Interactive Brokers Deposit and Withdrawal In Detail

Pros

Cons

  • Several account base currencies options
  • Free deposits
  • No credit/ debit card option
  • No digital bank transfers
  • Limited deposit options

Introduction

Interactive Brokers is a US-based broker founded in 1978. It’s basically a forex and CFD broker and has a wide variety of other trading instruments. It’s also regulated by top-tier FCA.

Account Currencies

The Interactive Brokers account has different base currencies options like USD, EUR, HKD, GBP, AUD, SGD, CHF, CAD and JPY.

Notes:

  • You will not be charged with conversion fees if your account has the same currency with your bank account or when you trade assets with the same currency of your account.
  • If you want to avoid being charged with conversion fees, you can open a multi-currency bank account at a digital bank.
  • Interactive Brokers will not automatically convert currency when placing a withdrawal.

Deposit

Interactive Brokers does provide a variety of options for depositing money like:

  • ACH transfer
  • Checks
  • Online Bill Pay
  • Transferwise

In addition to the previous depositing options, Interactive Brokers also accepts transferring your money from another broker.

On the other hand, there’s no option to deposit into your account using credit/ debit cards or electronic wallets.

Interactive Brokers deposit methods

 

Interactive Brokers

Credit cards

No

Bank Transfers

Yes

Electronic wallet

No

Fees

Interactive Brokers offers a free-of-charge deposits

Time

It takes from 1 – 2 days in order to complete your deposit into your account in Interactive Brokers.

Withdrawal

Interactive Brokers only provides withdrawal using bank transfers.

Interactive Brokers withdrawal methods and fees

 

Interactive Brokers

Bank Transfers

Yes

Credit cards

No

Electronic wallet

No

Fee

$0
(every month)

Fees

Interactive Brokers offers a free withdrawal at the beginning of each month with $0 fees. The subsequent withdrawals have fees according to the base currency of your account and the method you use for withdrawals

Time

It takes about 2 business days to withdraw your money from Interactive Brokers.

Note:

For security reasons, you may have to verify your identity with the payment department for the first time through the registered email or the phone number.

FAQs

  1. How long does it take to verify my account?
  • It takes about 2 to 3 weeks to verify your Interactive Brokers account.
  1. Can I open more than one trading account?
  • Yes, you can create a linked account and log into Account Management, you can perform any action, such as modify trading permissions or transfer funds, for a specific linked account.
  1. Does Interactive Brokers give a bonus?
  • Yes, Interactive Brokers will give you a bonus of up to $200 if you refer a friend that opens an account and maintains a balance of at least $10,000 for one year.
  1. Does Interactive Brokers has a swap-free account?
  • No, Interactive Brokers does not have an islamic account.
  1. Does Interactive Brokers accept payments from third parties?
  • No, the payments should be under your name only.

 



Leave a Reply