Interactive Brokers Review – Professional Gateway to The World’s Market

Are you an active trader looking for an advanced trading platform with a wide range of assets to choose from?

Let me tell you about interactive brokers, an exceptional brokerage service with meager margin rates. 

It offers commission-free trades of stocks and also ETFs. You can benefit from Interactive Brokers’ robust trading platforms, advanced execution, and rock-bottom pricing.

Summary

Trading PlatformInteractive Brokers Review
Year of establishment 1993
Rating out of 5 3.3 on Play Store
Trading platform Web, Desktop, and Mobile platforms
Account minimum $0
WebsiteClick here
Interactive Brokers
Interactive Brokers

What Are The Interactive Brokers?

What are the Interactive Brokers?
What are the Interactive Brokers?

Interactive Brokers (aka “IBKR”) is an American multinational brokerage firm.

It has a streamlined approach that emphasizes low costs, broad market access, and also superior trade execution.

The company trades in stocks, futures, options, ETFs, forex, funds, and bonds in 135 markets across 33 countries.

The company was founded in 1993. It is the leading subsidiary of the brokerage group Interactive Brokers Group, Inc., the most prominent digital trading platform in the U.S.

Interactive brokers provide the finest brokerage services for professional investors. It also provides active traders willing to benefit from a robust set of tools and global reach to a wide assets.

In late 2020, the company introduced its Impact Dashboard. It aids you in evaluating assets with a socially responsible investing (SRI) lens.

Interactive brokers accept traders from more than 220 nations and territories. With workplaces in Canada, U.S., U.K., Hong Kong, Australia, Japan, Russia, Hungary, China, India, Estonia, Singapore, and Ireland.

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How To Use Interactive Brokers?

How to use Interactive Brokers?
How to use Interactive Brokers?

It’s easy to open an Account; get started in the following manner below:

  • Create a username
  • Write the password
  • Confirm your email address
  • Complete the application

Information required for account opening:

  • Personal and also contact information.
  • Information on trading experience and objectives
  • Income and tax residency information.
  • Bank account information.

Once your account is open, you have access to 4 trading platforms:

Client Portal

The web application works as a one-stop destination such as to place trades, check quotes, see account balances, funding, reporting, and more.

Trader Workstation

The flagship desktop platform is designed for active investors and also for traders who trade various products and require flexibility and power.

IBKR Mobile

The mobile app provides easy trading and monitoring of the IBKR account from your iOS or Android device.

IBKR APIs

From their easy-to-use Excel API to their industrial strength FIX API, IBKR offers something for every experience level.


Why Choose Interactive Brokers?

Why Choose Interactive Brokers?
Why Choose Interactive Brokers?

Wide Range of Offerings

Interactive Brokers offers a wide range of financial assets (including stocks, forex, futures, options, funds, and bonds) on 135 markets across 33 countries.

Superior Order Execution

Interactive Brokers’ “SmartRouting” software offers clients the best price execution in the market.

It explores the best firm stock, option, and combination prices accessible when you place an order and look for immediately executing your order.

Excellent Trading Tools

IBKR’s Trader Workstation (TWS) platform is potent enough for skilled traders but also intended for retail traders and investors. There are tons of technical and social market analysis tools.

Low Margin Interest Rates

IBKR’s margin interest rates are considerably lower than the industry average. The firm uses a blended rate based on tiers.


Fees Of Interactive Brokers

Fees of Interactive Brokers
Fees of Interactive Brokers

Interactive Brokers’ pricing structure is complicated. 

  • The fixed per-share pricing of $0.005 is traded with a $1.00 minimum and a maximum of 1% of the trade value. Inclusive of all exchange and regulatory charges.  
  • Tiered per-share pricing is built on monthly order activity. If the trade volume is 300,000 shares per month, the price is $0.0035 per share. If the trade volume is more than 300,000 shares per month, the fee is $0.0005 per share, with a minimum of $0.35 per trade—exclusive of all exchange and regulatory fees.
  • The IBKR Lite program offers free trades for the ETFs and listed equities (via the Client Portal and IBKR Mobile). Hence trades are directed to generate payment for order flow.
  • Trading a single contract costs $1.00. Trading 50 contracts cost $32.50.
  • No fees to transfer or close an account.
  • Users can send one wire per month for free; each subsequent wire sent will be charged $10.00. There’s no fee to receive a wire.
  • Users can send one paper check per month for free; also each subsequent check sent will be charged $4.00.
  • Foreign exchange trading costs between 0.20 and 0.08 basis points, depending on the trade volume.

Features Of Interactive Brokers

Features of Interactive Brokers
Features of Interactive Brokers

IBKR Mobile features include:

  • Accessibility to real-time quotes and also charts
  • Email notification of Real-time Alerts
  • BookTrader Trading Tool
  • Real-time Market Scanners
  • Support for trading stocks, forex, futures, and options worldwide
  • The facility to route orders using IB’s SmartRouting℠ technology hunts for the best price and also vigorously routes and re-routes your order to achieve ideal execution.
  • Quick access to the portfolio, trade reports, and account information
  • The facility of Secure login
  • Reach to Daily IB Market Briefs
  • Free customer support

Types Of Trading Available At Interactive Brokers

Types of Trading Available at Interactive Brokers
Types of Trading Available at Interactive Brokers

Here’s a list of IBKR’s offerings:

  • Stocks long and short
  • Bonds
  • Futures and futures options      
  • Mutual funds
  • Single-leg and also multi-leg options
  • OTCBB
  • Forex (23 currencies and 115 trading pairs)     
  • Fractional shares
  • IPOs, single stock futures, and warrants
  • Cryptocurrency (Bitcoin, Litecoin, Ethereum, Bitcoin Cash)
  • Cryptocurrency futures, ETFs, and Indices

Interactive Brokers Customer Service

Customer Service
Customer Service

IBKR is working hard to improve its customer service. A couple of years ago, they added a feature of an IBot service supported by an artificial intelligence engine.

IBot answers query asked in plain English. This service is available throughout the trading platforms and also saves you from long waiting hours. It directs customers to FAQs and resources.

Toll-free telephone service is available 24 hours a day, & also six days a week for your assistance.

The callback service allows you to request a call back if you need to hang up.

Online chat and also secure message services are available from the website or within the trading platform.


Interactive Brokers Customer Reviews

Interactive Brokers Customer Reviews
Customer Reviews

Gabe Espinoza gave a review on the play store on December 9, 2021

“I’ve been using this app for a while, and I believe it’s terrific overall. It has some twists, though.

A major thing I’d like to see enhanced is the speed at which options chains load. For some stocks, it takes 20-30 seconds for data loading.

The options scenario simulator is usually sluggish to load. Lastly, I want to choose the routing destination myself for stock trades.

It bothers me that it is only done through IBot when a humble dropdown menu would do.”

Keith Buck gave a review on September 12, 2021

“Works well, loading time is long, sometimes refuses to load at night. Some account management tasks are clumsy in the app, and also I use the website to complete them.”

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Conclusion

Conclusion
Conclusion

Interactive Brokers offers a great deal in products, technology, and also tools.

Overall, IBKR is best for professional users and sophisticated, active traders who wish to benefit from a robust set of tools and worldwide access to various assets.

It’s worth noticing that you can trade financial assets from a single, integrated account, with ease.


FAQs

Do interactive brokers charge any fee for opening and maintaining an account?

There are no fees for opening and for also maintaining an account with interactive brokers.

Can you lie on Interactive Brokers?

It’s your own choice. But if you lie about your risk tolerance or investment experience, you could run into problems afterward.

How long does the Interactive Brokers verification process take?

This process typically takes 2-3 weeks.

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