| Information | |
|---|---|
| Broker | Interactive Brokers |
| Company | Interactive Brokers LLC; Interactive Brokers (U.K.) Ltd; Interactive Brokers Canada Inc. |
| Year since | 2004 |
| Headquarters | Greenwich, CT, United States |
| Regulation | NFA (#0258600); FCA(UK) (#208159); IIROC. |
| Model | ECN |
| US Clients |  |
| Min Deposit($) | 3000 |
| ECN Account Min Deposit($) | 10000 |
| ECN Commission($)/rtl(Round Turn Lot) | 2 |
| Offer Fixed Spread |  |
| Offer Variable Spread | |
| EURUSD Lowest spreads (pips) | n/a |
| Account Currency | USD, EUR, GBP, CHF, CAD, AUD, JPY, SEK, NOK, SGD, NZD, KRW, MXN |
| Max Leverage | 40 |
| Minimal Lot | 0.25 |
| Deposit Method | Bank Wire, Cheque, ACH |
| Withdrawal method | Bank Wire, Cheque, ACH |
| Scalping | |
| Hedging | yes (non-US accounts) |
| All EAs Allowed | – |
| Currency Pairs | 140+ |
| Gold | |
| Gold Spread(100oz) | >35 |
| Silver | |
| Silver Spread(5000oz) | >2 |
| Oil | |
| CFDs | |
| Other Instruments | Stocks, Indices, Futures, Options, Commodities, Energies, Bonds, ETFs |
| MAM/PAMM Accounts | |
| Managed Accounts | |
| Swap-free accounts | |
| Segregated Accounts | |
| Interest on Margin | |
| Bonuses & Rewards | |
| Trading contests | |
| Trading platform | TWS , FXTRader |
| Platform Execution | – |
| Platform Time Zone | EST (GMT-5) |
| Trailing stops | |
| OCO orders | |
| One-click execution | |
| Trade with mobilephone | |
| Trade in browser | |
| API | |
| Type | Public | |
| Traded as | Nasdaq: IBKR S&P 400 Component | |
| Industry | Financial services | |
| Founded | New York City, United States (1978) | |
| Headquarters | Greenwich, Connecticut, United States | |
| Number of locations | 25 offices in 12 countries | |
| Area served | Worldwide | |
| Products | Direct market access to stocks, options, futures, forex, bonds, and ETFs | |
| Services | Online brokerage, direct-access trading | |
| Parent | Interactive Brokers Group |
- Interactive Brokers LLC (IB) is an American multinational brokerage firm.
- The company brokers stocks, options, futures, EFPs, futures options, forex, bonds, and funds.
- IB is regulated by the U. S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, the New York Stock Exchange, the Commodity Futures Trading Commission, National Futures Association, Chicago Mercantile Exchange and other self-regulatory organizations.
- Interactive Brokers Group owns 40 percent of the futures exchange OneChicago, and is an equity partner and founder of the Boston Options Exchange.
- According to , Peterffy(founder) IB specializes in providing brokerage services to larger customers and charging low transaction costs.
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Narrative for 0258600 – INTERACTIVE BROKERS LLC
July 25, 2012
CFTC Orders Interactive Brokers LLC, a Registered Futures Commission Merchant, to Pay $700,000 for Large Trader Reporting and Supervision Violations
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today issued an order filing and settling charges against Interactive Brokers LLC (Interactive), a futures commission merchant based in Greenwich, Conn., for filing inaccurate large trader reports and failing to diligently supervise the handling and reporting of accounts.
The CFTC order, filed on July 25, 2012, requires Interactive to pay a $700,000 civil monetary penalty and prohibits Interactive from violating Section 4g of the Commodity Exchange Act and CFTC Regulations 17.00, 17.01, and 166.3, as charged.
The CFTC order finds that from in or about January 2008 to at least January 2012, Interactive repeatedly failed to aggregate positions for related accounts that it reported to the CFTC in its daily large trader submissions. Interactive primarily supervised the aggregation aspect of its large trader reporting using an automated system that lacked functionality sufficient to aggregate accounts owned and/or controlled by the same traders, according to the order. Moreover, Interactive failed to take reasonable steps to correct its automated system after it learned that the system was repeatedly failing to identify and aggregate related accounts, the order finds.
According to the order, Interactive also failed to file updated Form 102s when large traders opened related accounts or changed information concerning their trading accounts. The CFTC requires futures commission merchants, such as Interactive, to submit Form 102s identifying account holders and entities excising trading control over certain accounts in order to evaluate potential market risks. Interactive failed to supervise the employees responsible for submitting Form 102s because Interactive did not instruct them to submit updated Form 102s to the CFTC and did not provide a means by which its employees could determine when an updated Form 102 was required, the order finds.
CFTC staff responsible for this case are Lindsey Evans, Margaret M. Sweet, Cynthia Cannon, Mary Beth Spear, Ava M. Gould, Scott Williamson, Rosemary Hollinger, and Richard Wagner.
Last Updated: July 25, 2012
This broker is stocks specialized. They do offer forex. But I recommend Dukascopy if you want ecn
A good ECN Broker, their platform isn’t the greatest though, it’s not that user friendly . If you are a beginer you may want to choose another broker. MaXleverage 40:1.
I don’t have too many issues with them so far. The learning curve to use their interface is quite steep
Good stocks broker, not the best for forex
• CEASE AND DESIST ORDER
• OTHER (SEE NARRATIVE)
• COMMISSION ORDER
• COMPLAINT FILED
• DISGORGEMENT $175000
Narrative for 0258600 – INTERACTIVE BROKERS LLC
Release: 5354-07
For Release: July 18, 2007
Interactive Brokers LLC Sanctioned for Failing to Supervise Its Compliance Staff
CFTC Orders Online Broker to Give Up $175,000 in Commissions It Earned Hnalding a Customer Account Used to Defraud Commodity Pool Investors
Washington, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) announced today the issuance of an order filing and simultaneously settling charges against Interactive Brokers LLC (IBL), a discount direct access brokerage firm and registered futures commission merchant (FCM) headquartered in Greenwich, Connecticut. IBL offers online trading of futures, options, forex, and stock and has just concluded an initital public offering under the name Interactive Brokers Group, Inc.
The CFTC order finds that IBL failed to supervise diligently its compliance employees’ handling of a commodity futures trading account maintained in the name of Kevin J. Steele, a Canadian who used the account to defraud more than 200 Canadian, German, and United States citizens of approximately $8.1 million in a commodity pool fraud that was the subject of an earlier CFTC enforcement action (see CFTC News Release 5139-05, Nov. 28, 2005.) The July 17, 2007, order requires IBL to disgorge $175,000 in commissions it earned from Steele’s account and to remit those funds to the Clerk of the Provincial Corut of British Columbia, which will distribute the funds to the defrauded investors.
The CFTC order finds that, from February 2003 through May 2005, IBL accepted 135 third-party deposits in the form of wire transfers and checks totaling 47.7 million into Steele’s personal account, but did not have procedures reasonably designed to detect the deposit of third-party funds in an individual trading account. The frequency and magnitude of deposits and withdrawals to Steele’s account, relative to his stated liquid net worth, and the pattern of deposits followed by withdrawals suggested that Steele might be operating as an unregistered commodity pool operator. IBL compliance staff telephoned Steele on at least three occasions to inquire about the trading activity in his account. Each time, IBL compliance staff accepted Steele’s explanations as reasonable without conducting any additional or independent inquiries.
As noted in the CFTC order, an FCM’s ability to determine if funds in customer accounts are coming from someone other than the accountholder is a necessary part of an adequate supervisory system. If an FCM fails to monitor the source of funds being deposited into customer accounts at the time such funds are received, its ability to detect illegal activity such as pool fraud or money laundering is impaired. The order finds that, during the relevant time period, IBL’s procedures for determing the source of funds received through wire transfers were inadequuate to meet its supervisory responsibilities.
In a parallel action resulting from a settlement, on May 29, 2007, the National Futures Association (NFA), a registered futures association in which IBL is a member firm, fined IBL $125,000 for doing business with Steele and failing to maintain adequate books and records. The NFA also ordered IBL to create a restitution fund to pay up to $325,000 for the benefit of individuals who invested with Steele.
The following CFTC Division of Enforcement staff were responsible for this case: Diane M. Romaniuk, Ava M. Gould, Mary E. Spear, Scott R. Williamson, Rosemary Hollinger, and Richard B. Wagner.
The CFTC also appreciates the assistance it has received from the NFA, the Integrated Market Enforcement Branch of the Royal Canadian Mounted Police’s Federal and International Operations Directorate, and the British Columbia Securities Commission.
COMPLAINT –
On June 2, 2006, NFA issued a Complaint charging Interactive with failure to maintain required books and records, failure to cooperate promptly and fully with NFA in an NFA audit, and doing business with a non-Member of NFA that was required to be registered with the CFTC.
ANSWER –
On August 14, 2006, Interactive filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION –
On May 29, 2007, Interactive was ordered to pay up to $325,000 into a “restitution fund” at NFA, which NFA will administer for the benefit of individuals who invested with Keven Steele and was also ordered to pay a $125,000 fine. In addition, Count II of the Complaint was dismissed.
Positive:
* exceptional execution speed
* best commissions
Negative
* it is not good for beginners, only for pros who understand many things about trading and IB
* not very good in training and technical support (this is the lowest in the overall ratings)