Rating Index

Pros

Established in 2018 with regulatory oversight from ASIC, providing a level of safety for traders.

Offers online customer service support in multiple languages, enhancing accessibility for users.

No minimum deposit requirement, allowing traders to start with any amount.

Cons

Low overall rating of 3.39 on WikiFX, indicating potential concerns about reliability.

Long waiting times for customer service responses, which can be frustrating for users needing immediate assistance.

Limited trading options, including the lack of support for cryptocurrency and automated trading (EA trading).

ASX broker Accounts

Interactive Brokers Account Type

Interactive Brokers offers several types of accounts tailored to different trading needs. The main account types include:

Standard Brokerage Account: This is the most common account type, allowing investors to trade stocks, options, ETFs, and more. It is suitable for both casual and active traders.
Margin Account: This account allows investors to borrow funds from the broker to trade, enabling more advanced trading strategies, such as short selling. Interest on borrowed funds applies.
Retirement Accounts: Interactive Brokers offers accounts that cater to retirement savings, allowing for tax-advantaged investing options.
Institutional Accounts: These accounts are designed for larger organizations and institutions, offering tailored services and pricing.

Each account type comes with specific features, such as access to various markets, trading tools, and research resources. The brokerage charges a commission based on the trade value, typically starting at 0.08% with a minimum fee of AUD 6.

Interactive Brokers Broker Account Opening Process

Opening an account with Interactive Brokers is straightforward and can be completed in a few steps:

Visit the Website: Go to the Interactive Brokers website and select "Open an Account."
Provide Personal Information: Fill out the online application form with your personal details, including your name, address, date of birth, and contact information.
Select Account Type: Choose the type of account you wish to open (e.g., Standard, Margin, or Retirement).
Identity Verification: Upload the required identification documents, such as a drivers license or passport, to verify your identity.
Link Bank Account: Connect your bank account to facilitate deposits and withdrawals. A minimum deposit may be required, typically starting at AUD 0.
Review and Submit: Review your application details and submit the form. The verification process may take from a few minutes to a couple of days before you can start trading.

Once your account is approved, you can fund it and begin trading on the Australian Securities Exchange (ASX).