Our verdict on Interactive Brokers
Interactive Brokers is the broker we recommend most often to Australian traders who think of themselves as investors first and CFD speculators second. It's not a forex specialist, and beginners will find it hard going. Of the 29 brokers on our list, though, it's the closest thing to a professional global investing and trading desk in retail clothing: direct market access to 150 markets across 33 countries, the lowest stock brokerage costs we've measured for an Australian-resident account, true multi-currency funding, and a NASDAQ-listed parent that's been operating since 1978.
The qualifications are real. Trader Workstation has a steep learning curve. No MT4 or MT5 means forex EA traders should look elsewhere. And IBKR Pro pricing rewards traders who already know what they're doing. But if you want to build a global portfolio of Australian shares, US stocks, options, futures and a bit of forex on the side, all under one ASIC-regulated login, IBKR is hard to beat.
Pros
- ASIC AFSL 453554 (Interactive Brokers Australia Pty Ltd), with a NASDAQ-listed parent regulated globally by SEC, FINRA, CFTC, FCA, MAS, CIRO, JFSA and HKSFC
- Cheapest ASX share brokerage on this site, from AUD 6 minimum per trade; US shares from USD 0.005 per share with a USD 1 minimum
- True multi-currency accounts. Hold AUD, USD, EUR, GBP and 20+ others natively without forced conversion at deposit or withdrawal
- 150 markets across 33 countries with direct exchange access. The widest product range of any broker on our shortlist
- Trader Workstation (TWS) is the deepest professional desktop platform available to Australian retail clients
- Fractional shares supported on US-listed equities and ETFs
- $0 minimum deposit; $0 inactivity fee (both removed in 2021)
- Forex EUR/USD spreads advertised from around 0.10 pips on a true ECN model with per-trade commission (IBKR is not in our June 2026 spread capture)
Cons
- TWS desktop has a famously steep learning curve. The interface is dense and looks dated next to Pepperstone or CMC's Next Generation
- No MT4, no MT5 and no cTrader. Not a fit for traders running existing forex EAs
- IBKR Pro commission structure rewards experienced traders
- No credit card funding. Bank transfer only (BPAY, EFT and wire)
- Customer support is 24/5 (Sunday 1:00 PM to Friday 7:30 PM US Eastern Time), so no weekend coverage in Australian hours
- Margin call thresholds and Pattern Day Trader rules apply on US equities
- Regulation
- ASIC AFSL 453554
- Trading fees
- EUR/USD spreads from 0.10 pips
- Platforms
-
TradingViewProprietary - Min deposit
- A$0
Interactive Brokers score breakdown
Excellent
Based on 88/100 CFB Score
The overall score comes from the eight weighted criteria in our methodology, so the subscores shown here do not simple-average to 88/100.
How is our rating calculated?Interactive Brokers quick facts
| Item | Detail |
|---|---|
| Australian regulator | ASIC, AFSL 453554 |
| Australian entity | Interactive Brokers Australia Pty Ltd |
| Other regulators | SEC, FINRA, CFTC (USA), FCA (UK), MAS (Singapore), CIRO (Canada), JFSA (Japan), HKSFC (Hong Kong) |
| Year founded | 1978 globally; AU operations since 2007 |
| Listed | NASDAQ:IBKR (Interactive Brokers Group) |
| Headquarters | Greenwich, Connecticut, USA; AU office Sydney |
| Trading platforms | Trader Workstation (TWS), IBKR Desktop, IBKR Mobile, IBKR GlobalTrader, Client Portal (web), IBKR API, native TradingView integration |
| Account types | IBKR Pro (commission per trade) |
| Minimum deposit | $0 |
| Maximum retail leverage | 30:1 (forex majors), ASIC-capped. IBKR treats all AUD pairs, including AUD/USD, as minors at 20:1 |
| Spreads from (EUR/USD) | ~0.10 pips advertised + commission (true ECN); not in our June 2026 spread capture |
| ASX share brokerage | From AUD 6 per trade |
| US share brokerage | From USD 0.005 per share, USD 1 minimum |
| Funding methods (AU) | BPAY, bank transfer (EFT), Wise Balance transfer, wire |
| Inactivity fee | $0 (removed 2021) |
| Negative balance protection | Yes (mandatory under ASIC for retail clients) |
| AFCA member | Yes |
| Demo account | Free, paper-trading version of TWS |
| Customer support | 24/5 (Sunday 1:00 PM to Friday 7:30 PM ET) phone, chat, email |
Trading costs and fees
IBKR’s pricing has little to do with forex spreads. It runs on per-trade commissions, low financing rates and tight underlying market access across equities, options, futures and FX. If your mental model of broker cost is “how wide is the EUR/USD spread”, you’ll undervalue IBKR.
ASX and global share commissions
This is the area where IBKR pulls clear daylight from the rest of the AU broker pack.
| Broker | AUD 5,000 ASX trade | USD 5,000 US share trade |
|---|---|---|
| Interactive Brokers | AUD 6.00 | USD 1.00 (200 shares at $25) |
| CMC Markets Stockbroking | AUD 11.00 | USD 11.00 or 0.10% |
| CommSec | AUD 10.00 (Pocket) / AUD 19.95 standard | Not directly available |
| SelfWealth | AUD 9.50 flat | USD 9.50 flat |
| Stake | AUD 3.00 (Stake Black) / AUD 5.00 standard | USD 3.00 |
Place 10 ASX trades and 10 US trades a month and the gap between IBKR and a dearer broker runs into the hundreds of dollars a year, before you even count FX conversion fees on the US side. Forex commission is a separate question, and our table of brokers ranked by commission covers that side of the market.
Forex spreads and commission
IBKR’s forex offering uses a true ECN model with direct order routing into the IDEAL FX liquidity pool. Interactive Brokers is not included in our June 2026 eight-pair spread capture, so we quote no measured average here; the broker advertises EUR/USD from around 0.10 pips. Commission is volume-tiered, starting at 0.20 basis points per trade with a USD 2 minimum.
| Broker | EUR/USD typical (incl. commission equivalent) |
|---|---|
| Interactive Brokers | ~0.4 pips (advertised plus commission) |
| Pepperstone Razor | 0.5 pips |
| IC Markets Raw | 0.6 pips |
| CMC FX Active | 1.0 pip |
Options, futures and bonds
US options from USD 0.65 per contract. US Treasury futures from USD 0.85 per contract. Government bonds from 0.002% of face value with a USD 5 minimum. These are professional-tier prices.
Other fees AU traders should check
- FX conversion costs 0.20 basis points (USD 2 minimum) when you choose to convert. Most retail brokers charge 0.50% to 1%.
- Market data fees apply if you subscribe to real-time data feeds. ASX Level 1 currently runs around AUD 5/month.
- There’s no inactivity fee. The old USD 10/month minimum was removed in 2021.
- Your first withdrawal each month is free.
- Margin borrow rates are among the lowest in retail.
Trading platforms
IBKR doesn’t offer MT4, MT5 or cTrader. Its own stack is proprietary, and a native TradingView integration on the IBKR Australia side is the one third-party route in.
Trader Workstation (TWS)
TWS is the flagship desktop platform and the reason IBKR retains its institutional reputation. Java-based, runs on Windows, macOS and Linux. The feature set is genuinely vast: more than 100 chart studies, full options chain analytics, BookTrader for order-book trading, ScaleTrader for ladder execution, multi-leg spread builders, the Portfolio Builder, the Risk Navigator, the Probability Lab and the Options Strategy Lab.
The downside is the learning curve. TWS isn’t beginner-friendly.
IBKR Desktop
IBKR’s second proprietary desktop platform, offered alongside TWS.
IBKR Mobile
The full mobile companion to TWS. Same data, same execution paths, condensed UI.
IBKR GlobalTrader
IBKR’s lighter mobile app for casual investors who want a Stake-style experience without giving up the IBKR account underneath. Released 2022.
Client Portal (web)
Browser-based account dashboard with order entry, charts, news and reporting.
IBKR API
Trader Workstation API supports Python, Java, C++, .NET and a REST API for direct programmatic trading. Used widely by quant retail traders, small hedge funds and academic researchers.
What IBKR doesn’t offer
No MT4. No MT5. No cTrader. There’s also no copy or social trading of any kind. If you run forex EAs built for MetaTrader, or you want to mirror other traders, IBKR isn’t your broker.
Multi-currency accounts and the AU-specific case
Most AU brokers run a forced-conversion model. You deposit AUD, the broker converts to USD when you buy a US share, then converts back to AUD when you sell. That’s two FX conversions per round trip, each priced at 0.50% to 1%, and over the years it takes a real bite out of returns.
IBKR’s account holds multiple currencies natively. You can keep balances in AUD, USD, EUR, GBP, JPY, CAD, CHF, HKD, SGD and more, all under the same login. When you buy a US-listed stock, you can either convert AUD to USD on the day at the IDEAL FX rate (around 0.20 basis points cost), or borrow USD against your AUD balance and pay the financing rate.
For an AU-resident investor with any meaningful US share exposure, this single feature can save more per year than the entire forex commission line.
Trust and safety
Trust score: 10/10.
ASIC regulation and global licences
Interactive Brokers Australia Pty Ltd holds AFSL 453554 with the Australian Securities and Investments Commission. The licence has been continuously held since 2016.
The parent company, Interactive Brokers Group Inc, is regulated globally by:
- Securities and Exchange Commission, USA (Tier 1)
- FINRA, USA (Tier 1)
- Commodity Futures Trading Commission, USA (Tier 1)
- Financial Conduct Authority, UK (Tier 1)
- Monetary Authority of Singapore (Tier 1)
- Canadian Investment Regulatory Organization (Tier 1)
- Japan Financial Services Agency (Tier 1)
- Hong Kong Securities and Futures Commission (Tier 1)
Eight Tier-1 regulators across the major financial centres.
Client money and negative balance protection
Interactive Brokers holds retail client money in segregated accounts at an Approved Australian Bank, separate from the company’s own funds. ASIC requires negative balance protection on retail CFD accounts, so a retail account cannot lose more than the money in it. If a dispute with the broker goes wrong, AFCA can hear claims up to $1,263,000 and award compensation up to $631,500. The Compensation Scheme of Last Resort sits behind that with a $150,000 cap, but it excludes CFD trading losses, so it protects you against unpaid awards for misconduct, not against losing trades. For how IBKR sits against the field on protection, see our list of the safest regulated forex brokers and our explainer on ASIC’s negative balance rule.
Listed parent and financial stability
Interactive Brokers Group is listed on NASDAQ under IBKR and has been publicly traded since 2007. Founder and chairman Thomas Peterffy still holds a major shareholding. Capital ratios are consistently well above the regulatory minimums in every jurisdiction.
Public reviews
Interactive Brokers holds a Trustpilot rating of 3.2 out of 5 from 5,398 reviews, which Trustpilot labels average, captured July 2026. The profile has been claimed by the broker since May 2019.
The complaints we hear most often: TWS is hard to learn, support response can be slow on weekends, and the documentation is dense. None of those are stability or safety concerns.
What other review sites say
Interactive Brokers' iOS app rates 4.34 out of 5 from 1,230 ratings on the Australian App Store (July 2026), listed as IBKR Mobile - Invest Worldwide.
TradingView users rate Interactive Brokers 4.2 out of 5 from 37.9K reviews (July 2026).
Account types and minimum deposit
Account options for AU clients
IBKR runs a single retail account type in Australia: IBKR Pro, priced per trade. There’s no IBKR Lite for AU residents, so the retail versus RAW plan choice every CFD broker on this list offers doesn’t exist here. Commissions per product sit in the costs section above.
| Account | Pricing | Min deposit | Best for |
|---|---|---|---|
| IBKR Pro | Per-trade commission | $0 | Active traders and global investors |
| Wholesale / Institutional | Bespoke | Varies | Wholesale clients only |
Do not read the “Pro” in IBKR Pro as a wholesale classification. It is the name of a pricing plan, not a legal status under the Corporations Act, and the two are unrelated. IBKR Australia runs no conventional professional CFD tier of the kind that lifts leverage at Pepperstone or Global Prime, confirmed in July 2026. The entity is Interactive Brokers Australia Pty Ltd throughout, which is a point in its favour: there is no offshore arm to be routed onto. If leverage above the retail cap is what brings you here, IBKR is not the route.
IBKR runs no swap-free (Islamic) account, confirmed with the desk in July 2026.
Minimum deposit
Interactive Brokers’ minimum deposit is $0. The historical USD 10,000 minimum was removed in 2021, so you can open the account with no funds and start trading once your first deposit clears.
Funding and withdrawals
Deposit methods (AU clients)
| Method | Fee | Speed |
|---|---|---|
| BPAY | $0 | 1 to 6 business days |
| Bank transfer (EFT) | $0 | 1 to 2 business days |
| Transfer from Wise Balance | $0 | Varies |
| Wire transfer (international) | Bank fees apply | 1 to 3 business days |
| Visa / Mastercard | Not offered | n/a |
| PayPal | Not offered | n/a |
No cards and no PayPal is the biggest funding gap compared with a Pepperstone or Plus500 account.
Withdrawals
First withdrawal per calendar month is free. Subsequent withdrawals attract a small wire fee.
Account opening
The application is fully online and AUSTRAC-compliant. Expect more paperwork than at a pure CFD broker. Most AU applications complete within 2 to 3 business days.
Product range
On product range, nothing else on the AU list comes close, and the shape of the range is the point. Most of what you buy at IBKR you own outright; the CFD line exists but it is the smaller half of the story, and our CFD market breakdowns cover that side class by class.
| Asset class | Count | Note |
|---|---|---|
| Equities | 150+ markets in 33 countries | ASX, NYSE, NASDAQ, LSE, TSX, Euronext, Xetra, Tokyo, Hong Kong, Singapore and more |
| Options | US, European, Australian and Asian markets | Multi-leg strategies supported natively |
| Futures | CME, CBOT, NYMEX, COMEX, ICE, EUREX, ASX 24 | ASX 24 covers the Sydney futures contracts |
| Bonds | Corporate, government and municipal | Direct market access across major markets |
| Mutual funds | 47,000+ globally | Through FundsPlus |
| ETFs | ASX plus the full US universe | Fractional trading on US-listed ETFs |
| Forex | 100+ pairs | IDEAL FX, direct ECN routing |
| CFDs | Index, single-stock and forex | A side product here, not the main event |
| Cryptocurrencies | Limited spot and crypto-tracking products | No crypto CFDs |
Three of those classes get no section of their own. The CFD line covers index, single-stock and forex contracts, and it sits alongside the ownership products rather than replacing them, which is the reverse of every CFD-first broker on this list. On crypto, IBKR carries limited spot and crypto-tracking products and no crypto CFDs at all, so it isn’t a reason to open the account. Mutual funds run past 47,000 choices through FundsPlus globally, and the ETF list covers ASX alongside the full US universe.
ASX and global share investing
IBKR is the cheapest ASX brokerage on this site, from AUD 6 a trade, and the equities reach runs to 150 plus markets in 33 countries under one login. These are shares you own, not CFDs, and the difference decides which product you should be buying: our guides to share investing versus share CFDs and the CFD versus share ownership question set out where each one fits. Single-stock CFD variants exist alongside for traders who want leverage or shorts, and fractional shares are supported on US-listed stocks and ETFs.
Options, futures and bonds
Listed options run across US, European, Australian and Asian markets with native multi-leg support. Futures cover CME, CBOT, NYMEX, COMEX, ICE, EUREX and ASX 24. Bonds get direct market access across government, corporate and municipal issuers. Commissions sit in the costs section above; what matters here is the market access, and no other AU retail broker offers these three classes at this depth.
Forex at IBKR
Spot FX runs through IDEAL FX with direct ECN routing across 100 plus pairs, priced on commission rather than a marked-up spread. That makes it a different product from the CFD accounts every other broker on this site sells you: it is institutional-style spot conversion and trading, not a leveraged CFD, and the margin treatment follows the section below.
Leverage and margin for AU traders
IBKR does not fit the CFD leverage template. Most of what you trade here you own outright, so the borrowing sits in a margin loan against the account rather than inside a leveraged contract, and IBKR’s margin borrow rates are among the lowest in retail. Margin call thresholds and Pattern Day Trader rules apply on US equities, which is the constraint active AU clients meet first. ASIC’s CFD caps bite only on the CFD product line, where they apply exactly as they do at every other ASIC broker.
ASIC caps retail CFD leverage at 30:1 on major forex pairs, 20:1 on minor pairs, gold and major indices, 10:1 on commodities other than gold, 5:1 on share CFDs and 2:1 on crypto assets. The caps come from a product intervention order that ASIC has extended to 23 May 2027, so they apply at every ASIC broker, not just Interactive Brokers. Two IBKR-specific notes sit on top of that: it treats every AUD pair, including AUD/USD, as a minor at 20:1 rather than a major at 30:1, and it lists no crypto CFDs, so the 2:1 crypto cap never comes up here.
ASIC requires every CFD issuer to close out a retail client’s positions once account equity falls below 50 percent of the total initial margin on all open positions. The rule is set by the product intervention order and applies to Interactive Brokers the same way it applies to every ASIC-licensed CFD issuer. Positions cannot be netted off against each other to reduce that figure, and a gapping market can close a position below the 50 percent level.
If you are weighing that trade-off, read our explainer on forex margin and leverage first, then our page comparing high leverage brokers.
Customer service
24/5 support (Sunday 1:00 PM to Friday 7:30 PM, US Eastern Time) by phone, live chat and email. Average live chat response in our testing: under 2 minutes during AU business hours, 5+ minutes overnight.
Research and education
Research stack
The research integrated into TWS is the strongest in our broker coverage:
- Reuters news feed
- Morningstar fundamental research
- Zacks earnings data
- Briefing.com market commentary
- TipRanks analyst coverage
- IBKR’s own real-time scanner
- Risk Navigator portfolio risk analysis
- Probability Lab options strategy modelling
- PortfolioAnalyst account and portfolio reporting
- IBKR GlobalAnalyst
It’s institutional-grade research, and it comes free with the account.
Education
Traders’ Academy is IBKR’s free education hub. Modular courses on options, futures, fixed income, forex and equity trading.
How Interactive Brokers compares to alternatives
No single broker wins on every axis. The table below points to the brokers we would pick for specific priorities; for the full field, see our best forex brokers in Australia guide.
| If you value… | Consider |
|---|---|
| MT4 or MT5 for forex | Pepperstone or IC Markets |
| Tightest forex spreads with lower complexity | Pepperstone, IC Markets or Fusion Markets |
| cTrader | Pepperstone or FP Markets |
| Same broad CFD range with proprietary platform | CMC Markets or IG Markets |
| Beginner-focused investing | eToro or Plus500 |
| Copy trading | eToro |
Should you open an account with Interactive Brokers?
Open an IBKR account if you think of yourself as an investor first: from AUD 6 ASX brokerage, 150 markets in 33 countries and an options, futures and bonds stack nothing retail facing in Australia matches. Skip it if you are a forex CFD trader wanting MetaTrader or cTrader workflows, which IBKR does not run, or if TWS’s learning curve and bank transfer only funding would slow you down; Pepperstone is the FX answer and CMC Markets the friendlier multi-asset one. The paper trading account is the right way in.
Open an Interactive Brokers account → (affiliate link, see our advertiser disclosure)
FAQs
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Related pages
About the author
Justin co-founded CompareForexBrokers in 2014 and has traded forex since 1998. Based in Melbourne, he has tested every ASIC-regulated broker on this site personally and has written for Forbes, Kiplinger, Finance Magnates, the Australian Financial Review and The Age. He holds a Bachelor of Commerce (Honours) and a Master of Marketing from Monash University. Justin is the Strategic Head of Research for the site.