An Interactive Brokers Review for 2023 Investing

Interactive Brokers broker reviews
Interactive Brokers broker reviews

You can place, modify, and manage orders directly from the chart. You’ll find streaming real-time quotes, charting, and news across platforms, even if you’re using multiple devices simultaneously. Well-capitalized and publicly traded, IBKR has over 2.1 million client accounts and $1.99 million in daily trade values, as of February 2023.

IBKR did not rank in our top picks for beginners for 2023, as its Trader Workstation platform, though outstanding, has a steep learning curve. However, IBKR does offer certain beginner-friendly features, including fractional shares and paper trading. The Global Trader and Impact mobile apps are beginner-friendly, and the IBKR Mobile app is also quite good. I can guarantee that their trading platform would be the worst you ever encountered on earth.

The IBKR mobile trading app provides traders with a superior on-the-go trading experience. Although Interactive Brokers provides such an impressive range of assets for trading, American traders should be aware that only Forex, indices, and equities are available as leveraged products . There are no custodian, trading platform or monthly activity fees for clients except for ISA accounts. IB claims that it provides access to a series of trading platforms, including Client Portal, Trader Workstation, IBKR Mobile, IBKR GlobalTrader, IMPACT, IBKR APIs. Although the firm has improved its service over the years with the introduction of IBot on mobile, a new offering that permits you to use voice-activated commands, and queries, to request information and place trades.

No understanding for any bad comments / IB bashing

Apart from cash and margin accounts, they offer TFSAs and RRSPs but not all registered accounts. I do not know if they will be offering the new TFHS accounts. They do however offer a consistently superior trading platform and better costs. I am currently fighting IBKR Aust to recognise a $200,000 deposit made about 3 weeks ago. Flatly refused to recognise the deposit even though I provided them with the payment summary issued by my bank detailing the date, amount and their bsb and account no.

Interactive Brokers broker reviews

It’s one of the best features of the broker’s Pro program and really stands out from others, and it makes Interactive especially popular with advanced traders. For margin balances below $100,000, the broker charges just 1.5 percent above the benchmark rate, and the rates only go lower as you borrow more. In some cases, Interactive Brokers is charging much less than half of what competitors are, so investors using margin often should absolutely examine this broker closely. If you’re running mammoth-sized trades , then you’ll benefit from the broker’s tiered pricing, where commissions reach less than 10 percent of the half-penny rate. It’s another way that Interactive Brokers tries to attract active and professional traders. is an independent, advertising-supported publisher and comparison service.

Our verdict on Interactive Brokers

Try out our brand new Asset Compass tool, select your LimeFx goal and time horizon and we’ll show you the best broker options based on our expertise. This advertisement contains information and materials provided by Robinhood Financial LLC and its affiliates (“Robinhood”) and Publisher, a third party not affiliated with Robinhood. Securities offered through Robinhood Financial LLC and Robinhood Securities LLC, which are members of FINRA and SIPC. Low margin rates are one of Interactive Broker’s biggest strengths. It’s no surprise that Interactive Brokers has the largest amount of margin loans outstanding of any discount broker we’ve seen — the savings are simply too big to ignore.

Our company, Tokenist Media LLC, is community supported and may receive a small commission when you purchase products or services through links on our website. Click here for a full list of our partners and an in-depth explanation on how we get paid. Interactive Brokers has not only been around since 1978, but it’s also a fully licensed and regulated brokerage.

Do professionals use Interactive Brokers?

‘Because Interactive Brokers' core clientele are professional traders and institutional investors (e.g., hedge funds), it is crucial to provide the lowest commissions schedule available.

With just one account, IBKR allows me access to almost all tradable instruments in the financial market at an affordable price. Of all, it is not exaggerating to say that IBKR is the most complete global broker that the investing world has to offer to everyday investors right now. As you can see, IBKR offers access to a lot of markets, alongside different plans, mainly Tiered and Fixed. Aside from stocks, IBKR also offers access to instruments such as Futures, Options, Forex, CFD, Bonds, Mutual Funds, and more.

Fundamental data

This range of products and services is both a blessing and a curse. IBKR’s sheer wealth of information sometimes can be challenging to digest. That said, the free paper trading and three-month trial give users a path to try out this comprehensive LimeFx broker. Interactive Brokers is a low cost and best execution electronic broker with advanced technology. We offer users direct market access from a single account worldwide. Clients can trade stocks, options, futures, currencies, bonds, funds, crypto and more on 150 global markets from a single unified platform.

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Our email was answered within a couple of hours, and the answer was relevant and to the point. We found the live chat agents were polite and responsive and could answer all our questions. We were impressed at how knowledgeable the customer support agents were. Interactive Brokers offers one of the industry’s largest selections of educational materials. Interactive Brokers also provides a wealth of video/audio content, including Bloomberg Television, Trader’s Insight daily video updates, and a live podcast.

Interactive Brokers LimeFx Types

If you’d like to read more we have published a full review on IBKR GobalTrader, detailing more platform features like fractionals, stock swap, and the account opening process. Apart from their most basic features, Interactive Brokers charges other, extra aspects of the service, from which they generate revenue. For example extra features include live market data & news subscriptions. A really excellent broker truly the most comprehensive that serves all US & most free markets advanced securities to UK & EU clients. Interactive Brokers Group is an international broker, operating through multiple entities globally. This matters for you because Interactive Brokers providesnegative balance protection, and the investor protection amount and the regulating authority differ from entity to entity.

Non-US clients are charged $0.0035 per share, which is considered low. As long-term buy and hold investors, we don’t necessarily make full use of all the bells and whistles of a fully-featured trading platform. Frankly, the impressive functionality limefx company reviews offered by its desktop platform, IB TWS, can be as much of an advantage for active traders as it is a disadvantage for inexperienced investors. Interactive Brokers was the clear winner in our study in terms of range of offerings.

If you would prefer to test drive the program, you can sign up for a free trial of Interactive Brokers, which gives you free access to all trading platforms, including Desktop TWS and IBKR Mobile. You will get USD 1,000,000 in a simulated account and the ability to explore and use all of the company’s tools and services. Interactive Brokers allows for one free withdrawal request per calendar month but will charge substantial fees for withdrawals beyond that, including wires, checks and electronic fund transfers . For example, you will pay CAD 12.00 for a wire transfer and CDN 2.00 for an EFT. There are also additional fees for specific corporate actions, such as a request to exercise appraisal rights, as well as some dividend processing, futures and bond trading. Finally, there are specific fees related to trading in foreign markets and charges for inactive accounts.

Even worse, they canceled my client support ticket as being resolved. I had to contact THEIR bank to confirm receipt which thankfully they did. I approached them with this evidence nearly a week ago and I have been told that they are still investigating the issue. I could get my bank to recall the funds but that will take several weeks at best with uncertain result. I have now engaged a lawyer to recover my funds and to seek compensation. IB gives you fairly good trade executions and charge very low commissions.

Moomoo joins a crowded field of discount brokerages with an appeal to individual traders, offering some atypical features, including access to U.S., Hong Kong and Chinese markets. Competitive pricing on stocks, ETFs and options will prove welcome with traders, though others may find the lack of account types, limited available securities and high transfer fees off-putting. Based on our Expert findings, Interactive Brokers offers the best conditions and proposals in the trading market. The broker has expensive instruments choice both for CFDs/FX and Provides access to Real trading options by DMA access. For beginner and occasional traders, Interactive Brokers also offers attractive benefits.

Customers will find that Interactive Brokers has several different trading platforms designed for the needs of active traders and long-term investors alike. Its platform earns high reviews from active traders who appreciate access to a fully-featured trading platform on their desktop. While Paxos operates as the crypto exchange, customers can access their crypto and make trades from within their Interactive Brokers trading platform of choice. This includes IBKR GlobalTrader, Interactive Brokers’s mobile app.

How trustable is Interactive Brokers?

Interactive Brokers is considered highly trusted, with an overall Trust Score of 99 out of 99. Interactive Brokers is publicly traded, does not operate a bank, and is authorised by eight tier-1 regulators (high trust), one tier-2 regulators (average trust), and zero tier-3 regulators (low trust).

If you don’t use them, you can easily handle TWS just to place orders even if you are an everyday investor. If you’re a beginner and are not familiar with the intricacies of maintaining a margin account, it makes sense to go with a cash account at Interactive lime fx Brokers. That’s because they don’t issue margin calls and only allow clients to be in margin violation for a very short period of time before liquidating positions. You can set any position you have as ‘liquidate last’ in the Account window.

Either way, it’s a trusted company and a solid option for many. Zacks Trade, offers its customers access to white-labeled versions of Trader Workstation. Zacks Trade charges higher trade commissions, but offers clients free calls with support reps who are licensed brokers. It’s an option worth considering for traders who want the power of Interactive Brokers’ trading platforms alongside a bit more personal support. Sophisticated individual investors and professional investors will be hard-pressed to find a more comprehensive platform.

  • To help you maximize tax efficiency, the Tax Optimizer provides a “what-if” capability, which provides a preview of P&L for each of the matching methods.
  • IBKR’s TWS offers the Trader’s Journal, a note-taking feature that lets you record and save trading notes and ideas on any product.
  • Currently, Interactive Brokers offers 115 forex pairs and trades in 23 currencies.
  • Further, separate data services are additionally accessible.
  • has advertising and affiliate relationships with some of the companies mentioned on this site and may be compensated if readers follow links and sign up.

Steven Hatzakis is the Global Director of Research for Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level.

Should beginners use Interactive Brokers?

For beginner and occasional traders, Interactive Brokers also offers attractive benefits. IBKR Lite is designed to be a more approachable platform for those just starting out and offers commission-free trades on U.S.-based stocks, exchange-traded funds (ETFs) and mutual funds.

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