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Yes, it is

It's awesome that you are looking for a broker! Interactive Brokers is one of the biggest names in the industry, so I understand why you have come across it. Interactive Brokers' Client Portal (which is its web trading platform), and GlobalTrader app (which is its simplified app), are good for beginners. Don't worry, in a few minutes time we will help you understand why Interactive Brokers can be a good choice for you.

THE ESSENCE:

  • We recommend Interactive Brokers' GlobalTrader app or Client Portal for beginners
  • Interactive Brokers is a legit broker since it is a regulated broker. This applies to GlobalTrader as well
  • To open a GlobalTrader account you have to download the app and go through the process, which is easy and takes about 15 minutes, however, verification might take a few days
  • At GlobalTrader you can only trade stocks, ETFs, cryptos and options
  • At the Interactive Brokers' Client Portal you can access an extremely wide range of products

Is Interactive Brokers good for beginners
Try GlobalTrader

Simply put, the GlobalTrader app. is a great option for beginners, so you can't go wrong by downloading it. These are the aspects why we think it is suitable for you:

  • User-friendly platform. Believe us, it is really important that you don't get lost on the platform. A good user interface can work wonders.
  • Easy and fast account opening. A lengthy and complicated account opening process can be a real headache. You probably don't want to start with that. It just makes you loose your ambition.
  • A wide range of available products.. Surely, you won't need complicated derivative products as a beginner, but to diversify, for instance, your stock portfolio, you will want as many stocks available as possible. Well, IB's GlobalTrader provides that.
  • Low trading and non-trading fees. Honestly who would want to pay a lot for their trades when they can pay less? Exactly. Nobody. GlobalTrader offers altogether low fees. US citizens can even trade US stocks for zero commission.
  • Several top-tier regulators. Among other positive things, like transparency, this means that even in the extremely unlikely event of a default, your funds are protected to a certain amount.
  • Great platform to invest your money. You can look for the "perfect" platform, but you can also go ahead, settle for one and learn much more along the way. So we would say go for it!

If you feel like you need more detailed information about GlobalTrader, visit our GlobalTrader review.

Is Interactive Brokers good for beginners
Or try Client Portal

Interactive Brokers' web trading platform Client Portal can also be good for beginners. It offers more complex products than GlobalTrader, but you definitely don't have to use it to its full potential. Opening and closing positions is simple and you will learn a lot along the way.

The Client Portal also has all the advantages listed for GlobalTrader except for the easy account opening. If you intend to use Client Portal, you will have to go through a bit more complicated process. Don't be afraid of it though. It is said to be complicated because of the many questions that need to be answered. Remember, however, that IB needs to ask these because of their regulators. And as mentioned before, regulation is extremely important.

Is Interactive Brokers good for beginners
Just don't miss out!

Opening a broker account is a big step towards taking care of your money. So I suggest you start it as soon as possible. And Interactive Brokers' GlobalTrader or Client Portal are good places to start.

Your uninvested money is probably losing its value year-by-year. However, with a good investment strategy you can passively preserve or even increase your money's value. Please note however, that trading comes with a high degree of risk.

At the beginning of your investment journey, I presume you are looking for non-complex, low risk asset types. Investing in stocks and ETFs are a perfect way to start. And Interactive Brokers offers you both. But don't forget to diversify your portfolio!

Author of this article

Ádám Nasli

Author of this article

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo-trading, programming and trading.

Ádám Nasli

Analyst head

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo-trading, programming and trading.

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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