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Interactive Brokers

DESCRIPTION
Successful traders and investors understand that superior technology and lower trading costs can result in greater returns. For 32 years the IB Group has been building electronic access trading technology that delivers real advantages.


DETAILS

Stocks:
.005/share min 1.00 OR max .5% of trade value
Options:
.70/contract min 1.00
Futures:
2.40/contract
Forex:
spread + 20 per 1Mil min 2.50
Minimum:
10,000
Interest:
1.68% - 0.00%
TAGS


RATINGS BREAKDOWN
5-Star       (24)
4-Star       (12)
3-Star       (4)
2-Star       (1)
1-Star       (3)
 
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Best DA Broker IMO

I love IB. Great pricing, a lot of stocks to short, never had any issues.
I used the platform in the US and now also in Europe (still trading US securities).


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Great broker for great price

I have been with IB for a year now. Best part is I can short all sorts of pump and dump out there. Most of the time they have shares available.

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Best short locates and crummy charts and service...

This is my primary broker. TWS is buggy and old style. It does have good third party tools by outside developers. It also has the BEST short locates of any broker for a small time player. Also, they supposedly have a better deal on that IF you have at least a 100K+ balance.

They have their own clearing firm, not the overused Penson, so that might explain matters on obscure penny stock short locates and numbers of share available, which is also the best there is for the sub 100K balance set, like your truly.

They can and WILL liquidate positions on margin when you are in arrears without consultation or warning, I have heard, but I have never been in trouble so I cannot comment here.

Their charts are terrible. Just miserable. Poor screen captures follow, for the record.

They do not allow share reservation for shorts as does Think or Swim.

But they are the cheapest for active traders per share, AND on some obscure exchanges, the price does not scale up as in the bundled terms as you buy many more shares, which is the case when trading NYSE stocks, etc.

What I also find troubling is their poor customer service, and their hidden inactivity fees. I realize most will generate 30 USD per month in commissions, but NO BROKER should be able to charge inactivity fees, it is just wrong!

Recently, they raised the fees to 20 per month if failing to make at least 30 USD in commissions per month, up 100% since I joined as it used to be 10 USD!

This means they charge commissions whether you trade or not, whether you have a 25K+ balance or not.

So why am I keeping them and suggesting them?

I am a penny player and their borrows and locates and amounts for shorting are hands down the best of any broker I have seen, that is why. Also great fills and direct access routing and configuration of that, order types and combos are supreme like no other.

Use third party apps like Quote Tracker for charts, data feed, etc. and get an acccount now!



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22 January 2010
BigT



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The Best!


best shorts in the house, you cannot ask for anything better, platform so so. Borrows = HUGE

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Unbeatable

IB has a great platform with unbeatable prices and executions. If your semi-experienced and up you can't beat these guys.

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Great Value, Great For Finding Shares to Short

They are cheap, quick and have a reliable trading platform. IB does have some negatives, though. I have found the customer service to be subpar compared to the other brokers I have traded with. They usually have shares to short, even in small cap HTB stocks. I have been very satisfied with IB, I would recommend opening an account at IB.

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Cheap and Good

Interactive Brokers has incredibly low commissions and a much greater variety of shortable stocks than other brokers. The $10,000 minimum for a taxable account is higher than many other discount brokers.

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01 December 2009
Dreagan



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Best Global Broker

After using Interactive Brokers for so many years, I still can't find:
(1) any broker providing lower commission than Interactive Brokers;
(2) any broker offering universal account to trade futures, options, forex, stocks in all major international market;
(3) any broker providing free real time data feed connecting to popular trading software;
(4) any forex broker offering lower spreads than Interactive Brokers;
(5) any broker providing robust and free trading API's in popular languages, such as in Excel VBA and C++;


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All around fantastic

Great broker, the low commish's are great but more importantly they do not have a lower limit for price to short like sogo, TOS have ( no shorts under 3$) and the availability is fantastic! I have traded the funniest little companies with them seamlessly. Away from trading, they allow trading on something like 150 international exchanges which is quite amazing! Fantastic broker!

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The following review is from www.bullishness.com

IB gets my recommendation

The customer service can be tough to get a hold of, and isn't very polished or professional but IB is not meant for people who are just starting out. If you have some experience in the stock market and want cheap trades, this is the lowest price I have found. IB gets my recommendation

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03 November 2009
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The following review is from www.elitetrader.com

Best Broker I've ever had

Out of the 10 brokers I've used, this is by far the best. They are the cheapest I've ever found, offer a wide range of instruments and markets to trade in, a sophisticated array of order types, free trading software and data, and good customer support. Pre-market stock trading begins at 4 AM and post market goes until 8 PM. Trading in foreign countries is as simple as trading in the US, and not much more expensive. The customer support, while competent and courteous, is often slow...

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05 October 2009
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The following review is from www.elitetrader.com

What more could you want?

Exceedingly reliable, largest variety of trading instruments out there and fast execution. Never had a problem with fills and I get surprisingly good execution on my stop/market orders. Love the ability to withdraw funds electronically direct to my checking account!!
Only thing to complain about is the high margin requirements for futures... but that's a good thing!!!

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05 October 2009
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The following review is from www.elitetrader.com

What more could you want?

Takes forever to get a customer support person through chat

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05 October 2009
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Canada and Globex

I have been an IB user for many years.

For Canadian issues: TSX and TSX-V, IB is rather expensive if you do not use the unbundled option and generate ECN credits. There are definitely cheaper ways of trading in Canada. On the short side, it is very hard to find shares to borrow for most shorts, but the inventory is better than all brokers. Level 2 for Canadian markets is horrible. I need to use a 3rd party for proper information.

The tools in IB are unmatched by anything in the industry available to retail traders/investors. The order types you find in IB can only be found in IB. For example "conditional orders" will let you trigger your trade by the price action of another issue (example: CL price can trigger a USO trade). There are also iceberg orders, VWAPs, TWAPs, and all sorts of other goodies if you are so inclined to use them.

IB is also amazing for APIs and plugins. The platform is very versatile, and aside from Tradestation, is likely the most widely used for advanced APIs.

Customer service is geared towards advanced users although they are there when you need them to be. IB operates in a "buyer beware atmosphere" and assumes that most users are not complete idiots. They offer very inexpensive services because they do not have a huge pool of customer service people waiting on the phones for your call.

For Futures, IB is one of the quickest and cheapest ways to trade. However, watch out when trading Minis in grains and illiquid assets, your orders may not always get triggered (but that isn't IBs fault) - use conditional orders to cover your ass.



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GREAT Broker

They are cheap quick and have a solid trading platform. Those are the big positives. The broke does have some negatives though. I have found that they don't always have shares to short in their storage for small and microcap stocks and the customer service is abysmal. I had an issue with transfer from Scottrade and I felt like the person answering the phone was useless. Every time I have called for help, they have basically referred me to their website to find the answer myself. Despite the negatives see my first sentence.

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For experienced only

IB has great rates and excellent executions.

Customer service is pretty bad but the platform works great so you rarely have a need to contact them

Their charting tools stink is why they have a lower rating there.

Their DOM is also not great, but you get what you pay for.

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Good broker

good cheap broker but poor customer service. Need to login every time with a code key instead adding extra security.

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Great, cheap broker

InteractiveBroker has some great executions at great costs. I do enjoy how you can short the stocks with them. They list all the stocks available to short on their website and then it's a first come, first serve model.
Commission is very cheap, which is great, especially when trading penny stocks or other stocks in which the commission can have a significant impact on profits.
The account interface is somewhat confusing, but once you have it figured out, it's not too bad.
InteractiveBroker also allows you to have your account in any currency you want. I keep my account in Euros, but can trade all over the world. When I trade US$ stocks, I basically borrow against my Euro deposit. However, this means that I'm still impacted by any currency impacts.
When your account is within 5% of maxing out, you'll get reminders from their automated system, letting you know that your account has used almost all it's margin.
Login is also secure because 2 pins are required when loging in.

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01 December 2009
Burgi



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Cheap, Quick, Safe

I've been to many brokers in my time of trading and IB is one of the best I've ever used.

Their commissions are unmatched. If you are a day trader who trades either stocks, options or futures multiple times per day than this broker is for you.

Their executions are top notch and the ability to check how many shares are available to short without having to contact customer service is great!

The only thing that bugs me about IB is their customer service. If you call them you will be put on hold for a long time and if you use their chat feature it can take them a long time to enter the chat and when they answer your question its usually not clear and just points you to a 10 page wall of text to read on the web to figure out your problem

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03 December 2009
JohnCA



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good

I have used various brokers and like IB the most. Very cheap commissions and I have received good customer service on the phone and very timely replies via email. Their trader workstation takes some time to get used to and figure out but is good once you understand it.

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29 November 2009
Arteez



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First time broker

IB was and still is my only broker. I started with them a year ago and have never changed since then because:

- They are cheap
- Lots of shortable stocks available
- Amazing interface (all the options is a bit overwhelming at the beginning)
- I never had any huge problems with them so I can't really rate their customer service.


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retail trading king

Low commissions, all exchanges available, no arbitrary rules about shorting stocks under a dollar, lots of hard-to-borrow stocks, reliable execution and software --> what more could you want?

Maybe a little bit better in customer service but otherwise very good. Whatever limitations it has, it still beats every other broker for run of the mill retail guys.

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Advanced tools

IB is the most powerful broker / tools i've used so far for individual investors. Highlights include full hours for AH and premarket trading. Being able to short stocks that normally aren't shortable. A non-web based platform for trading and quick executions.

Its very data and technical driven so if you've never traded before you may want to try a more user friendly broker first such as tradeking.

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I second the comments on the great AH, PM as well as the best availability of shorts that I have seen, without needing a much larger minimum initial balance
The following review is from commodities.about.com

About

Interactive Brokers, commonly called IB, was one of the first brokerage firms to spearhead electronic trading and they did it in a big way. The result is a brokerage firm that trades virtually every major market in the world on a very technically advanced trading platform. And you, the trader, benefit with very low commissions and a solid electronic trading platform.

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30 September 2009
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Great execution and OTC shares to short

IB is great because they usually have shares to short of piggy OTC stocks that no other brokerage seems to be able to find. I use them a lot to short the latest hyped up penny stock.

Their interface takes some very serious getting used to, it's not quite as friendly as Thinkorswim or Ameritrade is, BUT the executions are very fast.

The other great thing is the low commissions, can't argue with that.

Be aware that they have a 1/$2.50 margin requirement when shorting stocks, however. That's been a thorn in my side at times when I want to short a crappy penny stock trading under a dime. I'd love to get about 5 Billion shares of those dumpers when their hyped and pumped up so much, but IB would require I have more cash in my account than Bill Gates' trust fund.

Overall, good brokerage for shorting stocks, that's about all I use it for.

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2nd to thinkorswim

IB is a nice platform & excellent for trade execution. They increased their monthly fees last year though & their charts were very poor, therefore I switched to thinkorswim.

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Interactive Broker

Hi,

I like IB but it sucks when you want to transfer your assets from one IB account to another IB account.

They made mistake in typing my Passport ID nr. and some of the people on help desk told me it is not possible to transfer your assets from one account to an other account.

They gave me wrong information and eventually they transferred my assets to my new account after two weeks.

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Cheap commissions, good for frequent trading

I've been using Interactive Brokers as one of my brokers since 2008.

The Pros:

1. Cheap commissions....definitely one of the better brokers out there as far as commissions are concerned. Good if you trade frequently

2. Good availability of borrows.....IB is self-clearing, so they have good availability of borrows for shorting, even borrows of penny stocks (although you need $2.50 in cash in your account for every share you short of a stock under $3). Borrow availability has tailed off a bit over the past year....doesn't seem to be as good as it used to be, but it's still good compared to most brokers

3. Good execution....I use their Java-based platform and have had reasonably fast execution for the majority of my trades

The Cons:

1. Horrible charting.....their Java-based platform sucks for charting....I use Thinkorswim's standalone software for charting instead

2. A lot of people say their customer service sucks, although I haven't worked much with it

3. You need $10K minimum to open an account, so you'll need to find another broker if you're a poor college student

Overall, I've been very happy with IB and will continue to use them.


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18 January 2010
Yngvai



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So far So Good

I see lots of complaints about their customer service, and in all fairness I have yet to call in. I usually just send an email thru the message center and have found they're quick to reply and answer my question. Executions are definitely top notch. I do not use their software, as I have L2 with a different firm but their web trader is fine for my needs and I do like being able to short cheap(er) stocks. Unfortunately one can not lock in a locate - it's first come first served and that truly sucks. Definitely worth the value. If you trade often, select the unbundled commish as I have some trades which are free and others which are under $1.00. I have no clue how they determine the prices but as long as you're buying on the bid and selling on the offer, you're golden.

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No Frills Broker

I use IB purely for trading, both long and short. I don't use them for screens, charts, and the couple times I've run into their customer service, the wait has been long. Not a broker for beginners or for people who are looking for lots of features.

But if simply need to trade, get fast executions, and get borrows on otherwise hard to find stocks, then IB is a great broker to have an account at.

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24 January 2010
Sola



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cheapest commissions

Interactive Brokers Canada:
Ridiculously crazy low trading commissions(1$/100 Shares however anything under 1 dollar they use a different pricing structure)
Minimum to open an account is 10k but you can also open one with 5k using my workaround
Direct Access platform which means the orders get executed in fraction of a second
Platform is awesome. I use Booktrader for scalping.
If you are looking to short, more likely Interactive Brokers will have the shares to short than others
Low Margin Rates
Super low exchange rates (1 basis point = 0.0001 (0.01%) with a min. commission of $2.50USD)
Min commissions are $10USD/mo. If you don’t trade at least this amount per month, they will take the difference from your account.
EFT deposits are FREE, along with the first monthly withdrawal. Fees apply after first withdrawal(Deposits take 5 days to get approved (through EFT)
Offer only non-registered accounts, that means no RRSP, TFSA, 401k etc.
Follows the SEC Pattern day trader rule ( 25k min to required to make more than 4 day trades in 5 business days)

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Great review! Just one question, you mention the minimum to open an account is 10k but only 5k using a certain workaround.
Could you elaborate this?

Greats comms, tools!

Interactive is one of the best online discount brokerage out there, the commisions are cheap, the tools are great and they have good borrows for almost any stock, even ones trading under a penny. The tools are great, there are a variety of different screens, charts, almost anything you need. The data is accurate, i can always get a good reading on the B/A even for penny stocks unlike some other brokers. They also offer a web interface in addition to there software which is good for when your on the run! The only beef i have is with there customer service, not very friendly, or reliable, there live chat usually takes 10-20 minutes to speak with a rep. Very disorganized and there security system is too much and wastes too much of your precious time you can spend trading!

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The following review is from www.bullishness.com

Interactive brokers has really competitive pricing for their stock transactions

Interactive brokers has really competitive pricing for their stock transactions. That's what drew me to them originally. I was coming from scottrade, so there was a definitely a difference in the intuitiveness of the user interface, but it wasn't impossible to get used to. Definitely if you're looking for really cheap commissions, Interactive Brokers is a good bet. If you're a newbie, you might want to try something different.

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03 November 2009
External Website



The following review is from www.bullishness.com

you can't beat the price

I have been trading with Interactive Brokers for years - you can't beat the price. Trade execution time is lightning fast. I have never had a problem with any order.
The only thing that they could really improve is their charts (they suck - I use another program for charts), and additional functionality for conditional orders would be nice.

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03 November 2009
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The following review is from www.consumersearch.com

offers services that that the average investor may seldom need

Interactive Brokers (IB) offers services that the average investor may seldom need: a customizable trading platform, cutting-edge charting and research services, dynamic streaming quotes, tools for risk management, and the ability to place orders that go directly to the market. IB stands out as well for its low costs and access to foreign markets. Customers place orders through its proprietary platform, Trader Workstation, which is available in both a browser-based and a standalone format.

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29 October 2009
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The following review is from www.milliondollarjourney.com

powerful interface along with fast execution

I personally use and recommend Interactive Brokers for active traders as it will save most traders a bundle of money in commissions. The powerful interface along with fast execution times make it an extremely competitive brokerage for traders.
This platform is not only for traders, long term investors who spend more than $120USD/year in commissions should also consider this brokerage.
If you are interested in stock trading, check out some of the free stock trading tools that I use.

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29 October 2009
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Cheapest Comission, Terrible Cust Service and data feed

Hands down IB has the cheapest commissions on stocks. They also have the worst data feed imaginable with delay up to 10 seconds. You will *have* to get a 3rd party data service no questions asked. Their customer service is absolutely horrendous regardless of your inquiry.

Margin requirements are high compared to others for trading futures.

FX trading is handled completely backwards compared to every other FX broker. There are many more ECN's than IB, you can definitely do better.

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Fast platform. Worst support

Fast Java-based platform. This is one of the cheapest ways to trade in the Baltic countries (Estonia, Latvia, Lithuania). Commissions are high, pay 0.2 c / per transaction, but not least $ 7. If you buy 100 shares, pay $ 7. If you buy 350 shares, pay $ 7. If you buy 500 shares, pay $ 10. The same rule applies to the sale. If you bought and sold 500 shares, it pays $ 20 commission. In order to open an account must make $ 5000. IB, the Baltic republics represent LHV (http://www.lhv.ee/index.cfm?id=80010&l2=eng). Customer Support (online) is by far the worst. And may respond to general questions.

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Piss Poor

If you want to spend 30 minutes on filling out an application, this is the place to do it. Absolutely worthless platform and absolutely unnecessary sign up process. I rather open an E-Trade account and that isn't saying much.

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Decent But Flawed

I use IB to find shares to short on hard to borrow penny stocks (yes, my strategy is weird and its not scalable, but it is hugely profitable up to a point), but I have to say IB has the worst customer service I have ever experienced. If I ever have a paperwork or trade problem, forget about it, I know going into my phone call I'm going to have to wait an eternity and even when I do talk to someone, that person will have attitude like no other and usually their incredibly entangled back office will screw me over.

I don't give them terrible marks because I have profited form their solid executions and short borrows. But unlike my preferred broker (and affiliate) Thinkorswim, I cannot even reserve shares to short of hot stocks as it's first come first serve and that screws up many of my trades.

I would only recommend IB for advanced traders as I can't imagine any beginning trader being understanding of their many flaws. They probly don't even care about beginner traders though as I've reached out to them multiple times to setup an affiliate relationship (as I've said I have profited with them which makes them better than most of the thieves I mean brokers out there), but they haven't even returned my phone calls or emails regarding a potential partnership! Cocky, snobby, indifferent like a boring british aristocrat with bad teeth whose food tastes horrible, that's what IB reminds me of...

(this review will probly hurt my chances of ever having a relationship with IB, but it's the truth so people need to hear it and maybe, just maybe IB will take the reviews on this site to heart and actually improve their customer service, as their main executions and tools are great so there's hope for them yet) (after all, British people love going to the dentist to fix their messed up teeth! Just suck it up IB, thousands of us are tired of your crap)

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Now that was an entertaining review! haha
02 December 2009
Tim



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The following review is from www.forexpeacearmy.com

experience with IB (Canada) has been poor

My experience with IB (Canada) has been poor. Money oddly was taken from the account and one could never pin down exactly why it was taken out.

I had a problem wite exchange rates between the US and Canadian dollar (I always seemed to come off second best) even though I asked for the account to be in US dollars only. And I could never fully understand how they were adjusting the exchange. They never provided a proper statement.

I called them up and the guy on the help desk...

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24 November 2009
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Waste of my time!

I wish there was a way to give them zero checks. Tim & Gregg please work on this.

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Nightmare

They have great executions and shares available to short, BUT they have what can only be described as customer abuse, cannot even call it customer service, if you try to do anything at all with them, send them money, have questions, they are the worst ever, think of the worst experience you have ever had anywhere and then multiply by 10x.

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1 of 1 people have found this review helpful.

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11 December 2009
Douglas



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The following review is from www.forexpeacearmy.com

had to just give up

I must agree with most of the negative comments I’ve read here.

It has been more than 5 years for me at IB. I’ve used their Forex frontend and had to just give up. There’s too many other better alternatives (try MB’s new MetaTrader frontend for forex).
My trading has been in stocks for the most part, and all the ills mentioned before are true.

One thing that is a MUST know for any of you who is thinking about a new account is the fact that IB has officially took a stand that they are...

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24 November 2009
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