Interactive Brokers review
- Stock Trading Fee
- min $1.00, max 0.5%
- Account Fee
- $0
- FX Fee
- 0.2 bps trade value, min $2.00
- Min. Deposit
- $0
- Available Asset Types
- Stocks, Bonds, Options, ETFs, Currencies, Futures
Our verdict
Interactive Brokers offers low fees and greater access to international investing than any other Canadian trading platform.
Best for: Active, self-directed investors.
Pros
-
Invest in 150 markets in 34 countries.
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Fund your account in 27 currencies.
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Offers access to stocks, ETFs, bonds, options, futures, forex, warrants and hedge funds.
-
Trade on the margin, make purchases and earn interest with the Interactive Brokers Prepaid Mastercard. Offers low rates, flex payments and no late fees.
Cons
-
New investors may be overwhelmed by the platform's advanced functionality and wide range of features.
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Pay a subscription fee to get real-time market data.
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Currently, you can't trade mutual funds or crypto if you live in Canada.
How we rated Interactive Broker’s features
| Fees | ★★★★★ | Low-fee stock and ETF trades. 1 free withdrawal per month ($2 per EFT afterwards). Zero minimum balance. |
| Available securities | ★★★★★ | Trade stocks, ETFs, bonds, options, futures, forex, warrants and hedge funds. |
| Customer support | ★★★★★ | Support available by phone (24 hours, 5 days/week), email, chat or mail. |
| Mobile app | ★★★★★ | IBKR GlobalTrader users like the app’s simple, easy interface, but criticize the app’s limited functionality. IBKR Mobile app users report problems with speed, complexity and limited functionality compared to the desktop app. |
| Research and tools | ★★★★★ | Wide range of research tools, and analysis from Morningstar, Zacks and Seeking Alpha. |
| Reliability | ★★★★★ | Little/no reports of downtime, and no major outages have been reported. |
To learn how our star ratings are calculated, read our methodology at the bottom of the page.
Interactive Brokers is best for active, self-directed investors
Interactive Brokers is best suited to active or professional traders and those interested in day-trading. Experienced traders will enjoy features like low fees, tiered pricing based on trade volume, access to many investment platforms, portfolio tracking, live updates and company notifications.What you can trade on Interactive Brokers
- Stocks
- ETFs
- Bonds
- Options
- Futures
- Forex
- Warrants
- Hedge funds (for Accredited Investors and Qualified Purchasers)
Where Interactive Brokers shines
Interactive Brokers offers almost unparalleled access to global investing. Customers can invest in more than 150 markets in 34 countries. You can also choose between many different accounts (individual, joint, trust and registered) and order types (market, limit and stop, to name a few).The platform further distinguishes itself from the competition with the Interactive Brokers Canada Prepaid Mastercard, which offers a different way to trade on the margin. The card lets you borrow funds to invest with no minimum monthly payments, no late fees and low rates of around 3.6%-4.6%. You can also make ATM withdrawals, pay for purchases and earn interest on your balance.
More pros of Interactive Brokers
- Versatile. Trade on desktop and mobile, and choose between platforms for regular and active traders.
- Many order types. Supports market, limit and stop orders as well as many other transaction types.
- ESG investing. Choose from among 13 impact values around which to centre your investments with the Interactive Brokers IMPACT app.
- Fractional share trading. Trade fractional shares on US and European markets.
Where Interactive Brokers falls short
Interactive Brokers‘s biggest advantage — its extensive features and vast array of tools — could be its greatest drawback for some investors. If you’re looking for a basic, uncomplicated trading platform with a simple fee structure to buy and sell stocks, then Interactive Brokers may not be right for you.IBKR Lite is not available in Canada.You can’t take advantage of unlimited, commission-free stock and ETF trades if you live in Canada. (IBKR Pro is available in Canada.)
Additionally, you’ll have to pay an extra monthly subscription fee ranging from a few dollars to over $50 to stream real-time market data.
Interactive Brokers fees
| Minimum deposit | $0 |
| Annual fee | $0 |
| Stock and ETF trade fee | min $1.00, max 0.5% |
| Interest on margin trading | Around 3.6%-4.6% |
| Inactivity fee | $0 |
| Deposit and withdrawal fee | $0 deposits, 1 free withdrawal per month (then $2 per EFT or $12 per wire transfer) |
| Outgoing account transfer fee | $100 |
Canadian investors prefer online stock trading platforms to working with a financial advisor in 2023
According to results from the Finder: Consumer Sentiment Survey Q1 (CSTQ1), almost three quarters (72%) bought or sold stock through an online stock platform or app(1) and 29% of respondents in the Finder: Consumer Sentiment Survey Q2 (CSTQ2) stated they had never worked with and had no plans to use the services of a financial advisor.(2)
Is Interactive Brokers legit?
Yes, Interactive Brokers Group is authorized and regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and the SEC in the United States as well as other international regulatory institutions.
Interactive Brokers offers many ways to trade
Interactive Brokers definitely lets you trade the way you want with 2 desktop apps, 3 mobile apps and APIs for advanced users who want to customize their own interfaces.Client Portal is the primary desktop app that lets you get quotes, make trades, view performance data and more. Active traders and experienced investors can use Trader Workstation, which offers a more complex, powerful interface and more market data.
Interactive Broker’s mobile apps
Interactive Brokers offers 2 mobile apps: IBKR GlobalTrader, a simplified app for beginners, and IBKR Mobile, a more complex app for experienced investors.Users praise IBKR GlobalTrader for being simple and easy-to-use but criticize its limited features. IBKR Mobile draws criticism for being slow and inconveniently designed compared to the desktop app.
Interactive Broker’s desktop tools
Access news and research from sources like Morningstar Equity Ownership, Zacks Investment Research and Seeking Alpha. Fundamentals Explorer lets you access comprehensive, worldwide fundamentals data including historical trends, industry comparisons, key ratios, forecasts, ratings, ownership information and more.
Use IBot, a voice-activated chatbot, to place orders and get answers to market and company queries. All traders in Canada have access to Trader Workstation (TWS), a powerful trading platform with advanced tools for more experienced and active investors.
With Portfolio Builder, you can create custom portfolio strategies using historical data and research. GlobalAnalyst makes it easy to compare stocks by region, country and industry.
Interactive Broker’s app store reviews
| Google Play app reviews | IBKR GlobalTrader: 3.9/5 stars based on 213 reviews IBKR Mobile: |
| Apple App Store app reviews | IBKR GlobalTrader: 3.1/5 stars based on 8 ratings IBKR Mobile: |
Interactive Broker’s customer support
You can contact the Interactive Brokers Canada helpdesk by phone, chat or email. Service is available Monday through Friday from 8:00am to 5:30pm EST.
- Phone
- Online chat
- Email support
How to open an account with Interactive Brokers
- Click the “Sign up now” button below, click “Open Account” and select “Start Application.”
- Enter your email address, username and country and make a password to create an account.
- Verify your email address, and complete the online application with details such as your personal and employment information, Social Insurance Number (SIN), your base currency and the type of account you want to open.
- After submitting the application and any required documents, wait 1-2 days for approval.
- Deposit funds to begin trading.
Eligibility and required information
- At least the age of majority your province or territory
- Valid phone number and residential and email address
- Valid Social Insurance Number (SIN)
- Existing bank account to fund your account
- Bank statement showing your full name and address (not more than 6 months old)
- Valid Social Insurance Number (SIN)
- Your employer’s name, address and phone number
How safe is Interactive Brokers?
Interactive Brokers follows industry-standard best practices for protecting users’ information and money including data encryption, automatics logoff, multi-factor authentication and IBKR Mobile Authentication for an added layer of security when logging into mobile devices. Trader Workstation users can restrict access based on IP address.The platform is regularly monitored for suspicious activity. Additionally, funds held in eligible accounts are protected by the Canadian Investor Protection Fund (CIPF).
Compare Interactive Brokers with other platforms
Interactive Brokers
★★★★★
Finder rating 4.2 / 5
Available Asset Types
Stocks, Bonds, Options, ETFs, Currencies, Futures
Stock Trading Fee
min $1.00, max 0.5%
Min. Deposit
$0
Signup Offer
CIBC Investor's Edge
★★★★★
Finder rating 3.7 / 5
Available Asset Types
Stocks, Bonds, Options, Mutual Funds, ETFs
Stock Trading Fee
$6.95
Min. Deposit
$0
Signup Offer
100 free trades + up to $4,500 cash back
Questrade
★★★★★
Finder rating 3.9 / 5
Available Asset Types
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, International Equities, Precious Metals
Stock Trading Fee
$4.95 - $9.95
Min. Deposit
$1,000
Signup Offer
Get $50 in free trades when you fund your account with a minimum of $1,000.
How we rate trading platforms
★★★★★ 5/5 — Excellent
★★★★★ 4/5 — Good
★★★★★ 3/5 — Average
★★★★★ 2/5 — Subpar
★★★★★ 1/5 — Poor
We analyze top online trading platforms and rate them one to five stars based on factors that are most important to you. These factors include fees, securities available for trade, customer support, customer feedback, platform resources and overall reliability.
For a complete breakdown of how we score each category, read the full methodology of how we rate trading platforms.
Frequently asked questions
Your reviews
Stacie Finder
Associate editor
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