InteractiveBrokers Forex Broker

Risk Warning

　　Online spanading involves significant risk, and you may lose all of your invested capital. It is not suispan for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information

What is InteractiveBrokers？

　　InteractiveBrokers is a US-based online brokerage firm that provides access to a wide range of financial instruments, including stocks, options, futures, forex, bonds, and funds. The company was founded in 1977 and has since grown to become one of the largest online brokers in the world, serving both retail and institutional clients in over 150 markets across the globe. InteractiveBrokers offers a range of advanced trading tools and platforms, competitive pricing, and access to global markets, making it a popular choice for traders and investors.

　　In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

Pros & Cons

　　InteractiveBrokers has several strengths, such as a wide range of tradable instruments, low fees, tight spreads, and comprehensive educational resources. However, its customer service has received mixed reviews, and some clients have reported issues with the platform's user interface.

　　Overall, InteractiveBrokers can be a suitable choice for experienced traders who prioritize low costs and access to a diverse range of markets and trading tools, but beginners may need to be prepared to invest time in learning how to use the platform.

InteractiveBrokers Alternative Brokers

　　There are many alternative brokers to InteractiveBrokers depending on the specific needs and preferences of the trader. Some popular options include:

• 　　NAGA - a good choice for traders looking for a social trading platform with a variety of markets and instruments.

• 　　Rakuten Securities - offers competitive pricing and a user-friendly platform, making it a good option for traders looking for a reliable broker.

• 　　Valutrades - offers low spreads and fast trade execution, making it a good choice for experienced traders who prioritize tight trading conditions.

　　Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

Is InteractiveBrokers Safe or Scam？

　　InteractiveBrokers is a legitimate and regulated broker that is authorized to offer investment services to clients in Canada and other countries. The broker holds a Investment Industry Regulatory Organization of Canada (IIROC) license.

　　However, as you mentioned, there have been complaints about their customer service, particularly related to long wait times and difficulties in resolving issues. Despite this, InteractiveBrokers has a good reputation in the industry and offers a wide range of investment products and advanced trading tools. It's important to consider these factors and weigh the risks and benefits before deciding whether to use this broker for your investments.

Market Instruments

　　InteractiveBrokers offers clients diversified trading products across 150 markets, including Stocks/EIFs, options, futures/FOPs, spot currencies, bonds, and hedge funds. With access to over 150 markets across the globe, clients can trade a variety of instruments and diversify their portfolios.

Accounts

　　InteractiveBrokers offers its clients a wide selection of accounts to choose from:

• 　　Individual, Joint, Trust, IRA, and UGMA/UTMA Account (no minimums requirement and inactivity fees)

• 　　Family Advisor Account (no monthly inactivity fee)

• 　　Family Office Account

• 　　Small Business Account

• 　　Advisor Account

• 　　Money Manager Accounts

• 　　Broker & FCM Accounts (required minimum commissions of USD 10,000 or non-USD equivalent for the first 8 months, and it decreases to USD 2,000 per month from the ninth month)

• 　　Proprietary Trading Group Account (no minimum required deposit)

• 　　Hedge & Mutual Fund Accounts

• 　　Compliance Officers Accounts

• 　　Administrators Accounts

• 　　Institutional Hedge Fund Investors

Spreads & Commissions

　　InteractiveBrokers offers competitive spreads and commissions, making it an attractive option for traders looking for low trading costs. The broker's spreads are as low as 0.1 pips, and there are no ticket charges, platform fees, or account minimums. For the popular EUR/USD currency pair, the spread is as low as 0.3 pips.

　　The commission for stocks ranges from $0.0005 to $0.0035 per share, depending on the market and the type of account. InteractiveBrokers also offers volume discounts, which can lower commissions even further for high-volume traders. Overall, the broker's low spreads and commissions make it a cost-effective choice for traders looking to minimize their trading costs.

　　Below is a comparison table about spreads and commissions charged by different brokers:

　　Note: The information presented in this table may be subject to change and it is always recommended to check with the broker's official website for the latest information on spreads and commissions.

Trading Platforms

　　InteractiveBrokers offers a range of trading platforms designed to cater to the diverse needs of its clients. The platforms offered include the IBKR GlobalTrader, Client Portal, IBKR Mobile, Trader Workstation (TWS), IBKR APIs, and IMPACT. The platforms offer features such as customizable layouts, advanced charting tools, real-time market data, and news feeds. The platforms are available on desktop, mobile, and web versions, making it easier for clients to trade from anywhere, at any time. The trading platforms are user-friendly, intuitive, and offer a range of trading tools and resources that traders can use to enhance their trading experience.

　　Overall, InteractiveBrokers provides a comprehensive selection of trading platforms to meet the needs of all levels of traders.

　　See the trading platform comparison table below:

Trading Tools

　　InteractiveBrokers provides a range of trading tools that can help traders make informed decisions. One of the trading tools they offer is FXTrader, which is a platform specifically designed for forex trading. With FXTrader, traders can view real-time quotes for over 100 currency pairs, and can also place trades and manage positions directly from the platform. The platform offers advanced order types, including trailing stops and bracket orders, and can be customized to suit individual trader preferences.

　　Additionally, FXTrader provides access to a range of charting tools and technical indicators, which can be used to analyze market trends and make more informed trading decisions.

Deposits & Withdrawals

　　Payment options vary depending on which region or country you are based in. InteractiveBrokers allows its clients to fund their trading accounts through the following payment methods:

　　Connecting your Bank via EFT-Use your IBKR login to initiate and complete the transfer, limited to $100,000 per seven days, no fees charged. Initial deposit through this method allows you to trade after four business days and subsequent deposits may be available immediately (depending on tenure, deposit history, and account balance). Otherwise, four business days to trade.

• 　　Bank Wire

　　There are two steps for you to deposit through Bank Wire:

　　1) Inform IBKR of each deposit

　　2) Contact your bank to send a wire. No limits on amounts.

　　Please note the service fee is determined by your bank and in most cases, fees do apply.

• 　　Online Bill Pay

　　Two steps for you to follow to deposit through this payment option:

　　1) Inform IBKR of each deposit

　　2) Send a deposit via Banks bill payment app. Limits are determined by your bank.

　　Services fees are determined by your bank, and it is generally free. You can trade in one to six business days depending on your bank.

InteractiveBrokers minimum deposit vs other brokers

Customer Service

　　InteractiveBrokers provides several options for clients to reach out to their customer service team, including live chat, phone, email, and request a callback. The broker's customer service team is available 24 hours (Mon - Fri) 13:00 - 19:00 US Eastern Time (Sun) and has a FAQ section available for clients to browse. Additionally, clients can follow InteractiveBrokers on several social media platforms, such as Facebook, Twitter, LinkedIn, Instagram, and YouTube.

　　Overall, InteractiveBrokers seems to offer a range of options for clients to get in touch with customer service and stay connected through social media.

　　Note: These pros and cons are subjective and may vary depending on the individual's experience with InteractiveBrokers' customer service.

User Exposure on WikiFX

　　On our website, you can see that a report of many clients have complained about the poor customer service. Please be aware and exercise caution when investing. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.

Education

　　InteractiveBrokers is committed to providing its clients with a rich educational experience. The broker offers a variety of educational resources for traders of all levels, including beginners, intermediate, and advanced traders. The IBKR Campus is a comprehensive education platform that covers a wide range of topics, including trading strategies, market analysis, and risk management. Traders' Academy offers a series of courses that cover everything from the basics of trading to advanced trading techniques.

　　Traders' Insight is a platform that provides market insights and analysis from industry experts. IBKR Podcasts offer interviews with prominent traders and investors. The IBKR Quant Blog provides insights into quantitative analysis and trading strategies. Additionally, InteractiveBrokers offers webinars, a student trading lab, short videos, a traders' glossary, and a traders' calendar, all aimed at helping traders develop their skills and knowledge.

Conclusion

　　Overall, InteractiveBrokers is a reputable broker that provides a wide range of instruments and account types, as well as low commissions and tight spreads. Their trading platforms offer a comprehensive set of features, and their educational resources are impressive. However, the poor customer service may be a drawback for some clients. Additionally, the platform has a steep learning curve and may not be the best choice for beginners. Despite the cons, InteractiveBrokers is still a top choice for experienced traders who are looking for a reliable and comprehensive trading platform.

Frequently Asked Questions (FAQs)