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Interactive Brokers Review UK

Tobi Opeyemi Amure
Reviewed by:
Interactive Brokers review UK

Interactive Brokers is closing in on 2,000,000 users worldwide and has an average rating of 4.5 stars on Google Playstore. And with a seemingly excellent track record, you might be tempted to give this platform a go.

In this review, I’ll show you every angle of the Interactive Brokers platform, so you can make an informed decision on whether it’s worth your time, attention, and money. 

Throughout this review, I’ll analyse the platform’s core features, rating them on a qualitative points-based scale. These points then translate into star ratings. For more information on how we test view here.

This article was reviewed by Tobi Opeyemi Amure, a trading expert and writer at InvestopediaInvesting.com, and Trading.biz.

Web Version

I loved the way that the web version looked, and it was very easy to understand. Everything was laid out sensibly, and the search function was easy to use and helped me to find the assets I wanted to trade. 

The web version offers price alert notifications, which can be customised to your preferences. It’s not quite as good as a platform like IG, but for most people, it will suffice. 

Security is also excellent on the web version, with IB opting for a two-step login system, consisting of a password and mobile authentication key. 

Mobile App

The mobile app carries the same feeling as the web version, using the same layout and colour scheme.

However, I found the mobile version’s search function a little more accurate, which was a pleasant surprise. 

Security is also great, and you can use biometrics for quicker log-ins.

The only thing that’s missing from the mobile app is price alert notifications. This is a fundamental feature for most traders, and considering that the web version has notifications, it’s a little odd why the mobile app doesn’t.

Nevertheless, the mobile app is still great on the whole, and unlike many other platforms, keeps the functionality of the web version.

Making a Trade

Making a trade on Interactive Brokers.

Making a trade on Interactive Brokers is nice and straightforward. You can make a trade on any page via the ‘Trade’ button in the top right-hand corner. Alternatively, you can make a buy order via the Trade tab in the main navigation bar.

When you click on an asset, you’ll be presented with a snapshot of key information including a visual graph, to help you make a more informed trade. 

When you do make a trade, you’ll be able to choose from several different order types, including limit, stop, and market.

Additionally, you can also make use of time order limits such as GTC and Day. This functionality allows you to customise your trade to your exact preferences, which I found very useful. 

Pros 

  • User-friendly layout.
  • Great for day trading.
  • The search function is good.

Cons

  • Price alerts missing from the mobile app.
  • Charting tools are difficult to use.
  • The web version glitches occasionally.

Final Thoughts

Ultimately, Interactive Brokers is a very solid UK trading platform. Its offering of assets and web platform are its biggest selling points. However, if you’re looking for a platform with excellent customer service, pain-free onboarding, and a simple fee structure, you may want to look elsewhere.

FAQs

Is Interactive Brokers legal in the UK?

Interactive Brokers is legal in the UK, as it is authorised and regulated by the Financial Conduct Authority (FCA). Its regulated products are also covered by the UK Financial Services Compensation Scheme (FSCS). However, customers are advised to read relevant risk warnings, as certain financial products may not be suitable for all investors.

Is Interactive Brokers good for beginners?

Interactive Brokers may not be the most suitable choice for beginners due to its complex trading platform and extensive range of features designed for experienced traders. It offers advanced trading tools and a wide array of investment options that might be overwhelming for new investors. However, its low fees and comprehensive resources can be beneficial for those willing to navigate its learning curve.

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Will Fenton is the founder of Sterling Savvy. He is a personal finance expert and writes about trading, investing, budgeting, and other financial topics.

Along with his education in Economics & Finance, he has experience working in the financial services industry in London working for one of the UK’s leading financial companies, “a trustworthy and respected provider of news, education and market analysis for the everyday investor”.

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