Interactive Brokers Review

Interactive Brokers was initially set up in 1978, offering customers access to trading software at a low cost. It remains one of the cheapest online brokers out there, yet it also provides its customers with a wide range of features in addition to the ability to trade on a vast array of markets and in a vast amount of products. For example, in addition to Stocks and Bonds, customers can also trade in Cryptocurrencies, CFDs, Futures, ETFs, Forex and many more.

It is regulated by authorities in Australia, Canada, India, Japan, Hong Kong, the USA and the UK. It is a publicly owned company. 

“Interactive Brokers’ transaction fees are amongst the lowest on the market ”

The way that the website has been designed means that the Interactive Brokers trading platform is even suitable for beginners. It is intuitive, slick and well thought out so that making trades is as straightforward as it can be. It is available through its website, but there is also a mobile and desktop application available. There are many languages available too, making it suitable for a wide range of nationalities. The slight downside to the portal is the fact that there is very little customization available so that clients cannot interact with the platform as they may like to. Customization helps make trading even easier for many, so it is a shame that Interactive Brokers have not implemented this capability.

Opening an account with Interactive Brokers is done entirely online, however it is a long and convoluted process that may put off some investors. While there is no minimum deposit, the procedure is not user friendly owing to the long winded application form that all new customers need to complete. In comparison to competitors where applications can be done in under 15 minutes, Interactive Brokers registration form can take up to an hour to finish. Customers wil need to upload a government issued ID as well as a utility bill or bank statement to confirm where they live.

Interactive Brokers’ customer service is one of its stand out features. That is down to the fact that not only can customers with queries contact them by phone or email, there is also a live chat feature. Customers can expect a quick turnaround time for answers to their questions which is useful when trying to make time sensitive trades or transactions. One detracting feature is that the service centers are not available at all over the weekend, and only open during normal office hours Monday to Friday.

Interactive Brokers sets itself apart from its competitors in terms of customers service and its low fees. Customers can enjoy running a portfolio for relatively little administrative costs. However, setting up and opening an account is a long winded process that can undoubtedly be improved. Additionally, the functionality of the online platform is a little lacking - though what it does do, it does well. While Interactive Brokers is a good option for any level of trader, it’s just getting to the point of having an account to trade with that is the problem.