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Interactive Brokers Review

Last Updated on January 31, 2024

James Headshot
Written by
Adam Headshot
Edited by
Interactive Brokers logo
3.73
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.
Visit Interactive Brokers

The Bottom Line Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Interactive Brokers is a top-tier choice for investors seeking a powerful online brokerage platform. With its advanced trading tools, a wide range of investment products, and competitive pricing plans, it is suitable for traders of all levels from individual investors to institutional clients.

Whether you’re looking to trade European stocks, explore futures markets or manage a hedge fund, Interactive Brokers facilitates these activities with efficiency and expertise.

Table of Contents
Disclaimer: This is not a validation of cryptocurrency or any particular provider, service, or product. It should not be taken as advice to engage in trading or use any services. Please check our terms and conditions.

Pros

  • Wide range of cryptocurrencies available
  • Competitive commission fees
  • Strong security measures in place
  • Advanced trading platform features
  • Access to other asset classes

Cons

  • Complex interface for beginners
  • Account setup can be lengthy and involved
  • Minimum account balance required
  • Customer service can be slow to respond
  • Limited educational resources for crypto trading

Quick Summary

Headquarters Location International
Fiat Currencies Supported USD
Total Supported Cryptocurrencies 8+
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 comprehensive review of Interactive Brokers, a well-established player in the trading arena that has developed a robust platform for investors worldwide. Interactive Brokers, known for its wide-ranging tools and investment opportunities, caters to both experienced investors and those new to the financial markets.

Interactive Brokers homepage

Interactive Brokers has carved out a distinct presence in the investment community, recognised for its all-encompassing range of services catering to a diverse investor demographic. The platform’s capacity to innovate and adapt to the evolving needs of its users underscores its reputation as a bastion for trading and investment.

With its commitment to accessibility and functionality, Interactive Brokers continues to redefine the trading landscape, offering a seamless conduit for market participation.

About Interactive Brokers

Interactive Brokers, founded by Thomas Peterffy, has grown significantly since its inception, becoming one of the leading brokerage firms across the globe. With a focus on technological advancement, Interactive Brokers provides access to a multitude of markets, including stocks, bonds, and cryptocurrency trading, through advanced platforms like IBKR Lite, IBKR Pro, IBKR Mobile, and the flagship desktop trading platform, Trader Workstation.

Interactive Brokers’ trajectory is a testament to the vision of Thomas Peterffy, whose foresight in harnessing technology has propelled the brokerage to the forefront of the financial services industry. Through periods of economic fluctuations and monumental shifts like the digitisation of financial markets, Interactive Brokers has consistently stayed ahead of the curve.

Interactive Brokers features

Its ability to provide an expansive selection of assets, from mutual funds to corporate bonds, reflects its adaptability and appeal to a spectrum of investors, from casual to sophisticated.

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 8 cryptocurrencies on their platform. This exchange currently supports 7 of the top 30 market cap cryptocurrencies.

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether USDt (USDT)
  • BNB (BNB)
  • Solana (SOL)
  • XRP (XRP)
  • USDC (USDC)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Avalanche (AVAX)
  • TRON (TRX)
  • Chainlink (LINK)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • Toncoin (TON)
  • Shiba Inu (SHIB)
  • Uniswap (UNI)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • Internet Computer (ICP)
  • Dai (DAI)
  • Immutable (IMX)
  • Aptos (APT)
  • Ethereum Classic (ETC)
  • Cosmos (ATOM)
  • Stacks (STX)
  • Filecoin (FIL)
  • NEAR Protocol (NEAR)
  • UNUS SED LEO (LEO)
  • Kaspa (KAS)

View all cryptocurrencies Interactive Brokers supports

  • AAVE
  • BCH
  • BTC
  • ETH
  • LINK
  • LTC
  • MATIC
  • UNI

Trading Experience

The trading experience at Interactive Brokers is tailored to suit a broad range of investors. The flagship platform, Trader Workstation, is a haven for advanced traders seeking comprehensive tools and analytics.

IBKR Lite and IBKR Pro offer more tailored experiences for casual and professional traders, respectively. Furthermore, Interactive Brokers’ mobile apps ensure that trading is accessible anytime, anywhere.

The trading experience Interactive Brokers offers is an intricate blend of functionality and sophistication. With platforms like the IB Trader Workstation, the brokerage caters to advanced investors and professional traders, providing a rich set of tools and analytics.

At the same time, solutions like IBKR Lite and IBKR Pro delineate the brokerage’s understanding of varied trader requirements, ensuring that whether one is engaged in stock trading or exploring futures markets, the experience is both intuitive and empowering.

Interactive Brokers exchange marketing

Interactive Brokers Fees

The pricing structure at Interactive Brokers is designed to accommodate a diverse clientele, from casual traders to professional investors. The brokerage offers tiered pricing plans that vary based on trading volume and market conditions, ensuring competitive rates.

While specific numerical values of fees are beyond the scope of this review, it’s notable that Interactive Brokers is lauded for having some of the lowest margin rates in the industry.

Interactive Brokers’ pricing paradigm epitomises its client-centric approach, with a tiered structure that serves the wide-ranging demands of its users. The brokerage’s ability to balance competitive commissions with a quality trading environment is noteworthy, providing an advantage for traders mindful of trading costs.

Even amongst its contemporaries, such as Charles Schwab or Saxo Bank, Interactive Brokers stands out for its commitment to maintaining a pricing model that aligns with their clients’ diverse 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 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% * Trade Value
> 1,000,000 0.12% * 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 seriously. As a company listed on the Dow Jones, it adheres to stringent regulatory standards under authorities like the Commodity Futures Trading Commission and the Central Bank of Ireland.

The brokerage is also covered by Lloyd’s of London, providing an additional layer of security for its clients’ assets.

Delving deeper into the security mechanisms of Interactive Brokers reveals a multifaceted approach to client asset protection. Beyond adherence to stringent regulatory frameworks, the brokerage employs a combination of advanced encryption technologies, rigorous access controls, and real-time monitoring systems to safeguard client data and transactions.

Interactive Brokers’ alignment with Lloyd’s of London not only enhances asset security but also instils a heightened sense of trust among its users.

Interactive Brokers Customer Support

Customer support is a critical aspect of any online broker’s offerings, and Interactive Brokers delivers with a support team that is both knowledgeable and responsive. Clients have access to educational content, trading tutorials, and a vast array of resources through the IBKR Traders’ Insight and educational videos, allowing them to make informed trading decisions.

Diving into the realm of customer support, Interactive Brokers demonstrates a robust commitment to providing timely and effective assistance. The brokerage’s dedication is evident in the wealth of educational materials available, ranging from Video content to the IBKR Quant blog, all designed to provide investors with the knowledge they need to navigate the markets confidently.

Whether it’s a beginner investor seeking guidance or a seasoned trader in need of technical support, Interactive Brokers offers relevant answers and resources.

Interactive Brokers support

Interactive Brokers Support Channels

  • Facebook
  • Twitter
  • Instagram
  • Live Chat
  • Help Center Articles
  • Support Ticket

How to Sign Up on Interactive Brokers

  1. 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.
  2. Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
  3. Transferring Funds - Once your account has been verified, you'll be able to deposit using the deposit methods listed below.
  4. Start Trading Crypto - That's it! You should now have everything in place to start trading.

Deposit Methods

  • Bank Transfer
  • Debit Card
  • Credit Card
  • Cryptocurrency
  • Paypal
  • Apple Pay
  • Google Pay
  • Wise

Interactive Brokers Alternatives

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Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
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Fiat Currencies Supported
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Fiat Currencies Supported
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Total Supported Cryptocurrencies
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Fiat Currencies Supported
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Final Thoughts

Interactive Brokers stands out for its sophisticated trading tools, diverse asset offerings, and a commitment to providing a high-quality trading experience. It’s a comprehensive solution for those looking to engage with the financial markets, whether you’re dealing in stocks, bonds, or cryptocurrencies like 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.

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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

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Written by

Crypto Technical Writer

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.

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Edited by

Co-Founder / Managing Editor

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.

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