Full Review of Interactive Brokers After 4+ Years

This video shares my thoughts on Interactive Brokers which is a trading service I have been using since late 2019. I explained what I think are some of the main things to look out for when using IBKR including account opening, which software I recommend, shorting small caps, currency conversion, TradingView, and what software I use for my own analysis.

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VerrilloTrading may have an affiliate relationship and/or another material connection to any persons or businesses mentioned in or linked to in the content above, and may receive commissions from purchases you make on subsequent web sites. You should not rely solely on information published by VerrilloTrading to evaluate the product or service being offered.

The content that this channel provides is intended for educational purposes only. Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. The risk of loss in trading commodity interests can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition.

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00:00 The Context
1:05 Account Opening
2:44 Description of Margin
3:12 Account Minimums
4:06 Why People Use IBKR
5:29 Moving Funds (Deposit & Withdraw)
7:09 Which Software I use & recommend
9:03 How to understand TWS Software
10:13 Why you need Economic Calendar
12:06 Fundamental Data Explorer
12:33 Best ways to do Trading using TWS
13:30 Managing Open Options Positions
14:23 Trading Options Strategies with Quote Monitor
17:37 Margins for Futures/Small Cap Stocks
19:17 Example of a Margin Trade
20:06 Often No leverage for Small Cap Stocks
21:00 Locates for Hard to Borrow Stocks
22:59 TradingView is supported with IBKR
24:02 Are Funds Safe with IBKR?
25:38 Fiat Currency Conversion
27:27 How FX Orders are Filled on IDEALPRO
29:10 IBKR Generates Necessary Tax Forms

[VerrilloTrading]

Let us know your experience with Interactive Brokers below and if you think I missed something let me know and I'll cover it in a future video! If you appreciate these videos and would like to support my work, check out IBKR using this link: 🌎

[F-talktomegoose]

very refreshing to listen to somebody who can articulate well and not massacre the english language ( like many south of your border)

[JacobTaff-ro]

Being able to use wise is a game changer

[jeronimosuarez]

Great review Chris! Would be great to make videos on the options liquidity tool and volatility trading on ibkr. Thanks a lot and enjoy your coffee!

[hpmeyer]

Hey Verrillo, great video. On 26:30 you mentioned in FX trading for 200, 000 USD/JPY a margin of 597.54 USD, but thats JPY. So 594.54/151.10(USD/JPY)= 3.94 USD Margin. So low Fee's for the amount. Cheers from Luxemburg, Heinz

[Nothing-Everything.]

I love your shirt man! Keep doing your thing

[olllyvava]

The shittiest broker. Full of defects. So many basic features that are not working as they should (I only use mobile app to trade. I watch graphs, price action and order books elsewhere)
Support doesn't get back to you in ages, and when they do they are totally useless, copy pasting some nonsense scripts.

And the worst news - they are not even able to track your location properly and can block your account out of the blue because you were passing 200 miles south of Cuba (which is a red jurisdiction). And then you are completely fooked. Account turns restricted, and you can only close it then

[Fidelbr]

🙏

I don't see a rival for IBKR if you're RETAIL trader with all the stuff they offer plus the access to all the global markets, margin etc.
BUT they need to improve customer service, make the software more stable, less bugs, faster

[prairie_rose]

Do yoi day trade with IBKR? And, if you do, do you find executions slow? Im Canadian

[joeyvlljs]

I'm going to give honest review no filter but your biased because they are paying you . Come on man 😂

[misterringer]

Pros: The best margin rate in the industry

Cons: everything else 🤣. Out of all the platforms I have used, theirs is the least intuitive. I really miss TOS for options but TD/Schwab are more than double IBKR's margin rate.

[stevehalabi]

Can you short on BTC in Interactive Brokers in Canada ? Thanx

[peterpanci]

Hi do you trade stock only? Or do you trade forex us well

[jwhinney]

Very helpful, thank you! In your opinion, what are the drivers to switch from Lite to Pro?

[remickn]

Their charts are pre-historic and their customer service is non existant. You can chat to 3 customer reps and get 3 different answers on the same topic and all wrong. I got more info on IBK from your videos than from all their customer reps combined. Also, their market fills are probably the worst on the market. If I were a newbie, I would most likely pull up with all this, but when you are intermidiate or advanced, not a chance. I bought TV subscription and integrated them with TV platform. Their data feed is good and prices are probably the best on the market. Thats the only reason I am still using them partially. Still missing TOS with their charts, 5min call away customer service and amazing market order fills. So sad they left Canada. Thanks for a good video as well as tons of other ones you made and I watched in the last 3 weeks!

[dcorrea]

Great video. Thank you.
How did you get the notes panel?

[theRealJohnWayneGacy]

Your institutional IBKR account is for a prop trading group?

If so, did you elect IRS Sec475(f)?

[EzekielPrellus]

One of the things I hate about IB is the way they upsell "booster packs" so you can view more contracts. It's a particular pain with options chains where each option counts against your contract limit. I believe in the TWS option chain view they must be using a "viewport limiting" mechanism where only contracts in your viewport hit against your limit. The new IBKR desktop is totally broken in this regard and they had to de-activate the "show all strikes" selector because you immediately exhaust your contract limit. I wish they would let you see chains without that hassle. And don't get me started about the API. To work with an option chain, you need to do a cross product of strikes against expirations and test each one individually to see if it a valid contract. They should provide a means to pull a chain and work with it more easily.

[Ex_]

Hey Chris, great video.

The reason the commission for USD.JPY seemed so high is because commissions are expressed in the quote currency (in this case JPY, with 597.54 JPY = 3.70 USD)

[MarcoTrades]

I mostly use Schwab and Fidelity for trading, but the margin rates are high. On the borderline of switching to IBKR.