Interactive Brokers

Interactive Brokers

 3.1/5 (34 ratings)
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About Interactive Brokers

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

Interactive Brokers is an online broker of investment trading, including mutual funds, bonds, ETFs and other investment products. The company offers two trading plans, the IBKR Lite, which includes $0 commissions on U.S. stocks and ETF trades, and IBKR Pro, which includes access to the company’s SmartRouting system for a fee. The company allows domestic and international trading on its online platform or mobile app.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
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  • 1 stars

Pros

  • Large investment selection
  • International trading available
  • Comprehensive mobile app

Cons

  • Unintuitive website
  • Some inactivity fees with IBKR Pro

Bottom Line

Interactive Brokers is a brokerage firm open to national and international investors alike. It's popular with advanced traders, but casual traders may enjoy the low commission rates of IBKR Lite.

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What is Interactive Brokers?

Interactive Brokers is a brokerage that provides low-cost, direct-access trades and clearing services to professional and institutional traders. The company connects to any electronic exchange worldwide, allowing you to trade equities, options and more at any time of day. Customers can also purchase fractional shares to buy only a portion of a company’s stock instead of its full-priced share.

Traders enjoy low to no commission rates and low margin rates. There are more than 8,300 funds with no transaction fees, and customers can earn income through the Stock Yield Enhancement Program by lending fully held shares to other traders.

How Interactive Brokers works

Interactive Brokers customers can make trades from their client portal for casual trades or use the Interactive Brokers’ Desktop Trader Workstation for advanced trading. The company’s mobile app is an on-the-go version of its Trader Workstation, sporting a slew of features like trading shortcuts, order presets and more.

Customers can choose from a wide selection of offerings, such as stocks, precious metals, warrants and more. Users also have access to many news services and research providers for free, including Fundamentals Explorer, as well as paid options.

The firm’s advanced trading platform has a host of asset classes and tools, including an Impact Dashboard that lets customers make trading decisions in tune with their personal values. It also offers real-time monitoring, watchlists, alerts and a customizable dashboard.

Interactive Brokers fees

Interactive Brokers boasts they have low trading costs and the lowest financing rates. Its IBKR Lite plan for retail clients has $0 commissions on U.S.-listed stock and ETF trades, no inactivity fees and no account minimums.

IBKR Pro for experienced investors and active traders has access to the company’s IB SmartRouting system, which the company claims allows for $0.47 per 100 shares of price improvement compared to the industry.

The company’s fixed pricing for shares under IBR Pro are $0.005 per share with a minimum order of $1.00 and a maximum 1% trade value. It includes exchange and most regulatory fees.

Its tiered pricing per share depends on the volume per month and ranges from $0.0035 for 300,000 or fewer shares to $0.0005 for greater than 100,000 shares. The minimum is $0.35 per trade, and exchange and regulatory fees aren’t included.

Interactive Brokers FAQ

What is Interactive Brokers’ margin rate?

Interactive Brokers uses a blended margin rate based on tiers, such as a Tier I rate for the first $100,000 of your balance and a Tier II rate for the next $900,000 when the total balance is $1 million. You can use its calculator to calculate the interest charged on margin loans.

Does Interactive Brokers charge options fees?

Yes, Interactive Brokers charges fixed and tiered commissions for its option fees. Fixed fees are $0.65 per contract plus surcharge, regulatory and other fees. Tiered fees range from $0.15 to $0.65 per U.S. option contract.

What is Interactive Brokers’ account minimum?

The IBKR Lite plan has no account minimums or inactivity fees. IBKR Pro also has no account minimum but charges account maintenance fees anywhere from $0 to $10, based on your activity for accounts with less than $100,000. However, traders 25 and younger are only charged a minimum monthly trade commission of $3.

Is Interactive Brokers good for beginners?

Interactive Brokers’ IBKR Pro is popular with experienced traders and may be challenging for new or less active traders to navigate. The IBKR Lite plan is better for beginners, but it can be challenging to find the information you need on the website.

Is Interactive Brokers safe?

Interactive Brokers has always been a great option for active traders. The recent introduction of its IBKR Lite plan now makes it a strong choice among casual traders as well. IBKR Lite customers have the advantage of $0 commission on stocks and EFTs and no account minimums or inactivity fees. But the firm’s website can be counterintuitive for inexperienced traders and may not provide enough educational resources or guidance to help beginners succeed. Either way, it's a trusted company and a solid option for many.

Interactive Brokers Reviews

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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Nov. 23, 2022

I have been trying to reach out to Interactive Brokers from their online platform for the past 3 weeks and there is absolutely no response. I have written to them 3 times but nobody responds. It's great platform when you have to trade but when you have a query there seem to be no employees at all. It looks like you sent the money to a Black Box and don't know what to do. Their policies are arbitrary. This platform is definitely avoidable.

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Rated with 1 star
Verified Reviewer
Original review: Nov. 18, 2022

They claim they paid my dividend to my account. But the statements they issue are so confusing there is no way to tell. There is no obvious way to determine if you have received dividends in your account. Do NOT use this company!!!!

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    Rated with 2 stars
    Verified Reviewer
    Original review: Nov. 16, 2022

    My business opened a Business Brokerage account with Interactive Brokers and ended up closing it within the first year. We don't have experience with their desktop app having preferred to work through their website, however I found the website to be an absolute maze to the point that I couldn't use it to submit trades, which is its primary function. When I attempted to call customer service I would always receive the same error message, that service in English was unavailable at this time. Needless to say this is a very perplexing error to receive for a US based company. I would not recommend this company for Investment Brokerage services, especially if you run a small business.

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    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: Oct. 24, 2022

    I got stopped out 185 pips on top of my stop loss for holding my trade over the weekend. They said it was due to low liquidity and they pride themselves to be tight in the spread with good liquidity. A check with the other 5 major FX brokers all does not have their prices even come close to my stop loss. BTW, this is not the first time I face a liquidity issue with IB.

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    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 20, 2022

    Placed a limit order for a credit spread on 3-11-2021 for 1.5 credit. It executed at a debit of 0.10. This time it was small loss but when it happened with bigger orders with thousands in loss, I had called customer service only to end up with absolutely rude person who won't let me complete my sentence and hung up. You would think he is having PMS. I would love to attach a picture here but don't see that option.

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    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 10, 2022

    Worst brokerage I've ever used. Closed my account within the first 3 weeks. The customer service is absolutely useless. TWS can be slow sometimes. Orders don't even fill as well as people claim. Stay away if you can or if you have other options.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 15, 2022

    I have to spend some time to write this review about IBKR platforms to save peoples' time who are looking for brokers. I have used this broker for a couple of years, its platform is just a piece of garbage, one bug follows another bug, never end, also the same bug keeps emerging. The error message "logged in without data" comes daily, which prevents you to put any orders. If you like to have headaches, try this platform, otherwise keep away as far as possible.

    7 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 7, 2022

    I've called several times over the course of several months and have been on the phone with them for over 30 minutes each session with no solution. I still cannot access my account. The last time I called I had to toggle between the app and website to try to fix my pw problem.?? This has gone on months. Still can't access my account.

    7 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 11, 2022

    Because of my net worth and annual income, the amounts are "greater than most people your age," I have waited almost 3 weeks for approval. - Two (2) days ago I got a message saying, "Your application has been received"? (After 3 weeks?) So I cancelled my application yesterday. Today I got a message that my application had been denied?? Then attempting to recover funds deposited with application, has been 2 hours of hoops, hurdles and talking to agents. When I finally got to my acct and asked for a withdrawal, I got the message "Because you have used your one free withdrawal for the month, you will be charged an ACH fee." My God, how do these people get/keep customers???

    --- As a wise man once said, "I came with the facts, told nothing but the truth and was called a 'liar.' Next time I will be better prepared." --- No "next time" IBKR. At almost 70 yrs of age, 20+ years trading, and income/net worth "higher than most people your age," I am regarded as an IBKR "reject?" In the end it has to be age discrimination. --- LOLOLOLOL

    6 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 26, 2022

    Contacted them 4 times to get tax documents because I can't get logged into my closed account which they keep telling me I should be able to do for the purpose of getting the tax documents. They keep telling me it's been sent and still nothing. Also before closing account it was extremely difficult to get my money that was there, it took over an hour on the phone and two different people to try and figure it out. They would NOT work with the new firm that was given permission to handle everything dealing with transfers. Oh and the reason for moving the money is they started charging a monthly fee.

    6 people found this review helpful
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    Interactive Brokers Company Information

    Company Name:
    Interactive Brokers
    Website:
    www.interactivebrokers.com