The current choice is Interactive Brokers versus Charles Schwab, not a new TD Ameritrade account. Schwab completed the final Ameritrade client conversion in May 2024, as recorded in its 2024 filing.

This guide retains the older comparison route to help readers find the current decision. It is a document review, not a test of either broker's execution or customer support.

Where the former TD Ameritrade experience now lives

Schwab's transition page explains the migrated account relationship and access to thinkorswim. Check Schwab's current account and product permissions rather than relying on old TD Ameritrade fee schedules or instructions.

The familiar platform name does not mean every historical product, account feature or charge remains identical. Confirm the entity serving your country and the accounts available to new customers.

IBKR is more than Trader Workstation

Interactive Brokers' platform catalogue offers several interfaces. Trader Workstation is one option; a beginner should test the available desktop, web or mobile workflow relevant to their needs rather than assuming every customer must use TWS.

Compare order entry, statements, research, alerts and practice access using a small set of intended tasks. Claims that one interface is universally intuitive or that another has every imaginable feature are not useful substitutes for that check.

Compare the correct pricing plan

IBKR's commission schedule distinguishes Lite and Pro, with eligibility and product-specific conditions. It is inaccurate to describe all IBKR stock trading as commission-free.

For either broker, compare the precise market, product, order size and expected frequency. Include exchange and regulatory charges, data, currency conversion, financing and any account or transfer costs. Do not compare an old TD Ameritrade futures rate with an incomplete IBKR commission and call the result a current all-in cost ranking.

Margin interest rates can vary by currency, balance and plan. A lower displayed rate is relevant only if the reader is eligible and actually uses that borrowing arrangement.

Match access to your requirements

Write down the countries, instruments, account types and order features you need. Global access, options or futures permissions are subject to the actual account and approval process. A broad broker catalogue does not guarantee access for every customer.

Also consider cash handling, statements, tax documents and how to contact support. This article has not measured response times and does not assign a support winner from historical anecdotes.

If transferring an existing account

Ask both firms whether the assets and account registrations are eligible for an in-kind transfer. Unsupported assets, fractional positions, open orders or account restrictions can affect the process. Confirm fees and timing before assuming that a transfer will finish in a fixed number of days or avoid every sale.

Decision

Compare Schwab's current offering with the relevant IBKR plan using your intended tasks and full costs. Neither brand is automatically better because the reader is a beginner or trades frequently.

Use our broker cost guide to build the cost worksheet, and verify the legal entity and protections before opening an account.

Risk Disclaimer: Trading involves substantial risk of loss. Past performance is not indicative of future results. See our full risk disclaimer.