Interactive Brokers, Robinhood, Fidelity and thinkorswim are four of the most popular platforms for trading, but they’re built for very different people. Here’s how they compare for stocks, options and futures.
A quick note on thinkorswim: it started at TD Ameritrade, which has since been folded into Charles Schwab. The platform lives on at Schwab, so that’s where you’d open an account today.
Stock Trading
All four offer commission-free stock trades. Where they differ is execution quality and which markets you can reach.
- Interactive Brokers provides access to over 150 global markets, making it ideal for international traders.
- Robinhood offers a user-friendly interface and real-time quotes but has limited research tools.
- Fidelity is known for its excellent trade execution and extensive research capabilities.
- thinkorswim offers advanced charting and analysis tools, making it popular among active traders.
Options Trading
This is where the gap between them is biggest:
- Interactive Brokers offers sophisticated options trading tools, including a probability lab for analyzing strategies.
- Robinhood provides basic options trading functionality, suitable for beginners.
- Fidelity offers options trading with competitive pricing and solid research tools.
- thinkorswim is known for its advanced options trading capabilities, including complex multi-leg strategies.
Futures Trading
Not every platform offers futures:
- Interactive Brokers provides access to a wide range of futures markets globally.
- Robinhood does not offer futures trading.
- Fidelity doesn’t offer futures trading for regular retail accounts.
- thinkorswim offers robust futures trading capabilities, including real-time data and advanced charting.
Comparison Table
| Feature | Interactive Brokers | Robinhood | Fidelity | thinkorswim (Schwab) |
|---|---|---|---|---|
| Stock Trading | Global markets, advanced tools | User-friendly, limited research | Excellent execution, extensive research | Advanced tools, extensive research |
| Options Trading | Advanced tools, probability lab | Basic functionality | Solid tools, competitive pricing | Advanced strategies, complex orders |
| Futures Trading | Wide range of markets | Not available | Not available for most retail accounts | Robust capabilities, advanced charting |
| Mobile App | IBKR Mobile, feature-rich | Intuitive, limited features | Comprehensive, user-friendly | thinkorswim mobile, advanced features |
| Research Tools | Extensive | Limited | Comprehensive | Extensive, including streaming TV |
| Target Audience | Experienced traders, professionals | Beginners, casual investors | All levels, long-term investors | Active traders, options specialists |
So which one is right for you?
- Interactive Brokers if you want global markets and the most advanced tools.
- Robinhood if you’re a beginner and want the simplest possible app.
- Fidelity if you’re a long-term investor who values research and good execution.
- thinkorswim (now at Schwab) if you’re an active trader focused on options and futures.
Benefits of Opening IBKR With My Referral Link
Interactive Brokers is what I use. If it’s the right fit for you too, signing up through my referral link gets you something extra compared with signing up from the homepage:
- Free IBKR stock for you. Under IBKR’s Refer-a-Friend program, a referred client earns $1 worth of IBKR Class A common stock for every $300 in net deposits in the first year, up to $1,000 worth of shares. None of the other brokers in this comparison hand you equity for showing up.
- Trackable rewards. Your “Welcome Share Balance” updates daily inside the account as you fund it, so the reward is visible rather than a promise.
- No cost to you. Commissions, margin rates, market access, and platform features are identical to a direct signup - the referral only adds the welcome shares.
- It supports this blog. IBKR pays me a referral fee on qualifying accounts, which keeps these broker comparisons and options guides free.
Ready to open an account? Join me on Interactive Brokers for access to 150+ global markets, advanced options tools, and futures in one account.
Reward amounts and eligibility rules are set by Interactive Brokers and can change, so check the current Refer-a-Friend terms before funding. This is a referral link, not investment advice.