactive Brokers in its offering of no transaction fee (NTF) mutual funds, with Interactive Brokers offering 4782 and TradeStation offering 0.
In our analysis of top U.S. brokerages, we research whether each broker offers the ability to trade cash cryptocurrency, such as bitcoin and ethereum. Though crypto has risen steadily in popularity, availability still varies from broker to broker. Our review finds that Interactive Brokers offers crypto trading, while TradeStation does not.
To compare the day trading platforms of Interactive Brokers and TradeStation, we focused on trading tools and functionality across both web and desktop-based platforms. Popular day trading platform tools include streaming real-time quotes, stock alerts, trading hotkeys, direct market routing, streaming time and sales, customizable watch lists, backtesting, and fully functional charting packages, among many others. For day trading, Interactive Brokers offers a better experience.
After testing 25 features across the stock trading apps of Interactive Brokers and TradeStation, we found Interactive Brokers to be better overall. The best stock market apps are easy to use, have excellent design, and deliver a fully featured online trading experience. Interactive Brokers ranks #1 out of 18 brokers, while TradeStation ranks #8.
Interactive Brokers Trading App Gallery
TradeStation Trading App Gallery
For research, Interactive Brokers offers superior market research than TradeStation. Interactive Brokers ranks #2 and TradeStation ranks #10.
Over the years, we've found that the best brokers provide rich market commentary, a variety of third-party research reports, and thorough quote screens that are not just easy to navigate, but that also include a comprehensive selection of fundamental data. Robust stock, ETFs, and mutual fund screeners are also must-haves for trade idea generation.
Interactive Brokers requires a minimum deposit of $0.00, while TradeStation requires a minimum deposit of $0.00. From our testing, we found that SoFi is the only broker that requires a minimum deposit.
Interactive Brokers charges 7.83% for accounts under $25,000 while TradeStation charges a margin rate of 13.5%. The industry average of the 18 brokers we track is 9%.
While Interactive Brokers offers fractional shares, TradeStation does not. Our research has found that 54% of brokers offer fractional shares investing. Fractional shares allow traders to buy a part of a whole share of stock. For example, if Amazon is trading at $1,000, you could buy half a share for $500.
Both Interactive Brokers and TradeStation allow you to trade penny stocks. Interactive Brokers charges $0.00 per trade while TradeStation charges $0.01. Penny stocks are companies whose shares trade for under $5 and are listed over the counter (OTC). For brokers that do offer penny stock trades, the average commission is $3.
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.
StockBrokers.com partners with customer experience research group Confero to conduct phone tests from locations across the United States to thoroughly evaluate the quality and speed of brokerage customer service. (Read more about How We Test.) Here are the results of our current testing.
Interactive Brokers was rated 12th out of 13 brokers, with an overall score of 7.7 out of 10.
TradeStation was rated 7th out of 13 brokers, with an overall score of 7.98 out of 10.
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.
In the 2024 StockBrokers.com Annual Awards, Interactive Brokers was rated No. 1 for Platforms & Tools, Mobile Trading Apps, Investment Options, Day Trading, Bond Trading, ESG Investing, Fractional Shares, International Trading, Order Execution, Platform Technology, Professional Trading, and Sentiment Investing. It also placed among Best in Class for Commissions & Fees, Research, Education, Beginners, Futures Trading, IRA Accounts, Options Trading, High Net Worth Investors, and Overall.
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.
In the 2024 StockBrokers.com Annual Awards, TradeStation placed among Best in Class for Day Trading, Futures Trading, Investment Options, and Penny Stock Trading.
Overall winner: Interactive Brokers
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