Page Summary
Interactive Brokers has no minimum deposit fees, which is a top advantage with this broker. The minimum initial deposit is an important factor when deciding which online broker is best for your needs.
Minimum Deposit Comparison
| Interactive Brokers | Saxo Bank | TradeStation Global | |
|---|---|---|---|
| Minimum deposit | $0 | $2,000 | $1,000 |
This article discusses the specifics of minimum deposit fees at Interactive Brokers.
Fees & Funding Options
Interactive Brokers does not charge a deposit fee. This is excellent for traders of all levels of experience. It means the broker won’t deduct anything from your deposits. Interactive Brokers offers only one funding option, bank transfers.
The average transfer time is between 2 to 3 business days. The funding process at Interactive Brokers isn’t user-friendly and might be challenging for beginners.
Fee Comparison
| Interactive Brokers | Saxo Bank | TradeStation Global | |
|---|---|---|---|
| Bank transfer | Yes | Yes | Yes |
| Credit/debit card | No | Yes | No |
| Electronic wallets | No | No | No |
Currencies
All trading accounts have a base currency. The number of base currencies at Interactive Brokers is 23. You’ll have to pay a conversion fee if you deposit in a currency different from the base currency of your Interactive Brokers account. The best approach to save money on conversion fees is to use a multi-currency digital bank account.
Currency Comparison
| Interactive Brokers | Saxo Bank | TradeStation Global | |
|---|---|---|---|
| Number of base currencies | 23 | 26 | 22 |
Sending The Minimum Deposit
Funding your Interactive Brokers account requires you to follow the steps below:
- Create a brokerage account;
- Verify your information;
- Log in to your account and select a funding option;
- Verify the funding transaction;
- Initiate the funding process.
Final Verdict
Interactive Brokers has a competitive fee structure with no minimum initial deposit fees. However, the funding process might be challenging for new traders. Read detailed information about the funding process at Interactive Brokers in our in-depth reviews.
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.