Interactive Brokers
Highlights
- Worldwide access
- Lowest costs
Description
Founded in 1978, Interactive Brokers is among the biggest US-based discount brokers. The broker is Considered safe as it has licenses from top-tier regulators, like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC). Additionally, The Interactive Brokers’ long track record, reputation, and publicly disclosed financials are great signs for its safety.
Highlights
- Worldwide access
- Lowest costs
- Premier Technology
Pros
- Wide range of products
- Safe and trustable
- Great research tools
Cons
- User Interface is average
- The inactivity fee is High
- Cannot open the account Instantly
Main Features
Country of Regulation: USA, UK, Canada, Japan, India, HongKong
Trading Fees: Low
Inactivity Fees: High
Minimum Deposit: $0
Products: Stocks, Options, Futures/ FOPs, Forex, Bonds, ETFs, Mutual Funds, EFPs, Hedge Funds, Robo Portfolios
Review
Fees
Interactive Brokers’ have one of the lowest fees in the market. The fees are competitive in all asset classes and transparent. Interactive brokers have trading fees, financing fees, and non-trading fees
A/C opening
The account opening process at Interactive brokers is fully digitalized and the minimum deposit is $0. All the accounts offered by IB’s falls into two major groups - accounts for investors & traders and accounts for institutions.
The online account opening has a 5 -step registration process and takes 2 business days for account verification.
Deposit & withdrawal
Interactive Brokers provides options of many account base currency and one free withdrawal per month, while subsequent withdrawals have a fee.
The interactive Broker deposits are free of charge but the deposit options are limited as a bank transfer is the only deposit option. However, IB’s have introduced direct debit card deposits but only for US residents. For the money withdrawal, you have to visit the interactive brokers’ online portal and check the ‘Transfer & pay’ and ‘Transfer Fund’ option. It usually takes 2 business days to withdraw money.
Trading Platform
The Interactive Broker’s trading platform is available on the web, mobile, and desktop. The trading platform is easy to use for beginners as well. It provides a safe login and security options
Research
Interactive Broker’s research quality is very good and has valuable data in their research. The platform provides news feed, In-depth reports, and real-time analysis.
Customer service
You can connect with the Interactive broker’s customer service through phone, email, IBot
Education
Interactive Brokers offers a wide range of quality educational materials and tools, including videos, courses, webinars, a glossary, and even a demo account.
Safety
The broker is Considered safe as it has licenses from top-tier regulators, like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).