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Overview of Interactive Brokers Account Opening

Account opening at Interactive Brokers (IB) is fully online but not user friendly.

Interactive Brokers Saxo Bank DEGIRO
Rating 3.2 stars 2.0 stars 5.0 stars
Account opening time 1-3 days >3 days 1 day
Pros Cons
No minimum deposit Not user-friendly
Number of base currencies

The registration part of the account opening process can be done on your desktop, but it might be time consuming due to complicated features.

Interactive Brokers Account Opening in 2022?
The essence: How do I start my Interactive Brokers account?

  • The Interactive Brokers account opening is fully online but a bit complicated
  • Interactive Brokers accepts clients from almost all countries
  • Click on Start Application on Interactive Brokers to start the process
  • Have your Social Security or tax identification number, employer and bank account information ready
  • There is no minimum deposit required at Interactive Brokers

If you want to read our full review, including fees, deposit options and other platforms (like web and desktop) then skip to the Interactive Brokers review.

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Interactive Brokers Account Opening in 2022?
Interactive Brokers supported countries

Fortunately, almost anyone can open an account at Interactive Brokers. The few exceptions are typically residents of countries with unstable economic or political backgrounds.

Check out this table to see whether Interactive Brokers is available for residents of the listed countries:

Availability of Interactive Brokers accounts in 15 countries
Country Availability
Australia Yes
Canada Yes
China Yes
Germany Yes
Hong Kong Yes
India Yes
Ireland Yes
Japan Yes
Malaysia Yes
Netherlands Yes
Singapore Yes
South Africa Yes
United Arab Emirates Yes
United Kingdom Yes
United States Yes

Your country is not on this list? Don’t worry, here is a smart geochecker tool for you:

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Interactive Brokers Account Opening in 2022?
How to open Interactive Brokers account

Here’s what you need to do to open an account at Interactive Brokers.

  1. Choose Interactive Brokers account type - make sure you select the right type of brokerage account (if applicable) before submitting any of your personal information.
  2. Add personal info - add your email address and create a username and password of your choosing. Fill in the basic information questionnaire including your name, birth date, address, nationality, and employment status.
  3. Enter regulatory information and investment objectives - provide financial data and objectives as requested by the broker.
  4. Verify yourself - scan and upload your proof of identity. This can be a passport, an ID card or a bank statement.
  5. Sign contract - review the information you provided and sign a virtual contract after agreeing to the terms and conditions of the broker.
  6. Fund your account - once your account is confirmed transfer the minimum deposit, or if there is none, any amount of money you want to invest. Start trading.

Interactive Brokers Account Opening in 2022?
Trading account types at Interactive Brokers

Most online brokers offer different accounts based on their clients’ trading experience, the nature of available products and currencies.

At Interactive Brokers, you can have an account denominated in one of 23 different base currencies. This is convenient because if your bank account's currency is the same as any of the base currencies, you won't have to pay a conversion fee.

You can save on conversion fees by opening a multi-currency bank account. Revolut or Wise 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. You can read more about brokerage fees in this article.

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Interactive Brokers Account Opening in 2022?
Interactive Brokers account opening requirements

To be able to open an account with an online broker, you are generally required to provide proof of identity and proof of residency.

Interactive Brokers accepts the following documents for identification purposes:

Proof of identity: national ID / passport / driver's license
Proof of residency: bank statement / utility bill / driver's license / credit card statement

There is no minimum deposit required by Interactive Brokers.

This makes IB an ideal broker if you want to invest or trade with a small amount of money. IB is a good broker to start your investment journey; you can add more funds to your account later on as you become more experienced in managing your investments.

Note that Interactive Brokers requires a minimum deposit of $2,000 for margin accounts. A margin account is where you trade with borrowed money, also known as leverage.

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Interactive Brokers Account Opening in 2022?
FAQ

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 broker 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 (ie. use leverage), you must deposit at least $2,000.

How long does it take to open an account at IBKR?

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

How long does deposit take on 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.

Author of this article

András Iván

Author of this article

Andras has over 5 years of experience in investing and trading equities, options and bonds. He believes that active trading and a more passive investing approach both have merits and everyone can find a strategy that fits their needs. He's eager to help identify the characteristics of specific brokers, so the best match can be found for each client.

András Iván

Broker Analyst

Andras has over 5 years of experience in investing and trading equities, options and bonds. He believes that active trading and a more passive investing approach both have merits and everyone can find a strategy that fits their needs. He's eager to help identify the characteristics of specific brokers, so the best match can be found for each client.

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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