IBKR transfer out fee

Interactive Brokers Account Transfer Fee (ACAT) 2024


IBKR ACAT fee to transfer out (stock positions, full and partial account transfer). Interactive Brokers transfer fee (outgoing).


ACAT Fee For Transfers Into Interactive Brokers


Interactive Brokers does not charge any fees if you are transferring an account to them. You can use a new customer referral link below to open an account and initiate the transfer:


Visit IB Website


Does Interactive Brokers Cover Transfer Fee?


Interactive Brokers does not reimburse ACAT account transfer fees charged by your current broker. Some brokerages, however, offer reimbursements of other brokers account transfer fees. While the average ACAT transfer fee is around $75, Robinhood offers up to $125 ACAT reimbursement if you transfer an account with at least $7,500 to them.


Interactive Brokers ACAT Fee (Transferring OUT)


Transfer Method Type Fee
ACATS Deposit or Withdrawal None
DWAC Deposit or Withdrawal USD 100 per settled transaction
DRS Deposit or Withdrawal USD 25 per settled transaction; USD 100 per rejected transaction


IBKR Wire/Check/ACH Transfer Fees


Currency Wires Checks ACH/EFT
USD 10.00 4.00 1.00
CAD 12.00 N/A 2.00


Interactive Brokers Overview


In the world of amateur and professional stock market trading, one of the most least known firms is Interactive Brokers. Designed with the professional in mind, and not easy to learn and use as an amateur, the brokerage firm offers a full suite of trading tools that an investor interested in trading any type of market around the globe could ask for.

To better understand the broker, the company’s mission put in place by Chairman Thomas Peterffy is a good place to start:

"Create technology to provide liquidity on better terms. Compete on price, speed, size, diversity of global products and advanced trading tools."

They have remained true to this mission since their inception 39 years ago. With approximately 1000 employees in offices including USA, Canada, Hong Kong, Russia, China, and Japan their worldwide reach is massive.


Interactive Brokers


Suite of Tools


A discount broker is only as good as the tools they offer. Even with the lowest commission rates, if the broker does not have solid investing tools that professionals and amateurs can rely on then they are essentially useless.

Interactive Brokers has invested heavily in their trading tools. They have three versions available, including a mobile app, a web app, and full-featured desktop version. The desktop version is a fully customizable software package that can be tailored to exactly what the trader or investor needs to see on their trading computer. Want to trade using two, four, or six (or more) monitors? The Trader Workstation can be customized to display all the trading tools and charts across all these screens so information is always available to make the best decisions possible.


Interactive Brokers Financial


What Can Be Traded?


A lot of retail level discount brokers only offer the standard collection of financial products that can be traded. For example, traders will often see a number of brokers only providing access to stocks and options.

Interactive Brokers provides access to all of the major financial products that traders, investors, and even institutions like to have access to in order to make as much money as possible. This includes full access to trading stocks, bonds, options, futures, forex, and mutual funds.

Keep in mind that some of these products require special permission to trade, but Interactive Brokers walks clients through what is required.


Interactive Brokers Trading Tools


Customers have two options when logging into the Interactive Brokers site. Either they have to use a table of log-in codes Interactive Brokers sends in the mail, or they can use a small device to generate a code during each log on. The company states that it will not be held liable for fraudulent activity if customers do not use Interactive Brokers's secure login process.

Once logged in, the broker offers three trading platforms. Their basic platform is QuickTrade, which is browser-based. It takes several clicks just to get to the platform. The interface is slow to load and tends to have a lot of technical glitches. The dropdown menu is dysfunctional, and order entry is slow. When entering an order, fields are sometimes pre-filled with wrong values.

A step up from QuickTrade is WebTrader, which launches in a separate window. It is much more stable than QuickTrade. It offers more features and is more convenient to use. Traders can enter multiple orders without sufficient funds to cover them; if one order is executed, and the account doesn't have enough cash to cover the other orders, they are automatically canceled. Traders new to Interactive Brokers should probably start with this software.

The broker's flagship platform, Trader Workstation (TWS), is one of the best software programs in the industry. TWS has advanced charting and research services, risk management tools, dynamic streaming quotes, and over 50 order types. Users can download TWS as a stand-alone application or run it from the browser. The browser version seems a tad bit slower. Both versions are Java-based. The disadvantage of having such a sophisticated trading platform is that it's not user-friendly. It will be especially difficult for new investors to learn.


Interactive Brokers Review


Interactive Brokers has mobile apps for iPhone, iPad, Android phone and tablet, and mobile web. A version of TWS for BlackBerry is also available. Users get real-time quotes, charting, and market scanners. Standard order types and complex option spreads can be entered on the mobile platforms.


Interactive Brokers Review


Trading Experience


Interactive Brokers has many fees, compared to other online brokers. Describing these fees takes several pages on the firm's website. It gives the impression that the broker excessively charges its clients. This is the only firm that allows just one free withdrawal request every 30 days and charges customers for additional ACH withdrawals ($1) and check withdrawals ($4).

Traders should be cautious when using margin here. The broker liquidates positions almost as soon as an account gets into negative territory. Interactive Brokers seems to be faster than other brokers on this issue. The firm tightened margin requirements during the 2008 economic crisis, and many customers who were using margin had their account positions liquidated. Interactive Brokers did this without warning, and it created a perception that the firm has no regard for its clients, at least not when its own money is at risk.

Interactive Brokers has a notorious reputation in the investment community for appalling customer service. Combined with the complexity of their trading platform, Interactive Brokers is definitely not a brokerage for novice investors. They actually discourage beginners from opening an account.


Interactive Brokers Review Summary


Interactive Brokers targets a client base of experienced, professional investors. It delivers an excellent trading platform, quick executions, and the best margin rates. The firm is a great choice for active traderse. Interactive Brokers is not a good choice for beginners.

We recommend Interactive Brokers to day-traders, hedge funds, and other sophisticated traders.


Summary


Interactive Brokers can be intimidating for non-professional traders and investors at first. The advanced trading tools, access to multiple markets, and variety of products that can be traded is vast and overwhelming.

However, at the end of the day they are a discount broker like any other broker and if ultra low commissions and solid trading tools are important to you then Interactive Brokers is definitely a broker to check out.

Updated on 11/16/2023.


About the Author
Chad Morris is a financial writer with more than 20 years experience as both an English teacher and an avid trader. When he isn’t writing expert content for Brokerage-Review.com, Chad can usually be found managing his portfolio or building a new home computer.