I equally HATE THIS COMPANY. Edit: They also aggressively flag the reviews here, which forces Trustpilot to make you jump through hoops. 2020 update: While IB are going … Interactive Brokers group includes several related companies. Also, we have had an account with them since 2002. so i did not hesitate to open a margin account and transefer some securities over from ameritrade. I am giving Interactive Brokers a 1 star because I can’t give them a negative rating! Your email address will not be published. In Canada, it is a member of the Industry Regulatory Organization of Canada (IIROC) and the Canadian Investors Protection Fund (CIPF). In this section of my Interactive Brokers Canada review, I will give you real-life examples of user experience with the platform. Most of them are available with over 15 different phone lines for clients across various countries to get support. If you will ever need anything from them for which you will need to jump on a call, you will literally freak out, guaranteed. after hours on the phone and in chat some said they would escalate the problem to devlopers. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. The problem is that Client Portal does not work. You have to stick with the IBKR Pro. My advice, if you are a new trader or investor looking for a “home”, look elsewhere. Forever. Interactive Brokers CA - located in Canada, regulated by the Investment Industry Regulatory Organization of Canada (IIROC). If you are a casual investor, the IBKR Lite is a simpler version. We may receive a fee when you click on a link, at no additional cost to you. Total shitshow. i just filed a complaint with finra. It was a multibagger. It offers you access to several sophisticated research tools and metrics to help you make well-informed trading decisions. In this review, you will find all you need to know about Interactive Brokers, what you can do with it, how much it will cost, and much more! Imagine what they will do to a small investor/trader. It became the first zero-commission platform to trade ETFs and stocks in Canada when it launched. share. 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. Waiting (in Europe) in line to get someone on the phone for like 10+ hours. Interactive Brokers Canada is the Canadian arm of Interactive Brokers, an American discount brokerage firm. 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). 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). Interactive Brokers Canada’s fixed charges see a fixed low commission per share or a set percentage value of the total trade amount. 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. For casual investors, I would recommend using a more straightforward platform. I WILL NEVER JOIN THIS SCAM COMPANY THAT ASK YOU DEPOSIT MONEY BEFORE APPROVE YOUR APPLICATION! and probably will file a complaint to morrow with my state consumer fraud unit. 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. My suggestion is find another broker. Is Interactive Brokers a Scam? On hold for hours. If you want to know more about Interactive Brokers fees, check out the fee chapter of our Interactive Brokers review. two weeks later i still cant trade. Related Topics. Imagine the nightmare!!!! I know this isn't how transfers how - they need to send a transfer form first. What a joke. EVEN MY FRIENDS AND INFLUENCERS OFFER ME TO JOIN! For its fixed rate, the charges are $0.01 per share with a minimum of $1 per order or 0.5% of trade value. Traders who want to perform specific research will enjoy the dozens of third-party providers that Interactive Brokers Canada works with, including Morningstar. Professionals aside, Interactive Brokers also appeals to casual investors with $0 trades and its user-friendly web platform. The Bottom Line Interactive Brokers Review – An S&P Rated Investment Grade Forex Broker. The platform is more suitable for the needs of professional traders who are well-versed in its policies. Interactive Brokers does not charge a deposit fee. However, it has an A+ rating, indicating it’s likely to respond to customer complaints. Interactive Brokers reviews and complaints. 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. Interactive Brokers (IB) is an excellent broker. © 2021 Trustpilot, Inc. All rights reserved. Do not recommend. According to the website ForexRealm.com, Interactive Brokers is not a scam based on its foreign exchange trading practices. Interactive Brokers stand out as our top choice for online brokerage platforms in 2020, for Canadian investors and for international investors. Interactive Brokers Canada has a relatively straightforward pricing system compared to other discount brokers. 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… Looking for a new broker. DO NOT PREFUND the account as money will be stuck there for weeks. I've had the exact same experience as the previous two reviewers. 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. 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. For more information about “Interactive Brokers Canada … I do not like to write bad reviews, instead I like to write nice reviews about companies. The issue started when IB interrupted my trading and asked me to update some information in Client Portal with regards to MIFIR regulation. Very low foreign currency conversion fees, Trader education package for professional traders. Qtrade, not to be confused with Questrade, is another discount broker product available to Canadians. I have try to follow procedure on their website for a password reset ( 2 days now) still on the phone and no one picks . Interactive Brokers also has a robo-advisor offering, Interactive Advisors, which charges management fees ranging from 0.08% to 1.5%. save. I want to buy $1000 worth of a stock. Live hat is useless and providing them information will not result in getting your application open. I found mostly positive reviews, while some users were disappointed. 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. I need my money out of there and my account to be closed. Save my name, email, and website in this browser for the next time I comment. If you’re looking to invest as cheaply as possible, do-it-yourself (DIY) trading platforms are the way to go. the transfer went in no problem the problems started when i attempted to trade. Required fields are marked *. No way to reach them by phone (just a recorded message), platform messages remain unanswered or you get canned replies. Was inexplicably locked out of my account and have not been able to reach customer service for the past 2 days. NO GO! I am giving IB another couple of days. IB says we can contact them by phone, but that’s an impossible task. , and Interactive got my pick for the best one for advanced traders. Despite all the advanced tools, TWS does make the process quite complicated if you want to perform more straightforward research compared to other platforms. Website is made of buggs - can't do anything - trying to it says unknown error. Terrible customer service and no ability to talk with someone on the phone. That was surprisingly efficient. 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. Many customers have complained about the horrible customer support from the platform. Its research highlights multiple screeners gives you comprehensive back-testing functionality, and tools for portfolio analysis. 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. 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. Removing reviews.. well done IB. I can’t access it and can’t update any information. Interactive Brokers Canada is the Canadian expansion of the US brokerage Interactive Brokers founded in 1978. There is no such a thing as email for customer support. In my Interactive Brokers Canada review, I will take a look at the discount broker that has finally made it across the border from the US with its services available to Canadians. Interactive Brokers Review. Customer service is non existent. Interactive Brokers Canada Inc. is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and Member - Canadian Investor Protection Fund. Interactive Brokers Canada began in December 2000 to provide Canadians with direct and high-speed access to trade in markets around the world. Can't withdraw the funds myself either. Stay away from this broker and save yourself a gigantic financial headache. This has prevented me from trading whilst the LEI is being processed. You spend hours on an international call and no one picks up the phone. 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. Worst onboarding experience ever. Questrade has a $1,000 account balance. Interactive Brokers Review 2021 Great Discount Broker for Experienced Traders. 300% in 1 day (the ticker is $BLSP and it happened the day of this review). 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. Archived. 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. If you’re looking to invest as cheaply as possible, do-it-yourself (DIY) trading platforms are the way to go. This is by far the worst experience I’ve ever had in 25 years of investing. No words. Horrible customer experience. It does not support a lot of account types. 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. Updated: Dec 24, ... Ontario, Canada, Feb 13, 2020, Registered user . I compared six different trading platforms, and Interactive got my pick for the best one for advanced traders. Unfortunately, the IBKR Lite is not available to Canadians. 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. It also requires no minimum deposit while offering several types of accounts you can open. If you cannot figure out how to use the platform, you might find it useless to help you. After over a week, nothing had happened, so I sent support a message. TWS provides you with access to several advanced research tools that seasoned traders love, like back-testing and scanning. Interactive Brokers Canada Review 2021: Global Market Trading Platform. We are sorry that we failed to meet your expectations. There is no way to contact them. You can check it out at their website here. 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. Despite this contradiction, IBKR Lite does offer a good value with … Here’s a comparison of Interactive Brokers Canada with these Canadian discount brokers. I put $1,000 in. Simple as that.My account is blocked for about two weeks after migration from IBUK to IBCE. 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. Awful customer service. 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. 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). There is no possibility to contact with them because I have blocked access to account managment (can't send ticket or chat). If i don’t update the information, they won’t let me trade again. The problem is that Client Portal does not work. 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). 1 Minute Review. It has no minimum account balance requirement like Interactive Brokers. When evaluating offers, please review the financial institution’s Terms and Conditions. Be prepared to wait 1-2 hours on the phone and then be spoke to by a rude customer service agent. 230 Interactive Brokers reviews. Questrade is one of the most popular discount broker products in Canada. Otherwise, you can expect to pay up to $20 per month in inactivity fees. Canadastock.ca is commited to providing quality stock data and analysis to Canadian investors and those living abroad. I mean we are in 2021 common. hide. 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. BEWARE THIS COMPANY - DONT MAKE THE MISTAKE I DID, I have a deep and personal hatred for this company. 19 4 minute read. 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. This online discount broker is the way to go. This post may contain an affiliate relationship with companies that Wealth Awesome believes in personally. Heard good things about these guys. Online discount brokers with a long-standing reputation like Interactive Brokers might be worth considering. All financial products, shopping products and services are presented without warranty. Interactive Brokers AU - located in Australia, regulated by the Australian Securities and Investments Commission (ASIC). Sort by. The lower fees are offset by the incredible stress on realising that no one at IB will help you with your problem. 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. report. Although it comes with a $50/year maintenance fee, the low trading fees will be attractive to many investors. kept saying no trading permission. Wouldn't suggest this broker to my worst enemy. This thread is archived. I am also hoping that Interactive Brokers look into these reviews … Two weeks ago I initiated an inbound transfer of stock. I then used their live chat feature and the person said they hadn't even got in contact with my current broker. 4. 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