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Interactive Brokers (IBKR) and Webull are both online trading platforms, but that’s where the similarities end. Founded by Thomas Peterffy in 1978, IBKR has grown into a massive global investment company serving intermediate to professional investors. Webull was founded in 2017 by Wang Anquan, a former Alibaba Group employee, as a low-cost trading website and mobile app.
Both IBKR and Webull are self-directed platforms for trading stocks, ETFs, futures, commodities, cryptocurrency, and options, but IBKR also offers bonds, mutual funds, forex, event contracts, warrants, and scores of managed portfolios. Moreover, U.S. and international traders can access a wide range of global investment markets at IBKR. While beginners and intermediate investors may be satisfied with Webull, all levels of traders, investors, and professionals will be well served by IBKR’s deep offerings.
IBKR’s Lite and Pro tiers ensure there is a plan for beginners through professionals. Interactive Brokers and Webull have also made significant platform changes in recent years, with Webull putting crypto trading in a separate app and adding futures and IBKR making large upgrades to its user experience across its desktop and mobile platforms. We will dissect these two trading platforms to help you decide which one is a better fit for your portfolio needs.
- Account Minimum: $0.00
- Fees: $0.00 commissions for equities/ETFs available on IBKR’s TWS Lite, or low costs scaled by volume for active traders that want access to advanced functionality such as order routing. $0.65 per contract for options on TWS Lite; that is also the base rate for TWS Pro users, with scaled rates based on volume. $0.85 per contract for futures, also scales with volume for TWS Pro users. 0.12%-0.18% on cryptocurrency trades depending on volume with a minimum $1.75 fee per trade.
- Account Minimum: $0
- Fees: $0 commissions for stock, ETF, and options
Usability
Comparing the usability of Webull and Interactive Brokers is similar to the contest between a Honda and a Mercedes. While both platforms offer good usability, their clients are of distinct camps. Newer investors and those seeking a streamlined desktop workstation and a well-designed mobile app for stock, ETFs, and options will find what they need at Webull. The mobile and desktop versions are similar, with easy access to the main features from the home screen. The home page user experience gives you a direct path to stock research, screening, trading, accounts, transfers, and more.
Interactive Brokers is a high-end investment platform where you can access all asset classes, global markets, multiple trading platforms, and resources for beginners through professional investors. Given the breadth of the flagship platform, the user experience at IBKR is not as seamless as at Webull. Yet, despite its size, IBKR has made excellent progress in facilitating easier platform navigation. In 2024, IBKR also launched IBKR Desktop, which offers a more streamlined experience combined with the most popular trading features of Trader Workstation (TWS). Users of the downloadable desktop, web, and mobile versions will find similar functionality. At IBKR, you can trade any asset class on any platform, with access to data, charting, research, trading, news, and more.
Usability Verdict: Interactive Brokers
IBKR is still a trader's platform, but Webull had a slight edge in the simplicity of navigation. IBKR Desktop addresses that, If you want the breadth of IBKR products and markets, however, the usability via Trader Workstation is good even though there is a bit of a learning curve.
Trade Experience
Desktop Experience
IBKR has two comprehensive trading platforms, the desktop client portal and the downloadable Trader Workstation (TWS), as well as the new IBKR Desktop for a more streamlined experience. The client portal and IBKR Desktop are suitable for all but the most sophisticated investors. You can check your account; place trades; view quotes, news, and research; and access advanced charting.
Both have more customization features than many other competing brokers's full desktop platforms. The powerhouse downloadable Trader Workstation (TWS) is for active professional traders and investors. The customizable TWS provides more than 100 order types and gives you all that you need in terms of fundamental and technical charting and portfolio management tools. You can rapidly place orders using hotkeys, trade directly from the chart, stage orders for later execution, manage risk, and access a staggering range of tradable assets across the globe.
Webull, for its part, offers a customizable trading platform for stocks, ETFs, and options, and is suitable for casual through intermediate traders. The Webull workstation has customizable templates for stocks, ETFs, options, and day trading. The widget structure enables easy customization. The widgets contain different information, such as news, fundamentals, options, and so on. The advanced order screen includes contingency trading and trades directly from a chart. Webull has more features on its desktop than its WebTrade online platform, and the assets are more limited as well.
Desktop Trade Experience Verdict: Interactive Brokers
Webull can work for beginners and even intermediate traders, but IBKR, the winner of our best charting platform for day traders and best online broker for advanced traders, offers an unmatched array of tools for sophisticated investors.
Mobile Experience
Interactive Brokers offers several mobile apps: IBKR Mobile, GlobalTrader, and Impact. The IBKR Mobile app is nearly identical to the computer-based platforms, although advanced users will find the broadest functionality on the Trader Workstation. In a recent revamp, BKR added more dashboards and bundled some of the more popular tools to make navigation easier. The Impact app enables ESG investors to screen for companies that meet specific criteria. Global traders in the U.S. and abroad can access 90-plus stock exchanges to trade in local currency using the GlobalTrader app.
Webull recently reworked its mobile app to provide users with another approach to trading with Webull Lite. Its original mode offers all the charting, data, and technical resources, while the Lite version is simplified to just the trading essentials. In the full mode, users can access the smart trading tools, including more than 50 technical indicators and 19 charting tools.
Mobile Trade Experience Verdict: Tie
We found the Webull app easier to use than the IBKR mobile app, but the difference in the size of the platforms contributes to the complexities that affect IBKR’s app functionality. The GlobalTrader app is more streamlined than Webull and clearly aimed at newer investors. Both brokers have excellent apps, so we were unable to pick a clear winner here.
Range of Offerings
New & Notable
On March 11, 2024, Webull announced its plans to expand into commodities and futures trading, ahead of a planned listing later in the year. The new offerings will focus on highly liquid futures markets with features including market, limit, stop market, and stop-limit orders. Webull said customers will also gain exposure to underlying asset classes such as commodities, currencies, and indexes.
Hands down, IBKR is the winner, with access to all the important asset classes and more markets than most investors can reasonably trade. Beyond the basic stocks, ETFs, and options, you’ll find bonds, futures, forex, cryptocurrency, mutual funds, warrants, hedge funds, spot gold, events contracts, and scores of managed portfolios at IBKR. Webull users can trade U.S.-listed stocks, including over-the-counter issues, ETFs, futures, and options.
Range of Offerings Verdict: Interactive Brokers
Webull doesn't have a bad selection by any means, but its range of offerings simply cannot match Interactive Brokers’ industry-leading reach.
Compare Range of Offerings
| Interactive Brokers | Webull | |
|---|---|---|
| Number of International Exchanges | 90+ | N/A |
| Number of No-Load Mutual Funds | 19,000+ | N/A |
| Assets Available to Trade on Website | Stocks, mutual funds, ETFs, bonds, CDs, options, futures, currencies, OTC, cryptocurrencies, warrants, hedge funds, spot gold, event contracts | Stocks, ETFs, options, OTC, futures, commodities |
| Fractional Dividend Reinvestments | Yes | Yes |
| Fractional Share Trading | Yes | Yes |
| Max. Number of Options Legs | 6 | 4 |
| Robo Advisory | Yes | Yes |
| Short Sales | Yes | Yes |
Order Types
In keeping with Webull’s scope, users can trade the typical order types, including market, limit, stop, stop limit, and trailing stops. Conditional orders like one-cancel-the-other and one-triggers-the-other are also available. Here again, Webull is not weak, but it is simply outmatched. At IBKR, users can access more than 100 order types and algos on the Trader Workstation. Traders can set up order cascades that set the parameters to enter and exit trades without having to actively monitor positions if they so choose.
Order Types Verdict: Interactive Brokers
The vast number of available order types makes IBKR the best pick for intermediate through professional investors and active traders.
Trading Technology
Pro traders will appreciate IBKR’s SmartRouting, which automatically transmits the best available prices. TWS users can select their preferred stock and options smart routing strategies for non-marketable orders. Traders benefit from advanced technologies to further reduce trading costs and improve efficiency. IBKR reported a net price improvement per share of $0.0108 and reports accepting around $0.0020 per share in payment on order flow (PFOF) on the IBKR Lite side. IBKR Pro users barely see any PFOF at all because of the smart routing. In our analysis, we found the PFOF to be much lower than reported. This just confirms that price improvement and speed are the key priorities of the routing process.
Webull's trading technology is basic, although it suffices and includes a net price improvement of 0.0050 a share on a 100-499 order size. Unlike IBKR, there’s no smart order routing, trading automation, or ways to route your own orders at Webull. Webull also sees significantly more payment for order flow, although the company is quite open about the fact that it is how the platform is offered for free. The volume of money coming in through PFOF is higher than IBKR, which is notable because of the difference in size. Webull's PFOF was $0.0202 per share in the period analyzed. That is many times what IBKR collects.
Trading Technology Verdict: Interactive Brokers
There is no comparison between the trading technology at IBKR and Webull. IBKR is designed for sophisticated traders and offers substantially more order and trading technology breadth.
Costs
The cost comparison between Interactive Brokers and Webull is again complicated by the difference in the size of each trading platform’s offering. IBKR’s pricing is complex, especially for Pro account holders. There are three types of equity commissions for Pro traders: fixed per-share of $0.005 with a $1.00 minimum and 1% of trade maximum. Tiered per-share pricing depends upon your monthly order activity.
Compounding this, Interactive Brokers serves many countries outside the U.S. and all of them have some manner of regionalized pricing. IBKR Lite users receive commission-free equity and ETF trades, similar to most brokers today, including Webull. Users of IBKR Lite receive lower interest on cash balances and pay higher interest rates on margin borrowing. IBKR is also our best broker for low margin rates, with rates starting at 7.33% (6.33% for IBKR Pro users). Webull charges 9.24% up to $25,000 and 8.24% up to $100,000.
Costs Verdict: Webull
Webull’s fee-free trading for stocks, ETFs, and listed options is a boon for fee-conscious investors. If trading cost is a priority, then Webull wins the category. But the limited number of products at Webull versus IBKR means that advanced traders in various assets will find a better overall deal at IBKR.
Compare Costs
| Interactive Brokers | Webull | |
|---|---|---|
| Option for No Base Commission for Trading Penny Stocks | No | Yes |
| Option for No Base Commission for Stocks and ETFs | Yes | Yes |
| Number of No-Load Mutual Funds Without Transaction Fees | 19,000+ | N/A |
| Recurring Investment Fees | No | No |
| Base Commission for Options | Yes | No |
| Cost Per Stock Trade | $0 | $0 |
| Cost Per Options contract | $0.25 (IBKR Pro) $0.65 (IBKR Lite) | $0 |
| Cost Per Futures Contract | $0.85 | $0.25 to $1.50 |
| Broker-Assisted Trade Fee | $30 | N/A |
| Volume-Based Options Discounts (Upon Meeting a Threshold) | Yes | N/A |
| Options Price Cap (Upon Meeting a Threshold) | No | N/A |
| Inactivity Fees | No | No |
| Account Closure Fees | No | Yes |
Account and Research Amenities
In the research category, we’re again confronted with the distinction between Interactive Brokers and Webull’s scope. IBKR’s research offerings are vast and include robust screeners and trading idea generators for stocks, ETFs, mutual funds, options, and fixed-income products. The tools include options, margin, order quantity, interest, and financing calculators. There is extensive third-party research available for free and with subscriptions. The research amenities border on overwhelming, but they are also extremely valuable in guiding your trading. IBKR is also always expanding this list of amenities.
Webull’s research includes a stock screener. That’s pretty much it. The stock screener is not as robust as those of larger brokers, but it does allow you to filter by financial information and some preset indicators. The Webull charting capabilities should work for the majority of average traders.
Account and Research Amenities Verdict: Interactive Brokers
When it comes to research, IBKR is the clear winner. Without tools, calculators, or third-party research, Webull falls substantially behind IBKR.
Compare Account and Research Amenities
| Interactive Brokers | Webull | |
|---|---|---|
| Portfolio Margin Available | Yes | No |
| Ability to Choose and Offer Shares Held Long to a Loan Program | Users can offer shares but cannot choose which stocks to loan | Users can offer shares but users cannot choose the stocks to loan |
| Interest Earned on Uninvested Cash | 4.29% for balances over 10,000 (IBKR Pro) 3.90% for the same balance (IBKR Lite) | 4.25% (no minimum balance) |
| Uninvested Cash Automatically Swept Into a Money Market Fund | No | No |
| Screeners Offered | ESG/SRI, stocks, ETFs, options, mutual funds, fixed income | Stocks, options, ETFs |
| Ability to Build Custom Screen | Yes | Yes |
| Ability to Screen Based on Technical Indicators | Yes | Yes |
| Ability to Save Custom Screens | Yes | Yes |
| Access to Proprietary Research | No | Yes, at no additional cost |
| Access to Third-Party Research | Yes, at no additional cost | Yes, for an additional cost |
| Ability to Turn Screen Results Into a Watchlist | Yes | Yes |
| Trading Idea Generator Offered | Yes | No |
| Daily Market Research Reports Offered | Yes | No |
Portfolio Analysis
The high-level IBKR portfolio analysis tool serves beginners to institutional investors. The free portfolio analysis tool, which is available to the public, has continued to see major upgrades. IBKR account holders can access advanced features and real-time updates.
After linking your financial accounts, you’ll receive in-depth analysis of your entire financial picture, including investment portfolio checkup, total returns, risk measures, and allocations by geography, asset class, and sector. You can also access retirement analysis through this same PortfolioAnalyst tool. There is also a new dashboard that allows you to see real-time analysis of performance across accounts with different charts and tools.
Webull falls short on portfolio analysis, offering just the basics. Users have access to account performance details, including realized and unrealized gains or losses as well as capital gains or losses. You’ll also have access to internal rate of return or IRR data.
Portfolio Analysis Verdict: Interactive Brokers
IBKR is better suited for those with more substantial investment portfolios who need comprehensive portfolio analysis tools.
Education
Those seeking both a basic and an in-depth investment education will be fulfilled at IBKR. Its vast education resources are available to customers and the public. These range from short videos to multi-language tutorials, daily webinars, and events. IBKR reworked its education offerings in 2023, bringing its well-established Traders Academy into IBKR Campus. This website provides beginner, intermediate, and advanced online courses. The topics range from rudimentary introductions to stocks, indexes, and trading to advanced option strategies and margin.
Webull’s investor education is suitable for the typical Webull customer. The short courses include the basics about stocks, ETFs, trading, and options. The learning portal includes several explainer videos and information about how to navigate the platform.
Education Verdict: Interactive Brokers
The Webull educational offerings are a good start, but lack the depth and breadth of those available at IBKR. Regardless of where you open an account, the IBKR education tools are comprehensive and worth a look.
Customer Service
IBKR is improving its customer service. For ready assistance, the artificial intelligence IBot is available from most screens. IBKR also provides phone support 24 hours a day and has a callback service. Live agent online chat is also accessible from within the trading platform or website. Additionally, the FAQ section is well-organized.
Webull offers phone customer service during trading hours and an extensive FAQ section. Wait times are known to be long at Webull.
Customer Service Verdict: Interactive Brokers
In general, IBKR is easier to access via customer service and offers more expansive phone hours and chat features.
Security
Security protocols and asset protection at IBKR go above and beyond basic industry standards. Beyond the standard $500,000 Securities Investor Protection Corporation (SIPC) coverage, excess SIPC coverage at IBKR provides up to an additional $30 million with a cash sub-limit of $900,000, subject to an aggregate limit of $150 million. Webull also offers industry-beating security protocols, including a discrete six-digit passcode for trading access. Webull's additional SIPC insurance covers account holders up to $37.5 million including $900,000 in cash.
Security Verdict: Tie
The security features at both Webull and IBKR are both excellent. Investors can be comfortable that their data will be protected at either firm. The insurance does not protect investors from losses due to normal market fluctuations but from corporate malfeasance and bankruptcy.
The Bottom Line
Both IBKR and Webull are good investment platforms. In prior years, the larger and older IBKR ran the table for many of our top-rated categories like best broker for advanced options traders, day trading, and international trading. More recently, Webull has received acknowledgment for costs, including best low-cost options broker and best low-cost day trading app.
The winner of the contest between Interactive Brokers and Webull comes down to your investment needs. Active investors seeking the widest range of investment assets all under one roof will choose IBKR. Access to bonds, mutual funds, futures, forex, and international trading is rarely found within one company. The range of managed portfolios and international trading further distinguish IBKR.
Finally, the TWS platform competes head-to-head with any professional trading software. It is hard to beat Interactive Brokers in its totality. IBKR responds to the breadth of features with many platform-related guides, tutorials, videos, and customer service help to make its platforms more accessible. The recent introduction of IBKR Desktop also provides another option for investors who want more but aren't prepared to take on Trader Workstation in full.
If you don’t need all the bells and whistles of IBKR, however, and are seeking a streamlined trading platform with low fees, then Webull is a solid choice. The IBKR Lite plan is appropriate for most investors, with affordable fixed pricing for options, futures, and mutual funds, along with commission-free stock and ETF trading. Our main caution with Webull is that beginners might need to visit other sources to get a well-rounded investment education. We do, of course, note the PFOF dependence, but Webull has been transparent on this count and gamification is currently kept to a minimum.
How We Picked the Best Online Brokers and Trading Platforms
Providing readers with unbiased, comprehensive reviews of online brokers and trading platforms is a top priority for Investopedia. We combined our industry research, subject matter expertise, and investor survey data to guide the research and weightings for our 2024 online broker awards. To collect the data, we sent a digital survey with 110 questions to each of the 26 companies we included in our rubric. Additionally, our team of researchers verified the survey responses and collected any missing data points through online research and conversations with each company directly. The data collection process spanned from Feb. 19 to March 19, 2024.
We then developed a proprietary model that scored each company to rate its performance across 11 major categories and 89 criteria to find the best online brokers and trading platforms. The score for each company’s overall star rating is a weighted average of the criteria in the following categories:
Additionally, during our 2024 research, many of the companies we reviewed gave us live demonstrations of their platforms and services via video conferencing methods and also granted our team of expert writers and editors access to live accounts so they could perform hands-on testing.
Through this all-encompassing data collection and review process, Investopedia has provided you with an unbiased and thorough review of the top online brokers and trading platforms.
Learn more about how we review online brokers.