Interactive Brokers Review 2020

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Interactive Brokers Review

Sarah Horvath
Contributor, Benzinga

1 Minute Review

Interactive Brokers (IBKR) is a comprehensive trading platform that gives you access to a massive range of securities at affordable prices. With access to over 125 global markets, you can buy assets from all around the world from the comfort of your home or office. Options, futures, forex and fund trading are also available — and most traders won’t pay a commission on any purchase or sale. IBKR is geared primarily toward experienced investors. The platform offers limited assistance and can be a challenge for new users to become acclimated to. The broker’s tiered pricing strategy can also be frustrating for traders who focus on hourly or daily price movements.

Best For

  • Access to foreign markets
  • Comprehensive mobile app that makes trading simple
  • Wide range of available account types and tradable assets
  • Comprehensive, quick desktop platform
  • Mobile app mirrors full capabilities of desktop version
  • Access to massive range of tradable assets
  • Frustrating and confusing tiered pricing
  • Bloated website that makes finding information a challenge

Why Interactive Brokers Over Others?

What sets IBKR apart from other brokers? Let’s take a look at a few of the platform’s key features.

  • Access to a wide market range: Interactive Brokers allows you to buy and sell assets on over 125 unique markets. This makes it one of the easiest ways to buy and sell international stocks and funds.
  • Comprehensive mobile app: If you’re the type of trader who enjoys trading on a mobile format, you’ll appreciate Interactive Brokers’ full-optimized and responsive mobile platform.
  • Low margin rates: With an Interactive Brokers Pro account, you can access margin trading for as little as 1.39% APR. Even Interactive Brokers’ Lite account rate (a flat 3.59% no matter how much you borrow) is affordable.

Interactive Brokers Quick Summary

Tradable assets Stocks, options, ETFs, mutual funds, forex, options, futures, metals
Platform Comprehensive; widest range of tools available on IBKR Pro
Mobile app Fully operational, mirrors desktop web-trading platform
Account minimum $0
Available account types Taxable, traditional and Roth IRAs, additional options for business owners and corporate investors

Interactive Brokers Fees, Commissions, Margin Rates and Account Minimums (5 Stars)

IBKR offers 2 unique account types: IBKR Lite and IBKR Pro. As the names suggest, IBKR Lite is aimed at lower-level traders and offers the lowest fees. IBKR Pro accounts pay slightly higher commissions but have access to a wider range of analysis and research tools that professionals can use to inform their trades.

Let’s take a look at what you can expect to pay in commission when you use Interactive Brokers to trade.

Stocks and ETFs $0 for IBKR Lite accounts; $0.005 per shareFor IBKR Pro accounts with bulk discounts available
Options $0.15 to $0.65 per contract depending on your trading volume and IBKR account choice
Mutual funds Access to hundreds of free mutual funds; other funds $14.95 per trade or 3% of your purchase volume
Futures $0.15 to $0.85 depending on the asset you’re buying
Forex 0.08 to 0.20 base points plus trade value depending on your regular trading volume
Account minimum $0 for all accounts

IBKR also offers margin trading on both Lite and Pro accounts. Margin rates range from 1.39% APR to 3.59% APR depending on your trading volume and the type of account you have. Traders who use over $200 million of margin have access to the lowest margin rates. Any amount of money you borrow in margin accrues interest daily.

Interactive Brokers Usability (3.5 Stars)

IBKR has always been a top choice for professional brokers, but its new IBKR Lite accounts can appeal to new investors looking to test the waters of trading. However, IBKR still maintains its host of professional tools and charting software.

The Desktop Trader Workstation is now available to both Pro and Lite account holders. While Pro account holders will receive access to a wide range of indicators and software, Lite users also receive a full suite of trading tools. Quickly search for stocks, place orders and compare prices with only a few clicks. Price and trade information is updated quickly, and you can also customize your trade station to show you the stocks you trade most often or own the most of first.

While extensive and innovative, IBKR’s desktop trading platform can quickly become overwhelming for new traders.

Though IBKR’s desktop platform may be a dream to professional traders or those with market experience, there’s a steep learning curve for new traders to conquer. The platform includes very few in-app directions on how to operate it or use any of the wide range of charting tools. If you’re a new trader and you have the time to watch outside tutorials or play around with the system yourself, you may enjoy using IBKR as your first platform.

Interactive Brokers Education (4.5 Stars)

Outside of its trading platform, Interactive Brokers offers a wide range of educational tools and resources you can use to learn more about trading. Let’s take a look at a few of the free resources it offers to help you learn more about the markets.

  • Traders’ Academy: Traders’ Academy is IBKR’s fully online trading course. The course includes over 48 unique courses for traders of varying skill levels. Some course subjects include the U.S. municipal bond market, building a trading plan and understanding how to use leverage effectively. Each course is further broken down into a series of lessons, all of which you can access online 24-hours a day.
  • Webinars: Prefer to learn more about trading with a live format? Interactive Brokers also offers a selection of live webinars that you can follow along with online. If you can’t tune in while the webinar is going on, you can catch it later on IBKR’s “recorded lectures” section. Some examples of previous webinars the broker has held include “Volatility Strategies for a Volatile Market,” “TWS Option Chains” and “Russian Capital Markets – an Introduction.” As you can see, webinars do assume at least a basic understanding of the stock, options or forex markets — so you may want to begin your education with Traders’ Academy and move onto webinars once you feel comfortable.
  • Short videos: Looking for a quicker way to learn more about the technical aspects of your Interactive Brokers account? Flip over to the Short Videos tab, where you’ll have access to hundreds of step-by-step guides to using its desktop or mobile platform. Some video subjects include setting up a watchlist, using futures contracts effectively and entering the options market. Most videos range between 5–25 minutes long, so they’re a great resource if you’re short on time.

All of the educational resources are free, but you do need to be logged into your account to access them.

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Interactive Brokers Customer Support (4 Stars)

IBKR offers clients a number of methods they can use to get in contact with customer service. Let’s take a look at them now.

  • By phone: U.S. traders should call 877-442-2757. Customer service is available 8 a.m. to 8 p.m. EST Monday through Friday and 1 p.m. to 7 p.m. Sundays.
  • Online chat: To access chat, follow the instructions laid out here. Online chat assistance is available 24 hours a day, Monday through Friday for current and prospective clients.
  • Email: You can send an email request to IBKR by filling out an inquiry form here. Interactive Brokers aims to service all inquiries received by email within 24 hours.

At the time of publication, IBKR currently doesn’t offer a specific customer service line for those with hearing limitations.

Interactive Brokers Offerings (5 Stars)

One of Interactive Brokers’ biggest strengths is its massive range of affordable offerings. IBKR’s platform acts as a one-stop-shop for everything a trader could need to start investing in stocks, options, funds, forex, futures contracts and even precious metals.

Let’s take a closer look at the tradable assets currently available.

Interactive Brokers Stocks, ETFs and Mutual Funds (5 Stars)

Interactive Brokers offers trades full access to the U.S. stock market on both its Pro and Lite platforms. You can even access stocks listed on European and Asian stock exchanges to buy and sell foreign securities. Most traders will pay $0 on all of their commissions, but high-value Pro account holders may pay a fraction of 1 cent per share.

IBKR offers access to 98 commission-free ETFs for Pro traders, while Lite traders get to buy and sell ETFs completely commission-free. It also offers a respectable selection of over 4,000 commission-free mutual funds.

Interactive Brokers Forex (3 Stars)

IBKR offers U.S. traders who hold USD as their base currency the ability to trade 14 of the most commonly-held currencies. Like most forex brokers, IBKR charges a small percentage of your trade value in the form of a spread. This charge comes in addition to a small commission of 0.08 to 0.20 base points depending on the volume of currency you’re exchanging.

Interactive Brokers Options (5 Stars)

IBKR offers a massive range of options contracts for both the domestic and international markets. You’ll pay between $0.15 to $0.60 per contract depending on your account type and the value of the contract you’re making.

Interactive Brokers Futures (5 Stars)

Interactive Brokers offers futures contracts for the entire U.S. stock markets, as well as international options. You’ll pay just $0.15 to $0.85 depending on your account type and the volume of your purchase.

Interactive Brokers Mobile App (4.5 stars)

If you’re the type of trader who enjoys trading on-the-go, you’ll love IBKR’s comprehensive and responsive mobile app. The app mirrors the full functionality of the brokerage’s desktop trading site, allowing you to browse constantly-updating stock and market data and place buy and sell orders.

Let’s take a look at a few other unique factors that make this app a viable trading tool.

  • Mobile check deposit: Want to start trading with your check without waiting for your bank transfer? IBKR offers an instant mobile check deposit that allows you to deposit your paper checks directly to your brokerage account. Just snap a photo, enter the amount on your check, verify that you’re the one making the deposit by completing 2-factor authentication and IBKR will finish the deposit for you.
  • Integrated security features: Interactive Brokers’ IB Key feature allows you to access your device with a unique password and security key. If you prefer a deeper level of security, you can also enable 2-factor authentication, which requires a unique passcode every time you access your account.
  • Fit-to-mobile design: IBKR’s app is fully optimized for both Apple and Android platforms. If you rotate your screen, the design of the app flips to a more detailed horizontal design.

The Interactive Brokers app is downloadable for free.

How Interactive Brokers Compares (4 Stars)

Interactive Brokers is a comprehensive trading platform for intermediate and experienced traders. If you’re looking for the widest possible range of tradable assets, IBKR will be at the top of your list. With access to over 125 markets and a wide range of securities, it’s possible to build an incredibly diverse portfolio with just a few clicks. Affordable Pro accounts and a comprehensive mobile app make trading even simpler.

For new traders, IBKR’s platform can quickly become overwhelming. You’ll need a solid grasp of common trading tools before you open your platform if you want to trade effectively. Its website is also difficult to navigate — tons of information is available, but the clutter of the site can make finding the info you’re looking for a hassle. New and experienced traders may also be frustrated by its tiered pricing strategies, which make it difficult to quickly calculate what you’ll owe on a trade.

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Interactive Brokers Review 2020 – Great for Experienced Traders

Commissions & Fees – 8
Customer Service – 9.5
Ease of Use – 6
Tools & Resources – 7.5
Investment Options – 10
Investment Options – 8.5

Active high-volume traders will love Interactive Brokers’ low fees. However, the required minimum investment is hefty, and the platforms would likely prove overwhelming for novice investors.

This online discount broker was created specifically with do-it-yourself (DIY) day traders in mind. There aren’t a lot of bells and whistles — don’t expect much in the way of educational features. And Interactive Brokers also charges inactivity fees for idle accounts. So novice investors and infrequent traders need not apply. (Instead, they should check out our list of the best brokers for beginners.)

So what are Interactive Brokers’ pros and cons for high-volume traders? We took a closer look at the platform, and this is what we found.

Interactive Brokers Features

Minimum Investment $10000
Stock Trades $0.005
Options Trades $0.70
Mutual Funds N/A
Investment Types Stocks , OTC/Penny Stocks , ETFs , Mutual Funds , Bonds , Options , Forex , Cryptocurrencies , Futures
Accounts Types
  • Taxable
  • Joint
  • Traditional IRA
  • Roth IRA
  • Rollover IRA
  • 401(k)
  • Solo 401(k)
  • Trusts
  • Limited Partnerships
  • Partnerships
  • Coverdell
  • 529
  • Custodial
  • Non-Profit
  • Annuities
  • Checking
  • Savings
  • Money Market
  • CDs
Access Web Based , iPhone App , Apple Watch , Android App , BlackBerry App
Broker Assisted Trade $30
Virtual Trades
No Fee ETFs 45
Customer Service Phone: M-F 24 hours; Live Chat: M-F 24 hours; Email
  • Trader Workstation — Interactive Brokers’ super-fast signature platform lets users trade stocks, options, futures, options, funds and even forex from one account.
  • Mosaic — This completely customizable workspace includes features such as charts, watchlists and market scanners.
  • IBot — IBot is a text-based interface that provides a streamlined, no-nonsense way to create and submit trade orders.
  • FYI Notifications — Interactive Brokers will send you a real-time notification ahead of market events that could affect your portfolio.
  • No-Fee Mutual Funds — With Interactive Brokers, you can trade more than 4,300 transaction-fee–free mutual funds.
  • Commission-Free ETFs — Choose from 45 commission-free exchange traded funds for your portfolio

What Is Interactive Brokers?

Interactive Brokers is the largest U.S.-based electronic brokerage firm by volume of daily average revenue trades. It has been a go-to for active traders (especially those interested in forex and commodity trades) since its story began in 1978.

Of course, when T.P. & Co., the company that would eventually become Interactive Brokers, was founded, the internet was just a glimmer in Vint Cerf’s eye. Back then, the company dealt securities in a more traditional manner. However, in 1987, the company’s founder and CEO, Thomas Peterffy, invented the first fully automatic algorithmic system for creating and submitting market orders. By 1994, Interactive Brokers had become a fully fledged electronic trading platform.

How Does Interactive Brokers Work?

As we stated in the beginning, Interactive Brokers is a no-frills trading service. It’s really intended for advanced day traders who don’t need hand-holding. In fact, beginning or casual investors might find the service overwhelming.

Interactive Brokers uses several different trading platforms. The most popular, currently, is Trader Workstation (TWS), which operates on a desktop. TWS allows users to monitor trades in real time, maintain watchlists and receive alerts.
Compared to the other desktop platform, WebTrader, it is feature-rich. It’s also Java-based, which some users may find unwieldy.

For traders who want a more streamlined approach (or who have to get past a firewall), there’s WebTrader, a platform that is HTML-based. However, WebTrader still allows users to access some features such as charting and news feeds.

Then there are also mobileTWS and MobileTrader, which are the smartphone equivalents of TWS and WebTrader, respectively. You can access your Interactive Brokers with these apps on your iPhone, Android or even BlackBerry. (WebTrader will also work with Windows-based mobile devices.)

If you’d rather use a third-party platform with Interactive Brokers, there’s a way to do that too. Through Trader Workstation, Interactive Brokers offers “API,” which allows you to program your own automated strategies that run in conjunction with the TWS software. However, you need to know exactly what you’re doing before diving into this feature.

Note that you’re never locked into using just one platform. You can switch between interfaces whenever you like.

Interactive Brokers Pricing

OK, let’s get down to where Interactive Brokers really shines, and for active traders, that’s with its pricing model.

Interactive Brokers offers two pricing models: fixed rate and tiered.

With fixed-rate pricing, on standard stock trades, you’ll pay just $0.005 per share with a minimum of $1 per order and a maximum of 1% of the trade value. That means, if you trade 100 shares of a stock priced at $25 per share, you’ll pay just $1 in fees. Trade 1,000 shares of the same stock, and you’ll pay only $5. With fixed-rate pricing, all exchange and regulatory fees are included.

Frequent traders can also take advantage of a tiered pricing structure, which will drop rates as low as $0.0005 per share when they trade more than 100 million shares per month with a minimum of $0.35 per order and a maximum of 1.0% of trade value. If you trade fewer than 300,000 shares, you’ll be charged just $0.0035 per share. However, these rates do not include exchange, regulatory or clearing fees.

Options contracts are also very cheap, at a charge of only 70 cents per contract with no base and a minimum of only $1 per order. And here again, there are discounts that apply for high-volume traders.

However, if you’re not an active trader, you’re going to find Interactive Brokers less appealing. For starters, the firm requires a $10,000 minimum investment, which is much higher than normal. (For example, popular picks E*TRADEВ and Ally Invest waive a minimum altogether.) Now, if you’re 25 or younger, the minimum is lowered to $3,000, and if you are investing in an IRA, you’ll have to commit only $5,000.

And then there are the inactivity fees. If you keep a balance below $100,000, you must make enough trades to pay a minimum of $10 in commissions. If not, the firm will charge you the difference. And if you keep less than $2,000 in your account, you must meet the commission minimum of $20 per month or pay the difference. Although these aren’t huge amounts of money per month, they make Interactive Brokers more expensive than other options for the novice or infrequent traders and send the signal that the company is more interested in having active day traders on board.

Interactive Brokers Pros & Cons


Interactive Brokers is a great choice for active and advanced traders who are looking to cut commissions and who aren’t bothered by sacrificing any hand-holding. Although the service offers a variety of features and analytical tools, it’s not meant for beginners and would, in fact, overwhelm a novice investor.

However, if you’re curious about Interactive Brokers, you can always paper trade with a free trial to see if it’s right for you.

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I am a client of IB, and have a feeling that the % of assignment for in the money calls before dividend payment is extremely high.

Any similar experience? can you comment about it?

Interactive Brokers is the only broker in the world that doesn’t charge its clients for options assignment and exercise. Everywhere else you’d be charged at least $20 per assignment transaction. I have hundreds of assignment every week. I had several thousand of assignments during the months of the financial crisis. IB saved me hundreds of thousands of dollars by not charging for options an assignment and exercise.
Commissions are virtually non-existent in IB. Where else in the world would you be able to trade an options contract for $0.70 (yep 70 cents, sometimes even less – just recently I had contracts buys for $0.46).
The fact that you pay almost nothing for trades make commission considerations absolutely irrelevant. Simply put – commissions consideration doesn’t exist and doesn’t affect you trading strategy.
This means that an options traders, hedgers, dividend capture folk and actually any other type of traders has no better alternative than IB. Period!
The only reason the entire trading community hasn’t switch to IB yet is a lack of proper advertising on the part of IB.
Interactive Brokers is the best online discount broker in the world.
And by the way the IB stock has tripled since the publishing of this article.

You must be kidding! IB is absolutely the worst broker in the world! I have been in the business for 27 years and have worked with at least a dozen brokerage firms and none compares to how bad IB is. Their customer service is nothing short of pathetic. Their people are clueless when it comes to solving any problem. You remain on hold for hours. They never send your wire transfers when they tell you they will. I’m currently in arbitration with them over hundreds of dollars in fees and charges they can’t explain. You do know that they have been fined by the regulatory agencies for screwing their clients on hundreds of occasions? JR, Holladay, UT

If you are an institution – there is zero reason to do business with IB. Retail investors maybe.

Customer service – worst I have ever seen. IB has worst rating for Customer service in other blogs also.

TWS – not only clunky it is the most UNUSER friendly platform out there in the market.

ij: thanks for your very useful and informative review. Everything sounds great to me EXCEPT one show-stopper. It sounds like penny-stocks are a no-no, due to the per-share fee. I fairly often want to buy, say, 50,000 units of a stock costing $0.40. Only $20K, but a $250 fee – ouch. I must call and ask whether they have an upper limit on a single transaction.

As far as I know, 0.5% of transaction value is the upper limit. so $100 in your case.

I decided to try Interactive Brokers because a friend of mine recommended it to me. Previously I had tried several other brokers, and none were perfect. Each of my prior brokers all had pros and cons. According to the friend who recommended me to Interactive Brokers quite literally everything would be perfect here for me. So, I gave Interactive Brokers a shot. Their TWS platform has to be the worst trading platform I have ever seen, and streaming data is not free even with an account balance that meets day trading minimums. In fact, my first day trading there, I was not notified that the data on my live trading screen was delayed by 15 minutes, although I had seen this on my paper trading platform, but assumed that the delay only pertained to the paper trading platform. That cost me a few dollars during live trading my first day at IB. I resolved the issue in a matter of minutes. I also noticed on my first day trading with Interactive Brokers that the fills were extremely slow. Sometimes I would have to adjust the order price on an already placed and unfilled order within the market price range after the price moved out of the range. This had me scratching my head, but I figured I could manage with the poor fill speed and decided to give the next day a shot regardless.

Interactive Brokers inability to fill orders in a timely fashion, cost me a few hundred on my second day trading there. Well, they filled my stops nearly instantly, but my entry orders all had major delays. One buy order was within the market price range for over a minute and still had not been filled. It was so slow, I thought there may have been an issue with the archaic platform, so I logged out then logged in…still not filled. I cancelled the order, and reentered. That wasn’t filled either. I could have called the broker on the phone and had my order filled quicker that way. This cost me a large enough win that would have easily made up for my loss earlier in the day. I was literally sitting there…watching…waiting…with my order unfilled which would have been filled in an instant elsewhere. My opinion, is that losses are always my fault, but when I can not get an order filled within the market range at near instantaneous speed, something is wrong. I feel like buy orders here take place so slowly that they must be going through a live specialist rather than a bot, or their bot and exchange routing (which is randomized) are junk…uncertain. If you like bad fills or no fills at all, this is the broker for you.

The technical tools are all there, but they are clunky, outdated, and not customizable. In fact, I would suggest if one chooses to use Interactive Brokers to use their own preferred trading platform for technicals as I do.

The pros of Interactive Brokers include their ultra low interest rates as well as per-share commissions. This is how my friend at Interactive Brokers convinced me to join him there. Needless to say, after only two days at this brokerage I have seen enough. I would suppose, you get what you pay for. I think Interactive Brokers is cheap for a reason, and I think that reason has something to do with their TWS platform and their poor fills, if a fill is even executed. I think Interactive Brokers makes sense on paper regarding its interest rates, commissions, etc., but after actually having traded here, I can clearly see that the functionality of the brokerage does not meet the same standards as its rates. For a day trader Interactive Brokers makes sense, however, once there you will see that the idea is truly senseless. I would have to say, here, what should work doesn’t.

I have no opinion on customer service yet, but they seem moderately helpful. I wouldn’t say super helpful, but moderately. I would rate their customer service as average. If I encounter any unusual fees or have difficulties withdrawing the funds from my account I will definitely report back here, but I do not expect any issues with the matter.

Well, I came to Interactive Brokers to try it. I tried it. Enough of that.

Pros: low cost brokerage
Cons: trading platform, order entry, and fills

Hello all,
I am writing to renounce my previous statement regarding Interactive Brokers having bad fills. Despite my lengthy mostly negative review earlier, I have discovered that I was simply having difficulties with my Internet service provider. I apologize for the previous comments and ask anyone who read them to disregard anything pertaining in particular to bad fills from Interactive Brokers. I believe that this issue with my Internet service provider has also caused my TWS platform to crash eight times in a single trading session the other day, but neither the crashes or the bad fills are directly related to the TWS platform offered by Interactive Brokers directly.
However, I do feel that the Interactive Brokers platform, mosaic screen, and technical data displays on TWS, are somewhat outdated and clunky. Regardless, after sorting out any issues with my Internet service provider, my experience with Interactive Brokers has been relatively smooth, fills have been lightning fast, and the commissions are rock bottom and perfect for day traders that make multiple round trips daily. Also, from what I understand, there are many other platforms that can be used for a fee with Interactive Brokers besides TWS, which is free, for technical analysis, etc.
So, I have obviously decided to stick around and continue using Interactive Brokers as my broker of choice. I was hasty in my initial assessment of Interactive Brokers and should have contacted the broker directly to discuss these issues to try and discover the nature of the issues I was having rather than jumping to conclusions.

Thank you to Investorjunkie for allowing me to add some clarity to my experience with this broker so far.

Interactive Brokers has developed some ok software for trading. It’s a little overly complicated and would work better if some of the less used features could be configured-in instead being part of the base platforms. The worst part of the system is the ‘security token card’. This has got be one of the most obnoxious developments by any broker. Interactive Brokers is basically forcing their customer to change their password every time they log on to the trading platforms or to the Interactive Brokers website. This ridiculous security ‘appliance’ or ‘device’, as they call it, is nothing more than a card of passwords that have to be used to use their platforms or websites. For this reason I can never take them seriously. There is better software and adequate security elsewhere.

Well having spent literally days on the phone with IB trying to resolve a withdrawl issue, I received a message
saying that there wasnt an issue at all, the compliance dept had simply blocked the withdrawl, along with instructions as to how to close my account.
Absolutely pathetic

In my experience, IB offers excellent execution; orders fill very fast at the best available price. But the real reason to use IB is the low commissions. Option trades often cost less than a dollar. A few times, I even had money credited to my account for making an option trade!! And option assignments are free. Finally, their margin loan interest is the lowest I’ve seen anywhere, lower than what you can get on a home loan.

I don’t know how you objectively rated this company 4 stars. It has the worst service I’ve experienced. I called to fund an account I had opened, and the person on the phone didn’t know how to help. Seems like they hire amateurish sales people. Wouldn’t ever trust this company with my money even if it’s cheap.

I’ve had an account with ib for 18 years. There have been many screw ball moments in this time. Ib charges $6.50/month for quotes that are available all over the web for free and that is only when you churn up $ 30.00 in commissions / month or the charges rise to $16.50…their best feature is quote line order entry….their requirements promote day trading and churning your own account. As in the Wolf of Wall Street,” keep them addicted to trading”. (pf)

I had very bad experience with the customer care. In fact they don’t respond. if at all they response, they will ask you to send some screenshots of issue to which they won’t respond. Commissions are okay but software has lot of issue I pointed out but no response. Some time it freezes. I had to re-login. Some of the time suddenly my profits blows-up (like 10 times than actual values).

I’m currently worried about this platform, being in a position where at 9am you can’t access your account, can’t trade, and no one avaialble via customer service online or by phone. Markets open, and no access to my funds or live data. It’s horribly disconcerting. And a bit of a liability if a company thinks it’s ok to shut down customer service while advertising to be available 24/7, especially while there are connection issues to their platform.

As other have pointed out their customer service is very bad.
And obviously they have no made any effort to fix that in the past few years even though so many have complained about it.
Their customer reps are pften clueless and there doesnt seem to be any chain upt to supervisors or managers
So if you have any issues you have no recourse.

I still use them becuase of their low fees and platform but moved most of business to other platforms

Interactive Brokers Review

Interactive Brokers general information


Founded in: 1977 year
Offices in the country:
Minimum Deposit: 10000 $
Website languages:
Execution model: MM
Deposit currency:
Support languages:
Regulated by:
Mobile trading: iOS, Android
Types of offered accounts:
Affiliate program: Not
  • Traders from the USA
  • API capabilities
  • OCO orders
  • Web-based platform
  • Guaranteed stop loss

Interactive Brokers Forex broker description

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.


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.


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.

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