Interactive Brokers Review
The undisputed heavyweight for direct market access (DMA). If you trade exchange-listed futures and options, this is the benchmark.
The Good
- Direct access to 30+ global commodity exchanges.
- Rock-bottom institutional-grade commissions.
- No spread markups; you trade directly on the exchange order book.
- Interest paid on idle cash balances.
The Bad
- Trader Workstation (TWS) desktop platform is archaic and complex.
- Strict, unforgiving auto-liquidation rules for margin deficits.
- Customer service is geared toward self-sufficient professionals.
Execution & Pricing
IBKR does not run a B-book for futures. When you place an order for a CME Gold contract, it routes directly to the CME Globex matching engine. You pay a transparent commission (e.g., $0.85 per contract) plus the mandatory exchange and regulatory fees.
This transparency is vital for scalpers and high-frequency traders where spread markups (common in CFD brokers) would destroy edge.
Margin Requirements
Unlike retail CFD shops that offer 100:1 leverage, IBKR adheres strictly to exchange-mandated SPAN margin requirements. However, they reserve the right to increase margin requirements dynamically ahead of volatile events (e.g., crop reports, geopolitical shocks). If your account falls below the maintenance margin threshold, their risk algorithms will liquidate positions immediately, without a warning phone call.