Interactive Brokers Review: Features, Pros, Cons, and More 2024!

Interactive Brokers Review: Features, Pros, Cons, and More 2024!

With such strong regulatory protection, traders will feel at ease while trading the markets with IBKR. The broker guarantees the complete safety of funds and even offers investor protection per the laws and regulations imposed by region-specific regulators. The company adopts interactive brokers forex review all the usual security protocols such as segregating clients’ funds, enrolling traders in investor compensation programs, and conducting routine third-party audits. Overall, IBKR is one of the safest brokers in the market for FX trading. As soon as we started working on this Interactive Brokers review, we realized that IBKR would not be our first choice if bonuses were our priority.

IB has a TrustPilot score of 3.8/5 from 2,420 reviews, which can still be considered a high score given the volume of trades they do each day. IBKR Mobile is available on Android mobile devices and iPhone/iPad devices to monitor and make foreign exchange trades while on the go. All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. The Traders’ Academy portal effectively covers broader financial market sectors, with lessons and accompanying videos that are organized by experience level.

Forex Fees

In all, there are over 11,000 mutual funds that both the local and international IB traders can trade and invest in. It should nonetheless be noted that 4200+ no-commission funds are only available to U.S residents. Additionally, only U.S residents get to invest in mutual funds traded in the countries exchanges. Once your account is approved and funded, you will receive access to IBKR’s trading platforms, such as the IBKR WebTrader, IBKR Mobile, or IBKR Trader Workstation (TWS). Finally, we are also committed to helping traders develop their skills and knowledge in the trading arena. Our range of education resources is large, including how to read forex charts for beginners, and how to create and manage a forex trading strategy.

Interactive Brokers is a reliable firm and extremely safe when it comes to depositing your money. Yes, IBKR offers short video tutorials covering various trading topics, allowing for quick and easy learning. Bank transfers typically take longer than other withdrawal options. Review and accept the terms, conditions, and any applicable agreements, such as the margin agreement if you plan to trade on margin. IBKR uses advanced security protocols and complies with industry standards to ensure the protection of sensitive client information.

Range of investments

IBKR’s WebTrader platform provides traders with a simple yet effective alternative to the desktop and mobile platforms. It is browser-based and does not require any software installation, making it ideal for traders who prefer a lightweight option. The platform employs two-factor authentication (2FA) to protect your account. It requires your password and a secondary authentication method, like a code sent to your mobile device, to access your account.

• IBKR provides daily webinars in collaboration with industry experts.
• Interactive Brokers offers an industry-leading range of over 2 million instruments across different markets, including 8,000+ CFDs on forex, stocks, commodities, and indices.
• This around-the-clock support ensures that traders in all time zones have access to help whenever they need it.
• Interactive Brokers has achieved an average rating of 2.4 out of 5 on Forex Peace Army (FPA).
• While it is possible to learn over time, most users agree that these tools are best suited for more experienced traders.
• The team further found the diversity of these markets and the trade items quite interesting.

Meet the Experts Behind Our Unbiased Reviews

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. 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. The table below shows an example of Interactive Brokers’ swap fees. Swaps represent the fees charged (or credit earned) for holding a position overnight. Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004.

Interactive Brokers also offers multilingual customer support, making it easier for non-English-speaking clients to get assistance in their preferred language. IBKR provides 24/7 customer service, with representatives available via phone, email, and live chat. This around-the-clock support ensures that traders in all time zones have access to help whenever they need it. Interactive Brokers also caters to algorithmic traders by providing quantitative trading tools. With IBKR’s powerful programming capabilities, traders can develop custom strategies using programming languages like Python and IBKR’s proprietary API. The ability to automate trading strategies is essential for many traders who require faster execution and precision.

• In your client portal, you can set alerts and notifications through the built-in chat if you want to get information about your trades.
• It is a publicly traded company listed on the Nasdaq with a market cap of 50B USD.
• Interactive Brokers offers an array of trading platforms, tailored to meet the needs of a diverse group of traders, ranging from beginners to seasoned professionals.
• Crypto is the reigning buzz when it comes to trading, and there are different ways you can trade the top traded currencies.
• Yes, based on your detected country of US, you can open an account with this broker.

Deposit and Withdrawals:

IBKR Pro is designed for more active and experienced traders, providing tiered and fixed pricing options so users can select a pricing model that suits their trading volume and preferences. The Desktop platform is by far one of the most complex platforms we have reviewed at BrokerChoices. Compared to the client and mobile platform, it is more difficult to use. It is only advisable to use if you are an advanced and experienced trader.

Interactive Brokers has no minimum deposit requirements across both trading accounts. Forex trading is available globally to IBKR clients – except in the U.S., where it is only available to institutional clients. I was pleased to see more forex-related research added in IBKR Desktop, along with the addition of Acuity and Trading Central into the web platform. ForexBrokers.com has been reviewing online forex brokers for over eight years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research.

After carefully examining the reviews, we found that most of them are genuine, provided by real users sharing their real-life trading experiences. Though Interactive Brokers is a highly trusted and regulated forex and CFD broker, it has its strengths and weaknesses. In this review, we will take an in-depth look at Interactive Brokers, exploring its features, pros, cons, and more.

Unfortunately, I did have to manually calculate the forward P/E ratio but this is a problem every brokerage firm seems to have. Interactive Brokers provides a comprehensive suite of research tools, with tools useful to both casual investors and seasoned traders. For everyday investors, the Fundamentals Explorer within the Client Portal is a fantastic resource, while professionals will feel right at home with Trader Workstation (TWS) or IBKR Desktop.