I've used IB for a year now and I only have good things to say.
Tools/ Interface - I see many comments about the complexity of IB's trading platform and the learning curve. Yes IB has a very complex and customizable trading platform called TWS, but they also offer an online trading platform called WebTrader which is extremely easy to use. One note TWS does not work behind closed firewalls, whereas WebTrader does.
Initial deposit - at $10k it's pretty high for the average guy.
Trade execution - extremely fast. I've had stop limit orders executed flawlessly as a stock was selling out and dropping like a knife. Very thankful for getting me out at my stop price.
Customer service - another area where I've seen IB get bad reviews. I have not had to deal with the customer service department much, but the time or two I did they were pretty helpful and courteous. I guess one thing to keep in mind is that I don't think IB wants rookie traders. They want people who know what they are doing and won't be on the phone twice a day wasting their time. It's the only way they keep their rock bottom fees.
Fees - lowest I've seen. If you trade frequently, daily and have a small account the $7 each way commission you pay to other discount brokers can add up quickly. IB charges pennies and I've spent many weeks testing trading ideas with IB and their low commissions helped a lot.
Security - very secure. Unlike most brokers that stop with a user name and password, IB provides you with a printed card mailed to your home of over 200 randomly generated characters unique to your account and it asks you to enter a number of these characters every time you log in. A hacker might be able to get your user name and password, but as long as your card is secure you should be pretty safe and it's the size of a credit card. I've seen people complaint bitterly about this security feature and quite frankly I can't understand why.
This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
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