Interactive Brokers Review

2.422 • 159 REVIEWS
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Updated: Sep 23, 2022
InteractiveBrokers.com Is this your company?
InteractiveBrokers is a stock broker and forex broker. Interactive Brokers offers TWS web and mobile trading platform. InteractiveBrokers.com offers stocks, futures, options, ETFs, forex, CDs, bonds etc. for your personal investment and trading options.

Other websites of this company include www.interactivebrokers.co.uk

2.422 • 159 REVIEWS

Traders Reviews

G
Sofia, Bulgaria,
Dec 13, 2021,
Registered user

Best retail broker, but...TWS needs to go

Service use: Live Length of use: over 1 Year
So in my opinion without any shadow of a doubt Interactive are the most reliable broker in the world for a retail trader. I would give it a 5 star review, but TWS software is so bad that I can't do that. Even entering a trade is a pain in the ***. You are more or less stuck to either purely investing or if you try to trade things like FX you need to use 3rd party software.

The only thing they need is a platform like Saxo's new web trader and we would have an ideal broker. To be fair, the software is so bad that I even moved back to Saxo after leaving them for IB despite the insane pricing of Saxo.
1 trader has found this review helpful
I
IB review
Switzerland, Switzerland,
May 17, 2021,
Guest

No understanding for any bad comments / IB bashing

Service use: Live Length of use: over 1 Year
I am shocked about these bad reviews? For me personally that has nothing to do with reality sorry. I have known IB for many years, the trading possibilities, the speed and reliability of the order execution and thus also the low slippage, what I believe to be the absolutely lowest fee structure on the market and the security of customer funds, both due to the deposit insurance offered and the financial potency of IB makes IB appear unrivaled on the market. In every broker comparison, IB should be clearly in first place from my point of view. Oh yes, and its founder Thomas Peterffy is also still very entertaining and personable on CNBC and he shows the CNBC moderators who is the boss in the ring ...; - )
2 traders have found this review helpful
O
Turkey, Turkey,
Mar 27, 2021,
Registered user

Teribble, unethical,scam

Service use: Live Length of use: 6-12 Months
they have an absurd system. They have a system called two-factor authentication and you can never log in to the system even from websites that are not working. They want your personal information and I can still not login to the system. I am calling customer service, I cannot reach for half an hour I cannot contact customer service via e-mail. I have open positions and cannot intervene. If my shares cause me serious harm. What's the name of this is not a fraud. Scam.

Mar 26, 2021 - 1 Star You have a very silly site and platform. You have a silly system called two factor authentication and it doesn't work on android systems. I want to cancel it does not cancel. customer service is zero. I cannot reach as a customer. You are giving the phone number, cannot be reached. Cannot be reached by email. All I want you to do is to log back into the system, but I can never log in. I have open positions, I cannot intervene. You try to portray yourself as a top-notch institution aimed at professional users, but you are a confused institution and you have nothing but an absurd system that confuses customers
1 trader has found this review helpful
B
USA, USA,
Mar 24, 2021,
Registered user

The worst broker ever! Ever!

Service use: Live
Never experience such terrible experience for this broker, literally no customer service, every time wait for 2 hours and nobody pick up the phone, and there is no live chat at all, the app sucks the most. And most importantly, do not deposit any money or security into this broker, they are robbery and use every reason to reject your transfer and dont give you any explaination. The worst worst worst broker ever!!!!!!
C
Chris
San Francisco, USA,
Feb 9, 2021,
Guest

HORRIBLE PLATFORM

Service use: Live Length of use: 0-3 Months
I moved to IBKR from Robinhood because RH lacked a standard feature to view daily realized gains.

Upon moving to IBKR, I immediately was stuck by how unfriendly the UI is. My watchlist view customizations wouldn't save, watchlist wouldn't sync across multiple platforms (desktop, to mobile) without taking extra steps to 'download' them. IBKR nickel and dimes you for data streaming, viewing real-time quotes, a basic free necessity on other platforms. At least 50% of the time, my portfolio data doesn't load and I have to refresh multiple times. Another annoying thing is you can only be logged into your account from one location.

Beware - if you use IBKR the account transfer from your old brokerage firm will be on hold for 30days. Something they didn't tell me after 3 rejected outbound account transfers. It takes 1,5 hours to get a hold of someone and even the reps are uninformed of their own polices. Avoid IBKR, you've been warned...
1 trader has found this review helpful
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Frequently Asked Questions

What is the minimum deposit for Interactive Brokers?

There is no minimum deposit required by InteractiveBrokers for both IBRK LITE and IBRK PRO.

How much does Interactive Brokers charge per trade?

InteractiveBrokers charges a tiered commission based on the combined Monthly Trade Value of Spot Forex trades.

Monthly Trade Value: USD<= 1,000,000,000
Commissions: 0.20 *0.0001 * Trade Value
Minimum per order: USD 0.20

Monthly Trade Value: USD 1,000,000,001 - 2,000,000,000
Commissions: 0.15 *0.0001 * Trade Value
Minimum per order: USD 0.15

Monthly Trade Value: USD 2,000,000,001 - 5,000,000,000
Commissions: 0.10 *0.0001 * Trade Value
Minimum per order: USD 0.125

Monthly Trade Value: USD > 5,000,000,000
Commissions: 0.08 *0.0001 * Trade Value
Minimum per order: USD 0.10

Does Interactive Brokers charge a dormant account fee (inactivity fee)?

Whether Interactive Brokers charges a monthly inactivity fee or not depends on the account type.

  • IBKR Pro Accounts:

IBKR Pro accounts are subject to a monthly activity fee of USD 10 (USD 20 if the account balance is USD 2,000 or below).
If any fee, withdrawal, transfer or adverse market move reduces the account balance to USD 0, the account will be automatically closed.

  • IBKR Lite Accounts:

IBKR Lite accounts, however, are not subject to a monthly minimum activity fee.

What is IBKR Lite in Interactive Brokers?

IBKR Lite is an IBKR pricing plan that boasts below features.
  • Unlimited, commission-free trading in US listed stock and ETFs
  • Access to global markets
  • Trading via Client Portal, IBKR Mobile and Trader Workstation (TWS)
  • No account minimums and no inactivity fees.

Who is eligible for Interactive Brokers' IBKR Lite?

The IBKR Lite is offered with some restrictions. See the explanations below.
  • To direct US clients
  • Any client of an Introducing Broker (not omnibus brokers)
  • Direct accounts have to be natural person (i.e. cannot be Legal Entity, Org, etc.).
  • For standalone trust accounts, all trustees/beneficiaries on the account must be natural persons.
  • For trust accounts that are under an advisor, the trustees/beneficiaries may be legal entities.