Interactive Brokers Review – An S&P Rated Investment Grade Forex Broker. Although it comes with a $50/year maintenance fee, the low trading fees will be attractive to many investors. Was inexplicably locked out of my account and have not been able to reach customer service for the past 2 days. There are two pricing structures you can go for if you are using Interactive Brokers: The tiered pricing structure is the low broker commission that the platform charges you. It’s been around since 2000, has no mutual fund fees, and low trading fees. I have an actual visceral hatred for them that I will take to the grave.Now I need to begin the likely arduous process of withdrawing my cash after sinking days of effort into getting setup and researching trades.I hate you interactive brokers. If you’re looking to invest as cheaply as possible, do-it-yourself (DIY) trading platforms are the way to go. This is totally unacceptable IBKR. Brokers Home. The platform is more suitable for the needs of professional traders who are well-versed in its policies. If you’re looking to invest as cheaply as possible, do-it-yourself (DIY) trading platforms are the way to go. I really don't know why TP force you to give a one star as a minimum as Interative Brokers deserve a minus. Imagine what they will do to a small investor/trader. Two 40 minutes calls on hold and multiple unanswered support tickets later, I'm done with them. I've been with IB for five years now, and am very satisfied with the low fees, rapid execution, and sheer breadth of markets and securities offered. Total shitshow. You have to stick with the IBKR Pro. Wouldn't suggest this broker to my worst enemy. Interactive Brokers Canada is a particularly useful platform when it comes to the more professional traders. In this section of my Interactive Brokers Canada review, I will give you real-life examples of user experience with the platform. Required fields are marked *. The customer service is non-existent. The positive thing about it is that I have access to Client Portal. Interactive Brokers does not have a minimum account balance required before you can start trading with the platform. Total nonsense. My account has been blocked since the beginning of the month, I can’t access Client Portal and customer support is nowhere to be found. It offers some of the lowest trading fees among online brokers in Canada except for Interactive Brokers. Interactive Brokers stand out as our top choice for online brokerage platforms in 2020, for Canadian investors and for international investors. Interactive Brokers was founded in 1978 and is one of the biggest US-based discount brokers.The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC). I can’t access it and can’t update any information. Horrible customer experience. I do not like to write bad reviews, instead I like to write nice reviews about companies. If you choose to use third-party research tools, you will have to pay a monthly fee for their services integrates into TWS. Interactive Brokers AU - located in Australia, regulated by the Australian Securities and Investments Commission (ASIC). I've had an incoming position transfer kept on hold for a month because they couldn't find time to answer my transferring broker's emails. opened an acoount. We are sorry that we failed to meet your expectations. I found mostly positive reviews, while some users were disappointed. It is suitable for both beginner-level and professional investors. Website is made of buggs - can't do anything - trying to it says unknown error. , and Interactive got my pick for the best one for advanced traders. Archived. When I think of alternatives to Interactive Brokers Canada, Questrade, Qtrade, and Wealthsimple Trade come to mind. When it works it is great. Interactive Brokers does not charge a deposit fee. after hours on the phone and in chat some said they would escalate the problem to devlopers. No way to reach them by phone (just a recorded message), platform messages remain unanswered or you get canned replies. Your email address will not be published. While a similar offering is available with Interactive Brokers, IBKR Lite is not available in Canada as of writing. Last updated Jan 5, 2021. Interactive brokers. It is time to give my honest review of Interactive Brokers. The problem is that Client Portal does not work. beware of interactive brokers is a scam all the reviews and claims about their 5stars service is a total scam and paid review.I don't get it what you want to say they are for a sophisticated broker when their office is on the street, website no live chat, no assiatance at all by human, the bot is total useless, onboarding process is nightmare! Interactive Brokers is a respectable name in the industry if you are looking for the best values on trades. If my issue is not resolved, I will escalate it further and report them to the regulators and may even consider a law suit. Only available as a smartphone app, the platform allows you to buy and sell ETFs and stocks without the need to pay commissions. Disclaimer: Wealth Awesome strives to keep its information accurate and up to date. Trade volume per month is tiered to make trade commissions substantially lower for high volume trades: The higher the number of shares you trade per month, the lower your fee becomes per share. Great broker despite client support issues, I am giving Interactive Brokers a 1 because of terrible support, Terrible support - can't handle simple position transfer, fail to reply. Simple as that. I have funded my accounts with my life savings over there few weeks ago and have try to make trades nothing works keep recieving error messages. The lower fees are offset by the incredible stress on realising that no one at IB will help you with your problem. I hope my review of the online broker will help you find out whether it’s worth your while. i just filed a complaint with finra. For an easy life, do not use. For US stocks, exchange-traded funds (ETFs), and warrants, the transaction fees are all passed through on stock sales. The platform decreases the commission depending on the volume, exchange, regulatory, and clearing fees. In this section of my Interactive Brokers Canada review, I will discuss the platform’s features and benefits, so you know what to expect from it. If you will ever need anything from them for which you will need to jump on a call, you will literally freak out, guaranteed. Unreal!My honest advice, if you are a new trader or investor looking for a “home”, look elsewhere. The worst broker - DON'T JOIN THEM The worst broker experience I have ever encountered. Interactive Brokers is considered low-risk, with an overall Trust Score of 94 out of 99. There is no such a thing as email for customer support. This is great because the broker won't deduct anything from your deposits and you only have to calculate with the costs charged by the bank / third-party you send the money with. aweful. I want to buy $1000 worth of a stock. Absolutely appalling service, considering moving away from IB. Stay away from this broker and save yourself a gigantic financial headache. After over a week, nothing had happened, so I sent support a message. Compared to its peers, Interactive Brokers rarely suffers any notable delays or outages on their platforms, which is incredibly important during volatile times such as March 2020 when the coronavirus pandemic hit the … I've had the exact same experience as the previous two reviewers. When something goes wrong on hold hell. I spoke to my current broker and they said the same. As of April 15, 2020, Interactive Brokers has over 20 complaints on its BBB page, all of which it has responded to. We hope you give us another chance to earn your business. This has prevented me from trading whilst the LEI is being processed. My suggestion is find another broker. Imagine the nightmare!!!! Mails not working at all you send an email you do not receive a receipt confirmation...For the past 2 days I am lock out of my account with error message that my password is not correct which is a total lie because that is the same password I have been using since I join IBKR. Please stay away from them. For its fixed rate, the charges are $0.01 per share with a minimum of $1 per order or 0.5% of trade value. I equally HATE THIS COMPANY. DO NOT PREFUND the account as money will be stuck there for weeks. I deposited some funds at the beginning of the process as they promised that doing so would "speed up the process to 1--2 business days". No words. all the reviews and claims about their 5stars service is a total scam and paid review.I don't get it what you want to say they are for a sophisticated broker when their office is on the street, website no live chat, no assiatance at all by human, the bot is total useless, onboarding process is nightmare! Removing reviews.. well done IB. Otherwise, you can expect to pay up to $20 per month in inactivity fees. You'll know by the end of this video. 19 4 minute read. Pro customers do have to pay commissions on U.S.-listed (and foreign-listed) stocks and ETFs. Reaching to your support is like hard mission. Online discount brokers with a long-standing reputation like Interactive Brokers might be worth considering. If you read this IBKR agent my user name is pasc10004. save. I have been on phones for more than 3 hours no one pick the call ( scandalous for someone calling from Belgium) I have tried the chat .... you will remain there for at least an hour before an agent is sent on the chat and when an agent comes the site freeze saying you have exceed the waiting line . Qtrade is a product suitable for Canadian investors who want to focus on Canadian and US markets. I have been using their services for about two years now. have not been able to trade for a month. You can check out a more comprehensive review of Questrade here. and probably will file a complaint to morrow with my state consumer fraud unit. If you cannot figure out how to use the platform, you might find it useless to help you. If you want to know more about Interactive Brokers fees, check out the fee chapter of our Interactive Brokers review. Interactive Brokers Canada allows you to capitalize on its proprietary ‘SmartRouting’ technology to search for and avail the best market prices, connecting to 125 markets in 31 countries. The worst service I've ever experienced from any company in my life. I was recommended few weeks ago by a friend to join IBKR. Chat not working , email not working , website full of bugs nothing responding. I see that my situation is not unique. We may receive a fee when you click on a link, at no additional cost to you. Interactive Brokers CA - located in Canada, regulated by the Investment Industry Regulatory Organization of Canada (IIROC). That was surprisingly efficient. Interactive Brokers Canada’s fixed charges see a fixed low commission per share or a set percentage value of the total trade amount. Pre-qualified offers are not binding. Interactive Brokers Review 2021 Great Discount Broker for Experienced Traders. report. You have to wonder how many people work there in the first place. BEWARE THIS COMPANY - DONT MAKE THE MISTAKE I DID, I have a deep and personal hatred for this company. Interactive Brokers group includes several related companies. Online discount brokers with a long-standing reputation like Interactive Brokers might be worth considering. They tell you to message them for the fastest response time, but they never reply. For casual investors, I would recommend using a more straightforward platform. Your email address will not be published. Interactive Brokers is a comprehensive trading platform that gives you access to a massive range of securities at affordable prices. Interactive Brokers Canada has a relatively straightforward pricing system compared to other discount brokers. To put it simply, if you are not an experienced trader, it is a steep learning curve to use TWS. I am giving Interactive Brokers a 1 star because I can’t give them a negative rating! By email? Be prepared to wait 1-2 hours on the phone and then be spoke to by a rude customer service agent. I have transferred significant money into my account and yet when I try to buy a share it says I have zero cash balance - even though the p&L shows a five figure sum. Whether Interactive Brokers charges a monthly inactivity fee or not depends on the account type. Interactive Brokers Canada Inc. is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and Member - Canadian Investor Protection Fund. I WILL NEVER JOIN THIS SCAM COMPANY THAT ASK YOU DEPOSIT MONEY BEFORE APPROVE YOUR APPLICATION! Vision. Cannot access my funds. Terrible customer service and no ability to talk with someone on the phone. Goodbye and good riddance as soon as I can transfer my money back out. NO GO! Eventually, I found out that they had already declined the transfer because it had gone "stale" while they took their sweet time to consider it. Anyone use interactive brokers here? After using Interactive Brokers for a number of years, I feel that it's a good a time to write a review on the popular online discount brokerage. I confirm that IB did fix the Client Portal issue and I was able to update the information required for being MIFIR compliant. Advertising Disclosure This article/post contains references to products or services from one or more of our advertisers or partners. Most of them are available with over 15 different phone lines for clients across various countries to get support. Simple as that.My account is blocked for about two weeks after migration from IBUK to IBCE. Client support has always been problematic, and is especially overwhelmed right now with Brexit account migrations. Interactive Brokers reviews and complaints. Summary: Looking for a cheap way to invest in global markets? For more information about “Interactive Brokers Canada … Customer service is non existent. Been on hold for over 4 hours with no luck.I will give them until the end of day before I report them to the regulators and file a lawsuit if they do not give me access to my account. We would like to let you know that the issue that you described will be fixed immediately and our Customer Service Representative will notify you of the fix. It offers you access to several sophisticated research tools and metrics to help you make well-informed trading decisions. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. I need my money out of there and my account to be closed. Many customers have complained about the horrible customer support from the platform. Looking for a new broker. A winner of several awards in the industry over the years, is regulated by several authorities and is a member of the NYSE Financial Industry Regulatory Authority (FINRA), Securities Investor Protection Corporation (SIPC), and regulated by the US Securities and Exchange Commission (SEC). Do not recommend. An absolute disgrace of customer service. Its research highlights multiple screeners gives you comprehensive back-testing functionality, and tools for portfolio analysis. Stay away from this broker and save yourself a gigantic financial headache. Related Topics. IB says we can contact them by phone, but that’s an impossible task. 2020 update: While IB are going … Was good until Brexit account migration happened. Interactive Brokers Canada review by top forex trading experts, all you need to know about InteractiveBrokers Canada INC or IB Canada INC like how to open Interactive Brokers Canada demo account or how to do Interactive Brokers Canada login, Finding out is Interactive Brokers Canada app for Android or iPhone is free for download. It takes over 40 minutes to get in touch with customer service, and once you have, they make you hold the line and try to avoid responsibility. The Bottom Line You should also know there is a slew of miscellaneous fees outside of trading and commission fees you should expect. hide. In Canada, it is a member of the Industry Regulatory Organization of Canada (IIROC) and the Canadian Investors Protection Fund (CIPF). Wealthsimple Trade is the trading platform offered by Wealthsimple, the most popular robo-advisor product in Canada. This online discount broker is the way to go. I do not recommend them to any one for the following reasons - website is crap-non existent customer service for Europe -bugs every where in the appI have file in complaint form my country already with organisation called test achat and next week I am filling in a complain with regulators in Ireland as well. I do hope though that IB will take my advice and try to fix or improve their Client Portal for new accounts applications as well as for their existing clients. What a joke. Live hat is useless and providing them information will not result in getting your application open. Awful customer service. © 2021 Trustpilot, Inc. All rights reserved. Kat Peach January 6, 2021. Interactive Brokers is publicly traded, does not operate a bank, and is authorised by six tier-1 regulators (high trust), zero tier-2 regulators (average trust), and zero tier-3 regulators (low trust). In case you get a rebate from the currency exchange, Interactive Brokers pass some or all of the savings back to you. I then used their live chat feature and the person said they hadn't even got in contact with my current broker. Instead I'm here, complaining about this absolute clown school of a platform. Can't withdraw the funds myself either. However this time I feel compelled to do it so that other people make the right decision before becoming opening a new account. On hold for hours. He said I should speak to my current broker to contact them and they hadn't done anything in this time. Heard good things about these guys. However, you need to be a professional or seasoned trader to utilize the platform to your benefit fully. I am giving Interactive Brokers a 1 star because I can’t give them a negative rating! Check out this Interactive Brokers Review and see how you can buy stocks from around the world. After 3 weeks still unable to access the account and get back my prefund. Interactive Brokers Canada began in December 2000 to provide Canadians with direct and high-speed access to trade in markets around the world. Traders who want to perform specific research will enjoy the dozens of third-party providers that Interactive Brokers Canada works with, including Morningstar. Outrageous experience!UPDATE: Thank you for paying attention to my complaint and for the swift response. Some Interactive Brokers broker features and products mentioned within this Interactive Brokers review may not be available to traders from specific countries due to legal restrictions. I have active options position without any control of this now! I am still on the account opening process for over a month - and now they're not even responding to my emails. It has no minimum account balance requirement like Interactive Brokers. Additionally, the range of products is very good in my opinion. Interactive Brokers has the dubious distinction of being the only major online broker that allows you to buy fractional shares but doesn’t allow you to reinvest your dividend in … Forever. When IB transitioned accounts from its UK to its Irish entity due to Brexit, it hasn't communicated that its corporate accounts will have to have LEI number and that the account will be completely locked out until such a number is obtained. It is reduced by commissions paid during the month. However, Questrade offers more intuitive trading solutions for investors. With every other broker, it's literally three steps (and it would show the fees). If you're a high frequency trader, then this is most likely the broker … In other words, I am locked out of my account with my life savings at risk and nobody seems to care. Sort by. Since then, through many years of development and integration, Interactive Brokers or IB conducts its broker or dealer business on over 120 world market destinations and is truly one of the biggest trading providers worldwide that adhere to the trading technology develo… I can't seem to do this basic trade with IBKR. Since I cannot access Client Portal, I am not even allowed to open or reply to old tickets or check if there has been progress. Interactive Brokers (IBKR) ranks very close to the top in our 2020 review due to its wealth of tools for sophisticated investors who are interested in tracking global investing trends. I don't know what's going wrong on the support side but they're really getting it wrong. 4. EVEN MY FRIENDS AND INFLUENCERS OFFER ME TO JOIN! All financial products, shopping products and services are presented without warranty. I compared six different trading platforms, and Interactive got my pick for the best one for advanced traders. 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