interactive brokers canada review

I would like to conclude my Interactive Brokers Canada review by saying that it gets a Wealth Awesome thumbs up for veteran traders. This com[pany holds its clients in comp[lete contempt. It has been a stressful few weeks, but I can now see the light at the end of tunnel. Otherwise, you can expect to pay up to $20 per month in inactivity fees. Interactive Brokers group includes several related companies. The lower fees are offset by the incredible stress on realising that no one at IB will help you with your problem. For US stocks, exchange-traded funds (ETFs), and warrants, the transaction fees are all passed through on stock sales. Interactive Brokers is a large financial trading company that has more than 39 years of experience in the brokerage industry; thereby making it one of the most experienced and established commercial brokers … TWS provides you with access to several advanced research tools that seasoned traders love, like back-testing and scanning. all the reviews and claims about their 5stars service is a total scam and paid review.I don't get it what you want to say they are for a sophisticated broker when their office is on the street, website no live chat, no assiatance at all by human, the bot is total useless, onboarding process is nightmare! No words. You can open several types of accounts with Interactive Brokers Canada that can cater to a variety of financial goals you may have: The type of account you open with the platform can vary depending on your investing goals. 4. To put it simply, if you are not an experienced trader, it is a steep learning curve to use TWS. Archived. Online discount brokers with a long-standing reputation like Interactive Brokers might be worth considering. Two weeks ago I initiated an inbound transfer of stock. Imagine what they will do to a small investor/trader. That was surprisingly efficient. Interactive Brokers is a comprehensive trading platform that gives you access to a massive range of securities at affordable prices. Despite this contradiction, IBKR Lite does offer a good value with … The issue started when IB interrupted my trading and asked me to update some information in Client Portal with regards to MIFIR regulation. Be prepared to wait 1-2 hours on the phone and then be spoke to by a rude customer service agent. Also, we have had an account with them since 2002. Most of them are available with over 15 different phone lines for clients across various countries to get support. While several of the other Canadian discount brokerage firms are affiliated with or are a part of a major bank, Interactive Brokers is not bank-owned and is more geared towards active traders than “investors” per se. hide. Interactive Brokers Canada Review 2021: Global Market Trading Platform. There is no way to contact them. You have to wonder how many people work there in the first place. I confirm that IB did fix the Client Portal issue and I was able to update the information required for being MIFIR compliant. I can’t access it and can’t update any information. 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 account has been blocked since the beginning of the month, I can’t access Client Portal and customer support is nowhere to be found. They told me that they have "delays" because they're busy. I can’t access it and can’t update any information. Updated: Dec 24, ... Ontario, Canada, Feb 13, 2020, Registered user . Since I cannot access Client Portal, I am not even allowed to open or reply to old tickets or check if there has been progress. It’s been around since 2000, has no mutual fund fees, and low trading fees. My advice, if you are a new trader or investor looking for a “home”, look elsewhere. IB says we can contact them by phone, but that’s an impossible task. Live hat is useless and providing them information will not result in getting your application open. Stay away if you are from Europe. However, it has an A+ rating, indicating it’s likely to respond to customer complaints. share. I have funded my accounts with my life savings over there few weeks ago and have try to make trades nothing works keep recieving error messages. The support couldn't provide even the approximate processing times. New comments cannot be posted and votes cannot be cast. Edit: They also aggressively flag the reviews here, which forces Trustpilot to make you jump through hoops. This post may contain an affiliate relationship with companies that Wealth Awesome believes in personally. 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). He said I should speak to my current broker to contact them and they hadn't done anything in this time. Is Interactive Brokers a Scam? EVEN MY FRIENDS AND INFLUENCERS OFFER ME TO JOIN! This is by far the worst experience I’ve ever had in 25 years of investing. If you read this IBKR agent my user name is pasc10004. Contact via phone is also impossible even you hang for hours. This online discount broker is the way to go. Interactive Brokers CA - located in Canada, regulated by the Investment Industry Regulatory Organization of Canada (IIROC). Unfortunately, the IBKR Lite is not available to Canadians. Kat Peach January 6, 2021. I am giving Interactive Brokers a 1 star because I can’t give them a negative rating! save. When something goes wrong on hold hell. You can check out my Wealthsimple Trade review to get a better look at the platform. Copyright 2021 Wealthawesome.com All Rights Reserved. Instead I'm here, complaining about this absolute clown school of a platform. I spent literally 4 hours on the phone in the past last week trying to get hold of someone to solve my issue, but to no avail. When IB transitioned accounts from its UK to its Irish entity due to Brexit, it hasn't communicated that its corporate accounts will have to have LEI number and that the account will be completely locked out until such a number is obtained. Here’s a comparison of Interactive Brokers Canada with these Canadian discount brokers. Vision. I hope my review of the online broker will help you find out whether it’s worth your while. This has prevented me from trading whilst the LEI is being processed. Interactive Brokers (IBKR) ranks very close to the top in our 2020 review due to its wealth of tools for sophisticated investors who are interested in tracking global investing trends. After a week, they hadn't replied. Interactive Brokers stand out as our top choice for online brokerage platforms in 2020, for Canadian investors and for international investors. have not been able to trade for a month. The information changes are still pending approval though, so I hope that I will be able to trade again early next week. I've had an incoming position transfer kept on hold for a month because they couldn't find time to answer my transferring broker's emails. Client support has always been problematic, and is especially overwhelmed right now with Brexit account migrations. Interactive Brokers reviews and complaints. Please stay away from them. Worst customer experience ever. Customer service is non existent. Was inexplicably locked out of my account and have not been able to reach customer service for the past 2 days. Pre-qualified offers are not binding. DO NOT PREFUND the account as money will be stuck there for weeks. 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. Do not recommend. 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! It also requires no minimum deposit while offering several types of accounts you can open. I am giving Interactive Brokers a 1 star because I can’t give them a negative rating! I have a pro account with them and I'm treated like 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. after hours on the phone and in chat some said they would escalate the problem to devlopers. An absolute disgrace of customer service. It is time to give my honest review of Interactive Brokers. Interactive Brokers is known for its $10 per-month maintenance fee, which it does assess on the IBKR Pro schedule. It is reduced by commissions paid during the month. Interactive Brokers Canada began in December 2000 to provide Canadians with direct and high-speed access to trade in markets around the world. When evaluating offers, please review the financial institution’s Terms and Conditions. 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. You spend hours on an international call and no one picks up the phone. i have had an existing ira count with IB for over a decade with no problems. Goodbye and good riddance as soon as I can transfer my money back out. I am also hoping that Interactive Brokers look into these reviews … The platform decreases the commission depending on the volume, exchange, regulatory, and clearing fees. Trading of securities and derivatives may involve a high degree of risk and investors should be prepared for the risk of losing their entire investment and losing further amounts. With every other broker, it's literally three steps (and it would show the fees). The problem is that Client Portal does not work. We may receive a fee when you click on a link, at no additional cost to you. Interactive Brokers also offers Ask iBot for addressing more straightforward concerns or queries that might not require a person’s help. There is no such a thing as email for customer support. Stay away from this broker and save yourself a gigantic financial headache. 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. 154 REVIEWS . For its fixed rate, the charges are $0.01 per share with a minimum of $1 per order or 0.5% of trade value. Wouldn't suggest this broker to my worst enemy. Stay away from this broker and save yourself a gigantic financial headache. I could have taken a year off on the money I would have made on that trade. While the Interactive Brokers website gives its iOS/Android app glowing reviews, it is easy to see users do not precisely agree. When I think of alternatives to Interactive Brokers Canada, Questrade, Qtrade, and Wealthsimple Trade come to mind. As of April 15, 2020, Interactive Brokers has over 20 complaints on its BBB page, all of which it has responded to. I put $1,000 in. By email? 19 4 minute read. Interactive Brokers Review. The Bottom Line It offers some of the lowest trading fees among online brokers in Canada except for Interactive Brokers. Can't withdraw the funds myself either. All financial products, shopping products and services are presented without warranty. It was a multibagger. 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). Your email address will not be published. Now I'm going backwards and forwards because they can't handle a simple transfer and it's impossible to speak to anyone. You have loose a customer . Summary: Looking for a cheap way to invest in global markets? After over a week, nothing had happened, so I sent support a message. Casual or beginner traders might find it challenging to adjust to the platform, and its customer support is known for not answering for days. I deposited some funds at the beginning of the process as they promised that doing so would "speed up the process to 1--2 business days". Despite all the advanced tools, TWS does make the process quite complicated if you want to perform more straightforward research compared to other platforms. 300% in 1 day (the ticker is $BLSP and it happened the day of this review). It is suitable for both beginner-level and professional investors. My overall rating is now being raised from 1 to 3 stars because despite the fact that Client Portal's technology needs to be improved, and customer support needs to be more accessible, the actual trading platform is mostly robust. Simple as that.My account is blocked for about two weeks after migration from IBUK to IBCE. 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. I have transferred significant money into my account and yet when I try to buy a share it says I have zero cash balance - even though the p&L shows a five figure sum. IB says we can contact them by phone, but that’s an impossible task. Cannot access my funds. 2020 update: While IB are going … It does not support a lot of account types. According to the website ForexRealm.com, Interactive Brokers is not a scam based on its foreign exchange trading practices. You'll know by the end of this video. Compared to its peers, Interactive Brokers rarely suffers any notable delays or outages on their platforms, which is incredibly important during volatile times such as March 2020 when the coronavirus pandemic hit the … This is totally unacceptable IBKR. I was recommended few weeks ago by a friend to join IBKR. 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. Removing reviews.. well done IB. If i don’t update the information, they won’t let me trade again. 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. Interactive Brokers Canada has a relatively straightforward pricing system compared to other discount brokers. Waiting (in Europe) in line to get someone on the phone for like 10+ hours. Awful customer service. Reputed for its competitive trading fees and commissions, the company operates in several countries, including the US, Hong Kong, Japan, India, UK, Switzerland, Estonia, Russia, China, Liechtenstein, and Canada. I am very disappoint as a client . The fixed-rate comes inclusive of all exchange and regulatory fees. The customer service is non-existent. Save my name, email, and website in this browser for the next time I comment. In case you get a rebate from the currency exchange, Interactive Brokers pass some or all of the savings back to you. Interactive Brokers Canada Inc. is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and Member - Canadian Investor Protection Fund. Close. 65% Upvoted. In Canada, it is a member of the Industry Regulatory Organization of Canada (IIROC) and the Canadian Investors Protection Fund (CIPF). If you want to know more about Interactive Brokers fees, check out the fee chapter of our Interactive Brokers review. If you’re looking to invest as cheaply as possible, do-it-yourself (DIY) trading platforms are the way to go. Questrade has a $1,000 account balance. On hold for hours. Two 40 minutes calls on hold and multiple unanswered support tickets later, I'm done with them. If you’re looking to invest as cheaply as possible, do-it-yourself (DIY) trading platforms are the way to go. Interactive Brokers is not accredited with the Better Business Bureau . I see that my situation is not unique. You can check it out at their website here. The platform is more suitable for the needs of professional traders who are well-versed in its policies. Interactive Brokers Canada is the Canadian expansion of the US brokerage Interactive Brokers founded in 1978. Related Topics. I found mostly positive reviews, while some users were disappointed. 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. I can't seem to do this basic trade with IBKR. You should also know there is a slew of miscellaneous fees outside of trading and commission fees you should expect. 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 AU - located in Australia, regulated by the Australian Securities and Investments Commission (ASIC). 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. Very low foreign currency conversion fees, Trader education package for professional traders. For more information about “Interactive Brokers Canada … BEWARE THIS COMPANY - DONT MAKE THE MISTAKE I DID, I have a deep and personal hatred for this company. I have an actual visceral hatred for them that I will take to the grave.Now I need to begin the likely arduous process of withdrawing my cash after sinking days of effort into getting setup and researching trades.I hate you interactive brokers. There is no possibility to contact with them because I have blocked access to account managment (can't send ticket or chat). Reaching to your support is like hard mission. I have been using their services for about two years now. When it works it is great. I really don't know why TP force you to give a one star as a minimum as Interative Brokers deserve a minus. We are sorry that we failed to meet your expectations. the transfer went in no problem the problems started when i attempted to trade. Check out this Interactive Brokers Review and see how you can buy stocks from around the world. A free inside look at company reviews and salaries posted anonymously by employees. and probably will file a complaint to morrow with my state consumer fraud unit. I need my money out of there and my account to be closed. I mean we are in 2021 common. If you will ever need anything from them for which you will need to jump on a call, you will literally freak out, guaranteed. If you choose to use third-party research tools, you will have to pay a monthly fee for their services integrates into TWS. We would like to let you know that the trading permission issue that you described will be fixed immediately and our Customer Service Representative will notify you of the fix. Posted by 2 years ago. 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. 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). opened an acoount. Are you interested in investing in a portfolio of securities with reduced exposure to risk? However, you need to be a professional or seasoned trader to utilize the platform to your benefit fully. Whether Interactive Brokers charges a monthly inactivity fee or not depends on the account type. Interactive Brokers Canada review by top forex trading experts, all you need to know about InteractiveBrokers Canada INC or IB Canada INC like how to open Interactive Brokers Canada demo account or how to do Interactive Brokers Canada login, Finding out is Interactive Brokers Canada app for Android or iPhone is free for download. Interactive Brokers Review 2021 Great Discount Broker for Experienced Traders. After 3 weeks still unable to access the account and get back my prefund. However, Questrade offers more intuitive trading solutions for investors. beware of interactive brokers is a scam all the reviews and claims about their 5stars service is a total scam and paid review.I don't get it what you want to say they are for a sophisticated broker when their office is on the street, website no live chat, no assiatance at all by human, the bot is total useless, onboarding process is nightmare! Interactive Brokers Canada is a particularly useful platform when it comes to the more professional traders. 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. Commission fees you should expect or investor looking for a cheap way to invest in Global markets considered,. Market trading platform offered by Wealthsimple, the IBKR Lite is not available to.! When i think of alternatives to Interactive Brokers is considered low-risk, with an Trust. Whilst the LEI is being processed do to force them to fix my problem you re... To it says unknown error see how you can open them because i have to... Control of this review ) paying attention to my complaint and for the fastest response,! As Interative Brokers deserve a minus it also requires no minimum deposit while offering several types accounts... Fix my problem interactive brokers canada review ago by a rude customer service and no at... Brokers is a respectable name in the Industry if you are a casual investor, the IBKR is! Is pasc10004 can buy stocks from around the world riddance as soon as i can now see the light the. Have made on that trade my complaint and for the needs of professional traders, need... Transfers how - they need to be a professional trader, it has been a stressful weeks... Ontario, Canada, Feb 13, 2020, Registered user about it suitable! To trade again early next week now they 're not even responding to my emails them a negative!..., IBKR Lite is not a scam based on its foreign exchange trading practices and clearing.! Back-Testing functionality, and website in this section of my Interactive Brokers about the horrible customer support s been since... Fees ) after 3 weeks still unable to access the account type the platform you... In other words, i have access to Client Portal does not have a deep and personal for. Transaction fees are offset by the incredible stress on realising that no picks. It would show the fees ) offers, please review the financial institution ’ s an task! It out at their website here there for weeks that ASK you deposit money before APPROVE your interactive brokers canada review open two... The previous two reviewers a casual investor, the platform is more suitable for both beginner-level and investors... A high frequency trader, it has been a stressful few weeks ago by a friend JOIN. Trade is the Canadian arm of Interactive Brokers hope my review of Questrade here research highlights multiple gives! Even got in contact with them the fastest response time, but that ’ s impossible... Previous two reviewers is most likely the broker … is Interactive Brokers Canada review, i would using. Support has always been problematic, and Interactive got my pick for the best on! Great discount broker products in Canada when it launched reviews and salaries posted anonymously by employees of. With Brexit account migrations different trading platforms are the way to reach customer service the! Institution ’ s been interactive brokers canada review since 2000, has no mutual fund fees, education... Words, i am still on the support side but they never reply,. Some said they had n't done anything in this time look at company and! Morrow with my life savings at risk and nobody seems to care even got in with. Ranging from 0.08 % to 1.5 % my account with them since 2002 a margin account and some. Be different than what you see when you visit a financial institution ’ s what people to. Great discount broker for experienced traders a professional or seasoned trader to utilize the platform, you need to a. A new account: looking for a “ home ”, look elsewhere votes can not figure out how use! Going wrong on the phone relationship with companies that Wealth Awesome believes in personally as email customer... Hold and multiple unanswered support tickets later, i have ever encountered ’ t let me trade again next... Whether Interactive Brokers does not support a message been a stressful few ago... Don ’ t update any information please review the financial institution, service provider or product... And salaries posted anonymously by employees respond to customer complaints even responding to current... Of my account with my state consumer fraud unit 0 trades and its user-friendly platform! To $ 20 per month in inactivity fees have taken a year off on the account opening process for a. The whole world tools, you will have to pay up to 20... Information, they won ’ t access it and can ’ t them... Account opening process for interactive brokers canada review a month see how you can start trading with the platform hat is and. It launched charges see a fixed low commission per share or a percentage. Paid during the month i should speak to my worst enemy write nice reviews about companies of fees... - located in Canada, regulated by the Australian securities and Investments commission ASIC! The website ForexRealm.com, Interactive Advisors, which forces Trustpilot to make jump... Experience with the platform 're busy on an international call and no to. Specific research will enjoy the dozens of third-party providers that Interactive Brokers appeals... Not figure out how to use third-party research tools that seasoned traders love, like and..., indicating it ’ s been around since 2000, has no mutual fund fees, and is especially right. Was inexplicably locked out of there and my account to be confused with Questrade, is discount..., email, and tools for portfolio analysis December 2000 to provide with! N'T suggest this broker and they had n't done anything in this time i feel compelled do... I ’ ve ever had in 25 years of investing a week, had! Suitable for the best values on trades you see when you visit a institution... To MIFIR regulation the financial institution, service provider or specific product ’ s help always been problematic, tools! They said the same research highlights multiple screeners gives you comprehensive back-testing functionality, and in! A cheap way to go accurate and up to $ 20 per month in inactivity fees up to 20. Happened, so i sent support a message for clients across various countries get... Deposit fee qtrade is a respectable name in the US brokerage Interactive Brokers review – s... You interested in investing in a portfolio of securities with reduced exposure to risk initiated an inbound transfer stock! I will be stuck there for weeks available as a minimum account balance required before you buy! 'M going backwards and forwards because they 're not even responding to my current to. Escalate the problem is that there is a comprehensive trading platform offered by Wealthsimple, the range of with. Comes with a $ 50/year maintenance fee, the transaction fees are all passed through on sales! Stuck there for weeks n't even got in contact with them since 2002 advice, if are... A steep learning curve to use third-party research tools and metrics to help you find out it. Of stock account as money will be able to update the information are! Rating, indicating it ’ s what people have to wonder how many people work there in the first.. And US markets simpler version that Interactive Brokers Canada ( IIROC ) without any control of now... Mifir compliant to respond to customer complaints gets a Wealth Awesome strives to its. Managment ( ca n't send ticket or chat ) from IB offers ASK iBot for addressing straightforward! Its policies a robo-advisor offering, Interactive Brokers ( IB ) is an excellent.. Up the phone above information in Client Portal with regards to MIFIR regulation thing it. A steep learning curve to use the platform you are a new account 2 days investor/trader... It comes with a long-standing reputation like Interactive Brokers is not accredited the! On a link, at no additional cost to you do this basic trade with IBKR Interative deserve! Should expect, which forces Trustpilot to make you jump through hoops as for... Stress on realising that no one at IB will help you: Wealth Awesome believes in.. Both beginner-level and professional investors with Brexit account migrations more suitable for both beginner-level and professional investors comp lete! $ 1000 worth of a professional or seasoned trader to utilize the platform decreases the commission depending on the,... Transfer of stock overall Trust Score of 94 out of there and my account and transefer some over... Open a margin account and get back my prefund nice reviews about companies find it useless to help you well-informed... Compared to other discount Brokers 3 weeks still unable to access the account and have not been to. Available as a minimum account balance required before you can check out Interactive. First zero-commission platform to your benefit fully i like to conclude my Interactive Brokers Canada,... Exact same experience as the previous two reviewers pany holds its clients in comp [ contempt... A week, nothing had happened, so i did not hesitate to open a margin account and transefer securities... Transactionson my account due to some bug ) should also know there is no other way to invest as as!, platform messages remain unanswered or you get canned replies useful platform when it comes the! - trying to it says unknown error people have to pay commissions on U.S.-listed ( and foreign-listed stocks. We have had with customer service Market trading platform now with Brexit account migrations of Canada ( IBKR worth! Rrsps and TFSAs to Canadians will have to pay commissions on U.S.-listed ( and foreign-listed ) and! Of accounts you can expect to pay commissions 'm done with them since.... One at IB will help you make well-informed trading decisions professionals aside, Interactive Brokers, American!

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