As you would expect from such a longstanding broker, there are many account types to choose from. Here is a closer look at each one:
Interactive Brokers Demo
The Interactive Brokers demo account is completely unlimited and you can trade with virtual funds of up to $1,000,000 in a completely risk-free, but totally realistic setting that still offers all of the platforms, tools, research services, and real-time pricing and data.
It is a great way to get to know the broker and what they have to offer as well as being able to develop and hone your trading skills before live trading.
There are in fact several different variations of individual accounts offered by the broker that are available depending on your situation. There is the regular individual account that has a single account holder and provides access to all of the regular functions.
There is then the joint account which is the same as an individual account in function but can have two account holders. A trust account can also be opened. This is a legally established entity in which assets are held by one party for the benefit of another party. One or more trustees trading can have access to all functions.
Finally, there is the IRA, Individual Retirement Account. This is available to individual US tax residents only. This type of account also provides access to all functions. You then have the UGMA/UTMA account where an individual or entity can manage an account for a minor until that minor reaches a specific age.
This type is only for US residents. Custodians of these accounts have access to all functions.
Interactive Brokers Margin (Reg T)
The Interactive Brokers Margin account is available for margin trading and you will find forex, shares, options, futures, and commodities all available to trade here. This type of account is available on most individual account types mentioned. It is also available on IRA accounts for US customers.
The only requirement you need to take note of with this account type is that you are required to keep a net liquidation value of at least $2000 in your account at any one time.
Interactive Brokers Cash
This type of account is available for trading in real stocks and ETFs. Shorting is not allowed as there is no leverage on this type of account. Again you will be able to open this type of account on most of the individual plans.
It is also available on the IRA account type for US customers.
IBKR Pro and IBKR Lite Pricing Plans
Both the IBKR Pro and IBKR Lite pricing plans are available to US clients only. The Pro type is focused on active and more experienced traders and offers no account minimums or inactivity fees and low margin rates as well as access to the IBKR WebTrader and IBKR API with IB Smart Routing enabled.
Pricing on this plan is completive too with a price per share rate of $0.005 per share and a $1 minimum.
The IBKR Lite plan on the other hand offers unlimited and commission-free trading in US-listed stocks and ETFs and low-cost access to markets around the world.
Again there are no account minimums nor inactivity fees, and you will have access to the brokers’ Client Portal, IBKR Mobile, and Trader Workstation (TWS) for trading.
Interactive Brokers Professional Accounts
A professional account is offered if you are a European trader, though you must meet at least two of the following three conditions to qualify for the account:
- You must have carried out trades of significant size (EUR 200,000 or greater) in the relevant market at an average frequency of 10 per quarter over the previous 4 quarters.
- Your entire portfolio including cash (and positions not held with IBKR) exceeds EUR 500,000
- You have worked in the financial sector for at least 1 year in a professional position
If you meet these conditions and want to be classified as a professional trader, you can contact the support team or upgrade your retail account through the client portal. With a professional account, you can access some different benefits like higher leverage, but you will not have access to certain things like negative balance protection.
IB Corporate Accounts
There is a wide range of accounts offered by the broker for corporate and institutional clients. Plans are also offered for MAM/PAMM accounts as well as small businesses, families, hedge funds, and more.
The broker support team will be able to assist in guiding you through each specific option suitable to your situation.
Deposit and withdrawal
Account Base Currency
You will find a good range of base currencies available including the AUD, CAD, CHF, CNH, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, MXN, NOK, NZD, RUB, SEK, SGD, and USD. On an IB India account, the INR is also available.
The availability of these base currencies can depend on the jurisdiction you’re trading under and on your location.
Deposits & Withdrawals
Here is a closer look at what you can expect when making deposits or withdrawals through Interactive Brokers:
Interactive Brokers Minimum Deposit
There is a $0 minimum deposit on cash accounts with the broker. Margin accounts will have a $2,000 minimum deposit, and for portfolio margin accounts, the minimum deposit is $10,000 or equivalent.
Interactive Brokers Payment Methods
There are many Interactive Brokers payment methods available to make your deposit. These include bank wires, check (all checks, including retirement checks), online bill payment, Canadian bill payment, automated clearing house (ACH) direct rollover (IRA), trustee-to-trustee (IRA), and BPAY for Australian traders.
The availability of these methods will depend on your location and the regulation you are trading under.
IB does not accept credit or debit card deposits, and deposits take around 2 business days depending on the method you use.
Interactive Brokers Deposit and Withdrawal Fees
No deposit fees are charged with the exception of Mexican clients who, after one free deposit each month, will be charged 100 MXN as a fee per deposit.
A fee may also be charged if you deposit or withdraw a non-base currency not supported by IB. Finally, a commission may be applied on deposits of less than $2,000.
When it comes to withdrawals, IB allows for one free withdrawal per month. After that, the fee below can be charged:
|British Pound Sterling
|South African Rand
It is also possible that your bank may charge its own fees. This is something to double-check with them first.
When it comes to trading fees and commissions, there are typically three plans in place.
A tiered plan charges commission based on volume, exchange, regulatory, and clearing fees, the fixed tier charges a fixed rate low commission per share or a set percent of trade value, and the free tier offers zero commission for US-listed stocks and ETFs, fixed-rate pricing applies for non-US listed stocks and ETF’s.
In fact, there are many different fee plans in place with the broker depending on your location and the assets traded. Below you’ll find the fixed fee plan on major stocks, ETFs, warrants, forex, crypto, and futures.
Stocks and ETFs Fees
Commission on stocks and ETFs start from $0.0005 to USD per share on stocks and ETFs for professional investors. Retail investors with an IBKR plan benefit from zero commissions on US-listed stocks.
||Minimum Per Order
||Maximum Per Order
||1.0% of trade value
||0.5% of trade value
These apply to both spot forex currencies, and CFDs. A conversion fee may be charged in some circumstances and the commission starts from 0.2 pips with a $2 minimum commission. The more you trade, the lower the commissions will become.
|Monthly Trade Amount (Lots)
||Minimum Per Order
|10’000 – 20’000 lots
|20’000 – 50’000 lots
Low commissions are offered on crypto. These range from 0.12% to 0.18% of trade value with a minimum commission per order of USD 1.75.
|Monthly Trade Amount (Lots)
||Fee per Trade Value
||Minimum Per Order
|USD ≤ 100,000
|USD 100,001 – 1,000,000
|USD > 1,000,000
The futures fees with IB depend on the type of future and the exchange they are being traded through. With US futures though fees are between $0.15 and $5 per transaction. You can also trade Mexican, European, UK, and Asian Futures.
||Commissions per contract from
|US Futures and Options Futures
|US Forex Futures
|US Crypto Futures
|US Bonds Futures
|Hong Kong Index Futures
|South Korea Stock futures
||0.04% of trade value
Overnight fees are charged on all CFD assets here as they are at other brokers. The rate here depends on the market and asset traded so you can check the rate in your trading platform at the time of trading to be exact.