Interactive Brokers - Forex Broker Review

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Interactive Brokers have been online since 1998. They are based in the US, UK and Canada and are under the regulation of the US Securities and Exchange Commission and the CFTC in the US, the FSA in UK and the Investment Dealers Association in Canada.

They are considered to be the largest US broker/dealer holding a large equity capital with 31 years of experience on the market. Their customers are protected by the SIPC and Lloyd’s of London securities account protection, which means that your asset is protected even if the financial future of the company is at risk…this can be a sigh of relief for most given our fragile global economy in these testing times.

An account can be opened with this broker via bank-wire, cheque or online. Their minimum account size is $5000 with minimum lot size of 1. They have a maximum leverage of 1:50 providing tight spreads between 0.5-1 pips on EUR/USD and some other majors (depending on market volatility). With this broker you will have a universal account enabling you to trade all the markets from futures, spot, stocks, bonds, options, international securities.

They have a web based trading platform, which means they support forex trading via Internet browser window. You won’t need to download any additional software allowing you to trade almost anywhere with decent Internet speeds. Execution is good with a tight spread and great market conditions, though platform is not so user friendly. They allow traders to place limit orders within the spread that may be considered as a great advantage for some.

Some not so welcoming news is that you will need a minimum of $5000 to open an account and their leverage is 1:50. They do not support metatrader4 software and no demo account is available for customers to have a try at them. I found their customer service a tad slow and during news trading execution may take a very long time.

Even though they are reputable broker with some great reviews, there is still mixed emotions towards them. I would only recommend them to someone with at least a year of forex experience.

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