Interactive Brokers Review

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

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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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2.292 · 157 REVIEWS
Forex Peace Army

Let other traders know if this service is worth checking or should be avoided.

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Traders Reviews

New Jersey, USA,
Dec 14, 2011,

I switched from etrade to interactive broker. I have regreted the move and I am going back. Interface is complicated and just plain ugly. Customer service has limited hours and the people are not the friendliest. They can keep the discount which might not be so good after you consider all the data feeds you have to pay for.
  1 trader has found this review helpful
Montevideo, USA,
Dec 10, 2011,

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.
Vancouver, Canada,
Dec 7, 2011,

Interactive Brokers is the WORST broker for customer service. This morning they informed me that they will be taking money out of my account to pay for a non-working, 3 year old, security token that i finally threw out after a year of uselessly, sitting in my desk drawer. This to me is STEALING my money!!

About 3 years ago out of the blue, IB couriered a small plastic security device to me with a letter telling me i had to use the device and instructions on how to do so.

The device died about 1 1/2 years later and i phoned IB. The rep said no problem and couriered out a new device to me. I received the new device shortly and continued on with trading life.
Most recently the second device died and i phoned IB once again. This time i was asked to send the non-working device back and i did so and receive a new security measure shortly after. when i went to use the new system now a card, i was unable to access my account. This was when IB informed me that i needed to send back the device from 3 years prior, that i had just thrown out.

my issues with all this:

at NO time did IB ever communicate to me that the little piece of plastic had to be returned to them otherwise i would be charged, not in the accompanying letter or any email.
when the 2nd device was sent out to me, i did not know and was not required to send back the non-working device in order to have the new replacement and it was business as usual for another 1 1/2 years.

INTERACTIVE BROKERS has ALWAYS been so bad, but now they are also stealing my money!!!
  1 trader has found this review helpful
Texas, USA,
Nov 16, 2011,

I have an institutional account and really like this firm.
My old account was at GSEC and they were essentially high cost.
I would say on balance IB for my experience in the last few months service has been really good, costs are extremely low. They are also upfront about costs and don't screw you on the backend with payment for order flow, hidden fees ,etc.

The trading platform took me some time to figure out. But - i can now save a lot by buying at the big instead of the ask - a big difference over time. The trading algos are powerful. There is a learning curve here. I like the culture from the top down at IB. IT it honest and transparent as far as Wall street goes.

FYI - I have not problem ripping apart fraudulent firms with bad service. IB hasn't been like that at all.
joun sort,
Atlanta GA,
Sep 28, 2011,

Advantage- Commission is low
Drawback- Extremely Poor Customer Service. I can keep going and going on this one. But in short they have the worst customer service than any other brokerage firm
  1 trader has found this review helpful
A. Trader,
Aug 29, 2011,

I called them and said I was in Montreal and wanted to drop by their office. (Them: "Why do you want to do that?" Me: "Oh, I just want to look at your operation and make sure you're not a bucket shop." Them: [Embarrassed chuckle]") They went through all kinds of excuses ("it does not enhance our productivity if we just let people come in anytime they want", "we are not in the business of giving tours of our office"), they finally in the end categorically refused to give me their physical business address. Enough said!
Aug 4, 2011,

I have been using interactive brokers for several months and have had nothing but bad experiences with them. I switched from TDameritrade to try and save some money on commissions but this switch has cost me thousands of dollars in lost profit. First they have the most complicated application process that I have ever seen. The delays trying to set up my Roth IRA cost many thousands in lost trade profits. Their system goes down often. One weekend, I logged in to find my account had no postions and no money in it! After freaking out the whole weekend (IB customer service has very limited hours), the account was back to normal come Monday. The system crashed or had some kind of bug, but it cost me my sleep for two nights waiting to be able to talk to someone there.

The system is difficult to use. Expect several months of learning curve. It is difficult to figure out how much margin you have left to make trades. If you go over by $1, they will close out your position with no notice.

If you buy and sell options, do not modify orders, they will kill you with fees.

The straw that broke the camel's back for me is the trade that I entered overnight one night to buy 150 shares of AGQ at the market. I work overnights so I went to bed when I got home, checked my account at night before going in to work and expected to see a $1500 profit for that trade. Well, turns out the trade got cancelled by Interactive Brokers. I called customer service and they said it's because the offer price in pre-market was too high. Well, I didn't put my order in to buy in pre-market. I put it in it buy at market open. They didn't care and had no good explanation. The stock had gapped up at open the follwing day, so IB cost me $3000 in lost profit. If you can't count on your broker to fill market orders, then what good are they?

I would NOT open an account with this broker. Even using Ameritrade with their high commissions, I would have been much further ahead. Also, don't IB for IRA's because they charge a $7 dollar per quarter fee.
  1 trader has found this review helpful
Jul 7, 2011,

The customer service ranges from good to bad. It is mediocre on average. The prices are unbeatable, but even this will not prevent me from leaving if they do not learn to be more responsive to requests add new companies from emerging markets within the next few months.
May 18, 2011,

I've been using IB for 2 years now and I can only comment good things about them. I have no issue with money transfers or withdrawals. In fact, I find them to be very prompt and efficient in processing my withdrawal requests (ie, I received my money the next day or a day later upon submission of the withdrawal request). And there's no charge for the 1st withdrawal per month. Customer service wise, I find the support staff are quite helpful and knowledgeable. Most of my queries are answered in a prompt and professional manner.
Rome, Italy,
May 11, 2011,

Their report system is impressive but really complicate to use. Where to find a simply PnL list ? The security is too tight if you consider that the reports are documents not orders. Customer service is impersonal, rude and slow, very slow.
Commissions and fees are really good but IB charge data feeds on many exchanges, and charge many hidden fees, sometimes simply statement adjustments for currency ecc.ecc. Trading forex is not simple with IB and lot of patience is required. TWS in not a forex platform. Their internal servers often are down.
The very bad thing is to wire out. When you ask to withrawal a sort of alarm rings in their rooms, and they do every thing to delay. It really happened to me they keep as pending a wire istruction for two days and after the w/e they call to me simply for asking if I was sure to wire out. I decided to close the account. Nightmare.
IB is good for istitutional investors and money managers, as it covers all exchanges. Not for individual traders.

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.