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Interactive Brokers review: Is it worth it for Canadians?

Money.ca / Money.ca

Colin Graves

By Colin Graves

🗓️

Updated: January 13, 2025

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Interactive Brokers (IBKR) Canada is a global trading platform for Canadian investors. It combines low fees with a powerful trading platform and unparalleled access to global markets and foreign currency trading. But is it too much for the average investor? 

Who Interactive Brokers Canada is for

Interactive Brokers is best suited for sophisticated investors who want access to global markets, forex trading and robust trading and research tools.

With IBKR, you can trade on over 150 global markets and fund your account with 28 different foreign currencies. It offers eight trading platforms, and its flagship platform, IBKR Trader Workstation, rivals that of any brokerage in Canada. It doesn’t offer free stock and ETF trades, but its minimum fee of $1.00 per trade is pretty competitive. 

Related: Best commission-free trading platforms in Canada

Beginner investors and low-volume traders might find IBKR a bit overwhelming, and if all you want is a basic trading platform where you can buy stocks and ETFs, you’ll be better off with a simpler platform such as Wealthsimple or Questrade. Another consideration is that IBKR only offers two registered account types: TFSAs and RRSPs. So if you need a RRIF, LIRA, RESP or FHSA account, you’ll need to look elsewhere.  

Pros and cons

Pros

Pros

  • Low fees on stock and ETF trades

  • Access to over 150 global markets

  • Wide range of investment options

  • Eight trading platforms

Cons

Cons

  • Limited registered accounts (TFSA and RRSP)

  • Platform may overwhelm beginners

  • Mediocre customer service

Interactive Brokers Canada fees and charges

Here is a list of fees and charges you can expect from Interactive Brokers Canada. Note that you cannot purchase mutual funds through its Canadian trading platform. 

  • Stocks and ETFs: $.01/share; $1.00 minimum per order
  • Stocks and ETFs (USD denominated): $0.008 USD/share; $0.80 USD minimum per order 
  • Telephone orders: $40.00 per order 
  • Canadian options (CND): $1.00-$1.25 per contract ($1.50 minimum per order) 
  • US options: $0.15-$0.65 per contract ($1.00 USD minimum per order)
  • Canadian bonds: 0.025%-0.10% of the trade value (no minimum) 

  • TFSA account fee: No charge
  • RRSP account fee: No charge
  • Archived statements: $25.00 first statement, then $5.00 per statement
  • Wire transfer out: $12.00 
  • Cheque requests: $4.00

With a $1.00 minimum per order, Interactive Brokers Stock and ETF trading fees are among the lowest in Canada. There are a few platforms that offer free trades, including National Bank Direct Brokerage, Desjardins Online Brokerage and Wealthsimple. While it only offers two registered account types (TFSA and RRSP), it does not charge an annual account fee. 

Interactive Brokers trading platforms and tools

Interactive Brokers offers eight trading platforms. Here’s a closer look at a few key platforms, including the newest one, IBKR Desktop: 

IBKR trading platform Description
IBKR GlobalTrader This platform is geared towards beginner and intermediate investors. It’s limited to stock, ETF and options trading, but it supports fractional shares and you can test it out with a simulated account before diving into the real thing. As well, you can trade on 150 global markets using GlobalTrader.
IBKR Trader Workstation (TWS) Trader Workstation is IBKRs flagship desktop platform. It’s packed with features that cater to the most experienced and active traders, including advanced options and portfolio management tools. Investors can trade the full range of IBKR investment products on over 150 global markets without switching platforms.
IBKR Desktop IBKRs newest trading platform, Desktop includes many, though not all, of the tools from TWS. Trading features include an Option Lattice, Rapid Order Entry with attached orders, Multi-Leg Strategy Builder and Custom Layouts. Research and analytics tools include Market Screeners with MultiSort, Customizable Watchlists, Options Analysis and Fundamentals Explorer.
IMPACT IMPACT is IBKRs specialty trading platform that’s designed to help you build a values-based portfolio. It shows you where different companies stand when it comes to environmental, social and governance (ESG) issues. IBKR identifies 13 different IMPACT values when assessing companies, including clean air, company transparency, gender equality, ocean life, pure water and racial equality. You can trade stocks, ETFs and options on the IMPACT platform.

Interactive Brokers account types and options

Interactive Brokers Canada supports the following personal account types: 

As you can see, IBKR offers fewer account types than many other Canadian brokers. For example, you can’t open an RESP, RRIF, LIRA, FHSA, etc. 

Note: IB Canada places some restrictions on its RRSP account that other brokerages don’t. For one, it doesn’t allow any withdrawals under the Home Buyers Plan (HBP) or Lifelong Learning Plan (LLP), and you can only make withdrawals in Canadian dollars. It also places restrictions on incoming and outbound transfers. 

Interactive Brokers eligibility requirements

To open an RRSP or TFSA account with Interactive Brokers Canada, you must:

  • be a Canadian resident
  • be 18 years of age or the age of majority in your province of residence
  • have a Social Insurance Number

Regarding RRSP accounts: You cannot contribute to a plan after December 31 of the year you turn 71. Keep in mind that IB Canada does not offer RRIF accounts, and RRSPs must be converted to RRIFs after you turn 71. 

Deposit minimums and requirements: Interactive Brokers does not have any account minimums or inactivity fees.  

Additional account features: What sets Interactive Brokers apart from most, if not all, Canadian online brokers, is its access to global markets and foreign currencies. Investors can trade in over 150 global exchanges and fund their account with more than 20 currencies — no other Canadian brokerage comes close. 

Interactive Brokers Canada compared

Interactive Brokers vs. Questrade

Questrade is Canada’s largest independent online brokerage, and gets high marks for its low fees, specifically its commission-free ETF purchases and lack of account fees. It also offers managed portfolios through its robo-advisor, Questwealth. IB Canada charges slightly higher fees on ETF purchases, but has lower trading fees overall. The minimum commission for both stocks and ETFs is only CND$1.00. 

Questrade is the better platform for dedicated ETF investors or beginners who don’t need access to global markets or IB Canada’s advanced research tools. Questrade comes out on top if you need to open a registered account (RESP, RRIF, LIRA, LIF, FHSA, etc.) as it supports all of these account types. 

IB Canada is the better choice for active traders who will benefit from stock trading fees as low as $1.00 per trade, or who want access to over 150 global markets, as well as top-notch foreign currency trading. Interactive Brokers GlobalTrader app allows you to fund your account with more than 20 different currencies — with Questrade, you can only hold Canadian or US currency. 

Get started with Questrade

Interactive Brokers vs. Wealthsimple

Wealthsimple is one of Canada’s leading robo-advisor platforms, and it also offers self-directed trading, with access to over 9,000 commission-free stocks and ETFs.

Wealthsimple is designed for younger investors, with Millennials making up 85% of its customer base. Its trading platform is easy to use, but its market research tools and investment options pale in comparison to what Interactive Brokers offers. Wealthsimple only supports stock, ETF, options and margin trading. With IB Canada, you can also invest in futures, currencies and bonds across more than 150 global markets. 

That said, if you’re just looking for a basic trading platform with access to free stock and ETF trades, Wealthsimple is the way to go. If you’re an active trader or need access to more investment options, choose Interactive Brokers. 

Go to Wealthsimple

Interactive Brokers vs. Moomoo

Moomoo is a global investing app that expanded into Canada in 2023. It shares some similarities with Interactive Brokers. Like IB Canada, it only offers two registered account types: TFSAs and RRSPs. Its minimum stock and ETF trading fees are slightly higher than Interactive Brokers ($1.49 CDN/trade vs. $1.00/trade). Both platforms provide a free paper trading account, a feature many Canadian online brokers don’t offer. 

One interesting note is that Interactive Brokers Canada is the broker for Moomoo Canada. This means that it operates as Moomoo’s back office, providing Moomoo with critical services, such as the execution, clearing and settlement of trades, and the custody of client funds and securities. This is something to consider if you’re trying to decide between the two, as IBKR is a much more established brokerage.

Go to Moomoo

Interactive Brokers contact information, customer service and support

  • 📞 Phone: Customers can contact Interactive Brokers by telephone at 1-877-745-4222, between 8:00 am and 5:30 pm ET, Monday to Friday.
  • 📧 Email: IBKR does not support inbound emails. However, you can submit an inquiry via its Message Centre.
  • 💬 Chat: Live online chat is available to existing IBKR clients. To access, log in to the Client Portal and select “Support.”

It’s difficult to gauge IBKRs service levels, partly because many of the comments in forums such as Reddit pertain to the US brokerage. One frustration people have is the fact that you cannot email them, due to security and spam concerns (according to the company). Instead, you’re limited to using a website contact form. 

Telephone support hours (8 am to 5:30 pm ET) are also shorter than other brokerages. For example, TD Direct Investing offers telephone support between 7 am and 10 pm ET, and Scotia iTrade takes calls from 8 am to 8 pm ET. 

What I like and don’t like about Interactive Brokers

Interactive Brokers is a truly global trading platform, offering access to well over 150 global markets and extensive forex trading capabilities. Furthermore, it boasts powerful trading platforms and low trading fees. The problem is that, while IBKR caters to global investors, it misses the mark in some key areas for Canadian investors. 

For starters, a major drawback is that it only offers two registered account types: TFSAs and RRSPs. In addition, it places some tight restrictions on these accounts. For example, its RRSP account doesn’t support Home Buyers Plan (HBP) or Lifelong Learning Plan (LLP) withdrawals. And, because it doesn’t offer RRIF accounts, you must close your RRSP account when you turn 71 and either withdraw the funds, move them to a RRIF at another institution or purchase an annuity. 

Finally, it doesn’t offer a Canadian-specific website. This means that investors must filter through piles of information pertaining to other countries and currencies, including pricing and fees. Other Canadian-only brokerages offer a much cleaner and simpler experience.  

Interactive Brokers promo

Interactive Brokers Canada does not currently have a promotional offer for new clients. 

How to open an Interactive Brokers account in Canada

You can open an Interactive Brokers account by following these five steps: 

  1. 1.

    To get started, go to the Interactive Brokers website and select “Open An Account”. You can use any IBKR domain, and select Canada as your country of residence.

  2. 2.

    IBKR will require a copy of a chequing or savings account statement dated within six months. It must include your name and address, bank name, your account number and the statement date. You’ll be prompted to scan and email or fax the statement. 

  3. 3.

    You can fund your account by sending a wire or setting up an electronic funds transfer. You can also set up IBKR as a payee in your online banking bill payment system. 

  4. 4.

    Interactive Brokers will review your application for approval once it's completed and your bank statement has been received. 

  5. 5.

    You’ll be notified by email with an approval decision once your application has been reviewed. This process typically takes 48 business day hours. 

  6. 6.

    Once your account has been approved and funds received, you will be able to place trades. 

Bank statements can be emailed to [email protected] or faxed to 514-287-0152. For support, you can contact an IBKR representative at 1-877-745-4222 from 8 am to 5:20 pm ET, Monday to Friday.  

FAQs

  • Is Interactive Brokers a trusted brokerage?

    +

    Yes, Interactive Brokers is a global securities firm that has existed for nearly 50 years. Its parent company, IBG LLC, holds over $16 billion in equity capital, exceeding regulatory guidelines by more than $11 billion. Interactive Brokers has no long-term debt and has an A-Rating (Outlook Stable) with Standard & Poors.

  • Is my money safe with Interactive Brokers?

    +

    Yes — other major Canadian online brokers, Interactive Brokers Canada is a member of the Canadian Investor Protection Fund (CIPF). This means investors' accounts are protected with up to $1,000,000 of coverage if Interactive Brokers Canada becomes insolvent.

  • Does Interactive Brokers charge a monthly fee?

    +

    No, Interactive Brokers does not charge a monthly or annual fee.

  • Can I use Interactive Brokers for a TFSA?

    +

    Yes. Interactive Brokers Canada offers both TFSA and RRSP accounts.

Colin Graves Freelance Writer

Colin Graves is a Winnipeg-based financial writer and editor whose work has been featured in publications such as Time, MoneySense, MapleMoney, Retire Happy, The College Investor, and more. Before becoming a full-time writer, Colin was a bank manager for over 15 years.

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