Comparison of Interactive Brokers vs Webull [ 2024 ]

The best brokers to invest in cryptocurrencies compared by their commissions, cryptos, security and much more. Here is theInteractive Brokers vs Webull comparison!

Your expert: Alejandro Borja

Interactive Brokers

Your expert: Xavier Tarrasó

Webull

Main points

Fees

Low 4,4/5

Regulated

SEC, FCA

Demo account

Yes

Low 4,8/5

Fees

SEC, FINRA

Regulated

Yes

Demo account

Recommended for

Beginners

Trading

Yes

Passive income

Buy and hold

Yes

Beginners

Yes

Trading

Passive income

Buy and hold

Comparison of fees

Rating

4.6 – Interactive Brokers charges low commissions (0.12% to 0.18% of trade value) with no added spreads or custody fees, making it one of the most cost-effective options for serious traders .

3.6 – Webull charges a spread of 1% on crypto trades, which is relatively high compared to some other brokers. However, the platform offers commission-free trading and a user-friendly experience .

Level

Low 4,4/5

Low 4,8/5

Brief explanation

Interactive Brokers offers a competitive and transparent commission structure for cryptocurrency trading. The commission rates range from 0.12% to 0.18% of the trade value, with a minimum fee of $1.75 per order, capped at 1% of the trade value. This fee structure is notably lower than many competitors, who may charge up to 2.00% or include additional spreads and markups. Trading cryptocurrencies on Interactive Brokers’ platform does not incur any added spreads, markups, or custody fees. This is facilitated through their partnerships with Paxos Trust Company and Zero Hash LLC, both of which are regulated entities, ensuring a secure trading environment. Furthermore, clients can trade cryptocurrencies 24/7 when funds are transferred to their dedicated Paxos or Zero Hash account during normal US banking hours.

Webull offers commission-free trading on its platform, making it an attractive option for cost-conscious investors. However, it charges a 1% spread on cryptocurrency trades, which is effectively the platform’s fee. This spread is relatively high compared to some other platforms, but it ensures that users do not face additional explicit trading fees. Webull does not charge for deposits and withdrawals made via ACH transfers, although wire transfers incur fees of $8 for deposits and $25 for withdrawals. Overall, Webull’s fee structure is straightforward and competitive for a platform offering commission-free trading .

Interactive Brokers

Year Founded: Established in 1978, Interactive Brokers has a long history of providing reliable and innovative trading solutions.
Security Methods: The platform uses top-tier security measures, including two-factor authentication and encryption, ensuring the safety of client assets and data.
Number of Users: Interactive Brokers boasts a large user base, serving over 1.6 million clients globally, which speaks to its reliability and popularity.
Regulation: The firm is regulated by major financial authorities, including the SEC, FINRA, and several international regulators, ensuring compliance with stringent financial laws.
Trading Volume and Liquidity: Interactive Brokers handles a high volume of trades daily, providing deep liquidity, which is crucial for effective trading execution and minimal slippage.

Webull

Year Founded: Established in 2017, Webull has rapidly gained a solid reputation in the financial market, reflecting its stability and reliability in the industry.
Number of Users: Webull boasts millions of users globally, demonstrating widespread trust and adoption among retail investors and traders.
Security Methods: Webull employs robust security measures, including two-factor authentication (2FA) and encryption protocols, ensuring the safety and protection of users' funds and personal information.
Regulation: Webull is regulated by top-tier financial authorities, including the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) in the United States, providing an extra layer of security and trust.
Customer Service: Webull offers responsive customer service through various channels, including email, phone, and live chat, ensuring users can get assistance when needed.

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Direct link to the website

Product selection

Native token

Interactive Brokers does not have a native token.

Webull does not have a native token.

Earns

Interactive Brokers does not offer staking or similar earning options for cryptocurrencies. The platform allows trading and holding of cryptocurrencies .

Webull does not offer staking or other earning options for cryptocurrencies. It focuses on trading a limited number of digital assets .

NFT marketplace

Interactive Brokers does not have an NFT marketplace.

Webull does not have an NFT marketplace.

Cripto/debit card

Interactive Brokers offers an IBKR debit card for US residents as part of their Integrated Investment Management accounts .

Webull does not offer a card for its clients .

Payment methods

Transfers

Yes, Interactive Brokers accepts bank transfers for both deposits and withdrawals .

Yes, Webull accepts bank transfers for both deposits and withdrawals .

Mastercard

No, Interactive Brokers does not accept Mastercard for deposits.

No, Webull does not accept Mastercard for deposits.

Wire transfer

Wise is not mentioned as a supported payment method .

Card

No, Interactive Brokers does not accept credit/debit cards .

Information about Webull’s acceptance of credit/debit cards is not explicitly stated in the retrieved documents.

Comparative table

Interactive Brokers	Features	Webull
Interactive Brokers offers a low minimum trade amount, making it accessible for both small and large investors. This encourages new traders to start without significant capital.	Minimum Trade	Webull has a low minimum trade requirement, making it accessible for all users, particularly beginners.
The platform’s fees are among the lowest in the industry, which is a major advantage for frequent traders.	Trading and Transaction Fees	While Webull offers commission-free trading, the 1% spread on crypto trades is relatively high compared to other platforms.
Currently, only eight cryptocurrencies are available, which limits options for traders looking for a diverse portfolio.	Number of Cryptocurrencies	Webull supports 11 different cryptocurrencies, providing a decent variety for users to choose from.
The platform offers limited crypto-to-crypto pairs, which restricts trading strategies for users looking to trade beyond major cryptocurrencies.	Crypto-to-Crypto Trading Pairs	The platform does not support trading cryptocurrencies directly against each other, limiting trading strategies.
Interactive Brokers provides clear and comprehensive information about their services and fees. However, the site could be more intuitive for beginners.	Website Transparency	The website provides clear and detailed information on fees and trading conditions, but the user experience and navigation could be improved.
Interactive Brokers offers an IBKR debit card for US residents as part of their Integrated Investment Management accounts .	Credit/Debit Card	Webull does not offer a card for its clients .
The platform offers secure storage solutions through partnerships with regulated entities, ensuring the safety of users’ digital assets.	Storage Offering	Webull does not offer wallet services or the ability to transfer crypto assets off the platform, limiting control over assets.
Interactive Brokers does not currently offer staking or rewards programs, which could be a drawback for users looking for passive income opportunities.	Staking and Rewards	There are no staking or rewards programs available for crypto holders on Webull.
The mobile and desktop platforms are highly rated for their functionality and user-friendly design, catering to both novice and experienced traders.	Mobile App and Desktop	Webull’s mobile app and desktop platform are excellent, featuring advanced charting tools and a user-friendly interface.
The customer service is generally responsive and helpful. However, the complex account setup process can be a barrier for new users.	Customer Service	Customer service is available through various channels, but phone support is lacking, and response times can be slow.
The platform provides efficient deposit and withdrawal processes with multiple options, although there is room for improvement in speeding up withdrawal times.	Deposit and Withdraw	The process is easy, but limited to bank transfers, which can be slower and less convenient compared to other methods like credit/debit cards.

Key features

Analysis tools

Interactive Brokers offers the Trader Workstation (TWS) platform, which includes powerful trading tools and advanced charting capabilities. They also provide comprehensive market data and analysis tools .

Webull provides advanced charting and screener tools, dozens of technical indicators, and in-depth charting features. They also offer educational resources and a mobile-first trading experience .

Mobile APP

Yes, Interactive Brokers offers the IBKR Mobile app for iOS and Android devices, providing comprehensive trading tools and account management features .

Yes, Webull offers a highly rated mobile app that supports advanced features like charts, indicators, and paper trading .

Security

Interactive Brokers is regulated by top-tier US authorities like the SEC and FINRA, providing a high level of security and transparency. They offer SIPC insurance, protecting clients’ securities up to $500,000, including a $250,000 cash limit.

Webull is regulated by the SEC and FINRA in the US, providing high investor protection levels. They offer SIPC insurance up to $500,000, including a $250,000 cash limit. However, they do not provide negative balance protection.

Additional features

Interactive Brokers allows clients to trade cryptocurrencies through Paxos or Zero Hash, offering a low commission rate of 0.12% to 0.18% of the trade value. They support a variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, and provide advanced trading tools through their Trader Workstation platform. Interactive Brokers also offer features like holding USD in crypto accounts and 24/7 trading .

Webull offers cryptocurrency trading through their Webull Pay app, which supports eight cryptocurrencies like Bitcoin, Ethereum, and Litecoin. The platform features a highly rated mobile app with advanced tools like charts and indicators. Webull provides competitive commissions and allows for fractional share trading, but lacks crypto-crypto trading pairs and wallet compatibility .

Anonymity

Anonymous accounts are not available. Interactive Brokers requires detailed personal information and identity verification .

Webull does not support anonymous accounts. Users must submit personal information and verification documents during the account opening process .

Key points

Available cryptocurrencies

Interactive Brokers allows both direct trading and CFDs for cryptocurrencies. The available cryptocurrencies for direct trading are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC). Additional coins are available through CFDs.

Webull offers trading in cryptocurrencies but does not allow transfer of crypto assets on or off the platform. The available cryptocurrencies include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Dogecoin (DOGE), and others totaling 11 different cryptocurrencies.

User-friendliness

Interactive Brokers integrates cryptocurrency trading into its existing platform, allowing users to trade crypto alongside other asset classes. The platform offers low commissions and a professional-grade trading environment. However, the setup process might be more complex compared to dedicated crypto exchanges, which could be a drawback for less experienced users .

Webull offers a streamlined and user-friendly mobile app for trading cryptocurrencies. The platform’s advanced charting tools and community features enhance the user experience. However, Webull’s focus on simplicity means it may lack some advanced features found in other platforms. Overall, it’s a solid choice for those looking for an easy and accessible way to trade crypto .

Value for money

Interactive Brokers is known for its low commissions and transparent pricing, making it a cost-effective choice for crypto trading. Its professional-grade trading tools add significant value, though the platform might be too complex for beginners.

Webull provides great value for money with commission-free trading and advanced tools suitable for active traders. However, the inability to transfer cryptocurrencies off the platform could be a limitation for some users.

Countries of operation

United States, Canada, United Kingdom, Ireland, Hungary, Australia, India, Japan, Hong Kong, Singapore .

United States, India, China, South Korea, most countries that permit crypto trading .

Best for

Interactive Brokers is ideal for professional and experienced traders who want to trade cryptocurrencies alongside other asset classes. Its low commissions and professional-grade trading tools make it a strong choice for serious investors.

Webull is ideal for active traders who want a commission-free platform with advanced charting tools and a wide selection of tradable assets. It’s best for those who don’t need to transfer cryptocurrencies off the platform and value a seamless mobile experience.

Account

Trading

Interactive Brokers offers limited direct cryptocurrency trading but provides access to crypto-related financial products. It is more focused on traditional investment products, making it less ideal for pure crypto trading.

Webull allows direct cryptocurrency trading with a user-friendly interface and zero commissions. It offers a decent range of cryptocurrencies, making it a good choice for retail traders.

Deposit and withdrawal

Interactive Brokers allows deposits and withdrawals via bank transfers and wire transfers. The process is secure but can be slower, especially for international transfers. Fees may apply for withdrawals.

Webull allows deposits and withdrawals via ACH and wire transfers. The process is free and generally quick, but wire transfers can be more expensive compared to ACH transfers.

Account opening process

The account opening process at Interactive Brokers is detailed and thorough. Users must provide extensive personal and financial information, and submit various verification documents. The process is fully digital but can take a few days for approval due to the comprehensive requirements.

Opening an account with Webull is straightforward and fully digital. Users complete an online application, provide personal and financial information, and verify their identity. Accounts are typically approved within one to two business days.

KYC required?

Yes, KYC is required at Interactive Brokers. The account opening process includes submitting personal identification documents and proof of address.

KYC verification is mandatory at Webull. Users must provide personal identification documents and proof of address as part of the account registration process.

Customer Service

Interactive Brokers provides customer support via phone, email, and live chat. The support is available 24/5 and is generally responsive, though some users find the service to be slower during peak times due to high demand.

Webull offers customer support through email and in-app messaging. They also provide phone support during market hours. The support is generally responsive, though some users find the service to be slower during peak times.

Security

Which of these exchanges is for you?

Alejandro Borja

As an expert on our website, I highly recommend Interactive Brokers for those interested in integrating cryptocurrency trading with traditional financial instruments. The platform offers competitive fees, robust security, and seamless integration with other asset classes, making it an excellent choice for experienced traders looking to diversify their portfolios. While the account setup process can be complex, the advanced trading features and reliable customer support make it worth the effort. If you’re seeking a secure and cost-effective way to trade cryptocurrencies, Interactive Brokers is a solid option.

Xavier Tarrasó

As an expert on our website, I recommend Webull for those interested in cryptocurrency trading due to its commission-free model and advanced trading tools. The platform’s user-friendly interface and excellent mobile app make it suitable for both beginners and experienced traders. However, keep in mind that Webull does not allow crypto transfers off-platform, which might be a limitation for some users. Overall, Webull is a solid choice for cost-effective and convenient crypto trading.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Comparison of Interactive Brokers vs Webull [ 2024 ]

Interactive Brokers

Webull

Main points

Recommended for

Comparison of fees

Rating

Level

Brief explanation

Interactive Brokers

Webull

Product selection

Native token

Earns

NFT marketplace

Cripto/debit card

Company information

Full name

Regulation

Year founded

Founder

Payment methods

Transfers

Mastercard

Wire transfer

Card

Comparative table

Key features

Analysis tools

Mobile APP

Security

Additional features

Anonymity

Key points

Available cryptocurrencies

User-friendliness

Value for money

Countries of operation

Best for

Account

Trading

Deposit and withdrawal

Account opening process

KYC required?

Customer Service

Security

Which of these exchanges is for you?

How do we review crypto exchanges?

Risk Disclaimer

More comparatives Interactive Brokers and Webull