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Interactive Brokers Account Opening

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Interactive Brokers is a leading online broker with excellent services. It offers access to a proprietary platform and a mobile app with a virtual trading account. However, the account opening process at Interactive Brokers is not user-friendly.

Pros Cons
• No minimum deposit• Not user-friendly
• Number of base currencies

This article discusses the Interactive Brokers account opening characteristics.

Availability

The main criteria to consider when choosing an online broker is availability. Interactive Brokers is available in 15 countries, including the United States, United Kingdom, and the United Arab Emirates.

Country Availability
AustraliaYes
CanadaYes
ChinaYes
GermanyYes
Hong KongYes
IndiaYes
IrelandYes
JapanYes
MalaysiaYes
NetherlandsYes
SingaporeYes
South AfricaYes
United Arab EmiratesYes
United KingdomYes
United StatesYes

Requirements

Interactive Brokers has transparent account opening requirements. To create an account with this broker, you’ll have to submit proof of residency and proof of identity. The entire process is digital and available on the broker’s web platform.

Interactive Brokers does not charge an initial deposit fee, but initial costs might vary depending on the funding method you opt for. Read our in-depth reviews to learn about the services available at Interactive Brokers.

Interactive Brokers Saxo Bank TradeStation Global
Minimum deposit$0$2,000$1,000

Accounts

A trustworthy online broker offers access to many account tiers. Interactive Brokers has a comprehensive offer for different trading styles and skills. The main advantage of trading with this broker is that its accounts are available in 23 different base currencies. Check our in-depth reviews to discover more about Interactive Brokers accounts and fees.

Interactive Brokers Saxo Bank TradeStation Global
Base currencies232622

Opening accounts

Opening an account at Interactive Brokers is straightforward. You have to opt for a brokerage account, add your personal information and proof of identity. After that, review the data and sign a virtual contract. As soon as the broker verifies your account, you will make the initial deposit. When there is an initial deposit fee, you’ll have to transfer the preferred funds to your new account.

This process is tedious and takes from 2-7 days to complete. The interface is not intuitive and feels outdated. This is odd considering Interactive Brokers has one of the most intuitive trading platforms in the world.

Final Word

Interactive Brokers is a top choice for professional traders who want access to premium trading tools and services. It offers a smooth account opening process, but it might be challenging for beginners. Read our in-depth reviews to learn more about Interactive Brokers.

Interactive Brokers compared to other brokers:


Methodology 

The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of online providers. User experience, the mobile experience, customer service, costs and fees, security, the quality of trade executions, the products available on their platforms are all part of our six-month evaluation of a providers’s platform. The rating scale was based on thousands of data points that have been weighted into the scoring system.

Providers were also required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online providers we reviewed.

Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.

Business24-7 maintains high editorial standards and provides the best advice and recommendations. The products and companies that we review may compensate us when you click on the links on this website. Click below to find out more about our review process and methodology.

Disclosure

All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.

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Braden Chase is an investor, trading specialist, and former research specialist for Forex.com who helps aspiring investors develop the confidence and habits they need to make an income from the market. Braden has served as a registered commodity futures representative for domestic and internationally-regulated brokerages and has also spoken & moderated numerous forex and finance industry panels across the globe.

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