Interactive Brokers – Forex Broker Review 2021 – Important Facts and Findings

James Harrison
interactive-brokers-review

Interactive Brokers  is an online exchange broker that uses the advanced Meta Trader 4 brokerage account to enable its customers to exchange a variety of securities, including stocks, indices, currencies, metals, futures, and currency pairs. The broker has a variety of money market options with leverage up to 1:400, but they are unrestricted, which could be a turnoff for prospective customers. Our online broker analysis team has discussed some of the most critical things for you to remember when selecting the right broker for your online trading requirements in this comprehensive Interactive Brokers study.

INTERACTIVE BROKERS – OVERVIEW:

Interactive Brokers is a retail broker with more than ten years of experience offering online trading services to more than 125,000 traders across the world. Modern analytical instruments and the popular MT4 trading platform are available, as well as educational services and skilled customer service. There are several different trading account options to pick from as well.

Interactive Brokers is a Saint Vincent and the Grenadines-based trading broker that provides a wide variety of financial products for online trading through the MT4 portal. For an average leverage of 1:400, the broker provides a range of account sizes. In the other hand, there is no recognised financial authority that regulates the distributor. Our trading broker research team did not believe they had the lowest spreads compared to any of the leading firms.

INTERACTIVE BROKERS – COUNTRIES, COMPLIANCE AND REGULATION:

Dristor solutions limited is the marketing term of Interactive Brokers, which is licenced in Saint Vincent and the Grenadines under the number 25201 IBC 2018. There is no legal detail on the realtor’s platform. Most analysts and specialists will not exchange with an uncontrolled broker because they are unable to provide customers with the same level of security as a licenced brokerage company. 

The broker is owned and operated by Dristor Solutions Ltd, which is based in St. Vincent and the Grenadines. This alone raises questions of the broker’s true self. For those who don’t know, St. Vincent and the Grenadines is a Caribbean island nation that is known for being one of the most notorious locations for illegal forex brokers. The explanations for this are straightforward. The nation lacks a forex licence issuer from which brokers can receive stringent instructions to adhere in order to maintain the country’s reputation. The country’s regulations also make it simple for offshore companies to enrol and manage their activities locally.

If their states of residency permit online trading with foreign brokers, the broker allows traders from all around the world to open an account with them. Traders in the United States are not included.

INTERACTIVE BROKERS – TRADING PLATFORMS:

1. META TRADER 4 (MT4):

Interactive Brokers offers both the stable and time-tested Meta Trader 4 system and a different Web Trader system to its customers, who can choose one or both. The broker aspires to provide traders with the best trading experience possible, one that is tailored to their own trading requirements and preferences. Because of its user-friendly and elegant design, an MT4 platform is a popular option for both beginner and seasoned traders. MT4 comes in three varieties: a desktop programme for Windows and Mac computers, a browser interface that doesn’t need a download, and a smartphone app for Android and iOS users. Many who need to access their trading account to position and handle trades when on the go can find the mobile trading software convenient.

INTERACTIVE BROKERS – TRAINING AND EDUCATION:

The broker’s website offers a variety of educational resources to help clients develop their trading skills and expertise. They provide how-to manuals for deposits and withdrawals, headlines to keep traders up to date with the latest events that happen in the stock markets, and a FAQ feature with answers to the most frequently asked questions.

INTERACTIVE BROKERS – ACCOUNTS AND EXPENSES:

Silver, Gold, and the proprietary Platinum Accounts are the three principal trading accounts offered by Interactive Brokers. Each account has its own set of advantages, ranging from increased leverage to more functionality and support. For Muslim customers, swap-free Islamic accounts that follow sharia law are accessible. There may well be extra expenses not specified in this Interactive Brokers overview because broker fees differ and adjust. Before you open an Interactive Brokers brokerage account for electronic sales, make sure you review and grasp all of the latest details.

 The broker provides customer service 24 hours a day, seven days a week, by telephone, email, and virtual video conference.

INTERACTIVE BROKERS – LEVERAGE:

A leverage of up to 1:400 is available from the dealer. This is a huge sum, far above what regulatory authorities consider sufficient for retail customers. Of course, this does not deter Interactive-Trading from offering whatever it wants in order to draw clients because it is unlicensed. This is a typical ruse used by crooked brokers presently, and it’s why you should be cautious when dealing with a high-leverage broker.

INTERACTIVE BROKERS – OPENING AN ACCOUNT:

To open a brokerage account, go to the broker’s webpage and press the ‘Registration’ key. Fill out the form completely and upload it. When filling out a broker application, it is important that you read all of the broker’s terms, conditions, and policies thoroughly. Continue only if you completely comprehend and accept them.

INTERACTIVE BROKERS – DEPOSIT AND WITHDRAWAL METHODS:

Customers in Interactive Brokers can use any of the following payment options to extract money from their account balance. Visa, MasterCard, and other credit/debit cards are accepted for bank transfers. Interactive-Trading only accepts credit card deposits. If you’ve paid in them and something goes wrong, make sure to lodge a chargeback – you have 540 days from the date of the sale to do so for credit card transactions.

INTERACTIVE BROKERS – TRADING INSTRUMENTS:

Traders may use the advanced Meta Trader 4 trading platform to exchange a variety of securities from various markets, including stocks, indexes, currencies, metals, futures, and currency pairs.

CONCLUSION:

Interactive Brokers is a trading broker based in Saint Vincent and the Grenadines that offers a wide range of financial products for online trading through the MT4 website. The broker offers a variety of account types, with an overall leverage of 1:400. The dealer, on the other hand, is unregulated by any known financial jurisdiction. As opposed to any of the top brokers, our brokers analysis team did not deem them to have the lowest spreads.

FREQUENTLY ASKED QUESTIONS:

1. IS INTERACTIVE BROKERS LEGIT AND SAFE?

Dristor Solutions Ltd, headquartered in St. Vincent and the Grenadines, owns and operates the dealer. This alone raises concerns about the broker’s true character. It is not controlled or supervised by any known and top-tier financial body, raising concerns about the safety and security they offer.

2. WHAT IS THE LEVERAGE OFFERED BY INTERACTIVE BROKERS?

The dealer will have the leverage of up to 1:400. This is a big amount, well in terms of what regulators deem adequate for retail consumers. Of course, since Interactive-Trading is unauthorised, it is free to sell whatever it wants in order to attract customers.

3. WHAT TRADING PLATFORMS DOES INTERACTIVE BROKERS OFFERS?

Customers can select between the secure and time-tested Meta Trader 4 system and a new Web Trader system, which Interactive Brokers provides. The broker strives to provide investors with the absolute best stock trading, one that is customised to their own trading needs and wants. But that is the only platform that Interactive Brokers offers in comparison to the meta trader 5 which is the new norm for the all the top and greatest brokers and trading platforms.

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