Interactive Brokers Minimum Deposit Amount
Interactive Brokers is a very popular platform for trading with an online broker. However, many potential users are taken back by the numerous minimum deposit options available. In this guide, we’ll break down what the actual minimum deposit amount for Interactive Brokers is, along with other useful information about the platform, such as the account opening process and available payment methods.
To put it simply: Interactive Brokers does not have a minimum deposit for a vast majority of users and trading practices. This is a fantastic broker to work with, especially when you consider that a majority of online brokers have a minimum deposit requirement. If you’re a beginner trader with very little capital, Interactive Brokers could be an excellent choice for you.
| Interactive Brokers | TD Ameritrade | eToro | TradeStation Global | |
|---|---|---|---|---|
Minimum deposit |
$0 |
$0-$2,000 |
$200 |
$500-$2,000 |
Interactive Brokers Minimum Deposit Details
While typical users won’t have to have a minimum deposit to start trading, there are some exceptions on the Interactive Brokers platform.
Broker accounts will be subject to minimum commissions. Broker accounts in the first eight months must have a minimum deposit of $10,000, and those older than eight months will be subject to a $2,000 per month minimum commission.
Proprietary Trading Group Accounts must have a minimum amount of $10,000 in their accounts. Margin accounts must have a minimum of $2,000 to trade.
Does IBKR Have Deposit Fee?
Interactive Brokers does not charge a deposit fee in most scenarios for EFT, wire, and check deposits. For those trading USD and CAD, there will be a 1% fee for physical cash deposits and a minimum of $50.00 in charges. However, there are a few exceptions. Mexican accounts will be charged $100.00 for wire transfers.
Can I Transfer Money and Stocks From Another Broker?
Customers of Interactive Brokers can transfer any U.S. stocks, options, and cash that is being held at another brokerage firm to Interactive Brokers. This is done via the National Securities Clearing Corporation (NSCC) and their proprietary service Automated Customer Account Transfer Service (ACATS). Interactive Brokers can accept partial or full asset transfers, but will only accept specific products that are available for trading on the platform already. Learn more about Interactive Brokers stock trading options.
Interactive Brokers Deposit Methods
| Interactive Brokers | TD Ameritrade | eToro | TradeStation Global | |
|---|---|---|---|---|
Wire Transfer |
1-4 business days |
1-2 business days |
1-3 business days |
1-2 business days |
Bank Card (Debit/Credit) |
Immediately |
1-2 business days |
1-3 business days |
Immediately |
Payment apps |
Unavailable |
Unavailable |
Unavailable |
Unavailable |
Cryptocurrencies |
Unavailable |
Immediately |
1-5 business days |
1-2 business days |
Unfortunately, when compared to other brokers, Interactive Brokers does not have the best deposit methods available.
IBKR Deposit Currencies
Interactive Brokers has a significantly larger pool of deposit currencies available, which could be a great thing for traders who don’t want to trade with USD. Interactive Brokers is an international broker, and they deal with clients from all over the world who do not want to lose on conversion.
| Interactive Brokers | TD Ameritrade | eToro | TradeStation Global | |
|---|---|---|---|---|
Number of Currencies |
23 |
1 |
15 |
9 |
How To Fund Your Account at Interactive Brokers?
Funding your account at Interactive Brokers is quite easy.
Simply follow these steps to fund your account:
-
1
For Single Fund accounts that need to be funded directly, start by logging into Account Management.
-
2
From the Transaction Type list, select Deposit.
-
3
Choose your currency from the available currency list in the dropdown box.
-
4
From the method list, choose your desired deposit method. (Such as wire transfer, check, etc.)
-
5
From there, type the amount you would like to deposit via the amount field.
-
6
Follow the instructions on the screen.
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7
Get in touch with your bank or third-party broker to arrange the funds from your Interactive Broker account using the specific deposit method you selected on the Fund transfers page.
How to Withdraw Money From My Account?
There are some rules and terms for withdrawing money from your Interactive Brokers account. If you are not participating in the platform’s secure login system, then your withdrawals will be limited to $50,000 per day. In general, withdrawal requests that have been submitted before the cut-off time will be sent out that same day. In certain scenarios, a withdrawal request might be subject to further review, which could result in delays. The first withdrawal of the month is free, but any subsequent withdrawals before the end of the month will be subject to fees. Any and all withdrawals from Interactive Broker will be sent in the name of the holder of the account.
To request a cash withdrawal, simply follow these easy steps:
-
1
Select Funding, then Fund Transfers.
-
2
If you are a master account, use the Account Selector to find the client accounts via Account ID, Title, or Alias.
-
3
Select the client account.
-
4
Under the Transaction Type list, choose Withdraw.
-
5
Select your specific currency from the Currency list.
-
6
Via the Method list, choose a withdrawal type.
-
7
Type in the dollar amount of your withdrawal via the Amount field.
-
8
Any saved bank information will pop up.
-
9
Select Yes to choose a saved bank option.
-
10
Select No to choose a new bank. Fill in all fields that pop up.
-
11
If you choose a wire transfer, you will be asked to choose a wire type.
-
12
Select your bank’s country. Click Continue.
-
13
Select your bank from the pop-up list along with their routing number.
-
14
Choose whether this should be a scheduled, recurring transaction.
-
15
Click continue to submit the withdrawal request.
Check your email to receive your confirmation number for the request. View Funding and then View Transaction History to track your withdrawal status.
FAQs
Is there a fee to open an account with Interactive Brokers?
Not at all! There are absolutely no fees involved for those who want to open an account with Interactive Brokers. Just as well, there are no custodial fees to worry about, either. However, there are a few specific fees related to specific scenarios when maintaining an Interactive Brokers account. If you have a broker-client account that is inactive and has a net liquidation value of less than $1,000, you’ll be charged a monthly fee of $1.00.
How can I convert currency with Interactive Brokers?
You can convert one currency to a different one using Interactive Brokers’ currency conversion tool. This unique tool is very useful for those who have cash accounts and need to trade a specific asset in a currency that is different from your base currency. To start, access the Trade Menu and then select Convert Currency. Choose the currency you have, and then the currency you want. Enter the dollar amount you’ll need for the transaction. The tool will automatically calculate how much of your base currency you will need to set up a market order.
What is the difference between Graphic Portfolio and Advanced Portfolio model views in the Interactive Brokers app?
The Advanced portfolio view makes it possible to import CSV files that contain financial data and export a finished portfolio model to CSV using the Import and Export buttons. The Advanced view will also offer different per-instrument data via the form of additional columns in the data line. Graphic view, on the other hand, will include a pie chart that describes the percentage of each individual instrument within the model. Graphic view will also display fewer columns along the instrument data line.
How are profit and loss calculated on the platform?
Interactive Brokers calculates profit and loss in a few different ways. The start, the daily P&L is calculated with the following equation:
((Current Position * Current Market Price) - (Position * Price at the Reset Time) + (Net Traded Amount) ) * Daily exchange rate for the base currency.
This will show the change in the overall market value of your open positions as they are relative to a certain reset time. You’ll be able to see your profit and loss via the trading platform in First In, First Out. If you view your monthly statement, you’ll be able to see your profit and loss as well.
Team that worked on the article
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