Where Interactive Brokers shines. Where Interactive Brokers falls short. What Interactive Brokers is best for. Interactive Brokers at a glance. Full details about Interactive Brokers. Is Interactive Brokers right for you?
How we review: our methodology. Investment selection: If you're interested in trading other investments, including options, futures, mutual funds, fixed income and more, you can do that on exchanges in 33 countries with a Lite account, but the trading costs will be the same as what IBKR Pro investors pay. Website ease-of-use: Interactive Brokers provides a great deal of information on its website, but finding and interpreting the information you want isn't always easy.
For IBKR Pro customers, the various commission and fee structures can make it hard to quickly identify what your costs will be. Portions of the website are dedicated to institutional, broker and proprietary trading accounts, and that can be confusing. Volume discount available. Account fees annual, transfer, closing, inactivity. Number of no-transaction-fee mutual funds.
Over 7, no-transaction-fee mutual funds. Advanced features mimic the desktop app, but iOS and Android user ratings are average. Extensive research offerings, both free and subscription-based. Customer support options includes how easy it is to find key details on the website. Interactive Brokers allows you to open an account with no minimum required.
The broker also offers tiered pricing to lower rates even more. Exchange and regulatory fees are extra on this plan. Interactive Brokers charges no annual, account, transfer or closing fees, which is relatively rare among brokers we review.
The retirement-investor set will be happy with the broker's impressive list of no-transaction-fee mutual funds — over 7, in all, above and beyond the vast majority of the broker's competitors. Interactive Brokers offers something for everyone here: Advanced traders will love the huge selection of products, from standard offerings of stocks, options and ETFs to precious metals, forex, warrants and futures.
Interactive Brokers also offers fractional shares. The ability to purchase a portion of a company's stock, rather than a full-priced share, makes it easier to invest in companies that have lofty share prices. That, in turn, makes it easier to maintain a diversified portfolio, especially for investors with smaller accounts. Interactive Brokers introduced cryptocurrency trading in , giving users access to bitcoin, ethereum, litecoin and bitcoin cash. And while the service doesn't offer commission-free trading like some brokers do, the fees are pretty minimal, ranging from 0.
The platform is fast and includes standard features such as real-time monitoring, alerts, watchlists and a customizable account dashboard.
An options strategy lab lets you create and submit both simple and complex multileg options orders and compare up to five options strategies at one time. Other tools include a volatility lab, advanced charting, heat maps of sector and stock symbol performance, paper trading and a mutual fund replicator, which helps users identify ETFs that replicate the performance of a selected mutual fund but offer lower fees.
Worth noting: Another broker we review, Zacks Trade , offers its customers access to white-labeled versions of Trader Workstation.
Zacks Trade charges higher trade commissions, but offers clients free calls with support reps who are licensed brokers. It's an option worth considering for traders who want the power of Interactive Brokers' trading platforms alongside a bit more personal support.
For investors looking to trade with a conscience, Interactive Brokers offers an Impact Dashboard, free to all users on Trader Workstation, the Client Portal or mobile apps. The dashboard allows investors to select their personal investment criteria from 13 principles including clean air and water, LGBTQ inclusion and gender equality.
Investors can also exclude investments based on 10 categories, such as animal testing, corporate political spending and lobbying and hazardous waste production. The IBKR mobile app, available to both Lite and Pro customers, is Trader Workstation on the go, with advanced trading shortcuts, over data columns, option exercise and spread templates, news, research, charting and scanners.
Users can create order presets, which prefill order tickets for fast entry. Presets set up on Trader Workstation are also available from the mobile app. However, the app gets only average ratings from both Android and iOS users. Interactive Brokers provides access to a huge selection of research providers and news services, many for free, including Fundamentals Explorer, which offers fundamentals data from Thomson Reuters on over 30, companies, plus more than 5, analyst ratings, and reports and newswires from 82 companies.
Over additional providers are also available by subscription. Interactive Brokers offers hour phone, email and chat support, six days a week.
However, there are no physical branches, so you won't be able to schedule an in-person meeting, if that's your preference. While many brokerages are only open to U. As noted above, Interactive brokers opens the door to investing on exchanges in 33 countries, and lets clients fund and trade accounts in 23 currencies.
Interactive Brokers has always been a great choice for active traders, especially those who can move into the broker's cheaper volume-pricing setup.
But beginner investors might prefer a broker that offers a bit more hand-holding and educational resources. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs.
We collect data directly from providers, and conduct first-hand testing and observation through provider demonstrations. Our process starts by sending detailed questionnaires to providers to complete.
The questionnaires are structured to equally elicit both favorable and unfavorable responses from providers. They are not designed or prepared to produce any predetermined results. The final output produces star ratings from poor one star to excellent five stars. Your connection will be automatically established with the closest server or you can choose one that suits your trading preferences.
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