Full Review of Interactive Brokers After 4+ Years

This video shares my thoughts on Interactive Brokers which is a trading service I have been using since late 2019. I explained what I think are some of the main things to look out for when using IBKR including account opening, which software I recommend, shorting small caps, currency conversion, TradingView, and what software I use for my own analysis.
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VerrilloTrading may have an affiliate relationship and/or another material connection to any persons or businesses mentioned in or linked to in the content above, and may receive commissions from purchases you make on subsequent web sites. You should not rely solely on information published by VerrilloTrading to evaluate the product or service being offered.
The content that this channel provides is intended for educational purposes only. Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. The risk of loss in trading commodity interests can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition.
All content appearing on VerrilloTrading is protected by copyright law. Rebroadcasting or any other commercialized use of our program content is strictly prohibited.
IBKR Disclosure: www.verrillotrading.com/ibdis...
00:00 The Context
1:05 Account Opening
2:44 Description of Margin
3:12 Account Minimums
4:06 Why People Use IBKR
5:29 Moving Funds (Deposit & Withdraw)
7:09 Which Software I use & recommend
9:03 How to understand TWS Software
10:13 Why you need Economic Calendar
12:06 Fundamental Data Explorer
12:33 Best ways to do Trading using TWS
13:30 Managing Open Options Positions
14:23 Trading Options Strategies with Quote Monitor
17:37 Margins for Futures/Small Cap Stocks
19:17 Example of a Margin Trade
20:06 Often No leverage for Small Cap Stocks
21:00 Locates for Hard to Borrow Stocks
22:59 TradingView is supported with IBKR
24:02 Are Funds Safe with IBKR?
25:38 Fiat Currency Conversion
27:27 How FX Orders are Filled on IDEALPRO
29:10 IBKR Generates Necessary Tax Forms

[@VerrilloTrading]

Let us know your experience with Interactive Brokers below and if you think I missed something let me know and I'll cover it in a future video! If you appreciate these videos and would like to support my work, check out IBKR using this link: 🌎 www.InteractiveBrokers.ca/mkt/?src=verrilloy5&url=%2Fen%2Fwhyib%2Foverview.php

[@christophergarwood2320]

Hello Chris, How long does it take settle a CRYPTO trade on Interactive Brokers???

[@igorbracic1522]

Mr. Verrillo, next great video. You were right, when I downloaded TWS latest version, my data transfer stopped every 20 seconds. TWS works stably, without interruptions. Thank you!

[@jeronimosuarez7957]

Great review Chris! Would be great to make videos on the options liquidity tool and volatility trading on ibkr. Thanks a lot and enjoy your coffee!

[@hpmeyer]

Hey Verrillo, great video. On 26:30 you mentioned in FX trading for 200,000 USD/JPY a margin of 597.54 USD, but thats JPY. So 594.54/151.10(USD/JPY)= 3.94 USD Margin. So low Fee's for the amount. Cheers from Luxemburg, Heinz

[@jwhinney]

Very helpful, thank you! In your opinion, what are the drivers to switch from Lite to Pro?

[@DeehS-ru8dt]

I started using IB in 1993 when they were only cash in/out, no registration department, and the due diligence to open an account was a written test. However, they had institutional priced commissions that were available no where else. I worked at a regional brokerage at the time, and our Chicago floor broker introduced us to it. IB has come a long way!

[@yutube5167]

best way to transfer money to interactive brokers|? via us bank ach transfer or wise?

[@VerrilloTrading]

Thanks for sharing!

[@EzekielPrellus]

One of the things I hate about IB is the way they upsell "booster packs" so you can view more contracts. It's a particular pain with options chains where each option counts against your contract limit. I believe in the TWS option chain view they must be using a "viewport limiting" mechanism where only contracts in your viewport hit against your limit. The new IBKR desktop is totally broken in this regard and they had to de-activate the "show all strikes" selector because you immediately exhaust your contract limit. I wish they would let you see chains without that hassle. And don't get me started about the API. To work with an option chain, you need to do a cross product of strikes against expirations and test each one individually to see if it a valid contract. They should provide a means to pull a chain and work with it more easily.

[@alexanderseredin]

Hi Chris! Thank you for your videos, they are very useful. Tell me, please, how do you work with debugging when compiling a program through the console?

[@VerrilloTrading]

Well in general the best oldschool advice is "When in doubt, print shit out". This means printing out your items to the console to make sure they are correct. This helps to debug the values of variables and the flow of your application.

[@mechael]

Thanks for the video, Chris. Could you do a video of an in depth tutorial of the mechanics of options trading? Not strategies, but just how to use the software to perform the strategies. I have learned the concepts of options trading, but the interface is confusing.

[@VerrilloTrading]

Great suggestion!

[@Fidelb33r]

🙏 I don't see a rival for IBKR if you're RETAIL trader with all the stuff they offer plus the access to all the global markets, margin etc. BUT they need to improve customer service, make the software more stable, less bugs, faster

[@commercegil]

Good video, spot on. I wish they didn't use Chromium as a base for TWS. That really overworks my system and I use a gaming machine so it has the power. The first thing I have to do is go to task manager and start shutting down Chromium and then its good for the rest of the day.

[@VerrilloTrading]

Thanks for sharing, glad it helped.

[@ivanfisher9301]

very refreshing to listen to somebody who can articulate well and not massacre the english language ( like many south of your border)

[@VerrilloTrading]

Thank you I try my best not to massacre it when doing videos like these!

[@luke-da-duke]

you mean like when americans and brits annihilate the spanish language when visiting mexico and spain?

[@moh3677]

Keep it up Verrillo, I use IBKR for more than 1 year now but the software unexpectedly close and hang in critical moments (I have 2 MacBook m1 based and intel i9 based where same behavior happens!) I always put backup plan in case of closed in middle of trade (keep another device logged on but disconnected by the active device)

[@VerrilloTrading]

Thanks for sharing!

[@TheJocar76]

@@moh3677 hi, I also have kinda this problem. TWS will be fine at first but it seams like when I get in a trade sometimes it’s will become laggy and super slow to respond. I usually have to restart it and it’s usually ok

[@arsenal4ever862]

thanks for great video! which Linux destro you are using?

[@VerrilloTrading]

Debian 12

[@henry6377]

Hey, great video! I want to ask have you found any tips that could lower the commissions on IB as an active trader? Thank you!

[@VerrilloTrading]

If you use SMART routing, you can sometimes be routed to exchanges that provides fee rebates. You can also specify the SMART routing to prefer exchanges that are offering rebates.

[@jazujadoo2743]

Thanks. Can you do a video on trade copier feature if it’s possible with IB? And what data feed will you recommend to trade futures with IB?

[@VerrilloTrading]

I recommend the Sierra Denali data feed for anything futures related. They support CME group and EUREX, and US Equities full consolidated tape.

[@mihaelmati288]

@@VerrilloTradingHow can i use Sierra Denali date feed with Jigsaw.

[@EzekielPrellus]

Which watchlist is the target when you use 'Add to Watchlist' from Strategy builder at 17:16? Is it always a watchlist on that particular layout page? Also is it possible to use the same chart indicator more than once, e.g. with different settings, but split into two different indicator panes? TWS seems to want to cram "like indicators" onto the same indicator pane.

[@VerrilloTrading]

When you use Add to Watchlist, what I have seen it is that it adds the contract to the last watchlist that was in use. Whichever one you last clicked on. Don't think it matters if the watchlist is in a different layout. The indicator functionality for the standard charts in TWS is pretty limited. I never found any functionality that is able to change this behavior.

[@KissRemastersFilms]

Good video mate, but what does the new trading platform look like? And what does the Market Depth and DOM look like in the new trading platform? Can you do a video on this please 👍

[@VerrilloTrading]

Glad it helps, maybe at some point!

[@832elf]

Thanks for the vid. Can you please do a video on recommending the best free trade journalling sites? I’ve looked at a few, but they all cost. Free would be best. Thanks.

[@VerrilloTrading]

Almost no good software that is properly supported and reliable is free, especially in the trading industry. I personally journal just using Sierra Chart, trade tags, and some code.

[@aakarzinzuwadia203]

Hello boss! Thank you for all your videos. I have a question regarding conditional order in ibkr. Let’s say I wanna buy call option if the stock reaches certain price, then it should auto buy my call. Is it possible? Thank you!

[@VerrilloTrading]

Yes this is possible. I will see if I can do a video showing how this is done in TWS.

[@satinderbank4607]

Great Video. Desktop version is pretty good and they are adding more features regularly. Too bad they don't have you tube evanagalists like yourself to promote that platform.

[@VerrilloTrading]

Thanks, I will have a look at it soon!

[@crazytrain7721]

Hey man, thanks for this video. I'm still trying to get to grips with IBKR as I@m coming from TastyTrade which is incredibly basic comapred to this. Can I use chart trader to trade options? IF so, do you habe any videos of how to set that up please?

[@VerrilloTrading]

Glad it helps. Yes it is supported to use Chart Trader for options.

[@gheadwind]

excellent recap! question, how much capital is required for futures trading approval (permission)?? Thank you!

[@VerrilloTrading]

I am not sure of the exact number, you can try to perform a search online.

[@gheadwind]

@@VerrilloTrading I did try and there was absolutely no info available! Thanks anyway

[@tradinggames3836]

Bonjour Chris, is the Mosaic platform different than the Classis TWS. The Mosaic looks exactly like your TWS which I use. Sorry, just to clarify?

[@VerrilloTrading]

Classic TWS is a quote window that is supposed to contain most of the necessary items for placing and managing orders, and seeing quotes. It is similar to the Quote Monitor widget which is shown in the video. In general I prefer to use Mosiac because it allows more customization and you can setup windows like Quote Monitor which contain the same functionality as Classic TWS.

[@capitaldd3693]

Hey Chris , great video. You glazed over funding from your IB account from chequing account - is that fairly fast and easy and how about taking funds from the IB account to the chequing account......and time frame for such...? Also, how is your experience with slow execution of trades ..? What about missed stop loss set ups..? I use a paper account with them - with the intention of funding it and going live. But, I have a daily issue with missed stop loss setting(5 out of 6 the other day missed my set stops) and this is a frequent thing. Is this happening because I have a paper account or is that how their funded accounts work too. Not sure i can afford to miss that many stop losses - one missed by $5+ kinda why I use stop loss settings.....👀 I've tried using limit price and market price - both seem to be slow. I would think market price selling and buying would be instantaneous...? Thanks again

[@capitaldd3693]

I did not mention - but I use only stocks......

[@VerrilloTrading]

Hello, since you mentioned orders being missed, I do not recommend going live until you sort out these issues. The paper trading account should work nearly the same as a live account. If you are experiencing severe issues where orders are being unfilled or missed, and you need to carefully observe what is happening. There are also circumstances in which orders can be rejected by the exchange, these are rare, but they still exist.

[@VerrilloTrading]

In regards to funding using a Canadian checking account. This normally takes two business days from my experience. Let’s say one to a maximum of three business days using the direct deposit EFT method. I have used both the bill pay and direct deposit methods to fund the account. I found direct deposit to be easier since it supports both deposit and withdrawal. A wire transfer is the most ideal scenario for USD funds if you are Canadian.

[@moy-moydiez7194]

​@@capitaldd3693 I have the same issue too with the delayed fills. Did you buy market data for your paper trading?

[@832elf]

Thanks for the video. Can't you just transfer funds out of your account by interac since it is free?

[@VerrilloTrading]

Glad it helps. You would need to use one of the supported methods. I typically use EFT method for CAD and Wire for USD.

[@gl1mpse00]

Bro great content! newbie investor here. I'm planning to invest on ETFs long term but I'm not sure if I can buy these ETFs (Invesco QQQ, SPDR S&P 500 and iShare Gold Trust) in IBKR. If available, will it allow to buy a fraction of an ETF? or minimum is 1 share per buy?

[@VerrilloTrading]

Hello, yes they do support fractional ETF shares trading.

[@beatzbye]

How do I factory reset everything? Like all my watchlists etc. Like everything back to default?

[@VerrilloTrading]

It is recommended to search for this topic online and create a backup of your Settings file before deleting any files if necessary. I cannot provide the steps to do this over a KZbin comment.

[@beatzbye]

Hey how come I lose my Market Data like the different streams of data when I’m trading. Like for instance when I first logon and check it I have 17 but then I’ll check it later and it drops down to like 10?

[@VerrilloTrading]

Hello, where are you seeing this number 17 that drops to 10? Then I might be able to provide some info.

[@i_am_processing_]

Ironbeam for futures day trading. What do you trade on Interactive Brokers? Options, stocks?

[@VerrilloTrading]

Bonds, ETFs, options, and stocks.

[@i_am_processing_]

@@VerrilloTrading cool. I did a spreadsheet comparing both in terms of fees and interactive brokers was cheaper overall. I do want to use Ironbeam, but the international wire out fees add up.

[@pavelkatzarski2183]

Hi! I read that Ibkr provides trading Forex. But for some reason it doesn't allow me to do that. I don't know what wrong.

[@VerrilloTrading]

One thing is to check the trading permissions in your account settings. You need to be enabled for currency trading and maybe leveraged currency trading.

[@Koolboy881]

You have said before that you use IBKR to wire transfer to Ironbeam. How do you set this up instead of a bank wire transfer?

[@VerrilloTrading]

I send a wire withdrawal from IBKR to the other clearing firm's bank, never had a problem.

[@Koolboy881]

@@VerrilloTradingThank you. When setting up the withdrawal, what would be the reason for payment that I apply for it?

[@dianasotto2293]

I got Cdn deposit in my acct and USD deposit. I have Option trading US stocks. In my Holdings, i often see balance in cdn and also in usd. I am confused as to how much ( always in USD ) i can still use in my option trading.

[@VerrilloTrading]

If you are mostly trading US products, it would probably be less confusing if you changed the base currency of the account to USD. The number that you have available for trading should be your Excess Liquidity. Keep in mind this number doesn't account for leverage that you may or may not get when trading options spreads or other complex positions. If you require additional assistance feel free to follow up or send an email to [e-mail]

[@TraderDynamics]

Hi Chris, Do you have a way to get in contact. I am looking to have a custom study modified in Sierra. Do you perform this kind of work?

[@VerrilloTrading]

Hello, there is a contact email on the channel about page. You can send your request there. No guarantee I will take the work but I am somewhat experienced with sc interface.

[@devin22280]

Why does the new advance charts candlesticks start loosing its clarity and looks pixelated ? I have to change the timeframe to make it go back to normal i use a m1 pro Also how do i change my timezone so its on New York time zone ?

[@VerrilloTrading]

I could not say why these charts look pixelated on your machine. Timezone options are typically configured under Chart Parameters for the standard charts. Try looking for a similar setting in the advanced chart settings.

[@devin22280]

@@VerrilloTrading they fix the candles charts are fine but still can put time zone on new york time

[@yutube5167]

best way to transfer money to interactive brokers|? via us bank ach transfer or wise?

[@VerrilloTrading]

Best way would depend on where you have the funds. Bank ACH is probably the most simple.

[@jazujadoo2743]

Also does Sierra allow trade copier? Can you do a video please?

[@VerrilloTrading]

Where do you want to copy the trades? Do you mean copy from one account to another if trading on Sierra through a supported trading service? Yes Sierra has that.

[@jazujadoo2743]

hi Yes. what i meant was that if I take a trade long on NQ, the same trade gets copied on different accounts in Sierra with the same ATMs and if it's possible? can you kindly do a video on that? and is it possible to somehow connect all this multiple trades in Sierra but using Interactive Brokers Canada? does IB support trade copier feature in Sierra@@VerrilloTrading

[@danielgeraldes2459]

How fast is IB for day traders with futures?

[@VerrilloTrading]

I would say it's good, though not my favorite!

[@yutube5167]

which stock do u keep? do u keep nvdia?

[@VerrilloTrading]

No.

[@user-vn2ol5zd1r]

Interesting and useful but wanders into too much detail and information on esoteric subjects.

[@captainprice2025]

i would just have an account for the stock feed data

[@VerrilloTrading]

For me it's options.

[@captainprice2025]

@@VerrilloTrading intresting

[@misterringer]

Pros: The best margin rate in the industry Cons: everything else 🤣. Out of all the platforms I have used, theirs is the least intuitive. I really miss TOS for options but TD/Schwab are more than double IBKR's margin rate.

[@VerrilloTrading]

Thanks for sharing!

[@remickn]

Their charts are pre-historic and their customer service is non existant. You can chat to 3 customer reps and get 3 different answers on the same topic and all wrong. I got more info on IBK from your videos than from all their customer reps combined. Also, their market fills are probably the worst on the market. If I were a newbie, I would most likely pull up with all this, but when you are intermidiate or advanced, not a chance. I bought TV subscription and integrated them with TV platform. Their data feed is good and prices are probably the best on the market. Thats the only reason I am still using them partially. Still missing TOS with their charts, 5min call away customer service and amazing market order fills. So sad they left Canada. Thanks for a good video as well as tons of other ones you made and I watched in the last 3 weeks!

[@capitaldd3693]

You were lucky enough to get a rep......🤤 There execution seems very slow - I'm only using their paper account - but based on my experience with that, I may go elsewhere. Dropped orders, missed stop losses on a daily basis, can't reach anyone to ask questions....... hard to believe they are one of the better platforms

[@remickn]

I am on margin and using live data, so it might be a bit different. No issues so far when you place limit orders. Plus, I am not using IBK for execution directly, I do it thru DOM on Tradingview. But I hear you, when I called IBK, it is 1-3h wait for them to call me back. And no call returns on Mondays at all. LOL

[@832elf]

​@@remicknAre you executing in trading view Because it is better? Is the data price cheaper in trading view? I understand it's about $1.50 in IBKR.

[@832elf]

What do you mean by TV subscription, which vendor is that。

[@justkingj5450]

@@832elf Trading View

[@FuturesScalper_]

Review ironbeam again are they good for high volume futures trading

[@VerrilloTrading]

I think yes as long as you can negotiate.

[@FuturesScalper_]

@@VerrilloTrading bro which best futures scalping platform I use 15 sec and 1min and have big contract size who can execute as per my requirement

[@captainprice2025]

maybe test that data on motivewave

[@VerrilloTrading]

never used Motivewave!

[@captainprice2025]

@@VerrilloTrading oh its good

[@captainprice2025]

runs on java

[@captainprice2025]

but dont lag

[@TradingWarzOfficial]

Hey brother I'm also an IBKR partner and would love to have you on my channel to chat about futures trading with IBKR!

[@VerrilloTrading]

Maybe one day.

[@abdelhakimbrahmi1451]

TWS is horrible plate form ever seen to use, I left IBKR because lake of plate form

[@VerrilloTrading]

Thanks for sharing.

[@joeyvlljs7931]

I'm going to give honest review no filter but your biased because they are paying you . Come on man 😂

[@VerrilloTrading]

Is there anything you think I overlooked or purposely chose to not cover because I am biased? Looks like a lot of people are finding value from this video that they were not able to find elsewhere.

[@olllyvava5904]

The shittiest broker. Full of defects. So many basic features that are not working as they should (I only use mobile app to trade. I watch graphs, price action and order books elsewhere) Support doesn't get back to you in ages, and when they do they are totally useless, copy pasting some nonsense scripts. And the worst news - they are not even able to track your location properly and can block your account out of the blue because you were passing 200 miles south of Cuba (which is a red jurisdiction). And then you are completely fooked. Account turns restricted, and you can only close it then

[@VerrilloTrading]

Sounds like you had a worse than average experience. I haven’t had a problem when travelling south, I did have one with Paypal. Never had a problem with support either. I guess it’s different for everyone.