Interactive Brokers, also known as IB, is considered to be different from an average forex broker in many ways. For starters, it is a true ECN. Since its brokers will not be paid in spreads but commission, they work towards your success. It is not designed to just deal with the needs of a beginner trader but, in fact, holds massive potential to go beyond the trades of a normal broker. It offers a greater amount of flexibility along with global outreach to allow you to tap into stocks, bonds, forex, futures and various other options.
Interactive Brokers offers its users a Trader Workstation, which has numerous types of setups for different kinds of trades. Apart from being extremely user-friendly, it is also easy to master. In the beginning, users may face some difficulties because it is a different platform than the ones typically used by forex traders, but given the fact that it is not just a forex trading point, it explains everything. One thing about IB that you need to understand is that charting is not its strong suits, and it is for this reason that most users of Interactive Brokers employ a charting package from a third party.
Some of the key features offered by IB are as follows:
- Provides trading abilities around the globe rather than to one locality.
- Allows its users to trade in stocks, bonds, forex and futures in approximately ninety countries worldwide.
- Trading Workstation platform provided to its users which accommodate a number of high amount of order types.
- Acts as a true ECN with a professional setup online.
- Since it is run over Java, it can be accessed across the globe with just an internet connection.
- The platform displays actual liquidity.
- It offers thirty different types of orders via its platform for your trading needs.
- Allows you to deposit or withdraw money via bank transfer, ACH, or a check.
Interactive Brokers, most commonly referred to as IB, has its representatives at your beck and call all the time. They are available in different regions of the world, depending on the time you try to reach them. While most representatives provide services in the English language, there are multilingual representatives present as well to help you in your mother tongue. Furthermore, all its clients’ accounts are segregated and the amount accumulated is deposited into the customer’s local banks.
Interactive Brokers certainly attracts its fair share of user’s worldwide due to its ability to offer something beyond forex trade. This makes it quite lucrative to serious clients. However, it is not designed to meet the needs of a beginner as the minimum deposit on an account is around ten grand in US dollars. If you have that kind of money lying around, then this is the best place to use as you can invest in multiple trades from one platform.
Office website: https://interactivebrokers.com/