Jump straight to it: The best alternative to Interactive Brokers is Moomoo, which is offering up to 15 free stocks with a qualified deposit for new customers, as well as a massive 8.1% APY on idle cash for a limited time. That’s all on top of other benefits like commission-free options trading.
If you’re looking for an alternative to Interactive Brokers, you can find several options. Interactive Brokers is a brokerage platform that offers a wide range of investment options, including stocks, bonds, exchange-traded funds (ETFs) and mutual funds. You might be looking for an alternative because of higher fees, limited trading tools or a need for more educational resources. In this article, Benzinga explores five Interactive Brokers alternatives and their pros and cons to help you make an informed decision.
Quick Look: Best Interactive Brokers Alternatives
7 Best Interactive Brokers Alternatives
Whether it’s fees, platform usability or customer service, these Interactive Brokers alternatives offer unique advantages that may better suit individual preferences and requirements.
1. Best for Trading Ideas: Public.com
With no commissions and no account minimum, Public.com is the only investing platform that lets you buy, sell, and hold stocks and ETFs, crypto and alternative assets like art. Themed investing can help you get on a track that fits with your goals. Plus, you can learn quite a lot about investing on the site if you’re new to this space. Customer care is available 24/7, and you can grow your portfolio or step aside for professional investors who can also consolidate their portfolios into one space.
Why We Love It: Public.com makes it possible for anyone to invest, beginners or professionals, meaning that you can work at your own pace and make money without feeling overwhelmed.
2. Best for Traders of All Levels: Moomoo
Moomoo is an intuitive investment and trading platform with easy-to-use and professional tools, data, and insights that equal a pro-level trading experience for all traders, no matter their level of expertise.
When you open a brokerage account with Moomoo Financial Inc, features will include:
- Real-time Level 2 stock and options market data for funded accounts
- Advanced technical indicators
- Unique charting tools
- Advanced options orders
- Full extended trading hours from 4 AM to 8 PM EST
- Multi-market quoting
- Low fees, $0 commission on U.S. Stocks and ETFs plus $0 on equity options contract fees
- 5.1% APY in the Cash sweep program and a 3.0% boost for qualified customers
Users can reach out to the Moomoo customer support team by phone during trading hours or via email. FAQs in the Help Center can also answer specific questions.
Why We Love It: Moomoo’s mobile app is user-friendly and provides a seamless trading experience, while the broker also supports trading in U.S., Hong Kong, and Chinese markets, offering global investment opportunities.
3. Best for Forex Traders: FOREX.com
FOREX.com offers traders competitive spreads starting from 0.8 pips, access to more than 80 currency pairs and additional markets such as commodities, indices and cryptocurrencies. You’ll have access to low account minimums and an excellent all around trading platform.
Why We Picked It: FOREX.com is an great alternative to IBKR in the forex space because they manage high volume traders especially well. They offer extremely customizable charting and technical analysis tools and ability to trade on MT4/5 and TradingView.
4. Best for Desktop Trading: E*TRADE
E*TRADE is a brokerage platform that offers a wide range of investment options, including stocks, bonds, ETFs and mutual funds. Here are some pros and cons to consider. E*TRADE’s Power E*TRADE platform provides advanced charting, risk assessment tools and customizable screeners for active traders. The broker also stands out with its user-friendly mobile app and web interface, making it accessible for both novice and experienced investors.
Why We Love It: E*TRADE offers a comprehensive suite of trading tools and research resources. The platform offers commission-free trading for stocks, ETFs and options, with options contracts priced at $0.65 per contract.
5. Best for Beginners: Robinhood
Robinhood is a brokerage platform that offers commission-free trading for stocks, options, ETFs and cryptocurrencies. With no minimum investment requirement, it’s particularly appealing to new investors.
Why We Love It: Robinhood offers a unique feature called “fractional shares,” allowing users to invest in partial shares of expensive stocks, making it accessible for investors with limited capital to diversify their portfolios.
6. Best for Intermediate Traders and Investors: Webull
Webull is a brokerage platform that offers commission-free trading for stocks, options and cryptocurrencies. Webull’s low account minimums and no-fee IRAs make it accessible to beginners, while still offering enough sophistication for more experienced traders. Additionally, Webull provides free Level 2 market data (for a limited time), which is typically a premium feature on other platforms.
Why We Love It: The Webull platform offers advanced charting tools and real-time market data, catering to both new and experienced traders looking for in-depth technical analysis capabilities.
7. Best for Stock Research: Fidelity
Fidelity is a brokerage platform that offers a wide range of investment options, including stocks, bonds, ETFs and mutual funds. Fidelity’s cash management account features, including free ATM withdrawals worldwide and a competitive APY, are superior to many competitors. The company is also known for its excellent customer service and 24/7 phone support.
Why We Love It: Fidelity’s competitive pricing structure, including zero-commission trades on many products, makes it an attractive option for cost-conscious investors.
How to Choose the Right Interactive Brokers Alternative
Here’s a concise list of factors to consider when choosing an Interactive Brokers alternative, with brief explanations for each:
- Fee structure: Consider commission rates, inactivity fees and other charges.
- Available markets: Check which exchanges and asset classes are accessible.
- Trading platforms: Evaluate the user interface, features and mobile app availability.
- Research and analysis tools: Assess the quality and depth of market data and analytical resources.
- Customer support: Look into responsiveness and availability of customer service.
- Account types: Ensure the broker offers the account types you need (e.g., individual, joint, IRA).
- Minimum deposit requirements: Compare initial funding requirements across brokers.
- Margin trading options: If applicable, examine margin rates and borrowing limits.
- Order types and execution: Verify the availability of various order types and execution quality.
- Regulatory compliance: Confirm the broker is properly regulated in your jurisdiction.
Final Thoughts on the Alternatives to Interactive Brokers
Several Interactive Brokers alternatives are available that offer a wide range of investment options and features. TD Ameritrade, E*TRADE, Robinhood, Webull and Fidelity are brokerage platforms that you may want to consider. Each of these alternatives has its pros and cons, so it’s important to do your research and evaluate your needs before choosing a broker. Consider factors such as fees, investment options, educational resources and trading tools before making a decision. With the right research, you can find a broker that meets your investment needs and preferences.
Frequently Asked Questions
A
Yes, brokers like E*TRADE offers robo-advisor services for investors who prefer a hands-off approach to investing.
A
Robinhood is popular among beginner investors due to its user-friendly interface, commission-free trading, and easy-to-understand platform.
A
Robinhood and Webull are two alternatives to Interactive Brokers that have low or no account minimums, making them accessible to all types of investors.
