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Interactive Brokers investment platform review: features and fees for individuals
Disclaimer: The information in this article is for reference purposes only. Wise does not offer to buy or sell stocks, and all information on this page should not be considered financial advice. All investment decisions should be made after thorough research and consultation with a qualified financial advisor. Remember that investments, even in low-risk funds, are never guaranteed and your capital is at risk.
If you’re researching investment platforms available in the UK, one option you’re likely to come across is Interactive Brokers. The US-based company offers online trading solutions for traders, investors and advisors.
In this guide, we’ll cover everything you need to know about Interactive Brokers, also known by its stock market ticker symbol of IBKR.
This includes who its best for, supported currencies, features, fees and how to buy stock with IBKR.
So, let’s dive right into our IBKR review.
Who Interactive Brokers is best for?
Generally speaking, Interactive Brokers is best for both casual and advanced traders, as well as day traders and international investors. It’s commonly used for options trading, as well as research and data.
Who can open an account?
To open an individual IBKR account, you’ll need to be at least 18 years old for a Cash Account and at least 21 years old for a Margin Account.1
You’ll also need to provide the following documents and details on application:2
- Name, address, date and country of birth
- Citizenship details
- Tax residency and other tax details
- Employer's name and address
- Information on assets and income
- Information on source of wealth and funds
- Details of your investment objectives and experience.
What currencies are supported?
If you opt for an IBKR Universal Account, you’ll be able to fund your account and trade assets in 27 currencies.1
What is IBKR GlobalTrader?
IBKR Global Trader is just one of Interactive Broker’s many platforms. It’s designed for beginner and intermediate traders, offering a platform and app for trading stocks, options and ETFs worldwide. You can start from as little as $1, and open a simulated account to try out the platform before opening a live trading account.3
Interactive Brokers features
Now, let’s take a look at what kind of features you can expect when you open an individual account with Interactive Brokers:
- Invest in stocks, options, futures, currencies, bonds and more across 150 markets in 34 countries1
- Fractional trading - so you can diversify your portfolio by dividing investments among more stocks
- Overnight trading hours
- Global services include Bond Marketplace, Short Securities and IBKR GlobalAnalyst
- Comprehensive reporting
- Free account tools
- Mutual Fund/ETF Replicator
- PortfolioAnalyst.
Interactive Brokers fees
How much will it cost you to use the Interactive Brokers platform?
Let’s take a look at the main fees involved, although it’s strongly recommended to check the full list of additional and third party fees before joining the platform.
| Fee | Amount |
|---|---|
| Individual account management fee | None |
| Withdrawal fee | One free withdrawal a month £7 for additional withdrawals in GBP4 |
| Commission fee | Stocks - from 0.05% of trade value (min. £1)5 Options - from £0.15/contract6 Futures - from £0.15/contract7 Cryptocurrency - from 0.12% of trade value8 |
Do Interactive Brokers have an account fee?
Interactive Brokers doesn’t charge an application or account opening fee, nor does it have any monthly maintenance fees.
Trading fees with Interactive Brokers
Similar to other trading platforms, IBKR charges commission for trading in stocks, options, futures, cryptocurrency and more.
Commission fees vary depending on which markets you trade in, as well as monthly trade value. Plus, whether you opt for tiered or fixed pricing.
How much does Interactive Brokers charge for UK stocks?
Let’s take a quick look at how much IBKR charges for trading UK stocks:5
| Monthly trade value | Tiered pricing | Fixed pricing |
|---|---|---|
| ≤ 40,000,000 | 0.05% of trade value | 0.05% of trade value |
| 40,000,000.01 - 80,000,000 | 0.03% of trade value | 0.05% of trade value |
| 80,000,000.01 - 400,000,000 | 0.02% of trade value | 0.05% of trade value |
| > 400,000,000 | 0.015% of trade value | 0.05% of trade value |
IBKR withdrawal fees
IBKR offers one fee-free withdrawal a month. For any GBP withdrawals after that, you’ll pay £7 a time.4
IBKR commission fees
Interactive Broker’s commission fees start from:
- Stocks - from 0.05% of trade value (min. £1)5
- Options - from £0.15/contract6
- Futures - from £0.15/contract7
- Cryptocurrency - from 0.12% of trade value.8
How to buy stock with Interactive Brokers
Here’s a quick step-by-step on how to buy stock with IBKR:
- Log in to your Interactive Brokers account
- Go to the Client Portal and select the ‘Trade’ menu
- Choose the product you like to trade.
- Enter the number of shares, or alternatively the size of the investment you’d like to make.
- Select your order type, limit price and any other preferences when prompted
- Check the details and submit your order.
You should be able to check in on the status of your order in your Client Portal.
Buying stock in another currency?
Buying shares or selling a stock or shares that aren’t traded in your local currency? Don’t let the currency conversion trip you up. Convert your stocks or shares into any currency with our handy tool, and you’ll always know what you’re getting.
Check out our handy international stock ticker tool below.
Disclaimer: Wise's international stock ticker provides information for reference purposes only. This tool and platform does not offer to buy or sell stocks, and the data displayed here should not be considered financial advice.
All investment decisions should be made after thorough research and consultation with a qualified financial advisor. We make no guarantees regarding the accuracy or completeness of the information provided, and users should exercise caution and seek professional guidance when making investment choices.
How is the Interactive Brokers mobile app?
The IBKR Mobile app is available from Google Play for Android devices and the App Store for iOS devices. You can also download the IBKR Global Trader app for international trading.
Interactive Brokers customer service
Need help? You can contact IBKR customer service using the following methods:
- Call +44 20 3744 7220, available 08:00 - 17:00 (Mon - Fri)9
- Online chat via the Client Portal
- Contact form on the Interactive Brokers Help Desk.
Alternatives to Interactive Brokers (IBKR)
There are lots of alternatives to IBKR out there, including:
- Trading 212
- eToro
- IG Trading
- XTB
- Webull
- Charles Schwab
- Fidelity.
FAQs about investing with Interactive Brokers
Are Interactive Brokers good for beginners?
Like many investment platforms, Interactive Brokers has options available for beginners. This includes IBKR Global Trader, which lets you open a simulated account to try out the platform before opening a live trading account.
Are Interactive Brokers trustworthy?
Interactive Brokers is authorised and regulated by the Financial Conduct Authority (FCA) in the UK. This means that it needs to adhere to certain regulatory standards.
Do Interactive Brokers have a monthly fee?
There are no monthly fees with Interactive Brokers individual accounts. Instead, you’ll pay commission fees for trades.
Do Interactive Brokers have an inactivity fee?
No, there are no IBKR inactivity fees for users in the UK.10
How long does it take for IBKR to approve?
Once you’ve submitted your account, it may take some time for IBKR to verify your identity, address, and documentation. However, the company doesn’t say exactly how long it takes to approve each application.
How does tax reporting work with Interactive Brokers for UK residents?
Any gains you make using investment platforms like Interactive Brokers must be declared to HMRC via a self-assessment tax return.
This isn’t financial or tax advice, and you should always consult a qualified financial advisor.
Sources used:
1. Interactive Brokers - individual accounts
2. Interactive Brokers - application requirements
3. Interactive Brokers - trading platforms
4. Interactive Brokers - pricing and fees
5. Interactive Brokers - stocks, ETFs, warrants and structured products
6. Interactive Brokers - commissions options
7. Interactive Brokers - Futures and Futures Options (FOPs)
8. Interactive Brokers - cryptocurrencies
9. Interactive Brokers - customer service
10. Interactive Brokers - required minimums
Sources last checked on date: 31-Jul-2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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