Pros
Cons
Quick Summary
| Headquarters Location | International |
|---|---|
| Fiat Currencies Supported | USD |
| Total Supported Cryptocurrencies | 4+ |
| Trading Fees | 0.12% - 0.18% |
| Deposit Methods | Bank Transfer, Wise |
| Support | Facebook, Twitter, Instagram, Live Chat, Help Center Articles, Support Ticket |
| Mobile App | Yes - iOS, Android |
Welcome to our in-depth review of Interactive Brokers, an industry leader with a robust platform designed for investors worldwide. Known for its comprehensive tools and investment opportunities, Interactive Brokers appeals to both experienced traders as well as those just getting into financial markets.
Interactive Brokers has made its mark in the investment community with its comprehensive offering of services catering to a diverse investor population. Interactive Brokers’ ability to innovate and adapt quickly to its users’ changing needs has solidified its standing as a go-to hub for trading and investing.
Interactive Brokers continues to revolutionize trading by emphasizing accessibility and functionality, offering seamless market participation.
About Interactive Brokers
Interactive Brokers was established by Thomas Peterffy and has become one of the premier brokerage firms worldwide since its creation. Focused on technological innovation, Interactive Brokers provides access to stocks, bonds and cryptocurrency trading via platforms such as IBKR Lite, Pro, Mobile and its flagship desktop trading platform Trader Workstation.
Interactive Brokers’ success can be traced directly back to Thomas Peterffy and his visionary leadership of harnessing technology, who saw how it could advance financial services in general. Through periods of economic ups and downs, as well as monumental shifts such as the digitization of markets, Interactive Brokers stayed ahead of its competition by staying abreast of changes.
Your Bank can offer an expansive array of assets ranging from mutual funds to corporate bonds, reflecting its adaptability and broad appeal among both casual and experienced investors alike.
Interactive Brokers has a number of active social profiles including Facebook, Twitter, Instagram, LinkedIn, Reddit, TikTok and YouTube.
Interactive Brokers has a mobile app on both the Apple App Store and Google Play.
Interactive Brokers Supported Cryptocurrencies
Interactive Brokers supports trading on over 4 cryptocurrencies on their platform. This exchange currently supports 4 of the top 30 market cap cryptocurrencies.
View all cryptocurrencies Interactive Brokers supports
- BCH
- BTC
- ETH
- LTC
Trading Experience
Interactive Brokers’ trading experience caters to a broad spectrum of investors. Their flagship platform Trader Workstation offers comprehensive tools and analytics.
IBKR Lite and Pro are designed specifically to meet the needs of both casual and experienced traders, respectively. Furthermore, Interactive Brokers’ mobile apps make trading accessible any time or place.
Interactive Brokers’ trading experience offers a dynamic blend of convenience and sophistication. Utilizing platforms such as IB Trader Workstation, they cater to advanced investors as well as professional traders by offering an expansive suite of tools and analytics.
At the same time, solutions such as IBKR Lite and Pro demonstrate how brokerages understand trader needs; both ensure an intuitive yet engaging trading experience whether engaging in stock trading or exploring futures markets.
Interactive Brokers Fees
Interactive Brokers’ pricing structure has been tailored to accommodate clients ranging from casual traders to experienced investors, providing tiered pricing plans based on trading volume and market conditions ensuring competitive rates for each plan.
Though fees for Interactive Brokers are outside the scope of this review, they have earned praise as having some of the lowest margin rates in the industry.
Interactive Brokers’ pricing paradigm showcases their client-centric approach, featuring tiered structures that accommodate various user demands. Their ability to balance competitive commission rates with high quality trading environments stands out as a significant asset for traders concerned about trading costs.
Interactive Brokers stands out among its contemporaries like Charles Schwab or Saxo Bank with its commitment to maintaining an accessible pricing model that accommodates their clientele’s wide variety of trading strategies and volumes.
| Type | Fee |
|---|---|
| Deposit Fee (Bank Transfer) | 0% |
| Trading Fee | 0.12% - 0.18% |
| Withdrawal Fee (Bank Transfer) | $0 USD - $10 USD |
Interactive Brokers supports a range of different cryptocurrencies with varying withdrawal fees. When looking at Bitcoin, they don't charge anything above the standard Bitcoin network fee. Across all the crypto exchanges we've reviewed, the average Bitcoin transaction fee charged is 0.000461 BTC compared to the actual network fee of 0.000207 BTC. This means you are saving 55.18% on Bitcoin transactions by using Interactive Brokers instead of other exchanges.
Interactive Brokers has a maker/taker fee schedule which you can see below.
| Monthly Trade Value (USD)2 | Fee |
|---|---|
| ≤ 100,000 | 0.18% * Trade Value |
| 100,000.01 – 1,000,000 | 0.15%Â * Trade Value |
| > 1,000,000 | 0.12%Â * Trade Value |
| Minimum per order | $1.75 USD, but no more than 1% of Trade Value |
Security - Is Interactive Brokers Safe?
Interactive Brokers takes security and regulation very seriously as an organization listed on the Dow Jones. They abide by stringent regulatory requirements set by authorities such as the Commodity Futures Trading Commission and Central Bank of Ireland, among others.
Lloyd’s of London offers added protection to clients’ assets through this brokerage.
Interactive Brokers takes an in-depth approach to protecting client assets. Along with adhering to stringent regulatory frameworks, Interactive Brokers employs sophisticated encryption technologies, comprehensive access controls, and real-time monitoring systems in order to protect client data and transactions.
Interactive Brokers’ partnership with Lloyd’s of London not only strengthens asset security but also increases trust among their users.
Interactive Brokers Customer Support
Customer support is an essential element of any online broker’s offering, and Interactive Brokers boasts an outstanding support team that is both knowledgeable and responsive. Clients have access to educational material, trading tutorials and a vast variety of resources such as IBKR Traders’ Insight videos so they can make well-informed trading decisions.
Interactive Brokers stands out as a leading brokerage when it comes to customer support, with its commitment to timely and efficient assistance evident by the wealth of educational materials they offer, from videos to the IBKR Quant blog – all designed to give investors confidence when navigating financial markets.
Interactive Brokers provides relevant answers and resources for both newcomer investors seeking guidance or experienced traders seeking technical support.
Interactive Brokers Support Channels
How to Sign Up on Interactive Brokers
- Create Account - Visit the Interactive Brokers website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
- Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
- Transferring Funds - Once your account has been verified, you'll be able to deposit using the deposit methods listed below.
- Start Trading Crypto - That's it! You should now have everything in place to start trading.
Deposit Methods
Interactive Brokers Alternatives
Binance
Total Supported Cryptocurrencies
386+
Trading Fees
0.10%
Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 75 others
Kraken
Total Supported Cryptocurrencies
244+
Trading Fees
0.08% - 0.40%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 1 other
OKX
Total Supported Cryptocurrencies
320+
Trading Fees
0.08% - 0.10%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others
Final Thoughts
Interactive Brokers stands out for its advanced trading tools and extensive asset offerings; combined with its commitment to offering an exceptional trading experience. As such, it is an all-encompassing solution for anyone wanting to engage in the financial markets, whether trading stocks, bonds or cryptocurrency such as Bitcoin and Ethereum.
Interactive Brokers FAQs
Interactive Brokers Australia is part of the larger Interactive Brokers Group and is regulated by the Australian Securities and Investments Commission (ASIC), which helps to ensure the safety and proper conduct of financial service providers. Clients in Australia are afforded certain protections under local regulations.
No, Interactive Brokers is not a Chinese company. It is an American brokerage firm with its headquarters in Greenwich, Connecticut.
The company was founded by its Chairman Thomas Peterffy and has been in operation since 1978.
To withdraw money from Interactive Brokers, you typically need to log in to your account management portal, navigate to the transfer funds section, select ‘Withdraw Funds,’ and then follow the prompts to complete the withdrawal process to your bank account.
Yes, Interactive Brokers does have fees, which can include commissions on trades, monthly account maintenance fees for certain account types, and fees for inactivity, among others. They provide a detailed fee structure on their website.
Interactive Brokers is a reputable brokerage that takes measures to protect client assets. In the United States, for instance, client securities accounts at Interactive Brokers LLC are protected by the Securities Investor Protection Corporation (SIPC) for up to $500,000 (including a $250,000 limit for cash).
Similar investor protection schemes apply in other jurisdictions.
Interactive Brokers has a history of financial stability, which is supported by its public financial statements as a company listed on the NASDAQ stock exchange. They have a strong capital position and maintain regulatory compliance across the multiple jurisdictions in which they operate.
If Interactive Brokers were to go bust, the protections in place for clients would depend on their location and the regulations of that region. In the US, the SIPC coverage would step in to protect securities and cash in client accounts.
Outside the US, local investor protection schemes and regulations would determine the level of protection for clients’ funds.
Interactive Brokers User Reviews
0.0 out of 5.0
0 reviews
No reviews yet for Interactive Brokers - be the first to review!
Methodology
At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.
About The Authors
James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.
His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.
Check James out on:
Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.
Check Adam out on: