Interactive Brokers is a well-known broker with an exceptionally great choice of trading tools and competitive trading conditions. Based in the US, the broker has offices in many countries, including Australia. In this article, we’re going to provide a brief overview of the features and fees of the Australian branch and list some major pros and cons you should consider.
The basics
Founded in 1977, Interactive Brokers is one of the best options for anyone looking for a secure and user-friendly broker. The diversity of available trading instruments guarantees that you’ll definitely find something suitable. The list of options includes stocks, options, futures, metals, ETFs, etc. Of course, there are a variety of currency pairs, too — but no crypto.
The broker offers you 24/6 access to 130+ markets all around the world and a reliable customer support that works 24/5 to solve all of your trading-related problems. If you are new to trading, the company has a huge database with useful educational materials and a demo account to try your skills without risking real money.
Interactive Brokers Australia, the Australian office of the broker, seems to share the reliability and major features of the main company. It is equally secure and well-regulated, and it has low fees — both trading and non-trading ones. The only notable distinction are certain benefits for Australian traders who buy or sell ASX-listed stocks and options.
Pros
The Australian branch of the broker has many pros, indeed. It is well-regulated and secure, the office has been operating since 1997, and there’s also a deposit insurance system. The variety of trading instruments is really impressive, and the customer support is responsive and speaks many languages, not just English.
No minimum deposit and high leverage make trading more flexible, and the broker allows you to employ many various strategies based on fundamental or technical analysis. There are many available trading platforms, but MetaTrader 4/5 is not supported, which may be seen as a tiny con, especially for newcomers to trading.
Cons
However great the broker may be, there are still a couple of minor cons. The company is US-based — and US-focused: you have to be really patient to find info that applies to Australians and the local market. Some users report on experiencing delays in withdrawals, and there are no passive investment options.