ISA Transfer Rules 2026: How to Move Your ISA
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Interactive Brokers Review 2026
Overview, highlights & more!
What you will find in this review:
What we make of Interactive Brokers
This YourWalletManager review looks at Interactive Brokers from a UK perspective: the entity you actually contract with, what it costs, which accounts you can open, and who it does and does not suit. Every figure was checked against IBKR’s own published material on 5 August 2026.
Interactive Brokers gives a UK investor more market access, more instruments and lower dealing costs than almost anything else available here.
It also asks more of you. The fee schedules are detailed, the product permissions are granular, and the platform assumes you know what you are doing. That trade-off is the whole story.
The information provided on this page and throughout the website is for general information purposes only and does not constitute financial advice. It is important that you conduct your own research and consider your own personal circumstances before making any investment decisions.
Quick Answer: Is Interactive Brokers Worth It?
Interactive Brokers is the widest-reaching platform a UK investor can open, covering 170 markets in 40 countries and 29 currencies from one account. Dealing starts at £3 or €3 per trade on UK and Western European shares and USD 0.005 per share on US shares. There is no inactivity fee on a General Investment Account and no account minimum.
UK clients contract with Interactive Brokers (U.K.) Limited, authorised and regulated by the FCA under firm reference number 208159. FSCS investment protection applies up to £85,000 per client for designated investments, and does not cover investment losses.
Available accounts are a General Investment Account, a Stocks and Shares ISA, a Junior ISA, and joint, trust and family accounts. A SIPP is only possible through a third-party administrator, not directly from IBKR. Interest on uninvested cash reached 3.296% on sterling above £8,000 as of 2 July 2026, for accounts worth more than USD 100,000.
It suits confident investors who want global markets, bonds, options or futures in one account, and anyone holding meaningful cash balances. It does not suit a first-time investor who wants a simple monthly tracker purchase, or anyone who needs a direct retail SIPP.
Overview of Interactive Brokers
Interactive Brokers is built around breadth. IBKR publishes access to 170 markets across 40 countries and lets you fund and trade in 29 currencies from a single account, and it notes that the 40 figure includes both countries and territories.
From one login a UK client can reach shares, ETFs, funds, bonds, options, futures, spot currencies, CFDs and, through a third-party arrangement, cryptoassets. IBKR also offers trust, joint and family accounts alongside individual ones.
The firm was founded in 1978 and has operated through the 1997 Asian financial crisis, the dot-com unwind and the 2007 to 2009 global financial crisis. It is listed on Nasdaq as IBKR and is a member of the S&P 500, so its accounts are public.
A long record is reassuring, but it is not a forecast. Past performance is not a reliable indicator of future results.
As of 2 June 2026 the group reported $22.3bn in equity capital, $13.9bn in excess regulatory capital and 5.19 million client accounts. Standard & Poor’s rates Interactive Brokers LLC “A- Outlook Stable”.
The strengths are breadth and price: 170 markets in 40 countries, shares, ETFs, funds, bonds, options, futures and spot currencies in one account, interest on uninvested cash well above the UK average, and dealing commissions among the lowest published.
There are real drawbacks. IBKR’s own website is dense and hard to navigate, and the fee schedules take effort to read. Trader Workstation can feel overwhelming if you have never used a professional platform, though IBKR Desktop now offers a considerably gentler route to the same account.
This review is written for a UK reader. Product availability, account types and investor protection all depend on which Interactive Brokers entity holds your account, so figures quoted here relate to Interactive Brokers (U.K.) Limited unless stated otherwise.
Interactive Brokers is a large operation by any measure. As of 2 June 2026 the group reported 5.19 million client accounts and 4.82 million daily average revenue trades, against 4.82 million and a far smaller account base a few years earlier.
Scale matters here for a practical reason rather than a promotional one: it is what funds the exchange connections, the routing technology and the research access that make the platform worth the learning curve.
Fractional share dealing is available on US shares and on European shares and ETFs listed on selected exchanges, subject to IBKR’s liquidity and market capitalisation criteria.
That is the short version of this Interactive Brokers review. The detail follows.
Platform Highlights
| 🗺️ Market access | 170 markets in 40 countries, 29 currencies |
| 📊 UK and European shares | From £3 / €3 per trade; 0.05% of value above £6,000 / €6,000 |
| 🇺🇸 US shares and ETFs | From USD 0.005 per share |
| 💲 Currency conversion | 0.002% (0.20 basis points), minimum USD 2.00 per order, or a 0.03% spread on auto-conversion |
| ⏳ Inactivity fee | None on a General Investment Account; £3 a month on an ISA, £1 on a JISA |
| 🏧 Withdrawal fee | Two free per calendar month, then £7.00 by bank transfer or £1.00 by BACS |
| 💵 Minimum deposit | None |
| 💷 Interest on uninvested cash | Up to 3.296% on GBP balances above £8,000, as of 2 July 2026 |
| 💡 Products | Shares, ETFs, funds, bonds, options, futures, spot currencies, CFDs; cryptoassets via Paxos |
| 🧾 Account types | GIA, ISA, JISA, joint, trust, family; SIPP through a third-party administrator |
| 🎮 Demo account | Yes |
| 📜 UK regulator | FCA, firm reference number 208159 |
Interactive Brokers Account Types
Which account you can open, and what it costs to run, varies more at IBKR than at most UK platforms. This is the part of the review worth reading closely.
General Investment Account
The default account, available individually or jointly. No minimum deposit, no account minimum, no inactivity fee and no custody fee charged by IBKR. This is the account with the full product range attached: shares, ETFs, funds, bonds, options, futures, spot currencies and CFDs. Gains and income sit outside a tax wrapper, so UK tax applies in the normal way.
Stocks and Shares ISA
IBUK is an HMRC-approved ISA manager under reference Z2056. The allowance is £20,000 per tax year, running 6 April to 5 April, and there is no minimum deposit.
The constraints matter more than the headline. The account must be funded in sterling, because HMRC requires it. It is cash only, with no margin. And unlike the General Investment Account, it carries a minimum monthly activity fee of £3. You get two free withdrawals a month and pay no custody fee. Dealing is the same £3 or €3 per trade, or 0.05% above £6,000.
Tax rules apply and tax treatment depends on your individual circumstances and may change.
Junior ISA
Works like the adult ISA but for under-18s, with a £9,000 annual allowance. A parent or guardian opens it and anyone can contribute. The minimum monthly activity fee is £1.
SIPP, through a third-party administrator
This is the biggest gap in IBKR’s UK line-up and it is easy to miss. IBUK states plainly that it does not support SIPP accounts directly. To hold a pension you must go through a regulated and authorised SIPP administrator that is itself IBKR’s client. The administrator opens a master account and you become a sub-account beneath it.
IBKR lists two approved administrators, and their terms are negotiated with them rather than with IBKR:
- @sipp Limited permits shares, bonds and European ETFs only. Options, futures, CFDs and other instruments are not permitted. It requires a minimum account value of £75,000 and clients must be permanently resident in the UK.
- Westerby Trustee Services Ltd permits shares, ETFs, ETCs and bonds, and does not permit FX, CFDs, futures or options.
SIPP sub-accounts are cash accounts. CFDs cannot be traded through a SIPP sub-account. IBKR does not support QROPS or PRSAs and does not accept US citizens or US residents trading through a SIPP. IBKR states that its list is not an endorsement and that you are responsible for your own due diligence on any administrator.
Pension scams frequently target people moving pensions. The FCA publishes guidance on how pension scams work.
Joint, trust and family accounts
IBKR offers joint accounts, trust accounts and family accounts alongside individual ones, all on the UK entity. These carry the same product range and pricing as the General Investment Account.
Interest on Uninvested Cash
Interest is paid on positive settled cash, and the rate depends on three things: the currency, how much cash you hold in it, and the overall net asset value of your account.
For accounts with a net asset value above USD 100,000, IBKR pays 3.296% on GBP balances above £8,000 and 3.130% on USD balances above USD 10,000, both as of 2 July 2026. The euro rate is 1.732% above €10,000. Each of these is the IBKR benchmark rate less 0.5%.
Two conditions do most of the work. Nothing is paid on the first £8,000 of sterling (or the first USD 10,000, or €10,000), and the threshold applies to each currency holding separately. And if your account is worth less than USD 100,000 you receive a lower rate, rising as the account approaches that figure. The result is a blended rate rather than a headline one.
IBKR’s own worked examples make the shape clear: an account with £20,000 of net assets and £5,000 of cash earns 0.000%, one with £80,000 and £20,000 of cash earns 1.922%, and one with £320,000 and £80,000 of cash earns 2.883%. Interest accrues daily and is posted on the third business day of the following month. Rates are variable and IBKR can change them at any time.
Cryptoassets
Cryptoasset dealing is available, but not from IBUK itself. Execution and custody are provided by Paxos Trust Company LLC, a New York limited trust company regulated by the New York Department of Financial Services. IBKR states that neither IBUK nor its affiliates are party to the transactions or hold the assets, which sit in an account in your name with Paxos.
Commission runs from 0.18% of trade value down to 0.12% at higher monthly volumes, with a USD 1.75 minimum per order capped at 1% of trade value. IBKR also passes through a USD 0.15 monthly Paxos account fee.
The protections are materially different from the rest of the account. Cryptoassets are unregulated in the UK. Digital assets held with Paxos are not covered by the FSCS or by SIPC, and the Financial Ombudsman Service cannot consider complaints about them. IBUK is registered with the FCA as a cryptoasset firm only for anti-money-laundering purposes, which is not the same as the activity being regulated.
The FCA classifies cryptoassets as high risk. Do not invest unless you are prepared to lose all the money you invest. You should not expect to be protected if something goes wrong.
Advantages
Low dealing commissions
from £3 or €3 per trade on UK and Western European shares, and from USD 0.005 per share on US shares.
No inactivity fee on a General Investment Account
and no account minimum. IBKR charges no custody fees, although an ISA carries a £3 minimum monthly activity fee and a JISA £1.
Competitive interest on uninvested cash
up to 3.296% on GBP balances above £8,000 for accounts with a net asset value over USD 100,000, as of 2 July 2026.
Unusually wide product range
covering 170 markets in 40 countries, with shares, ETFs, funds, bonds, options, futures and spot currencies in one account.
Free paper trading account
so you can test the platform and order types before committing money.
Long operating record
founded in 1978, listed on Nasdaq, a member of the S&P 500, with published quarterly accounts.
Deep research and education
through IBKR Campus, Traders’ Academy, GlobalAnalyst and over 200 research and news providers.
Stocks and Shares ISA and Junior ISA
with IBUK acting as an HMRC-approved ISA manager under reference Z2056, and no custody fee.
Drawbacks
Slow, document-heavy account opening
The application asks detailed questions about your investing experience, and those answers restrict which products you can trade until you change them.
Steep learning curve
Trader Workstation assumes familiarity with professional trading software. IBKR Desktop is easier, but this is not a platform you learn in an afternoon.
Hard to navigate
IBKR’s own website and fee schedules are dense, and finding a specific figure takes persistence.
No direct retail SIPP
A SIPP is only possible through a third-party administrator, which adds its own fees, its own minimums and its own product restrictions.
Open an account with Interactive Brokers
Capital at risk. Investments can fall as well as rise.
Capital at risk. Investments can fall as well as rise.
Fee Structure at a Glance
Interactive Brokers publishes a great deal of fee detail, and the structure rewards reading before you trade rather than after. Every figure below was checked against IBKR’s own published schedules on 5 August 2026. Rates change, so treat the date stamp as part of the number.
UK clients choose between two commission structures: Fixed, which bundles most costs into one rate, and Tiered, which charges a lower base commission and passes exchange fees and rebates through separately. Tiered tends to suit higher volumes, Fixed tends to suit smaller, less frequent orders.
Dealing commissions
- UK and most Western European shares and ETFs: from £3 or €3 per trade. On trades above £6,000 or €6,000 the charge is 0.05% of trade value.
- US shares and ETFs: from USD 0.005 per share.
- Funds: nil to £4.95 for GB-domiciled funds, and €4.95 for euro-denominated funds or the equivalent in sterling.
- Cryptoassets, through Paxos: 0.18% of trade value up to USD 100,000 of monthly volume, falling to 0.15% and then 0.12% at higher volumes, with a USD 1.75 minimum per order capped at 1% of trade value.
Currency conversion, the cost most people underestimate
There are two different routes and they price very differently:
- Converting manually on IBKR’s currency market costs 0.20 of a basis point of trade value, which is 0.002%, subject to a minimum of USD 2.00 per order. On a £500 conversion the percentage is trivial and the USD 2.00 minimum is what you actually pay.
- Letting the auto-conversion service do it carries no separate commission, but IBKR states that it “will typically add or subtract (at its discretion) 0.03%” to the exchange rate that would otherwise apply. That is roughly fifteen times the manual commission rate on larger amounts, and it is a spread rather than a line-item charge.
Account and holding costs
- No inactivity fee on a General Investment Account, and no account minimum.
- ISA and Junior ISA accounts do carry a minimum monthly activity fee of £3 for an adult ISA and £1 for a JISA.
- No custody fees charged by IBKR, though IBKR notes third parties may charge custody fees.
- Margin borrowing from USD 4.13%, rate as of 2 July 2026.
Withdrawals
IBKR allows two free withdrawal requests per calendar month. After the second, a sterling bank transfer costs £7.00 and a BACS or GIRO withdrawal costs £1.00. Euro equivalents are €8.00 and €1.00. IBKR withdrawal fees do not cover charges applied by your own or a correspondent bank.
Market data
Real-time market data is a paid subscription, priced per exchange and per package, and is charged separately from dealing commissions. Delayed data is available without a subscription. Anyone budgeting for IBKR should price the exchanges they actually need rather than assuming data is included.
Full schedules, including the tiered volume bands, are published on IBKR’s commissions pages and other fees pages. Commissions can fall as monthly traded value rises, so a heavy trader will not pay the headline rate.
Interactive Brokers Customer Support
Support runs through several routes: telephone, a secure message centre, live chat, an automated assistant called iBot, and a searchable knowledge base. There is a London number for SIPP enquiries on 020 7710 5630.
In our own testing, replies through the message centre took longer than three business days, which is slow against UK app-based brokers offering same-day chat. When answers did arrive they were detailed and generally settled the question without further exchanges. If you expect to need frequent hand-holding, this is a genuine consideration.
Account Setup Process
UK applications are completed online. IBKR collects identity and residency documents and asks about your investing experience, and the answers you give shape which products you are permitted to trade. Permissions can be changed later from the account settings.
You choose your commission structure during the application. UK clients select Fixed or Tiered pricing rather than the Lite and Pro plans marketed on IBKR’s US site. Under Fixed pricing, US shares cost from USD 0.005 per share. Under Tiered pricing the base commission is lower and exchange fees are passed through separately.
There is no minimum deposit for a General Investment Account or an ISA, although an ISA must be funded in sterling because HMRC rules require it. Once identity is verified and a deposit has cleared, the account is ready to trade. Our own application was processed within one business day.
What you need to hand: proof of identity, proof of address, your National Insurance number if you are opening an ISA, and details of your employment and income. IBKR also asks about your trading experience product by product, and those answers determine which instruments you are permitted to trade at the outset.
If you are refused permission for something you want to trade, the usual route is to build a record and reapply from inside the account rather than to start the application again.
Funding is by bank transfer. IBUK supports sterling, euro and US dollar deposits, and card and e-wallet funding is not offered. An ISA must be funded in sterling.
Deposits and withdrawals must move through a bank account held in your own name. Two withdrawal requests per calendar month are free, after which a sterling bank transfer costs £7.00 and a BACS or GIRO withdrawal costs £1.00. Payments usually take one to three business days to clear.
Keep in mind that YourWalletManager does not provide investment advice.
Individual investors should make their own informed decisions based on factual information.
Platforms and Tools
The trading experience is strong once you know your way around it, and that qualification matters. Our assessment points advanced and confident intermediate investors towards IBKR, and points outright beginners elsewhere.
Beginners will find educational material through IBKR Campus and Traders’ Academy, but the learning curve is steeper than on a simple mobile broker.
Trader Workstation, the long-standing desktop platform, offers the deepest customisation, including conditional order types such as one-cancels-another and one-triggers-another, and more than 100 order types and algorithms in total.
IBKR Desktop is the newer desktop platform and now leads IBKR’s own marketing. It was rebuilt from scratch to put the familiar tools behind a cleaner interface, and for most UK investors it is the sensible starting point rather than Trader Workstation.
Client Portal is the browser-based route to the same account, covering dealing, cash management, statements and account administration without any download. IBKR Mobile covers dealing, alerts, watchlists and monitoring on iOS and Android. IB Gateway and the APIs exist for anyone running their own tooling.
Which platform suits you depends on what you are doing. Someone buying a global ETF twice a year is well served by Client Portal or the mobile app. Someone running multi-leg options positions or working orders across several exchanges will want Trader Workstation. IBKR Desktop sits between the two and is the one to try first.
All of them read from the same account, so switching between them costs nothing and you are not locked into a choice made at sign-up.
IBKR publishes access to 170 markets in 40 countries, with market data available around the clock, six days a week.
For a UK client that covers shares and ETFs, funds from more than 500 fund families, a bond marketplace IBKR sizes at over one million instruments, options, futures, spot currencies and CFDs. Cryptoassets are available through a separate arrangement with Paxos rather than from IBUK itself.
IBKR has also extended US trading hours: selected US shares and ETFs, US equity index futures and options, US Treasuries, global corporate bonds, European government bonds and UK gilts can now be traded around the clock, five days a week.
Fractional dealing is supported on US shares and on European shares and ETFs listed on selected exchanges, subject to IBKR’s liquidity and market capitalisation criteria. It lets you buy a set cash amount rather than a whole number of shares, which matters when a single US share costs more than you want to commit.
Funds and bonds are where IBKR pulls away from the simpler UK apps. The Mutual Fund Marketplace covers funds from more than 500 fund families and can be filtered by country, family, fund type and whether a transaction fee applies. Commissions run from nil to £4.95 on GB-domiciled funds, and €4.95 on euro-denominated funds.
The bond marketplace is larger still, at over one million instruments by IBKR’s own count, with no mark-ups or built-in spreads and commissions shown separately. US Treasuries can be traded around the clock five days a week. Bonds are complex products, are riskier than mainstream funds and are not suitable for all investors.
Global Reach
The account is a single global account rather than a set of country-specific ones. Fund it in one currency and you can hold and trade assets denominated in others, with 29 currencies supported.
Two IBKR tools are worth knowing about if international diversification is the reason you are here. GlobalAnalyst compares the relative value of shares by region, country and industry and can display metrics in 27 currencies. The Mutual Fund and ETF Replicator looks for lower-cost ETFs that follow strategies similar to higher-fee funds.
Forecasts and screening tools are not reliable indicators of future performance.
Regulatory Safeguards
Interactive Brokers (U.K.) Limited, referred to by the firm as IBUK, is the entity UK retail clients contract with. It is authorised and regulated by the Financial Conduct Authority under FCA reference number 208159, incorporated in England and Wales under company number 03958476, with a registered office at 20 Fenchurch Street, Floor 12, London EC3M 3BY.
IBUK is also an HM Revenue & Customs approved ISA Manager under reference Z2056, and is registered with the FCA as a cryptoasset firm under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
What the FSCS covers. In IBUK’s own words, if the firm became insolvent an administrator would be appointed to return your money and assets to you. If there is a shortfall, eligible claims are covered by the Financial Services Compensation Scheme, limited to £85,000 per client. Two limits matter here and are easy to miss:
- The FSCS applies to designated investments and may not cover all investments or transactions.
- It does not cover investment losses. If a holding falls in value, that is not an FSCS claim.
The £85,000 figure is the FSCS investment limit. It is not the same as the FSCS deposit limit, which rose to £120,000 on 1 December 2025 and applies to money held with a bank or building society rather than with an investment firm.
Other Interactive Brokers companies sit outside this arrangement. Interactive Brokers LLC is regulated by the US SEC and CFTC and is a member of SIPC, and IBKR states plainly that its products “are only covered by the UK FSCS in limited circumstances”. Interactive Brokers Ireland Limited is regulated by the Central Bank of Ireland under reference C423427 and belongs to the Irish Investor Compensation Scheme. If you are UK resident, IBUK is the entity that should hold your account.
Interactive Brokers Group is listed on Nasdaq under the ticker IBKR and is a member of the S&P 500, so its results are published quarterly and can be read by anyone. As of 2 June 2026 the group reported $22.3bn in equity capital, $13.9bn in excess regulatory capital, 5.19 million client accounts and 4.82 million daily average revenue trades. Roughly 73.5% of the group remains privately held. Standard & Poor’s rates Interactive Brokers LLC “A- Outlook Stable”.
Client money and client assets held by IBUK sit under the FCA’s client asset rules, which require them to be held separately from the firm’s own money.
The firm was founded in 1978 and has traded through the 1997 Asian financial crisis, the dot-com unwind in 2000 and the global financial crisis of 2007 to 2009. That is a long operating record, and the group publishes its financial statements, but past resilience is not a forecast. Past performance is not a reliable indicator of future results.
Frequently Asked Questions
Final Verdict
Interactive Brokers is the most capable retail platform available to a UK investor, and the least forgiving. The breadth is real: 170 markets, 40 countries, 29 currencies, a genuine bond marketplace, funds from more than 500 families, and dealing costs that are among the lowest published anywhere. Interest on uninvested cash is well above what most UK platforms pay, provided you clear the thresholds.
The cost of that capability is complexity. The fee schedules take real effort. The website is hard to navigate. Trader Workstation assumes competence, though IBKR Desktop has narrowed that gap considerably since the platform’s earlier reputation was formed.
It suits confident investors who want global market access in one account, who hold meaningful cash balances, or who need instruments such as bonds, options and futures that simpler UK platforms do not offer.
It does not suit a first-time investor who wants to buy a global tracker each month and forget about it, anyone who wants a direct retail SIPP without a third-party administrator, or anyone whose balance sits below the interest thresholds and who would rather have a simpler app.
YourWalletManager does not provide investment advice. Decide based on your own circumstances, and if you are unsure, take regulated advice.
Other recommended brokers
Risk Disclaimer
When you invest, your capital is at risk and you may get back less than you put in. Past performance is not a reliable indicator of future results, and forecasts are not a reliable indicator of future performance.
Complex instruments. Interactive Brokers offers products that carry risks beyond those of ordinary share dealing. Trading on margin is only for experienced investors with a high risk tolerance and you may lose more than your initial investment. Options are not suitable for all investors. Futures involve a high degree of risk and the amount you may lose may be greater than your initial investment. CFDs are complex instruments and carry a high risk of losing money rapidly through leverage. Bonds and structured products are complex, are riskier than mainstream funds, and are not suitable for all investors. Before trading any of these, read the risk disclosures in IBKR’s Services Guide.
Cryptoassets. Cryptoassets are unregulated in the UK and the FCA considers them high risk. Do not invest unless you are prepared to lose all the money you invest. You should not expect to be protected if something goes wrong: digital assets held through Paxos are not covered by the FSCS or SIPC, and the Financial Ombudsman Service cannot consider related complaints.
Protection. FSCS investment protection covers eligible claims up to £85,000 per client against Interactive Brokers (U.K.) Limited. It applies to designated investments, may not cover all investments or transactions, and does not cover investment losses.
Tax. ISA and pension tax rules apply and tax treatment depends on your individual circumstances and may change.
YourWalletManager is not a financial adviser and does not provide investment advice. This review is general information only. If you are unsure whether a product is right for you, seek regulated financial advice.
Reviewed and updated on 5 August 2026 by the YourWalletManager editorial team. All fee, product and regulatory figures were checked against Interactive Brokers’ own UK website on that date. Rates and terms change, so check current figures before you act.
