Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.

Interactive Brokers Review

4.25
4 reviews
PAYMENT SYSTEMS
  • Deposit
  • Withdrawal

Interactive Brokers general information

Founded in: 1977 year
Headquarters:
USA
Offices in the country:
United Kingdom, Hong Kong, India, Canada, Japan
Minimum Deposit: 10000 $
Website languages:
English, Spanish, Italian, Chinese, Deutsch, Russian, French, Japanese
Execution model:
MM
Deposit currency:
USD, EUR, JPY, GBP, AUD, CHF, CAD, MXN, NZD, SEK, HKD, INR
Support languages:
English, Spanish, Italian, Deutsch, Russian, French
Regulated by:
FCA (United Kingdom)
CFTC (USA)
NFA (USA)
SEC (USA)
Mobile trading: iOS, Android
Types of offered accounts:
Unlimited Demo Accounts, Standard Accounts, Segregated accounts
Affiliate program: Not

Interactive Brokers Forex broker description

Pros

  • Well Regulated: This Interactive Broker review deduced that the broker tops the chart with its license with top-tier regulatory bodies across international regions. The broker has regulatory oversight from 10 financial market watchdogs making it one of the most credible brokers in the industry.

  • No Minimum Deposit: This unique feature sets Interactive Brokers on top trading charts; anyone can open a trading account with the broker without any compulsory deposit fee. 

  • Offers a Range of Tradable Instruments: Like many other brokers, the broker offers its clientele a wide range of products from Interactive Brokers forex to options, mutual funds, bonds, and cryptocurrencies. Simply put, Interactive has every tradable instrument in the market.

  • Over 45 years of trading experience: Interactive Brokers have been active in the financial market for nearly half a century; this is proof that the broker is reliable and has a firm grasp of the intricacies of the financial market.

  • Unlimited Demo Account: Anyone can sign up on Interactive Brokers and practice their way to becoming expert traders. The broker offers its clientele an unlimited demo account, implying that novice and experienced traders can “up” their trading game at any time.

  • Accepts U.S. Clients: Interactive Brokers is one of the few brokers that offers its services in the U.S. Few brokers can comply with the regulatory and operative requirements in the U.S., and Interactive Brokers is one of the few that meet these standards.

Cons

  • No MetaTrader trading platform: Traders accustomed to MT4 and MT5 trading platforms will have to learn how to navigate the trading market on totally different platforms if they sign-up on Interactive Brokers.

  • No Credit/Debit Card Option: While the broker affords its clientele several deposit and withdrawal methods, the Credit/Debit card option is unavailable. 

  • Limited Customer Support: With its international coverage, one would expect that Interactive Broker has a customer support network of the same measure. However, this is not the case. The broker's customer support channels are limited to nine phone lines unavailable around the clock, its website, and a live chat.

  • Complex Registration Process: the sign-up process on the Interactive Brokers platform is a lot more complex than most brokers. One will need more than an email address to sign up and has to fulfill specific terms and conditions to begin trading.



Unique Selling Points

  • IBKR Smart Routing: Interactive Brokers use advanced algorithms to find the best available prices across multiple exchanges, ensuring that the traders get the best possible trade executions.

  • Low Commission Rates: Beyond its no minimum deposit policy, Interactive Brokers goes further and offers its clients some of the lowest commission rates in the industry. With the record of Interactive Brokers' forex fees, the broker tops traders' list for affordability.

  • Integrated Cash Management: With Interactive Brokers, traders can manage cash and investments simultaneously, making it easier to keep track of their finances.

  • Portfolio Analysis: Interactive Brokers provides a range of portfolio analysis tools to help traders assess their performance; this can be likened to a score sheet. The results help trades make more informed investment decisions.

  • 'Refer to a Friend' Program: Interactive Brokers offers a referral program where traders can invite others to join the platform and earn rewards.

  • Global Reach: Interactive Brokers provides access to over 135 markets in 33 countries, allowing traders to invest in various assets and regions.

  • Margin Trading: Interactive Brokers allow traders to borrow funds to invest in assets. While this increases the trading risk, it equally increases their potential returns, which could be multiples of their investments.

  • IBKR's Securities Loan Borrow: Interactive Brokers offers a program allowing traders to lend their securities to other traders and earn interest.


Introduction

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.


Types of Interactive Trading Accounts

Interactive Brokers has different trading accounts to suit each client's unique needs and help them grow in their trading journey. These accounts are classified as; Individual, Professional, and Corporate accounts. As earlier stated, the broker also has a demo account. More details of these accounts are discussed below.

  1. Individual Accounts: This Interactive Brokers' account category is available in different forms, depending on the trader's preference. All the accounts, however, offer the same functions and instruments. These accounts include:

  • The Standard Individual Account is available to only one account holder.

  • The Joint Account is available to more than one account holder.

  • The Trust account where a person tagged "trustee" is directed by law to hold assets for the benefit of another. There can be one or more trustees trading with this account.

  • Individual Retirement Account is only available to individual US tax residents.  

  • UGMA/UTMA account allows a person or entity to manage an account on behalf of a minor until a certain age. As with the Individual Retirement Account, this account is only available to US residents.

  1. Professional Accounts: The Interactive Brokers' professional account is only offered to European traders who meet the broker's strict registration conditions. To open this account, the trader has to first register an individual account and contact the broker to gauge its qualifications to upgrade their account. Once the trader meets the specified conditions, the retail accounts will be upgraded, and traders can enjoy the benefits of a professional accountant, which includes higher leverage.

  2. Corporate Accounts: As the name implies, this account suits corporations, partnerships, and other legal entities interested in investing in the financial markets. Companies can trade various financial instruments on multiple platforms and access research tools with this account.

  3. Demo Account: Interactive Brokers offers an unlimited demo account where traders can trade with virtual funds in a risk-free environment. On this account, traders can access all the features and functions available on the Interactive Brokers' standard account.


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.


Tradable Instruments

This Interactive Brokers review gathered that the available instruments on the Interactive Brokers platform are:

  • Stocks/ETFs: Interactive Brokers offers clients a wide range of stocks and ETFs with low commission rates in over 80 global exchanges.

  • Forex & CFDs: Traders have access to over 7,000 CFDs in shares, indices, Interactive Brokers’ forex, and commodities on Interactive's platform

  • Options & Futures: Interactive Brokers offers these instruments from over 30 exchanges. 

  • Bonds: A repertoire of commission bonds is available for traders via the Interactive Brokers platform. 

  • Mutual Funds: Interactive Brokers offers traders access to over 40,000 Funds on its trading platforms. 

  • Cryptocurrencies: Traders can access various digital assets on Interactive Brokers' platform. 


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.


FAQs

  • Does Interactive Brokers offer a demo account?

Yes, Interactive Brokers offers unlimited demo accounts where beginners can get familiar with trading in a risk-free environment. 

  • Are Interactive Brokers Good?

Yes. Interactive Brokers is regulated by some of the world's most reputable financial authorities, including FINRA, SEC, FCA, and MAS; hence, the broker is good and reliable.

  • What is the minimum deposit on Interactive Brokers?

There is no minimum deposit interactive brokers fee. You can open any trading account with $0.

Are Interactive Brokers Available in the U.S.?

Yes, Interactive Brokers is available in the U.S. under strict regulatory licenses and policies. 


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.

Trading accounts of Interactive Brokers

  • Individual
Minimum Deposit : 10000 $
Deposit currency :
USD - US Dollar
EUR - Euro
JPY - Japanese Yen
GBP - British Pound
AUD - Australian Dollar
CHF - Swiss Franc
CAD - Canadian Dollar
MXN - Mexican Peso
NZD - New Zealand Dollar
SEK - Swedish Krona
HKD - Hong Kong Dollar
INR - Indian Rupee
Trading instruments:
Forex1:40
Number of currency pairs: 91
  • AUD/CAD
  • AUD/CHF
  • AUD/CNH
  • AUD/HKD
  • AUD/JPY
  • AUD/NZD
  • AUD/SGD
  • AUD/USD
  • AUD/ZAR
  • CAD/CHF
  • CAD/CNH
  • CAD/JPY
  • CHF/AUD
  • CHF/CNH
  • CHF/CZK
  • CHF/DKK
  • CHF/HUF
  • CHF/JPY
  • CHF/NOK
  • CHF/PLN
  • CHF/SEK
  • CHF/ZAR
  • CNH/HKD
  • CNH/JPY
  • DKK/JPY
  • DKK/NOK
  • DKK/SEK
  • EUR/AUD
  • EUR/CAD
  • EUR/CHF
  • EUR/CNH
  • EUR/CZK
  • EUR/DKK
  • EUR/GBP
  • EUR/HKD
  • EUR/HUF
  • EUR/ILS
  • EUR/JPY
  • EUR/MXN
  • EUR/NOK
  • EUR/NZD
  • EUR/PLN
  • EUR/RUB
  • EUR/SEK
  • EUR/SGD
  • EUR/USD
  • EUR/ZAR
  • GBP/AUD
  • GBP/CAD
  • GBP/CHF
  • GBP/CNH
  • GBP/CZK
  • GBP/DKK
  • GBP/HKD
  • GBP/HUF
  • GBP/JPY
  • GBP/MXN
  • GBP/NOK
  • GBP/NZD
  • GBP/PLN
  • GBP/SEK
  • GBP/USD
  • GBP/ZAR
  • HKD/JPY
  • MXN/JPY
  • NOK/JPY
  • NOK/SEK
  • NZD/CAD
  • NZD/CHF
  • NZD/JPY
  • NZD/USD
  • SEK/JPY
  • SGD/JPY
  • USD/CAD
  • USD/CHF
  • USD/CNH
  • USD/CZK
  • USD/DKK
  • USD/HKD
  • USD/HUF
  • USD/ILS
  • USD/JPY
  • USD/KRW
  • USD/MXN
  • USD/NOK
  • USD/PLN
  • USD/RUB
  • USD/SEK
  • USD/SGD
  • USD/ZAR
  • ZAR/JPY
CFD's1:10
Amount of assets : 495
  • Promotions
  • Futures
  • Indices
  • Products
Metals1:16
  • Gold
  • Silver
Energy sources1:16
  • Oil
  • Gas
Stock exchange
  • Promotions
  • Futures
  • Options
  • Bonds
  • Depositary Receipts (ADR and GDR)
  • Exchange goods (UTS)
  • Funds (ETF)
Entry to stock exchanges
  • NASDAQ (US)
  • CME (USA)
  • NYSE (USA)
  • NYMEX (USA)
  • CBOT (USA)
  • Eurex (EU)
  • Euronext (ES)
  • FBW (Germany)
  • LSE (United Kingdom)
  • TSE (Japan)
  • VSE (Austria)
  • MOEX (Russia)
Minimum position size:
0.25 лотов
Execution type:
Market Execution
Swap Free:
No
VIP Account:
No
Spread type:
Fixed
Decimal places:
4 characters
Phone trading:
Yes
Open real account or open demo account with Interactive Brokers

Contacts of Interactive Brokers

Headquarters
Соединённые Штаты Америки , ГринвичOne Pickwick Plaza
show on the map
1 (312) 542-6901Телефон штаб-квартиры
Филиал
Канада , МонреальMcGill College Avenue, Suite 2106
show on the map
1 (514) 847-3499Локальный телефон
Филиал
Австралия , СиднейGeorge Street, 225 Grosvenor Place
show on the map
+61 (2) 8093 7300Локальный телефон
Филиал
Великобритания , ЛондонBishopsgate, 110
show on the map
+41-41-726-9500Локальный телефон
Филиал
Индия , МумбаиAndheri Kurla Road, Andheri East, Times Square,
show on the map
+91-22-61289888Локальный телефон
Филиал
Япония , Токио, Минато-ку, Нихонбаси Kayabacho Third Street No. 2, No. 10 Стальной зал 4 этажМинато-ку, Нихонбаси кайбачо третья улица, 2
show on the map
+813-4588-9700Локальный телефон
Филиал
Гонконг , ГонконгQueensway, Admiralty, 88
show on the map
+86 (21) 6086 8586Локальный телефон

Recent customer reviews of Interactive Brokers

Andre Roy 03 January 2023

Advantages: Low fees, large investment selection, good option for professionals

Disadvantages: Quite complicated website, high minimum deposit

Comment: I've been a day trader for a while, and I can tell you that working with this broker has been pretty good for me. At first, I used to struggle with the website there, it's pretty hard to navigate, but once I managed to figure everything out, it stopped being a problem. Fees there are low, comparing to other brokers, but if you're a novice trader, you may face some difficulties there because this broker focuses on advanced traders.

Comment
Add a COMMENT
Zak Mahmood 02 February 2022

Advantages: Certified broker with a serious legal basis Low transaction fees Free demo account with analytics You can manage your portfolio and orders using third-party software

Disadvantages: High depository fees (reduced by the amount of commission payments from transactions) Complex presentation of information on the site A lot of complaints about the work of the support service

Comment: Great company. I've been working with her for a very long time. In terms of trade, everything is at the highest level. There are any necessary tools, the terminal is free, which is very nice. A serious office for experienced traders with normal money.

Comment
Add a COMMENT
Борис Попов 24 December 2020

Advantages: trade platform

Disadvantages: can't register

Comment: good one
use their platform for analytics

Comment
Add a COMMENT

Interactive Brokers categories


Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.