{"id":106883,"date":"2024-09-17T21:08:28","date_gmt":"2024-09-17T21:08:28","guid":{"rendered":"https:\/\/arielle.com.au\/?p=106883"},"modified":"2026-01-22T04:39:54","modified_gmt":"2026-01-22T04:39:54","slug":"interactive-brokers-review","status":"publish","type":"post","link":"https:\/\/arielle.com.au\/interactive-brokers-review\/","title":{"rendered":"Interactive Brokers Review: Pros, Cons, Fees &#038; Verdict"},"content":{"rendered":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 12<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>\n<p>Interactive Brokers is a trusted, multinational online brokerage with an Australian-based operation. It&#8217;s fast becoming a favourite among everyday Aussie investors and traders due to its extensive market coverage and low costs.<\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span><em>The broker is also commonly referred to as IBKR, which is the ticker symbol for the company\u2019s stock listed on the Nasdaq stock exchange.<\/em><\/span><\/div><\/div>\n\n\n\n<p>Novice investors and traders may initially be deterred by IBKR\u2019s reputation as a platform for professionals, but it caters to investors of all levels through multiple web and mobile interfaces. <\/p>\n\n\n\n<p>Having said that, there are barriers to getting the most from IBKR and drawbacks to be aware of.<\/p>\n\n\n\n<p><strong>(Related: <a href=\"https:\/\/arielle.com.au\/best-crypto-exchange-australia\/\">Best Cryptocurrency Exchanges In Australia<\/a>).<\/strong><\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Best Features Of Interactive Brokers:<\/strong><\/h2>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>Global Market Access:<\/strong> Whether you\u2019re simply looking to build a portfolio of Australian and US stocks and ETFs, or you\u2019re keen to trade derivatives or foreign currencies, you can do it all from one platform. Excellent for people looking to get deeper into trading.<\/li><li><strong>Trading Platforms: <\/strong>Its flagship IBKR Desktop and TWS are top-notch interfaces for experienced day traders, especially those using algorithmic trading. You also get two mobile apps (one for beginners and one for advanced users), plus (mediocre and slow) Client Portal. <\/li><li><strong>Research &amp; Analysis Tools:<\/strong> As an Interactive Brokers client, you\u2019ll get free access to a huge range of market and company research from groups like Motley Fool, Seeking Alpha, and Morningstar. A variety of algorithms, analysis and trading tools cater to most strategies.<\/li><\/ul><\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"940\" src=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-platform-review-2.jpg\" alt=\"\" class=\"wp-image-117599\" srcset=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-platform-review-2.jpg 1024w, https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-platform-review-2-300x275.jpg 300w, https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-platform-review-2-768x705.jpg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><em>Above: The Web-based Client Portal is mediocre. It&#8217;s reasonably user-friendly and capable (but with quirks that I&#8217;ll show below)<\/em>.<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Main Downsides Of Interactive Brokers:<\/strong><\/h2>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>Complex Fees: <\/strong>You&#8217;ll find different fee structures for stocks, options, forex and futures, with further variation in how fees are applied depending on the geographic region. That makes costs hard to predict if you\u2019re trading in multiple share markets.<\/li><li><strong>Choice Overload:<\/strong> A full-featured platform also means that Interactive Brokers presents a lot of options and tools beyond simply trading stocks, forex and commodities. Multiple features you didn\u2019t know you needed can be distracting, or lead to trades you wouldn\u2019t otherwise make.<\/li><li><strong>Unexpected Upsells<\/strong>. IB gently nudges you towards more risky trades. I discovered 70K available for margin trading in my account, even though I never requested it. <\/li><li><strong>Proprietary Platforms:<\/strong> If you\u2019re closer to the intermediate\/expert end of the experience spectrum and are deeply familiar with Metatrader tools (MT4, MT5), you may be disappointed that Interactive Brokers only offers its own proprietary platforms that you\u2019ll need to learn.<\/li><\/ul><\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"555\" src=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-platform-review-3.jpg\" alt=\"\" class=\"wp-image-117620\" srcset=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-platform-review-3.jpg 1024w, https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-platform-review-3-300x163.jpg 300w, https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-platform-review-3-768x416.jpg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><em>Above: The TraderWorkstation looks archaic but is powerful. It&#8217;s IB&#8217;s alternative to MT4\/5, it&#8217;s aimed at old-school day and algo traders.<\/em><\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Interactive Brokers At A Glance.<\/strong><\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Trading Fees To Watch Out For.<\/strong><\/td><td>Added regulatory, clearing and exchange fees on tiered commissions.<\/td><\/tr><tr><td><strong>Non-Trading Fees To Watch Out For.<\/strong><\/td><td>AU$15+GST withdrawal fee (after 1 free withdrawal per month).<\/td><\/tr><tr><td><strong>Available Share Markets.<\/strong><\/td><td>90+ markets incl. ASX, NASDAQ, NYSE, AMEX, Euronext, HKEX.<\/td><\/tr><tr><td><strong>Available CFD Markets.<\/strong><\/td><td>Forex, shares, indices, commodities.<\/td><\/tr><tr><td><strong>Available Crypto Markets.<\/strong><\/td><td>Bitcoin futures, and trading of BTC, ETH, LTC and BCH.<\/td><\/tr><tr><td><strong>Available Forex Markets.<\/strong><\/td><td>100+ currency pairs on 24 currencies.<\/td><\/tr><tr><td><strong>Support.<\/strong><\/td><td>24\/7 email support + live chat (Sun-Fri US time) can be accessed via your account. Phone support available Mon-Fri 9.30am-7pm AEST.<\/td><\/tr><tr><td><strong>Trading Platforms<\/strong>.<\/td><td>Trader Workstation (TWS), IBKR Desktop &amp; Mobile, IBKR GlobalTrader for simple mobile stock trading, IMPACT app for sustainable investing.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Is Interactive Brokers Good For Beginners?<\/strong><\/h2>\n\n\n\n<p>Interactive Brokers is good for beginners &#8211; but it depends on what type of beginner you are.<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>It\u2019s a great fit<\/strong> for people new to trading who are committed to developing their investing and trading skills over time, and exploring a wide range of markets.<\/li><li><strong>IB recommends<\/strong> that beginners start with Client Portal, then progress to IBKR Desktop. In my view, you can skip the Client Portal altogether. It&#8217;s clunky and confusing. <\/li><li><strong>The IBKR Desktop platform<\/strong> is outstanding &#8211; both in terms of approachability and power. Yes, it&#8217;s aimed at advanced users, but beginners will find it friendly because of its superior UI. <\/li><li><strong>Same story with mobile apps<\/strong>. Yes, Global Trader is more user-firendly, but only marginally so. IBKR Mobile is one of the best mobile trading apps I&#8217;ve seen.<\/li><li><strong>The complexity may put you off.<\/strong> The complicated fee structure, variety of platforms, assets and features can be OTT for a simple buy-and-hold investor. <\/li><\/ul><\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"840\" src=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-platform-review.jpg\" alt=\"\" class=\"wp-image-117592\" srcset=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-platform-review.jpg 1024w, https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-platform-review-300x246.jpg 300w, https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-platform-review-768x630.jpg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><em>Above: Client Portal loves to hit you with unfriendly warning signs. I get this warning when placing orders on the NASDAQ. What does it mean, exactly? No idea. Tell me in the comments.<\/em><\/p>\n\n\n\n<p>The fact that there\u2019s so much going on within the platform means the navigation is bloated, making it challenging for beginners to get started confidently.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span><em>But once you\u2019ve signed up for an account and added funds to use for trading, it\u2019s pretty straightforward to buy or sell shares. Not everyone wants or needs advanced trading tools.<\/em><\/span><\/div><\/div>\n\n\n\n<p>For example, a lot of Aussies choose Interactive Brokers to access US stocks and exchange-traded funds (ETFs).<\/p>\n\n\n\n<div class=\"wp-block-create-block-tip-block tip-wrapper\"><div class=\"row\"><div class=\"col-md-12\"><div class=\"card-wrapper\"><div class=\"card-title\"><div class=\"icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M7.5 14.33a5 5 0 1 1 5 0v4.17h-5v-4.17Zm4.25-1.3-.75.44V17H9v-3.53l-.75-.44a3.5 3.5 0 1 1 3.5 0Z\" fill=\"#656E83\"><\/path><path d=\"M9.25 1v2h1.5V1h-1.5ZM5.53 4.47l-1.5-1.5-1.06 1.06 1.5 1.5 1.06-1.06ZM15.53 5.53l1.5-1.5-1.06-1.06-1.5 1.5 1.06 1.06ZM1 10.75h2v-1.5H1v1.5ZM17 10.75h2v-1.5h-2v1.5Z\" fill=\"#656E83\"><\/path><\/svg><\/div><h3 placeholder=\"Tip Title Goes Here\"><strong>Important!<\/strong><\/h3><\/div><div class=\"card-content\"><p placeholder=\"Tip Content Goes Here\">The platform allows for fractional share purchases, which makes it easier to build your ownership in expensive companies like Microsoft (at over US$400 per share).<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<p>For a buy-and-hold investors who wants to diversify into international stock markets, Interactive Brokers is an intelligent choice due to its low commissions, free withdrawals and no penalties for inactivity.<\/p>\n\n\n\n<p><strong>(Related: <a href=\"https:\/\/arielle.com.au\/best-etfs-australia\/\">19 Highest-Performing ETFs In Australia<\/a>).<\/strong><\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Features That Make Interactive Brokers Great For Beginners:<\/strong><\/h3>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>Demos and a free trial <\/strong>account. A trial account requires only an email address: then you can play around with the tools, make and monitor virtual trades and access research\/news feeds.<\/li><li><strong>Clear written guides<\/strong>, videos, courses, webinars, podcasts, blogs and more to help you understand trading concepts and take advantage of its platform features.<\/li><li><strong>Account management<\/strong> tools that help you assess your performance, such as real-time views of account balances, positions, profits or losses, buying power and \u201cwhat-if\u201d scenarios.<\/li><li><strong>Automated recurring investments<\/strong> can be set up so you can regularly invest a specific amount in specific US, Canadian or EU shares on a weekly or monthly basis, to gradually increase your exposure.<\/li><li><strong>Customer support,\u00a0<\/strong>including email and phone support, is manned from Mon-Fri between 9.30am-7pm Australian time. US-based live chat is available in the app, with enough overlap with Australian waking hours to be useful.<\/li><li><strong>Active online community<\/strong> accessible via the platform so you can chat with, and learn from, other users.<\/li><\/ul><\/div><\/div>\n\n\n\n<p>Access to investment news, company research and analyst insights is a core strength of Interactive Brokers. <\/p>\n\n\n\n<p>But for the inexperienced, the breadth and depth of free research could be overwhelming.<\/p>\n\n\n\n<p><strong>(Related: <a href=\"https:\/\/arielle.com.au\/cmc-markets-review-australia\/\">CMC Markets Review: Pros, Cons &amp; Verdict<\/a>).<\/strong><\/p>\n\n\n\n<p>It can be hard to filter out extraneous information and focus on what\u2019s important to you unless you clearly understand your investing strategy and how you\u2019ll use the platform to achieve it.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"577\" src=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-platform-review-4.jpg\" alt=\"\" class=\"wp-image-117621\" srcset=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-platform-review-4.jpg 1024w, https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-platform-review-4-300x169.jpg 300w, https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-platform-review-4-768x433.jpg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><em>Above: IB&#8217;s new IBRK Desktop is brilliant. Attractive, sleek and powerful. It&#8217;s the modern-day incarnation of TWS. Younger day and algo traders will choose it over TWS every time.<\/em><\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Is Interactive Brokers Good For Experienced Traders?<\/strong><\/h2>\n\n\n\n<p>Yes. In fact, Interactive Brokers describes itself as the \u201cexperienced trader\u2019s gateway to the world\u2019s markets\u201d.<\/p>\n\n\n\n<p>Advanced features make it attractive to experienced day traders, swing traders and algorithmic traders:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>Highly competitive tiered commission<\/strong>\u00a0structure, which makes trading exceptionally cost-effective at high volumes (above $3 million per month) and high values.<\/li><li><strong>You can invest and trade in virtually any market <\/strong>and product globally, with Interactive Brokers&#8217; comprehensive coverage, giving you 24\/7 opportunities and over 90 order types and algos.<\/li><li><strong>The ability to choose your base trading currency<\/strong> from a selection of global currencies rather than being locked into AUD or USD.<\/li><li><strong>Quality analytical, research and reporting tools<\/strong> that help you execute almost any trading strategy and keep track of your positions and success rate.<\/li><li><strong>Individual and joint account structures<\/strong> with up to five optional Power of Attorney users, and ease of switching between different entity or family accounts while logged in under one user ID.<\/li><\/ul><\/div><\/div>\n\n\n\n<p>The company offers three platforms specifically designed to cater for intermediate to expert\/professional traders:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>Trader Workstation (TWS): <\/strong>An (ugly and clunky) platform unique to IBKR that\u2019s aimed at old-school active traders who invest across multiple products and markets. MT4\/4 users will feel right at home. TWS includes advanced algos and charting.<\/li><li><strong>IBKR Desktop:<\/strong> A mix between TWS\u2019s sophistication and a newer interface, which is easier to grasp. Also offering also trading, IBKR Desktop is being actively developed and updated by the company with new features in the pipeline.<\/li><li><strong>IBKR Mobile: <\/strong>A smartphone app for iOS and Android that includes most of the key advanced capabilities from TWS, such as chart trading and options analysis. The app supports trades of all of IBKR\u2019s available product types.<\/li><\/ul><\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1016\" src=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-apps-1024x1016.jpg\" alt=\"\" class=\"wp-image-117623\" srcset=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-apps-1024x1016.jpg 1024w, https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-apps-300x298.jpg 300w, https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-apps-150x150.jpg 150w, https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-apps-768x762.jpg 768w, https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-apps-1536x1524.jpg 1536w, https:\/\/arielle.com.au\/wp-content\/uploads\/2024\/09\/interactive-brokers-trading-apps-2048x2032.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><em>Above: The portfolio screen on Global Trader (left) and IBKR Mobile (right). The former is more approachable, but gives you access to fewer tools on the fly.<\/em><\/p>\n\n\n\n<p>More perks for serious traders with large portfolios and cash balances:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>The ability to earn a healthy interest rate<\/strong> on your positive settled cash balances held in the securities section of your account. Accounts with NAV above US$100,000 (or equivalent in AUD) can earn up to 4.090% interest on their account balances held in AUD.<\/li><li><strong>The ability to earn income by lending eligible shares<\/strong> of stock to IBKR Australia, which is available to professional investors with an approved margin account or a cash account with equity greater than USD$50,000 (or equivalent in AUD).<\/li><\/ul><\/div><\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Trading Fees, Spreads, And Commissions Charged By Interactive Brokers.<\/strong><\/h2>\n\n\n\n<p>Interactive Brokers uses a commission model for fees. Its commissions are comparatively low, and it doesn\u2019t charge additional spreads, ticket charges, platform fees or account minimums.<\/p>\n\n\n\n<p>The platform\u2019s FX conversion fees are insignificant at 0.0022%, with a minimum of USD$2.20 inclusive of GST where applicable.<\/p>\n\n\n\n<div class=\"wp-block-create-block-tip-block tip-wrapper\"><div class=\"row\"><div class=\"col-md-12\"><div class=\"card-wrapper\"><div class=\"card-title\"><div class=\"icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M7.5 14.33a5 5 0 1 1 5 0v4.17h-5v-4.17Zm4.25-1.3-.75.44V17H9v-3.53l-.75-.44a3.5 3.5 0 1 1 3.5 0Z\" fill=\"#656E83\"><\/path><path d=\"M9.25 1v2h1.5V1h-1.5ZM5.53 4.47l-1.5-1.5-1.06 1.06 1.5 1.5 1.06-1.06ZM15.53 5.53l1.5-1.5-1.06-1.06-1.5 1.5 1.06 1.06ZM1 10.75h2v-1.5H1v1.5ZM17 10.75h2v-1.5h-2v1.5Z\" fill=\"#656E83\"><\/path><\/svg><\/div><h3 placeholder=\"Tip Title Goes Here\">Important!<\/h3><\/div><div class=\"card-content\"><p placeholder=\"Tip Content Goes Here\">This US$2.2 minimim flagfall can catch people who like to deposit small sums of money into their trading platform each week. US$2.2 translates to roughly AU$3.3, or a monstrous 3.3% of an AU$100 transfer! That&#8217;s easily the most expensive currency conversion commission in Australia.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Stocks &amp; ETFs.<\/strong><\/h3>\n\n\n\n<p>Trading Australian stocks, ETFs, warrants and certificates has the same fee structure.<\/p>\n\n\n\n<p>There are both fixed rate and volume-based tiered commission payment structures. Tiers only become relevant if you\u2019re trading over AU$3 million per month.<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>The fixed rate<\/strong> commission on these investment products is 0.08%, excluding GST.<\/li><li><strong>The tiered<\/strong> commission system starts at 0.08% (excluding GST) and reduces the more a client trades, getting as low as 0.015% if they trade over AU$300 million per month.<\/li><\/ul><\/div><\/div>\n\n\n\n<p>The fixed rate pricing structure &#8211; which is what most retail traders will use &#8211; doesn\u2019t include any third party fees, such as exchange fees or clearing fees.<\/p>\n\n\n\n<p>Here\u2019s an example of fees charged for trading an ASX stock:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>You trade <\/strong>500 shares at AU$20 per share, for a total value of AU$1000.<\/li><li><strong>The cost<\/strong> is 0.08% of 1000, so you\u2019ll incur a commission of $8 (excluding GST).<\/li><\/ul><\/div><\/div>\n\n\n\n<p>The minimum commission for a trade, regardless of the value, is AU$6.<\/p>\n\n\n\n<p>Trading US stocks has a different fee structure, there is both a tiered structure and a fixed price structure. <\/p>\n\n\n\n<p>The tiered plan has lowered fees per trade but includes more third-party fees such as exchange fees, clearing fees and pass-through fees.<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>The lowest tier<\/strong> commission is USD$0.0035 for monthly volumes less than 300K shares plus exchange, clearing, regulatory and pass-through fees, with a minimum of USD$0.35 per order and a maximum of 1% of the trade value.<\/li><li><strong>The fixed pricing model<\/strong> charges US$0.005 per US share traded, with a minimum cost per trade of US$1 and a maximum cost of 1% of the value of the trade.<\/li><\/ul><\/div><\/div>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Options And Futures.<\/strong><\/h3>\n\n\n\n<p>Interactive Brokers has a similar commission structure for options and futures products:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>Options<\/strong> are priced per contract: fixed at AU$2\/contract, or a tiered structure starting at AU$1.50\/contract plus exchange and clearing fees for up to 1000 contracts\/month.<\/li><li><strong>Futures<\/strong> are also priced per contract, with the commission being AU$5\/contract on the fixed fee structure.<\/li><\/ul><\/div><\/div>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Spot Currencies.<\/strong><\/h3>\n\n\n\n<p>Commissions range from 0.08 to 0.20 basis points of the trade value.<\/p>\n\n\n\n<p>Interactive Brokers is known for low spreads on all its trading products. Its foreign currency exchange (Forex) spreads in particular are considered extremely low &#8211; in some cases as low as 0.1 PIP.<\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Contracts For Difference (CFD) Fees.<\/strong><\/h3>\n\n\n\n<p>CFD pricing is also based on commission, with the rate paid dependent on the client\u2019s trade volume.<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>On Australian share CFDs<\/strong>, if trade volume is under AU$10 million per month the commission rate is charged at 0.05% with a minimum of AUD$5 per order. Over $10 million per month is charged at 0.03%. All rates exclude GST.<\/li><li><strong>On US CFDs<\/strong>, commissions vary depending on how many contracts you trade each month &#8211; not contract value. Charges start at $0.005 per contract for under 300,000 contracts\/month and drop to $0.003 at over 100 million contracts\/month. The minimum fee is US$1. All fees exclude GST.<\/li><\/ul><\/div><\/div>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Margins Loan Interest.<\/strong><\/h3>\n\n\n\n<p>Interest charged on margin loans by IBKR is one of the lowest around. Charges work on a tiered system:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>The first AU$100K<\/strong> is charged at the tier 1 rate of 5.865%.<\/li><li><strong>From AU$100K to AU$250K<\/strong>, the rate is 5.656%.<\/li><li><strong>From $250K to $500,<\/strong> the rate is 5.506%.<\/li><\/ul><\/div><\/div>\n\n\n\n<p>On top of the above rates, Australian users are charged an additional \u2018surcharge\u2019 of 1% for loans in AUD and 2% for loans in other currencies.<\/p>\n\n\n\n<p>IBKR lets you borrow in currencies other than AUD. Each currency attracts different interest rates, but based on a similar tiered system.<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Interactive Brokers\u2019 Conditions On Deposits And Withdrawals.<\/strong><\/h2>\n\n\n\n<p>Here\u2019s what you need to know about depositing and withdrawing your money from Interactive Brokers:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>No minimum amount<\/strong> you need to deposit to open an account.<\/li><li><strong>No fees for inactivity<\/strong>, if you\u2019re a buy-and-hold investor who rarely trades.<\/li><li><strong>You get one free withdrawal<\/strong> per month, and then pay AU$15 per withdrawal\/month after that.<\/li><li><strong>If you want to switch brokerages<\/strong> later, you\u2019ll pay a minimum of AU$50 to transfer your assets out of IBKR.<\/li><\/ul><\/div><\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Is Interactive Brokers A Legitimate Trading Platform?<\/strong><\/h2>\n\n\n\n<p>Interactive Brokers is a credible, established trading platform available to Australian investors. The Australian arm of the company has all the important bases covered:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>Holds<\/strong> an Australian Financial Services Licence, regulated by ASIC.<\/li><li><strong>Has<\/strong> a registered office in Australia, located on Pitt Street in Sydney.<\/li><li><strong>Is<\/strong> a participant of the ASX, ASX 24, and Cboe Australia stock exchanges.<\/li><\/ul><\/div><\/div>\n\n\n\n<p>Internationally, the brokerage is owned by US-based holding company Interactive Brokers Group (IBG Inc), which has been operating since 1993. <\/p>\n\n\n\n<p>If you count its predecessor companies, Interactive Brokers has been around for 47 years \u2014 that\u2019s a longstanding enterprise.<\/p>\n\n\n\n<p>In addition to US and Australia, Interactive Brokers has offices in Switzerland, Canada, Hong Kong, United Kingdom, Japan, Hungary, Russia, India, China, Luxembourg, Ireland, Singapore and Estonia.<\/p>\n\n\n\n<p>Interactive Brokers is considered one of the US\u2019 best brokers and is also one of the largest, with over three million client accounts and executing more than 2.5 million trades daily.<\/p>\n\n\n\n<div class=\"wp-block-create-block-tip-block tip-wrapper\"><div class=\"row\"><div class=\"col-md-12\"><div class=\"card-wrapper\"><div class=\"card-title\"><div class=\"icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M7.5 14.33a5 5 0 1 1 5 0v4.17h-5v-4.17Zm4.25-1.3-.75.44V17H9v-3.53l-.75-.44a3.5 3.5 0 1 1 3.5 0Z\" fill=\"#656E83\"><\/path><path d=\"M9.25 1v2h1.5V1h-1.5ZM5.53 4.47l-1.5-1.5-1.06 1.06 1.5 1.5 1.06-1.06ZM15.53 5.53l1.5-1.5-1.06-1.06-1.5 1.5 1.06 1.06ZM1 10.75h2v-1.5H1v1.5ZM17 10.75h2v-1.5h-2v1.5Z\" fill=\"#656E83\"><\/path><\/svg><\/div><h3 placeholder=\"Tip Title Goes Here\"><strong>Important!<\/strong><\/h3><\/div><div class=\"card-content\"><p placeholder=\"Tip Content Goes Here\">The brokerage is rated \u2018A- Outlook Stable\u2019 by the finance industry\u2019s leading credit ratings provider Standard &amp; Poor\u2019s (S&amp;P Global). It\u2019s also rated highly by consumer comparison sites and investing publications.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<p>The parent company IBG Inc. is a publicly-listed company on the Nasdaq stock exchange, with a market capitalisation of US$51.6 billion &#8211; but only around 25% of the company is publicly held through common stock.<\/p>\n\n\n\n<p>It\u2019s primarily privately held, with the firm\u2019s Chairman and founder Thomas Peterffy, and other affiliates and employees having the largest ownership.<\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Is Your Money Safe With Interactive Brokers?<\/strong><\/h3>\n\n\n\n<p>Because IBKR offers interest on account balances and several features aimed at helping people manage their finances more generally. <\/p>\n\n\n\n<p>Some users, especially in the US, treat it almost like a transaction (checking) account.<\/p>\n\n\n\n<p>However, Interactive Brokers is an electronic brokerage firm and not a bank.<\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span><em>In Australia, that means that your account balance isn\u2019t covered by the Australian Government\u2019s safety net for bank deposits of up to $250,000 per account holder.<\/em><\/span><\/div><\/div>\n\n\n\n<p>The likelihood of IBKR defaulting or becoming bankrupt appears very low. <\/p>\n\n\n\n<p>And, as part of meeting its requirements under its Australian Financial Services Licence, the company segregates customer funds in special bank accounts in Australia to ensure it has cash reserves needed to protect users.<\/p>\n\n\n\n<p>Its website states: <\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span>\u201cClient money is NOT invested by IBKR Australia, and is at all times held in these Client Money Accounts held in Trust. In addition, IBKR Australia does NOT hold any excess amount of its own money in these Client Money Accounts held in Trust.\u201d<\/span><\/div><\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Alternatives To Interactive Brokers?<\/strong><\/h2>\n\n\n\n<p>Not many direct competitors available in Australia offer a platform of equal comprehensiveness. <\/p>\n\n\n\n<p>But perhaps you want a platform that\u2019s more specialised, or known for its superior usability? Check out these guides to help you decide the best online broker for you:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong><a href=\"https:\/\/arielle.com.au\/best-share-trading-platform-australia\/\">10 Best Share Trading Platforms In Australia<\/a>.<\/strong><\/li><li><strong><a href=\"https:\/\/arielle.com.au\/best-forex-trading-platforms-australia\/\">10 Best\u00a0Forex\u00a0Trading Platforms In Australia<\/a>.<\/strong><\/li><\/ul><\/div><\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Common Questions About Interactive Brokers Australia.<\/strong><\/h2>\n\n\n\n<p>These are some of the common questions that arise when investors start considering Interactive Brokers Australia:<\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Can I Use Interactive Brokers In Australia?<\/strong><\/h3>\n\n\n\n<p>Yes, Australian investors and traders can sign up for an account with the local version of Interactive Brokers at www.interactivebrokers.com.au. <\/p>\n\n\n\n<p>Interactive Brokers is a US-based company with an Australian operation that holds an Australian Financial Services licence regulated by ASIC.<\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>How Much Money Do I Need To Start Using Interactive Brokers?<\/strong><\/h3>\n\n\n\n<p>There\u2019s no minimum amount required to open an account with IBKR, so in that sense, anyone can use it regardless of how much money they have to invest.<\/p>\n\n\n\n<p>Given its low fees, Interactive Brokers is a cost-effective option for all investors, including those on a limited budget.<\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Do You Actually Own Shares With Interactive Brokers?<\/strong><\/h3>\n\n\n\n<p>Yes, the account holder is the owner of the shares in their account. <\/p>\n\n\n\n<p>While Interactive Brokers uses a custodial model &#8211; meaning that they hold assets on your behalf &#8211; you retain all beneficial rights.<\/p>\n\n\n\n<p>That means you get any returns (dividend\/interest) and have complete control over when to buy and sell your assets.<\/p>\n\n\n\n<p>The same is true of fractional shares. According to Interactive Brokers, the client:<\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span> \u201c&#8230;will always be the beneficial owner of any fractional Shares in their account and all fractional Shares owned by a client are segregated in IBKR&#8217;s books and records in the same manner and to the same extent as whole shares owned by such client.\u201d<\/span><\/div><\/div>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Can I Transfer My Assets To Interactive Brokers From Another Platform?<\/strong><\/h3>\n\n\n\n<p>Yes, you simply need to complete the&nbsp;<a href=\"https:\/\/assets.cmcmarkets.com\/pdfs\/cmcsb_transchess.pdf\">ASX Transfer CHESS Holdings form<\/a>&nbsp;(and the&nbsp;<a href=\"https:\/\/assets.cmcmarkets.com\/pdfs\/cmc_International_Broker_to_Broker_Transfer.pdf\">International Broker to Broker form<\/a>, if applicable).<\/p>\n\n\n\n<p>You may also need to verify your identity with your broker before proceeding.<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Is Interactive Brokers Worth Using?<\/strong><\/h2>\n\n\n\n<p>For Australian investors and traders serious about diversifying their portfolios into international markets, and exploring asset types beyond stocks, Interactive Brokers is a clear winner for the sheer breadth of markets, products and tools on offer.<\/p>\n\n\n\n<p>But trying to cover every base for every kind of investor inevitably leads to complexity. <\/p>\n\n\n\n<p>Interactive Brokers can be hard-to-navigate and although its four distinct platforms contain incredibly useful features &#8211; it can create a dilemma about which tools to invest your time and energy into learning and customising to your needs.<\/p>\n\n\n\n<p>Everyone agrees IBKR\u2019s brokerage fees are low. That\u2019s a huge plus. <\/p>\n\n\n\n<p>But as soon as you start trading at higher volumes and want to calculate the cost of trades beyond the basic flat rates, the complicated fee structure may have you tearing your hair out.&nbsp;<\/p>\n\n\n\n<p>It\u2019s powerful, flexible and inexpensive. But will you feel confident using it? <\/p>\n\n\n\n<p>Before using Interactive Brokers, I recommend you trial the trading platforms so you can choose the best one for your skill level, and get absolute clarity on your strategy so you don\u2019t get distracted by the bells and whistles.<\/p>\n\n\n\n<div class=\"wp-block-create-block-tip-block tip-wrapper\"><div class=\"row\"><div class=\"col-md-12\"><div class=\"card-wrapper\"><div class=\"card-title\"><div class=\"icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M7.5 14.33a5 5 0 1 1 5 0v4.17h-5v-4.17Zm4.25-1.3-.75.44V17H9v-3.53l-.75-.44a3.5 3.5 0 1 1 3.5 0Z\" fill=\"#656E83\"><\/path><path d=\"M9.25 1v2h1.5V1h-1.5ZM5.53 4.47l-1.5-1.5-1.06 1.06 1.5 1.5 1.06-1.06ZM15.53 5.53l1.5-1.5-1.06-1.06-1.5 1.5 1.06 1.06ZM1 10.75h2v-1.5H1v1.5ZM17 10.75h2v-1.5h-2v1.5Z\" fill=\"#656E83\"><\/path><\/svg><\/div><h3 placeholder=\"Tip Title Goes Here\">Disclaimer.<\/h3><\/div><div class=\"card-content\"><p placeholder=\"Tip Content Goes Here\">The information presented here is general in nature and does not endorse any investment product, market, provider, or service. It is not intended as financial advice or a recommendation to trade &#8211; or not to trade. Trading futures, shares, ETFs, options, CFDs, and forex involves a high level of risk and may result in significant losses, particularly when leverage is used. Past performance does not guarantee future results. Before trading, consider whether the product is appropriate for your circumstances and seek independent professional advice. Refer to the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD) on the provider\u2019s website.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Jody<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 12<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>Interactive Brokers is a trusted, multinational online brokerage with an Australian-based operation. It&#8217;s fast becoming a favourite among everyday Aussie<\/p>\n","protected":false},"author":14,"featured_media":117647,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_uag_custom_page_level_css":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[267,305],"tags":[],"class_list":["post-106883","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money","category-trading-platforms"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Interactive Brokers Review: Pros, Cons &amp; Verdict<\/title>\n<meta name=\"description\" content=\"Discover whether Interactive Brokers is the trading platform for you with our in-depth review of IBKR Australia\u2019s pros and cons for beginners and experienced traders.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/arielle.com.au\/interactive-brokers-review\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Interactive Brokers Review: Pros, Cons &amp; 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