Interactive Brokers Review 2024
Written by BrokerNotes.co
Fact-checked by Steven Hatzakis, Joey Shadeck
Edited by Jeff Anberg
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail CFD accounts lose money. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Interactive Brokers is a top choice for traders looking for a superior forex and CFD trading platform. Our research and hands-on testing reveal that it stands out with its exceptional range of offerings and low trading costs, backed by its impressive regulatory credentials.
Overall Rating
Minimum Deposit
Trust Score
Pros and Cons
Pros
- Low Spreads: Offers competitive average spread costs for EUR/USD pairs at 0.63, well below the industry average.
- Extensive Asset Range: Traders can access a wide selection of 8,500 tradeable symbols and 90 forex pairs.
- Regulatory Trust: Licensed and regulated by numerous top-tier authorities, ensuring a high degree of security and trustworthiness.
Cons
- No MetaTrader Offering: Does not support popular platforms like MetaTrader 4 or MetaTrader 5.
- Limited Funding Options: Does not support credit cards or common eWallets like PayPal, Neteller, or Skrill, potentially limiting some users.
- No Copy Trading: Lacks the option for copy trading, which could be a drawback for those looking to duplicate trading signals from more experienced investors.
Ratings Summary
- Investment Types - 10/10
- Commissions & Fees - 10/10
- Trading platforms - 10/10
- Research - 10/10
- Mobile Apps - 9.5/10
- Education - 10/10
- Overall - 9.9/10
Can I trust Interactive Brokers?
Yes, Interactive Brokers is highly trusted. It is a publicly traded company (NASDAQ: IBKR) and authorised by ASIC in Australia, MiFID in Europe, and the FCA in the United Kingdom. With a Trust Score of 99, it ranks as highly trusted according to ForexBrokers.com, indicating a top-notch level of security and reliability.
Interactive Brokers is currently licensed and/or authorised by the following regulatory bodies:
- Tier-1 Regulators - Investment Industry Regulatory Organization of Canada (IIROC), Securities Futures Commission (SFC), Japanese Financial Services Authority (JFSA), Financial Conduct Authority (FCA), Monetary Authority of Singapore (MAS), Central Bank of Ireland (CBI), Swiss Financial Market Supervisory Authority (FINMA), Commodity Futures Trading Commission (CFTC), and regulated in the European Union via the MiFID passporting system
- Tier-2 Regulators - Securities and Exchange Board of India and Dubai Financial Services Authority (DFSA)
- Tier-3 Regulators - None
- Tier-4 Regulators - None
Is Interactive Brokers good for beginners?
While Interactive Brokers is an excellent choice for beginners seeking a wealth of educational resources, including advanced and beginner videos, and comprehensive education on the stock market, its focus has traditionally been geared toward more sophisticated traders. Novice forex traders may not find as much information specific to forex or CFD trading and the IBKR platform suite has a steep learning curve.
| Feature |
Interactive Brokers
|
|---|---|
| Education (Forex or CFDs) | Yes |
| Client Webinars | Yes |
| Videos - Beginner Trading Videos | Yes |
| Videos - Advanced Trading Videos | Yes |
| Investor Dictionary (Glossary) | Yes |
Interactive Brokers commissions and fees summary
Interactive Brokers is a great choice for cost-conscious traders. It charges no inactivity fees and offers active trader discounts. With an average spread cost of 0.63 on the EUR/USD pair (as of Q3 2023 - IBKR unfortunately does not publicly list their average spreads) it is significantly lower than the industry average of 1.08. Along with a top rating for commissions and fees, IBKR is highly recommended for those looking to minimize trading costs.
| Feature |
Interactive Brokers
|
|---|---|
| Minimum Deposit | $0 |
| Average Spread EUR/USD - Mini | 0.63 |
| Average Spread EUR/USD - Standard | 0.63 |
| All-in Cost EUR/USD - Active | 0.63 |
| Active Trader or VIP Discounts | Yes |
Interactive Brokers trading platforms and tools
Did you know? Trading platforms comparison
Of the 60+ brokers reviewed on BrokerNotes, 64% offer a proprietary platform, 100% offer a web platform, 91% offer a desktop platform, 11% offer cTrader, 14% offer ZuluTrade, 81% offer MetaTrader 4, and 64% offer MetaTrader 5.
Interactive Brokers delivers excellent trading platforms and tools, with an advanced proprietary platform but no MetaTrader support.
Trading platforms offered: Proprietary platform available.
Trading tools: Offers advanced trading signals.
Metatrader: Does not support MetaTrader platforms.
Copy trading: No copy trading options available.
| Feature |
Interactive Brokers
|
|---|---|
| Virtual Trading (Demo) | Yes |
| Proprietary Platform | Yes |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| MetaTrader 4 (MT4) | No |
| MetaTrader 5 (MT5) | No |
| DupliTrade | No |
Interactive Brokers trading platform screenshots
Mobile trading apps at Interactive Brokers
Interactive Brokers offers an excellent mobile trading app, suitable for trading on the move.
| Feature |
Interactive Brokers
|
|---|---|
| Android App | Yes |
| Apple iOS App | Yes |
| Mobile Economic Calendar | Yes |
| Mobile Alerts - Basic Fields | Yes |
| Mobile Charting - Draw Trendlines | Yes |
| Mobile Watchlist | Yes |
Interactive Brokers mobile app screenshots
How do I open an account with Interactive Brokers?
- Visit the Interactive Brokers website.
- Select the account type you wish to open.
- Fill in the required personal information.
- Provide your financial details and trading experience.
- Verify your identity by submitting the necessary documents.
- Fund your account and start trading.
What can I trade at Interactive Brokers?
At Interactive Brokers, traders have access to a vast range of markets. You can trade 90 forex pairs and a total of 8,500 tradeable symbols, which is considerably higher than the industry average of 3,623.
| Feature |
Interactive Brokers
|
|---|---|
| Tradeable Symbols (Total) | 8500 |
| Forex Pairs (Total) | 90 |
| Social Trading / Copy Trading | No |
| Cryptocurrency (Physical) | Yes |
| Cryptocurrency (Derivative) | No |
| Spread Betting | No |
Interactive Brokers research screenshots
Account funding at Interactive Brokers
Interactive Brokers supports account funding through bank wires. It does not support Neteller, PayPal, credit cards, or Skrill eWallet options.
| Feature |
Interactive Brokers
|
|---|---|
| Visa/Mastercard (Credit/Debit) | No |
| Bank Wire (Deposit/Withdraw) | Yes |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | No |
| Neteller (Deposit/Withdraw) | No |
About Interactive Brokers
Interactive Brokers (NASDAQ: IBKR), founded in 1977, has grown into a major player in the financial services industry, known for its sophisticated trading platform and comprehensive offerings. It has established a strong reputation for reliability and innovation, supported by its high trust score and adherence to numerous top-tier regulatory standards.
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Methodology
At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.
Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.
Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.
About the Editorial Team
BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.
Steven Hatzakis is the Global Director of Online Broker Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.
Jeff Anberg is a Staff Editor at BrokerNotes.co and ForexBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.