Interactive Brokers the US online trading platform and investment account that has an active presence in the UK, Europe and Asia has launched a new mobile trading tool designed to simplify trading in stocks around the globe.
Interactive Brokers has launched a new trading app called IBKR GlobalTrader which can be downloaded for free from both the Apple Appstore and Google Play.
IBKR clients can trade stocks on over 90 stock exchanges in the US, Canada, Europe and Asia.
It’s possible to road test the app through a free trial, trading $10,000 of simulated cash you simply need to download the app, open it, then register and create a user name and password.
IBKR GlobalTrader features
Customers can make deposits into their account in any of 23 different currencies with any FX conversions required to settle trades being made at interbank rates.
IBKR did not recently revise commission rates for IBKR GlobalTrader. For US stocks these start at just 0.35cents per share though US residents can trade commission-free in US stocks through the app.
Since IBKR introduced fractional share trading in 2019, it is not a “new” service.
Traders can also take advantage of a swap feature that allows clients to switch positions, trading the same US$ amount in each security.
The app also comes with cryptocurrency trading as standard for clients of IB LLC, the firm’s US entity
Interactive Brokers was established by Thomas Peterffy more than 44 years ago and the firm has grown steadily over that period.
Listed on Nasdaq (Ticker IKBR) the broker has a market cap of $27 billion and the firm has a long history of using technology to improve trading.
In 1983 its Timberhill division pioneered the use of handheld computers for use on options trading floors, where accurate and timely calculations were essential. Fast forward to 2020 and Interactive Brokers passed the milestone of one million client accounts.
The new trading app is designed to allow Interactive Brokers to compete directly with the likes of Robinhood for millennial and GenZ clients who by and large prefer to trade and invest via a dedicated app.