Interactive Brokers Review

2.302 · 154 REVIEWS
Updated: Nov 20, 2020 · InteractiveBrokers.com  · Is this your company?

InteractiveBrokers is a stock 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.

Interactive Brokers

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

Broker Details

Minimum Trade Size: 0.25
Maximum Leverage: 40:1
Minimum to Open Live: $25,000
Established: 1978
Address: One Pickwick Plaza, Greenwich, CT 06830, United States
Contact: Unknown
Regional offices:
Regulators: ASIC #AFSL: 453554, IIROC #, SFC #, SEBI #INZ000217730, CSSF #, FCA #208159, FINRA #, SEC #
Prohibited countries: Unknown
Trading platforms: TWS
Web Trading: Unknown
Mobile Trading: Unknown
Currencies: (20+)
Cryptocurrencies:
CFD: (4890+) Gold, Silver, Stocks, Stock Indexes, Bonds, Oil, Other Commodities
Deposit Methods: Bank Wire, ACH (Automated Clearing House), BPAY, Check, Direct Debit, Local Bank Deposits, Transfer from Existing Broker
Withdrawal Methods: Bank Wire, ACH (Automated Clearing House), BACS (Bankers' Automated Clearing Services), Check, Direct Debit, EFT (Electronic Funds Transfer), GIRO (General Interbank Recurring Order), SEPA (Single Euro Payments Area)

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2.302 · 154 REVIEWS
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Traders Reviews

Ali,
Sydney, Australia,
Feb 6, 2020,
Guest

AVOID INTERACTIVE BROKERS! See my points listed. Poor, frustrating broker!

Service use: Live

Length of use: over 1 Year

WORST WORST WORST broker/system/platform. Do not use Interactive Brokers if you can avoid it/don't have to! Maybe its cool if you really need all their products or different if you have have boatloads of money and maybe they actually look after you - but if you're a smaller investor then essentially they tell you to SUCK IT and deal with their nonsense. (I had about AUD40k securities with them at one point plus a bunch of cash cos of their stupid rules and it was STILL AWFUL).
So you can just trust me or read my highlights [lowlights] of all the terrible parts that make up the whole of the mess that is IB.

NB: I only needed to trade Australian and US equities (wanted to do bonds but never got around to it), and manage my cash. I was required to use them because of compliance requirements at my previous firm, but I have finally been able to escape the hell-hole that is IB due to a change of firm.

1. Their systems (both on app and web platform) are horrendous - security is so tight (cool sure, to a certain degree, but it's really overdone!!!) you have to log in multiple times, use a phone token etc etc and half the time it just logs you out anyway or crashes. Functionality goes down often, its not intuitive, things are really hard to find, its slow.

2. Sure they have a low cost-per-trade and other low fees/costs and you can trade bonds or whatever, but you pay for it in other ways. If you have less than AUD20k just sitting in your cash acct and aren't trading actively (also your money is not earning interest because why would IB ever actually do anything to help you), they charge you a monthly fee - at my current savings acct interest rate which is one of the best, if not the best rate in the market, it would take me nearly 4 months just to earn back the monthly fee I pay. If you withdraw cash more than once a month, boom you get a charge. Even when I was finally able to escape from them, BOOM AUD55 charge just so my new broker could do all the work processing the transfer, and IB sit back and collect AUD55. Then they mysteriously take another AUD16 out my account for no reason, before I can shut down my account. Even depositing money in is a two-step, slow, archiac nightmare.
They even once liquidated a portion of one of my share positions because my cash funds were running low (I didn't realise at this time THEY CHARGED YOU JUST FOR THE PRIVILEGE OF KEEPING YOUR CASH WITH THEM), which then got me in trouble with compliance because I didn't have pre-approval to sell the share - IB just went ahead and made the decision for me anyway and I got a trade confo after the fact!

3. Getting any sort of help from them is incredibly frustrating. Calling in - you are on hold for ages and the people are pretty much all useless and never do what you ask anyway, or you get transferred to someone else and they still can't help. If you chat with them online you get generic 'computer says no' answers or you get told to raise a web ticket, where you get another 'computer says no' answer and nothing really ever gets resolved properly (maybe half the time, in a semi-efficient manner?). Then when you finally get a response on a web ticket, they don't email you, oh no, nothing every gets sent right to your email, you have to log back into their rubbish app or platform and go to the stupid message inbox, by which time (most of the time) the system either breaks or you have to do YET ANOTHER LOG IN ! Wow.

I could go on but I think you get the picture. AVOID AVOID AVOID IB! Try someone else first. Or try IB first, waste your time and money, and then move to another broker :)

It will save you your sanity!
  3 traders have found this review helpful
ed,
alabama, USA,
Feb 4, 2020,
Guest

can't get them to wire my funds back to my bank account

Service use: Live

Length of use: 6-12 Months

I've been trying to get my money back been over 10 days decided to call and they told me I needed a photo ID. I believe they required this when I set my account up. Had I not called I would never had known. Plain and simple they suck stay away. If they had zero stars I would have given it to them
  2 traders have found this review helpful
Budapest, Hungary,
Jan 27, 2020,
Registered user

Worst customer service ever.

Service use: Live

Length of use: over 1 Year

Good commissions, average trade platform, but chaotic margin handling and extremely poor and bad customer service. Bay far the worst CS. Inexpert and bounder. Rarely receive specific answer to my questions, usually 1 sentence or a copy+paste bullpoo. Getting fed up with them.
  1 trader has found this review helpful
Cole James,
Florida, USA,
Aug 22, 2019,
Guest

UNETHICAL FEES, DO NOT USE THEM

Service use: Live

Length of use: over 1 Year

IF I can convince just 1 person to stay away then it will hopefully prevent another person from getting charged $1000 over the course of 3 years draining my account to $0 with fees. Screw these guys.
  3 traders have found this review helpful
John,
USA,
Mar 6, 2019,
Guest

Worst Broker Ever?

Honestly I thought Etrade and TD Ameritrade had problems, but Interactive Brokers made me feel lucky to be customers of these other two brokers. I can't believe IB is even allowed to advertise itself as a broker it's that horrible. Half the time the website doesn't work, the mobile application usually works but it's so crowded and convoluted I find it impossible to actually use for trading, and the desktop application looks like it was created in the 1980s and is almost unusable. Most of the time I have to login multiple times to the website just to successfully load my account details. They have this ridiculous "two factor auth" app that you must download to your phone just to be able to login to your account, instead of doing something smart like just using google authenticator.

Maybe if they had focused on creating one single useful platform like a website OR an app, OR a desktop application they would have succeeded at one instead of royally screwing up all three. And "low cost" isn't an excuse - Robinhood works just fine and they don't chart any trading fees.

The only reason someone might want to use IB is if they desperately need to be able to trade stocks on foreign exchanges. I can't imagine any other reason to put yourself through the horror of it.
  4 traders have found this review helpful
Ken Serra,
Sacramento, USA,
Feb 1, 2019,
Guest

Do not do business with Interactive Brokers

The following are my opinions and experiences with Interactive Brokers. They took my money in a fiduciary relationship and converted it , defrauded my account, failed to disclose all fees. gouged my account and in the end half of my funds had become I.A.s, the stock losses and transfer fees were about 5% of the losses. Hopefully there company will be arrested for these frauds. I am experienced investor and have never been financially violated by a Gatekeeper of my funds before.
  2 traders have found this review helpful
John C,
Phoenix, USA,
Nov 6, 2018,
Guest

CRAZY HIDDEN FEES!

AVOID AT ALL COST!!! So much hidden fees! Don't let their low commission trades full you, they will make it all up with hidden fees. My Roth IRA has been charged with crazy amount of fees. Trying them out was the worst thing I ever did.
  3 traders have found this review helpful
Fred,
USA,
Nov 6, 2018,
Guest

Stay away...difficult to get a domestic wire out.

Deposits are easy...no so with withdrawals/wires. I followed their directions to a tee and they still refused/declined it.
  3 traders have found this review helpful
Toronto, Canada,
Oct 11, 2018,
Registered user

For sure they rob your money. They Rob small retail traders and help the big sharks to profit.

I lost all my hard earned money.
They developed an AI algorithm which tracks the small retail traders finds out their stop loss zone or their preset to hit the stop loss.

The moment you get stopped out, you can see level At level 2 and Tape the price will fly.

My expensive lesson learned: don’t get attracted by low commissions. This people are really high tech robbers.
 
Sam,
A, Canada,
May 9, 2018,
Guest

They will rob your money. Stay away from Interactive Brokers,

1- They move the market against you for an unknown spread.
2- Quotes are always delayed even if you subscribe to real-time market data. If you complain, they tell you bla. bla. bla. Instrument price is always 15 to 20 cents higher or lower than market price so they can move the spread against you.
3- Wherever your stop is placed, they go get it then the price goes back to the real market price.
4- They will charge accrued interests on forex trades for positions you have closed already.
5- The high and low of day / hr is always different from market by 15 or 20 cents.
6- Their Mosaic trading platform glitches and freeze.
7- Extremely poor customer service. Their representatives are well trained to give you no clear answer and put your call on hold for as long as you hang up.

Overall they will rob you out. You'll never make money with interactive brokers.
 

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.