Interactive Brokers Review 2024

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 that a brokerage is safe, we highly advise that you check two facts:

• how you are protected if something goes wrong
• the background of the broker.

How you are protected

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

Interactive Brokers in Australia, Ireland, Hungary and the United Kingdom provide negative balance protection for its retail clients trading CFDs. Professional clients are not covered with this negative balance protection.

You can also hear directly from Interactive Brokers chairman and founder Thomas Peterffy about the safety of client funds held at brokers in general and at Interactive Brokers accounts in particular, by watching this CNBC interview (interview date: March 13, 2023).

*If you are a client of Interactive Brokers in the UK, the regulator and the protection amount also depends on the type of assets that you are trading:

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

**In general, SIPC covers notes, stocks, bonds, mutual funds and other investment company shares, as well as 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.

***If you are a client of Interactive Brokers Ireland Limited or Interactive Brokers Singapore Pte. Ltd., the protection amount also depends on the type of assets that you are trading:

• If you trade stocks, bonds, funds and US stock index options, you are protected by the US investor protection (the protection amount is $500,000 with a cash limit of $250,000).

****Client accounts at IBCE are protected by Hungary's Act CXX of 2001 on the Capital Market up to an amount of €100,000. The amount paid by the insurance fund is:

• 100% up to the limit of the EUR equivalent of HUF 1 million (equivalent to €2,650 as of November 15, 2023),
• Above HUF 1 million: HUF 1 million and 90% of the part above HUF 1 million to a maximum of €100,000.

*****Interactive Brokers announced in late September 2023 that it will merge Interactive Brokers Central Europe Zrt. into Interactive Brokers Ireland limited sometime in 2024.

******For funds, clients have a protection of INR 2.5 million against the broker becoming deficient.

Our brokerage experts put together a comprehensive guide on the safety profile of Interactive Brokers.

Background

Interactive Brokers is based in the USA and was founded in 1977. During the last more four decades, IB managed to remain a leading force in the global brokerage market, despite multiple economic crises, 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 a listed entity and the fact that it's regulated by both the UK's FCA and the US SEC are all great signs for Interactive Brokers's safety.

In negative news from the past few years, Interactive Brokers was fined $38 million by US regulators in August 2020 for not monitoring hundreds of millions of wire transfers that were potentially used for money laundering purposes. In addition, IB also failed to report some potential manipulations regarding microcap securities.

Find your safe broker

Account base currencies

At Interactive Brokers, you can choose from the following 27 base currencies:

The selection of available currencies depends on the IB affiliate and the legal entity you're onboarded with.

For example, clients under the Hungarian entity (IBCE) can deposit in EUR, USD, GBP, CHF, DKK, NOK, SEK, HUF, CZK and PLN. If you have a Cash account (as opposed to a margin account), when you transact in currencies other than the aforementioned currencies, IBCE will convert the currency value of the transaction into your nominated base currency.

Interactive Brokers offers a great base currency selection when compared to its closest competitors.

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

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These usually 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 charges no deposit fees.

However, deposit options are limited, as neither bank cards nor electronic wallets can be used.
If you reside in the US, though, 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)

Additionally, Interactive Brokers also offers direct debit card deposits using the IBKR debit card provided with Integrated Investment Management accounts. However, this is only available to US residents. (Separately, IBKR has an American Express International Dollar Card, designed for non-US residents.)

Australian clients can also use BPAY as a deposit method.

Due to US regulations, US citizens cannot use credit cards to fund their brokerage accounts. They can only use debit cards, where available.

Here's all you need to know about depositing money at Interactive Brokers and key info on minimum deposit requirements.

A bank transfer can take several business days. You can only deposit money from accounts 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.
Similar to deposits, you can only use bank wire for outgoing transfers. US residents can also withdraw via ACH or check.

Read this guide with all key info on available withdrawal methods and related fees.

You can only withdraw money to accounts in your name.

The fee for subsequent withdrawals after the first free one depends on the currency and the method used for withdrawal, as laid out in the table below.

*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 you can 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.
• Enter the required information.
• Submit your withdrawal request.
• You can see the status of your request under 'View Transaction History.'

Integrated Investment Management

Interactive Brokers has expanded the range of its account services available to US residents with the introduction of the Interactive Brokers debit card and the Integrated Investment Management program. Services 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, log in to the Client Portal, go to 'Transfer & Pay', and open the 'Debit Card' menu.

Can you open an account?

Visit broker

Opening an account at Interactive Brokers is quite a tedious and complicated process. If you want to save yourself some of the hassle, the IBKR Global Trader app may be a better option to start with, as it offers a bit more seamless experience. However, in this case, if you wish to trade more complicated products later on you may have to answer some follow-up questions.

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.

Read this article on how to get your account started with Interactive Brokers.

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 sell short). Trading on margin means that you are trading with borrowed money, also known as leverage.

Account types

Interactive Brokers offers many account types, which differ in terms of ownership and the service provided.

Account types based on ownership

The account types fall into two big groups considering the account's ownership:

• accounts for individual traders and investors
• accounts for institutions

As an individual trader or investor, you can choose from many account types. A few of these, such as the IRA account, are available only to US clients.

Cash, Portfolio Margin, Reg account types

After you selected the ownership of your account, you can choose between Cash, Portfolio Margin, or Reg T Margin accounts. Clients from the EU automatically get a portfolio margin account if they select a margin account.

If you're a beginner and are not familiar with the intricacies of maintaining a margin account, it makes sense to go with a cash account at Interactive Brokers. That's because they don't issue margin calls and only allow clients to be in margin violation for a very short period of time before liquidating positions. You can set any position you have as 'liquidate last' in the Account window. The above is of course not a concern if you have a cash account.

IBKR Lite and IBKR Pro

Besides the various account types, you can choose between the IBKR Pro and IBKR Lite service plans if you are a US resident. They differ in pricing.

For non-US residents, only IBKR Pro is available.

Long-Term Investment Accounts (TBSZ) in Hungary

Hungarian citizens can also open a long-term investment account (TBSZ) to potentially reduce their tax burden.

How to open your account

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

During the account opening process, you have to provide some personal information and answer 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 has three different mobile trading platforms, all of which are available both for iOS and Android devices.

• IBKR GlobalTrader: we tested this app for the review, as we believe it is the best choice to start your IBKR trading journey. We recommend GlobalTrader as it's easy to use, provides the best experience and meets the needs of most users. Read our detailed review on IBKR GlobalTrader.
• IBKR Mobile, Interactive Brokers's original mobile trading platform, provides the broadest selection of assets to trade, however it can be a bit complicated for less experienced investors.
• IMPACT is a well-designed, and easy-to-use platform catered to the needs of those interested in ESG investing. It is a great product: you can read more about it in our separate IMPACT app review.

In this review, we tested IBKR GlobalTrader.

The mobile trading platform is available in several languages.

Look and feel

The IBKR GlobalTrader app is a well-designed and easy-to-use platform.

Its overall look and user-friendliness is far better than IBKR's other platform, IBKR Mobile, and it stacks up well against the apps of major competitors.

Login and security

Interactive Brokers provides a safer, two-step login for its mobile platform.

You can log in using biometric authentication, which is a convenient feature.

Search functions

The search functions are good.

You can find the asset you want easily, simply by starting to type its name. Screening functions are included, while you can also browse some pre-selected lists of stocks or ETFs (e.g. value ETFs or top ESG shares).
After you select the product you are interested in, you'll see an information and trading window that shows

• a chart with price history,
• calendar events related to the asset (e.g. dividend payments),
• some fundamental data,
• a company profile summary,
• an overview of analyst ratings,
• related news,
• and the 'Swap', 'Buy', 'Sell' and 'Options' buttons that transfer you to the relevant order panel.

Placing orders

You can use the following order types on the mobile trading platform:

• Limit
• Market
• Stop

You can submit a 'Swap' order that makes it possible to replace a stock in your portfolio with another one in a simple trade.

There are also order time limits you can use:

• Day
• Good till Canceled
• Outside Regular Trader Hours

Alerts and notifications

You cannot set alerts and notifications on the Interactive Brokers mobile platform.

Products

Products available through GlobalTrader are a bit limited compared to IBKR's other platforms, but the most important products are all available: stocks/ETFs, options and crypto.

*Spot crypto is available for clients of Interactive Brokers LLC

Our analysts personally tested Interactive Brokers's mobile app, check out their verdict.

Visit broker

Interactive Brokers released a new desktop trading platform, called IBKR Desktop. Previously, IBKR Trader Workstation (TWS) was the only desktop app customers could user. The new desktop provides many of the same features as TWS, but with a much more streamlined, faster and modern user interface.

The features we liked the most were the easiness of charting tools and the advanced stock screeners. For example, the charting is similar to TradingView's design and functionality but you can do chart analysis on multiple timeframes at the same time without any subscription (a feature which only Premium TradingView users can do).

There are more features that are currently available on IBKR TWS, such as the algo trading or some portfolio management tools. These features are mostly used by professionals.

The desktop trading platform is available in many languages.

Look and feel

IBKR Desktop is really unique in that sense that even if there are many features, the design and UX is great . The platform is ideal for both starts and advanced users.

The platform customization lacks some features, such as setting up your own workspace (own tabs, position of tabs). However, you can do customization at multiple parts, such as charting or what data you're interestd in your portfolio analysis.

Login and security

Interactive Brokers provides a two-step login.

When you log into the desktop platform, you get a push notification to your IBKR's mobile app which you can confirm.

Search functions

The search functions are good.

When you search for an asset, you can see the asset class categories, e.g. if you see a stock, stock CFD, or options.

Placing orders

Interactive Brokers provides a wide range of order types on the desktop trading platform.

IB SmartRouting is available at IBKR desktop too. This is a great feature that detects the best possible route (e.g. exchange) for your trades automatically.

There are also order time limits you can use on the desktop platform:

• Good until end of day (Day)
• Good 'til Canceled (GTC)
• Good-Til-Date (GTD)
• Immediate-or-cancel (IOC)
• Day 'Til Canceled (DTC)
• Market/limit on open (OPG)

Alerts and notifications

You cannot set alerts and notifications on the desktop trading platform.

Portfolio and fee reports

Interactive Brokers has clear fee reports.

You can see easily fees and interest for the current month. Just go to the "Balances" tab at the portfolio section. If you want a more detailed fee analysis, check Client Portal's reports.

Visit broker

Interactive Brokers has a great selection of products, with an exceptionally wide range of ETFs and bonds. IB also offers a couple of more exotic assets, such as warrants and structured products. It only lags behind its competitors in terms of FX pair and CFD selection. Availability of products depend on IB affiliate and country of residence.

IB provides access to roughly 150 exchanges worldwide, including its alternative services, such as Interactive Advisors. This is an asset management service that is a mix of robo-advisory and social trading.

Interactive Brokers also offers an Overnight Trading Hours service that lists over 10,000 US stocks and ETFs. You can trade these US equities nearly 24 hours a day, five days a week. To find more information, visit Interactive Brokers's page on overnight trading.

Interactive Brokers's product selection is great compared to its closest competitors. Both Saxo and DEGIRO offer fewer stock markets to trade on.

Stocks and ETFs

Interactive Brokers allows you access to more stock markets than its competitors.

This includes major stock markets like the NASDAQ, the New York Stock Exchange (NYSE) and the London Stock Exchange (LSE), as well as minor ones such as the Warsaw Stock Exchange or Mexican markets. In addition to regular stocks, penny stocks are also available.

Besides stocks, you can also trade more than 13,000 ETFs at IB. This is an extensive selection compared to its competitors.

Interactive Brokers provide the possibility of buying and selling fractional shares of a stock or ETF, which allows traders to invest small amounts and still diversify their portfolios. Fractional shares are available for US and European stocks and ETFs and all stocks and ETFs listed on the Toronto Stock Exchange and on CBOE Canada.

Forex

The number of forex pairs available is great at Interactive Brokers. You'll likely find the FX pair you want to trade.

This selection is average compared to competing brokers.

Funds

Through IB, you have access to more than 550 fund providers, including big names like BlackRock and Vanguard.

This selection is great compared to competing brokers. Both Saxo and DEGIRO offer fewer fund providers to choose from.

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 US local governments, cities, states and counties, but they can be traded only by US residents.

The table below does not include municipal bonds in the overall number of bonds.

This selection is great compared to competing brokers. Both Saxo and DEGIRO list fewer bonds.

Interactive Brokers offers extended trading hours on US Treasury bonds. You can trade these bonds 22 hours a day, from 7:00 pm to 5:00 pm EST.

Options

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

This selection is great compared to competing brokers. Both Saxo and DEGIRO offer fewer option markets to trade on.

Interactive Brokers offers several tools to assist with options trading. While most of these tools are accessible through the TWS platform, some basic tools are also available via the Client Portal.

Master options trading with Options Wizard

One of the simplest tools, called the Options Wizard, can be found in the Client Portal by clicking 'Trade,' then 'Option Chains,' searching for and selecting the underlying symbol, and finally clicking 'Options Wizard.'

The Options Wizard helps you choose an options trading strategy based on your expectations for the price or volatility of the underlying asset.

For example, if you anticipate that stock X's price will rise within a specific time frame, you can input these details into the Options Wizard, and Interactive Brokers will provide you with options trading strategies that align with your view.

Futures

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

This selection is great compared to competing brokers. Both Saxo and DEGIRO offer fewer futures markets to trade on.

CFDs

Clients from the US are not eligible to trade CFDs. IBKR offers mainly stock and stock index CFDs.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60.0% 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.

Cryptos

At IB, you can trade cryptos the following ways:

• Bitcoin and Ethereum ETNs traded on regular stock exchanges.
• Bitcoin futures are available on the CME Group.
• Spot cryptos through a partnership with Paxos and Zero Hash, eligible IBLLC clients can trade and custody cryptocurrencies including Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

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

Interest on cash balances

Interactive Brokers offers attractive interest rates on the uninvested cash balances of clients. As an example, the rate (as of August 30, 2024) is 4.83% for USD for international IBKR Pro clients. However, strict requirements and conditions apply.

Exact rates differ by the country of the client, currency and by the total value of a client's assets, as well as whether the client has an IBKR Lite or IBKR Pro account. To be eligible, accounts must have more than $10,000 (or equivalent) cash in the account.

No interest is paid on the first $10,000. Above that, interest is paid proportionally: to get the maximum interest, you need an account value of $100,000 (or equivalent).

In addition, your idle cash must be held in the securities segment of your account. Cash held in the commodities segment does not earn any interest.

See the table below for interest rates for selected currencies, or check out IB's interest rates page for the latest rates and more details.

Asset management service

Interactive Advisors is IB's own asset management service, which allows you to invest with the help of professional portfolio managers.

You can choose from among 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 $100.

Compare product portfolios

Does Interactive Brokers charge a monthly fee?

Interactive Brokers does not charge any recurring fees such as account maintenance fees or inactivity fees.

What is the minimum amount to deposit in Interactive Brokers?

To open an Interactive Brokers account, the required minimum deposit is $0. Meaning, there is no minimum deposit. To start trading you need to deposit at least $100.

Is Interactive Brokers free?

Yes, Interactive Brokers is free, if you are from the US and use IBKR Lite. IBKR Lite charges $0, and provides US stocks and ETFs only. However, order execution quality is bad because of PFOF (payment for order flow).

What fees does Interactive Brokers charge?

US clients can trade US-listed stocks and ETFs for $0 per share with the IBKR Lite plan. If you choose IBKR Pro, you pay $0.005 per share with $1 minimum and 1% maximum for US-listed stocks and ETFs. Annual margin rates are also really favorable at Interactive Brokers: benchmark rate + 1.5% for IBKR Pro, and benchmark rate + 2.5% for IBKR Lite.

How long does it take to withdraw money from Interactive Brokers?

It takes 2 to 4 days to withdraw money from IBKR depending on your bank and location. You can make one withdrawal per calendar month for free.

Can I open a cash account with Interactive Brokers?

Yes, you can open a cash account at Interactive Brokers. When you use cash account, you’re not allowed to borrow from the broker, ie. you can’t use margin. Cash account limits the potential losses, you can’t lose more than the originally invested amount.

How long does it take to get an IBKR account?

It usually takes about 2-3 working days to get a live IBKR account. Completing the application form takes about 30 minutes.

How is Interactive Brokers so cheap?

Apart from their most basic features, Interactive Brokers charges other, extra aspects of the service, from which they generate revenue. For example, extra features include live market data and news subscriptions.

How do I buy stock at Interactive Brokers?

1. On the Client Portal hover to the ‘Trade’ menu and choose the product you like to trade.
2. Click on “Enter symbol” and find the product of your choice. Some tickers may have alternative versions on different exchanges.
3. Choose how many shares or how big of an investment you’d like to make. 
4. Choose your order type, limit price and time-in-force (if needed).
5. Submit your order.
6. You’ll see the status of your order in ‘Trade’ - ‘Orders & Trades’ once it’s filled.

How long does it take for IBKR to approve?

It usually takes about two or three working days for Interactive Brokers to approve your account once you have completed the online application form and submitted all required documents.

Who can open an Interactive Brokers account?

Interactive Brokers is present in almost all countries of the world, so unless you live in a politically or economically unstable or isolated country such as North Korea or Syria, you will be able to open an account. In most countries, you need to be 18 or older to open a Cash account, and 21 or older to be able to trade on margin.

How do I know if my IBKR account is approved?

You will be notified by email once your IBKR account is approved. This usually happens about two working days after you have completed your application. You can also log in through the “Complete Application” link you received earlier to view your application status.

How much do I need to open an Interactive Brokers account?

To open an Interactive Brokers account, the required minimum deposit for a basic Cash account is $0, meaning there is no minimum deposit. To actually start trading, you need to deposit at least $100. If you want to trade on margin (i.e. use leverage), you must deposit at least $2,000.

How long does it take to deposit at IBKR?

It takes around 2-3 business days using bank transfer.

Can I use debit card with Interactive Brokers?

Deposit by debit cards is only available to US customers.

Can I use PayPal to fund Interactive Brokers?

No, you can't use PayPal to fund your Interactive Brokers account.

Can I transfer USD to IBKR?

Yes, you can transfer USD to your IBKR account.

Does Interactive Brokers have instant deposit?

No, Interactive Brokers does not have instant deposit.

What is ATS on IBKR? Is this a way to automate my investments?

Automation can mean multiple things, such as IBKR's 'ATS' or Automated Trading System. 'ATS' is an algo trading service which is a complex order method primarily used to trade against incoming SmartRouted orders. If you'd like to use this feature, choose 'IBKRATS' in the 'Destination' field on the order panel using TWS. 

If you'd like to dwell in algo trading, Interactive Brokers has a Python native API to let you automatize your trades through Python codes.

Which language can you use for API trading on Interactive Brokers?

Interactive Brokers offers the following API programming languages: DDE, Java, C++ and ActiveX. These can be used to connect directly to the trading system.

What are fractional shares?

Fractional shares are a portion of a real share. This means that you own only a part of a share. Let’s say you need $1,000 to buy a company’s stock but you only want to invest $400. You can then buy a fractional share and own 0.4 of the stock.

What is IBKR GlobalTrader?

IBKR GlobalTrader is a simple, easy-to-use mobile application dedicated to stock trading worldwide. Through this app, users all over the world have access to Stocks, Fractional Shares, ETFs, and Funds. Cryptos are available as well, but only in certain regions. For US clients, the service is commission-free. Non-US clients are charged $0.0035 per share, which is considered low. 

If you’d like to read more, we have published a full review on IBKR GobalTrader, detailing more platform features like fractionals, stock swap, and the account opening process.

What is IBKR GlobalAnalyst?

IBKR GlobalAnalyst is a free analytical tool on the Interactive Brokers website. It helps to compare the relative value of global stocks by region, industry, market capitalization, and currency. The purpose of this tool is to help you find undervalued stocks around the world.

How to do taxes after I close my position?

Please bear in mind that the information provided here is only a general guideline and there are many exceptions.

If you sell a security with a profit (i.e. at a higher price than the purchase price), it will qualify as capital gains and will therefore trigger a tax liability. So after you close a position on IBKR, you have to declare any such capital gains in your annual tax returns. As a useful starting point, you can check the 'Portfolio' tab to view your realized and unrealized profit/loss positions at IBKR.

The precise rules, procedures and tax rates depend on the tax legislation of the country where you qualify as a tax resident.

A tax liability could also be triggered when you earn interest on bonds or dividends on stocks/ETFs/funds. To help you, we have written a piece to explain what happens in such situations.

Does Interactive Brokers have margin trading?

Yes, Interactive Brokers provides two types of margin accounts: a rule-based account named ‘Reg T', and a risk-based account called ‘Portfolio Margin’. The difference between the two accounts is how margin requirements are calculated. The margin requirement is the percentage of your marginable portfolio that you must pay from your own funds.

For a ‘Reg T’ account, margin requirements are calculated by the US Federal Reserve Board by governing and controlling the amount of credit that broker-dealers may make available to customers.

For a ‘Portfolio Margin’ account, the requirements are calculated based on the Theoretical Intermarket Margin System (TIMS), which calculates the value of a portfolio given a series of hypothetical market scenarios and bases margin requirements on this information.