Beginner Notes for Forex Trading: Things to Remember on IBKR Platform

Beginner Notes for Forex Trading: Things to Remember on IBKR Platform

IBKR – This is a shortened name for Interactive Brokers platform. This is devised for individuals who wish to enjoy more than just Forex Trading because according to the experts, IBKR is a platform for active traders around the world. Because of the company’s goal to cater to every trader’s needs, they can proudly say that they continuously provide new products, educational resources, and services to convince non active traders to change course. This time, we will be highlighting basic notes which will be helpful towards deciding if this platform suits your trading preferences.

Features of IBKR

It is amazing to note that Interactive Brokers (IBKR) is not just geared in the development of active traders but the creators also wish to make newbies and less active investors or traders feel at ease while trading. Here are the 4 Aspects of IBKR which will help you understand how the platform works.

1. Usability

Reviewers give a grade of 4.3 stars out of 5 for IBKR’s usability. This therefore means that the platform is a nearly perfect material for e-trading. With its operation that uses Traders Works Station (TWS), IBKR users find it very conducive and powerful for better trading experience. Part of enjoying the TWS is having access to the client’s portal where you are able to easily locate tools that are needed for analyzing and planning. Aside from that, IBKR also has a mobile compatible application which possesses almost all of the functionality that the web platform has.

2. Trading Experience

IBKR’s goal is to make every trader feel at ease in terms of their trading experience.What makes it outstanding is the creation of TWS. This tool as mentioned earlier has a client’s portal and in this feature, the user can personalize his trades and accounts based on order executions, place automated trades to TWS, or subscribe to trade signals from third-party providers.

3. Products Offered

Experts can attest the wide range of products that are offered under this platform. Just last year, the developers of IBKR expanded its mutual fund marketplace so this platform already offers nearly 26,000 funds from more than 285 fund families including global sources funds.

4. Cost

If the three previously stated features of the IBKR fall under the positive feature,the fourth element is probably considered as one of the weaknesses of the platform. In a review made by the users, it was given a rate of 2.7/5 because of its complex payment requirement. In fact, US equities require commissions such as Fixed per-share pricing of $0.005 (one-half cent) per share traded with a minimum of $1 and a maximum of 1% of trade value,Tiered per-share pricing based on monthly order activity ranging from a high of $0.035 per share for under 300,000 shares per month to $0.0005 per share for over 100,000,000 shares per month, with a minimum of $0.35 per trade and IBKR Lite program, which offers free trades for U.S. listed equities.

Conclusion:

It is believed that IBKR can be an alternative platform for Forex Trading enthusiasts because of its various positive features and impressive technology. But despite the company’s goal to lessen the intimidation for newbies, the overwhelming tools and applications could challenge their skills and capabilities while using them.