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Is Interactive Brokers Good For Beginners?

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Interactive Brokers is a trustworthy online broker with an excellent proprietary platform and a professional mobile app. It offers some educational resources and reliable customer service. We recommend it for traders who want to improve their trading knowledge and experience.

Interactive Brokers Saxo Bank TradeStation Global
Web platform score4.5 stars5.0 stars4.5 stars
Mobile platform score3.8 stars5.0 stars3.8 stars
FeesLowAverageLow
Account opening score3.4 stars2.5 stars2.8 stars
Education score4.5 stars4.5 stars2.5 stars
Customer service score3.4 stars4.0 stars4.0 stars
Deposit and withdrawal score3.5 stars4.8 stars3.5

This article discusses whether Interactive Brokers is a good fit for new traders.

Interactive Brokers & Beginner-Friendly Services

Interactive Brokers is not a good fit for beginners, as its services are tailored for professional investors and traders. It offers access to a beginner-friendly web platform with safe authentication. However, the mobile app is challenging for new traders. Interactive Brokers has complex platforms designed for experienced users.

We review brokerage firms based on 105 criteria. Our results depend on many factors, including safety, tools, and ease of access.

This broker offers some educational materials, including platform tutorials and videos. It has a demo account to let you test their offering. Besides this, Interactive Brokers has a low minimum deposit and low transaction costs.

Safety

Safety is a key aspect we review. Interactive Brokers has top-tier licenses from the IIROC, FINMA, FSA, FCA, SFC, MAS, and CFTC. It provides access to secure authentication methods and platforms.

Final Verdict

Interactive Brokers is a top online broker in 2021 recommended for advanced traders. It has excellent trading platforms with premium features and trading tools. Check our in-depth reviews to learn more about Interactive Brokers and its services.

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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