I opened an Interactive Brokers account because everyone told me to. It is the broker that professionals use, the fees are famously low, and it reaches more markets than anyone else. All of that is true. I still stopped using it.
This is not an article about IBKR being bad. It is not. It is an article about why a European DIY investor might leave it anyway, and what actually works as a replacement depending on your reason. I have accounts at every broker mentioned here, and I say clearly where each one is the wrong choice.
In short, if you already know why you want to leave: I moved to Freedom24 and have not gone back, because it gives me US options, a huge bond catalog and a person to email, in a platform I do not need a manual for. If you trade on margin, futures or Asian markets, or you need fractional shares, stay on IBKR. Everything else is explained below.
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Why I opened IBKR, and why I stopped using it
I wanted US options and access to markets my Italian bank could not reach. IBKR gave me both. The commissions were tiny, the execution was clean, and Trader Workstation could do things I still do not fully understand.
Then I opened a Freedom24 account as a test. I expected to use it for a few weeks and go back. That is not what happened.
Within a month I was doing everything on Freedom24 and logging into IBKR less and less. Not because IBKR had failed me, but because four small things added up:
- A personal assistant who answers. Not a chatbot, not a ticket. A named person I can email when something is unclear. At IBKR, support is a queue.
- Thousands of US stock options without having to learn TWS to trade them. The interface is simpler and I stopped making order-entry mistakes.
- I can ask for instruments that are missing. If a bond or a stock is not listed, I send the ISIN to support and they add it. Nobody else I have used does this.
- Bonds in small denominations, pre-selected and searchable, which IBKR technically offers but buries.
None of these is a reason a professional trader would care about. All of them are reasons a self-directed investor with a day job cares about. That is the whole story of this article.
Who should stay on Interactive Brokers
Before you close anything, be honest about which of these describes you. If one does, IBKR is probably still your best broker and this article is not for you.
- You trade on margin regularly. IBKR margin rates are among the lowest in the industry. Nothing in this article comes close.
- You trade futures or forex. Most European retail alternatives do not offer them at all.
- You need markets beyond the US and major European exchanges: Japan, Hong Kong, Singapore, Australia, Canada, India. IBKR reaches over 135 markets. No alternative here matches that.
- You trade in volume. IBKR tiered pricing rewards activity in a way that flat-fee brokers cannot.
- You want fractional US shares. IBKR supports them.
If none of that describes you, keep reading. You are the person IBKR was not built for.
The four reasons Europeans actually leave IBKR
After years of reading comments on this site and on European investing forums, the reasons cluster into four groups. Which one is yours decides which alternative makes sense.
1. The platform is more than you need
Trader Workstation is built for people who trade for a living. If you place a few orders a month, the learning curve is not worth it. IBKR knows this, which is why they launched GlobalTrader, but the core experience is still built around TWS.
2. Support is a ticket system
IBKR support works. It is also impersonal and, depending on your country, slow. For a professional this is irrelevant. For someone who trades occasionally and needs a human when something looks wrong, it matters more than any fee.
3. You only buy ETFs
If your entire strategy is a monthly ETF savings plan, IBKR is overkill. Several European brokers do this for zero commission with an automated plan. IBKR does not compete on that.
4. Fees that feel small but add up
IBKR is cheap per trade. But European stock commissions are higher than the US ones, currency conversion is a separate step you have to think about, and the pricing structure has more moving parts than a flat-fee broker. For low volume, simplicity can be worth more than the last basis point.
IBKR alternatives sorted by your reason for leaving
This is the part most “best alternatives” lists get wrong. They rank brokers as if everyone leaves IBKR for the same reason. Nobody does.
| Why you are leaving | Best fit | Why |
|---|---|---|
| Platform too complex, but you still want US options | Freedom24 | The only simple European broker with a deep US options catalog |
| Low volume, want flat and predictable costs | Freedom24, DEGIRO | Flat fees that do not punish infrequent traders |
| You only run an ETF savings plan | Scalable Capital, Trade Republic | Zero-commission ETF plans, nothing else needed |
| You want a professional-grade replacement | Saxo | Similar depth, better support, higher costs |
| You want IBKR with better support | Lynx | It is IBKR under another brand, with a European front office |
A few honest notes on each.
Scalable Capital and Trade Republic are excellent at one thing: cheap, automated ETF investing. They are not IBKR alternatives in any meaningful sense. No US options, no Asian markets, limited single-stock depth. If you were using IBKR for anything beyond ETFs, they will feel like a downgrade. I cover Scalable in detail in my Scalable Capital review.
DEGIRO is a solid low-cost European broker with a broad catalog. It does not offer US options and its product range has narrowed since the flatexDEGIRO merger. Good for stocks and ETFs, not for derivatives.
Saxo is the closest thing to IBKR in depth, with a better interface and real support. It is also more expensive. If cost was your reason for leaving IBKR, Saxo will not fix it.
Lynx deserves a mention because many people do not know what it is: an introducing broker that runs on IBKR infrastructure. You get the same platform and the same markets, with a European support desk in your language. If your only complaint about IBKR is support, this solves it without changing anything else.
Freedom24 in detail: what it does that IBKR does not
Freedom24 is run by Freedom Finance Europe Ltd, regulated by CySEC under MiFID II, with the parent company Freedom Holding Corp listed on NASDAQ. Investor compensation is €20,000 through the Cyprus ICF, the same level as IBKR Ireland. I tested fees, safety and the account manager in depth in my Freedom24 review; here I focus only on what matters if you are coming from IBKR.
Here is what made me stay.
US stock options without the learning curve
Freedom24 lists hundreds of thousands of US stock options. That is the same universe IBKR gives you, in an interface a beginner can use on day one. It is the platform I recommend in my comparison of options trading platforms in Europe, and for the mechanics see my guide on how to trade US options from Europe.
On pricing, be precise because most reviews are not. On the Smart plan, options cost $0.65 per contract, in line with IBKR. On the All Inclusive plan and during the zero-commission promotion, options are $3 per contract plus $10 per order. If options are your main activity, choose Smart.
You can request instruments that are not listed
This is the feature I have never found anywhere else. If a bond or stock is missing from the platform, you email support with the ISIN and it gets added, usually within a few days. It turns a 15-exchange broker into something much larger for the instruments you actually care about.
Bonds in small lots, pre-selected
Freedom24 gives direct access to a very large bond catalog across government, corporate and emerging market issues, with many available in €1,000 denominations. They also curate a list of bonds rated B+ and above with yields up to around 7.6%. IBKR has a bond desk too, but finding anything in it is a project.
The cost is €5 plus 0.5% of the trade value, with no cap. That is fine for small tickets and expensive for large ones. If you buy €50,000 of a single bond, a bank with a capped commission will be cheaper. Know this before you move a bond portfolio.
A named person on the other end
Every account gets a personal assistant. Mine has answered questions about corporate actions, missing instruments and a wire transfer that took longer than expected. I did not know how much I valued this until I had it.
Affiliate link. Investing involves risk of loss. Terms and conditions apply.
What you lose when you leave IBKR
I would not trust a broker comparison that skips this section, so here it is.
| Feature | Interactive Brokers | Freedom24 |
|---|---|---|
| Markets | Over 135 in 33 countries | 15 exchanges in the US, Europe and Asia |
| Futures and forex | Yes | No |
| Margin lending | Very low rates, tiered | Available, listed at 18% when I checked |
| Fractional US shares | Yes | No |
| US options | $0.65 per contract | $0.65 on Smart, $3 + $10 per order on All Inclusive |
| Withdrawals | One free per month | €7 per withdrawal |
| Support | Ticket and chat | Personal assistant |
| Request missing instruments | No | Yes, by ISIN |
| Investor compensation | €20,000 (IBKR Ireland) | €20,000 (Cyprus ICF) |
The margin rate is the big one. If you borrow against your portfolio, Freedom24 is not your broker. The €7 withdrawal fee is small but annoying if you move money often. And 15 exchanges is a real limit compared to 135, even with the ISIN request feature.
For a line-by-line comparison of the two, I keep a separate page: Interactive Brokers vs Freedom24.
My verdict, by profile
- You trade on margin, or trade futures, or need Asian and other non-core markets: stay on IBKR. Or try Lynx if support is your only complaint.
- You want US options and a broker you can use without a manual: Freedom24. This is where I ended up.
- You buy stocks and ETFs, no derivatives, and want the lowest flat fees: DEGIRO or Freedom24.
- You only run an ETF plan: Scalable Capital or Trade Republic, and stop overthinking it.
- You want professional depth and are willing to pay for it: Saxo.
I still have my IBKR account. I have not closed it and I do not plan to. But I have not placed a trade there in a long time, and when I think about why, it is never about fees. It is about the friction of using it. That is a personal answer, which is exactly why I wrote this instead of another ranked list.
If you are still deciding between brokers more broadly, my overview of the best brokers in Europe covers the full field. And if you do open a Freedom24 account, read how the welcome bonus of free stocks actually works before you fund it, because the allocation is random and the terms change.
Affiliate link. Investing involves risk of loss. Terms and conditions apply.
FAQ
Is Freedom24 a real alternative to Interactive Brokers?
For US stocks, ETFs, US options and bonds, yes. For margin trading, futures, forex and markets outside the US and major European exchanges, no. It depends entirely on what you were using IBKR for.
Which IBKR alternative has the lowest fees?
For ETF savings plans, Scalable Capital and Trade Republic at zero commission. For occasional stock and ETF trades, DEGIRO and Freedom24 are close. For active trading in volume, nothing beats IBKR tiered pricing, which is why high-volume traders rarely leave.
Is Lynx the same as Interactive Brokers?
Lynx is an introducing broker built on IBKR infrastructure. You get the same platform, markets and execution, with a European customer service desk. Fees are somewhat higher than going to IBKR directly.
Can I trade US options on Scalable Capital or Trade Republic?
No. Neither offers US stock options. If options are part of your strategy, the realistic European choices are IBKR, Lynx, Saxo and Freedom24.
Should I close my IBKR account when I switch?
I did not. There is no inactivity fee, so keeping it open costs nothing and preserves the option to go back. Move your activity, not your account.
Disclaimer: Every investment carries risk, including the loss of capital. Past performance does not guarantee future results. This article reflects my personal experience and is not investment advice. Some links are affiliate links: if you open an account through them, RevenueLand may earn a commission at no extra cost to you. This never affects what I review or recommend.
