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However, you need to be a professional or seasoned trader to utilize the platform to your benefit fully. An absolute disgrace of customer service. We are sorry that we failed to meet your expectations. I know this isn't how transfers how - they need to send a transfer form first. 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. This thread is archived. No words. Interactive Brokers does not have a minimum account balance required before you can start trading with the platform. They block my account because I don't update my MiFir 2 form but this is impossible to do because they provide buged www site with this form (after click of continue button nothing happen only site is refreshing). This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. I then used their live chat feature and the person said they hadn't even got in contact with my current broker. Outrageous experience!UPDATE: Thank you for paying attention to my complaint and for the swift response. Interactive Brokers is known for its $10 per-month maintenance fee, which it does assess on the IBKR Pro schedule. Forever. I am also hoping that Interactive Brokers look into these reviews … And the worst thing is that there is no other way to contact them. While the Interactive Brokers website gives its iOS/Android app glowing reviews, it is easy to see users do not precisely agree. When I think of alternatives to Interactive Brokers Canada, Questrade, Qtrade, and Wealthsimple Trade come to mind. After 3 weeks still unable to access the account and get back my prefund. What a joke. 65% Upvoted. Your email address will not be published. Posted by 2 years ago. The worst broker - DON'T JOIN THEM The worst broker experience I have ever encountered. And the worst thing is that there is no other way to contact them. Absolutely appalling service, considering moving away from IB. Worst onboarding experience ever. For US stocks, exchange-traded funds (ETFs), and warrants, the transaction fees are all passed through on stock sales. 230 Interactive Brokers reviews. Interactive brokers. I am having the same issue in the US the previous reviewers have had with customer service. 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. Interactive Brokers is a respectable name in the industry if you are looking for the best values on trades. 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 … Last updated Jan 5, 2021. It was a multibagger. I am giving IB another couple of days. When working correctly, both the iOS/Apple and Android versions of the app are supposed to be able to support on-the-go trading, secure spending, mobile check deposit, two-factor security authentication and more. You should also know there is a slew of miscellaneous fees outside of trading and commission fees you should expect. I put $1,000 in. I am giving Interactive Brokers a 1 star because I can’t give them a negative rating! The positive thing about it is that I have access to Client Portal. Archived. Do not recommend. Two weeks ago I initiated an inbound transfer of stock. For casual investors, I would recommend using a more straightforward platform. If you are a casual investor, the IBKR Lite is a simpler version. Interactive Brokers Review 2021 Great Discount Broker for Experienced Traders. 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. Your email address will not be published. You have to stick with the IBKR Pro. i have had an existing ira count with IB for over a decade with no problems. I am still on the account opening process for over a month - and now they're not even responding to my emails. Interactive Brokers AU - located in Australia, regulated by the Australian Securities and Investments Commission (ASIC). I do not like to write bad reviews, instead I like to write nice reviews about companies. I see that my situation is not unique. © 2021 Trustpilot, Inc. All rights reserved. My overall rating is now being raised from 1 to 3 stars because despite the fact that Client Portal's technology needs to be improved, and customer support needs to be more accessible, the actual trading platform is mostly robust. I confirm that IB did fix the Client Portal issue and I was able to update the information required for being MIFIR compliant. Whether Interactive Brokers charges a monthly inactivity fee or not depends on the account type. This online discount broker is the way to go. I have try to follow procedure on their website for a password reset ( 2 days now) still on the phone and no one picks . Summary: Looking for a cheap way to invest in global markets? It does not support a lot of account types. Interactive Brokers Canada Review 2021: Global Market Trading Platform. Cannot access my funds. If you are looking for a trading broker in a particular country, please see our best brokers USA , best brokers UK , best brokers Australia , best brokers South Africa , best brokers Canada or our best brokers … Total nonsense. In the hands of a professional trader, Interactive Brokers Canada might have an edge due to its sophisticated research tools. Interactive Brokers Canada has a relatively straightforward pricing system compared to other discount brokers. 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. 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. Most of them are available with over 15 different phone lines for clients across various countries to get support. The information changes are still pending approval though, so I hope that I will be able to trade again early next week. There is no way to contact them. By email? Heard good things about these guys. In late 2014, IB finally delivered on their promise to offer RRSPs and TFSAs to Canadians. Save my name, email, and website in this browser for the next time I comment. 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. Updated: Dec 24, ... Ontario, Canada, Feb 13, 2020, Registered user . I want to buy $1000 worth of a stock. If i don’t update the information, they won’t let me trade again. Now I'm going backwards and forwards because they can't handle a simple transfer and it's impossible to speak to anyone. 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. On hold for hours. 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. Simple as that.My account is blocked for about two weeks after migration from IBUK to IBCE. If you want to know more about Interactive Brokers fees, check out the fee chapter of our Interactive Brokers review. Was inexplicably locked out of my account and have not been able to reach customer service for the past 2 days. In this section of my Interactive Brokers Canada review, I will give you real-life examples of user experience with the platform. Once again, in 2021, Interactive Brokers is our top pick for professionals because of its institutional-grade desktop trading platform and rock bottom margin rates. 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). While several of the other Canadian discount brokerage firms are affiliated with or are a part of a major bank, Interactive Brokers is not bank-owned and is more geared towards active traders than “investors” per se. Questrade is one of the most popular discount broker products in Canada. Only available as a smartphone app, the platform allows you to buy and sell ETFs and stocks without the need to pay commissions. 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 initiated with ameritrade to have the securities transferred back to them but interactive has refused to this and has not responded to my requests to take care of this. Terrible customer service and no ability to talk with someone on the phone. I would like to conclude my Interactive Brokers Canada review by saying that it gets a Wealth Awesome thumbs up for veteran traders. 1 Minute Review. BEWARE THIS COMPANY - DONT MAKE THE MISTAKE I DID, I have a deep and personal hatred for this company. You can open several types of accounts with Interactive Brokers Canada that can cater to a variety of financial goals you may have: The type of account you open with the platform can vary depending on your investing goals. 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. Interactive Brokers does not charge a deposit fee. It offers you access to several sophisticated research tools and metrics to help you make well-informed trading decisions. Interactive Brokers Canada Review . Horrible customer experience. I don't know what's going wrong on the support side but they're really getting it wrong. Even so, good work is still getting done - I recently requested an inbound DRS transfer, got a ticket response within hours to set it up, and saw the shares arrive only three days later. There is no possibility to contact with them because I have blocked access to account managment (can't send ticket or chat). Questrade has a $1,000 account balance. I went to buy it - interactive brokers failed (as do all transactionson my account due to some bug). While using the TWS is no easy task, investors, and traders who can commit to learning how the platform works can have a wealth of research tools available to them. I really don't know why TP force you to give a one star as a minimum as Interative Brokers deserve a minus. 13 comments. 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. Sort by. Chat not working , email not working , website full of bugs nothing responding. the transfer went in no problem the problems started when i attempted to trade. It became the first zero-commission platform to trade ETFs and stocks in Canada when it launched. 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! Stay away from this broker and save yourself a gigantic financial headache. I hope my review of the online broker will help you find out whether it’s worth your while. However, it has an A+ rating, indicating it’s likely to respond to customer complaints. It is suitable for both beginner-level and professional investors. I spoke to my current broker and they said the same. 19 4 minute read. I have active options position without any control of this now! Accounts Offered by Interactive Brokers Canada, Interactive Brokers Canada Pricing and Fees, Interactive Brokers Canada Platform Ease of Use, Interactive Brokers Canada Customer Service, Alternatives to Interactive Brokers Canada, Interactive Brokers Canada vs. Wealthsimple Trade, iShares XBAL Review 2021: Balanced Growth All-In-One ETF Portfolio, Horizons HBAL Review 2021: Balanced All-In-One ETF Portfolio, Individual Account – Owned and used by one individual, Joint Account – Owned and used by two individuals, Trust – Account held by a Trustee as a separate legal entity for client’s benefit, Individual Retirement Account – IRA is only available to US clients, UGMA/UTMA – Account for minors only available to US clients, Friends and Family Account – An account for a client group of up to 15 people, Family Office Account – Account for an individual who is a Family Office Manager, Small Business Account – Account for small corporations and businesses, Advisor Account – Account for individuals who manage both client administration and money, Money Manager Account – Account for individuals hired on behalf of another advisor, Up to 300,000 shares per month $0.008 per share, 300,001 – 3,000,000 shares per month $0.005 per share, 3,000,001 – 20,000,000 shares per month $0.004 per share, 20,000,001 – 100,000,000 shares per month $0.003 per share. so i did not hesitate to open a margin account and transefer some securities over from ameritrade. IB says we can contact them by phone, but that’s an impossible task. I could have taken a year off on the money I would have made on that trade. Awful customer service. Not sure how the regulator in Ireland gve them a licence. Worst customer experience ever. TWS provides you with access to several advanced research tools that seasoned traders love, like back-testing and scanning. Interactive Brokers is considered low-risk, with an overall Trust Score of 94 out of 99. We hope you give us another chance to earn your business. If you cannot figure out how to use the platform, you might find it useless to help you. In other words, I am locked out of my account with my life savings at risk and nobody seems to care. They tell you to message them for the fastest response time, but they never reply. Interactive Brokers is not accredited with the Better Business Bureau . Are you interested in investing in a portfolio of securities with reduced exposure to risk? If you read this IBKR agent my user name is pasc10004. Canadastock.ca is commited to providing quality stock data and analysis to Canadian investors and those living abroad. Interactive Brokers CA - located in Canada, regulated by the Investment Industry Regulatory Organization of Canada (IIROC). This post may contain an affiliate relationship with companies that Wealth Awesome believes in personally. Unfortunately, the IBKR Lite is not available to Canadians. save. Stay away if you are from Europe. The platform decreases the commission depending on the volume, exchange, regulatory, and clearing fees. For an easy life, do not use. Interactive Brokers Review – An S&P Rated Investment Grade Forex Broker. Check out this Interactive Brokers Review and see how you can buy stocks from around the world. 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). Two 40 minutes calls on hold and multiple unanswered support tickets later, I'm done with them. report. As of April 15, 2020, Interactive Brokers has over 20 complaints on its BBB page, all of which it has responded to. I am giving Interactive Brokers a 1 star because I can’t give them a negative rating! Online discount brokers with a long-standing reputation like Interactive Brokers might be worth considering. Interactive Brokers Canada Inc. is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and Member - Canadian Investor Protection Fund. 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… Additionally, the range of products is very good in my opinion. Disclaimer: Wealth Awesome strives to keep its information accurate and up to date. 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. After a week, they hadn't replied. Close. Interactive Brokers Canada’s fixed charges see a fixed low commission per share or a set percentage value of the total trade amount. I've had the exact same experience as the previous two reviewers. For its fixed rate, the charges are $0.01 per share with a minimum of $1 per order or 0.5% of trade value. Reputed for its competitive trading fees and commissions, the company operates in several countries, including the US, Hong Kong, Japan, India, UK, Switzerland, Estonia, Russia, China, Liechtenstein, and Canada. IB says we can contact them by phone, but that’s an impossible task. With every other broker, it's literally three steps (and it would show the fees). You can check it out at their website here. For more information about “Interactive Brokers Canada … The issue started when IB interrupted my trading and asked me to update some information in Client Portal with regards to MIFIR regulation. Imagine the nightmare!!!! I scoured the internet for hours to find reviews of people who are or have actively been using Interactive Brokers Canada for their trading activities. Interactive Brokers reviews and complaints. 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. A free inside look at company reviews and salaries posted anonymously by employees. Related Topics. 2020 update: While IB are going … Live hat is useless and providing them information will not result in getting your application open. I need my money out of there and my account to be closed. Interactive Brokers Canada began in December 2000 to provide Canadians with direct and high-speed access to trade in markets around the world. If you’re looking to invest as cheaply as possible, do-it-yourself (DIY) trading platforms are the way to go. Contact via phone is also impossible even you hang for hours. Interactive brokers. Removing reviews.. well done IB. Interactive Brokers Canada has a multilingual support desk that operates from various offices around the world. New comments cannot be posted and votes cannot be cast. Interactive Brokers (IB) is an excellent broker. I mean we are in 2021 common. share. They have the worst customer service in the whole world . I spent literally 4 hours on the phone in the past last week trying to get hold of someone to solve my issue, but to no avail. If you're a high frequency trader, then this is most likely the broker … I am very disappoint as a client . In case you get a rebate from the currency exchange, Interactive Brokers pass some or all of the savings back to you. Interactive Brokers group includes several related companies. The company history started back in 1977 when Chairman Thomas Peterffy brought a seat on the American Stock Exchange (AMEX) and became a trading member as an individual market maker in equity options. Anyone use interactive brokers here? You can check out a more comprehensive review of Questrade here. Total shitshow. 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 . However this time I feel compelled to do it so that other people make the right decision before becoming opening a new account. Customer service is non existent. I have a pro account with them and I'm treated like this. If you’re looking to invest as cheaply as possible, do-it-yourself (DIY) trading platforms are the way to go. Copyright 2021 Wealthawesome.com All Rights Reserved. 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. Can't withdraw the funds myself either. Ideally, if you can maintain a $100,000 balance in your account or spend at least $30 in commissions each month, you will be in the clear. This com[pany holds its clients in comp[lete contempt. On my third call within hours. Qtrade, not to be confused with Questrade, is another discount broker product available to Canadians. 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". I found mostly positive reviews, while some users were disappointed. Website is made of buggs - can't do anything - trying to it says unknown error. All financial products, shopping products and services are presented without warranty. TWS is a sophisticated desktop trading platform that might go over the heads of any casual investors, but it can be ideal for professional investors. Interactive Brokers Review. Interactive Brokers Canada is a particularly useful platform when it comes to the more professional traders. 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. The platform offered by Interactive Brokers is called the Trader Workstation (TWS), and it supports trading of any kind of equity you can imagine, including global assets. Casual or beginner traders might find it challenging to adjust to the platform, and its customer support is known for not answering for days. Is Interactive Brokers Canada (IBKR) Worth it for us Canadians? Although it comes with a $50/year maintenance fee, the low trading fees will be attractive to many investors. and probably will file a complaint to morrow with my state consumer fraud unit. Wealthsimple Trade is the trading platform offered by Wealthsimple, the most popular robo-advisor product in Canada. When it works it is great. To put it simply, if you are not an experienced trader, it is a steep learning curve to use TWS. However, Questrade offers more intuitive trading solutions for investors. Traders who want to perform specific research will enjoy the dozens of third-party providers that Interactive Brokers Canada works with, including Morningstar. have not been able to trade for a month. Required fields are marked *. 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. Here’s what people have to say about this discount brokerage. You can check out my Wealthsimple Trade review to get a better look at the platform. 154 REVIEWS . The worst service I've ever experienced from any company in my life. after hours on the phone and in chat some said they would escalate the problem to devlopers. When evaluating offers, please review the financial institution’s Terms and Conditions. Brokers Home. Interactive Brokers also offers Ask iBot for addressing more straightforward concerns or queries that might not require a person’s help. He said I should speak to my current broker to contact them and they hadn't done anything in this time. The problem is that Client Portal does not work. Read other reviews. Goodbye and good riddance as soon as I can transfer my money back out. Having signed up and deposited cash weeks ago, I still can't buy anything.I researched stocks for days until I was ready to pull the trigger. This has prevented me from trading whilst the LEI is being processed. 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). This is by far the worst experience I’ve ever had in 25 years of investing. Looking for a new broker. two weeks later i still cant trade. hide. kept saying no trading permission. According to the website ForexRealm.com, Interactive Brokers is not a scam based on its foreign exchange trading practices. Many customers have complained about the horrible customer support from the platform. Interactive Brokers Review Summary It seems that a paradox has been discovered: Interactive Brokers is designed for professional-level traders, but IBKR Lite is designed for basic trading. That was surprisingly efficient. 300% in 1 day (the ticker is $BLSP and it happened the day of this review). The fixed-rate comes inclusive of all exchange and regulatory fees. The Bottom Line If you will ever need anything from them for which you will need to jump on a call, you will literally freak out, guaranteed. If you choose to use third-party research tools, you will have to pay a monthly fee for their services integrates into TWS.