Electronic brokerage Interactive Brokers was hit with a class-action lawsuit Monday for allegedly aiding and abetting a $23 million Ponzi scheme. Your capital is at risk and your losses may exceed the value of your original investment. Content on this website is not regulated by the regulator in your location. Choose another country or region to see content specific to your location. In addition to meticulous annual data collection by our in-house analyst, every broker that participates in our review is afforded the opportunity to complete an in-depth data profile. You also won’t be protected by the Financial Services Compensation Scheme (FSCS) if things go wrong.
Are the fees Interactive Brokers offers competitive in the UK?
If you are interested in which of these options is cheapest, then that will depend on the number of trades you execute each month. You would have to be in the region of 20 trades per month for Interactive Brokers to come in cheaper, any less than this and IG would be the most cost-effective solution. In this Interactive Brokers review, I’ve taken the time to compare Interactive Brokers’ fees to those interactive brokers forex review of similar brokers, tested out their investment interface and tools, and gauged what you can expect from their customer service team. Read on to find out why I feel Interactive Brokers have successfully catered to all traders, regardless of experience. Meanwhile, as its name would imply, IBKR Pro is an account type offered by Interactive Brokers tailored toward professional traders/investors.
IB Promotion
Yes, based on your detected country of UA, you can open an account with this broker. IBKR Lite is the zero-commission tier for retail brokers at Interactive Brokers. One of the most unusual is a fee of $1 or more per withdrawal, if you exceed one withdrawal per calendar month. Your account must be denominated in a base currency that has a positive interest rate to earn interest.
Is Interactive Brokers a Legitimate Firm?
After 1 year with IBKR, my expectations as great broker are matched, but at the same time support tickets are completely ignored for months, even after calling them a few times. As I’m not a professional investor, I use to spot stock purchases eventually. In a glance, the App shows the required information for making a sound decision and placing an order, hassle free.
Non-Trading Fees
According to the company’s financial statements, IBG LLC has more than $10.01 https://forexbroker-listing.com/ billion in equity capital, more than $6.2 billion the required minimum.
This is the platform for the average retail investor and offers a much more user-friendly experience while still supplying a fantastic array of features. From here, you can effectively manage your portfolio as well as access watch lists, news, research, charting, and trading tools. One thing that really stood out from the competition for me was the iBot, an artificially intelligent digital assistant who is on hand to help you navigate your way around, place orders, and supply information. While this is not intended as personal finance advice, it is a handy little feature that demonstrates Interactive Brokers’ commitment to technology.
- It also has excellent educational content and continues to be an industry innovator.
- IBKR also utilizes a wide range of encryption algorithms across several protocols and platforms to ensure the confidentiality and integrity of data sent between your computer and IBKR.
- On the whole, IBKR is suitable for professional traders and skilled, active traders who wish to make use of a robust array of tools and worldwide access to a diverse selection of assets.
- Interactive Brokers provides the most diverse offering in the industry and leads by a wide margin in multiple areas, including international trading.
- Interactive Advisors provides access to a range of more than 70 portfolios containing a mix of stocks and ETFs.
The user must enter their username and password combination and the security code produced by your security device or digital security app every time you log in to Client Portal, TWS, WebTrader, or IBKR Mobile. Accounts with a balance of more than $1,000,000 are eligible for the Digital Security Card, which provides an additional layer of security via the use of a PIN, a challenge code, and a large number of potential code permutations. IBKR Mobile Authentication enables two-factor authentication for your IBKR account via the use of our IBKR Mobile app, which you can download to your Android or iOS mobile device. For instance, a hacker or identity thief who obtains your IBKR username and password will be unable to access your account unless they have physical possession of your Secure Login System security device or complete access to your smartphone. This mobile app simplifies the process of supporting causes that matter to you. Install the app on your iOS or Android tablet or smartphone, find businesses aligned with your values, and consider investing in them.
Interactive Brokers does appear to offer competitive pricing; however, it is difficult to make a precise comparison as Interactive Brokers does not publish its average spreads for forex. That said, we were able to obtain average spreads for Q3, 2023 for the EUR/USD at Interactive Brokers, which was 0.23 pips, or an effective all-in spread of 0.63 pips after commission. The data collection efforts at StockBrokers.com are unmatched in the industry. The following tables show a deeper dive into the offerings available at this broker. You can also compare its offerings side-by-side with those of other brokers using our Comparison Tool.
It is worth mentioning that Interactive Brokers has 1.54 million users and produces an average of $2.26 million in revenue from trading daily. Trader Workstation (TWS) is a desktop platform designed for active traders and investors that trade a wide range of products and want stellar performance. The firm’s online client portal allows users to check account balances, profit and loss statements, essential performance indicators, financing, and reporting, among other features.
The market research available at Interactive Brokers ticks all the right boxes with analyst ratings, research reports, forecasts, and ESG ratings, to name a few. There are plenty of news services from third-party providers, such as Reuters, where you can gain access to fundamental data on over 30,000 companies plus over 5,500 analyst ratings. This is a comprehensive offering, with screeners and the ability to back-test past strategies as well as conduct portfolio analysis by asset allocation, asset class, geography, sector, industry, and many other measures. As a retail investor, it would be best to steer clear of this platform, which has been configured for professional traders and could be too complex for the average trader.