Interactive Brokers Account Types

Interactive Brokers (IB) provides a range of trading account types tailored to different trader profiles, including beginners, retail traders, high-volume professionals, and fund managers. The available accounts include:

• IBKR Lite Account
• Best For: Cost-conscious traders
• Minimum Deposit: $0
• Commissions: Commission-free on U.S. listed stocks and ETFs; fixed pricing for other markets.
• Platforms: Access through IBKR Trader Workstation, Client Portal, IBKR Mobile, and IBKR GlobalTrader.
• Leverage: Up to 1:50.
• Trade Size: Minimum of 1 unit.
• IBKR Pro Account
• Best For: Active traders seeking advanced features and competitive pricing.
• Minimum Deposit: $0
• Commissions: From $0.005 per share (minimum $1); fixed pricing for other markets.
• Platforms: Access through IBKR Trader Workstation, Client Portal, IBKR Mobile, and IBKR GlobalTrader.
• Leverage: Up to 1:50.
• Trade Size: Minimum of 1 unit.
• Individual Account
• Best For: Casual traders.
• Features: Access to over 10,000 assets including stocks, ETFs, options, futures, and cryptocurrencies.
• Commissions: Floating spreads starting from 0.2 pips with a $2 commission, decreasing with higher trading volumes.
• Account Types: Individual, Joint, Trust, IRA (only for U.S. residents), UGMA/UTMA (only U.S. residents).
• MAM/PAMM Account
• Best For: Money managers handling multiple client accounts.
• Features: Similar access to assets as individual accounts with additional fees for profitable positions.

Interactive Brokers Broker Account Opening Process

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

• Start the Application:
• Go to the Interactive Brokers website and click on the "Open Account" button.
• Create a username and password, and confirm your email address.
• Enter Personal Information:
• Provide your full name, address, employment information, and select the account type (cash or margin).
• Answer security questions for account recovery.
• Regulatory Information:
• Indicate if you or an immediate family member works for any financial institutions.
• Enter your net worth, liquid net worth, annual income, investment objectives, and trading experience.
• Fund the Account:
• Once you complete the application, you can fund your account with cash or from another brokerage account.
• Interactive Brokers states that most accounts are approved within one to two business days, and funding the account may expedite the process.
• Document Upload:
• Upload a photo of your passport and proof of address to complete the application.

By following these steps, you can easily set up your Interactive Brokers account and start trading.