Interactive Brokers boasts a comprehensive suite of research tools and trading platforms, making it an ideal choice for active investors. Plus, this broker is one of the few we’ve reviewed that provides no-transaction-fee mutual funds – an impressive feature!
The company boasts an expansive Traders’ Academy portal and blog that provide market commentary. Furthermore, it provides apps for both iOS and Android devices with many of the same features found on its desktop platform.
DISCLAIMER
Trading is a high risk activity, protect your capital through the use of stop loss, making intelligent use of leverage and not investing more than you are willing to lose. The author of the post declines any responsibility for any losses incurred as a result of decisions made after reading this article. The information contained below is for informational purposes only. CFDs are complex instruments, therefore adequate knowledge is required before making any investment. Thank you for your kind attention!
Interactive Brokers Review: Traders’ Academy
Interactive Brokers’ Traders’ Academy is an array of free online classes designed to teach traders the fundamentals of trading and investing. Courses are organized according to experience level and topic, with videos and quizzes also available, along with archived content from past webinars and YouTube video tutorials.
Traders’ Academy is one of its most popular features, providing market research and educational materials to help traders learn about various assets they can invest in. These resources include a blog by Interactive Brokers’ chief strategist as well as an extensive library of research articles from top quant investors.
Another useful feature is IMPACT, an investment app that helps investors identify investments aligned with their core values. The platform flags companies doing business in an ethical or socially questionable way, such as those promoting green energy or labor rights.
Interactive Brokers also offers a suite of screening tools and screeners to assist in selecting better investments for your portfolio. One such feature is its PortfolioAnalyzer tool, which enables you to link external accounts in order to get an all-inclusive view of your finances when logged in.
The company also provides a free student account that allows traders to practice trading with simulated money. This is ideal for newcomers to the world of stock trading and want to gain experience before investing real funds.
For those having trouble navigating the IBKR trading platforms, especially if they are unfamiliar with technical terminology, Traders’ Academy offers free webinars and replays as well as a vast library of short videos to assist.
Interactive Brokers’ Traders Academy is ideal for new traders, though it could prove overwhelming to more experienced ones. The platform is packed with research and trading tools, making it easy to get overwhelmed in the process.
Interactive Brokers Review: Research
Interactive Brokers is not only one of the world’s premier online brokers,but provides investors with access to an expansive library of assets and research providers. Additionally, it provides a suite of tools and calculators, educational materials, as well as global market access.
IBKR Pro caters to professional and institutional investors, while IBKR Lite appeals to casual traders and beginners. Both pricing plans offer low commissions on stock trades; however, you may find the IBKR Pro platform more difficult-to-use than some of its rivals.
If you’re interested in trading stocks, ETFs or mutual funds, IBKR’s TWS (Trader Workstation) is a great starting point. It features screeners, back-testing functionality and portfolio analysis tools. Furthermore, traders have access to numerous third-party provider feeds which are either available as stand-alone items or integrated directly into TWS.
Clients have access to several free research providers and news services, such as Fundamentals Explorer which offers fundamental data from Thomson Reuters on over 30,000 companies. Other research providers include Zacks Investment Research, Morningstar Equity Ownership and 24/7 Wall Street.
The portal provides a range of free courses on day trading, options and futures trading. There’s also an introductory course for new investors which teaches the fundamentals of investing and trader psychology; additionally there is a course on Forex fundamentals.
IBKR also provides an app for both iOS and Android devices that enables traders to trade forex and CFDs remotely. Its IMPACT app is especially beneficial for new investors as it helps you stay organized with real-time tracking of trades and account balances.
Trading platform
Interactive Brokers offers competitive trading fees and commissions appeal to both experienced investors and casual traders alike.
The trading platform provides a range of asset types and products, such as stocks, futures, forex, CFDs, cryptocurrencies and bonds. Furthermore, it features a socially responsible investing (SRI) impact dashboard and app which enable you to assess assets based on social good.
Traders can access the Client Portal, a web-based trading platform that’s user friendly and provides real-time market data. On this platform, you can manage your account, place trades, view market news and set default settings – even access your Trader’s Academy lessons!
You can access your trading accounts using a mobile app with wifi connectivity, providing convenience. Furthermore, the app includes an in-built chatbot to answer questions about your account information quickly and accurately.
The mobile and desktop applications are simpler to use than Trader Workstation (TWS), however they lack some of the more advanced capabilities that TWS boasts. For instance, IBKR Mobile app doesn’t support fractional shares trading like TWS does.
Unfortunately, it does not provide an extensive library of research tools. Nonetheless, you can monitor the latest market news and access some charts for technical analysis.
If you’re a long-term investor, the company offers their new impact dashboard which utilizes data to evaluate investments with a socially responsible lens. Furthermore, their robo-advisor allows investors to invest in themed portfolios from as little as $100.
IBKR has earned a reputation for offering some of the lowest margin rates in the industry, making it an attractive option to investors who borrow funds to trade. This is especially true for balances below $100,000 where charges may be as low as half what competitors charge.
For traders seeking an advanced trading platform, the IBKR Trader Workstation is an excellent choice. This platform offers access to numerous advanced order type configurations as well as over 100 algos.
Customer service
Interactive Brokers boasts an expansive customer service department to meet your demands and give you the support you require. They provide live phone, email, live chat and an automated ‘iBot’ that can answer most questions regarding your account.
One of the key criteria when selecting a broker is customer service. The ideal brokers will have multiple ways of communication with you so your query can be addressed promptly. Furthermore, top-tier brokers usually possess an experienced team of professionals that can answer queries and resolve any problems encountered.
Interactive Brokers’ customer service is excellent when it comes to phone and live chat support. Their representatives are available 24/7 to answer any queries about trading, account setups or any other problems you might be having. Plus, they have multiple languages spoken as well as international contact numbers so that you can speak with someone no matter where in the world you are located.
The speed of their customer service may differ from session to session, but most times they are quick in responding. This means they will get back to you promptly and answer all your questions in a clear and understandable manner.
Beginners in trading will likely find more than enough markets and products provided by Interactive Brokers. As you gain more expertise, however, you may start experiencing some technical issues or having questions about the platform’s more advanced features and tools.
Therefore, we suggest reaching out to their customer service team via phone or email to address your worries and determine if the company’s services are suitable for you. After doing so, you can decide whether or not to switch brokerage providers.
Interactive Brokers’ customer service has seen a marked improvement over the past year.
Bottom Line
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