Interactive Brokers
Information about Interactive Brokers
The company Interactive Brokers has been in operation since 1978 and is present in 125 countries worldwide. In 2020, it was fined a total of $38 million by three regulators (FINRA, CFTC, SEC) for violations related to employee supervision and reporting of suspicious transactions. The broker has taken steps to address these deficiencies.
Education and Contacts
Interactive Brokers offers online education in English for traders of all levels. Access to educational materials is available upon request. The website provides several phone numbers for technical support, an email address, and an online chat option.
Types of Trading Accounts
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Individual account available for one person.
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Joint account with access for more than two individuals.
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IRA – individual retirement account for U.S. citizens.
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Trust account with interest accrual.
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“Friends and Family” account with attached accounts of private clients.
The account can be either margin or cash. The minimum deposit is $100, but a high inactivity fee is charged if the account balance falls below $2000.
Pricing Plans and Commissions
Interactive Brokers offers two main pricing plans: Tiered and Fixed. The difference lies in how commissions are calculated for trades. There is also a penalty fee for lack of trading activity, based on the trader’s asset market value (ranging from 0 to 20%).
Trading Platforms
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Client Portal for viewing quotes and account metrics.
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Trader Workstation for high-volume traders.
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IBKR Mobile – mobile app for 24/7 account access.
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Ibot – voice bot for on-the-go management and trading.
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IBKR API for creating custom apps and accessing data.
Funding and Withdrawal
To fund the account, registration of a personal account on the website is required. Withdrawals are processed to the same account from which the funding was made. A withdrawal fee is charged, and for users from Russia, it amounts to 330 rubles.
Conclusion
Interactive Brokers reserves the right to block accounts of Russian residents without explanation. It is recommended to carefully review the terms of use and consult with a financial expert.