Among the market’s eagerly awaited reviews is one of the most popular names in the finance sector, Interactive Brokers, which was hailed as the “Best Investment Broker” of 2022 awarded by the Traders Union.
TU experts evaluated 75 companies, reviewing more than 100 criteria, such as a test on how to open an account, trading opportunities, and clients’ feedback. In this analysis, Interactive Broker emerged as a reliable broker, garnering a TU overall score of 7.45 points out of 10 and ranking sixth on the list.
The best feature of Interactive Brokers Platform, loved by its clients, is its lack of minimum deposit requirement, while offering a wide subset of trading instruments, including currency pairs, stocks, CFDs, indices, metals, ETFs, futures, and other exchange market assets.
Customers put so much trust in Interactive Brokers because it holds several licenses from different parts of the world.
Some of this includes the US Securities and Exchange Commission (SEC), the US Financial Industry Regulatory Authority (FINRA), the US Securities Investor Protection Corporation (SIPC), the UK Financial Regulatory Authority (FRA) and the Financial Conduct Authority (FCA), the Australian Financial Services Licence (AFSL), National Stock Exchange of India Limited (NSE), and the Canadian financial supervisory authorities.
Aside from being approved by a large number of regulatory authorities, the brokerage platform makes sure that its clients’ capital is protected and assures them of a deposit insurance program.
Furthermore, it provides a great sense of ease as its customer service offers a huge number of communications methods, multilingual support, and a round-the-clock qualified aid for 24/5.
As a trading service provider that has been in the market for more than 42 years, since 1977, the platform holds access to 135 markets within 33 countries, has over 1.70 million daily transactions, has 876,000 accounts opened, has access to more than 100 types of orders, and is available for trading 24/6.
Moreover, Interactive Brokers has been evaluated in the most influential parameters, including user satisfaction, regulation and safety, commissions and fees, trading instruments, brand popularity, customer support, and education, and has received a total overall score of 7.13, 9.40, 9.20, 8.70, 8.80, 9.00, and 9.50, respectively.
In terms of geographic distribution, the brokerage platform serves 11.07% of trader and investor customers in the United Kingdom, 8.86% in Switzerland, 8.58% in the Russian Federation, 5.59% in Germany, 4.66% in Spain, 4.00% in Indonesia,1.00% in Canada, 0.90% in Austria, 0.90% in Egypt, and 0.20% in Australia.
On the downside, a popular media platform, Benzinga, has verified Interactive Brokers for hidden fees and analyzed the company’s commission level. It was found out that the brokerage firm charges its passive investor clients $20 for having an inactive account, meaning less than $2,000 on the account. Yet, the charge reduces to $10 if the inactive account has more than $2,000.
Furthermore, Benzinga has identified that clients have to pay a commission fee if they intend to withdraw funds more than once a month since the free withdrawal only counts one time per month. The commission fee varies depending on the customer’s base currency and payment system.
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