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Interactive Brokers Review 2024

Written by
Adam N.
Fact checked by
Updated
6d ago
Key data
Fees
Safety
Deposit and withdrawal
Account opening
Mobile app
Desktop platform
Product selection
Regulated and trusted. Tested via live trading.
237,729 people chose this broker
Available in United States

Why choose Interactive Brokers

Interactive Brokers is a broker that suits all needs. Besides great fees, you can trade stocks, ETFs, options, futures and many more assets from all over the world. I mainly use Interactive Brokers for my long-term stock and ETF investments and I’m really satisfied with it. Beginners will find the platforms and service complex, but learning to use them is absolutely worth your time, as you can unlock powerful tools for your investments.

CFDs are banned in the US. If you are a US resident, you will not be able to trade CFDs at Interactive Brokers.

  • Low trading fees and high interest on cash balances
  • Wide range of products
  • Many great research tools

Explore the key metrics of Interactive Brokers

Overall score
4.9/5
Minimum deposit
$0
Stock fee
Low
Options fee
Low
Inactivity fee
no
Account opening
1-3 days

Not sure if this is the right broker for you? See the best ones.

See how the best brokers in the United States compare to Interactive Brokers

US stock fee
Estimated commission of a $2,000 trade, assuming a $50 stock price

Fees

Score: 4.3/5
Interactive Brokers has low trading fees and the best margin rates in the industry. IB currently pays interest (up to 4.83% for USD) on cash balances if you have a $100k account (net asset value). For US clients, stock and ETF trading is free if they choose the Lite plan.
  • Low trading fees
  • Free stock and ETF trading for US clients
  • Low margin rates

We compared Interactive Brokers's fees with two similar brokers we selected, Saxo Bank and DEGIRO. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of Interactive Brokers alternatives.

Low stock and ETF commission

Interactive Brokers US stock fees are less than half of the industry average. US stock fees are calculated as follows: Fixed pricing: $0.005 per share, min. $1, max. 1% of trade value. Free for US clients choosing IBKR Lite plan.

Broker
US stock
Interactive Brokers
$1.0
Saxo Bank
$1.6
DEGIRO
$2.2
Interactive Brokers stock and ETF commission

For IBKR Pro clients, SMART routing continually scans competing markets and automatically routes orders directly to the best available market based on price while also taking into account factors such as the availability of automatic order execution.

Low margin rates

Interactive Brokers has the lowest USD margin rate fees among brokers we reviewed. USD margin rate fees are calculated as follows: Tiered margin rate. Lowest tier has a rate of 6.83% at IBKR PRO (7.83% at IBKR Lite)

Broker
USD margin rate
Interactive Brokers
6.8%
Saxo Bank
-
DEGIRO
6.9%
Interactive Brokers annual margin rates

Interactive Brokers's margin rates are one of the best in the industry for IBKR Pro customers. However, if you choose the IBKR Lite plan, you'll be charged a higher annual rate – for example, the markup is 2.5% for IBKR Lite under $100k, while it's 1.5% in the case of IBKR Pro.

Low options commission

Interactive Brokers US stock index options fees are about half of the industry average. US stock index options fees are calculated as follows: Less than 10,000 contract per month and for a 10 contracts trade: $0.65 per contract with $1 min

Broker
US stock index options
Interactive Brokers
$6.5
Saxo Bank
$20.0
DEGIRO
$7.5
Interactive Brokers stock index options commission

No inactivity fee, no withdrawal fee

Interactive Brokers does not have a monthly inactivity fee, and it doesn't charge an account or deposit fee, either. The first withdrawal each month is free of charge while subsequent withdrawals carry a fee (e.g. $10 in case of USD withdrawal).

Broker
Inactivity fee
Withdrawal fee
Interactive Brokers
$0
Saxo Bank
$0
DEGIRO
$0
Interactive Brokers inactivity, withdrawal and other fees

Other commissions and fees

Average mutual fund commission: trading mutual funds involves the following charges - $14.95 per transaction or 3% of trade value, whichever is lower. There are also more than 19,000 funds with no transaction fee.

Low futures fees: US index futures fees are as follows - $0.25 per contract.

Average FX fees: Interactive Brokers charges a forex commmission: Trade value less than $1 billion: 0.2 bps * trade value; min. $2. Spread costs come on top of this, e.g. the EUR/USD spread is 0.2.

Low spot crypto fees: at Interactive Brokers, crypto trading costs 0.12% to 0.18% of trade value with a USD 1.75 minimum per order (but the minimum is subject to a cap of 1% of trade value).

Low bond commission: US treasury bonds come with the following charges - For the first $1,000,000 face value: 0.002% of trade value with $5 min. Free with IBKR Lite that is available for US and Indian clients..

Broker
Mutual fund
US micro e-mini stock index futures
Interactive Brokers
$15.0
$2.5
Saxo Bank
$0.0
$30.0
DEGIRO
$4.2
$7.5
Misc. fees compared with other brokers

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 US NASDAQ exchange.
  • Listed on stock exchange
  • Negative balance protection
  • Regulated by top-tier financial authorities
Read more

Deposit and withdrawal

Score: 3.3/5
Interactive Brokers offers several account base currencies and one free withdrawal per month. The main drawback is that you can only use bank transfer.
  • No deposit fee
  • Several account base currencies
  • First withdrawal free each month
Read more

Account opening

Score: 3.1/5
IB's account opening is fully digital and there is no required minimum deposit (except for a margin account). On the negative side, the process is complicated and account verification takes relatively long. The GlobalTrader app offers a somewhat better account opening experience.
  • Fully digital
  • Minimum deposit only for margin account
Read more

Mobile app

Score: 4.3/5
The IBKR GlobalTrader app is user-friendly and has many functionalities, but it lacks some order types and price alerts.
  • User-friendly
  • Good search function
  • Touch/Face ID login
Read more

Desktop platform

Score: 4.3/5
IBKR's new desktop platform is an excellent choice for users searching for a user-friendly platform with many advanced and great features (such as easy charting, screener, options analysis, news, and many more). We missed price alerts on the platform.
  • User-friendly
  • Good variety of order types
  • Two-step (safer) login
Read more

Product selection

Score: 5/5
At Interactive Brokers, you have access to an extremely wide range of markets. Every type of asset is available.
Read more
“Interactive Brokers has an extended legacy of offering its customers access to global markets, with fees that are among the lowest in the industry. You can trade equities, options, fixed income products, and futures around the world and around the clock, on your desktop or on a mobile device. IBKR is well-suited to sophisticated traders who want to take advantage of the low fees for transactions and for margin loans, and has taken strides towards serving less experienced traders over the last five years. The firm’s order routing engine squeezes every pip out of executing an order. I would still advise new traders to gain experience at a more user-friendly broker before taking the leap to IBKR’s services; however, they could give IBKR’s Global Trader app a try.”

FAQ

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Author of this review

Adam Nasli

Trading • Safety • Market Analysis

I bring extensive financial expertise as one of BrokerChooser's earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.

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.

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