Interactive Brokers and Webull both publish U.S. stock, ETF, and options schedules and a USD margin rate. This comparison uses those October 2026 schedules. It records the published rows. It does not rank the brokers.
Each firm splits pricing across more than one plan. Interactive Brokers lists IBKR Pro and IBKR Lite. Webull lists Webull Standard and Webull Premium. One rate does not describe either firm.
How do commissions, margin, and routing compare?
| Dimension | Interactive Brokers | Webull |
|---|---|---|
| U.S. stocks and ETFs | Pro tiered from $0.0035 per share, or fixed $0.005. Lite lists $0.00 on exchange-listed names. | $0 commission on stocks and ETFs listed on U.S. exchanges. |
| U.S. options | Pro tiered from $0.15 to $0.65 per contract. Lite is $0.65 on the first 1,000 U.S. contracts each month. | $0 on listed stock and ETF options. $0.50 per contract on certain index options. |
| USD margin, first balance tier | Pro 5.380% (benchmark + 1.5%) up to $100,000. Lite 6.380% (benchmark + 2.5%) on every tier. | Standard 8.74% on every tier. Premium 5.45% up to $24,999.99. |
| Payment for order flow | Lite’s page says market makers pay for certain commission-free orders. The Pro stock line is labeled “No PFOF.” | The pricing page lists payment for order flow as a revenue line. |
| Borrowing condition | Margin loans have a 0.75% floor. | At least $2,000 in equity to qualify. The page says keep at least 25% equity. |
The cells are published schedule rows, not a projection of one account’s interest bill. Both firms say the rates can change.
How is each account structured?
Interactive Brokers runs two plans against the same product set. On the Interactive Brokers stocks page, the commission plan is labeled “No PFOF.” The commission-free plan is labeled “Includes PFOF.”
The IBKR Lite page says commission-free trading in certain products exists because market makers pay for those orders. Trades in non-exchange-listed U.S. stocks, such as pink-sheet and other OTC names, use the standard commission schedule.
Webull’s pricing page says there is no commission on stocks, ETFs, and options listed on U.S. exchanges. It names stock loans, interest on free credit balances, margin interest, and payment for order flow as revenue. The outgoing-transfer line names Apex as the clearing firm and lists $75 per outgoing stock transfer.
Margin at either firm is a loan against eligible securities. Interactive Brokers accrues that interest daily and posts it on the third business day of the next month. Webull’s margin page is dated October 16, 2026, and says the rates can change.
The plan name selects the price list. Pro and Lite, and Standard and Premium, are separate rows inside each firm.
What fees and margin rates are published?
Interactive Brokers stock commissions show three U.S. share columns. Tiered Pro is $0.0035 per share up to 300,000 shares a month, then $0.0020, $0.0015, $0.0010, and $0.0005 above 100 million shares.
The tiered minimum is $0.35 per order. Fixed Pro is $0.005 per share, with a $1.00 minimum. Both Pro columns list a maximum of 1% of trade value. Lite shows $0.00 per share on the exchange-listed schedule.
Lite commission-free stock trades are for U.S. exchange-listed stocks and ETFs. Fixed pricing applies to pink-sheet and other OTC stocks, delisted ETPs, warrants, other non-qualifying products, overnight hours, and recurring investments.
OnClose, OnOpen, outside-regular-hours, and sub-$1 listed-stock orders stay commission-free only while those shares are 10% or less of monthly U.S. stock volume. Above that share, IBKR charges the lesser of $0.005 per share or 1% of trade value on those trades.
Interactive Brokers options commissions use a monthly volume ladder for Pro. At 10,000 contracts or fewer, the rate is $0.25, $0.50, or $0.65 per contract. The band depends on a premium under $0.05, from $0.05 to under $0.10, or $0.10 and above.
From 10,001 to 50,000 contracts, premiums under $0.05 are $0.25 and other premiums are $0.50. From 50,001 to 100,000, every premium is $0.25. Above 100,000, every premium is $0.15. The minimum is $1.00 per order.
Exchange, clearing, and regulatory fees are charged in addition to the options commission. U.S. exercise and assignment do not carry an IBKR options commission. Order minimums apply to each leg of a combo order.
Lite options are $0.65 per contract for the first 1,000 U.S. option contracts in a month. The schedule marks Lite as U.S. residents only. Volume above 1,000 uses the Pro ladder. The order minimum is $1.00.
Interactive Brokers margin rates quote USD loans as a spread over a benchmark. The Interactive Brokers October 2026 benchmark table lists the USD benchmark at 3.880% on each date from October 1 through October 14, 2026. Pro is 5.380% up to $100,000, 4.880% from $100,000 to $1 million, 4.630% from $1 million to $50 million, and 4.380% above $50 million. Lite is 6.380% on every USD tier.
The margin page sets a 0.75% floor on margin loans. It also says a 1% surcharge on the spread may apply if financing is not pre-arranged. Published rates are for direct clients. IBKR may change the rates.
Webull margin rates, dated October 16, 2026, show Standard at 8.74% on every listed band, from $0–$24,999.99 through $25 million and above. Premium steps down by balance:
- $0 to $24,999.99: 5.45%
- $25,000 to $99,999.99: 5.25%
- $100,000 to $499,999.99: 4.70%
- $500,000 to $999,999.99: 4.65%
- $1,000,000 to $9,999,999.99: 4.45%
- $10,000,000 to $24,999,999.99: 4.40%
- $25,000,000 and above: 4.15%
The margin page does not list a Premium subscription price.
Webull pricing adds $0.50 per contract on certain index options, $0.0050 per share on equity algo orders, and $75 per outgoing stock transfer. The page says some regulatory fees are passed through to the client. The $0 options line does not cover those index-option contracts.
The margin ladders use different cutoffs. A comparison has to match a plan name and a balance band, not the firm name alone.
What eligibility and borrowing limits apply?
On the U.S. stock schedule, IBKR Lite is available to U.S. residents with individual, joint, IRA, and trust accounts when the beneficiary and trustee are natural persons. U.S. financial advisors can offer Lite to their clients. On the U.S. options schedule, Lite is marked “US residents only” and Pro is marked “All.”
Webull’s margin page says an account needs at least $2,000 in equity to qualify. It describes up to 4x day-trade buying power and 2x overnight buying power. It also says to keep at least 25% of account value as equity. Those sentences are Webull’s conditions on that page.
Interactive Brokers says interest tiers may change without prior notice. Webull says the October 16, 2026 rates are subject to change. The charged rate is the row in force on the interest date.
What constraints do the schedules leave in place?
IBKR Pro’s USD spread steps down as the balance rises. IBKR Lite stays at benchmark plus 2.5% on every USD tier. Webull Standard stays at 8.74% on every band. Webull Premium steps down, and that ladder is the Premium row, not the Standard row.
Commission-free U.S. stock orders at IBKR Lite and at Webull are tied to payment for order flow in each firm’s own disclosure. IBKR Pro’s stock line is labeled “No PFOF” and carries a per-share commission. Neither schedule publishes one shared price-improvement figure, so this comparison does not state one.
Option orders add a second charge. Webull’s $0 contract rate excludes certain index options at $0.50. IBKR’s per-contract rate depends on monthly volume and the option premium, and third-party fees still apply.
Margin interest is a balance times a rate the broker can revise. The 0.75% IBKR floor is a minimum on the loan, not a cap. The possible 1% surcharge is an extra spread when financing is not pre-arranged. Neither page states a dollar interest bill for a sample balance.
