Page Summary
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
- No minimum deposit
- Number of base currencies
Cons
- Not user-friendly
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.
Available in…
| Country | Availability |
|---|---|
| Australia | Yes |
| Canada | Yes |
| China | Yes |
| Germany | Yes |
| Hong Kong | Yes |
| India | Yes |
| Ireland | Yes |
| Japan | Yes |
| Malaysia | Yes |
| Netherlands | Yes |
| Singapore | Yes |
| South Africa | Yes |
| United Arab Emirates | Yes |
| United Kingdom | Yes |
| United States | Yes |
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.
Minimum Deposit Comparison
| 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.
Base CurrenciesComparison
| Interactive Brokers | Saxo Bank | TradeStation Global | |
|---|---|---|---|
| Base currencies | 23 | 26 | 22 |
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:
Interactive Brokers Review
Disclaimer
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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.