Being in the financial market for more than 45 years, Interactive Brokers has earned a comfortable position as one of the most popular and reliable online platforms globally. The company was founded in 1978 and is headquartered in the United States, with other offices in Canada, Europe, Japan, Ireland, Singapore, Hong Kong, India, Australia, and the United Kingdom. 

Interactive Brokers aims to provide traders with access to a wide range of financial markets and tools with low commissions and fees. Hence, the broker’s offerings include Stocks, ETFs, Options, Futures, Currencies, Bonds, Mutual Funds, and Cryptocurrency. 

The Interactive Brokers platform affords traders access to over 135 markets in 33 countries, making it a global leader in online trading. To maintain its position, the broker has augmented its trading platforms with advanced trading tools, such as customizable charts, technical indicators, trading algorithms, and API access for developers. These features create an enjoyable trading experience for the broker’s vast clientele, and thus, the broker is a popular choice among many active traders.

Supported Countries

Interactive Brokers offers its services to over 190 countries; however, some countries are restricted from trading with the broker due to certain legislative constraints. Some of these countries include Afghanistan, Belarus, Bonaire, Cuba, Democratic Republic of Congo, Faroe Islands, Iran, Iraq, Libya, Nauru, Nigeria, North Korea, Palestine, Republic of Congo, Saint-Barthélemy, Sierra Leone, Somalia, Southern Sudan, South Georgia, South Sandwich Islands, Sudan, Syria, Yemen, and Zimbabwe.

Customer Service Rating

As with any online trading platform, Interactive Brokers has received positive and negative reviews of its services and offerings. Based on these customer reviews, Interactive Brokers is rated “Great” with 3.9/5 stars on Trustpilot.

Positive reviews were from customers who applauded the broker for its wide range of tradable instruments, low commission rates, and advanced trading tools. Other positive mentions include help from trading advisers and the company’s reality.

On the other hand, the negative reviews were hinged on complaints about the limited customer service, platform navigation hitches, and trading glitches. The difficulty with navigating the platform is understandable, especially with Interactive Brokers’ margin trading and short selling. While some traders may find these features helpful, others unfamiliar with the platform may have difficulties navigating through it or take unnecessary risks. This is why traders must maximize the broker’s unlimited demo account and training resources.

Interactive Trading Platforms

Interactive Brokers stands out in the financial market for the uniqueness of its trading platforms. While other brokers provide their customers with the traditional MetaTrader trading platforms, Interactive Brokers offers multiple proprietary trading platforms. These platforms were designed with the necessary trading features and services. These platforms include:

• IMPACT: This is Interactive Brokers’ best web-based platform with extensive instruments for managing client accounts and portfolios. It is designed specifically for financial advisers and their clients.
• Client Portal: This interactive web-based platform allows traders to manage their accounts and view balances and transactions. Traders can easily access their account statements and tax documents on this platform. 
• IBKR Mobile: This is Interactive Brokers’ mobile app, and it enables traders to execute trades, manage their accounts, and access market data while on the go.
• IBKR GlobalTrader: This Interactive Brokers platform is designed for those who want to trade international stocks, options, and futures. It provides access to over 100 markets in 24 countries.
• Trader Workstation: This is Interactive Brokers’ primary platform. It offers advanced trading tools, customizable charts, and real-time market data.
• IBKR APIs: This platform affords traders access to Interactive Brokers’ trading infrastructure, allowing them to build custom trading applications and interfaces.

Trading Denominations

A trader’s jurisdiction and the laws prevalent in that location determine the base currencies they can access. The available currencies on the broker’s platform include AUD, CAD, CHF, CNH, CZK, DKK, EUR, GBP, HKD, HUF, ILS, INR, JPY, MXN, NOK, NZD, RUB, SEK, SGD, and USD. 

Company Structure

Interactive Brokers Group is a financial service provider with a broad organizational structure. The broker has subsidiaries and affiliates in different international regions, while the company is headquartered in the United States.

As of May 2023, Interactive Brokers’ management team is headed by its founder, Thomas Peterffy. The management team comprises other vital members who oversee the daily operations of the broker in its different jurisdictions. Interactive Brokers has offices in Canada, Europe, Japan, Ireland, Singapore, Hong Kong, India, Australia, and the United Kingdom to extend its reach and increase its physical presence globally.

Interactive Licenses and Regulatory Compliance

As a long-existing financial institution with a strong presence across different regions of the world, Interactive Brokers operates under the supervision of some of the most reputable financial authorities in the world. Based on our Interactive Brokers forex review findings, below are the broker’s subsidiaries and their financial regulators:

• Interactive Brokers LLC: The company’s activities are regulated by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the United States.
• Interactive Brokers Canada Inc: The Investment Industry Regulatory Organization of Canada (IIROC) regulates all the activities of Interactive Brokers in Canada. 
• Interactive Brokers U.K. Limited: The company operates in the U.K. under the Financial Conduct Authority (FCA) regulations under the register entry number 208159.
• Interactive Brokers Luxembourg SARL: The broker is regulated by Europe’s Commission de Surveillance du Secteur Financier (CSSF). 
• Interactive Brokers Ireland Limited: The Central Bank of Ireland (CBI) regulates the company’s activities in Ireland under the reference number C423427.
• Interactive Brokers Central Europe Zrt: The Central Bank of Hungary (Magyar Nemzeti Bank), under the number H-EN-III-623/2020, oversees the broker’s activities in Hungary. 
• Interactive Brokers Australia Pty. Ltd. The Australian Securities and Investments Commission (ASIC) regulates the broker’s operations in Australia. The company operates under the license number AFSL: 453554.
• Interactive Brokers Hong Kong Limited: The Hong Kong Securities and Futures Commission (SFC) regulates the company.
• Interactive Brokers India Pvt. Ltd: The Interactive Brokers Forex trading company operates under the Securities and Exchange Board of India (SEBI) regulations with registration number INZ000217730.
• The Kanto Local Finance Bureau regulates Interactive Brokers Securities Japan Inc. with registration number 187.
• Interactive Brokers Singapore Pte. Ltd.: The company is licensed and regulated by the Monetary Authority of Singapore (MAS) with the License number CMS100917.

Customer Support

Its traders can contact Interactive Brokers through its customer service team, available in physical offices, on the broker’s website, social media platforms, live chat, email, and phone. The broker also offers support in multiple languages, including Spanish, French, English, Chinese, Russian, German, Italian, and Japanese. Please note that this service is only available 24/5, and the time frame varies per location.

Interactive Brokers also offers educational resources to help traders improve their trading knowledge. The broker also has an FAQ section on its website to answer its clientele and potential clientele’s questions. 

Customer Protection

Being the international broker that it is, this Interactive Brokers’ review gathered that the broker has various measures to protect its clientele. These measures include:

• Segregated Accounts: Interactive Brokers keeps clients’ funds in a different account separate from its operating funds to ensure that the funds are kept safe and untouched in the event of any financial difficulties or bankruptcy.
• Securities Investor Protection Corporation (SIPC) coverage: Interactive Brokers is a party to this federal insurance program that protects securities and cash in case of a broker-dealer failure.
• Clearing Firm’s insurance policy: Interactive Brokers’ clearing firm has insurance coverage for securities and cash held in custody, which provides additional protection in case of a clearing firm’s failure.
• Regulatory Compliance: Interactive Brokers are regulated by several financial watchdogs, which ensure that the company complies with industry standards and protects customers’ assets and funds.

Trading Information

Interactive Brokers reviews generally agree that traders have a wide range of options for tradable instruments on the Interactive Brokers’ platform. This gives the broker an edge over competitors, making it the preferred trading platform. More details are discussed in succeeding sessions.

Interactive Brokers Leverage 

The leverage available to Interactive Brokers depends on the laws regulating the trader’s jurisdiction. For instance, traders from Australia or the EU can have leverage of up to 30:1 on major forex pairs. 

However, traders under the jurisdiction of the Monetary Authority of Singapore(MAS) can only access a maximum Interactive Brokers forex leverage of up to 20:1, and those under the Securities and Exchange Commission (SEC) or Investment Industry Regulatory Organization of Canada (IIROC) have a maximum leverage of 50:1.

Deposits and Withdrawals

The general deposit and withdrawal methods on the Interactive Brokers are wire transfer, check, and direct bank transfer (ACH). This Interactive Brokers Forex review discovered that details of withdrawals and deposits vary per the trader’s location and account. A few things to note about deposits and withdrawals generally on the Interactive Brokers’ platform have been highlighted in the succeeding sessions.

Deposits

The Credit Period, the duration between when funds are received and when they are posted to the customer’s account and available for trading, is limited on Interactive Brokers. Typically, credit is posted after the close of business on the relevant day. It is worth noting that Interactive Brokers actively discourages third-party deposits and rejects them as a general practice.

Withdrawals

The Withdrawal Hold Period, during which a customer cannot withdraw deposited funds, starts on the Entry Date and typically ends after the close of the specified business day. It’s worth noting that the length of the Withdrawal Hold Period may vary depending on the specific policies of the withdrawal method.

Interactive Trading Education and Training

Interactive Brokers is one of the leading online trading platforms with resources to help its clientele become better traders. The broker has a range of educational materials available on its IBKR Campus, where traders can access different resources to improve their trading knowledge. The broker offers free webinars, IBKR Quant (a blog), a trader’s academy, and other helpful tools on financial markets, trading, and financial events.

Conclusion

Interactive Brokers is a well-established global financial services provider with a wide range of products and services for its clients. With its advanced trading platforms, variety of tradable instruments, competitive pricing, and extensive customer protection, the company provides a complete solution for traders of all experience levels. 

Despite some negative feedback from some users, the company’s dedication to innovation makes it a reliable choice for investors searching for a trusted broker. This Interactive Brokers review assures you that the broker is reliable and your investments are safe on this platform.