Thursday, December 8, 2022

Interactive Brokers Review: The Best Trading Platforms For Beginners

Interactive Brokers Review

Interactive Brokers offers 4 platforms, including IBX (NYSE:IBKR), IBFX (NASDAQ:IBFX), IBFX Europe (OTCQX:IBEVY) and IBKR. IBX offers online and phone brokerage services and is licensed by FINRA and the SEC. IBX charges $6.95 to open an account. It charges 50 basis points ($0.50) for trades under $10,000 and 45 basis points ($0.40) for trades over $10,000. IBX has an excellent annualized trade volume of more than $48 billion. IBX offers margin financing and their commissions and fees on all trades are industry standard. IBX trades futures contracts and options on more than 3,000 major indices and currencies.

Interactive Brokers’ Platforms

Interactive Brokers has been consistently ranked as one of the top discount brokers in the world. It provides direct access to the major stock exchanges, such as the NYSE, NASDAQ, and other international markets.

Its diverse investment tools let traders operate from one single interface, the IB online platform. So the broker offers advanced features including currency conversions, stock dividends, and commission management. It also has a charting feature that lets traders select custom trade sequences.

The system also provides dedicated software for traders interested in foreign currency trading, options trading, and portfolio management.

But that’s not all.

If you are interested in trading binary options, OptionsHouse allows you to access numerous sources of information.

Interacts with 32 different exchanges

Trades Bitcoin, Etherum, and Litecoin

70% commission

24/7 trading with two-factor authentication

The primary service of Interactive Brokers is its commission-free trading platform.

It costs almost nothing to open an account, since it only costs $10 and you can start with a free 100 contracts each month (meaning you can trade for up to $10,000 each month and still earn free profits).

What’s more, it doesn’t even require a credit card, since you can open an account without providing your name or bank details.

And although some exchanges, like Coinbase, do charge for a single trade (even if it’s small), you don’t have to do any trading at all for free.

But beware: just like all the other services on our list, you’ll have to pay extra for a premium account.

Forex trading with Interactive Brokers

If you are a trader new to a brokerage or forex trading platform then you might be wondering, “Why should I use Interactive Brokers?”

Why would anyone want to use a broker to trade on the forex market? Well, there are several good reasons.

Easy to Access

Imagine that you’re sitting in your office one day, staring at a screen full of news. This would be especially aggravating if you were a trader because you know that the best way to make money in the trading world is to look for information before the big news breaks.

How to open a new account at Interactive Brokers?

It’s one of the most straightforward choices you’ll make in your career as a trader. Interactive Brokers has thousands of accounts set up in a matter of minutes, giving you access to trillions of dollars in marketable securities and instruments. There are no minimum deposit requirements, commission-free trades, or account fees.

Here, we’ll walk you through the steps you’ll need to open an account. Once that’s done, you’ll have all the tools you need to begin making money.

Before we get started, you’ll need to create an account with Interactive Brokers. This will take a few minutes of your time, but it’s well worth it.

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