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Home > Brand Media News > Interactive Brokers Forex Hits Traders Unions 2023 Review Spotlight

Interactive Brokers Forex Hits Traders Union’s 2023 Review Spotlight

Updated on: 28 September,2023 06:16 PM IST  |  Mumbai
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Traders Union (TU) recently issued an extensive analysis of one of the best-known US investment entities, Interactive Brokers, aiming to give traders beneficial insights into its offerings, precedence, and pitfalls.

Interactive Brokers Forex Hits Traders Union’s 2023 Review Spotlight


This brokerage firm is famous with experienced traders worldwide as it provides its customers an author’s web terminal as a trading platform with a favorable and comprehensible interface called the “Client Portal.”

Besides, Interactive Brokers Forex has an IBKR API accessible for creating custom software. It also offers investment programs and provides trading instruments such as metals, stocks, indices, and currency pairs.

The trader currency pairs it caters to are USD, EUR, GBP, AUD, CAD, CZK, DKK, HKD, HUF, ILS, JPY, MXN, NZD, NOK, PLN, SGD, SEK, CHF, and CNH.

Interactive Broker received a TU overall score of 7.45 out of 10 and ranked sixth among 75 entities featured in the TU ranking. Experts noted that the brokerage firm offers better services only to professionals and is not focused on novice traders. Subsequently, it only focuses on its clients from Canada and the United States and treats them as its main target audience.

Operating since 1997, the brokerage company has access to 135 markets within 33 countries and has more than 1.7 million transactions daily. It also has an avenue to over 100 types of orders and boasts 876,000 accounts opened.

The broker renders a strong sense of security to investors as it is regulated by a variety of international commissions.

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.

In 2020, Barron’s named Interactive Broker as the “Best Online Broker,” and NerWallet hailed it as the “Best Broker for Economical Investments”. In 2022, Traders Union awarded the entity as the “Best Investment Broker”, and Canstar gave it five starts in the Onlne Stock Trading for Traders Category.

Furthermore, Interactive Brokers is advantageous when it comes to a wide range of training materials and customer service that has a large number of communication methods and round-the-clock qualified support.

The company’s clients could also make sure that their capital is protected on top of a deposit insurance program.

On the other hand, some customers find it disappointing that the broker’s customer service does not work on the weekends, the registration is long and complex, the company’s website interface is only partially translated into other languages, and there are no cent accounts for novice traders.

Furthermore, it also charges fees for inactive accounts, giving its passive investor clients an inconvenience.

Despite not catering to newcomers, the company provides them with useful Forex training. Its website has an “Education” section that offers a trading academy, webinars, short videos, trader’s insight, IBKR Quant Blog, trader’s glossary, learning lab, trader’s calendar, and interactive events.

Benzinga announces that Interactive Brokers is a great company for profitable investments and active trading. It emphasized that the brokerage entity offers some useful services, including interactive advisors and portfolio analysts, as well as a bond, mutual fund, and an investor’s platform.

Also, the online media recognized the broker as an investment center that has no minimum deposit, providing instant order execution.

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