Interactive Brokers Review

2.344 · 152 REVIEWS
Updated: Oct 27, 2020 ·  · Is this your company?

InteractiveBrokers is a stock broker. Interactive Brokers offers TWS web and mobile trading platform. offers stocks, futures, options, ETFs, forex, CDs, bonds etc. for your personal investment and trading options.

Interactive Brokers

Other websites of this company include

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+)
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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2.344 · 152 REVIEWS
Forex Peace Army

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Traders Reviews

London, United Kingdom,
Mar 9, 2013,

IB is not only the worst broker but one of the worst companies I have ever had the misfortune to deal with.

I transferred money in to fund a CTA account. The day of the transfer they upped their min account size for CTAs thus stopping me from trading. Nice of them to warn me or the CTA himself.
No amount of reasoning from him (even though he brings lots of custom) would change their mind.
I therefore decided to transfer the money out to another broker.

It has taken me months and months to get the money (still haven't got it out).
The transfer was refused as they took 1/10th a cent out of my account saying it was an interest adjustment (I earned no interest on this account, nor should I have been charged anything - no positions were opened or closed).
I assume it was a rounding error in one of their systems.

So after weeks of trying to transfer the money, I transfered 1 cent less.
The transfer goes out but then gets lost as they didn't enter the correct account number.
The receiving bank returns the payment but IB can't locate it.

This is still ongoing.
No one seems to care and my complaints don't get answered.

They send vague messages on their internal message system, which is as bad as the rest of their site.
It's also a complete pain in the a** to login as they have a complicated security process that seems to expire and get confused etc. meaning I have a tough time logging in sometimes.

Overall a horrible experience and I'm yet to get my money back or be offered any apology or compensation.

Avoid like the plague.
  1 trader has found this review helpful
Alberta, Canada,
Nov 12, 2013,

Haven't got an account from IB, but decided to give it up after reading so many bad reviews and plus my bad experience in opening account with them.
I handed in my first application online two week ago, I've uploaded my bank statement, Canadian driver license whatever they asked.
Got first rejection saying that I have to upload my Canadian SIN card photo copy since I'm currently living in Canada.
OK, I uploaded my SIN card and received the 2nd rejection, saying since I had a Canadian SIN then I need to reopen a new application and fill in "Canada" in residence field.
So I opened a new application and attached the same bank statement I've using in previous application, got 3rd rejection saying that my bank statement is out of date, actually the bank statement was from last month and I guess they didn't even open it for review.
So I replied them that the bank statement was the latest one and tried to upload it again.
Now, I've got my 4th rejection saying that they want a debit card statement not the credit card statement!
Don't even bother to apply again, after reading so many interesting reviews, absolutely disappointing.
  1 trader has found this review helpful
Jun 11, 2006,

Their staffs just did not have the patience to answer my questions regarding the works of their platform. I decided to withdraw the fund and cancel my account.
Miami, USA,
Apr 29, 2020,
Registered user


Service use: Live

Length of use: over 1 Year

Im been trying to get my money back and close my account with IB and has passed more than a month and still I cant get to withdraw my money, they keep putting my account under review, I have called many times, talking to random Indian people that hardly you can understand what they say and you will never get a helpful answer, they will never connect you with a supervisor or manager, an they say they will call you back, and they DONT. Only option I have now is to file a FINRA complaint to report them.
here is the link if someone need it.;jsessionid=FE33BC89DF13D6BF821D4115398388A3?requestInstanceId=4591699

I hope this is helpful to anyone with IB issues out there.
stay safe.
  2 traders have found this review helpful
Pip Hunter,
United States,
Jan 4, 2008,

I opened an account with them. They asked me to fund it. I funded it with 10000 dollars. I was given an account login and password. Then when I tried to login I was unable to do so. I called them and asked them. They told me that my account was not approved yet and it will take a couple of days for it to be approved and then I can login. I waited for two days but no change.

I called back and asked about it. The CSR told me that my account was not approved and my account application has been rejected. I asked an anybody give me any reason, why my account was not approved. They had no answer. Then I asked why I was asked to fund the account if it was not approved. They had no answer. They sent me an email that I should apply later when my situation changed. I called back and asked WHAT SITUATION. How would I know what has to change to get my account approved. They had no answer. Finally I asked then to refund my money. It took me 2 weeks and a dozen calls to accomplish that.

I would RATE THEN SCAM. on the basis of my personal experience.
Angelos Sideris,
Phoenix Arizona USA,
Apr 30, 2009,

Angelos Sideris
2453 E. Oregon Av. Email
Phoenix Arizona 85016 Telephone 602-283-5754

April 22, 2009

SEC Complaint Center
100 F Street NE,
Washington, D.C. 20549-0213 Fax 703-813-6965

RE: Interactive Brokers


I have had accounts with them for the last five years. Here are some of the things they used to extract moneys out of my Accounts:

Problems with buy and sell orders.

Manipulation of Security price or Volume

I would place a limit order to buy or sell a Security (stock) or a For ex pair. The order would be executed at a price which would be much lower or higher than the bid or the ask at that time, always to my disadvantage This happened hundreds of times. This is not an exaggeration, some times I would do thirty trades per day. The cost of this would be several thousands of dollars over the five year period.

I complained to the Company hundreds of times to no avail. They are great at coming up with reasons and excuses.

Other times a Security I was trading would be delisted from a major exchange to pink sheets. IB a couple of years ago did not support PINK Sheet orders (on line). I would call and place a limit order for closing out a position for a Security that was trading with a gap of $3.00 or more, the volume was low. IB would place the order as a Market order instead. This of course would cost me several hundreds or thousands of Dollars depending on the case.

Again here they offered no help or remuneration.

Similar things happened with Forex Orders. Trading EURO/USD pair I would place an limit order ONLY TO HAVE THE ORDER EXECUTED SEVERAL PIPS below or above the limit order. When I complained I was told basically tough luck. I think they are pocketing the difference.

Fee misrepresentation

IB misrepresents their Fees.

When I started with IB, there was supposed to be interest paid on cash deposited with them (inactive) They paid money market rates for a while and then they quit. They say they are not paying any interest now. I received no notification of policy change. Moneys lost in nonpayment of interest amounts to a few thousand dollars.

There was supposed to be no maintenance or inactivity fees, well this was changed again without notice. This also amounts to several hundred dollars.

They made it mandatory that you get a security device from them in order to access your account with more security, which was fine, however when I tried to close out one of my accounts that the security device was attached to, I found out that there was a fee attached to the account $40.00 to $120.00. Of course nothing of the kind was mentioned before I signed up for the device, besides the Device issue was never part of the original Agreement when the account was opened.

Here is what I was told that unless you sign up for the Device we are not going to be responsible for the funds deposited in your Account. BLACKMAIL?

Here I am trying to close out the account and trying to take the $$$ out and they will not let me. I called spoke to several people spent a few hours again on the phone and finally I was instructed to mail back the security device and the fee would be waved. I transferred all the funds to the other account except for $40.00 that I could not take out until the security device was returned. I returned the security device. Two weeks passed from the date the device was mailed back and tried to access the account again, take the $40.00 out and close it. To my surprise there was only $10.60 left in the Account.

I called again and spoke to Mark in the Funds and Banking. When I inquired about the shortage of the Funds he said that there were more FEES that absorbed the Money. I explained that I was trying to close out the Account and I had not been able to because of the Device and I was told that after the Device was returned I would have access to the Balance of the Moneyes. He said there were Fees and I should be looking at my Account Statement. ARE THEY THHIEVES OR ARE THEY THIEVES?


I was short a stock which was being purchased by a different private Company for a set price per share. The price of the Stock was very close to the purchase price offer when I sorted it. I was pretty confident that it would not increase above the price by much but if something happened to the deal and the stock price dropped I would make some money. Nothing happened. The price stayed the same so I was not loosing any money. I had done my research and once the deal was consummated my position should be closed out. To my surprise when the deal was consummated IB deducted from account the entire amount of the premium, for instance if I was short 500 shares at $10.00 per share the premium would have been $5,000.00. That was the amount IB deducted from my account. I spend several days on the phoene with them. They were telling me that I was crazy, did not understand how this worked and all kinds of other reasons why the entire premium should be deducted from account as a (divident), that is what they called it. They will do anything to steal your money. Finally they must of decided that I was not going to give up on this and they put the money back in my account. IS THIS WHAT A LICENSE BROKER SUPPOSED TO DO? Trying to DEFRAUD THEIR CLENT EVERY CHANCE THEY GET?

I still have an account with them. I am hoping that there will be an investigation and that I will be able to provide some help while I still have an account there.

The above is only a small part of the thing they have done trying to fraudulently STEAL MONEY from my Accounts.
alabama, USA,
Feb 4, 2020,

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
May 2, 2007,

Terrible customer service. Lots of condescension and sarcasm, and NO SERVICE.
, Germany,
Apr 14, 2012,

I traded Forex and Futures with them. I made over 100 trades per day and traded over 100 Lots per day in the major forex pairs. I can say they trade against you. They notice your actions. On other broker the same system and parameters made gains but not when at IB. It is a bit strange, but they adapt the prices in a certain way that my systems do not work. Other problem with IB is liquidity. For the most major pairs you have only 1 MM per side. Ok, on EURUSD you can trade up to 5 or 10 MM. But this is not much when you see their spreads. Trading 10 lots on EURUSD at the same time is not much, if you have some strategies with autotrading. Other brokers have up to 50 MM per side on EURUSD. Well, but only Reuters Dealing or within a bank you have access to liquidity. But IB says we are the biggest and best and so on. If you test it in reality it is not so good. Sometimes I have watched the executions within seconds. I have seen that before the trade price was given the bid or ask side changed one tick against me. Always against me, time, size etc. does not matter. After some weeks it did disappear. After first week everything was ok. But after that nothing worked when I compare it to other brokers. Try some of the swiss brokers for Forex. I have seen some good ones but I did not trade it with multiple 100 lots per day, I must say. If you have the money try Reuters or do it within a bank. DBFX does not exist anymore. So there are only Citi and UBS as global players in Forex trading. Anything else is only a game or bet against the broker. I had a very good opinion for IB before I made lots of trades. My experiences 10 years ago were excellent in futures trading. And yes, IB is only white label.
las palmas, Spain,
Aug 28, 2020,
Registered user

Worst customer service ever

Service use: Live

Length of use: 0-3 Months

I opened an IBKR account about a month ago and it really has been a nightmare of burocracy filling so much documentation. After I started trading many operatives have even been denied because they make it very cumbersome and difficult to know exactly what permissions are configured and which not. After you fill for permission to operate let us say futures or options it takes days to clear and in the meanwhile they never put you up to date.
The support section has a place where I have filled several tickets which have never get answered.
It has a chat section where they put you in hold for hours waiting for a support representative.
I had the patience to wait three days ago for help using the chat but the person who attended me told me to search in their web for answers. I really could not believe it.
I have worked with several brokers and this is by far the worst experience in customer care.

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.