ETF
Bonds
90/100
Rating
Go to Interactive Brokers ETF
Highlights
  • Great trading tools and resources available
  • Great customer service
  • Low margin rates
90/100
Rating
Go to Interactive Brokers Bonds
Highlights
  • Access to a wide range of bonds options
  • Great trading tools and resources available
  • Great customer service

Interactive Brokers Review & Rating Canada 2022

Is Interactive Brokers CA Scam Or Legit?

Interactive Brokers Group Inc. founder and present chairman Thomas Peterffy joined the stock market in 1977, trading in equity options as an individual market maker. The firm was formed a year later and has since witnessed exceptional growth.

Our Interactive brokers review found that it is now one of the leading securities firms with equity capital of over $8.1 billion. The firm runs its business in more than 135 countries worldwide, and offers numerous choices of electronic trades such as forex, options, stocks, and stocks for both institutional and professional traders.

FINRA, FCA, SEC, NYSE, and other regulatory agencies worldwide regulate Interactive Brokers Inc., headquartered in Connecticut. You can still find other offices in many states in the U.S., Canada, UK, Australia, Hong Kong, Japan, Switzerland, Russia, Hungary, India, and Estonia.

Trading in securities can be unpredictable and risky. The first right decision you must make is choosing a company to represent and guide you to make the right trades. Depending on the kind of security you’d prefer, there are always a few things to consider.

Interactive Brokers USA is as legit as they come. It is also worth noting that Interactive Brokers Group Inc publishes a monthly metric. What this information shows is the all-in execution cost of customers. It is valued at 0.8 basis points or 8 cents per every $1000. This cost includes market impact, commission, and third-party fees, making it one of the best stats in the market.

Primarily, Interactive Brokers USA is an ideal firm for seasoned and active traders. The firm’s Pro package is not suitable for casual traders since inactivity often racks up fees. However, if you’re a generally inactive trader in Canada longing for an Interactive Brokers open account, their Lite package is your best option.

Interactive Brokers Pro and Con
  • A wide variety of asset classes (forex, stocks, options, etc.) to choose from
  • Available to investors and traders in many countries worldwide
  • Excellent research tools are available to traders
  • Low trading fees
  • Inactive Pro accounts could accumulate a lot of fees
Company
CompanyInteractive Brokers Luxembourg SARL
Headquarter4 rue Robert Stumper ,L-2557 Luxembourg
Year of Founding1978
CEOThomas Peterffy
Web Sitewww.interactivebrokers.eu
Available LanguagesGerman, French, English, Italian, Spanish, Russian
Customer SupportLive Chat, Phone, Email Support
Email[email protected]
Phone00800-42-276537
Licence
SEC - U.S. Securities and Exchange Commission
Verified by-
Payment Methods
Credit Card
Bank Transfer
Show More

Interactive Brokers Open Account Offers

There are two categories of account types you can choose from when considering Interactive Brokers CA. There are account types for individuals and those for institutions. Our Interactive Brokers review lays down the facts, so you know what to expect.

Brokerages often compete with each other for customers by using enticing deals. Each firm has its benefits for opening an account. The requirements for an Interactive Brokers open account, for example, are the same across all the countries where they operate.

However, individual and joint applicants would need a guarantor or commissioner of oaths in addition to personal identification documents to sign up with Interactive Brokers. The requirements for each country are available on the Interactive Brokers webpage.

Completing all the requirements does not necessarily guarantee your account would be activated. The company has to verify your information electronically. Once that is done, your account is then activated.

CA residents are the only ones with the luxury of funding their activated Interactive Brokers CA accounts with any one of 21 currencies approved by the firm. The minimum amount needed to open an account, on the other hand, is the same across every country. Verification of an Interactive Brokers open account is approximately two business days.

You need $0 for an Interactive Brokers open account unless you plan to trade or margin, then the minimum deposit is $2000. Trading on margin means you borrow money from the brokerage to trade. Interactive Brokers opinions all over the internet agree that its minimum deposit amount is indeed one of the firm’s best qualities.

Switching and Transfers To Interactive Brokers

You can switch from a Pro account to a Lite account and vice versa as an Interactive Brokers CA customer. You can use Account Management or the Client Portal to configure this. We found explicit instructions for the process are available on the firm’s website at the time of our Interactive brokers review.

You can also transfer assets from a different brokerage to Interactive Brokers or vice versa using the Automated Customer Account Transfer Services (ACATS) of the National Security Clearing Corporation (NSCC).

The catch is, the assets you plan to transfer must be products that are available for trading like cash, options, bonds, etc. The firm accepts both partial and full transfers. The firm completes your transfer into your new account within four to eight working days.

But, once your account is activated, you have up to 90 days to fund it or the brokerage terminates your account. There are also no fees charged for the first withdrawal of every month.

Interactive Brokers Canada - Usability, Look & Feel

The point of our Interactive Brokers Canada review is to educate readers about the firm’s features as much as possible, and the website of an online brokerage is as relevant as its benefits and offers. Customers must be able to navigate easily for accurate executions of trade. It is thus vital to know that not every online brokerage’s website is user-friendly, especially to beginners.

The website of Interactive Brokers Canada is not great, but it’s not entirely terrible either. There is a wealth of information available for traders on the site. However, navigation is not easy. Once you figure out where to look, all the important information every trader signing on to the firm needs to know is there. From the deposits and fees, through to the requirements for CA residents.

You get access to the Client Portal, which makes all the firm’s online tools available on the website once your account is activated. However, seasoned traders might prefer the firm’s Trader Workstation (TWS), which is downloadable on any desktop.

Overall, it’s a semi-decent website which does provide you with a plethora of information. After getting the hang of navigating the site, you’ll be able to access an account of your choosing and trade in multiple financial instruments.

Interactive Brokers Canada Open Account

Our Interactive Brokers review CA helps prospective customers understand what they need to do to get an account with the firm.

Canadian applicants are eligible to apply for four choices of account types. There is the individual account, IRA, Trust, and Joint. Each of the four accounts has their respective documents that applicants need to create an account with the firm. But, this Interactive Brokers review identified what all four have in common are:

  • Names of applicants, employers, beneficiaries, trustees, and sometimes charity (For IRA accounts)
  • Addresses
  • Social Security Numbers
  • Banks

Extensive information for each is available on the webpage of the firm.

Interactive Brokers Trading Platforms

The trading platform of the brokerage is worth mentioning in an Interactive Brokers Review. Although it is not user-friendly to beginners or new investors, professional traders are immensely satisfied with all the available tools and information.

Traders of Interactive Brokers use a Trader Workstation (TWS). You can use the Client Portal, the downloadable TWS on desktops, and the mobile app on your phone. An additional feature is you can customize your Trader Workstation to your preference.

There are also various tools available to traders with an Interactive Brokers open account. Some examples are the Market Scanner, Risk Navigator, Algo Trading, Portfolio Builder, etc.

Client Portal

Using the Client Portal of your Interactive Brokers open account gives you a simple and straightforward view of all the information you need. It is the ideal TWS option for beginners or new investors. You’ll be able to view all vital account information like your Buying Power and Net Liquidation Value in real-time.

Tracking your portfolio performance also becomes more manageable, using easily interpreted charts. You get relevant notification and messages when necessary, and iBot is also now available on the Client Portal. This uses artificial intelligence to serve customers through the voice app or chat on devices.

Desktop Trader Workstation (TWS)

The desktop trader workstation (TWS) is a downloadable software to use on your desktop and is ideal for professional traders. With this platform, you can monitor your Interactive Brokers open account in real-time whenever you deem necessary. You can also create alerts to notify you of vital changes in the market. Information on trades, as well as profits and losses, are also available for you when you need them.

All tools available to customers of the firm are equally accessible on the Desktop TWS. It would come in handy for professional traders who want to take advantage of technical research, risk assessment technology, and up-to-date news.

 Mobile App

The mobile app of Interactive Brokers is also available for traders who like to monitor their accounts 24/7. You have an assurance of security accessing an Interactive Brokers open account on your phone since it requires an IB key. Alternatively, you can use a Face ID or fingerprint on devices that support this security feature.

Like all the other trading platforms, the mobile app equally has all the tools available. You get all perks and benefits traders get using the web and desktop TWS or Client Portal on your phone. The difference, however, is portability and convenience. The app is available for free on both the App Store and Google Play Store.

WebTrader

The firm’s WebTrader is an HTML based TWS. This platform is available for only traders with an Interactive Brokers Pro package. Comparably, it is easier to use than the Desktop TWS. It still has all the features, tools, and resources the other platforms enjoy.

Interactive Brokers' Payment and Trading Fees

Payment and trading fees is an essential topic in our Interactive Broker Review. Prospective customers need to know all impending costs to choose for themselves if they want to sign up.

In the case of Interactive Brokers, some people might argue that some accounts attract higher fees than others, while some are also entirely free.

The main idea is to trade with firms that are compatible with your trading goals.

Trading Fees

Trading fees are those you incur from your trades. Conversion fees, commissions, financial rates, and spreads are all examples of trading fees. Due to the numerous assets, you can trade with your Interactive Broker open account. The charges vary depending on your choice.

Our Interactive Brokers review must commend the company on their low fees. Due to this, it is advisable for clients who frequently trade to take advantage. The firm makes two price plans available for traders, the tiered price plan, and the fixed rate. The latter charges a set amount per share or contract while the tiered price plan uses your monthly trading volume.

In this Interactive Brokers review, Lite traders in Canada can make money in a margin account. The point of this account is to borrow trade using stock or cash lent to you by your broker. Lite users can also enjoy commission-free deals of US-listed stocks and ETFs.

Pro accounts, on the other hand, of consistent and frequent traders incur an ETF and stock commission of $0.005 per share. The respective minimum trade commission and maximum trade commission are $1 and 1% of your account’s total trade value. These amounts include regulatory fees and exchange fees in these commission amounts.

Non-Trading Fees

Non-trading fees include inactivity fees and deposit fees. They do not have a direct link to your trading. This Interactive Brokers Review analyzes these numbers to make sure traders enjoy the money they make while incurring as little costs as possible.

The good news is, your Interactive Brokers open account attracts no deposit fees. The first withdrawal you make each month is also free. But, any other future withdrawal in the same month attracts a fee.

The inactivity fee is the only non-trading fee that is high compared to the others. Traders with an Interactive Brokers Pro account do not have the luxury of being casual traders since an inability to reach a specific commission each month attracts an inactivity fee. The calculation of this fee is the difference between the required commission and the commission amount you were able to attain.

Our Interactive brokers review determined that CA traders have more options for depositing into their Interactive Brokers open account. Having said that, CA clients cannot use e-wallets or credit cards to make deposits. The exclusion of e-wallets as a payment option might be lost on many CA traders. Additionally, you can use checks, direct roll-over and trustee-to-trustee, (which are available only for traders with IRA accounts), the online bill payment method, and Automated Clearing House (ACH).

Customer Services

Our Interactive Brokers Review also includes a customer service analysis of the firm. For Interactive Brokers USA, the customer services are the same. The following are options customers and prospective traders can check out if they need any help with any information about the firm or their accounts.

iBot

It is an Artificial Intelligence (AI) powered assistant that answers all questions you ask in English. Interactive Brokers USA, as well as Interactive Brokers in all English speaking markets, can take advantage of this assistant.

It is available on all trading platforms and is especially popular with the mobile app. It specializes in directing customers to find the answers to frequently asked questions.

Email

The firm advises both customers and prospective traders to avoid sending emails to the firm. This is especially for ones concerning security and password related issues. Instead, the phone is the best customer service method for such inquiries.

In the pop-up box assigned for emails, the firm adds a link that redirects customers to the message center. However, customers can decide if they want a reply via email.

Phone

Customer Service via phone call is available only on weekdays for 24 hours each day. The firm urges more clients to use this method of communication for all security-related issues.

On the web page allocated to reach customer service via phone, some FAQs answer questions the firm usually gets. Additionally, all numbers of customer services in operating countries are displayed.

Aside from Canada, other countries are the United States, Europe, Asia, Russia, India, Hong Kong, Australia, China, and Japan. Interactive Brokers USA, Europe, and Russia are the only countries with toll-free numbers available.

Chat

The online chat service is for clients with an account with the brokerage. This option is accessible through the “support” menu present in the Client portal. Chat services are available 24 hours on weekdays and Sundays. New traders also have a link to follow once they check support options on the main websites.

Interactive Brokers ETF

Trade Offer - Over 100 order types

Interactive Brokers offers up a range of award-winning trading platforms designed to make the most of your ETF and stock trading opportunities. You can manage your trades using desktop, laptop, tablet or mobile, choosing from over 100 order types. Whether you’re chasing limit orders, or you prefer more complex algorithm-inspired trading, the on-site tools have been developed to help you make the most of your opportunities.

Trading Costs - Low commission fees

One of the findings of our Interactive Brokers review is that the brokerage charges very low commissions on stocks and ETFs. In fact, commission ranges from $0.0005 up to $0.0035 per share. The innovative IB SmartRoutingSM system is the organisation’s own trademarked software for tracking the best options and combination prices at the exact time of each order, with immediate electronic execution.

Exchanges and Trading - Superb range of choices

There’s an almost endless choice of ETFs and stocks to choose from at Interactive Brokers, with the majority based in the US. The site offers an Advanced Market Scanner tool to help you identify market opportunities, while the Risk Navigator tool allows you to analyse your portfolio quickly and easily. Meanwhile, the Fundamentals Explorer tool gives invaluable information on more than 30 thousand companies, so you can always stay on top of your trading opportunities.

Product Summary - Intuitive tools put you in control

With a huge choice of ETFs and stocks to trade in, Interactive Brokers puts you firmly in control of your trades and investments, thanks to some highly sophisticated tools. There’s even an Impact Dashboard that lets you seek out the companies that align with your personal values, so you can consider more than just the financial aspects when considering how and where to trade.

90/100
Rating
Interactive Brokers Highlights
  • Great trading tools and resources available
  • Great customer service
  • Low margin rates
Go to Interactive Brokers
Interactive Brokers Bonds

Trade Offer - More than a million to choose from

Our Interactive Brokers review discovered that the brokerage offers over 1 million bonds, including all US government securities. You can trade over 25,000 corporate bonds, more than one million municipal securities and over 19,000 CDs and non-US sovereign bonds.

Trading Costs - Transparent pricing

Interactive Brokers boasts no markup or built-in spreads across its bonds offerings, with completely transparent, low commissions. Treasury bills, bonds and notes are charged at 0.3bps for the first $1million, and an extra 0.01bps for face value of more than $1million. This increases to 10bps for corporate bonds with a face value of $10,000 or less, plus 2.5bps above that figure. Municipal bonds attract 5bps for a face value of up to $10,000, with a further 1.25bps for a face value of more than $10,000.

Stock Exchanges & Trading Places - Search for the best deals

Interactive Brokers offers a highly sophisticated search tool that allows users to compare all available yields against those from other brokers. The tool lets you search by a number of options, including yield, maturity, availability and quality, as well as comparing the price from Interactive Brokers with other brokers.

Product Summary - A good choice for experienced traders

The findings of our Interactive Brokers review show that the brokerage has a lot to offer in terms of bonds, with an innovative search tool that adds real value for every type of trader.

90/100
Rating
Interactive Brokers Highlights
  • Access to a wide range of bonds options
  • Great trading tools and resources available
  • Great customer service
Go to Interactive Brokers

Interactive Brokers Review FAQ

❔ What is Interactive Brokers?

Come and read our comprehensive Interactive Brokers review to find out all about this exciting and innovative brokerage. We’ll tell you whether you can trade in Interactive Brokers crypto, forex, bonds, ETFs and more, as well as giving our opinion on the organisation’s range of trading platforms. If you’re in search of an online broker, you definitely need to come and read what we have to say!

☝ Is Interactive Brokers safe?

When you sign up to an online broker you need to have complete confidence that the company is fair, safe and legitimate. Come and read our complete Interactive Brokers review to find out everything you could possibly need to know. We’ve got detailed comparisons of all the best online broker sites, so be sure to come and take a look!

❓ Is Interactive Brokers reliable?

When you sign up to an online brokerage you need to be confident that you’ll have a safe and fair experience. Make sure you avoid any potential Interactive Brokers scams by checking out our broker review before signing up. We’ll tell you everything you need to know, so you can make informed decisions about where to make your online trades.

✋ Is Interactive Brokers a reputable organisation?

Sign up to an online brokerage and you’ll be inputting personal information and depositing funds into your trading account. Make sure you trade safely by reading through our Interactive Brokers reviews, which give you all the information you need to help you come to a decision. We’ve got details of all the top brokers, so be sure to check us out before signing up and making any trades!

Overall Conclusion of Our Interactive Brokers Review

Interactive Brokers Group is indeed one of the finest brokerages in the market. Their variety of products attracts so many different buyers. Professional traders have more to gain with the fees and commissions of the company. But, with the Lite package beginner investors also stand a chance of making it.

Our Interactive Brokers Review covers all the essential information prospective clients must arm themselves with before signing up with the firm. Additional information on fees, commissions, account types, and research tools is on the website on the brokerage.

Primarily, the plan should be to trade with a company that brings in more returns than incurs cost.

90/100
Rating
Interactive Brokers ETF
*****
Go to Interactive Brokers ETF
Highlights
  • Great trading tools and resources available
  • Great customer service
  • Low margin rates

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