YesOption Broker Review

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    The Best Binary Options Broker 2020!
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Contents

YesOption Broker Review

Hi everyone, This is a summary detail of IQ Option. IQ Option is an international broker working with clients in 36 countries around the world and has a fastest continuously growing number of active trading accounts. They have own binary option trading platforms. you can see a full IQ Option broker review below.

Basic information about IQ Option:

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

Brand Logo
Rating
How to open account
Minimum Deposit $10
Minimum Trade $1
Maximum Trade $5000
Demo Account Yes (Click here to get free demo trading account with virtual $1000)

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

Trading Plateform There are 6ways to trade binary option with IQ Option.

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

Trading Platform Indicators / Tools Yes

CCI, ADX, ATR, Awesome, Stochastic, MACD, Parabolic, Force Index, Bollinger Bands, Sliding Middles

Beam, Horizontal Line, Fibonacci Retracement

Trading Platform Time Frame
  • Second: 5, 10, 15, 30 seconds
  • Minute: 1, 2, 3, 4, 5, 10, 15, 30 minutes
  • Hours: 1, 2, 4, 8, 12 hours
  • Day: 1 day
  • Week: 1 week
  • end of a month
Trading Platform Chart Type Tick Chart, Linear, Candle Stick, Bars
Asset 5 Asset Types

Stock, Indexes, Currency, Raw Materials, Metals

or 500+ Assets available

CAD/CHF EUR/AUD GBP/AUD AUD/JPY GBP/CAD GBP/CHF EUR/CAD USD/CAD CHF/JPY AUD/USD EUR/USD EUR/GBP etc.

Check More available asset click here

Payment Methods Credit Cards (Visa/Mastercard), WebMoney, Skrill, Neteller
Languages Support English Français Deutsch Italiano Español 한국어 Bahasa Indonesia Norsk Português Svenska Thai
Türkçe 中文简体 Русский
Countries: All countries are eligible except USA, Canada, Australia, Japan, Russia, Turkey, Israel, Syria, Sudan and Iran. The use of the IOS mobile application for trading is not available in Malta. The Android mobile application is not available for use in – Malta, Myanmar, Liechtenstein and Cuba.
Historical Quotes Yes

(The quote history contains information on the exchange rates of currency pairs and many other financial instruments over various time periods)

Tutorial Yes (16 Videos – Learn Binary Options for beginner)
Tournaments Yes
Regulated Broker Yes (CySEC Regulated, License NO. 247/14)
Partner
Awards
  • Fastest growing binary option brand
  • Best mobile trading platform
  • Most Innovative binary option platform
  • Best binary options broker Europe 2020
  • The Best binary options broker and best binary options broker/trading application
  • Award in Best Binary Option broker
  • Most Innovative Binary Option Broker
  • Most Reliable binary options broker
  • dWorld’s leading binary option broker
  • Best trading platform

See on awards on official site Click here

In the Press Check out all IQ Option news Click here
Accounts in the System
  • 2020 – 950,000 accounts
  • 2020 – 3,450,000 accounts
  • 2020 – 11,000,000 accounts

Continued growth

Trades per day
  • 2020 – 200,000 deals per day
  • 2020 – 1,000,000 deals per day
  • 2020 – 3,000,000 deals per day

Continued growth

Trading Volumn
  • 2020 – $10,000,000
  • 2020 – $100,000,000
  • 2020 – $11,000,000,000

Continued growth

Monthly Payments to traders
  • 2020 – $500,000
  • 2020 – $1,500,000
  • 2020 – $5,700,000

Continued growth

Processing time for withdrawing requests Only 1 working day
Support Yes

Chat Support – The average response time: 46 seconds

Tickets – The average response time: 24 minutes

Employees in IQ Option Support department 39 specialists
Popularity Popular in South Africa, Switzerland, Thailand, Austria, Poland, Czech Republic, Singapore

Dealing with 178 countries worldwide

Processing Orders CALL/PUT has processing time only 1 seconds
Risk Warning: Binary options trading may not be for everyone, so please understand the risks involved before making an investment decision.

* This video was recorded on January 20, 2020. Past data may not affect the present or future.

Overviews

Trading binary options is a very interesting activity to engage in. in recent times, many people have become interested in this trade, and the influx of new entrants is commendable. As with any activity that has become the “hottest thing” at the moment, many platforms have been developed to offer the binary traders a good medium through which they can work. Unfortunately, this has created quite a challenge for new entrants because it is quite difficult to choose one from the many platforms available to pitch their tents. This is why reviews are good. We have taken time out to identify some notable sites and give a good review that will act as an excellent guide to everyone. In this article, we will be reviewing a quite notable and popular binary options broker known as the IQ Option.

We can trace the founding year of IQ Option to 2020. Our investigations have revealed that the reviews posted about this broker from satisfied users have been very commendable. It is also important to note that the customer base of this progressive platform has steadily increased over the years since its establishment. It is however not surprising that we have chosen to give our own review of this site that offers an excellent platform for binary trading options.

Our review will cover aspects like signing up and creating an account to actual trading and the customer support experience.

  • A reliable trading platform.
  • Flexible options
  • Outstanding returns.
  • User friendly application interface.
  • The minimum investment for trading is very affordable.
  • The platform is compliant with the regulations specified by the CYSEC.
  • Independent demo account.

Cons:

  • This service is not available in prominent countries like the USA, Canada, Israel, Sudan and Iran. Quite a challenge.

How to use the IQ Option mobile platform

IQ Options has consistently maintained its position as a pioneer and progressive binary option trading platform since its inception in 2020. The company started out as the first Russian broker in the industry and over the years of operation, the features and services have been developed to provide one of the easiest and reliable platforms through which binary trading options can be performed.

The advancements if the features have been constantly developed to improve every users experience when they need to study the market trends identify the right signals and make their trades. The administrative and tech team behind IQ Option have not rested on their accomplishments as they have gone ahead to introduce IQ Options very own mobile application. This step was taken to keep up with the growing tech trends all over the world. With this app, traders can now carry out their binary options trading activities anywhere they are.

In our opinion, we will rate the IQ Option mobile app five stars with a very commendable text attached. It is simply wonderful when used for binary options trading. It has been designed to have a user friendly interface; speed and reliability have been a major plus for this app considering the needs during an active trading session. The developers have made it suitable for both the experienced traders and the new traders who are still trying to understand how the trading activities work. When compared to the apps developed by other binary options brokers, this feature is by far the best.

It is also not surprising to note that many traders have adopted using the app while they move from place to place rather than confine themselves to sitting in front of a computer for long hours.

Some important features of the IQ Option mobile app that have been responsible for its wide acceptance in the public include the ease with which signals can be generated once a good study of the asset prices has been done. We have found it quite easy to make good predictions that help us to place the right trades. This is all possible because of the ease at which the mobile app is used to perform these actions. Many years ago, it would have been difficult to believe that the trading graphs will be easily read from the screen of a smart phone . With this app, it is very easy to pick out the relevant information needed while reading the trading graphs.

The developers of this app have taken into consideration that to be a successful trader in binary options, it is important to make the best predictions that will earn the highest profits. I am confident that this is one of the major reasons this app has been created to be user friendly and to run very smoothly while live trading is going on.

Using the app is very secure, considering the sensitivity of the personal information used during a trade, protecting every user from the horrors of the internet has been adequately settled. There are other features like the notification settings which can be used to monitor trades, and study the current trends in the market.

How to trade on IQ Option – Binary Option

Take a look video below from official IQ Option group:

* This video was recorded on January 28, 2020. Past data may not affect the present or future.

or from an official channel on youtube:

Downloading the App

The IQ Option app is readily available for download on the IOS and the Android app stores.

The effectiveness of this app is one of the major reasons why many traders have signed up with IQ Option. It provides a flexible and convenient means through which binary options trading can be effortlessly done.

Get free iq option app by click icons below:

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

Signing Up

Creating an account is very easy. A form will be provided on the signup page. Filling this form was quickly done, and we went on to the verification process which went smoothly as well. To begin an actual trade we were required to make a small deposit $10 and we had access to the trading platform.

We find it really encouraging that IQ Option pegged the minimum trading fee at $10. This means that almost everyone who is interested in binary options trading can have a trial with this broker and if it goes well, a new business has started. click here to start trading

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

Have you tried automated trading yet?

Trading is now very easy with the use of reliable fully automated trading software. We recommend the IQ Option Robot for this purpose. The reviews are simply astonishing, it is even more amazing to note that professional and experienced traders all use this software for their trading. Now for the good news- this software is available free of charge for our readers. Start trading by using iq option robot by clicking the link below:

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

Types of accounts

IQ Options has thoughtfully limited the number of available accounts to just two. This is because the developers believe that every user should have access to all the useful features in fairness. The features of the two accounts are-

The IQ Option Real Account:

  • Access to Over 500 assets
  • Free access to all trading features
  • Access to partake in trading competitions
  • Quick and reliable withdrawals completed in three days
  • Live trading with real money.
  • Minimum required deposit of $10.

IQ Option VIP account:

  • Access to over 500 assets
  • Free access to all the trading features.
  • Access to partake in trading competitions.
  • Quicker withdrawals, transactions are completed within 24 hours.
  • Real live trading with real money.
  • Access to a personal manager.
  • Monthly analysis trading reports prepared by our professional analysts.
  • Exclusive VIP access at $3,000.

Account and Banking Options at IQ Option

IQ Option gives users the choice of signing up for different classes of accounts. The final decision will be made based on the needs of the users and how much investment they are prepared to start trading with.

It is advisable to start with a real account when you have had some education and practice with binary trading options.

In no time, you will upgrade to the VIP accounts to enjoy the attached benefits.

The following options are available for users who wish to make their deposits-

  • Credit card – MasterCard and Visa Card
  • Skrill
  • Web Money
  • Neteller

As an upcoming trader , your initial deposit should be made in accordance to the current trends in the market. This is the surest way to end up with good profits. So do not limit yourself to the minimum $10 specified fee.

However, with every form of online trading, there will be some losses, so you should keep your initial investment low while you become better at trading.

Withdrawal of Funds from IQ Option

The process to withdraw your profits from IQ Options is very easy and quick. For the safety of every user, all withdrawal applications are subject to approval by the IQ Option financial team before your account will be credited. It is understandable that this little delay to access your funds is important to ensure that your funds are safe from hacks and theft.

IQ Option has provided the following e-currency platforms through which your funds can be withdrawn. They are-

  • Credit card – Visa Card and MasterCard
  • Bank transfer
  • Skrill
  • WebMoney
  • Neteller

Your withdrawal requests will be processed in line with the options you have chosen. These are your preferred currency, payment method and withdrawal limits. As a security measure, the very first withdrawal is subject to approval by the IQ Option team after you have verified your identity. For further assistance, you can take advantage of the customer support portal where you will be guided through the easy steps required to make a withdrawal.

Best Binary Options Brokers 2020:
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  • Binomo
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All withdrawal approvals are ultimately dependent on your type of account. The VIP account users will get their withdrawal requests processed within 24 hours while the real account holders will have their withdrawal requests processed within 3 days. The overall withdrawal limits have been pegged at a minimum of $10 and a maximum of $1 million.

Is IQ Option accredited or regulated?

It is important for every trader both new and old to carry out an extensive investigation to know more about the broker platform before you make your initial investments. It is easy to get carried away by the hype about a broker on the internet but that might be old information. You need to know the current information that will show you the current status of the broker. We have investigated IQ Option in this aspect because we need to be very sure before investments are made. The following aspects were put in focus during our checks-

It was confirmed that IQ Option was properly registered and accredited by the CYSE. This was very comforting to know, it should be noted that the parent company is known as Invest Lab Ltd.

Our investigations revealed further policies that have been put in place by IQ Option to further protect their users. These measures include the process of handling the investments of account holders, withdrawal processes and deposits. There are options created to settle disputes.

As complex as this might sound, the policies have been drafted in a way that it is easy to read and understand. Every account holder should read these terms and understand the measures taken to protect their trading activities and the regulation guiding very transaction. The appropriate measures have been taken to curb any illegal means through which money can be laundered through IQ Option. We can say that we are impressed with the system of operation run by IQ Options and we will recommend this broker to every binary options trader.

24option Review: Complete Broker Overview

24option is a broker that has a relatively long history in the online trading industry.

Originally started as an online option broker, they have recently moved exclusively into CFDs. They offer traders the ability to trade CFDs on a number of different assets using both native trading technology and MT4.

However, is the broker safe and can you trust them?

In this 24option review, we will attempt to answer that question. We will give you everything you need to know about their regulation, technology and fees. We will also give you some top tips in order to make the most of your 24option trading experience.

Overview

24option was started in 2020 and is based in Limassol, Cyprus. They are located at number 39, Kolonakiou Street, CY-4103.

In Europe, they operate under Rodeler Limited as the holding company. They also have a holding company that is based in Belize called Richfield Capital limited. The latter company services their non-EU international clients.

So, a bit of background…

24option used to operate as an option broker. These are financial instruments that offer traders binary outcomes from particular trades. However, in 2020 they decided to transition fully into the CFD market.

Since then, they have been expanding their CFD offering and now give traders the opportunity to trade CFDs with leverage up to 500:1 (in certain regions). 24option provides CFDs on hundreds of different assets in numerous asset classes.

Although their headquarters are based in Cyprus, they take traders from a number of regions around the world. However, there are some regions that they do not operate in including most notably, the United States.

For those regions in which they do operate, they have tried to create a complete multilingual experience and have translated their website into over 8 different languages.

Is 24option Safe?

This is perhaps one of the most important questions that you may have on your mind. Broker safety and regulation is of paramount importance for us.

The latter is the first and most important criteria you should think about when choosing any online broker. You will want to make sure that they are regulated by a well-regarded financial authority.

24option is regulated by two financial authorities. They are regulated by the Cyprus by the Cyprus Securities and Exchange Commission (CySEC) as well as the Belize International Financial Services Commission (IFSC).

Copy of the licence for Rodeler Limited at CySEC

CySEC has issued them a CIF licence with a number of 207/13. The IFSC has given them a license number of IFSC/60/440/TS/18. Through the MiFID directive, the CySEC licence allows them to provide their services in the European Union whereas their IFSC one covers other countries.

So, what does this mean for you?

Well, taking a look at the CySEC regulation in particular, it provides you with a number of protections that unregulated brokers and exchanges just won’t offer you. Below are some of the most important of these:

  • Segregation of Funds: This is really important from a client perspective and ensures that the funds that you have deposited are kept separate from the broker’s funds. This means in the event of the broker going bankrupt, all of your funds are safe from creditors, directors etc.
  • Background Checks: There are a number of background checks that the operators must undertake. These are with respect to both the holding companies applying for the license as well as the directors of the company.
  • Regular Reporting Standards: It is not just about the broker getting the licence. They have to constantly send updated reports to the regulators about their operation and financial standing.
  • Investor Compensation Fund: All CySEC regulated companies have to contribute funds towards the shared investor compensation fund. This protects client accounts up to €20k in the event of an unforeseen circumstance at the broker.

Apart from using a the that had to pass these numerous checks, it is great to know that you have an authority to turn to. In the event that you are ever to suspect any wrongdoing on your account then you can always report a broker to CySEC. They have internal policies in place to deal with these types of complaints.

As one can expect from any site that deals with financial information, 24option makes use of secure and encrypted communication. They have full 256-bit SSL encryption on their site.

Secure SSL Padlock for 24option

This means that when you login to 24option and when you submit credit card or personal information, it cannot be stolen by an online snoop. It is also a handy tool for you to confirm that you are not on a phishing site.

When you visit the 24option website you will see the SSL padlock in the browser address bar. This means that you are on the official 24option website and not some imitation broker or hacker’s site.

Assets & Leverage

In terms of the assets that you can trade at 24option, you have quite a selection. They offer CFDs on stocks, Indices, Commodities, Forex and cryptocurrencies. Below are the cryptocurrency assets that you can trade:

For some of these assets, they are offered crossed with the USD, EUR and GBP. Furthermore, given that lot sizes can be quite high, they also offer some “mini” cryptocurrency contracts. These usually have a small “m” in front of them.

Something that we liked about 24option was that they offered single stock CFDs. This is something that is not really available at other larger CFD brokers. Here are some of those companies that you can trade:

As mentioned, 24option is a CFD (Contracts for Difference) broker. These instruments are derivative instruments that are traded on the margin. This means that you will only require a margin amount that is a fraction of the notional trade size.

Trading on margin means that you are trading with leverage and your gains / losses are maximised. Leverage levels at 24option will differ according to the account you have as well as the region that you are based in.

The max leverage in the EU for non-professional traders is 30:1 and in other countries it can go up to a maximum of 500:1. If you are in the EU and would like more leverage then you could apply for a professional account (see below) which will allow you to trade with leverage up to 400:1.

EU leverage limits for the Pro account

In terms of the max lot sizes that you can trade, it is 30 lots for major forex pairs and 10 lots for the minor forex pairs. For stocks, it is 10 and for indices it is 3. You can find more information about the lot sizes here.

If you are going to be using 24option then you need to be aware of their protocol when it comes to margin calls and stop out levels.

For all accounts, the margin call level is 100%. This means that if your margin level is below 100% you will be called on to deposit more funds. You may also be stopped from opening new positions.

If your position continues to deteriorate and it reaches the “stop-out” level then 24option will close out your positions. This stop-out level will depend on whether you are a retail trader (50%) or a professional trader (20%).

As you can see, there are risks that come with trading on the margin and you need to be aware of these risks. Leverage is a double-edged sword which can chop both ways…

24option Spreads & Fees

Fees and spreads have a direct impact on your trading profitability. This is especially true when you are trading on a notional amount that is much larger than the margin.

There are number of different fees that you will incur at 24option so it is important that you know exactly what these are and how they could apply to your account.

CFD brokers do not charge a fixed fee on your trading volume but will instead make money on the spreads between the buy and sell price of the asset.

At 24option, these vary according to the asset in question as well as the account that you have set up. We decided to get a rough idea of the live spreads that were being charged on the platform so we jumped right into a live account. Here are some of the indicative spreads:

  • EURUSD: 1.0 pip
  • GBPAUD: 4.0 pips
  • CHFJPY: 2.9 pips
  • Oil: 2 points
  • Gold: 23 points
  • Boeing: 76 points
  • McDonalds: 37 points
  • FTSE: 600 points
  • DOW: 275 points
  • Bitcoin: 3,624 points
  • Ethereum: 122 points

So, the spreads that they have on some of their forex pairs and stocks appear quite reasonable. However, their crypto spreads are way too high. For example, the spread on the Binance exchange on Bitcoin is only 136 points.

However, you will be happy to know that unlike other CFD brokers, you will not be charged a lot commission. You will also not be charged a financing charge.

The only other trading fee that you are likely to incur is the “Swap Fee”. This is basically the fee that is applied in order to account for interest rate differential.

Deposit / Withdrawal Fees

24option will not charge you any fees for sending money in although they will charge you for withdrawals. We were quite surprised to see how high some of these fees are and they are presented below:

Withdrawal Fees at 24option. Source: Rodeler

This does make sense in the context of other CFD brokers like Axitrader that do not charge any fees on their withdrawals.

Having said that though, 24option does give the various accounts a certain number of free withdrawals a month. If you decide to open a VIP account then you will not be charged any withdrawal fees.

There are also a few other fees that you may incur on your account that we think warrant a mention.

For one, you are charged a monthly maintenance fee of €10. This actually quite bizarre and we have not seen it at other brokers / exchanges. Merely having an account at 24option will cost you €120 a year.

However, if you do not trade on this account then you will incur “inactivity fees”.

These are fees that are charged on dormant accounts and are applied to said accounts with no activity for over 2 months. They start at €80 for 2-3 months, then go to €120 for 3-6 months and €200 for more than 6 months.

Inactivity fees are not unique to 24option however and have been used at brokers such as Plus500.

Account Options

As mentioned above, the spreads that you will pay and the leverage that you will be able to trade with are dependent on the type of account that you have at 24option.

There are 4 different account types at the broker and these are your Basic, Gold, Platinum and VIP. These require different levels of funding and come with other benefits. Below is the breakdown:

Basic Gold Platinum VIP
Min Deposit €250 €5,000 €10,000 €50,000
EUR/USD 2.3 pips 1.8 pips 1.4 pips 0.9 pips
GBP/USD 2.5 pips 2.2 pips 1.6 pips 1.1 pips
Crude Oil $0.08 $0.06 $0.05 $0.05
Gold $0.59 $0.49 $0.39 $0.22
Lessons 1 Basic Lesson 2 Basic Lessons 3 Advanced Lessons 5 Advanced Lessons
Webinars NA 1 Monthly Webinar 2 Monthly Webinars 5 Monthly Webinars

In addition to the above, on all accounts you will get the benefit of the daily news that comes through to the platform as well as trading central and the trading central SMS alerts.

Moreover, if you are a professional trader then you can apply for their professional account. This allows you increased leverage in regulated regions like Europe. It also gives you lower stop-out levels.

In order to be a professional trader, you have to have worked in a financial services job for over a year or you have to have a certain net-worth / income.

Which account you eventually do choose depends on your own personal preferences. We think that the basic account should do just fine to start with. You can always move on up from there.

24option Demo Account

If you are still uncertain as to whether you want to trade with them, why not try the demo account? This is a great way for you to test out the platform in a non-threatening way.

Creating a demo account at 24option

Demo accounts have all of the functionality that you can expect on the live account but come without the risk. 24option will give you €100,000 demo funds when you sign up for this type of account.

Using demo funds is also a great way for you to trade as if it were real life conditions. Moreover, it does not seem as if they have placed any time limits on their demo accounts. This separates them from other brokers such as Pepperstone.

24option Trading Platform

Their main platform is their web based CFD platform. This was built in house specifically for 24option.

This platform is well laid out and relatively simple to use. On the left of the platform you have all of your markets. These can easily be filtered based on either the asset class you want to trade as well as the favourite assets on the market. Here you can switch the market that you are trading.

24option Web-trading platform

In the center of the platform you have your order forms and to the right of that you have the charts. Below these two you have all of your previous orders, open positions, economic calendar and the daily market update.

Now, while the platform is well laid out, panels cannot be detached unfortunately.

Being unable to detach the panels means that you can’t move them around into more convenient places on the screen. It also means that you cannot view more than one market at the same time. If this is a deal breaker for you then you may want to consider their MT4 platform.

In terms of the charting, it seems to be really quite functional.

Firstly, you will notice that on the left of the charts you have a sentiment indicator. This is a handy feature that will let you know the general market view of the other traders on the platform (bullish or bearish).

If you are a technical analysis trader then you will be happy to see the plethora of charting tools and features. For example, you can easily change the chart type in the top left of the chart (candlestick, line, HLC etc).

You can also overlay your chart with a number of technical studies. These include such indicators as the MACD, RSI, Parabolic SAR, Bollinger bands and over 50 other indicator types.

The 24option web platform also comes with a host of drawing tools to better map your trendlines and identify key levels. These include Gann fans, triangles, Fibonnaci levels etc.

Top tip: You can even expand the chart to the full screen in order to more easily complete your charting.

Placing orders on the webtrader platform is really pretty simple. In fact, we thought is a bit too simple.

Order functionality at 24Option

There are only two types of orders that you can place and these are the limit order and a market order:

  • Market Order: The market order is the simple buy / sell that will take place at the rate that is given at the market at the time. Here you will select the amount that you would like to trade and then you will hit the “buy” or “sell” button at the rate that is being presented.
  • Limit Order: This means that you will place an order at a predetermined level away from the market rate. This can be for a buy or sell and it will only be executed when the asst has reached that level. Unfortunately, there is no option to change the life of this order so can assume it is a standard “good till cleared” limit order.

It should be noted that for both of these order types you can set the stop loss as well as the take profit at the outset of the trade. You can define these as a certain number of pips away from the current market price.

These are great risk management tools that you can use to limit the amount of downside risk that you have on your position. These can also be placed at key technical levels for more efficient trading.

24option MT4

Those more advanced traders among you will be pleased to know that 24option also offers an MT4 platform.

For those who do not know, MT4 is the external trading program that is developed by the Metaquotes software company. It is perhaps one of the most well known and widely used third party trading platforms in use today.

This platform has been developed for traders by traders and as such, has endless functionality and tools. When you download it from 24option’s website you will link it up to their trading servers and your account.

User Interface of a typical MT4 Platform

You can run the MT4 platform in your browser just like you do the traditional web-based platform. However, the most optimal set-up is for you to install the platform on your PC. MT4 is supported in both MacOS as well as Windows and Linux.

Of course, the 24option MT4 platform may not be for everyone.

It takes some time to get used to the numerous features, widgets, chart tools and order forms. This is perhaps something that is better learned in a demo account before you put any money at risk.

However, the main benefit of the MT4 platform is that the knowledge that you learn is highly transferable to another broker. Given that it is in use at so many brokers, you do not need to re-learn trading on other platforms.

24option Mobile App

For those on the go, there is a nifty mobile app that you can use.

This is available in both iOS and Android and has some of the most important features that you could need to trade on your account. It has charting, order forms, calendars and daily news. The app has been translated into 12 different languages.

You can view the app reviews in the iTunes store or the Google play store. They appear to generally be quite positive with numerous 5-star ratings and comments mentioning the advanced technology.

24option Mobile Application in iTunes Store

What is even more encouraging is that the 24option support team is very responsive on these reviews. Even if there are negative comments the team has responded to them promptly and were receptive to development suggestions.

Metaquotes also develops a mobile application for the MT4 technology. The MT4 mobile app is the most downloaded trading app in the world and has much more functionality than the standard 24option mobile app.

So, should you trade on a mobile?

Well, you will never be able to replicate the charting functionality of the standard platforms. Moreover, there is likely to be a latency in execution given that you are connecting to mobile networks.

We would suggest that you do your primary trading on the 24option webtrader or the MT4 platform. If you have to monitor your positions on-the-go then you can always check in on the mobile apps.

Withdrawal & Funding

There are a number of different funding methods that you can use at 24option. Below are some of the most common ways that you can fund your account:

  • Credit Card: They accept a number of the major credit cards including Visa, MasterCard and Discover.
  • Electronic Paymets: Skrill, Neteller, Qiwi, Astropay etc.
  • Wire Transfer: You can fund your account with a traditional wire into 24option’s bank account. You will need to reach out to an account manager to confirm

The minimum deposits for the Web wallets and the credit cards is $250 whereas it is $1,000 for a wire transfer. The maximum deposit limits are $10,000 per day or $40,000 per month. 24option accepts payments in EUR, Japanese Yen and GBP.

Perhaps the fastest way to make the deposit is through a credit card or a Web wallet as these are instantaneous. If you are going to be making a wire then this could take 3-5 business days depending on where it is coming from.

When it comes to withdrawal, you will need to complete an extra step.

Unlike most brokers, 24option only requires you to complete KYC once you are requesting a withdrawal, not when you are setting up the account. Hence, if you do request a withdrawal, you will need to verify your identity and details.

Instructions for Correct verifications

This KYC requirement is something that is required by law from CySEC in order to prevent money laundering. Hence, 24option will need you to submit the following:

  • Photo ID: You will need to send them a copy of some form of government ID. This could be a driver’s licence or a passport.
  • Proof of Address: You will need to send them a copy of a document that confirms your address. This could be a utility bill, a bank statement or an official government document.
  • Copies of Credit Cards: If you have funded via a credit card then they will also need a copy of the front and the back of the credit card.

This has to be done each time that you need to confirm a new withdrawal method but if you are using the same method again then it should be sufficient. This should take about a day to process.

Take note: If you funded via credit card then they will refund you your initial deposit and the bulk will be withdrawn through another method (bank wire for example).

Withdrawals are processed during normal Cyprus office hours and there is a minimum withdrawal amount of $10. As is the case with deposits, the time that this takes is dependent on the method that is used.

It is also important to note that they will not process any withdrawals that are sent to third party accounts (those that are in someone else’s name).

24option Customer Support

No one likes waiting days for some customer support…

24option seems to have quite a few options when it comes to their support functions. Perhaps the easiest way to get hold of them is through their online chat function. This operates 24/5 and has a pretty quick response time.

Live chat window at 24option

Of course, if you have an account related query that you want to solve through email then that is an option as well. Typical response times here are a few hours.

You can also visit their contact page and you can get their local telephone support numbers. We found this quite a nice touch and it is something that more international brokers and cryptocurrency exchanges should consider.

Finally, if you have a question that is more routine in nature then you can always head on over to their Frequently Asked Questions.

Education

It’s nice to know that a broker provides more value than just a great platform.

24option has included a number of educational resources for you to peruse at your leisure. These could be a great way for those beginner traders among you to learn about the markets and improve your trading chances.

Daily Market Reports

These are sent straight through to the platform and are pieces of advanced market analysis. They are drawn up and sent out by the team over at Trading Central who are a bunch of international investment research professionals.

This commentary will cover a number of different markets and will include potential suggestions for trade set ups. You can also have these sent you as an alert via SMS.

Example of the Trading Central reports

Something else that is included with the daily market report is the economic calendar. This contains a list of some of the most important dates that are coming up during the week which could impact the markets.

The 24option Ebook is quite a comprehensive guide that will cover the most important disciplines in trading. This is positioned at not only the beginner traders but also those that are at the intermediate level.

It covers numerous topics such as trader psychology, capital management, Technical and Fundamental analysis etc. They also have quizzes after each question where you can test the knowledge that you have just picked up.

Videos On Demand

Why read the guide when you can watch a video?

24option has included a number of handy Videos On Demand (VODs) where you can learn about some of the topics that are covered in the eBook. We viewed some of these and they were quite easy to digest in relatively short clips.

Some of the Videos on Demand

Moreover, the presenter seems to know what he is talking about and explains all the topics in a beginner friendly way. This does not mean that is unsuitable for the more advanced users though and could give them some unique insight as well.

This is something that we really liked at 24option.

They run regular webinars where you can get some live insight from a professional trader. These are run almost daily and are joined by thousands of traders all around the world. They are also a great way to ask questions and hear some of the questions being asked.

When we took a look at the webinar schedule there appeared to be quite an interesting selection of topics and included subjects such as Risk Management, Pattern recognition, gold trading and algorithmic trading.

24option Bonus

It was interesting to see that they still included a bonus option as these have mostly being discarded by CFD brokers in recent years.

This is because the MiFID directive has outlawed the use of bonus incentive structures to those clients that are based in the EU. However, this is not the case in other international markets.

Through their Belize holding company, 24option gives their traders the opportunity to take part in a deposit bonus. They will credit your account with up 50% or $500 of your initial deposit (whichever is lowest).

Extract from Bonus T&Cs

This bonus can then be seen as free trading money that you can use to bolster your liquidity. It is, however, important to point out that there are certain terms and conditions that are attached to these bonuses.

Although the prospect of “free money” sounds great, there are always going to be strings attached. As such, we would actually suggest that you avoid all types of deposit bonuses – avoid the hassle.

What We Didn’t Like

We could not complete a full 24option review if we did not take a look at some of the things that we thought warranted improvement.

Firstly, the additional fees that are being charged are unnecessary and exorbitant. Very few brokers will charge withdrawal fees these days and even fewer will charge a “maintenance fee”. Moreover, it seems quite unfair for those traders who are away from their accounts to get whacked with an inactivity fee.

We also thought that they could have done slightly better on their cryptocurrency CFD spreads. These are really quite wide and are far above those of other CFD brokers and exchanges.

Secondly, we found the order functionality on their web-based trading platform to be really quite basic. This makes it quite difficult for the more advanced traders. If you are one of them then we would suggest the MT4 platform.

Finally, it is unfortunate that 24option is not available in some pretty large markets. For example, they are not allowed in the US, Canada and Australia. Traders from these regions will have to look somewhere else.

Conclusion

In summary, we found 24option to be a pretty well-established broker with a large asset coverage. They are fully regulated by a reputable governmental agency which ticks the security boxes.

Moreover, they have a healthy selection of trading technology that is well suited to users of different skill levels. They have the MT4 for the more advanced traders whereas they have the relatively intuitive and easy to understand web-trader.

Yes, there were some things that we thought warranted improvement but these can all be worked on. 24option seems to be quite a receptive broker and they may take these points into consideration as they refine their offering.

So, should you use 24option?

We can’t tell you exactly which broker to use but it seems that they have ticked most of our boxes. If you are in the market for a new CFD broker then 24option should be on top of that list.

Interactive Brokers Review 2020

Summary

Recommended for traders looking for low fees and a professional trading environment

Interactive Brokers was founded in 1978 and is one of the biggest US-based discount brokers. The broker is regulated by several financial authorities globally, including top-tier ones like the UK’s Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).

As it has licenses from multiple top-tier regulators, the broker is considered safe. Also, having a long track record and publicly disclosed financials while being listed on a stock exchange are also great signs for its safety.

We selected Interactive Brokers as Best online broker, Best broker for day trading and Best broker for futures for 2020, based on an in-depth analysis of 57 online brokers that included testing their live accounts. Check out the complete list of winners.

Interactive Brokers pros and cons

Interactive Brokers has the widest selection of markets and products among online brokers, with a lot of great research tools, and it is regulated by a lot of financial authorities.

On the other hand, most users can only make deposits and withdrawals via bank transfer. We recommend this broker for advanced traders, as the account opening process is complicated and the desktop trading platform is not user-friendly.

Pros Cons
• Wide range of products • Extremely complex desktop trading platform
• Many great research tools • Complicated account opening process
• Regulated by several authorities • High inactivity fee
Interactive Brokers main features and highlights
��️ Country of regulation UK, USA, India, Australia, Canada, Japan, Hong Kong
�� Trading fees class Low
�� Inactivity fee charged Yes
�� Withdrawal fee amount $0
�� Minimum deposit $0
�� Time to open an account 1-3 days
�� Deposit with credit card Not available
�� Depositing with electronic wallet Not available
�� Number of base currencies supported 19
�� Demo account provided Yes
��️ Products offered Stock, ETF, Forex, Fund, Bond, Options, Futures, CFD, Crypto, Warrants, Structured Products, Indices, Metals

Gergely Korpos

Author of this review

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

Interactive Brokers review
Fees

Interactive Brokers has low trading fees and for US clients, stock and ETF trading is free. On the negative side, there is a high inactivity fee for non-US clients.

Pros Cons
• Low trading fees • Inactivity fee
• Low stock and ETF fees
• Low financing rate
• Free stock and ETF trading for US clients

Interactive Brokers fees snapshot

Assets Fee level Fee terms
US stock Low $0.005 per share, min. $1, max. 1% of trade value. Free for US clients choosing IBKR Lite plan.
EURUSD Average Trade value less than $1,000 million: 0.2 bps * trade value with $2 min.
Mutual fund Average $14.95 per transaction or 3% of trade value, whichever is lower
Inactivity fee High $20 per month if you have less than $2,000 account balance and if you don’t generate minimum $20 in commissions. $10 for accounts having at least $2,000 account balance, while no inactivity fee for US clients choosing IBKR Lite plan.

We ranked Interactive Brokers’ fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let’s go over some lingo related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

  • Trading fees occur when you trade. These can be commissions, spreads, financing rates or conversion fees.
  • Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of Interactive Brokers for each asset class. For example, in the case of stock investing commissions are the most important fees.

We also compared Interactive Brokers’s fees with those of two similar brokers we selected, Saxo Bank and Degiro. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of Interactive Brokers alternatives.

To have a clear overview of Interactive Brokers, let’s start with the trading fees.

Interactive Brokers trading fees

Interactive Brokers’s trading fees are low. Because of this, it is also recommended if you a lot of trades frequently.

You can choose between Interactive Brokers’s fixed rate and tiered price plans:

  • The fixed rate price plan typically charges a fixed rate per contract or share. This charge covers all commissions and exchange fees.
  • The tiered price plan charges fees based on your monthly trading volume. The more you trade, the lower the commissions are. However, exchange, regulatory and clearing fees may be charged additionally.

Since the end of 2020, clients from the US can choose a new service plan, called IBKR LITE. With this service plan, you can trade US-listed stocks and ETFs commission-free without any inactivity fees.

In this review, we tested the fixed rate plan.

Stock fees and ETF fees

Interactive Brokers has generally low stock and ETF commissions.

Stock and ETF commission of a $2,000 trade

Interactive Brokers Saxo Bank DEGIRO
US stock $1.0 $10.0 $0.6
UK stock $7.2 $9.6 $2.4
German stock $4.4 $11.0 $5.4

The Interactive Brokers stock trading fee is volume-based: either per share or a percentage of the trade value, with a minimum and maximum. ETF fees are the same as stock fees.

Interactive Brokers stock fees

Belgium, France, Xetra, Italy, Netherlands

Market Commission Min Max
North America
$0.005 / share $1 1% of the trade value
CAD 0.01 / share CAD 1 0.5% of the trade value
0.1 % of the trade value MXN 60 No
Europe
UK up to £50,000 trade volume £6.00 £6 £6
UK more than £50,000 trade volume £6.00 + 0.05% of trade value £6 £29
0.1% of the trade value €4 €29
Switzerland 0.1% of the trade value CHF 10 No
Spain 0.1% of the trade value €4 No
Austria 0.1% of the trade value €4 €120
Poland 0.1% of the trade value PLN 15 No
0.05% of the trade value NOK/SEK 49 No
0.15% of the trade value €6 No
Estonia, Latvia, Lithuania 0.2% of the trade value €10 No
Hungary 0.1% of the trade value HUF 200 No
Asia-Pacific
0.08% of the trade value AUD 6 No
0.08% of the trade value HKD 18 No
0.08% of the trade value JPY 80 No
0.08% of the trade value SGD 2.5 No
India 0,01% of the trade value INR 6 INR 20

If you prefer stock trading on a margin or short sale, you should check Interactive Brokers’s financing rates.

What is the financing rate? Financing rates or margin rates are charged when you trade on margin or short a stock. This basically means that you borrow money or stocks from your broker to trade, for which you have to pay interest. This is the financing rate, and it can be a significant proportion of your trading costs.

Interactive Brokers financing rates are low. The financing rates vary based on your account base currency and the amount you borrow.

Interactive Brokers annual financing rates for stocks, futures and options

Interactive Brokers Saxo Bank DEGIRO
USD margin rate 2.6% 3.1%
GBP margin rate 2.0% 1.9%
EUR margin rate 1.5% 0.8%

As of March 2020, the rates for different debit balances in USD ranged between 2.15-3.35%.

Interactive Brokers annual financing rates, USD

Debit balance Rate%
$200,000,000.01 – 1.39%
$3,000,000.01 – $200,000,000 1.39%
$1,000,000.01 – $3,000,000 1.59%
$100,000.01 – $1,000,000 2.09%
Under $100,000 2.59%

Forex fees

Interactive Brokers’s forex fees are average, with higher fees for the most-traded EURUSD.

To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Forex benchmark fee of a $20,000 30:1 long position held for one week

Interactive Brokers Saxo Bank DEGIRO
EURUSD benchmark fee $17.9 $15.5
GBPUSD benchmark fee $13.6 $12.8
AUDUSD benchmark fee $12.0 $13.7
EURCHF benchmark fee $7.1 $4.6
EURGBP benchmark fee $13.0 $10.2

When you trade forex, IB charges a volume-based commission. The higher the volume of your trades, the lower commission you pay.

Interactive Brokers forex commissions

Monthly traded amount Commission Min
USD ≤ 1,000,000,000 0.20 basis point of the trade value $2.00
USD 1,000,000,001 – 2,000,000,000 0.15 basis point of the trade value $1.50
USD 2,000,000,001 – 5,000,000,000 0.10 basis point of the trade value $1.25
USD > 5,000,000,000 0.08 basis point of the trade value $1.00

Fund fees

Interactive Brokers’s mutual fund fees are average. We calculated the fees for US mutual funds.

Interactive Brokers commission for a $2,000 fund purchase

Interactive Brokers Saxo Bank Degiro
Mutual fund $15.0 $0.0 $10.3

The mutual fund fees are different among ranges. The fee structure is percentage based and can have a minimum and a maximum.

Interactive Brokers fund fees

Country Commission Min Max
US 3% of the trade value or $14.95, whichever is lower
US funds with no transaction fees 0% $0 $0.00
Europe 0.1% of the trade value €4 €29.00
Global 3% of the trade value or $14.95, whichever is lower

Bond fees

Interactive Brokers has generally low bond fees.

Commission of a $10,000 government bond trade

Interactive Brokers Saxo Bank DEGIRO
US Treasury bond $5.0 $88.0
EU government bond $10.0 $88.0 $10.5

Interactive Brokers charges a volume-based commission with a minimum amount.

Interactive Brokers bond fees

Bonds Volume Commission Min Max
US Corporate Face value ≤ 10,000 0.10% * face value $1 $250 or 1% of trade value, whichever is lower
US Treasuries Face value ≤ 1,000,000 0.02% * face value $5 No
Europe Trade value ≤ 50,000 0.10% * trade value €2 No
Hong Kong Government Trade value ≤ 15,000,000 0.08% * trade value HKD 18 No

Options fees

The options fees at Interactive Brokers are generally low.

Stock index options commission of 10 contracts

Interactive Brokers Saxo Bank DEGIRO
US stock index options $7.0 $40.0 $5.0
UK stock index options $20.4 $36.0
German stock index options $12.1 $44.0 $9.9

You pay options fees depending on the number of contracts you trade.

Interactive Brokers options fees for stock index options

Market Commission Min
North America – all options
US, monthly contracts Stock index futures commission of 10 contracts
Interactive Brokers Saxo Bank DEGIRO
US stock index futures $8.5 $40.0 $5.0
UK stock index futures $20.4 $36.0 $27.5
German stock index futures $22.0 $44.0 $8.3

Similarly to options, you pay a commission based on the number of contracts you trade.

Interactive Brokers futures fees for stock index futures

Futures Commission
North America
US $0.85 / contract
Canada CAD 2.4 / contract (min CAD 2.4)
Mexico MXN 20 / contract (min MXN 20)
Europe
Belgium €4.5 / contract (min €4.5)
France, Germany €2 / contract (min €2)
Italy, Netherlands, Spain €3 / contract (min €3)
Switzerland CHF 4 / contract (min €4)
UK GBP 1.7 / contract (min GPB 1.7)
Asia-Pacific
Australia AUD 6.25 / contract (min AUD 6.25)
Hong Kong HKD 30 / contract (min HKD 30)
Japan JPY 500 / contract (min JPY 500)
Singapore SGD 4 / contract (min SGD 4)

CFD fees

Interactive Brokers charges low CFD trading fees.

To have a clear understanding of CFD fees we calculated a CFD benchmark fee for the selected products. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

CFD benchmark fees, for a $2,000 long position held for one week

Interactive Brokers Saxo Bank DEGIRO
S&P 500 index CFD fee $3.6 $2.2
Europe 50 index CFD fee $2.9 $2.1
Apple CFD fee $3.5 $22.2
Vodafone CFD fee $8.2 $21.3

We calculated with 20:1 leverage for stock index CFDs and 5:1 leverage for single stock CFDs.

In the case of stock index CFDs, all fees are incorporated into the spreads. When you trade stock CFDs, you pay a volume-tiered commission.

Interactive Brokers stock CFD fees

CFDs Monthly traded amount Commission Min
US share CFDs ≤ $300,000 $0.005 per share $1.0
European share CFDs ≤ €10,000,000 0.05% €3.0
Australian share CFDs ≤ AUD 10,000,000 0.05% AUD 5.0
Hong Kong Share CFDs ≤ HKD 300,000,000 0.05% HKD 12.0
Japanese Share CFDs ≤ 9,000,000,000 0.03% JPY 100.0
US 500 index CFD 0.005% $1.0
UK 100 index CFD 0.005% GBP 1.0
Japan 225 index CFD 0.01% JPY 40.0
Forex CFD ≤ 1,000,000,000 0.20 basis points * trade value $2.0

Crypto fees

You can trade cryptocurrencies through futures and ETNs (exchange-traded notes).

  • You can trade with Bitcoin futures on the CME Group and Chicago Board Options Exchange (CBOE). The commission on one Bitcoin futures contract is $10 at the CME and $5 at the CBOE.
  • Bitcoin and Ether ETNs are available on the Stockholm Stock Exchange. IB charges a 0.05% fee when you trade on the Stockholm Stock Exchange and the minimum amount is SEK 49.

If you want to learn more about crypto trading, check out our crypto blogpost.

Asset management service

Interactive Brokers provides an asset management service, called Interactive Advisors. It is a mix of mutual funds and a robo-advisor. It’s suitable for you if you don’t want to manage your investments on your own or just need a bit more confidence in investing.

Besides the usual brokerage commissions, there is an annual management fee ranging from 0.08% to 1.50%, depending on the amount you invest. The required minimum investment amount is $5,000.

There are two ways to invest with Interactive Advisor:

  1. Answer a couple of questions, based on which Interactive Advisor will compile a portfolio that is automatically rebalanced.
  2. Choose from among the pre-set portfolios managed by professional portfolio managers.

Non-trading fees

Interactive Brokers has average non-trading fees. There is no account or deposit fee. The first withdrawal each month is also free of charge, while subsequent withdrawals carry a fee.

On the negative side, the inactivity fee is high. The amount of inactivity fee depends on many factors.

Interactive Brokers non-trading fees

Interactive Brokers Saxo Bank DEGIRO
Account fee No No No
Inactivity fee Yes Yes No
Deposit fee $0 $0 $0
Withdrawal fee $0 $0 $0

The inactivity fee depends on your account balance, your age, and there are waivers which might apply:

Interactive Brokers’ inactivity fee

1) First three calendar month it’s waived

2) Total assets’ value is more than $100,000

1) First three calendar month it’s waived

2) Total assets’ value is more than $100,000

*If you generate a commission in the calendar month, then it’ll be the difference between the commission you generated and the inactivity fee. For example, if you generate a $15 commission and have an account balance of less than $2,000, then the monthly inactivity fee is $5.

Interactive Brokers review
Account opening

IB’s account opening process is fully digital and the required minimum deposit is low. On the negative side, the online registration is complicated and account verification takes around 2 business days.

Account balance less than $2,000 Account balance above $2,000 Account owner is younger than 25 years old
Monthly inactivity fee $20* $10* $3*
Potential waivers Not applicable
Pros Cons
• Fully digital • Not user-friendly
• No minimum deposit for most accounts types • Confusing messages throughout the process

Can you open an account?

Interactive Brokers is present on every continent, so you can most likely open an account. Only countries with highly unstable political or economic backgrounds are excluded, such as North Korea.

What is the minimum deposit at Interactive Brokers?

The required Interactive Brokers minimum deposit is $0 . However, there is a $2,000 minimum if you would like to trade on margin or short sale. Trading on margin means that you are trading with borrowed money, also known as leverage.

Account types

Interactive Brokers offers many account types, which fall into two big groups:

  • accounts for individual traders and investors
  • accounts for institutions

As an individual trader or investor, you can open many account types. A few of them, like an IRA account, are available only for US clients.

Interactive Brokers account types

Account types Short description
Individuals Account is owned and used by a single individual
Joint Account is owned and used by two individuals
Trust Account is held by a Trustee (separate legal entity) for your benefit
IRA Individual retirement account, which is only available for US clients
UGMA/UTMA Account for clients who are minors, which is only available for US clients
Friends and Family Account for a client group of up to 15 members
Family Office Account for an individual who is a Family Office Manager
Small Business Account for small corporations
Advisor Account for an individual who manages both client administration and the client’s money
Money Manager Account for an individual who is hired on behalf of another advisor.

Besides the various account types, you can choose from the IBKR PRO and IBKR LITE service plans if you are a US resident. They differ in pricing and available trading platforms.

Comparison of IBKR LITE and IBKR PRO

Features IBKR LITE IBKR PRO
Commission US exchange-listed stocks and ETFs are commission-free, while other products have fixed or tiered pricing Fixed or tiered pricing for all products
Account fee No account fee Up to $10 account fee per month
Trading features Client Portal, IBKR Mobile and IBot are available, but the desktop trading platform is not All platforms are available, including the desktop trading platform

Integrated Investment Management

Interactive Brokers has expanded the account features for US residents with the introduction of the Interactive Brokers debit card, and the Integrated Investment Management program. Such new features include:

  • Direct debit card deposits
  • Borrowing
  • Paying bills without checks through Bill Pay

All US cash and margin accounts are eligible for application. To apply, go to your Client PortalTransfer & Pay, then Debit Card menu.

How to open your account

The account opening process is fully digital but overly complicated. After your online registration, the account verification takes around 2 business days, which is a bit slower than the usual account verification time for most brokers.

At first, you have to go through a 5-step registration process, which takes roughly an hour. We experienced a few bugs and errors throughout the process, such as disappearing information and various error messages. It was complicated, with confusing and unclear messages.

During the account opening process, you have to provide some personal information and there are also questions about your trading experience.

In the end, you have to verify your identity and residency by uploading the required documents:

  • Verification of identity: passport / national ID / driver’s license
  • Verification of residency: bank statement / utility bill / driver’s license / credit card statement / other document

This is a standard process, which in financial lingo is called a KYC (know-your-customer) process. This is required to make sure you are truly identifiable.

Interactive Brokers review
Deposit and withdrawal

Interactive Brokers offers many account base currency options and one free withdrawal per month. The main drawbacks are that you can only use bank transfer and the process is not user-friendly.

Pros Cons
• No deposit fee • Credit/Debit card not available
• Several account base currencies • Not user-friendly
• First withdrawal each month free

Account base currencies

Interactive Brokers provides a lot of account base currencies, which is great if you trade with assets in various currencies.

Interactive Brokers account base currencies

Australian Dollar British Pound Canadian Dollar Chinese Yuan
Czech Koruna Danish Krone Euro Hong Kong Dollar
Hungarian Forint Israeli Shekel Japanese Yen Mexican Peso
New Zealand Dollar Norwegian Krone Russian Rouble Singapore Dollar
Swedish Krona Swiss Franc US Dollar

Compared to its competitors, you can see that IB’s selection is similar to that of Saxo Bank, while Degiro offers less base currencies.

Base currencies at Interactive Brokers compared to similar brokers

Interactive Brokers Saxo Bank DEGIRO
Number of base currencies 19 19 9

Why does this matter? For two reasons. If you fund your account in the same currency as your bank account or you trade assets in the same currency as your account base currency, you don’t have to pay a conversion fee.

A convenient way to save on the currency conversion fees is by opening a multi-currency bank account at a digital bank. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Deposit fees and options

Interactive Brokers deposits are free of charge. However, deposit options are limited, as neither credit/debit cards nor electronic wallets can be used.

If you reside in the US, however, you have multiple extra options, such as:

  • ACH (Automated Clearing House)
  • Check
  • Online bill payment
  • Direct Rollover (IRA accounts only)
  • Trustee-to-Trustee (IRA accounts only)

Also, since early 2020 Interactive Brokers introduced direct debit card deposits as part of their Integrated Investment Management account. This is only available for US residents.

Australian clients can also use BPAY as a deposit method.

Interactive Brokers deposit options

Interactive Brokers Saxo Bank DEGIRO
Bank transfer Yes Yes Yes
Credit/Debit card No Yes No
Electronic wallets No No Yes

A bank transfer can take 2-3 business days to arrive. You can only deposit money from sources that are in your name.

Interactive Brokers withdrawal fees and options

The first withdrawal each month is free of charge, while subsequent withdrawals have a fee.

Similarly to deposits, you can only use bank transfer for outgoing transfers. US residents can also withdraw via ACH or check.

Interactive Brokers withdrawal fees and options

Interactive Brokers Saxo Bank DEGIRO
Bank Transfer Yes Yes Yes
Credit/Debit card No No No
Electronic wallets No No No
Withdrawal fee $0 $0 $0

The fee for subsequent withdrawals after the first free one depends on the currency and the method you use for withdrawal.

Interactive Brokers withdrawal fee

Withdrawal’s currency Wire BACS/GIRO/ACH/EFT/SEPA
USD* 10 1
EUR 8 1
GBP 7 1
CAD 12 2
CNH 60 7
HKD 95 8
NZD, SGD 15 1
AUD 15 N/A
CHF 11 N/A
CZK 300 N/A
DKK 30 N/A
HUF 6,000 N/A
ILS 30 N/A
JPY 1,600 N/A
NOK, SEK 50 N/A
MXN 100 N/A
PLN 40 N/A
RUB 330 N/A
ZAR 200 N/A

*Check payments are also available in USD and they carry a $4 fee.

How long does it take to withdraw money from Interactive Brokers? We tested it and it took 2 business days. While you wait, a new feature since early 2020 lets you track your withdrawal in real-time on the Client Portal.

How do you withdraw money from Interactive Brokers?

  • First, log into the Client Portal then click on ‘Transfer & Pay’ and ‘Transfer funds.’
  • Select the account you want to use for the transaction.
  • At the top of the page, click on the ‘Withdraw Funds’ tab.
  • Select the currency of your withdrawal, then the withdrawal method.
  • Fill out the required information.
  • Submit your withdrawal request.
  • You can see the status of your request in ‘View Transaction History.’

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Interactive Brokers review
Web trading platform

Interactive Brokers’s web platform is simple and easy to use even for beginners. On the negative side, it is not customizable.

Pros Cons
• User-friendly • Limited customizability (for charts, workspace)
• Clear fee report
• Two-step (safer) login
Interactive Brokers platforms to choose from
Trading platform Score Available
Web 4.3 / 5 stars Yes
Mobile 3.5 / 5 stars Yes
Desktop 3.0 / 5 stars Yes

When you trade online at IB, you can choose between two web platforms: the Client Portal and Webtrader. In this review, we tested the Client Portal since it is more user-friendly and easier to use than Webtrader. For IBKR Lite users, only the Client Portal is available.

The Client Portal is available in multiple languages: Dutch, English, French, German, Italian, Japanese, Russian, Simplified Chinese, Slovakian, Spanish, Traditional Chinese.

Look and feel

The Client Portal platform is particularly user-friendly and intuitive. You will easily find every feature even if you have just started trading. On the negative side, it is not customizable at all.

Login and security

Interactive Brokers provides several options for safe logins:

  1. You can use two-step authentication through SMS messaging.
  2. IB Key is a two-step authentication feature available through IBKR Mobile.
  3. A bit old-fashioned way is the Secure Login System, where you get a plastic code card.

Search functions

The search function is easy-to-use and works better than on the desktop platform.

All you have to do is type in the preferred asset’s name, and you can see a list of exchanges and products. The search bar can be found in the upper right corner.

Placing orders

Client Portal offers many order types. If you prefer more sophisticated orders, you should use the desktop trading platform. Available order types are:

  • Limit
  • Market
  • Stop
  • Stop Limit
  • Limit-on-Close
  • Market-on-Close
  • Trailing Stop
  • Trailing Stop Limit

If you are not familiar with the basic order types, read this overview.

You can also use a lot of order time limits:

  • Day
  • Good-til-Canceled (GTC)
  • Immediate or Cancel
  • Market-on-Open
  • Limit-on-Open

Alerts and notifications

You can set alerts and notifications, but only through the built-in chat. We think that it would be better if users could set alarms when they set up their order.

Portfolio and fee reports

Portfolio and fee reports are transparent. The portfolio tab gives a clear overview of your performance, including historical profit/loss balance and the fees you paid.

Interactive Brokers review
Mobile trading platform

The Interactive Brokers mobile trading platform has a lot of functions and a useful chatbot, but its user interface could be better.

Pros Cons
• Two-step (safer) login • User interface is a bit complex
• Good search function
• Good variety of order types

IBKR Mobile, Interactive Brokers’s mobile trading platform, is available both for iOS and Android. In this review, we tested it on Android.

The number of available languages is almost the same as at the web trading platform, only Slovakian is not supported.

Look and feel

The mobile trading app is handier compared to the web platform. On the other hand, its overall look and user-friendliness lags behind the competitors’ mobile platforms.

Login and security

You can use a two-step login, which is safer than a simple login. Furthermore, if your device has a fingerprint sensor, you can also use biometric authentication for convenience.

Search functions

The search function works well, just like at the web trading platform. You can access the search button easily from any menu.

When you type in the asset you are looking for, the app lists all asset types. For example, if you search for Apple, you can choose between Apple stock, futures, options, warrants, as well as CFDs.

After you have chosen the product are you interested in, you will be greeted by an information and trading window, which shows:

  • Asset market information
  • An interactive chart with technical indicators
  • Related news
  • Some fundamental data
  • Summary of the latest analyst report
  • The buy and sell buttons that transfer you to the order panel.

Placing orders

IBKR Mobile has the same order types as the web trading platform.

Alerts

You can set alerts only via the chatbot, which is not the most intuitive method.

Special feature – Chatbot

The most innovative and exciting function within the app is the chatbot, call IBot. You can use the chatbot to execute or close an order, or to get basic info quickly.

The chatbot understands basic commands, such as “apple price” or “buy 1 apple share.” On top of this, you can also search for company fundamentals, like dividend yields or PE ratios. Some of the functions, like displaying a chart, are also available via the chatbot.

Interactive Brokers review
Desktop trading platform

Interactive Brokers provides a desktop platform for IBKR PRO accounts with many customizable options and advanced execution functions. However, the platform is not user-friendly and is more suited for advanced traders.

Pros Cons
• Clear fee report • Not user-friendly
• Good customizability (for charts, workspace) • Poor search function
• Good variety of order types • Too complex for beginners

Interactive Brokers’s desktop platform Trader Workstation (TWS) is so advanced that even a separate review would not be able to cover all of its features. Nevertheless, we tried to provide you with a comprehensive summary of TWS.

In the desktop trading platform, you have literally every feature you could desire. Whether you were dreaming of replicating your favorite ETF or trading with chatbots – with Interactive Brokers, you can do them both.

The desktop trading platform is available in multiple languages, but fewer than the web trading platform. For example, Dutch and Slovakian are missing.

Look and feel

To be honest, this is by far the most complex platform that we at Brokerchooser have ever reviewed. This platform is ideal for you if you consider yourself a professional user. If you are a beginner or someone who seeks long-term investments, you may have difficulty navigating all of TWS’s features.

Despite its complexity the platform is highly customizable, for example, you can set up your own templates.

Login and security

It has the same security features as the web trading platform. You can turn on two-step authentication, which makes the platform safer to use.

Search functions

The search function is the platform’s weakest feature. Search results are not structured and it is quite difficult to filter out the product you are looking for.

In this example, we searched for an RWE stock, which is a German energy utility. However, when we typed in “rwe,” all the structured and derivative products were listed in the results as well, which made it harder to find the real stock.

Using the chatbot is great substitute solution. When you search for RWE directly through this feature, it will direct you to the stock listed on the main stock exchange.

Placing orders

Trading through TWS, IKBR PRO offers many different order types.

Order types at Interactive Brokers

Limit Mid Price Market Market-to-Limit
Stop Stop-Limit Trail Trail-Limit
Relative Retail Price Improvement Snap Market Snap To Midpoint
Snap to Primary Market-on-Close Limit-on-Close IBALGO
Hedge (with Forex, or Pair Stock)

On its desktop platform, Interactive Brokers provides Smart Routing, a great feature that detects the best possible route (e.g. exchange) for your trades automatically. TD Ameritrade also has a similar service.

If you are not familiar with the basic order types, read this overview.

The order term options also include some special types beyond the usual ones:

  • Good ’till Canceled (GTC)
  • Good-Til-Date (GTD)
  • Market-on-open (MOO)
  • Limit-on-open (LOO)
  • Immediate-or-cancel (IOC)
  • Fill-or-Kill (FOK)
  • Day ‘Til canceled (DTC)

Alerts and notifications

Alerts and notifications can be set in the ‘Configuration panel.’ You can select email, SMS, or mobile pop-up notifications.

You can also set additional alerts, for example for price changes, daily profits or losses, executed trades, etc.

Reports on the Interactive Brokers desktop platform are really transparent, just like on the web platform.

Interactive Brokers review
Markets and products

Through Interactive Brokers you can access an extremely wide range of markets, with every product type available.

Interactive Brokers Saxo Bank DEGIRO
Stock Yes Yes Yes
ETF Yes Yes Yes
Forex Yes Yes No
Fund Yes Yes Yes
Bond Yes Yes Yes
Options Yes Yes Yes
Futures Yes Yes Yes
CFD Yes Yes Yes
Crypto Yes Yes Yes

Interactive Brokers has a great selection of products, with an exceptional range of ETFs and bonds. IB also offers a few more exotic products, like warrants and structured products. It only lags behind its competitors in terms of its FX pair and CFD selection.

Regarding accessible stock exchanges, the Israeli Tel Aviv Stock Exchange has been added for ETF and stock trading. Since we last checked, IB provides access to almost 140 exchanges worldwide, with alternative services as well, such as Interactive Advisors. This is an asset management service, a mix of robo advisory and social trading.

Stocks and ETFs

Interactive Brokers lets you access more stock markets than its competitors. This includes major stock markets like the NASDAQ, the New York Stock Exchange (NYSE) or the London Stock Exchange (LSE), but also minor ones such as the Warsaw Stock Exchange in Poland or the Mexican markets. Other than regular stocks, penny stocks are also available.

Besides stocks, you can also trade with more than 13,000 ETFs at IB. This is much less than it was in early 2020, but it is still the most extensive selection among competitors.

Stocks and ETFs

Interactive Brokers Saxo Bank DEGIRO
Stock markets (#) 78 36 30
ETFs (#) 13,000 3,100 5,400

Since December 2020, fractional shares are available at Interactive Brokers for individual accounts on all trading platforms. This means you can trade with only a portion of a share which is a great feature if you want to cut share costs.

Forex

Interactive Brokers provides a vast selection of more than 100 currency pairs; only Saxo Bank has more.

Currency pairs

Interactive Brokers Saxo Bank DEGIRO
Currency pairs (#) 105 182

Funds

Through IB, you have access to more than 250 fund providers including big market names like Blackrock and Vanguard. Only Swissquote offers more fund providers than Interactive Brokers.

Fund providers

Interactive Brokers Saxo Bank DEGIRO
Fund providers (#) 257 17 68

Bonds

Interactive Brokers gives you access to a massive number of bonds. Out of all government and corporate bonds available at IB, 1.4 million are so-called municipal bonds: these are fixed income investments issued by local US governments, cities, states or counties, but they are tradable only for US residents. The table below does not include municipal bonds in the overall number of bonds product, but even so the number of bonds available is still higher than at competitor brokers.

Bonds

Interactive Brokers Saxo Bank DEGIRO
Bonds (#) 72,900 38,000 870

Options

As with other product types, Interactive Brokers has an extremely wide range of options markets. You can access the biggest options markets, like the Chicago Board Options Exchange (CBOE) or the CME Group, as well as smaller markets, such as the Korea Stock Exchange (KSE) or the Mexican Derivatives Exchange (MEXDER).

Options markets

Interactive Brokers Saxo Bank DEGIRO
Options markets (#) 33 5 13

Futures

Interactive Brokers offers an extensive selection of futures products and markets. There are now 32 markets available, which is more than what competitors provide. Similarly to options, you will find both major and minor markets.

Futures markets

Interactive Brokers Saxo Bank DEGIRO
Futures markets (#) 32 23 15

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Only clients who are trading through Interactive Brokers (U.K.) Limited are eligible to trade with CFDs. Compared to other products and competitors, IB offers an average range of CFDs, mainly stock and stock index CFDs.

Interactive Brokers Saxo Bank DEGIRO
Stock index CFDs (#) 13 29
Stock CFDs (#) 7,100 8,800 900
ETF CFDs (#) 675
Commodity CFDs (#) 19
Bond CFDs (#) 5
Futures CFDs (#)

Cryptos

At IB you can trade with Bitcoin and Ethereum ETNs and Bitcoin Futures:

  • Bitcoin and Ether ETNs are traded on the Stockholm Stock Exchange and the US OTC (Pink) markets
  • Bitcoin Index is available on the New York Stock Exchange (NYSE) and on the CME Group and Chicago Board Options Exchange(CBOE)
  • Bitcoin futures are available on the CME Group and Chicago Board Options Exchange(CBOE)

If you want to know more about crypto investing, we recommend our crypto blogpost.

Interactive Brokers Saxo Bank DEGIRO
Cryptos (#) 2 2 2

Asset management service

Interactive Advisors, IB’s own asset management service, allows you to copy professional portfolio managers, letting you automatically make trades as professionals do.

You can choose from many portfolio managers to find the one that fits you best, with real-time portfolio performance available.

The minimum investment depends on the portfolio you want to invest in: the lowest investment amount starts at $5,000.

Interactive Brokers review
Research

Interactive Brokers has almost limitless research possibilities, but the user interface is overly complicated, hard to follow and not well designed.

Pros Cons
• Good interactive chart • Not user-friendly
• Trading ideas
• Data on asset fundamentals

The quality of the research available is good and you always have the freedom to choose between third-party providers.

Recommendations

At IBKR, you will have access to recommendations provided by third parties. These research tools are mostly free, but there are some you have to pay for.

Several famous news sources, like Thomson Reuters, Morningstar and Dow Jones, are available for free.

Since January 2020, Interactive Brokers incorporated two new recommendation tools called Validea and TheLeadingEdge. They provide real time analysis, in-depth reports and model portfolios for a monthly subscription. You can enable these features via your Client Portal: to do so, select Menu-Settings-User Settings and then Research Subscriptions.

Fundamental data

Interactive Brokers provides a broad selection of fundamental data on all of its platforms. These include income statements for the past six years, a dividend calendar and peer group companies, for example.

Charting

The charting features are almost endless at Interactive Brokers. There are 120 technical indicators; however, similar to the platforms, the charting tool is not user-friendly.

Other special technical tools include:

  • Stock/ETF benchmarker: helps you to benchmark your stock or portfolio versus a selected benchmark
  • Mutual fund and ETF replicator
  • Volatility lab
  • Option probability lab: a group of option analysis functions
  • VaR, Sharpe: portfolio performance analyzers

News feed

You have access to:

  • News
  • Dailysummaries
  • Multiple economiccalendars

Interactive Brokers has its own news domain called Traders’ Insight. It also provides integrated third-party news and recommendations to its desktop platform.

Upon entering the platform, you have the option to read daily summaries of the markets through the Daily Lineup. This feature helps you to be informed about the latest news and analyst recommendations. An Earnings and an Economic Calendar are also helpful quick shortcuts to start off your day.

The Economic Calendar informs you about upcoming events that will have an economic impact. The feature can be accessed separately at any time from the menu, though the design could be better. If you look for an all-around economic calendar that includes upcoming national holidays for the year 2020, find it here on IB’s page.

Interactive Brokers review
Customer service

Interactive Brokers customer service is good. They can be contacted via phone, email, live chat and an automated ‘iBot’ and provide fast and relevant answers. However, most options are not available 24/7.

Pros Cons
• Phone support • No 24/7 support
• Live chat
• Fast response time

You can contact Interactive Brokers via:

Customer service is available in several regions and languages, namely in English, Russian, Chinese, Indian and Japanese.

Regional Service Desks and hours of operation

Location Number Hours of operation (Time Zone)
United States 1 (877) 442-2757 Toll free
1 (312) 542-6901 Direct dial
14:00 (Mon – Fri) – 02:00 (Tue – Sat) (Europe/Berlin)
19:00 (Sun) – 01:00 (Mon) (Europe/Berlin)
Canada 1 (877) 745-4222 Toll free
1 (514) 847-3499 Direct dial
14:00 – 23:30 (Mon – Fri) (Europe/Berlin)
Europe 00800-42-276537 Toll free
+41-41-726-9500 Direct dial

+44 207-710-5695 Direct dial United Kingdom

09:00 – 18:00 (Mon – Fri) (Europe/Berlin)
Russia 8-800-100-8556 Toll free
+41-41-726-9506 (Russian)
08:00 – 17:00 (Mon – Fri) (Europe/Berlin)
Hong Kong +852-2156-7907 Direct dial 02:00 – 11:00 (Mon – Fri) (Europe/Berlin)
Australia +61 (2) 8093 7300 Direct dial 00:30 – 10:00 (Mon – Fri) (Europe/Berlin)
India +91 22 61289888 Direct dial
+91 22 39696188 Direct dial
02:30 – 14:00 (Mon – Fri) (Europe/Berlin)
China +86 (21) 6086 8586 Direct dial 03:00 – 12:00 (Mon – Fri) (Europe/Berlin)
Japan +81 (3) 4588 9700 Direct dial
+81 (3) 4588 9710 Direct dial (English)
01:30 – 10:30 (Mon – Fri) (Europe/Berlin)

We had lots of problems with customer service when we tested it in 2020, with long wait times one of them. On one occasion, we sent an inquiry in English and received an answer email only after four days – in Russian.

In 2020 we tested the chat, email and phone support, three times. Since 2020, the Interactive Brokers customer service improved a lot, we did not encounter any major problems. Email responses arrived within a day. The wait time for a representative in a live chatroom was rather long (e.g. more than three minutes), but after they came online, the experience was smooth with relevant answers.

The waiting time for a phone call was around one minute.

Also, since we last checked, the Inquiry Response Center got a facelift: now known as Message Center, it has improved a lot in design. We liked the modern look of the interface.

Despite all of the above, the lack of 24/7 availability is still a problem.

Interactive Brokers review
Education

Interactive Brokers offers a wide range of quality educational materials and tools, including videos, courses, webinars, a glossary, and even a demo account.

Pros Cons
• Demo account • Courses only available after registration
• Trading platform tutorial
• Educational videos

At Interactive Brokers you can learn in the following ways:

  • Paper (demo) account
  • Online courses
  • Webinars
  • Educational videos
  • Platform tutorial videos
  • Glossary
  • News

Once you set up a trading account, you can also open a Paper Trading Account. This is a demo account: all paper accounts start with $1,000,000 in virtual money, which you can use to experiment with IB’s platforms and trading services. Similar to this is IBKR Mobile’s Read-only mode, which lets you check out the mobile interface, although you won’t be able to make any trades. In summary, we think these are great services, and the best way to learn how a trading platform works.

In addition to the above services, you can choose from multiple courses based on your trading skills. There is also a glossary that helps you to understand technical terms, unfamiliar expressions and acronyms.

Interactive Brokers review
Safety

Interactive Brokers is regulated by several financial authorities, including top-tier ones like the SEC in the US and the UK’s FCA. Its parent company is listed on the Nasdaq Exchange.

Pros Cons
• Listed on stock exchange None
• Negative balance protection
• Regulated by top-tier financial authorities

Is Interactive Brokers regulated?

Yes, it is regulated by multiple top-tier financial authorities, like the US Securities and Exchange Commission (SEC) and the UK Financial Conduct Authority (FCA).

Is Interactive Brokers safe?

To be certain, we highly advise that you check two facts: how you are protected if something goes wrong and what the background of the broker is.

How you are protected

Not all investments are protected by SIPC. In general, SIPC covers notes, stocks, bonds, mutual funds and other investment company shares, and other registered securities. It does not cover instruments such as unregistered investment contracts, unregistered limited partnerships, fixed annuity contracts, currency, and interests in gold, silver, or other commodity futures contracts or commodity options.

Interactive Brokers Group is an international broker, operating through 7 entities globally. This matters for you because Interactive Brokers provides negative balance protection, and the investor protection amount and the regulating authority differ from entity to entity.

Interactive Brokers provides negative balance protection for forex spot and CFD trading, but only for retail clients from the European Union. Professional and non-EU clients are not covered with any negative balance protection

Interactive Brokers legal entities

Covered by the Canadian Investor Protection Fund (CIPF), regulated by the Investment Industry Regulatory Organization of Canada (IIROC)

Country of clients Protection amount Regulator Legal entity
European countries* £85,000 Financial Conduct Authority (FCA) Interactive Brokers (U.K.) Limited
USA $500,000 ($250,000 cash limit) Financial Industry Regulatory Authority (FINRA) Interactive Brokers LLC
Canada $1,000,000 Interactive Brokers Canada Inc.
Australia No protection Australian Securities and Investments Commission (ASIC) Interactive Brokers Australia PTY LTD
India No protection Securities and Exchange Board of India (BSE) Interactive Brokers (India) PVT. LTD.
Japan No protection Financial Services Agency (FSA) Interactive Brokers Securities Japan Inc.
Hong Kong No protection Hong Kong Securities and Futures Commission Interactive Brokers Hong Kong Limited

*If you are from Europe, the picture is a bit more complicated. The regulator and the protection amount also depends on what you are trading with:

  • If you trade with forex, CFDs, non-US stock index options or futures, you are protected by the FCA, up to £85,000.
  • If you trade with stocks, bonds, funds or US stock index options, you are protected by the US investor protection, i.e. $500,000, with a cash limit of $250,000.

As you can see, the details are not very transparent. Our best advice is to ask customer service from time to time about the protection amount of your actual portfolio.

Background

Interactive Brokers is based in the USA and was founded in 1978. During the last more than 40 years, despite multiple economic crises, IB managed to stay on top on the brokerage market, which is a good sign for the broker’s safety.

Interactive Brokers Group (the holding company of the different entities) is listed on the Nasdaq Stock Exchange. The listing makes the broker more transparent, as it has to publish financial statements regularly.

Being listed on the Nasdaq and regulated by both the UK’s FCA and the US SEC are all great signs for Interactive Brokers’s safety.

Interactive Brokers review
Bottom line

Interactive Brokers is one of the biggest US-based discount brokers, regulated by several top-tier regulators globally. We recommend this broker for advanced traders.

On the plus side, IB has a vast range of markets and products available, with diverse research tools and low costs.

There are some drawbacks though: there is a high inactivity fee and the account opening process is complicated. The desktop platform is complex and hard-to-understand, especially for beginners.

If you have experience navigating complex platforms and you like transparent low-cost trading, Interactive Brokers could be a great fit for you.

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