Interactive Brokers is a brokerage service, which combines a good selection of assets, advanced functionality, and advantageous terms. Still, many users have doubts whether it is worth trying. The problem is the complicated system of minimum deposit limits. Understanding it is a real challenge. Thus, we are going to explain it to you in simple words.
First of all, we must highlight that this service has different rules for different categories of clients. In general, for most users, there are no initial deposit requirements. But there are a few exceptions. So, those who want to create broker accounts must make a deposit of $10,000 within 8 months after registration. Besides, starting from the ninth month of use, they have to pay a monthly commission of $2,000. An Interactive Brokers minimum deposit for proprietary trading group accounts is $10,000. And, margin account owners must have at least $2,000 in their balance.
Also Read: Interactive Brokers Fees: An Overview for Potential Users
Another related issue is deposit fees. The good news is that there are no commissions for EFT, check, and wire deposits. If you want to trade USD and CAD, be ready to pay 1% (a minimum of $50) for depositing cash. Also, we must mention that users from Mexico must pay $100 for wire transactions.
One more point many clients are interested in is deposit currencies. In fact, this exchange is a perfect variant for those traders who use currencies other than US dollars. They accept 23 currencies, which means you will not have to waste money on conversion. For information, as a rule, other similar services accept a few currencies only.
Also Read: How to Find the Lowest Spread Forex Broker?
Speaking about payment methods, you can choose between wire transactions (1–4 business days) and payments by cards (instantly).
Also, clients can take advantage of one free withdrawal per month.
As you can see, Interactive Brokers is a platform with comfortable and profitable terms of use. The main point is to find some time to dig into their rules.