Interactive Brokers Review

What is Interactive Brokers?

Interactive Brokers has been a major player in the global share trading scene for some time. Interactive Brokers was founded in 1978 and so has been around for a lot longer than some of the newer online brokers in Australia such as Stake, Selfwealth and Superhero.

Interactive Brokers Fees

• Australian shares: $6 standard brokerage fee.

• US Shares: US$0.005 per share, min $1/max 1% per trade.

I'll also mentioned that they have a separate tiered fee structure, where your brokerage becomes lower the more you trade each month. But this option is more geared towards professional traders.

Pros and Cons

Pros

• Low fees.

• Access to both the Australian and US markets for trading shares.

• Fractional investing for US shares - for example instead of needing 144 USD to buy 1 share of Tesla, you can use whatever dollar amount you have to purchase a fraction of a share.

Cons

• Platform can be difficult to use - targeted at more advanced traders/investors rather than beginners.

Conclusion

Interactive Brokers have been around a while and have remained one of the best options for online brokers. Overall they have some of the lowest fees for trading shares so may be a good option. However, their platform is not geared towards newer investors and even advanced traders/investors will find it can take a while to find their way around.

Other top brokers to choose from: