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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.

4
/ 5

Interactive Brokers review

By azeshan
Updated on Aug 30, 2024
|
9 mins read

Overview

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....
See full overview for Interactive Brokers
Countries
+85
Devices
Max insured
No
Our Verdict
4
/ 5
Commissions & Fees
3.8
/ 5
Deposit & Withdrawal
4.3
/ 5
Customer Support
3.4
/ 5
Account Opening
4
/ 5
Regulation & Safety
4.3
/ 5

Our 5-step process of verification and evaluation – How do we obtain information?

 

General inspection – 30%

Trading experience – 30%

Technical audit – 20%

Collective experience from collaborations with the broker – 10%

Interviews with real traders – 10%

 

See the entire process here.

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.

General details

Type of accounts
Unlimited Demo Accounts
Standard Accounts
Segregated accounts
Execution Model
MM
Deposit currency
USD
EUR
JPY
GBP
AUD
CHF
CAD
MXN
NZD
SEK
HKD
INR
Regulatory complience
FCA
CFTC
NFA
Deposit payment systems
Withdrawal payment systems
Support Languges
English
Spanish
Italian
German
Russian
French
Autotrading
Covestor (Interactive Advisors) Collective2 TradeStation IBKR API Algo Trading with IBKR MT4 EA MT5 EA
Contact details

Customer reviews

Read real reviews from traders all over the world:

A
Andre Roy
3 January 2023
Advantages: Low fees, large investment selection, good option for professionals
Disadvantages: Quite complicated website, high minimum deposit
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.
Z
Zak Mahmood
2 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
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.
See all 3 customers reviews

Accounts

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.
Individual - Interactive Brokers
Phone trading
Scalping
Hedging
Trading 24 hours a day
Trailing stop
Deposit currency
USD
EUR
JPY
GBP
AUD
CHF
CAD
MXN
NZD
SEK
HKD
INR
Trading instruments
Forex
1:40
Number of currency pairs: 14
AUD
CAD
CHF
DKK
EUR
GBP
HKD
MXN
NOK
NZD
SEK
SGD
USD
ZAR
1:10
1:16
1:16
Minimum position size
0.25 units
Execution type
market
Spread type
Floating
Decimal places
4
Other
Swap free
VIP account
Phone trading
Scalping
Hedging
Spread type
Trading with expert
Trading 24 hours a day
Trailing stop
Interest on free balance
Mailing the documents

Tradable instruments

Tradable instruments on Interactive Brokers trading platforms include:

  • CFDs
  • Mutual Funds
Stocks
N/A
ETF
N/A
Currencies
N/A
Commodities
N/A
Futures
N/A
Options
N/A
Bonds
N/A
Cryptocurrencies
N/A

Frequently asked questions

Find the right answer to your question below.

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.

Interactive Brokers compared with alternative brokers

To see the full broker review click “See review”, to see the complete table and compare more brokers visit our Comparison page.

  • Overall verdict
  • Trading
  • Minimum deposit
  • Maximum leverage
  • Fees
  • Withdrawal fee
  • Deposit fee
  • Safety
  • Top-tier regulators
  • Investor protection
  • 4
    / 5
  • 4.3
    / 5
  • N/A
  • N/A
  • 3.8
    / 5
  • N/A
  • N/A
  • 4.3
    / 5
  • FCA, CFTC, NFA, SEC
  • Yes
  • See review
IG
  • Free VPS hosting
  • Specialized trading accounts
  • 24/7 instant money withdrawal
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    / 5
  • 4.1
    / 5
  • N/A
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  • 3.7
    / 5
  • N/A
  • N/A
  • 4.1
    / 5
  • ASIC, FCA, BaFIN, CONSOB, CNMV, AMF
  • Yes
  • See review
OANDA
  • Exceptional Execution
  • US Clients
  • Scalping
  • 3.9
    / 5
  • 4
    / 5
  • N/A
  • 1:50
  • 4.1
    / 5
  • N/A
  • N/A
  • 3.5
    / 5
  • CFTC, NFA
  • Yes
  • See review
Forex.com
  • Specialized trading accounts
  • 24/7 instant money withdrawal
Start trading
Risk Warning
  • 4.2
    / 5
  • 4.5
    / 5
  • 100$
  • 1:50
  • 4
    / 5
  • $0
  • $0
  • 4.5
    / 5
  • FCA, CFTC, NFA, CIRO, CIMA, CYSEC
  • Yes
  • See review
FreshForex
  • Specialized trading accounts
  • Free VPS hosting
  • 3.3
    / 5
  • 3.8
    / 5
  • $10
  • 1:2000
  • 4
    / 5
  • $0
  • $0
  • 1
    / 5
  • No
  • No
  • See review
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