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Interactive Brokers Review 2024

By:
Dan Blystone
Updated: Jan 23, 2024
Overall Rating
4.4
  • Trust
    4.9
  • Fees
    4.2
  • Platforms and Tools
    4.6
  • Tradable Instruments
    4.5
  • Customer Support
    3.6
  • Research
    5
  • Deposit and Withdrawal
    3.7
  • Account Types and Terms
    3.8
  • Education
    5
  • How Did We Test and Rate This Broker?
    When trading forex and CFDs, understanding a broker's strengths and weaknesses is essential. We developed a proprietary rating system, which is the result of extensive research and hands-on evaluation by our expert reviewers. With a rigorous approach, our reviewers manually assess each broker, investing more than 50 hours per review, checking and testing the broker while analyzing over 250 variables to simplify the broker selection process for you. The categories we evaluate include trustworthiness, trading platforms, customer support, regulatory oversight, spreads, fees, the variety of instruments offered, education, and research tools. This unique rating system is specifically developed to ensure that the assessment is based on firsthand knowledge and experience. By dedicating a significant amount of time to each review, our team of experts can provide in-depth insights and help you make well-informed decisions when choosing the broker that best suits your trading goals.
    Chart

    We used a live Standard Account, probing the Trader WorkStation platform, opened with the Interactive Brokers (U.K.) Limited entity (interactivebrokers.co.uk) for this review. Some features and services may vary depending on where you reside. This review focuses on forex and CFD trading at Interactive Brokers.

    The Big Picture

    Founded in 1978, Interactive Brokers (IBKR) is a trading industry pioneer and a leader in providing retail traders access to global markets, rock-bottom fees, and advanced trading technology.

    Interactive Brokers Group is publicly traded (Nasdaq: IBKR), has equity capital exceeding $11 billion, and over 2.1 million registered clients. The Greenwich, Connecticut-based broker has ten global entities, each licensed and regulated by the corresponding regional financial authority.

    Interactive Brokers enables traders to access global stocks, options, futures, currencies, bonds, and funds from the same screen. Clients can choose from a selection of award-winning platforms catering to both professionals and beginners.

    Interactive Brokers Key Takeaways in 2023

    • We evaluated Interactive Brokers across nine categories (Trust/Stability, Fees, Tradable Instruments, Account Types, Deposit/Withdrawal, Research, Customer Support, Education, and Platform/Tools).
    • Interactive Brokers excels in the overall range of available products to trade, fees, platforms, and educational materials.
    • We found room for improvement in customer service, which could sometimes be challenging to reach.
    • Beginners can benefit from the intuitive GlobalTrader app, which provides access to an extensive range of global markets.
    • Advanced traders can use professional-grade tools via the Trader WorkStation (TWS) platform.

    What Sets Interactive Brokers Apart from Other Brokers?

    Interactive Brokers is one of the world’s largest and most stable brokers. It stands apart from other brokers with its massive range of tradable instruments, competitive fees, advanced trading platforms, and fast order execution.

    What types of traders are a good fit for Interactive Brokers?

    We judged Interactive Brokers best for advanced, semi-professional, and professional traders. However, the offering is improving for beginners, with the new user-friendly GlobalTrader app and extensive educational materials.

    Interactive Brokers Pros and Cons

    Pros Cons
    • Regulated in multiple jurisdictions around the world.
    • Strong range of CFDs on forex and stocks.
    • Low fees.
    • Direct Market Access (DMA) order execution.
    • Robust platforms.
    • Excellent educational materials.
    • User-friendly GlobalTrader mobile app.
    • Professional grade analysis tools.
    • Customer support can be hard to reach.
    • Beginners may find the website confusing.
    • Limited CFDs on commodities.

     

    Interactive Brokers Main Features

    ☑️ RegulationsCFTC (United States), IIROC (Canada), SEC US (United States)
    🗺 Supported Languages
    English, French, German, Italian, Spanish
    💰 ProductsCurrencies, Stocks, ETFs, Indices, Commodities
    💵 Min Deposit$5
    💹 Max Leverage1:78 (CFTC), 1:78 (IIROC), 1:78 (SEC US)
    🖥 Trading Desk TypeDMA
    📊 Trading PlatformsProprietary
    💳 Deposit OptionsACH, Wire Transfer
    💳 Withdrawal OptionsACH, Wire Transfer
    🤴 Demo AccountYes
    🗓 Foundation Year1977
    🌎 Headquarters CountryUnited States
    Risk DisclosureCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    Interactive Brokers Full Review

    Trust

    4.9
    How Did We Test the Broker's Trustworthiness?
    Assessing a broker's trustworthiness with your funds is vital. To help you make the right decision, we carefully checked each broker's regulatory license and examined how well they protect traders. Moreover, we looked at the broker's stability by studying their business history, corporate structure, and industry experience. Finally, we thoroughly reviewed all of the broker's legal documentation, including terms, conditions, and fees, and evaluated their transparency based on our analysis. Our hands-on approach ensures that even novice traders have the knowledge they need to make smart decisions.
    trust chart

    Interactive Brokers is one of the world’s largest and most stable brokers. The company is listed on Nasdaq (IBKR), has $11.6 billion in equity capital, and over 2.1 million clients. It is also licensed and regulated by multiple top-tier financial authorities globally.

    Interactive Brokers UK on the FCA Register

    This section will cover how the different entities of Interactive Brokers are regulated and how this impacts you as a trader. We rate regulators on a scale of 1 to 3, with 1 reflecting the highest level of trust.

    The following authorities regulate the various entities of Interactive Brokers:

    Why is it important to know where your broker subsidiary (entity) is regulated?

    Different regulators provide different levels of protection. For example, clients of Interactive Brokers in the United Kingdom benefit from the oversight of the FCA. The FCA requires that clients have negative balance protection, which means they cannot lose more than their deposit.

    In addition, when trading with a broker authorized by the FCA, client funds are also protected by the Financial Services Compensation Scheme (FSCS). The FSCS protects investments of up to £85,000 if a firm becomes insolvent. A trader working with a broker entity regulated offshore would not necessarily have these benefits.

    The tables below break down the protections and benefits by entity, regulator, and region.

    Entity Interactive Brokers LLC Interactive Brokers Canada Inc. Interactive Brokers (UK) Limited Interactive Brokers Ireland Limited Interactive Brokers Central Europe Zrt. Interactive Brokers India Pvt. Ltd. Interactive Brokers Securities Japan Inc. Interactive Brokers Hong Kong Limited Interactive Brokers Singapore Pte. Ltd. Interactive Brokers Australia Pty. Ltd.
    Country/Region United States Canada United Kingdom Western Europe Eastern Europe India Japan Hong Kong Singapore Australia
    Regulator SEC, CFTC IIROC FCA CBI MNB SEBI JSDA SFC MAS ASIC
    Segregated Funds Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
    Negative Balance Protection Yes Yes Yes Yes Yes No No No No No
    Compensation Scheme SIPC up to $500,000 CIPF up to $1,000,000 FSCS up to £85,000 DGS up to €100,000 No No No No No No
    CFD Trading Maximum Leverage CFD Trading not available  CFD Trading not available 1:30 1:30 1:30 CFD Trading not available 1:25 CFD Trading not available 1:20 1:30

    Regulatory requirements are subject to change. We gathered the data listed above in March 2023.

    Stability and Transparency

    In our tests for the Trust category, we also cover factors relating to stability, financial strength, security, and transparency. Here, we focus on how long the broker has been in business, the company’s size, and their transparency.

    Interactive Brokers has a very long operating history of 45 years. It is a publicly-traded company listed on the Nasdaq with a market cap of 33.49B at this time. As a publicly traded company, Interactive Brokers must disclose financial reports, allowing for greater insight into the company’s stability.

    In our research, Interactive Brokers showed high transparency in its regulatory status, fees, and general background information. Information and materials are readily available on the website. Interactive Brokers lists its regulatory status at the footer of each page. The Pricing menu in the horizontal navigation clearly outlines all costs, such as commissions and margin interest rates. Traders can find the Client Agreements in the accounts section of the website.

    To conclude, we rate Interactive Brokers as highly trustworthy and stable due to the following factors:

    • Being regulated by multiple top-tier agencies.
    • Having a lengthy operating history.
    • Being a publicly traded company valued at over 30 billion dollars.
    • Having a high level of transparency.

    Fees

    4.2
    How Did We Test the Broker's Fees and Commissions?
    Broker commissions and fees can be challenging to understand. To simplify this for you, we carefully examined all the broker's fee-related documentation and presented it in a clear, easy-to-understand format. Furthermore, we conducted hands-on tests on spreads and commissions for the most common instruments during both London and New York trading sessions. We then compared these real-time test results to the market benchmark we've established through our extensive experience evaluating the industry.
    fees chart

    Interactive Brokers is highly competitive in the area of fees. It is recognized as having the lowest costs in the industry, sometimes by a wide margin. Our hands-on tests of forex and CFD instruments showed this to be true.

    Trading Fees

    We tested the spreads at Interactive Brokers across different CFDs using the Trader WorkStation platform. The tests were done at 8:00 a.m. GMT and at 4:00 p.m. GMT on 24 March 2023. We made our tests at two different times to allow greater perspective. 8:00 a.m. GMT is the London open when there is a great deal of liquidity in the forex market and tighter spreads in currency pairs. 4:00 p.m. GMT is during the New York trading session.

    CFD Spreads and Commissions

    Instrument and Order Size Spread/Commission AM Spread/Commission PM Instrument and Order Size Spread/Commission AM Spread/Commission PM
    EUR/USD (1 Lot) 0.2 Pips + 1.75 GBP 0.3 Pips + 1.75 GBP EUR/USD (1 Lot) 0.2 Pips + 1.75 GBP 0.3 Pips + 1.75 GBP
    GBP/JPY (1 Lot) 1.2 Pips + 1.98 GBP 1 Pip + 1.98 GBP GBP/JPY (1 Lot) 1.2 Pips + 1.98 GBP 1 Pip + 1.98 GBP
    XAU/USD (10 Lots) 10 Pips + 2.99 USD 16 Pips + 2.98 USD XAU/USD (10 Lots) 10 Pips + 2.99 USD 16 Pips + 2.98 USD
    Apple (100 shares) n/a 1 cent + $1 Apple (100 shares) n/a 1 cent + $1
    Tesla (100 shares) n/a 11 cents + $1 Tesla (100 shares) n/a 11 cents + $1
    Dow 30 Index (1 Lot) 1 Pip + 1.59 USD 2 Pips + 1.59 USD Dow 30 Index (1 Lot) 1 Pip + 1.59 USD 2 Pips + 1.59 USD

    Swap Fees

    Swap fees (the cost of holding a position overnight) were average at Interactive Brokers.

    In the table below, you can see the Swap Long (the cost/credit of holding a buy position overnight) and the Swap Short (the cost/credit of maintaining a sell position overnight) for one full-sized contract. A full-sized contract is 100,000 units of the base currency (the first currency quoted in the pair). We recorded the data on 24 March 2023.

    Instrument Swap Long Swap Short
    EUR/USD Charge of $6.22 Credit of $5.82
    GBP/JPY Credit of $9.31 Charge of $11.51

    Non-Trading Fees

    For individual accounts, there is a $0 minimum balance and no inactivity fees.

    Are Fees at Interactive Brokers Competitive?

    In their own words, ‘IBKR is committed to minimizing costs to maximize returns.’ We found this to be true in our research. The spreads, commissions, and margin interest rates are among the most competitive.

    Platforms and Tools

    4.6
    How Did We Test the Broker's Trading Platforms?
    We understand that platforms play a crucial role in your trading experience. That's why we spent many hours testing the broker's web, desktop, and mobile trading platforms to gain a real understanding of their usability, functionality, and overall performance. From experimenting with different order types to testing execution speeds, charting, and other features, we thoroughly examined every aspect of these platforms based on our trading expertise, helping you make an informed choice.
    platforms chart

    Interactive Brokers offers a range of award-winning platforms, from the web-based client portal to the advanced Trader WorkStation (TWS) platform and two proprietary mobile apps. We found the platforms powerful enough for professionals but also accessible to casual traders.

    Client Portal

    Interactive Brokers Client Portal

    The web-based client portal allows traders to check quotes, place trades, and see their account balance and reports. Traders can stay on top of key account metrics such as net liquidation value, profit and loss (P&L), and buying power in real-time.

    The Client Portal home page shows traders their rate of return, portfolio positions, recent transactions, notifications and messages, and available cash. Traders can also easily place orders, manage open orders, and view recent trades from any page in the Client Portal using the slide-out trade ticket. The client portal is user-friendly and intuitive, making it a good starting point for beginners and casual traders.

    Trader Workstation (TWS)

    Trader Workstation (TWS) Desktop Platform

    Trader Workstation (TWS) provides access to trading in stocks, options, futures, currencies, bonds, and funds on over 150 markets worldwide from a single unified platform. The default mosaic view inside TWS comprises a series of individual panels operating within a highly configurable interface.

    Order Entry on the TWS Platform

    In the upper left of the screen, you can see the order entry window, which includes the price quote for a specified financial instrument. This window lets you quickly enter a buy or sell order that you can submit to an exchange. Available order types include market, limit, stop loss, bracket, One Cancels Other (OCO), and pair hedging orders.

    At the bottom left of the screen is an activity panel where you can review open orders, completed trades, and a summary of your activity. The news panel is in the lower right corner. Above it is the monitor panel where you can view your portfolio and open multiple watchlists.

    FX Trading Layout

    The TWS platform has many preconfigured layouts based on different markets and styles of trading. The FX Trading layout allows traders to create spot and futures orders with a single click and is set up with popular fx pairs and futures. Within the same screen, traders can stay on top of economic events and forex news with event calendars and streaming news feeds. Traders can also create and save unique layouts suiting their preferences.

    Trader WorkStation Charts

    The TWS platform includes robust charting, over 90 technical indicators, candle sizes varying from 5 seconds to monthly, multiple drawing tools, and trading from the chart.

    Scanners in the TWS Platform (US Movers)

    TWS Market Scanners search specified markets and return contracts based on the defined criteria. Traders can use custom scans they have set up themselves or work with predefined scans from a library, such as US Movers or Dividend Yield.

    IBKR Mobile

    IBKR Mobile

    The IBKR mobile app provides access to trading in CFDs, forex, stocks, options, futures, currencies, and bonds. Charting is robust, with over 90 technical indicators. Traders can use a broad range of order types, including market, stop, stop limit, market if touched, limit if touched, trail, and trail limit. The app also features watchlists, scanners, a news feed with stories from Reuters and Dow Jones, and an economic calendar.

    IBKR GlobalTrader

    IBKR GlobalTrader

    The GlobalTrader app is a user-friendly app that is more intuitive and slightly stripped down in comparison to the IBKR mobile app. Traders can access over 90 stock markets worldwide. Beginners can trade in fractions of shares, investing as little as $1. Forex and CFD trading is also available via GlobalTrader. The app has popular features such as watchlists, scanners, and a newsfeed, allowing traders to stay on top of the markets from the palm of their hand.

    Order Execution

    Interactive Brokers operates the Direct Market Access (DMA) execution model. In this model, the provider hedges the CFD order immediately in the underlying physical market, and the CFD is executed at the price of the hedge.

    Tradable Instruments

    4.5
    How Did We Test the Broker's Tradable Instruments?
    For this section, we examined the broker's market offering, assessing the variety and depth of instruments and asset classes available for trading. Through our proprietary database, we then compared the results with other brokers. This comprehensive analysis allows you to determine if the broker offers the specific instruments and trading options you're looking for.
    tradable_instruments chart

    Interactive Brokers offers an excellent range of products to trade, including stocks, options, futures, currencies, bonds, and funds. Traders can access a robust selection of CFDs on forex and shares, but there is room for improvement in the variety of CFDs on commodities.

    CFDs (Contracts for Differences) are financial derivative products that allow traders to speculate in various markets without owning the underlying assets. Tradable CFD instruments at Interactive Brokers include the following assets:

    • 85 Currency Pairs. A currency pair combines two different currencies, with the value of one currency quoted against the other. For example, EUR/USD, which reflects the value of the euro measured in dollars.
    • 2 Commodity CFDs. Commodities are raw products, such as gold and oil.
    • 8,200+ Global Stock CFDs. A stock is a security that represents partial ownership of a corporation. Keep in mind that when trading stock CFDs, you are speculating on the price of a stock without actually taking ownership of the underlying company.
    • 13 Index CFDs. An index is a basket of trading instruments used to gauge a market sector, stocks within an exchange, or a country’s economy.

    In the tables below, you can see a selection highlighting the variety of CFD instruments available at Interactive Brokers:

    Forex Majors Forex Minors
    EUR/USD | USD/JPY | GBP/USD AUD/CAD | EUR/GBP | GBP/JPY
    Forex Exotic Metals
    USD/RUB | USD/HUF | USD/MXN London Gold | London Silver
    Indices Stocks
    Japan 225 | Germany 40 | US Tech 100 Visa | Air France | HSBC

    Customer Support

    3.6
    How Did We Test the Broker's Customer Support?
    Traders often underestimate the importance of customer support, yet it proves to be a critical aspect during times of crisis. We put the broker's customer support to the test ourselves using all possible channels, such as chat, phone, and others. Our evaluation focused on the accessibility of live agents, as well as the helpfulness and professionalism of their responses. This way, we provide you with comprehensive insights into whether a broker can deliver full support when you need it most.
    customer_support chart

    Customer service is available via chat, phone, and contact form from Sunday afternoon through Friday evening, New York time. Customer support is not available on Saturday. In our tests, we found the quality of customer support to be mixed.

    IBKR Chat Support

    Interactive Brokers provides 24-hour customer service each business day via regional Client Services Centers across America, Europe, and Asia.

    For phone and chat, users must navigate numerous questions before reaching an operator, which can take time and effort. We tested support with many questions, from easy to hard. For example, whether one-click trading is available in the TWS platform and how to calculate overnight swap fees. In some instances, we received support from highly knowledgeable industry professionals, but the experience sometimes felt more like a call center.

    Deposits & Withdrawals

    3.7
    How Did We Test the Broker's Deposit and Withdrawal Process?
    The deposit or withdrawal process can be tricky since you may encounter hidden fees or longer than expected processing time. To assess the broker's offerings, we examined their deposit and withdrawal options and conditions. Using our proprietary database, we then compared these results with those of other brokers.
    deposit chart

    Interactive Brokers does not charge for deposits and withdrawals. Requests are processed relatively fast. However, some popular funding methods, such as credit cards, are unavailable.

    In the tables below we break down the fees and processing times for each deposit and withdrawal method.

    Deposits

    Deposit Method Fees Processing Time
    Wire Transfer $0 1 Business Day
    Bank Transfer (ACH) $0 1 Business Day
    Check $0 1 Business Day

    Withdrawals

    Withdrawal Method Fees Processing Time
    Wire Transfer $0 1 Business Day
    Bank Transfer (ACH) $0 1 Business Day

    Account Types and Terms

    3.8
    How Did We Test the Broker's Account Types and Terms?
    When it comes to achieving your trading goals, choosing the proper account is essential. We initiated our evaluation by personally opening an account with the broker, which allowed us to gain firsthand experience of the process and accurately asses, how fast and easy it is. In addition, we carried out an in-depth analysis of the account types and features offered by the broker, including spreads, maximum leverage, minimum deposits, and more. For a comprehensive comparison, we turned to our proprietary database and examined how this broker's account offerings and processes stacked up against other brokers.
    account chart

    The application process at Interactive Brokers is straightforward, and can traders can complete the process within 15 minutes. Many account types are available, catering to different profiles.

    IBKR Account Application

    There is no minimum required deposit to open a cash account at Interactive Brokers. A range of account types can cater to individual traders and other trading industry professionals.

    Account Types
    Individual, Joint and Trust Accounts | Family Advisor | Stocks and Shares Individual Savings Account (ISA) | Self-Invested Personal Pension (SIPP) Accounts | Family Office Accounts | Small Business Accounts | Advisor Accounts | Money Manager Accounts | Broker & FCM Accounts | Proprietary Trading Group Accounts | Compliance Officers | Administrators

    A wide variety of base currencies (the currency in which your account is denominated) are available at Interactive Brokers.

    Available Base Currencies
    AUD | GBP | CAD | CZK | DKK | EUR | HKD | HUF | ILS | JPY | MXN | NZD | NOK | PLN | SGD | SEK | CHF | USD | CNH

    Account Application

    To open an individual account at Interactive Brokers UK, prospective clients must answer the following questions.

    • Name.
    • Address.
    • Citizenship.
    • Country of birth.
    • Phone.
    • Date of Birth.
    • Marital status.
    • Number of dependents.
    • Tax residency.
    • Social security number.
    • Proof of identification (passport, driver’s license, national identity card, alien identification card).
    • Employment status.
    • Source of wealth.

    Demo Accounts

    Interactive Brokers offers a free simulated account with a balance of $1M, which traders can use across all platforms: Web Portal, Trader WorkStation, IBKR Mobile, and the GlobalTrader app. Once users have gotten up to speed on a demo account, they can easily switch to a live version.

    Islamic Accounts

    Interactive Brokers does not offer a swap-free Islamic account.

    Leverage

    One of the reasons that traders are attracted to the forex and CFD markets is the high degree of available leverage. Leverage is the use of borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account. CFD traders at Interactive Brokers UK can use leverage of up to 1:30. This means that with an account balance of $1,000, a trader can take on positions of up to $30,000 in the market.

    Leverage is often described as a ‘double-edged sword’ because it can amplify your profits and losses. Leveraged trading comes with a high level of risk and can often result in significant losses.

    Supported Countries

    Interactive Brokers is available in most countries worldwide, except for FATF Financial Action Task Force (FATF) blacklist countries such as North Korea, Iran, and Myanmar. FATF is an intergovernmental organization seeking to combat money laundering and terrorism financing.

    Research

    5
    How Did We Test the Broker's Research Tools?
    Research options offered by brokers may not be seen as the most important feature for some traders, but they can provide a competitive advantage. To assess the broker's research offerings, we personally explored and tested both proprietary and third-party tools and content, such as Fundamental and Technical Analysis, Market News, educational videos, and webinars. After evaluating the availability and quality of the overall research offering, we compared the results with our benchmark to provide a comprehensive analysis of the broker's research capabilities.
    research chart

    Interactive Brokers offers outstanding market commentary and coverage of financial news via Traders’ Insights, available on the website and trading platforms. A steady feed of fresh content is provided by the analyst team at IBKR, along with third-party contributors such as Nasdaq, Investopedia, and Redwall Analytics.

    IBKR Traders’ Insight

    Content in the Traders’ Insight section is in both written and video format. Topics are broken down by various markets (stocks, commodities, forex, crypto) and the style of analysis (macro, technical analysis). The material is in-depth, well-crafted, and primarily geared toward experienced traders.

    Traders can learn about the general market outlook for the day, get up to speed with upcoming economic releases and browse technical trade ideas from various contributors. We judged the research materials to be better than average for the brokerage industry.

    Education

    5
    How Did We Test the Broker's Education Offering?
    Gaining knowledge about trading in the financial markets can make the difference between success and failure. To assess the broker's educational offerings, we personally tested and evaluated the quality of the content provided, considering its relevance for both novice and experienced traders. We explored the range of materials available, such as articles, videos, webinars, and courses. After evaluating the content's volume, update frequency, and overall quality, we compared the results with our benchmark to provide a well-rounded analysis of the broker's education offerings.
    education chart

    The Interactive Brokers Traders’ Academy provides over 65 finance courses broken down into beginner, intermediate and advanced levels. The high-quality materials go into substantial depth and include interactive quizzes to aid the learning process.

    IBKR Traders’ Academy

    Lessons are in video format and cover a broad range of topics, such as the basics of various markets, technical and fundamental analysis, and platform tutorials. Each subject is broken down into a series of easily digestible video lessons of less than ten minutes. The courses include contributions from the Chicago Mercantile Exchange and the Options Industry Council (OIC).

    Several live webinars each month complement the educational courses. Traders can watch, listen and ask questions in live events on trading, world finance, and market trends. Interactive Brokers also offers weekly educational podcasts covering various trading industry-related themes and expert interviews.

    Overall we rated educational materials as better than average for the industry and containing valuable content for beginners and advanced traders.

    The Bottom Line

    With outstanding fees, robust trading platforms, and a massive range of tradable instruments, Interactive Brokers has established itself as one of the best brokers for advanced and professional traders. Our tests found it to live up to its reputation, with an impressive all-around offering. There is room for improvement in customer service, especially with the time it takes to reach a live agent. While the overall number of assets to trade is very high, the range of CFD instruments is lower than leading CFD brokers in some areas, such as commodities.

    The TWS platform presents a steeper-than-average learning curve, but with its professional-grade features, that is to be expected. Importantly, forex and CFD traders at Interactive Brokers do not have to worry about widening spreads in volatile markets and the possibility of re-quotes, as they benefit from direct market access (DMA) and superior order execution. In terms of commissions and spreads for a forex pair such as EUR/USD, Interactive Brokers stands among the most competitive brokers we have reviewed.

    FAQ

    The company is headquartered in Greenwich, Connecticut.
    We concluded that Interactive Brokers is a safe and trustworthy broker because multiple top-tier agencies regulate it. The company also has a very long operating history and is publicly traded.
    Interactive Brokers makes money from commissions, margin interest, spreads, and payment for order flow. How do I deposit funds in an Interactive Brokers account? Funds can be deposited by wire transfer, bank transfer (ACH), and check.
    The minimum deposit is $0.
    You can withdraw money via bank wire.
    Withdrawals are processed within 1 business day.
    The maximum leverage for CFD trading at the UK entity is 1:30.
    You can open an account by visiting interactivebrokers.co,uk.
    Clients of Interactive Brokers can use the web based client portal, Trader Workstation (TWS), the IBKR GlobalTrader app, and the IBKR mobile app.
    Withdrawals are free at Interactive Brokers.
    Interactive Brokers has good educational materials, a demo account and a user-friendly app which are all useful for beginners.
    Yes, Interactive Brokers offers a $1M paper trading account which allows one to use the full range of IB trading platforms in a simulated environment using real market conditions.
    Yes, Interactive Brokers is available to traders in the United Kingdom.
    Yes, Interactive Brokers is available to traders in Europe.
    There are no custodian, trading platform or monthly activity fees for clients except for Individual Savings Accounts.
    Yes, Interactive Brokers pays competitive interest rates on uninvested cash.
    Interactive Brokers and its predecessor companies have been in business since 1978.
    Yes, it is possible to log in to an Interactive Brokers account via TradingView and place live trades.

    See Interactive Brokers Full Information

    Headquarters CountryUnited States
    Foundation Year1977
    RegulationsCFTC (United States), IIROC (Canada), SEC US (United States)
    Publicly TradedNo
    Number Of Employees0-50
    Trading Desk TypeDMA
    Trading PlatformsProprietary
    Supported Languages
    English, French, German, Italian, Spanish
    Min Deposit$5
    Max Leverage1:78 (CFTC), 1:78 (IIROC), 1:78 (SEC US)
    Deposit OptionsACH, Wire Transfer
    Withdrawal OptionsACH, Wire Transfer
    Products
    Currencies, Stocks, ETFs, Indices, Commodities
    Demo AccountYes
    OCO OrdersNo
    Offers HedgingYes
    Automated TradingNo
    API TradingNo
    Guaranteed Stop LossNo
    Guaranteed Limit OrdersNo
    Guaranteed Fills / LiquidityNo
    Economic calendarNo
    Trading From ChartNo
    One-Click TradingNo
    Expert AdvisorNo
    Social TradingNo
    AutochartistNo
    Trading SignalsNo
    24 Hours SupportYes
    Support During WeekendsNo
    Live ChatNo
    Daily Market CommentaryNo
    News (Top-Tier Sources)No
    WebinarsNo
    Deposit FeeNo
    Withdrawal FeeNo
    Inactivity FeeNo

    About the Author

    Dan BlystoneBroker Analyst

    Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

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    At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

    Why you can trust FX Empire

    FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.