Interactive Brokers Broker Review- A world of opportunities at your fingertips

www.interactivebrokers.com
nika
Written by:
Av
armand
Calendar
Written on:
26 June 2022
Date
Last edit:
26 July 2023
Our rating:
9

9

User rating:
8.53

8.53

Interactive Brokers Broker Review- A world of opportunities at your fingertips

www.interactivebrokers.com
nika
Written by:
Calendar
Written on:
26 June 2022
Date
Last edit:
26 July 2023
Our rating
9

9

User rating
8.53

8.53

Investing in financial products involves taking risks. Your investments may increase or decrease in value, and losses may exceed the value of your original investment.
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Main summary

The history of Interactive Brokers dates back to 1977 when it was established under the name of T.P. & Co. as a market maker. Since then, the broker has changed its name several times, finally settling for Interactive Brokers in 1993-1994. 

Interactive Brokers is an American company, which is regulated under US Forex laws. Simply known as IBKR, this broker is available in over 30 countries around the world, giving clients access to numerous trading assets.

IBKR clients can trade everything from Forex currency pairs to stocks, cryptocurrencies, bonds, hedge funds, ETFs, and so on. Interactive Brokers is known around the world for charging some of the lowest fees for trading. This makes it a truly leading broker.

That's not all - there is much more that traders should know about Interactive Brokers. So, follow our detailed Interactive Brokers review and find out everything you should know about the offerings of this leading brokerage.

Here Are the 9 Pros and Cons

  • Lowest fees
  • Access to a wide range of markets
  • No inactivity fee charged
  • Access to real stocks and ETFs
  • No fees on deposits and withdrawals
  • Regulated in 9 jurisdictions
  • Accepts clients from over 200 countries
  • Opening an account can take up to three days
  • Customer support can be hard to contact

Interactive Brokers Fact sheet

Main features
Regulations USA, Canada, Ireland, Hungary, UK, Australia, Hong Kong SAR, Singapore, Luxembourg
Fees on deposits $0
Fees on withdrawal $10 on wire
Inactivity fees $0
Minimum deposit $0
Minimum account activation $0
Number of available assets 22,000+ Including Mutual funds, ETFs, stocks, etc
Leverage up to 1:50. For UK and EU clients maximum leverage is 30:1
Available trading markets Bonds, CFDs, Commodities, Cryptocurrencies, Forex, Funds, Futures, Options, Stocks
Account currencies AUD, GBP, CAD, CNH, CZK, DKK, EUR, HKD, HUF, ILS, JPY, KRW, MXN, NZD, NOK, PLN, RUB, SGD, ZAR, SEK, CHF, TRY, USD. Accounts opened via IBSJ can only use JPY as the base currency. IBKR (India) clients can only use INR.
Demo account Yes
Live account types Individual, Joint, Trust, Org accounts
Islamic account -
Security
Negative balance protection -
Part of compensation fund Yes
Keeps funds on segregated bank account Yes
Assets
Forex 113. IBKR Offers 113 Currency Pairs On 25 Currencies
Shares 16,500
Cryptocurrencies 4. Cryptos offered are physical and not CFDs
Indices 42
Commodities 2+, no CFD commodities
Total 22,000+
Fees & spread
Forex From 0.1 pips. commission from 0.08 to 0.20 bps times trade size
Shares From 0.0005 USDCommissions range from USD 0.0005 to USD 0.0035 per share on stocks and ETFs
Cryptocurrencies From 0.12%Commissions range 0.12% to 0.18% based on valume traded
Indices From 0
Commodities From 0
Software
Platforms Trader Workstation
Mobile trading support Yes
Mac device support Yes
Commodities Yes
Payment systems
Payment methods Bank Transfer, Credit/Debit Card
Minimum deposit Bank Transfer, Credit/Debit Card
Minimum withdrawal Bank Transfer, Credit/Debit Card
Withdrawal processing time Up to 1 Business day. Fees are determined by your bank
Time to open an account -
Show all

Safety & Security - Is Interactive Brokers Regulated?

Everyone can agree that the most important factor to focus on when choosing which Forex broker to use is the safety and security it can offer. Because of the long and successful history of Interactive Brokers, it is viewed to be among the safest and most secure Forex brokers available in the market.

interactive brokers review (1).png

After many years of being an active player in the market, Interactive Brokers decided to expand further and offer traders all around the world its services. Initially, it was just a United States-based Forex broker, but in time IBKR has managed to grow globally. 

In order to be able to offer traders from all over the world their services, Interactive Brokers had to receive licenses from regulators around the world. In total, the Forex broker owns licenses from nine different jurisdictions, making it one of the most heavily regulated Forex brokers out there.

Among the regulatory bodies that oversee the activities of the broker are tier-1 regulatory agencies that guarantee the highest safety and security standards for traders. Among the regulators that have issued licenses for Interactive Brokers traders can find the following regulatory bodies: 

  • Commodity Futures Trading Commission, CFTC and National Futures Association, NFA of the United States
  • Central Bank of Ireland, CBI 
  • Investment Industry Regulatory Organization, IIROC of Canada 
  • Central Bank of Hungary, CBH
  • Financial Conduct Authority, FCA of the UK
  • Australian Securities and Investments Commission, ASIC 
  • Hong Kong Securities and Futures Commission, SFS
  • Commission de Surveillance du Secteur Financier, CSSF of Luxembourg
  • Monetary Authority of Singapore, MAS

All of these regulatory bodies are able to ensure the highest safety and security standards for this broker. As you can see on the list above, Interactive Brokers is regulated by two different agencies in the United States, but it is also overseen by other agencies as well.

For example, Interactive Brokers is also regulated by the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, the New York Stock Exchange, Chicago Mercantile Exchange, and many others. This makes Interactive Brokers one of the safest options for traders in the US.

The license that the Forex broker owns from Ireland and Hungary gives it the opportunity to offer trading services throughout the EU-member states. This is possible due to the MiFID Directive II, which is aimed at bringing the markets in European countries more in line with each other.

Policies followed by Interactive Brokers

The representatives of the Forex broker have noted on numerous occasions that the main aim of the team behind IBKR is to ensure the highest safety and security for its clients. 

In order to do so, they partnered with some leading regulatory agencies around the world and created different policies for ensuring the highest safety and security standards. 

Forex trading is one of those markets that is associated with using high leverage, which can be quite dangerous for traders. When you are using high leverage for trading, it is very much possible to end up losing more money than you had in your account.

To ensure that there are no such scenarios, the Forex broker has adopted Negative Balance Protection, which is one of the most popular policies in the Forex trading market. Almost all leading Forex brokers offer this to their clients and it ensures that you will never lose more money than you have deposited into your account.

Apart from this, Interactive Brokers also keeps the funds of its clients in segregated bank accounts. This is a very important and useful policy that many Forex brokers have adopted around the world. 

Account segregation ensures that the funds of the clients are kept safe at all times. Interactive Brokers has partnered up with leading banks in the United States and Europe to ensure the highest level of safety for storing their client's funds. 

Being a heavily regulated Forex broker, Interactive Brokers also works on keeping the funds of its clients safe even in case of hacking or other attacks. This is possible as it is a member of numerous compensation funds, which guarantee that traders are able to get back at least part of their money in case of illegal third-party activities.

Trading Assets Offered by Interactive Brokers

There are numerous different types of trading assets available on Interactive Brokers. This makes it easier for individuals to trade what they are most passionate about and make profits according to their individual interests. 

In total, the Forex broker offers traders access to more than 20,000 assets, which allows traders to make the most out of their trading activities. If you are a trader looking for ways to diversify your trading portfolio, Interactive Brokers can be a great option for this. 

It should also be noted that there are several jurisdictions where some of the available assets are not offered. This is due to the local regulations of different countries. For example, traders from the United States are restricted from trading CFDs.

Forex currency trading on Interactive Brokers

Forex trading is the largest financial market in the world. Every day, there are millions of people buying and selling currency pairs, making profits from the price volatility associated with the market. 

Interactive Brokers offers clients access to over 105 currency pairs. This includes pairs of all different types. Major, minor, and exotic currency pairs are all up for grabs. The clients of Interactive Brokers can trade currency pairs with very tight spreads. 

They start from as low as 0.1 pips, which is very tight. The company has partnered with the largest Forex dealers around the world to ensure good liquidity and real-time quotes. 

There are numerous professional Forex trading tools available on Interactive Brokers, which makes it easier for the clients to analyze the price movements and make the correct judgments about the direction prices could take in the near future. Thanks to the low commissions, Interactive Brokers is among the best Forex brokers that traders can use today. 

Shares & ETF trading on Interactive Brokers

Interactive Brokers offers clients access to shares of leading companies around the world. The clients of the broker can invest in real-life stocks. The fees associated with stock trading on Interactive Brokers are very low and very competitive.

Commissions for stock trading on Interactive Brokers can be as low as $0. The available stocks are from more than 80 markets around the world.

The clients of Interactive Brokers also have the opportunity to trade leading ETFs thanks to the trading platform offered by the broker.

Interactive Brokers cryptocurrency trading

The commissions for crypto trading on Interactive Brokers are very low as well. They start from as low as 0.12-0.18 percent of the trade value. There are no additional spreads or custody fees charged to ensure traders pay exactly what they expected to pay as commissions. 

Thanks to the professional-grade mobile and desktop platforms available on IBKR, traders are able to easily access the crypto market. The execution and custody of crypto trades are provided by Paxos Trust Company. 

They also allow traders to take advantage of crypto futures if they do not want to invest in real-life cryptos. Among the cryptocurrencies that can be traded on Interactive Brokers are digital tokens such as BTC, BCH, and LTC among others. 

Other available assets on Interactive Brokers

We have already talked about some of the trading assets available on Interactive Brokers, but there are many others being offered to traders 

The Forex broker also offers margin trading. The leverage for currency pairs is limited at 1:30, while stocks can be traded with leverage up to 1:20. As for cryptocurrencies, the maximum leverage for digital tokens is 1:2.

For traders from some Asian and African countries, the leverage on this Forex broker can go up to 1:400. 

Apart from the available trading assets that we have discussed above, the clients of Interactive Brokers can trade assets such as US spot gold, bonds, mutual funds, and hedge funds. This can be used by traders to diversify their investments and trading portfolio and ensure that even if a certain market is not performing well, their investments are not affected in a negative way.

Account Types Available for Traders on Interactive Brokers

There are several different account types available on Interactive Brokers. The Forex broker ensures that it can meet the individual interests of different traders by offering them accounts that are created according to their individual wants in the Forex trading market.

While there are other brokers that offer traders accounts that are more detailed and a better fit for the total beginner and experienced traders, the selection on Interactive Brokers should be enough for the majority of the Forex traders. 

The downside of the account types available on Interactive Brokers is that it can take a long time to register and verify your account. It is said that it can take up to three days for individuals to create a live trading account on Interactive Brokers.

Pros & cons of Interactive Brokers account types

ProsCons
Offers accounts for beginner and experienced tradersOpening a live account can take up to three days
Low-fee accounts are available  
Islamic account is available 

Interactive Brokers Demo Account

If you are a trader with little to no experience in the Forex trading market and you are looking for ways to expand your knowledge and understanding in this field, a demo account can be a great option for you. 

It is completely free to open a demo account on Interactive Brokers and it takes just a few seconds to start using it. When you open the IBKR Demo account, the Forex broker will provide you with a certain amount of virtual cash, which you can use for trading activities. 

While you won’t be able to make any profits with this, you will be able to focus on your skills and truly grow as a trader. Demo accounts are a very popular way for traders around the world to grow their experience and become more knowledgeable. 

While some people believe that a demo account is only for beginners, this is not true at all. In fact, there are many experienced traders in the market who are using demo accounts when coming up with new strategies or when they want to test out different techniques to see how they would work.

However, traders should keep in mind that they can’t learn everything they might need to know with a demo account. For example, one skill that can’t be learned with this account is controlling your emotions, so it is very important to try learning it with a live account.

Interactive Brokers Pro and Lite Accounts

if you want to trade Forex or stocks without much hassle, the IBKR Lite account might be just what you are looking for. This account offers traders access to unlimited and totally commission-free trading on US exchange-listed stocks and ETFs. 

Those who own this account are also able to access global markets without having to worry about high fees, account minimums, or any type of additional fees. Apart from this, the clients who open a Lite account have the opportunity to earn extra income by joining the Stock Yield Enhancement Program. 

IBKR Pro account is a great option for traders who want to trade higher volumes and enjoy the most financial markets have to offer. The best thing about this account is that it allows traders to become part of the market with the lowest possible costs and the best prices for trading. 

With this account type, you have the opportunity to use the flagship trading platform of Interactive Brokers (Trader Workstation), WebTrader, and the API platforms offered by the broker. 

Interactive Brokers Islamic account & others

As we have already mentioned, Interactive Brokers is an international Forex broker that offers services to citizens of more than 200 countries around the world. Using the services of this Forex broker allows traders of all beliefs to trade Forex according to their individual needs. 

Thanks to the Islamic account, those who follow the beliefs of the Quran are able to trade without having to pay or receive interest on any of the positions they keep open overnight in the market. 

Depending on your individual interests and the type of trading activities you want to be part of, there are several other accounts offered as well. If at any point during trading you want to change the type of account you want to have, you can contact the representatives of the customer support team and ask them to change your account type.

Getting started on Interactive Brokers - Main steps

In order to start trading on Interactive Brokers, you will be required to follow several different steps. 

To start, the most important thing is to ensure that you know what you are looking for and what you want to accomplish with your trading. As long as you know this, it should be a lot easier to get going.

Below, we will go through the most important steps you will have to take to start trading on Interactive Brokers. 

Step 1: Decide which account is best for you

The very first step that you will have to take to start trading on Interactive Brokers is to decide which account you want to open. As we have already discovered, there are several different types of accounts available, and depending on your individual needs, you can choose any of them. 
 

interactive brokers open account.png

It is very important to create the account type that is closest to your trading interests and goals. Once you have made your decision on which account you want to use, it is time for you to start opening the live Forex trading account. 

To open an account on this broker, you should click the red Open Account on the right side of the screen on the website of the broker. This will open a special drop-down menu where you can find detailed information about how you can choose the right account for you. If you have already made up your mind about account type, simply click Start Application.

This step will redirect you to a new page. Here, you will provide basic information about yourself. This includes your email address, the username you want to use, the password for your account, and the country of residence. Keep in mind that this is only the first step in opening your account. 

Once you confirm your email, you will be able to complete the application. The application will require you to provide very detailed information about yourself. 

This includes your trading experience, the amount of money you want to use for trading, the markets you are most interested in, where you got the money for trading, and so on. To ensure that you have some knowledge about the market, Interactive Brokers will also require you to take a very quick and easy quiz about the financial markets.

Step 2: Verify your account

Now that you have provided the Forex broker with detailed information about yourself, it is time for you to verify your identity and location. This is where things can get a bit harder. The Forex broker follows the KYC (Know Your Customer) policy, much like many other brokers. 

However, while other Forex brokers have started using different types of modern technology to verify their clients, Interactive Brokers seems to have fallen behind a little bit. Because of this, the verification process for Interactive Brokers can take quite some time. 

You will be required by the broker to provide a copy of a government-issued ID, passport, or driver’s license. In addition to this, you will also be required to provide a copy of a utility bill that has been issued over the past three months to prove your place of residence.

The verification process can take as many as 3 working days, so ensure that you upload all the documents that the broker asks for in the correct manner to avoid prolonging this process.

Step 3: Download the trading platform

If you have followed the first two steps mentioned above, it means that you are now officially the client of Interactive Brokers! But, your journey of getting started on the broker is not done yet. The next step is to get yourself the trading platform. 

We have briefly mentioned above that the Forex broker offers downloadable, as well as Web-Based trading platforms. Choose whichever you want and log in using the account you have created. You can also choose the mobile trading platform if it works better for you.

Once you download or start using the trading platform in a browser directly, it is very much recommended to try and play around a little bit with the trading platform. This can be very beneficial for traders to get familiar with the way a trading platform works and thus trade more successfully in the future.

Step 4: Deposit funds

Once you are done with the above-mentioned steps, there is only one thing that stands between you and Forex trading - depositing money. There are numerous different payment solutions available on Interactive Brokers. Choose which one works best for you and deposit the amount of money that is required as your first deposit according to the account type you are using. 

Do not forget that there are no commissions charged for deposits and they usually take a very short time to be processed. It is only the wire transfer option that can take quite some time to be fully processed.

Step 5: Start trading on Interactive Brokers

Finally, the time has come for you to start trading the asset of your choice. Once your account is funded, you can choose and trade any of the assets available. Do not forget that you should do extensive market research and analysis before you start trading. 

It is very important to analyze the price movements in the market before you make any decisions regarding your positions. This way, you can be sure to make higher profits and make the most out of your investments.

Fees & Commissions

The fees and commissions charged by Interactive Brokers are very competitive. This is especially true when compared to other leading brokers available in the market. In fact, the low fees are one of the biggest things that Interactive Brokers is known for among traders. 

This FX broker used to charge an inactivity fee some time ago, but recently they announced that it would no longer charge this type of fee. Other than that, the broker charges a $0 fee for real-life stock trading, which is a huge advantage. From what we could tell there are no hidden fees or costs for traders. 

Interactive Brokers deposit & withdrawal solutions

Available payment methodsWire, Cheque, Online bill payment cheque, ACH Transfer, EFT transfer (Canada only), AUD Bill Payment (Australia dollars only), PayPal, Credit/Debit Cards, E-Wallets, etc.
Minimum deposit$0
Minimum withdrawal$0
Processing time of withdrawal1-3 working days with Bank Wire and Cheque, up to 1 day with others

There are numerous payment solutions available for the clients of the broker. This is a very important thing as it allows traders to use the payment solution that works best for them. 

Traders are recommended to check out the information about the fees that might be charged before they make any payments, as there might be some fees on the side of the payment provider.

All in all, making deposits and withdrawals on Interactive Brokers should not be a huge issue for traders as there are numerous options available.

Comparing Interactive Brokers' fees with other brokers

After doing a thorough and detailed review of everything that Interactive Brokers has to offer, we found out that the fees charged by the broker are very competitive. But, how exactly does it compare with other Forex brokers available in the market? 

The best way to answer this question is to take a look at the fees charged by other Forex brokers and compare them with Interactive Brokers' fees. Below, you can find our individual comparisons of the fees charged by Interactive Brokers with other leading brokerages available in the market today. 

Interactive Brokers fees compared to HYCM fees

Type of FeeInteractive BrokersHYCM
EUR/USD SpreadFrom 0.6From 0.1
Fees on Deposits1%No
Inactivity feeNoYes, after 90 days, $10/m

Interactive Brokers fees compared to eToro fees

Type of FeeInteractive BrokerseToro
EUR/USD SpreadFrom 0.6From 1
Fees on Deposits1%$5 on withdrawals
Inactivity feeNoYes, $10/m

Interactive Brokers fees compared to IG fees

Type of FeeInteractive BrokersIG
EUR/USD SpreadFrom 0.6From 0.8
Fees on Deposits1%No
Inactivity feeNoYes, $10/m

Interactive Brokers fees compared to XM fees

Type of FeeInteractive BrokersXM
EUR/USD SpreadFrom 0.6From 0.6
Fees on Deposits1%No
Inactivity feeNoYes, $15 after 12 months, +$5/m

Interactive Brokers fees compared to AvaTrade fees

Type of FeeInteractive BrokersAvaTrade
EUR/USD SpreadFrom 0.6From 0.9
Fees on Deposits1%No
Inactivity feeNoYes, $50 after 3 months, $100 administration fee after a year

Interactive Brokers fees compared to Capital.com fees

Type of FeeInteractive BrokersCapital.com
EUR/USD SpreadFrom 0.6From 0
Fees on Deposits1%No
Inactivity feeNoNo

Available Trading Platforms on Interactive Brokers

When you are trading Forex you will be spending a lot of time on the trading platform as all of the trading activities take place there. Not only that, but modern trading platforms also give traders the opportunity to analyze price movements using tools and indicators. 

interactive brokers trading platforms.png

When trading Forex on Interactive Brokers, you will be able to access custom trading platforms created by the broker. They are the Client Portal - a web-based trading solution, the Trader Workstation - a trading platform that you can download on your computer, the mobile application called IBKR Mobile, and the IBKR APIs which offer traders of every experience level something that will be of use.

The Client Portal of IBKR is a great option for traders who do not want to download additional platforms to their computers. This web-based platform can be used to check the quotes and place trades, see your account balance, and use different types of performance metrics to see how you are doing. 

The Trader Workstation is a professional trading tool, that allows traders to have access to different types of markets and trade multiple products. This is a very flexible trading platform that can be a great fit for traders of all different experience levels.

Sadly, Interactive Brokers does not offer traders access to the MetaTrader 4 or MetaTrader 5 trading platforms, which might be considered a disadvantage by some traders. 

Mobile Trading on Interactive Brokers

Mobile trading has become very popular among traders around the world. It allows individuals to invest in the financial markets without having to sit in front of their computers the whole day. 

The IBKR Mobile trading app can be downloaded on iOS as well as Android devices and can be used for trading any asset available from the broker.

Thanks to this application, you will have access to over 135 markets right from your smartphone and you will be able to trade on the go.

Learning More With IBKR

Education and knowledge in the financial market is very important. The more you know, the easier it becomes to trade. Traders and investors should be able to know how to do extensive market analysis, what to focus on, and what to keep in mind when working on their strategy

IBKR has a lot to offer in terms of education. There are numerous video guides available for traders to check out and try to learn more about different concepts that might be a bit hard for them to understand from just reading about them. 

The broker also offers clients access to different types of detailed guides and webinars, as well as news and analytical articles about the different events in the market. Along with this, there are numerous tools such as a Forex calendar that can be used by traders to make trading easier and more successful.

Customer Support of Interactive Brokers

It is very important for Forex brokers to ensure that their clients are able to receive high-quality support at any time of the day. Interactive Brokers is one of the brokerages that has worked very hard to ensure that clients are able to receive top-quality support all day long.

There are many different options available for traders to contact the customer support team, including special phone numbers for different regions, email, an online form, and even a live chat function.

Conclusion

Established in 1977, Interactive Brokers is a company with a lot of experience in the Forex trading market. While many brokers that were established so many years ago failed to continue development in the modern trading market, IBKR managed to become one of the leaders around the world and stay at the top to this day. 

With the highest safety and security standards, Interactive Brokers has managed to grow into an international player available in over 200 countries globally.

There is a lot that awaits traders on Interactive Brokers, and we are able to confidently recommend this broker to our readers.

8.53

8.53

Average based on 9 user reviews
Safety 9.33
Assets 9.56
Accounts 6.89
Fees 7.78
Desktop platforms 8.89
Mobile platforms 8.00
Education 6.89
Support 7.33
Have experience with Interactive Brokers? Log in to leave a review
bailey.johnson reviewed 481 days ago
Live Less than a month experience, $1,000 - $5,000 account size
7.75

7.75

Good: Registration was not easy for me but it's a good broker in terms of assets
Pros
The overall experience was positive. There are all kinds of stock and assets to trade. But there also are some drawbacks.
Cons
For me the account opening process was terrible. And customer support is also very limited. I've used a lot of other brokers to trade fx and all of them had much easier registration process than Interactives.
conrad.cash reviewed 481 days ago
Live 6+ months experience, $5,000+ account size
9.38

9.38

Great: Arguably the best broker in business today
Pros
The most well-rounded broker with a lot of useful features. It's been my top choice for over a year now. No complaints.
Cons
The mobile app could use a little tweaking.
aubrey.hart reviewed 481 days ago
Live 6+ months experience, $5,000+ account size
9.5

9.5

Great: Best Broker To Trade With
Pros
This is the best broker I have ever dealt with. They have really great trading platform with wide range of assets to trade with. All in all, there is nothing to complain about this broker
Cons
Nothing, but If I have to say something then improving their educational page will be a good step to take.
stan.pascall reviewed 481 days ago
Demo 1-3 months experience
9.38

9.38

Great: Reliable stock broker you can trust
Pros
These guys are the best for traders who want to build stock protfolio of real stocks and not CFDs nonsense most brokers offer. Very safe broker also with years of experience on the market.
Cons
I wish mobile app was faster and more responsive.
turner.clay reviewed 481 days ago
Live 3-6 months experience, $5,000+ account size
7.75

7.75

Good: Great exp so far. You will enjoy lots of different assets
Pros
I'm new with Interactives. So far, everything is good. I love that there are so many instruments to trade. I've been looking for a broker that could allow me to trade stocks.
Cons
I like everything so far
jenson.harris reviewed 481 days ago
Live 3-6 months experience, $1,000 - $5,000 account size
8.63

8.63

Great: One of the most well-rounded international brokers out there
Pros
IBKR has a wide choice of stocks and bonds to choose from, which is always a plus. The fees aren't something to scare you away either. It's also one of the few brokers with international coverage. Safety-wise, I have not experienced any issues, the two-factor authentication works as intended. I am yet to make a withdrawal, though - here's to hoping it'll be fast!
Cons
The mobile experience isn't something to write home about. It does its job and that's about it. Also, the verification process was a bit too slow and tedious for my liking - definitely needs some work in that regard. The dashboard can be a bit janky at times as well.
guinevere.curry reviewed 481 days ago
Live 1-3 months experience, under $1,000 account size
9.5

9.5

Great: You can build dividend portfolio with this broker
Pros
Probably the safest broker to trade stocks and even buy and hold stocks in long term. I asked my friends where could I accumulate my portfolio of assets including blue chip stocks mainly and all of my friends who had an extensive experience in trading told me to use Interactive brokers. Very decent experience so far, will add my opinions further as time passes and when I use other features except stock trading and investing.
Cons
Mobile experience is average, and I would prefer faster app with simpler design but not terrible you can pretty much do everything you need except advanced trading but thats fine as there is no alternative to TradingView mobile app. So, just use TradingView on smartphones period
zeph.simon reviewed 481 days ago
Live 3-6 months experience, $1,000 - $5,000 account size
8.13

8.13

Great: Its like Apple product, once you start using this broker, every other broker is uncomfortable to use
Pros
There are many things that I like about Interactive Brokers, but my main attraction to this broker is their safety. I don't know how to explain it but when using this broker, I feel that my funds are always secured. Combine this with excellent service and trading platform, for me It is the best forex broker out there.
Cons
Nothing in particular, but one thing I would improve is the time It takes to open your account. I spent 2 days waiting for my account to be opened, which felt a bit underwhelming.
joe.schultz reviewed 481 days ago
no experience
6.75

6.75

Good: The broker seems great, but the account opening is painful
Pros
The number of available assets is great with IB, the platform is quite useful too.
Cons
The account opening process is quite painful - they ask you to wire the funds to speed your application up and, at the time, the minimum account activasion deposit was around $20k....I find it unreasonable to wire $20k to a brokerage without even having your account approved.

FAQs on Interactive Brokers

Is Interactive Brokers a good broker?

Yes, Interactive Brokers is a very good broker. In fact, it is among the best brokerages available in the market today. There are many things that make Interactive Brokers a true leader in the market. First of all, it is the fact that it allows traders to access different markets using just one platform. The fees and commissions that the broker charges are very low which make it a great choice for everyone. Being regulated in 9 jurisdictions makes it one of the safest brokers available today. 

What is the minimum deposit for Interactive Brokers?

There is no official requirement for a minimum deposit on Interactive Brokers. However, clients are advised to deposit at least $100 in order to trade Forex properly. 

Does Interactive Brokers charge for inactivity?

No, there is no inactivity fee charged by Interactive Brokers. In the past, the Forex broker used to charge an inactivity fee but this policy has changed recently.