Interactive Brokers Review

2.292 · 157 REVIEWS
Updated: Mar 29, 2021 · 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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2.292 · 157 REVIEWS
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Traders Reviews

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!!!!!!
 
bsd,
Canada,
Jun 1, 2007,
Guest

The worst on-line broker. Couldn't even make one single trade after opening an account with them for 6 months. But then you can't transfer on close the account. And you can't e-mail or talk to any of their staff. I am stuck.
 
Jim,
Texas,
Jan 9, 2009,
Guest

Their customer service is the horrible and their fills are even worse.

After trading for a week with IB, I experienced negative slippage on over 75% of my limit orders and almost 100% of my stops. This was in rather slow moving market conditions. After taking 3.5 pips of slippage on my breakeven+1 stop this morning, I called it quits.

These guys are a joke. Out of 30+ trades, I had positive slippage once and negative slippage every trade either on the limit fill, stop, or break even.

Not to mention they part out orders. Multiple times they parted out my 100k stop order into multiple small orders, charging me multiple commissions for each order. They cannot tell me there wasn't at least 100k at that price point to fill me if they are a true ECN and not just another bucket shop.

If I didn't use Ninja as a front end, I would never have opened an IB account. Their reputation is horrible.
 
Sam ,
United states, USA,
Apr 5, 2012,
Guest

First, the auto liquidation is a nightmare they did on my holdings couple of times.
Second, Very poor Customer Service, agree with Steve that they are very rude and unprofessional.
Third, their low commissions is a joke they have hidden fees, etc
After 2 months, couldn’t transfer out my foreign shares to another broker. I am stuck!!
BE CARFUL guys they are stealing money!!! STAY AWAY!!!

  1 trader has found this review helpful
Georgia, USA,
Jun 17, 2020,
Registered user

Service use: Live

Length of use: 0-3 Months

I started an application with Interactivebrokers.com, was told it was sent for review and waiting approval. Later I got a message saying I need to fund my account in order to be considered for approval. That sounded odd but I went ahead and linked my bank account. Even After linking My bank account never got access to my account. Just a page saying my account is waiting for review and approval and I should be patient since you are experiencing overload.

Yesterday $3000 was Transferred from my Bank account to interactive brokers. Sensed Reg Flags, since I did not transfer the money myself only linked my bank account.

I Tried logging into interactive brokers account that was waiting to be approved but now its says my application has been deleted. Tried logging from my desktop but my user account is not allowed for paper trading either. I don't even know what's worse looking all over to how I can contacting you or you stealing my money from my back account and blocking me from an account you haven't even approved.

In my opinion, it's okay if I am not approved but it is not okay for interactive brokers to take money from my account without my permission. Writing to request my money back before I report this as fraud.

You shouldn't take potential clients money if you have no intention of providing the service.

When I applied for an account I thought interactive brokers was a reputable company. Apparently, interactive brokers is a scam. I feel Scammed and taken advantage of. Seems like you tricking people to link their bank accounts, take their money without even them deciding if they really want to do business with you. You have the right to approve me and as a client I have the final right to decide if I want to do business with you by finally transferring my money into my account. I linked my bank and you went ahead and transferred $3000 of my money without my permission.

I never got even an email confirming my account had been approved yet you took my money from my account to which i cannot even access. That's wrong.

Need my money back or hear from someone about this issue. I wonder how many people I treated like this and people don't even know it. I have all the supporting documents and the bank account to prove what you are doing is wrong.

I have already been approved somewhere, they didn't take my money first. I applied, they approved me, I linked my account and transferred as much money as I wanted. What you, Interactive Brokers are doing is wrong.
  6 traders have found this review helpful
Fred Bradley,
Laredo, texas, USA,
Jan 15, 2016,
Guest

I used IB since it was marketed as an all in one Brokerage firm. However, I only used them for daytrading the futures markets. On the many occasions that I called customer support, I was on hold for an average time of 5 to 10 minutes. However, the worst scenario I have ever experienced happened when I saw that the platform had erroneously entered me into a trade on Brent Crude oil, a market that I did not even trade. I tried repeatedly to exit this trade, and guess what, the platform would not let me exit the trade no matter how hard I tried. During these futile attempts to exit the trade, I was on hold from IB support and finally, after 10 minutes, someone answered the phone. When I explained the issue, he said, you entered a short trade on Brent Crude, and I said, I do not even trade this market, how could that be possible. He manually exited the trade for me for a loss of over $600.00.

I filed a complaint against IB and it was like a circus in the making. Some manager got on the phone, tried to recite the facts as he had received them from someone else, and these facts were 100% incorrect. They attempted to put the blame on me, saying I had placed the trade myself and it had nothing to do with anything that IB did or did not do. It was like talking to a bunch of idiots who could not tell anyone which way was up or which way was down; I could tell it was a scam in the making and all the complaining I did was to no avail. I immediately closed my account and have told as many people as possible about their practices and I will say it again. If you are looking for an honest, reliable brokerage, go look somewhere else. These guys are looking for excuses to scam their clients and do it in a way that they feel the client has no recourse but arbitration. The worst, most obscene excuse for a brokerage firm I have ever had the occasion of dealing with. I say, AVOID THESE CHARLATANS AT ALL COST, OR YOUR TRADING ACCOUNT WILL SUFFER!
  1 trader has found this review helpful
J,
Montevideo, USA,
Dec 10, 2011,
Guest

I opened IB more than four years ago and started to trading option spread. Shortly after, I got an assignment on one of my short APPL put option, instead of exercise my long Appl put option, IB randomly liquidated my other holdings, after an hour or so that IB sold so many my other non related positions. My account lost 22% that day just by their liquidations!

My conclusion, they don't care their clients and customers at all. I made over hundreds of complaint calls and got almost no help and see no improvements. Worst services.

Beware: we might liquidate your in the money spread on expiration date. On Friday Dec9, 2011, they liquidated my VISA December week2 100-97.5 debit put spread at market price minutes before closing bell. V closed at 97.19, and I got less than $2.5 price plus paying IB the commissions.
 
Andreas,
London, U.K.,
Nov 14, 2010,
Guest

I was a big fan of IB, their sophisticated trading software and low commissions, until I had the following experience:

In order to benefit from the appreciation of the Chinese yuan, I opened RMB futures long positions on the CME Globex futures market during the course of Spring 2010, which I kept open for months. The yuan appreciated and my position values kept increasing. The Globex RMB market is very illiquid but open for trading 23 hours per day, so at certain times during the day it could happen that there was no bid and/or ask at all. One day when this happened, someone suddenly came in with a bid of 0.14000 USD for the September 2010 contract (at that time, the underlying exchange rate was about 0.14750). Now IB recomputes your positions values 24-7, in near real time, merely based on bid and ask spreads. There was an ask of 0.14787 on the market when the 0.14000 bid came in; therefore IB re-evaluated the position as 0.143935 (based on the mid-price). Despite of me having kept a margin of more than two times of what I was required, this crazy evaluation immediately brought me into margin violation. Within minutes IB started to auto-liquidate my positions at fire-sale prices. Within an hour, the market had become more liquid again, with realistic bids, and my margin was fine again. That day the yuan closed higher, and so did all the yuan futures, but I had lost thousands of dollars due to IB's auto-liquidation of my positions based on a single rogue bid. All this within one hour while I was asleep. I was actually lucky that things came back to normal so quickly, otherwise my whole portfolio might have been wiped out. Needless to say that I never received any compensation and just wasted my time dealing with their customer service in the aftermath of all this.

IB is the only broker that I'm aware of that autoliquidates within minutes (most brokers give you at least a day, and more importantly, calulate your margin based on closing prices). Most people know that, but what they don't know is that IB recomputes your portfolio value purely by taking the mid-point of bid and asks. If you trade illiquid futures, IB is a ticking bomb! There is simply no way one could be expected to provide for an excess liquidity that reflects the kind of intraday price movements reflected by their method of calculation, which is completely prone to manipulation by low bids.
 
matt correia,
Florida, USA,
Apr 6, 2012,
Guest

Avoid IB like the plague!!!!
Interactive brokers are idiots with options. I was holding a credit spread with a fixed loss and fixed margin that they force liquidated despite the fact that i had plently of excess liquidity and my margin was non fluctuating. They said i voilated their leverage threshold intra day and i posed danger to the firm. How is that possible when i was holding a fixed loss position that my account was able to cover the max loss??? idiots! im arbitrating against finra for my money back. They said anytime the gross position value to net liquidation value is above 50:1 they auto liquidate with little regard. They dont even disclose this anywhere on their forms. They would not turn off their auto liquidator either when i complained, i had to transfer the positions out of there to another broker before i was robbed of everything. End of story i lost 30% of my account value in 2 days to their wrecklessness.
  1 trader has found this review helpful
John,
New York, USA,
Feb 21, 2013,
Guest

Interactive brokers are scammers. Stay away from these shady brokers. They will deactivate your account login just to have you call their customer support number.

Instead, when you call them, they attempt to sell you add-ons these you don't even need. Horrible experience. Much rather work with a real broker instead of these scammers. Buyer be aware.
  1 trader has found this review helpful

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.