Interactive Brokers 2024 review

Interactive Brokers (IBKR) is a global giant in the brokerage industry, offering an unprecedented selection of assets from the world's exchanges. The platform provides a multitude of trading options with exceptional functionality and advanced research capabilities.

Convenient trading

The IBKR Global Trader application serves as an excellent starting point for trading stocks, ETFs, options and cryptocurrencies and is suitable even for beginners. At the same time, experienced traders can dive into the advanced features offered by Trader Workstation.

Pros and cons

While IBKR is characterized by its access to global markets and low commissions, drawbacks include long account opening times, complicated platforms for beginners, and potential delays in support response.

Access to global markets

Interactive Brokers has a rich history of providing access to global markets and offers some of the lowest commissions in the industry. Users can seamlessly trade stocks, options, fixed income instruments and futures around the world, and on both desktop and mobile platforms.

Commission structure and benefits

IBKR boasts low trading commissions and industry-leading margin rates. Notably, the platform pays interest on cash balances, as high as 4.83% in US dollars. For US clients who opt for the Lite plan, there are no trading fees for stocks and ETFs.

Account opening and currency options

Opening an account with IBKR is completely digital, with no minimum deposit requirements (except for margin accounts). However, the process is quite complex and account verification can take some time. The platform supports multiple currency accounts and offers one free withdrawal per month, but only via bank transfer.

Trading platforms

Interactive Brokers' web-based platform is user-friendly, but minor glitches can affect the overall impression. The IBKR GlobalTrader app provides a slightly smoother account opening process. Trader Workstation, a desktop platform, offers advanced customization and order execution capabilities, but is designed more for experienced traders.

Market Access and Research

IBKR provides access to a wide range of markets and asset classes, as well as extensive research capabilities. However, the user interface may present difficulties for some users.

Client Service and Educational Resources

Customer service at Interactive Brokers could be improved, as response times to inquiries vary. The platform offers extensive educational materials including videos, courses, webinars, a glossary, and a demo account.

Regulatory Compliance

The parent company of NASDAQ-listed Interactive Brokers is regulated by prominent bodies such as the SEC in the US and the FCA in the UK.

Bottom line

Interactive Brokers is one of the largest US brokers, characterized by minimal spreads and regulation by renowned global bodies. It is recommended for both experienced traders and ordinary investors who want to access a variety of stock markets. IBKR's strengths include low fees, wide access to markets and a variety of research tools.

If you are patient, value transparency and prioritize cost-effective trading, Interactive Brokers is a great choice.

Dwain Ross

Financial analyst, writer, news reporter and a certified professional journalist. He was born in Liverpool in 1980. Has a great experience of managing multi-million dollar budgets while giving examination and record uphold inside item advancement divisions. Experience making quarterly gatherings dependent on patterns and anticipated costs.

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