Getting started with Interactive Investor
Considering taking your first steps in investing but unsure if Interactive Investor is the right choice for beginners like you? Curious about trading costs at Interactive Investor or how user-friendly its platform is?
Don't worry, we've gathered all the essential details to help you make the right decision. The good news is that Interactive Investor is in fact perfect for beginners.
Together with my brokerage analyst colleagues, I have thoroughly tested the services of Interactive Investor by opening a real-money account. Here's what you need to know about Interactive Investor:
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A broker is good for beginners if it has low fees and an easy-to-use platform.
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Interactive Investor has a user-friendly mobile platform.
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Interactive Investor has average fees overall and a minimum deposit of $0.
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Account opening at Interactive Investor takes 1 day.
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Interactive Investor is a legit and trusted broker.
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Browse our toplist of the best brokers for beginners for some great alternatives.
How to determine if a broker is good for beginners?
There are many factors to consider when evaluating a broker's services, possibly too many to list. However, in general, beginner-friendly brokers should have:
- an excellent web and mobile trading platform
- low fees
- an easy account opening process
- low minimum deposit
- great educational tools
- good customer service
Let’s explore how Interactive Investor compares to its peers when it comes to platforms, fees, account opening and education tools. We're rating each category on a scale from 1.0 to 5.0, where 1.0 is the lowest and 5.0 is the highest.
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Web platform score
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4.3 stars | 3.7 stars | 3.9 stars |
|---|---|---|---|
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Mobile platform score
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4.3 stars | 4.2 stars | 3.9 stars |
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Fees
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Average | Average | High |
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Account opening score
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5.0 stars | 5.0 stars | 5.0 stars |
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Deposit and withdrawal score
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3.9 stars | 3.3 stars | 3.3 stars |
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Education score
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5.0 stars | 3.5 stars | 3.5 stars |
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Customer service score
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1.6 stars | 4.5 stars | 2.5 stars |
Do Interactive Investor's platforms cater to beginners, and is assistance provided?
Navigating the complexities of trading can be challenging. Easy-to-use interfaces and comprehensive learning materials can simplify these complexities, especially for new investors like you. So, choose a broker known for its user-friendly platform and robust educational resources.
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Web user-friendliness
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Great | Great | Great |
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Web two-step authentication
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Yes | Yes | No |
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Mobile user-friendliness
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Great | Great | Great |
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2-step authentication
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Yes | Yes | No |
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Biometric authentication
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Yes | Yes | Yes |
Educational resources, such as demo accounts and platform tutorial videos, can really help you get the hang of trading platforms and make smarter investment choices. Interactive Investor's educational resources have the following advantages: Demo account. Trading platform tutorial. Educational videos. However, they also have some disadvantages which could be improved: .
Similarly, effective customer support is also vital as it ensures that you receive timely assistance with account issues, trading problems, and general inquiries.
Interactive Investor's customer support is not that great. At Interactive Investor, customer support can be reached via phone and email.
What are the fees like at Interactive Investor and is there a minimum deposit?
Transaction costs at a brokerage, including commissions and spreads, can eat into investment returns, especially for active traders. Choosing a broker with low fees is crucial as it allows more of your money to stay invested and grow, enhancing overall profitability.
Think of broker fees like admission to an amusement park. Just as you pay to enter and enjoy rides, you have to pay flat fees or commission-based charges to access trading services. Like different amusements parks offering various experiences and prices, brokers offer varied fee structures tailored to specific types of traders or investment strategies. Ultimately, like weighing park costs against fun, investors consider broker fees relative to trading benefits.
What about deposit requirements? At Interactive Investor, the minimum deposit is $0. This means that you can deposit as little money as you wish.
Brokers that don't require a minimum deposit do so to encourage people to try their services without requiring a large initial commitment. Many brokers no longer require a minimum deposit nowadays; so if you want to compare Interactive Investor and its rivals along other criteria, you can do so using our broker comparison tool.
| Broker | Minimum deposit | Bank transfer |
|---|---|---|
| Interactive Investor | $0 | |
| AJ Bell Youinvest | $0 | |
| Hargreaves Lansdown | $0 |
So what if you made a deposit but decide later that you want to switch brokers and invest your money elsewhere? No worries - you can always opt out and withdraw your funds.
How is the account opening experience at Interactive Investor?
Account opening at Interactive Investor is fully online, meaning you can do it from the comfort of your chair. In fact, you don't even need a chair: you can simply do it on the go on your mobile phone.
Opening a brokerage account is always free of charge, but the time it takes differs from broker to broker. At some brokers, it's as quick as signing up for a new Gmail account. At others, it might take a couple of days as they run a background check on your data. At Interactive Investor, it usually takes 1 day to have your account up and running.
Is Interactive Investor legit?
We hear more and more stories each day about clients who lost their money to scammers through unregulated services. BrokerChooser only features brokers that have top-tier financial regulators. As such, Interactive Investor is a legit and trusted broker.
Top-tier regulators are regulatory or self-regulatory authorities that apply, oversee and enforce the strictest requirements and standards to ensure that brokers supervised by them do not engage in fraudulent activities. Oversight by a top-tier regulator is a good indicator that the broker adheres to the highest regulatory standards and practices. Interactive Investor is regulated by FCA in the UK.
If Interactive Investor is not the right broker for you, go ahead and check out our top picks for Best Brokers for Beginners in 2024 for some alternatives.
Check out this short video for a behind-the-scenes peek into how our experts personally test and evaluate brokers.
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.