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Interactive Brokers review 2023

Interactive Brokers offers low fees and greater access to international investing than any other Canadian trading platform.

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By

Stacie Hurst

&

Claire Horwood

Updated

Fact checked

Our verdict

Interactive Brokers is the winner for Best Overall Broker in the 2022 Finder Stock Trading Platform Awards. Consider IBKR if you want access to global markets and many types of investments. Look elsewhere if you want a simple, beginner-friendly platform for basic stock trading.

Best for: Active, self-directed investors.

Pros
  • Trade on 140+ exchanges in nearly 30 countries. Fund your account in 24 currencies.
  • 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.
  • Pay a subscription fee to get real-time market data.
  • Currently, you can't trade mutual funds or crypto if you live in Canada.
4.3

★★★★★

Finder rating

Stock Trading Fee

min $1.00, max 0.5%

Min. Deposit

$0

Signup Offer

N/a

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Interactive Brokers

Learn more on Interactive Brokers's secure site

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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 trade on more than 140 exchanges in almost 30 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 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 feemin $1.00, max 0.5%
Interest on margin tradingAround 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

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 Brokers mobile app screenshots

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 reviewsIBKR GlobalTrader:
3.9/5 stars based on 213 reviews

IBKR Mobile:
4.3/5 stars based on 9.29K reviews

Apple App Store app reviewsIBKR GlobalTrader:
3.1/5 stars based on 8 ratings

IBKR Mobile:
3.8/5 stars based on 1.2K ratings

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

  1. Click the “Sign up now” button below, click “Open Account” and select “Start Application.”
  2. Enter your email address, username and country and make a password to create an account.
  3. 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.
  4. After submitting the application and any required documents, wait 1-2 days for approval.
  5. 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

Sign up now

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).

Frequently asked questions about Interactive Brokers

Compare Interactive Brokers with other platforms

Interactive Brokers logo

Interactive Brokers

★★★★★

Finder rating 4.3 / 5

Go to site

Available Asset Types

Stocks, Bonds, Options, ETFs, Currencies, Futures

Stock Trading Fee

min $1.00, max 0.5%

Min. Deposit

$0

Signup Offer

N/a

CIBC Investor's Edge logo

CIBC Investor's Edge

★★★★★

Finder rating 3.8 / 5

Go to site

Available Asset Types

Stocks, Bonds, Options, Mutual Funds, ETFs

Stock Trading Fee

$4.95–$6.95

Min. Deposit

$0

Signup Offer

Get 100 free online stock or ETo 24F trades and up to $3,000 cash back. Conditions apply.

National Bank Direct Brokerage logo

National Bank Direct Brokerage

★★★★★

Finder rating 4.2 / 5

Go to site

Available Asset Types

Stocks, Bonds, Options, Mutual Funds, GICs

Stock Trading Fee

$0

Min. Deposit

$0

Signup Offer

Get $0 commission on all transactions with promo code: finder

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.

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