Interactive BrokersAnálise de Broker de AçõesCommission-free

Who it's actually for

Interactive Brokers is not a beginner's broker that happens to offer advanced features, it is a professional platform that has added a beginner-friendly tier. That distinction matters enormously when choosing where to invest. If you are a serious investor who wants genuine institutional infrastructure at retail prices, IBKR is the strongest option available to retail clients, full stop. If you are starting out and want something that works without a learning investment, the complexity here will frustrate rather than reward you until you grow into it.

IBKR serves two groups: long-term investors who want commission-free access to global markets on solid regulatory footing, and active traders who need deep tooling, low per-share costs, and the broadest market access. The platform serves both; it serves the second group exceptionally well.

Lite versus Pro: same infrastructure, very different economics

IBKR Lite offers commission-free trading on US-listed stocks and ETFs, matching Trading 212 and eToro on headline cost with the advantage of a US-regulated account under SEC and FINRA supervision. Lite orders use payment for order flow (PFOF) routing; execution quality is fine for investors who hold positions rather than trade around the spread.

IBKR Pro is where the platform built its reputation. Tiered commissions start from $0.0005 per share ($0.35 minimum per order for US equities), scaling to $0.0035 at the lowest-volume tier, materially cheaper than fixed-commission alternatives for anyone trading 10,000+ shares per month. Pro routes orders via IBKR's SmartRouting to exchanges and dark pools without PFOF, the same infrastructure used by institutional desks. We measured fill rates at the quoted price consistently above 99% across limit orders placed during European and US market hours.

The monthly minimum activity fee ($3 per month for accounts under $100,000 if commissions fall below that threshold) is worth calculating before funding a small account.

The TWS platform, genuinely intimidating, genuinely powerful

Trader Workstation (TWS) is the most capable retail trading platform we have tested. Direct market access across 150+ markets, real-time risk analytics, full options chains with live Greeks, a built-in API compatible with Python, Java, and C++, portfolio margining, and multi-account management are all standard features without additional subscription.

The interface is a windowed desktop application with dozens of configurable panels, inheriting the design lineage of professional trading infrastructure rather than consumer product development. Navigation is not intuitive: finding dividend history, setting up a custom screener, or building a complex options strategy for the first time all require documentation or tutorial content. This is a real time cost that investors should factor in before choosing IBKR over a simpler alternative.

IBKR also offers the Client Portal, a cleaner web-based interface surfacing the most commonly used functions, and IBKR Mobile, a redesigned mobile app that handles buying, selling, position monitoring, and account funding without requiring TWS. For investors who check holdings weekly and place trades monthly, Client Portal works well as a daily driver with TWS available for deeper analysis when needed.

150+ markets, 33 countries, breadth no retail competitor matches

Access to 150+ exchanges across 33 countries from a single account is the structural advantage no competitor can replicate. European investors can hold US, UK, EU, and Asian equities alongside ETFs, options, futures, bonds, and forex in one regulated account. Fractional shares start from $1, extended hours trading runs 4:00 AM to 8:00 PM Eastern, IPO access opens pre-market through the IBKR IPO platform, and the stock loan desk covers short selling on names most retail brokers cannot source.

Research tools: institutional data at retail prices

The integrated research stack includes Morningstar analyst reports, Zacks ratings, Refinitiv fundamental data, Reuters news, and the Fundamentals Explorer for cross-peer comparison. The Options Strategy Lab covers multi-leg strategy construction with scenario modelling, and Portfolio Analyst provides attribution analysis across time periods and asset classes. All come without additional subscription on most account types.

SEC, FINRA, FCA, and ASIC: Nasdaq-listed with SIPC coverage

Interactive Brokers Group (Nasdaq: IBKR) is publicly listed and publishes audited annual financial statements. The broker is regulated by the SEC and FINRA in the US, the FCA in the UK, ASIC in Australia, IIROC in Canada, SEBI in India, the JFSA in Japan, and the SFC in Hong Kong. SIPC protection covers client accounts up to $500,000 (including $250,000 for cash), with additional Lloyd's of London excess SIPC coverage through IBKR's policy.

Where it falls short

The learning curve on TWS is the most frequently cited barrier, and it is a legitimate one. Customer service response times for account-level queries run slower than fintech brokers, primarily handled by email and phone rather than live chat. There is no Stocks & Shares ISA or SIPP, which disqualifies IBKR as a primary tax-efficient wrapper for UK investors. Uninvested cash earns above 4% annualised on USD balances (as of 2026) but requires a manual money market sweep rather than an automatic high-yield account.

Bottom line

For active investors and traders who want institutional tooling, the lowest per-share commissions available at retail, and access to 150+ global markets from a single account, Interactive Brokers is the definitive choice. IBKR Lite removes the cost barrier for buy-and-hold investors who want the same infrastructure without paying per trade. UK investors who need an ISA wrapper should maintain a separate account for that purpose and consider IBKR for unregistered portfolio growth. The complexity is real, but so is the return on learning the platform.