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Interactive Brokers

By on November 1, 2012
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Interactive Brokers (IB) is among America’s oldest and most renowned brokerage houses with it's roots going all the way back to 1977. They are now among the top online brokerages in USA with its headquarters in Greenwich, Connecticut.

In this Interactive Brokers review, I'll cover what they have to offer, who they're right for, and give you guys some links to the latest Interactive Brokers promotions. If you've used Interactive Brokers before, please add your own rating and review below.


Interactive Brokers – The Basics:

Investments:

Stocks, ETF’s, options, bonds, FOREX and futures.

Commissions:

Stocks and ETF’s cost $0.005 per share with a minimum of $1 being necessary for SMART routed orders. Each options contract is worth $0.70. Each transaction involving mutual funds costs $14.95.

Investor Education:

Excellent investing and trading education to its clients through articles, live events and recorded videos.

Mobile apps:

iPad, iPhone, Android, Blackberry.

The research tools and reports that are available are also spectacular. Advanced tools on a superb platform help the trader as much as access to a great variety of third party research reports. IB also has a decent customer service that can be reached 24/7 via telephone, email and live chat.

The minimum to open an account with Interactive Brokers is $10,000. Apply for an account now.


Pros & Cons Of Interactive Brokers:

Pros

Cons

  • Ultra-low commission rates
  • Ultra-low margin rates
  • Great trading platform
  • Exceptional portfolio analysis and report generation tools
  • Great access to international markets
  • Steep minimum to open account
  • Sub-par customer service
  • Fees is charged for inactive accounts
  • Advanced trading platform means that the familiarization process is lengthy
  • Quarterly fee of $7.50 on IRA accounts
  • No online trader community

How Others Rated Interactive Brokers In 2012:

Barron's: 4.5/5 stars (#1 Overall)

         Highest rated category: Portfolio Analysis and Reports

         Lowest rated category: Customer Service and Education

Smart Money: N/A

         Highest rated category: N/A

         Lowest rated category: N/A


Word On The Street Is…

They are simply the best in 2012.

Opening an account requires a relatively steep initial investment, but that can easily be offset by engaging in bulk trading to gain from the cheap commission rates.

N.B. Interactive Brokers is definitely not a place to open an account in if you do not have any previous trading experience. However experienced traders will enjoy the advanced and highly customizable platform that IB has to offer. Interactive Brokers is also a great place for international traders. Options traders will also find the advanced portfolio analysis tools helpful.

Overall takeaway: If you are an experienced trader, you'll love what they offer.


Interactive Brokers Promotion Code:


Hit the link below to claim the latest Interactive Brokers promotion. Click below to claim promotion code Sorry, no current promo, but click here to apply for an account

Where To Open An Interactive Brokers Account:

Open A Personal/Joint/Custodial/Business Account With Interactive Brokers: Apply Here

Open An IRA Account With Interactive Brokers: Apply Here

Open A Forex Trading Account With Interactive Brokers: Apply Here


P.S. Don't forget, if you've used Interactive Brokers before, please help us by adding your rating and review below!

References:

About Peter Voga

Self-confessed coffee addict. Family man. Rage Against The Machine fan. Lover (and sometimes hater) of the stock market. Founder of BrokerChats. For more, follow me @petervoga or check me out on Facebook or Google+.

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