Interactive Brokers Review

Interactive Brokers is a very big name when it comes to the forex trading sector. This forex broker has been a constant in the forex business for almost four decades and still going stronger. Interactive Brokers was established in 1977 and started operating in 1978. Ever since then, it has managed to stick its head u in becoming a credible giant in this trade.

From its headquarters in the United States of America, it has managed to spread its influence to many other countries worldwide. At the moment it has its offices in India, Japan, Canada, Hong Kong, and the United Kingdom. This growth strategy was in a bid to take its services near to its many clients who are found all over the world.

Trading Accounts

Owning a trading account with Interactive Brokers will allow you to execute trades on its many financial trading instruments as well as enjoy their unique trading conditions. To own an account you will need to sign up for one using your valid details.

Interactive Brokers has two account types that have been specially designed to meet the needs of its respective clients. These are the free trial account and the individual account.

The Free Trial Account

The free trial account is also referred to as the demo account. This account type is designed to meet the needs of novice traders who have little or no idea of the forex trading concept. This account is free to sign up for and provides a simulated environment where the trader will be able to perfect his or her trading skills. They are also provided with virtual funds to help in practice for trade executions. This account type can also be used for refresher lessons by those who have forgotten about the trading concepts.

The Individual Account

The individual account is the standard trading account that Interactive Brokers offers. It is suitable for both experienced professional traders and novice traders. The following are the many features of this account type.

1. Minimum deposit is $10000.
2. Allows for hedging and scalping.
3. Has the market type of execution.
4. Allows the use of the United States dollar, the Canadian dollar, the Great Britain pound and the Japanese yen among others as its base currency units.
5. Has a minimum position size of 0.25.

About Interactive brokers and Security Of Funds

The company was formed to provide trading services for the then young financial sector in forex trading. With this in mind, it managed to draw scores of clients who wanted to know more about forex trading and even participate in it. Over the years it has managed to grow in leaps and bounds cementing its name as one of the most credible forex traders around.

It has invested heavily in qualified and dedicated personnel who help their many clients with any arising issues. They wok round the clock for these reasons and will occasionally offer advisory services to the clients more so on matters concerning trading.

Interactive Brokers has managed to expand its territories to many regions of the world. This is in order to take its services near its clients. This has been very beneficial as it has managed to bring it near many business hubs such as Hong Kong and London where it takes advantage of the busy financial nature of these places to source for more clients.

The company is credible and it has proof of this courtesy of the many licenses under its possession. These licenses have been granted by the regulatory bodies in the countries it runs its operations from. Among the major points of focus by these bodies is the safety of clients’ funds. This has prompted Interactive Brokers to come up with the following measures to maintain this safety.

1. Use of credible banks to store such funds.
2. Use of technologically sound encryption techniques to keep off cyber criminals.
3. Use of segregated bank accounts to separate the company's funds from clients' funds.

The following are the licenses that Interactive Brokers has:

1. A license from the United Kingdom’s financial conduct authority (FCA).
2. A license from the Hong Kong securities and futures commission.
3. A member of the investment industry regulatory organization of Canada ( IIROC)

Trading Conditions

Minimum Initial Deposit

The minimum initial deposit is $10000 which will serve as your initial base capital in trade execution.

Commissions

No commissions are charged at all.

Trading Platforms

Interactive Brokers has some of the best trading platforms that have been specially designed for its clients’ needs in a smooth trading process. These platforms are the desktop TWS, the IBKR mobile platform, and the IBKR webtrader platform.

The Desktop TWS Platform

The desktop TWS platform is a downloadable platform that is suitable for your desktop. Its features are:

1. Easy to use interface.
2. Lightweight software.
3. Has advanced analytical tools.
4. It is easily customizable.
5. Real-time monitoring.
6. Risk management.

The IBKR Mobile Platform

The IBKR mobile platform is a downloadable platform that will allow you to execute trades from your mobile phone. It has both versions for ios and Android operating systems. It comes with many features in analytical tools as well as advanced drawing tools. It is lightweight hence will not consume much of your device’s storage space.

The IBKR Webtrader Platform

The webtrader platform is the platform that will let you execute your trades from your browser. It is compatible with most browsers and is noted for its short loading durations. The webtrader platform is accessible by both the desktop and also your mobile device.

Promotions

The following are the promotions currently running on Interactive Brokers’ website.

1. The refer your friend and earn a $200 bonus.

Withdrawals And Deposits

Interactive Brokers have very efficient and flexible transaction modes. This incorporates the use of credit and debit cards such as Visa and MasterCard. Bank transfers are also accepted. The transactions are instantaneous and will take a short time to reflect.

Briefly about Interactive Brokers

Interactive Brokers is a credible broker with many years in the business that grants it a higher level of expertise. It is really appreciated and beloved by clients, evident by the Interactive Brokers’ customer comments and reviews. This is a recommendable broker for professional forex traders.