Interactive Brokers Review 2024: Pros, Cons and How It Compares

Most financial advisors recommend saving for retirement in an IRA — alongside a employer retirement account, if applicable, like a 401(k) — because of the lucrative tax advantages. You can have an IRA in addition to a standard taxable brokerage account, such as one you might use to trade stocks or invest for non-retirement goals. Interactive Brokers provides access to a huge selection of research providers and news services, many for free. It offers more thna 200 services from several dozen news and research providers. A few providers available to all clients include Zacks Investment Research, Morningstar Equity Ownership, Market Realist, 24/7 Wall Street and TheStreet. Hundreds of additional providers are also available by subscription.

  1. Companies displayed may pay us to be Authorized or when you click a link, call a number or fill a form on our site.
  2. Interactive Brokers’ margin rates are substantially lower than most of the competitors we’ve reviewed.
  3. That, in turn, makes it easier to maintain a diversified portfolio, especially for investors with smaller accounts.
  4. Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process).
  5. Interactive Brokers offers 24-hour phone, email and chat support starting 8 a.m.

IBKR Pro users have a variable pricing structure based on monthly contract volume. IBKR Pro users who have a monthly volume of over 100,000 contracts will pay fees as low as $0.15. The following table shows commissions based on monthly volume of 10,000 or less. We’ve assembled all the important information about your account right on the Client Portal home page to make it simple and easy to monitor and trade your account. See your rate of return, portfolio positions, recent transactions, notifications and messages, portfolio and top news, available cash, and more. Identify and invest in lower cost ETFs with similar strategies to higher-fee mutual funds.

Commission prices

Its platform receives high acclaim from active traders who value the comprehensive features available on the desktop trading platform. Our newest desktop trading platform is best suited to clients who appreciate a more streamlined interface. Trade stocks, options, futures, and more on over 150 markets worldwide from this easy-to-use platform, and continue to enjoy IBKR’s great pricing, order execution, research, and market data services. Invest globally in stocks, options, futures, currencies, bonds and funds from a
single unified platform.

This feature, combined with its reputation for reliability and its robust platform, make IBKR a top choice for traders and investors looking to maximize their profits and minimize their costs. Designed for active traders and sophisticated investors, Interactive Brokers may not be the best online stock broker for everyone. However, it does have some killer features that make it stand out from the pack.

Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives.

Where Interactive Brokers shines

You can switch between the IBKR Lite and IBKR Pro plan at any time. Your first three reclassifications are processed on a daily basis while subsequent reclassifications happen on a quarterly basis. Please note that monthly activity and other minimum fees may apply.

Technology to Help Individual Investors and Traders Succeed

Video content includes Bloomberg Television (U.S. and Asia), daily market updates from IBKR Traders’ Insight, and The Fly Squawkbox Live podcast. Though forex is not its main focus, the Traders’ Insight daily video update is produced by IBKR’s Chief Strategist, which I found to be a great quality. One such rich feature is its latest Impact dashboard, where you can assess portfolio metrics in relation to Environmental Social Governance (ESG) factors. No, based on your detected country of NL, you can’t open an account with this broker. Options trading is offered at competitive pricing, for both Pro and Lite customers, with a $.65 charge per contract and no base, plus Pro customers get discounts for larger volumes.

Which Platforms are Right for You?

Interactive Brokers does appear to offer competitive pricing; however, it is difficult to make a precise comparison as Interactive Brokers does not publish its average spreads for forex. That said, we were able to obtain average spreads for Q3, 2023 for the EUR/USD at Interactive Brokers, which was 0.23 pips, or an effective all-in spread of 0.63 pips after commission. We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The final output produces star ratings from poor (one star) to excellent (five stars).

Powerful enough for the professional trader but designed for everyone. Set up enhanced user access and account security by creating one or more Security Officers for the master account and designate up to 250 users by function or account. Any trading symbols displayed are for illustrative purposes only and are not intended to portray recommendations. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice. Access all the features that you need with our easy-to-use web platform.

Real-time trade confirmations, margin details, transaction cost analysis, sophisticated portfolio analysis and more. Today, it took four (4) hours to complete a simple task on the website. The site kept freezing and I had to redo the same form numerous times to submit. Then, when it was finally submitted, there was no confirmation. I only found out it was submitted after I called the company three times.

Interactive Brokers fees

At, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies (read more about how we calculate Trust Score here). IBKR offers 220 services from 86 news and research providers (some of which require a paid monthly subscription) and 21 directly cover forex news and research. Interactive Brokers has an overall excellent research offering, but I’d like to see an expansion of its forex-specific content. FXTrader is the main terminal within TWS for trading forex, and provides access to 91 forex CFDs or 105 cash forex pairs offered by Interactive Brokers. When adding forex pairs to a watch list, users can choose from both spot forex cash rates and forex CFDs from either the IDEALPRO or SMART venue.

No matter where you are, you can access it all with advanced order types and trading tools. Advanced traders can use IBKR Trader Workstation to optimize their trading speed and efficiency. Use our broad suite of integrated tools to execute your trading strategy. Interactive Brokers offers a range of trading platforms tailored to meet the requirements of active traders and long-term investors.

Interactive Brokers transparently outlines its fees for its IBKR Pro and IBKR Lite offerings, yet they are more complicated to understand than other stock brokers, regardless of trading frequency and account size. Our commission overviews below will help you decipher the fees you may encounter. The flagship IBKR Mobile app is feature-rich and full of data, giving you much of the same functionality as the desktop TWS platform.

Customers can also purchase fractional shares to buy only a portion of a company’s stock instead of its full-priced share. Likewise, for its currency conversion – which allows you to convert your account balance from one currency to another – the same process applies. You are shown the underlying forex rates, and a small commission is charged when you convert your balance. Cryptocurrency trades are provided by Paxos Trust Company on IBKR’s platform.

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