Interactive Brokers (IBKR) is America’s largest electronic trading platform and a staple among both retail and professional traders alike.
You can trade just about anything on IBKR—stocks, exchange-traded funds (ETFs), mutual funds, options, bonds, foreign exchange, futures, and more. Indeed, IBKR is one of the best investment apps, in our eyes, thanks in part to its excellent selection of investment options.
Interactive Brokers actually delivers multiple investing platforms and apps, but its primary and best-known offering is Trader Workstation (TWS), which the company debuted back in 1995. TWS is a highly customizable, high-horsepower platform that delivers a wide range of functions and features, which we’ll discuss in more detail later on.
IBKR also boasts more than 2 million client accounts, and there are dozens of good reasons why. But depending on your brokerage needs, it might not necessarily be the best solution for you.
Let’s discuss IBKR’s Trader Workstation—as well as some of the most popular Interactive Brokers alternatives. We’ll talk about where IBKR excels (and where it falls short), and explain when and why other alternative brokerages and investing apps might make more sense.
Best Interactive Brokers Alternatives—Top Pick: E*Trade
What Is Interactive Brokers?
Interactive Brokers, founded in 1978, is one of the largest U.S. electronic trading platforms, offering traders access to stocks, bonds, funds, options, cryptocurrencies, forex trading, futures trading and more.
IB’s Trader Workstation (TWS) is Interactive Brokers’ flagship online stock trading account—a trading platform with roots back to 1995. But since then, the company has launched a number of other Interactive Brokers account options, including:
- IBKR Desktop: This desktop trading platform combines the most popular tools from its flagship Trader Workstation (TWS) with new tools such as a powerful MultiSort screener and Options Lattice, as well as a growing suite of original features suggested by IBKR clients.
- IBKR Mobile: A powerful mobile platform for iOS and Android that allows people to trade on the go
- IBKR GlobalTrader: A simplified app for iOS and Android that targets global traders, allowing deposits in up to 23 different currencies
- Client Portal: A lighter web-based platform allowing clients to manage their account, evaluate performance, and read market news with minimal stock trading tools
- IBKR EventTrader: A web-based platform allowing investors to trade “event” contracts (yes-or-no questions like “Will the S&P 500 Index close above 6,000 today?”)
- IBKR Impact: A mobile app that helps investors select holdings most in line with their values.
But Workstation remains the workhorse. The platform supports investments across 150 global markets, and offers a wide variety of features and trading tools, including real-time monitoring, risk management tools, paper trading—all packaged under a heavily customizable layout tailored to amateur and professional traders alike.
While TWS users can still select the original view, they can build their own bespoke view through Mosaic. Functions such as stock monitoring, order entry, charts, and more appear as “tiles,” sized and arranged however you want them, and you can save custom layouts designed for one or more monitors.
Trader Workstation also lets investors use advanced trading tools to perform the following actions:
- Create example watchlists
- Use preset scans or build your own
- Create real-time trading alerts using price, time, margin, and volume
- Access more than 100 order types and algorithms to execute better trades
- Read breaking news from Reuters, Dow Jones, and other financial news outlets
- Access to third-party investment research and free stock reports from Morningstar, Zacks, and other firms
IBKR Lite/IBKR Pro
Interactive Brokers offers two primary online trading platforms—IBKR Lite and IBKR Pro—and both have no account minimums and zero maintenance fees. They also provide investors with access to many of the same features, including the Client Portal, Trader Workstation, and IBKR Mobile platforms; advanced order types; fractional shares of U.S. and European stocks and exchange-traded funds (ETFs); paper trading; and Risk Navigator, which evaluates your risk in single positions or across your entire portfolio.
IBKR Lite is most suitable for beginner and intermediate investors, offering unlimited commission-free U.S.-listed stock and ETF trading, and fixed pricing for non-U.S.-listed stocks and ETFs, mutual funds, options, and futures.
IBKR Pro, meanwhile, is meant for advanced investors and active traders interested in a robust trading platform with global trading access. While it does charge commissions on even U.S.-listed stocks and ETFs, it provides better execution for trades via its IB SmartRouting, which seeks out the best available prices for stocks and options across exchanges and dark pools—possibly resulting in lower spreads that offset the commissions you pay and making the option a smart trading platform to consider for high-volume traders. It also offers better margin rates than Lite, though both platforms’ rates are among the best on offer.
Pro also offers some features not available on IBKR Lite, including higher interest paid on idle cash balances, lower interest charged on margin loans, backtesting, and access to IBKR APIs, which allow you to build your own custom trading applications and even develop commercial trading software—features often used by hedge funds, Registered Investment Advisors (RIAs), and proprietary trading firms.
- Trade stocks, bonds, ETFs, mutual funds, options, cryptocurrencies, foreign exchange, futures, micro futures, and futures options using the powerful legacy Trader Workstation desktop software or IBKR's web and mobile platforms.
- No account minimums, no maintenance fees with both IBKR Lite and IBKR Pro.
- Commission-free stock and ETF trading with IBKR Lite.
- Optimized trade execution and higher interest on cash balances with IBKR Pro.
- Earn interest rates of up to 4.08% on instantly available cash.
- Earn extra income on your lendable shares with IBKR's Stock Yield Enhancement program.
- Access features including watchlists, preset or customized stock scans, real-time trading alerts, advanced order types, and news and research from numerous leading providers.
- Excellent selection of available investments
- Extremely feature-rich desktop (Trader Workstation) and app (IBKR Mobile) platforms to satisfy even the most advanced traders
- Below-average options contract fees
- Trader Workstation Mosaic view is versatile and highly customizable
- Share lending program
- Robo-advisory services are available through Interactive Advisors
- Mobile app can be buggy, difficult to navigate, and sometimes has long load times
Related: Best Day Trading Platforms, Software and Apps
Why Consider Interactive Brokers Alternatives?
Given all of the features we just listed for Interactive Brokers, why would an investor choose anything else?
One of the biggest weaknesses we observed in both our own in-house evaluations and app store reviews was a buggy mobile-app experience. If you want to trade on the go, you might run into some frustrating hiccups. (Conversely, its other mobile apps offer better user experiences but don’t have nearly the functionality.)
IBKR’s desktop app is aces—easily one of the best from a functionality standpoint, and a mainstay among advanced and professional traders. But it can be overwhelming to novice investors.
Along the same lines, in many cases, IBKR is almost too much brokerage account for some people. Many people prefer a streamlined experience with just a few basic investment options on offer—and IBKR is quite the opposite of that. Below, we cover the top Interactive Brokers Alternatives worth your consideration.
Best Interactive Brokers Alternatives for Online Trading
1. E*Trade (Best IBKR Alternative for Intermediate Investors + Traders)
- Available: Click “Open Account” below
- Best for: Intermediate investors
- Platforms: Web, mobile app (Apple iOS, Android)
E*Trade is perhaps a better Interactive Brokers alternative for intermediate investors and traders—especially those who are looking for a more intuitive interface from the onset.
E*Trade has long been seen as a leading stock investment app for retail investors. E*Trade provides investors access to educational resources that assist you with conducting investment research and analysis and diversifying your portfolio.
Like most of the best stock investing apps, E*Trade offers zero-commission stock, ETF, and options trading. It also has a leg up on some platforms by offering $0-commissions on trades of mutual funds, Treasuries, and new-issue bonds. (Options still incur a 50- to 65-cent contract fee, however.)
E*Trade has two platforms, both of which are free, and both of which have web and mobile versions:
Power E*Trade
Power E*Trade is a trading platform designated for more intermediate-to-advanced traders. Features include:
- Advanced charting that includes intraday and historical options; more than 100 studies; over 100 drawing tools; and the ability to automatically identify technical patterns
- Snapshot Analysis, which lays out risk-reward probabilities in your options trading
- Powerful stock and trade scanner; use preset filters or customize as you wish
- Paper trading to test out strategies without putting your money at risk
- Ability to design exit strategies
Like with the Power E*Trade web platform, the Power E*Trade app is a more powerful version of its basic counterpart. This app allows you to use preset scans, work with interactive charts, place complex options trades, and more.
E*Trade
The “basic” E*Trade web platform might be more suitable for beginning-to-intermediate traders and investors, but that doesn’t mean it’s short on features.
E*Trade’s main web platform includes everything you need to keep up to date on your portfolio, including real-time quotes, charts, market commentary, and stock news. The latter includes free access to research tools and reports from companies like Thomson Reuters, Bloomberg TV, and TipRanks research. Meanwhile, you’ll have ample tools at your disposal, including stock, mutual fund, bond, and ETF screeners; trade optimizers; backtesters; and more.
E*Trade also touts its educational resources, which includes articles, videos, and classes, as well as monthly webinars and live events. But we will note that its educational content is difficult to sort through.
For a limited time, E*Trade offers a new account funding bonus when you use reward code “OFFER24” in the following amounts:
- $1,000-$4,999 earns $50.
- $5,000-$19,999 earns $150.
- $20,000-$49,999 earns $200.
- $50,000-$99,999 earns $300.
- $100,000-$199,999 earns $600.
- $200,000-$499,999 earns $800.
- $500,000-$999,999 earns $1,000.
- $1,000,000-$1,499,999 earns $3,000.
- $1,500,000-$1,999,999 earns $5,000.
- $2,000,000 or more earns $6,000.
To open a free E*Trade brokerage account, click “Open Account” below.
Related: 10 Best Stock Picking Services, Subscriptions, Advisors & Sites
2. Robinhood (Best Interactive Brokers Alternative for Beginners)
- Available: Sign up here
- Best for: Beginner traders
- Platforms: Web, mobile app (Apple iOS, Android)
IBKR might not be well-suited for newer investors, who instead would be better off considering beginner investment apps, such as Robinhood.
Robinhood is a pioneer of commission-free trading, jumping into the investing public’s consciousness in 2013 when they rolled out commission-free stock and ETF trades. They remain a standout option for cost-minded investors thanks to their continued $0 commissions on stocks, ETFs, and options, as well as for its fractional trading, which allows people to invest with as little as $1.
More importantly, though, Robinhood has evolved from a bare-bones app appealing to mostly beginner investors to a fuller-featured trading platform suitable for a wider range of experience levels.
For instance, Robinhood now offers individual retirement accounts (IRAs) and Roth IRAs via Robinhood Retirement. Functionally, it comes up short compared to many other IRA providers because of its investment options. It offers just stocks and ETFs; like with its brokerage account, mutual funds aren’t available. Options aren’t currently available, though Robinhood has explicitly stated that options will be made available soon.
However, Robinhood Retirement still stands out from the pack because it’s the only IRA provider that offers matching funds. If you open up an IRA with Robinhood Retirement, Robinhood will match 1% of any IRA transfers, 401(k) rollovers, and annual contributions to your account—and 3% if you pay for the Robinhood Gold service ($5 per month)—typically almost immediately after you make your contribution. Better still: Any matches made on annual contributions don’t count toward your contribution limit.
(Friendly message from your Young and the Invested tax expert: The reason the IRA match doesn’t count toward your annual IRA contribution limit is because Robinhood treats it as interest income in your IRA.)
You can choose your IRA investments yourself, but Robinhood’s Portfolio Builder can also provide you with a custom recommended portfolio made up of five to eight ETFs.
Robinhood has long catered to younger investors with its gamified interface and growing library of educational content. But over the years, it has added a boatload of other features for new and experienced investors alike. Advanced Charts, for instance, provides simple and customizable charts with a variety of technical features. Robinhood’s Options Strategy Builder simplifies the options-trading process by helping you build a strategy based on what you expect your target stock or ETF will do in the future. Robinhood also offers 24/7 commission-free cryptocurrency trading with Robinhood Crypto (though you’ll still have to pay a spread), allows extended-hours trading, and lets users earn interest through stock lending.
Robinhood Gold, which I mentioned above, is a monthly subscription service that offers several more features mostly geared toward advanced traders. Benefits include Level II market data provided by Nasdaq, a lower charged rate on margin investing than regular accounts, higher interest on uninvested brokerage cash via the cash sweep program, and bigger Instant Deposits.
Sign up for a Robinhood brokerage account or Robinhood retirement account today.
- Robinhood is a pioneer in the investing app world, offering commission-free trades on stocks, ETFs, options, and cryptocurrency, as well as one of the deepest libraries of investing educational content.
- Investing for retirement? Robinhood will match 1% of any IRA transfers or 401(k) rollovers, as well as any annual contributions*, made to your Robinhood Retirement account—and you can get a 3% match on any new contributions if you subscribe to Robinhood Gold.
- Want more advanced trading tools? Download Robinhoold Legend—a desktop trading platform with real-time data, customizable layouts, deeper asset analysis, and more—for free.
- Robinhood Gold also includes Level II market data provided by Nasdaq, higher interest rates on uninvested brokerage cash, lower margin trading rates, bigger Instant Deposits, and access to the Robinhood Gold Card (a 3% cash-back Visa credit card).
- Special offer: Sign up for Robinhood, link a bank account, and fund your account with at least $10, and receive a randomly selected cash amount between $5 and $200 to put toward certain fractional shares.
- Very good selection of available investments in brokerage accounts
- 1% match on rollovers, IRA transfers, and new contributions to IRAs and Roth IRAs (3% new-contribution match with Robinhood Gold)
- Automated recommended portfolios
- Intuitive interface
- Extensive educational library
- No mutual funds in brokerage or IRAs
- No robo-advisor functionality
Related: The 10 Best Fidelity Funds to Buy
3. TradeStation Select (Best Interactive Brokers Alternative for Advanced Traders)
- Available: Sign up here
- Best for: Advanced traders, options and futures traders, active stock traders
- Platforms: Desktop app (Windows), web, mobile app (Apple iOS, Android)
TradeStation Select and IBKR are frequently spoken in the same breath. They’re both extremely powerful platforms beloved by advanced and professional traders, and they’re frequently horse-raced against one another.
TradeStation not only includes a full-featured desktop app and a robust web trading platform, but also a highly rated stock trading app—one leg up on Interactive Brokers.
Much like every other online discount broker found on this list, this free stock trading app helps traders avoid commissions. Specifically, TradeStation offers zero commissions on stocks, exchange-traded funds, options, futures, micro futures, and futures options. It also functions as a direct access trading platform, meaning it connects traders directly with market makers or specialists on the trading floor like the New York Stock Exchange, further helping to lower spreads and the costs of your trades.
But the reason traders opt for TradeStation isn’t just the cost—well, lack of it—but its advanced trading features and services.
What makes TradeStation different?
TradeStation is one of the most high-powered stock trading platforms on this list. That’s because opening a TradeStation brokerage account provides you with free access to the TradeStation Analytics platform, which includes advanced trading tools such as:
- Matrix: TradeStation packs market depth, advanced order entry, and order tracking all in a single window, then combines it with one-click trading and extremely fast order execution. TradeStation calls it the “Swiss Army Knife of trading tools,” and it’s an apt description.
- RadarScreen: Identify trading opportunities with RadarScreen, a real-time screener that can monitor as many as 1,000 tickers. You can also use RadarScreen to rank those stocks based on your own custom criteria, or based on more than 180 preset (but customizable) fundamental and technical indicators.
- OptionStation Pro: This app provides a more visually appealing, and easier-to-understand, method of exploring the options markets. You can build option chains, model options positions with 3D graphics, and quickly place your trades.
- EasyLanguage: Want to take your trading to the next level? Create your own trading tools, indicators, even applications, with this trading-focused programming language—a language TradeStation already uses in every one of its indicators, strategies, and user functions.
(Note: Even if you don’t use TradeStation as your trading platform, you can still access TradeStation Analytics for $99 per month if you’re a non-professional trader, or $199 per month if you’re a professional trader.)
Other trading features include a simulated trading mode that allows you to test out trading plans without putting your funds at risk, backtesting, and customizable charting.
A passive feature of note is the Fully Paid Stock Lending Program. Through the program, you can allow TradeStation to lend out fully paid or excess margin securities, and in exchange, they’ll pay you a portion of the interest TS earns each day.
Other considerations
TradeStation is one of the best stock trading apps for advanced traders, but even experts might need a hand every now and then—and less experienced traders very well might need assistance. Fortunately, TS offers personalized support from the company’s brokerage professionals.
While TradeStation is commission-free, it’s hardly cost-free. For instance, all stock options trades still require a 60-cent contract fee. Futures trades are charged $1.50 per contract per side, micro futures trades are charged 50 cents per contract per side, and futures options are charged $1.50 per contract per side. Margin rates, currently in the double digits, are high compared to peers. And mutual fund fees are a steep $14.95 per trade—no big deal for traders, who likely would avoid them anyways, but a hurdle for anyone looking to buy and hold mutual funds in their TS account.
Also, TradeStation falls short of IBKR in one pivotal area: fundamental research. TradeStation has a wealth of technical data, but Interactive Brokers has the edge as it pertains to fundamental data and tools.
And let’s be clear: Like with IBKR, beginning traders could be overwhelmed by this service, which caters to extremely active and experienced traders who use the trading platform primarily for its research tools and advanced trading tools.
Regardless, TradeStation’s top-of-class trading tools (and a wide variety of ways to access them) makes it one of the best stock trading platforms for advanced traders on this list. Intermediate users should be able to make plenty of hay on this platform, too. So if you’re interested, visit TradeStation to sign up for an account or get more information.
- TradeStation is a powerful trading platform that allows you to invest in a wide array of products, including stocks, ETFs, mutual funds, options, bonds, forex, futures, micro futures, and futures options. You can also participate in IPOs through TradeStation.
- The platform comes equipped with trading and investing tools that are useful to seasoned professionals and new traders alike. Identify trading opportunities, explore option markets visually, even create your own trading tools with TradeStation's proprietary programming language.
- TradeStation's brokerage services and trading education resources are recognized by respected industry reviewers.
- Excellent selection of available investments
- Professional trading features and capabilities
- Intuitive trading interfaces and tools
- Competitive pricing for trading volume
- Varied and confusing fees for specific actions/events
- Mac users can only run TradeStation desktop platform through a Windows emulator
Related: 12 Best Investment Opportunities for Accredited Investors
4. Tastytrade (IBKR Alternative With Live Trading Video Feed)
- Available: Sign up here
- Best for: Traders
- Platforms: Web, mobile app (Apple iOS, Android)
Tastytrade is an award-winning, self-directed brokerage started by the original founders of the famous thinkorswim trading platform, which was purchased by TDAmeritrade and subsequently bought by Charles Schwab.
The service offers competitive commissions on the usual suspects: stocks and ETFs, but also on options ($1/trade on stock and ETF options), futures, options on futures, commodities, indices and cryptocurrencies (1% commission on trade volume up to a $10 cap).
The platform offers the chance to experience cutting-edge, game-changing technology that anticipates next generation needs from traders. And one of the ways Tastytrade excels is their charting tools. They’re robust, interactive tools with over 250 available technical studies traders can use to analyze price and volume action in securities they follow. Traders can detach chart windows from the main trading screen to spread across a multi-monitor setup to keep eyes on several securities at once. Further, the stock charts allow for near endless customization so each trader can have the individual setup best suited to their needs.
The service aims to fix “trader’s block,” or the trader’s equivalent to writer’s block. It offers the ability to track traders on the platform and engage in video-feeds with other people to discuss all things markets. The service also partners with Tastylive, a financial news network entirely focused on talking shop about trading. Tastytrade says the services, when combined, can “transform you from a timid beginner to a confident, everyday trader.”
If you’re new to Tastytrade, they have ongoing incentives to make signing up for an account worthwhile. Learn more by visiting the Tastytrade site, opening an account and seeing if the trading platform’s stock charts handle your needs.
- Tastytrade is a self-directed brokerage offering stocks, ETFs, options, crypto and futures trading.
- Company started by original founding Thinkorswim team.
- Relies on competitive rates and cutting-edge technology to empower individual retail traders.
- Deposit Bonus: Get $50-$5,000 when you open and fund a new account with Referral Code "MYNEWBONUS".*
- Low trading costs, especially for higher volume traders
- Intuitive and easy-to-use trading platform
- Strong research and analytical tools
- Education-focused platform with live programming
- Fee structure favors more active traders
- Limited tradable products
- No interest on idle cash balances
- No mutual funds offered
5. Webull (Ideal for Intermediate Investors + Traders)
- Available: Sign up here
- Best for: Self-directed investors and intermediate traders
- Platforms: Desktop app (Windows, macOS, Linux), web, mobile app (Apple iOS, Android)
Webull is another ideal IBKR alternative for intermediate investors and traders.
Webull first hit the investing world in 2018 and made a splash by offering free stock trading, as well as commission-free trading of exchange-traded funds (ETFs) and options. And since then, it has become one of the best stock apps for intermediate traders and investors, though many of its features are helpful to beginners as well.
For one, Webull remains friendly to wallet-conscious traders today. It costs nothing to open a Webull account. Stocks, ETFs, and options still trade without transaction fees. Many options have $0 contract fees. And Webull has no deposit minimums. On top of that, it offers fractional shares, which allows investors to start buying for as little as $1. So beginners working with small dollar amounts can still easily diversify across numerous investments.
Newer investors can also learn trading skills through the courses in Webull’s education center, and even practice their skills via Webull’s paper trading service.
And Webull is available across just about every platform, allowing you to research, trade, and track your stocks on your smartphone, tablet, or desktop.
Why choose Webull to trade stocks?
Webull provides investors with several useful features and tools, including:
- Customizable screeners for both stocks and ETFs
- Preset lists–including Top Gainers, Top Losers, Most Active, and Best-Performing Industries—investors can use to identify opportunities
- Voice commands: Simply speak to buy, sell, or look up information about a ticker
- “Big Button Mode”: Populates giant buttons on your screen that allow you to quickly make trades with just a push.
- Charting tools
- Free real-time stock quotes and stock alerts
We’ll point out that while Webull allows for many types of commission-free trades, other costs will still apply to a few transactions. For instance, a 55-cent contract fee applies to certain options trades. And Webull doesn’t directly charge fees for trading cryptocurrencies; however, it does build a 1-percentage-point markup into the price of cryptocurrency when you buy or sell crypto.
One particularly noteworthy shortcoming for investors is that you can’t buy mutual funds on Webull. Yes, ETFs offer a wide array of diversified strategies, but the mutual fund world offers some cheap index funds and many successful actively managed strategies.
Regardless, Webull remains one of the best, and most cost-friendly, trading platforms you can come across. And on top of all the free features mentioned above, Webull also runs frequent promotions that allow investors to collect free stocks.
Read more in our Webull review, or sign up at Webull today.
- Webull is a low-cost trading and investing app that allows you to invest in stocks, ETFs, options, and crypto, and participate in initial public offerings (IPOs). Webull has also expanded its U.S. offerings to include futures and commodities trading.
- Commission-free trades on stocks, ETFs, and options.
- Trading features include charting tools, technical indicators, customizable screeners, real-time stock alerts, and group orders.
- Let Webull manage your money for you with Webull Smart Advisor, which combines Webull's in-house investment expertise and artificial intelligence to build, manage, and rebalance an ETF portfolio for you.
- New users also get one free month of Nasdaq TotalView's Level 2 Quotes service. (That subscription costs $2.99/mo. thereafter.)
- Sign up for Webull Cash Management to earn a 5.0% APY without fees or minimums.
- Special offer: Open an account and deposit at least $500 to receive 20 free fractional shares, collectively worth between $60-$90,000.*
- Good selection of available investments
- Fractional shares
- Powerful technical analysis tools
- Offers robo-advisory services
- Accessible to beginning and intermediate users
- Voice commands
- Offers highly competitive APY through Webull Cash Management
- Does not support mutual funds
Related: 15 Best Investing Research & Stock Analysis Websites
6. eToro (Best IBKR Alternative for CopyTrading)
- Available: Sign up here
- Best for: Beginner traders
- Platforms: Desktop app (Windows, macOS), web, mobile app (Apple iOS, Android)
Most trading apps keep you in one place: Your account. But eToro wants to change that.
eToro has made investing social by giving you the chance to engage with other traders, creating a social trading network designed to share ideas on the publicly traded markets. You can trade stocks, exchange-traded funds (ETFs), and options commission-free, and you can also get exposure to cryptocurrencies. (In non-U.S. markets, you can also trade currencies, as well as contracts-for-difference, or CFDs.)
eToro is known for its CopyTrader service—a novel product that allows you to copy the trades of experienced investors automatically. No more guesswork on making trades yourself; you simply follow the leader and let the app handle the legwork for you. While this might not interest advanced traders, it’s an appealing feature for beginners looking to replicate the performance of popular traders on the platform. (Editor’s Note: Even though this can make for a fun trading experience, you should still be fully aware of the risks entailed through this feature—namely, the potential for losses.)
Of course, you don’t have to copy anyone—you can trade on your own ideas. This intuitive investing app began with a strong crypto focus, but you can now make self-directed trades across a host of other assets.
In addition to offering access to thousands of stocks and hundreds of ETFs, it also allows you to invest directly in dozens of cryptocurrencies—a much larger selection than the mere four cryptos you can trade through IBKR. When you trade crypto with the platform, you’ll encounter an industry-standard spread of 1%. Of particular interest to options traders, eToro charges no options contract fees in the U.S. Investors can also use the app to understand environmental, social, and governance (ESG) scores through their user-friendly “traffic light” color scheme: green means the company is a leader in its sector, yellow indicates average, and red means the company scores poorly relative to sector competitors.
Lastly, if you’d like to invest based on a specific theme or strategy, eToro offers Smart Portfolios. These are fully allocated, balanced portfolios, investing in various market segments, that are backed by professional research and various risk management rules. You only need $500 to participate in Smart Portfolios, and you pay no management fees.
And for people interested in testing the waters without opening their wallet at the start, eToro offers a free Demo Account that comes with $100,000 in virtual money to test your trade ideas.
Opening an account is quick and simple to do. Simply visit eToro’s website to open and fund an account. From there, you get access to their commission-free trading platform for stocks, ETFs, options, forex and crypto.
- The eToro trading platform allows you to buy and sell stocks, ETFs, and options with 0% commission, including no contract fees on options.
- Trade dozens of the most popular cryptocurrencies.
- Not sure what kind of trading strategy you want to employ? eToro allows you to replicate the trades of popular traders automatically, in real time.
- Test out your strategies with eToro's $100,000 practice account.
- $100 minimum deposit to get started.
- Special Offer: Get $10 when you deposit $100 or more.*
- Good selection of available investments
- No options contract fees
- Fractional shares
- Copy trading functionality
- Strong technical analysis tools available
- $100,000 virtual portfolio included for free
- Charges withdrawal fee ($5)
- Doesn't offer robust fundamental tools
- Unavailable in 4 U.S. states (NY, NV, HI, and MN)
Related: 15 Best Stock Research & Analysis Apps, Tools and Sites
Which Firms Are the Best Interactive Brokers Alternatives?
Like we mentioned above, the best Interactive Brokers alternatives will depend on what you’re looking for in a brokerage account or trading platform.
TradeStation Select, for instance, is excellent for the same type of crowd that typically invests with IBKR but also wants a smoother mobile experience. However, intermediate traders might be more comfortable with the likes of Webull or eToro, while beginners might prefer the simplicity and user experience offered by Robinhood.
Should I Use an Interactive Brokers Competitor?
Ultimately, the answer to this dovetails with our guidance for choosing any brokerage account: Determine which features are most important to you, and select the platform that offers you most (or ideally all) of those features.
Interactive Brokers provides a wide range of trading features, so chances are, if you plan on trading frequently, and/or you need plenty of technical tools and trade-idea generators—and you don’t plan on heavily trading from a mobile app—IBKR is a top-rate choice. But if you’re more of a beginner trader, or more of a long-term investor, you’re likely to find a more ideal combination of features elsewhere.
What Stock Services Make Sense for Traders Who Use IBKR or Interactive Brokers Alternatives?
1. Trade Ideas
- Available: Sign up here
Trade Ideas employs an artificial intelligence-powered assistant named Holly. This AI becomes your virtual research analyst who never sleeps and instead sifts through technicals, fundamentals, social media, earnings, and more to pick stocks as real-time trade recommendations.
Holly stays busy, too. She runs more than 1 million simulated trades each night and morning before the markets open with more than 60 proprietary algorithms to find you the highest-probability, most risk-appropriate opportunities to invest in stocks.
This stock scanning and analysis tool doesn’t stop there, though. You can also build your own scanners and screeners with over 500 data points and indicators to choose from. You can backtest your trading strategies, and also forward-test them in the real-time trade simulator. This allows you to learn, test, and optimize, without risking your own money.
The powerful service allows you to access real-time streaming trading ideas on simultaneous charts to learn how to trade into risk-reward balanced trades. In other words: You can invest and learn at the same time.
Where Trade Ideas excels
Where Trade Ideas excels is not only giving you the data and ideas you haven’t seen elsewhere, but also how to manage your money. The AI-powered smart risk levels on every chart are suitable for both long-term investors and active traders.
As the stock market evolves, TI’s software adjusts levels and the trading plan to match. The best part? You can learn how to do all of this without risking your principal through a real-time simulated trading environment.
After you’ve grown comfortable with the service and trading, you can choose to go live with the trade ideas and start investing real money by connecting directly through a brokerage like Interactive Brokers or E*Trade. (The full list of available brokers you can use through the service is available on Trade Ideas’ site.)
I’m a newsletter and alert aficionado, so I should point out a couple of Trade Ideas products. For one, it has a standalone alert service in the form of a weekly Swing Picks newsletter. This gives you five new trade ideas in your inbox from the company’s model portfolio every Monday. Trade Ideas’ Standard and Premium subscriptions include these stock picks. Trade Ideas also has a free Trade of the Week newsletter highlighting one stock pick TI has identified for members.
How does Trade Ideas find stock picks?
Trade Ideas finds its Strength Alerts by focusing on a unique approach that emphasizes relative strength. They start by identifying the most effective indicators and chart setups, based on their top-performing algorithms. They proceed by applying statistical analysis to assign weighted values to each indicator and chart setup, allowing for a quantitative evaluation of their significance. Advanced server technology allows TI to evaluate every stock in the market using these weights and then sort them based on which achieved the highest score. Their team of experts curates these findings to ensure subscribers receive only the most promising trade recommendations.
While Trade Ideas offers exceptional value, it’s important to note that there’s a considerable investment required. Note that you must sign up for Premium to receive full access to the Holly experience. However, you can enjoy a big discount by using the code mentioned below.
Consider starting your Trade Ideas subscription with no contract involved. Cancel anytime.
- Trade Ideas is a stock market app that teaches you how to trade and invest.
- Using a simulated trading platform, you can learn how to trade and invest without risking actual money.
- The service offers a free newsletter and also AI-powered automated trading for premium subscribers.
- Special Discount: Take 20% off any first month or year of a Trade Ideas subscription using promo code "WEALTHUP".
- Free live trading room that delivers actionable guidance
- In-browser and desktop interface functionality
- Automated trading capabilities
- AI-powered trade suggestions
- No mobile app
- Pricey subscriptions for some traders
Related: Best Investing Apps for Teens
2. TradingView
- Available: Sign up here
TradingView is a useful investment research software for stock traders who rely on technical analysis.
The stock research app provides stock charts with real-time data and personally selected indicators including moving averages, Relative Strength Index (RSI), Bollinger Bands, and more.
TradingView also provides a powerful stock screener that can help you research stocks, mutual funds, exchange-traded funds (ETFs), closed-end funds (CEFs), foreign exchange (forex), cryptocurrencies, and more. The screener comes with pre-built data sets, with fundamental sets including the likes of Overview, Performance, and Dividends, and even technical sets such as Oscillators and Trend-Following. TradingView also pre-built screens, such as Large-Cap, High-Dividend, Most Volatile, even Largest Employers.
This investment research service works well for traders looking to gain an edge on the stock market by utilizing the 50-plus data feeds and exchanges offered on the platform.
- TradingView provides an easy and intuitive stock charting experience w/tools to share and view trade ideas.
- Use this stock analysis app to leverage real-time data and browser-based charts to do your research anywhere.
- Collaborate with 70 million TradingView investors.
- Non-Professional Plans: Essential ($12.95/mo. or $155.40/yr.), Plus ($24.95/mo. or $299.40/yr.), Premium ($49.95/mo. or $599.40/yr.)
- Professional Plans: Expert ($199.95/mo. or $2,399.40/yr.) & Ultimate ($499.95/mo. or $5,999.40/yr.)
- Test out the service with a free 30-day trial and get $15 as you purchase your first subscription.
- Fast, powerful charting software
- Ease of use
- Extensive built-in indicators library (400+)
- Crowd-sourced indicator library (100,000+)
- Chart on 1.3 million+ securities listed on 150+ exchanges from 50+ countries
- Massive user base (70 million+ globally)
- Limited free plan
- Can be overwhelming experience for new users
3. TrendSpider (Best for Refining Trading Strategies)
- Available: Sign up here
- Best for: Traders of all experience levels looking to trade more efficiently
- Platforms: Web, mobile app (Apple iOS, Android)
TrendSpider offers a comprehensive platform for traders to create, backtest, and refine trading strategies, scan and analyze the market, and time trades with precision. With its advanced tools and features, TrendSpider is designed to make trading more efficient for both novice and experienced traders.
Among the platform’s powerful tools:
- Robust technical charting and pattern recognition features, such as native multi-timeframe analysis, automatic trendlines, and Smart Checklists
- Raindrop Charts®, which provide a new way to visualize market data, focusing on trading volume at each price level
- Alternative data offerings including information on options flow, analyst actions, market breadth, insider trades, and more
- Data Flow, which enables real-time tracking of market data for all symbols, including analyst estimates, earnings, news, and unusual options flow
- Strategy Tester, which allows users to quickly develop and test trading strategies without any coding required; users can configure entry and exit rules and explore the performance of their strategies directly on the price chart
- Backtesting capabilities for technical, non-technical, and event-based strategies; once a winning strategy is identified, users can deploy it as a trading bot with just one click
Of particular note for traders is TrendSpider’s Scanner feature, which allows you to instantly test any strategy on any market and search for ideal trading opportunities. The stock scanner supports searching through watchlists, indexes, and more than 700 smart lists. Users can mix and match conditions and timeframes, allowing them to express any view in a single scan. The platform also provides a range of pre-made scanners to help users get started.
TrendSpider’s mobile app ensures traders are always connected to their charts and scanners, while the Chrome extension allows users to access real-time charts while browsing the web. The platform also offers extensive educational resources through TrendSpider University and detailed documentation for its features.
The platform also supports integration with external systems using webhooks, enabling traders to build custom alerts and bots that interact with social media channels, private chat servers, email, or order routers connected to brokerage accounts. TrendSpider’s SignalStack service can turn any signal or alert on TrendSpider into a live order in a trader’s account.
Learn more about the platform’s capabilities or sign up for TrendSpider today.
- Hone your trading skills and strategies with the TrendSpider platform, where you can use advanced tools to test trade ideas, scan for opportunities, and perfect your timing.
- Enjoy robust tools including technical charting and pattern recognition features, alternative data, backtesting, and Raindrop Charts.
- TrendSpider's stock scanner supports searching through watchlists, indexes, and more than 700 smart lists.
- Special offer: Enter code YATI25 at checkout to receive 25% off the lifetime cost of your subscription.
- Automated order execution
- Intuitive interface
- Chrome extension
- Reasonable pricing
- Mobile app is a companion app, not standalone
- Charts sometimes load sluggishly
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