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Best Interactive Brokers alternatives for 2024!

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Franklin Silva
Updated
Jun 26, 2024

Why would you want to switch your broker — especially in the case of Interactive Brokers? After all, the platform has won multiple awards, and many consider it one of the best investing and trading platforms. While Interactive Brokers might tick all the boxes for the average trader or investor, it doesn’t guarantee that it’s the best online broker for everyone.

So, with that in mind, let’s examine a handful of alternative online broker solutions that could better fit your needs. Here are our top picks for Interactive Brokers alternatives:

Best Interactive Brokers Alternatives for 2024

Saxo Bank: Best alternative overall

A Danish online broker for experienced traders with access to exchanges all over the world. It has one of the largest product selections with more than 70,000 instruments available, including listed options, forex options, commodities, futures, and more. They provide a tiered pricing system that balances monthly fees and trading commissions.

eToro: Best for social trading and commission-free investing

The original social trading platform. One of the slickest investment apps on the market with a range of investment options for beginner to intermediate investors. It offers commission-free stock and ETF trading (other fees apply). It is trusted by over 30 million clients worldwide.
Disclaimer: eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

XTB: Best alternative for CFDs

It offers commission-free stock and ETF trading (in some European countries) and low spreads on hundreds of markets through CFDs on Stocks, Forex, Indices, Commodities, and Cryptocurrencies. Awarded multiples time as the best Forex and CFD broker.
Disclaimer: 80% of retail CFD accounts lose money.

Trading 212: Best alternative for commission-free stocks and ETFs

Commission-free stocks and ETFs trading (+10,000 global stocks and ETFs) and presents fractional shares. Over 15 million customers.

Webull: Best alternative for US investors

Webull is a commission-free US broker for stocks, ETFs, and options. It offers a demo account (“paper trading”), fractional shares, smart advisor (robo-advisor feature), recurring investments, and even Over-the-Counter (OTC) trading. In 2023, they launched in the UK.

DEGIRO: Best for low cost ETFs

DEGIRO is one of the leading online brokers in Europe (available in 15 European countries), with over 2.8 million users. It has a low-cost structure and offers low cost ETF trading (external fees apply).

Broker Minimum deposit (starting from) CFDs Currency conversion fee Regulators
Saxo Bank £0 Yes 0.25% FCA, MAS, FMSFA, DNB, HK SFC, and ASIC
eToro $10.00 Yes Spot rate + 50 pips (USD deposits have no fees) FCA, CySEC, ASEC, DNB, member of FINRA and SIPC
XTB $0.00 Yes Spot rate ± 0.5% FCA, KNF, CySEC and FSC
Trading 212 €1.00 Yes  0.15% for Invest accounts, 0.50% for CFD accounts FCA, CySEC, and FSC
Webull $/£1.00 Yes  0%; 0.35% in Webull UK SEC, FCA
DEGIRO €1.00 No 0.25% AFM and DNB

#1 Saxo Bank

Saxo Bank logo
Visit brokerRead review

Saxo Bank at a glance

0% commissions
Products AvailableStocks, bonds, ETFs, forex, commodities, CFDs, futures, options
Minimum DepositVaries by country
RegulatorsFCA, MAS, FMSFA, DNB, HK SFC, ASIC
Visit Saxo BankRead review

62% of retail CFD accounts lose money.

Saxo Bank was founded in Denmark in 1992 and it has more than 800,000 clients with an estimated $85 billion in AUM. It’s the most established alternative to Interactive Brokers considering its been in business for more than 30 years now

Before going any further, Saxo Bank is limited by availability. The U.S., parts of Canada, Japan, and Australia are markets that Saxo Bank does not serve at all.

But, for those that can access Saxo Bank, it has its advantages. Here are some things that make it the closest all-in-one competitor to IBKR:

  • Access to more than 120 exchanges;
  • A surplus of 70,000 financial instruments;
  • Tradingview access;
  • 4,500 government and corporate bonds to choose from;
  • Award-winning apps for professionals — SaxoTraderGO and SaxoTraderPRO;

It’s not all sunshine and roses though. For one, Saxo Bank’s initial deposit requirements vary by region, and they can be steep. For example, the U.K. has the lowest minimum deposits at £0. For most of Europe, it can rise to €2,000, and then there are outlier countries like Portugal where deposits must be at least €100,000.

Stocks and ETFs start at 0.03% with a minimum of $1, while futures and options start from $1.00 per contract which is quite reasonable, however. The real challenge when it comes to fees is actually the hidden fees buried in its FAQ section that you need to be aware of:

  • Custody fees: between 0.09% and 0.15% of the account value;
  • Currency conversion fees of 0.25%.

Suffice it to say, you need big money if you want to use Saxo Bank, and it definitely isn’t for the average retail investor. That being said, if you are a forex trader for your full-time living — or something similar — the product solutions and trade data are as comprehensive as it gets.

Pros

  • Excellent research materials
  • Outstanding trading platforms (SaxoTraderPRO and SaxoTraderGO)
  • Extensive range of investment products
  • Long track record
  • Supervised by worldwide top-tier regulators

Cons

  • High minimum deposit (varies between countries)
  • Fees higher than average
  • Fee structure is complex
  • Does not accept US residents

#2 eToro

eToro logo
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eToro at a glance

0% commissions (stocks and some ETFs)
Products AvailableStocks, ETFs, commodities, forex, CFDs, cryptocurrencies
Minimum DepositFrom $10
RegulatorsFCA, CySEC, ASEC, DNB, member of FINRA and SIPC
Visit eToroRead review

51% of retail CFD accounts lose money.

Since it started in 2007, eToro put emphasis on its user design and ease of use so that anyone could enter the investing world. And before you check to see if it’s available in your country, chances are it is. More than 140 countries and territories are served by eToro in total

eToro stands out for a couple of reasons:

  • The first company to provide the “copy-trading” feature — the ability to duplicate portfolios from already successful investors;
  • User-centricity removes the complexity of investing with a simple app that’s easy to navigate;
  • Early adopter of cryptocurrencies in 2017.

Low fees are commonplace at eToro too. Stocks and ETFs are commission-free, while crypto transactions have a simple structure; 1% for transactions and 2% for transfers.

The main fees to be aware of are in relation to deposit, withdrawal, and inactivity rules at eToro:

  • Minimum withdrawal amount: $30;
  • Withdrawal fee: $5;
  • Minimum deposit (card payments): $10 to $50 or currency equivalent (in most cases);
  • Minimum deposit (bank transfer): $500;
  • USD deposits cost: $0;
  • Non-USD deposits: spot rate + 50 pips (for currency conversion);
  • Inactivity fee (after one year of no login): $10 monthly.

The other fees to watch out for are on eToro’s CFDs and alternative instruments, which allow traders to access leverage on short-sell assets. There are overnight fees that will differ for each asset class, and you can find the full list of CFD fees that apply here.

Pros

  • Commission-free stock and ETF trading (other fees apply)
  • Social Trading and other innovative products
  • Wide variety of financial products
  • Slick, modern, and easy for anyone to use
  • Top tier regulators

Cons

  • Limited disclosed financial information
  • Withdraw and inactivity fees
  • Spread, overnight, inactivity, and currency conversion fees higher than average
  • Only one currency account (USD) - a currency conversion fee is applied if you deposit in a different currency
  • Doesn’t offer bonds, futures, or options

#3 XTB

XTB logo
Visit brokerRead review

XTB at a glance

0% commissions (Stocks and ETFs - some European countries)
Products AvailableStocks, ETFs, and CFDs on Stocks, Forex, Indices, Commodities, and Cryptocurrencies
Minimum Deposit€/£/$0
RegulatorsFCA, KNF, CySEC and FSC
Visit Plus500Read review

76-83% of retail CFD accounts lose money.

Founded in 2002, XTB is a major player in the brokerage industry with extensive worldwide experience, regulated by the Financial Conduct Authority (FCA) – plus other relevant regulatory bodies – and listed on the Warsaw Stock Exchange.

You can invest through xStation 5 and xStation Mobile in different investment products, such as stocks, ETFs, and CFDs on stocks, Forex, indices, commodities, and cryptocurrencies (this product offering may vary slightly from country to country). It offers 0% commission on stocks and ETFs, but only in some European countries*. International investors only get a 0% commission on stock and ETF CFDs.

Opening an account and transferring money is a quick and hassle-free process. For beginners, it presents a demo account where you can trade as if it were real money to help you feel the investment platform firsthand, and you get access to educational tools. For intermediate and advanced investors, you will find plenty of technical and fundamental tools to help you better assess your investment decisions.

On the downside, you will face an inactivity fee of €10/month after one year of non-trading, and if you have not deposited in the last 90 days, it charges high commissions on CFDs of cryptocurrencies but low costs for Forex. XTB is not available in the United States and Australia.

Want to know more about XTB? Check our XTB Review.

*Czech Republic, France, Germany, Italy, Poland, Portugal, Romania, Slovakia, Spain, South America (all countries), UAE and UK.

Pros

  • Free stocks trading (only applicable to some countries)
  • Customizable trading platform (charts and workspace)
  • Low Forex Spreads
  • Demo account
  • No minimum account deposit
  • Valuable education materials
  • Top-tier Regulators

Cons

  • Complex trading platform for a beginner
  • High Stock CFD spreads
  • Limited product portfolio
  • Withdrawal fees for transfers below $100
  • Inactivity fee (€10/monthly after 1+ year with no activity plus no deposit in the last 90 days)

#4 Webull

Webull logo
Visit brokerRead review

Webull at a glance

0% commissions
Products AvailableStocks, ETFs, options, OTC
Minimum Deposit€/$1
RegulatorsSEC, FCA
Visit WebullRead review

Founded in 2017, Webull is a user-friendly and modern investment app based in the United States that does not charge commissions when investing in some of its financial products, such as stocks, ETFs, and options. New users get up to 12 free stocks.

The wide product offering also includes fractional shares, OTC products, a Webull Smart Advisor, cash management (earn a 5% APY on your cash balance), recurring investing (in stocks and ETFs), and retirement accounts (IRAs). Most of these features can be tested with a demo account.

Their community and learn section are also a great way to get a better grasp of what is going on in the markets. Webull appeals more to beginners, but the broker also delivers a wide range of tools for more advanced investors (in-depth charting, dozens of technical indicators, and customization).

Concerning regulation, Webull is supervised by the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA) and Securities Investor Protection Corporation (SIPC). So, you are protected with up to $500,000 in assets and up to $250,000 in cash balances.

Pros

  • Commission-free stock, ETF and options trading
  • Fast and easy account opening
  • No inactivity fee
  • No minimum deposit
  • Demo account

Cons

  • Limited product portfolio
  • Expensive for deposits and withdrawals
  • No live chat support

#5 Trading 212

Trading 212 logo
Visit brokerRead review

Trading 212 at a glance

0% commissions
Products AvailableStocks, ETFs, and CFDs on stocks, indices, commodities, and forex
Minimum Deposit€/£1
RegulatorsFCA, CySEC, and FSC
Visit Trading 212Read review

Investing involves risk of loss.

Trading 212 was formed in Bulgaria back in 2004. It claims the title of the first-ever commission-free broker in both the U.K. and Europe. It has more than 1.5 million clients with roughly €3.5 billion in AUM

You can even claim a free share now when you sign up by following the steps below:

  1. Sign up for Trading 212 Invest;
  2. Verify your identity and fund the account;
  3. Include promo code “IITW”;
  4. Claim free shares worth up to €100.

More importantly though, what are the fees like at Trading 212? Well, for ETFs and stocks, there are none. And bank transfers are completely free. You just need to note that the minimum deposit is €1 and minimum withdrawals are €10

Besides that, there are just a few other small fees:

  • Deposits by credit card or debit card: Free up to €2,000, 0.7% thereafter;
  • Currency conversion rate for Invest accounts is 0.15%;
  • Currency conversion rate for CFD accounts is 0.50%;
  • Overnight fees on CFDs: Your account is credited or debited with an interest-rate SWAP.

Margin requirements vary from 5:1 to 30:1 for different products. For full details, consult Trading 212’s requirements here.

Pros

  • Commission-free Real Stocks and ETFs trading (other fees may apply. See terms and fees)
  • AutoInvest & Pies feature
  • Fast and easy account opening process
  • Demo account
  • Top Tier Regulators
  • One free share worth up to €100 using the promo code "IITW"
  • High interest on uninvested cash

Cons

  • Limited product portfolio (no Options, Bonds, Mutual Funds or Futures)
  • No relevant Fundamental tools
  • Spreads on Forex CFDs may be high in certain trading hours
  • Foreign exchange fees (0.15% and 0.50% in “Invest” and “CFDs” accounts, respectively)

#6 DEGIRO

Best Interactive Brokers alternatives for 2024! 1
Visit brokerRead review

DEGIRO at a glance

0% commissions (€/£1 handling fee applies)
Products AvailableStocks, bonds, funds, ETFs, options, futures, structured products, crypto trackers, commodities
Minimum Deposit€/£1
RegulatorsAFM and DNB
Visit DEGIRORead review

Investing involves risk of loss.

DEGIRO launched in 2013 in the Netherlands. From then to now, it has become one of the 160 largest publicly traded companies in Germany, surpassed 2.8 million customers, and secured its own banking license, and it is available in 14 European countries. At this time, DEGIRO is not available outside of Europe.

Customers aren’t punished for inactivity or account closures, and deposits and withdrawals are completely free. The only downside is that you can only do bank transfers to make deposits. Debit and credit cards can not be used.

Still, that’s a small con in the grand scheme of things. It’s one of the most cost-effective ways to trade ETFs. The costs to remember about DEGIRO are that there is, most of the time, a €/£1.00 handling fee, a €/£2.50 connectivity fee per exchange, and a currency conversion fee of 0.25%

Here’s a quick overview of what to expect:

  • Canadian, US and local stocks: €/£1.00;
  • Irish exchanges: €/£2.00 commission;
  • Other EU, UK, and Turkish exchanges: €/£3.90;
  • Australian, Hong Kong, Japanese, and Singapore exchanges: €/£5.00.

Another thing to keep in mind is that leveraged products for U.S. exchange-listed stocks are kind of limited — despite availability. If you want to trade options and futures, Interactive Brokers is still a far more suitable choice for anyone based in Europe.

Pros

  • ETF Core Selection list (external fees apply)
  • User-friendly web and mobile app
  • Wide range of investment options
  • Education material: Investor’s Academy and Investing with DEGIRO
  • Low overall commission structure
  • No account opening, inactivity, or withdrawal fee

Cons

  • 0.25% currency conversion fee (charged if you deposit or invest in a different currency than your base currency)
  • €/£1 flat handling fee (charged in most transactions)
  • €/£2.50 of connectivity fee (paid annually), per exchange where you’re invested
  • Does not offer Forex, CFDs, and Cryptos
  • No demo account
  • Little research
  • Low-quality customer support

Bottom line

The best option for investing online will depend on what you value most. That could be a simple way to make recurring investments into the S&P 500 or QQQ or it could be what’s needed for complex trading strategies.

Regardless of the use case, these are some of the best alternatives to Interactive Brokers, each with its own set of strengths and weaknesses. If you need more information, utilize the investment platforms comparison tool.

FAQs

Does IBKR charge for withdrawals?

IBKR clients get one free withdrawal per month. After that, a fee will be a fee depending on the currency being withdrawn.

How much does it cost to transfer stocks from IBKR?

The cost of transferring assets on IBKR ranges from zero charges for ACAT transfers to as much as $500 for voluntary conversions. It will depend on the type of transfer used, the asset being moved, and the country your account is associated with.

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About the author
Author Avatar
David Granahan
David Granahan, QFA, APA

David is a freelance financial writer, a qualified financial advisor, and an accredited product advisor. He is a specialist in investment platform reviews and regularly covers topics relating to personal finance, stocks, crypto, and general financial market analysis.

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