IB Rating: 
Overview of Interactive Brokers
For advanced trading, Interactive Brokers offers professional-level software and a wide range of tradable assets. The firm now includes options beyond just self-directed trading, making it worth exploring.
Investment Docket
Interactive Brokers offers self-directed trading in the following asset classes:
- Equities
- Options
- Precious metals
- Fixed-income assets
- Warrants
- Funds (exchange-traded, closed-end, and mutual)
- Cryptocurrencies
- Forex
- Futures (including event contracts)
- Options on futures
This list is larger than it appears because Interactive Brokers provides access to many foreign exchanges.
Catering to experienced traders, Interactive Brokers supports many account types, including non-professional accounts like IRAs and joint accounts, as well as professional accounts for entities such as hedge funds and introducing brokers.
Robo accounts are available through Interactive Brokers’ sister company, Interactive Advisors. This automated service trades ETFs with low expense ratios, offering a selection of portfolios and fund families.
Securities in IBKR accounts are protected by SIPC up to $500,000 per account type, with additional insurance coverage from Lloyd’s of London up to a total of $150 million.
IBKR Pricing and Minimums
Opening a robo account with Interactive Advisors requires a $100 deposit, although some portfolios require a larger initial investment. There is a management fee, which varies between 10 and 70 basis points, depending on the portfolio.
Self-directed accounts with Interactive Brokers have no minimum deposit requirements and no management fees. Some trades may have commissions, though the IBKR Lite pricing plan offers zero commissions on stocks and ETFs on major U.S. exchanges. Commissions for other products are typically low, with examples including:
- Futures from 5¢ to $5.00, depending on the contract and plan chosen
- Cryptocurrencies starting at 0.12% of trade value with a $1.75 minimum
- Spot gold starting at 0.007% of trade value with a $2.00 minimum
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Margin Accounts
Interactive Brokers offers both cash and margin trading. Upgrading from a cash to a margin account can be done easily on the website, where margin details are available for each security. Margin data includes both initial and maintenance requirements for long and short positions.
IBKR Lite clients have a flat interest rate of 6.83 for margin loans, while IBKR Pro customers pay 5.83. Accounts can be denominated in multiple currencies, each with its own margin-rate schedule, ranging from 20% to as low as 0.75%.
Website Trading
Interactive Brokers’ website, known as the client portal, provides excellent trading tools. The order ticket offers advanced features such as on-close orders, price management algorithms, and switches for take-profit and stop-loss orders.
The client portal integrates charting tools from TradingView, allowing for features like full-screen charts with axes hidden, along with a wide selection of drawing tools, indicators, and more.
Mobile App
The mobile app provides similar utility, offering multiple charting styles, including options like baseline and point & figure, with available technical indicators and on-chart trade buttons. One recent update removed horizontal charting, though, along with the old wheel-order entry system.
The app’s order form includes various trade types, such as relative, market on close, and trailing limit, and allows for easy addition of bracket orders. Other useful features include mobile check deposit, an AI named iBot, and an economic calendar. However, live video news is currently unavailable.
Trader Workstation
The last trading platform we’ll look at is certainly not lacking in features. Trader Workstation (TWS) is IBKR’s advanced desktop software, packed with professional-level tools. During our test, we were especially impressed with the sophisticated options tools found under the New Window tab in the Mosaic layout. Users can create and save multiple layouts, which will appear in the bottom-left corner.
TWS charts can be displayed horizontally and come with various tools. A right-click menu provides options for red sell and blue buy buttons, crosshair tools, technical indicators, and a text box.
Day Trading
Leverage: Day traders can access up to 4:1 leverage on many securities with an IBKR taxable account. While IRAs can’t use leverage due to regulations, they can trade with unsettled funds using Interactive Brokers’ limited margin option. Portfolio margin is also available.
Direct Access Routing: Available on Trader Workstation.
Extended Hours: IBKR Lite customers can trade from 7:00 am to 8:00 pm.
Level II Quotes: Market depth is available on Trader Workstation.
Shorting: Shorting is possible at Interactive Brokers, with software that shows the number of shares available for shorting.
Routing Fees and Rebates: Available.
PDT Rule: U.S.-based accounts must comply with the PDT rule, but other accounts are exempt. U.S.-based accounts can day trade futures, forex, and cryptocurrencies without this restriction.
Bank Products
Interactive Brokers doesn’t focus on cash management, but it does offer a Mastercard debit card. Available for individual and trust accounts, the card can be used to access margin funds if the account is set up for margin. The card has a $1,000 daily ATM withdrawal limit. ATM fee refunds and checkwriting are not offered.
Money market mutual funds are available and can be easily found with the fund screener under the Research tab on the website. Some funds have no load or transaction fee.
Customer Service
Interactive Brokers’ iBot, a robo chat widget, appears on all platforms we reviewed. It performs reasonably well at answering questions. For human support, visit the Help section at the top-right of the website. This section includes FAQs, user guides, video tutorials, and a secure message center.
Phone service is available for U.S. accounts on weekdays from 7:00 am to 7:00 pm, with additional hours on Sunday from noon to 6:00 pm.
Online chat is also available but has limited hours. Many self-help features are accessible through the Welcome link at the top of the site, next to the Help link.
Customer service reps are polite, but issues requiring escalation may not be resolved quickly, regardless of repeated follow-ups.
Extra Services
Stock Yield Enhancement Program: Interactive Brokers offers customers 50% of a market rate for lending out fully-paid securities.
DRIP: Stocks, but not ETFs, can be set up for automatic dividend reinvesting.
IPO Service: Not available.
Fractional Shares: Available for stocks, ETFs, cryptocurrencies, and mutual funds.
Periodic Mutual Fund Investing: Not available.
Individual Retirement Accounts: SEP, Roth, and Traditional IRAs are available without fees or minimums.
Our Recommendations
Small Accounts: A self-directed account with IBKR Lite is a good option for small investors. Robo portfolios require only $100, making them accessible for most.
Stock & ETF Trading: Excellent research tools are available on the website, and advanced trading resources are on the desktop system.
Beginners: An automated account with Interactive Advisors is a great way to start.
Long-Term Investors & Retirement Savers: For extensive retirement planning, Interactive Brokers may fall short. We recommend
Charles Schwab for more options like annuities and other resources.
Mutual Funds: Interactive Brokers has 11,483 mutual funds on its platform, although some may be closed to new investors. Its search tool is straightforward, but other fund tools are lacking.
Firstrade may be a better choice.
Interactive Brokers Review Summary
Interactive Brokers excels in some areas, while others could be improved. With Interactive Advisors, there are now options suited for beginners as well.
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Updated on 5/20/2025.