Interactive Brokers Review 2023 – Genuine Comments, Pros & Cons

Interactive Brokers Review 2023

The realm of trading has been tremendously transformed by the advent of online brokerage platforms, and Interactive Brokers (IBKR) has emerged as a key player in this field. With its global reach and a wide range of investment products and services, this Interactive Brokers review 2023 aims to provide a comprehensive perspective on what it has to offer. Notably, IBKR has distinguished itself through its relatively low fees and extensive trading options, positioning it as a preferred choice for many active traders and investors. However, like any other platform, it has its strengths and weaknesses. This article will provide a balanced Interactive Brokers review, which will hopefully guide potential clients in their decision-making process.

Interactive Brokers Group, Inc., often simply referred to as Interactive Brokers (IBKR), is a renowned online brokerage firm known for its technologically advanced trading platforms and extensive access to international markets. The firm was established in 1978 by Thomas Peterffy, who is often recognized as a pioneer in developing computerized trading.

Initially, Interactive Brokers started as a market maker before it transitioned into an electronic brokerage firm in the mid-90s. Over the years, the company has grown substantially, now serving over a million client accounts from more than 200 countries and territories worldwide.

Headquartered in Greenwich, Connecticut, Interactive Brokers offers a wide range of products and services, including stocks, options, futures, forex, and bonds. The company’s clients include individual traders, institutional investors, financial advisors, and introducing brokers.

IBKR is widely recognized for its advanced trading platform, sophisticated trading tools, extensive range of tradable securities, and competitive commission rates. However, it’s also known for having a somewhat complex platform, potentially intimidating for novice investors.

In the following sections, we’ll delve into the key features of Interactive Brokers, including its trading platforms, account types, trading instruments, fee structure, customer service, security, and more. We’ll also present a balanced view of the pros and cons, as well as genuine comments from users to give you a comprehensive understanding of what you can expect from Interactive Brokers in 2023.

Safety and Regulation of Interactive Brokers

In our Interactive Brokers review, we find it essential to discuss its regulatory status and safety measures. Interactive Brokers is regulated by several top-tier financial authorities globally, providing an additional level of trust and reliability. Their strict adherence to international regulatory standards ensures the security of client funds. In terms of safety measures, Interactive Brokers employs advanced encryption technologies to protect user data. This review appreciates the platform’s commitment to providing a secure trading environment.

Interactive Brokers Review: Trading Platform Features

As part of this Interactive Brokers review, we delve into the features of its trading platforms – Trader Workstation (TWS), WebTrader, and the mobile app. Each platform stands out with its array of features, such as real-time data feeds, a multitude of indicators, and automated trading capabilities. This review finds the platforms’ extensive features helpful for both novice and experienced traders.

Detailed Pros and Cons of Interactive Brokers

Like any broker, Interactive Brokers offers a set of distinctive advantages and a few potential drawbacks. This section of the Interactive Brokers review will delve deeper into these aspects.


Low Fees

Interactive Brokers is known for its competitively low fees. This feature stands out particularly for active traders, where lower transaction costs can significantly impact the net return. With tiered or fixed-rate pricing options, traders can choose the pricing structure that suits their trading habits the best.

Wide Range of Investment Products and Services

Interactive Brokers offers an extensive selection of investment products. This includes stocks, ETFs, options, futures, forex, bonds, and funds. With such a wide selection, traders can diversify their portfolio from a single platform, without having to juggle multiple broker accounts.

Advanced Trading Platforms

Interactive Brokers offers a suite of advanced trading platforms, designed to cater to different trading needs. The platforms include the desktop-based Trader Workstation (TWS), the WebTrader for browser-based trading, and the mobile application for trading on-the-go. Each of these platforms provides a wide array of analytical tools, advanced charting capabilities, and real-time monitoring.

Global Reach

Interactive Brokers provides access to trade on over 135 markets in 33 countries. This broad international reach allows traders to diversify their portfolio globally and take advantage of different market conditions across the world.

Excellent Customer Service

Interactive Brokers has a reputation for delivering top-notch customer service. They offer various avenues for customer support, including phone, email, and live chat. They also have a robust online help center, with extensive FAQs and guides to help users navigate their platform and services.

Trading Tools and Resources

Beyond just trading platforms, Interactive Brokers provides a variety of resources to assist traders in making informed decisions. These include charting tools, risk management tools, technical analysis tools, market research reports, and news updates. These resources can provide valuable insights and guidance for both novice and experienced traders.

Margin Trading

For traders interested in leveraged trading, Interactive Brokers offers margin trading. This allows traders to borrow money from the broker to buy securities, potentially amplifying their profits. However, it’s important to note that margin trading also comes with significant risks and is not suitable for everyone.

International Trading

Beyond its global reach, Interactive Brokers also supports multiple currencies and offers currency conversion. This feature makes it easier for traders to manage their international trades and investments.


Complex Trading Platforms

While Interactive Brokers’ trading platforms are packed with features and tools, their complexity can be overwhelming for beginners. There’s a steep learning curve associated with understanding and effectively utilizing these platforms, particularly the Trader Workstation (TWS).

Lack of Educational Resources

Unlike many brokers that provide a wealth of educational content for beginners, Interactive Brokers falls short in this area. While they do offer webinars, short videos, and a Traders’ Academy, the content is not as comprehensive or beginner-friendly as what some other brokers offer.

Customer Service Can Be Slow

Despite the generally high quality of customer service, there have been instances where users experienced slower response times. This can be frustrating, especially during volatile market conditions when traders need timely assistance.

By comprehensively understanding these pros and cons, prospective users can make an informed decision about whether Interactive Brokers is the best online brokers for their specific trading needs. However, this decision should also factor in the Interactive Brokers minimum deposit and other conditions that may influence the trading experience.

Payment Methods and Withdrawals

Our review about Interactive Brokers also covers the payment methods and withdrawal procedures on the platform. Interactive Brokers supports a wide range of payment options, making account funding easy and convenient for traders worldwide. The withdrawal process is straightforward, with most requests processed within a few business days. Detailed information about any associated fees is readily available, ensuring transparency in all financial transactions.

Genuine Interactive Brokers Reviews and Feedback

In this section, we delve into the comments and experiences of real users who have engaged with Interactive Brokers’ trading platforms, products, and services.

Collection of User Reviews and Ratings

User Experience:

Many users have praised Interactive Brokers for its extensive range of tradable securities. Traders particularly lauded the breadth of international markets available, making it a top choice for those seeking exposure to global markets.

Platform Usability:

The advanced features offered by the Interactive Brokers platform have been applauded by experienced traders. However, novice traders have occasionally mentioned the steep learning curve involved with navigating through the system.

Customer Service:

The customer service experiences have been a mixed bag. While some users report positive interactions and swift problem resolution, others express frustration with longer-than-desired wait times for responses.

Costs and Fees:

Generally, customers find the fee structure transparent and competitive, particularly when trading stocks, ETFs, and options. Yet, a few users have indicated that certain inactivity fees could be off-putting for infrequent traders.

Insight into Customer Satisfaction and Common Concerns

Several users voiced their satisfaction with the sophisticated trading tools and insightful research resources provided by Interactive Brokers. Active traders, in particular, expressed contentment with the low commission rates and high-quality execution.

On the flip side, common concerns revolve around the platform’s complexity for new traders. Some customers also expressed their desire for more intuitive customer service solutions, including a more streamlined live chat feature and faster email responses.

Overall, Interactive Brokers holds a significant user approval rating for its advanced trading features, competitive pricing, and broad market access. However, there is room for improvement in making the platform more accessible to beginner traders and enhancing customer service responsiveness.

Account Types

Interactive Brokers offers a variety of account types to cater to different types of traders and investors. The key account types are individual, joint, trust, IRA, and institutional accounts. Below, we delve into the features, suitability, and benefits of each account type:

Description of the Different Account Types Available

Individual Accounts

These are designed for single users and offer full access to all products and services offered by Interactive Brokers. An individual account holder can trade in securities, futures, forex, and more. This account type is best suited for individual traders who want to control their trading strategies.

Joint Accounts

Joint accounts allow two individuals to share an account. Both individuals have equal access to account features, including trading, deposits, and withdrawals. This account type is most suitable for partners or close family members who share financial goals.

Trust Accounts

Trust accounts are intended for legal entities and are managed by trustees on behalf of beneficiaries. These accounts are commonly used for estate planning and asset protection.

IRA Accounts

Interactive Brokers offers Individual Retirement Accounts (IRAs), which provide tax advantages for retirement savings in the US. Types of IRAs include Traditional, Roth, and Rollover IRAs.

Institutional Accounts

These are designed for larger entities such as corporations, partnerships, LLCs, and unincorporated legal structures. They are suitable for organizations looking to access the broad range of products offered by Interactive Brokers on a larger scale.


In conclusion of our Interactive Brokers review, it’s clear that Interactive Brokers offers a sophisticated platform that serves the needs of active and professional traders exceptionally well. This Interactive Brokers review has covered in detail how the platform’s comprehensive trading tools, broad market access, and competitive pricing structure work to benefit its users.

In the dynamic online trading world, Interactive Brokers stands out as a solid choice. It will be interesting to watch how Interactive Brokers continues to innovate and adapt to meet the demands of its diverse clientele. We hope that our Interactive Brokers review has provided you with the comprehensive insights you need to make an informed decision.



Jessica is passionate about exploring and sharing the latest advancements, trends, and innovations in the ever-evolving world of technology. With a keen interest in cutting-edge gadgets, software, and digital solutions, she thrives on unravelling complex technical concepts and translating them into accessible and engaging content for readers. Equipped with a deep understanding of the tech industry, Jessica has a finger on the pulse of emerging technologies such as artificial intelligence, blockchain, augmented reality, and the Internet of Things (IoT).