Interactive Brokers announces zero monthly maintenance fees

[lorawilliams]

Dear Client,

While many of our clients actively trade or maintain substantial equity in their account, we have decided to eliminate our monthly inactivity fee so there are no impediments to maintaining an account with IBKR.

Effective July 1, 2021, you will no longer be charged USD 10 for not maintaining a minimum balance or transaction activity for account U*********. This change will be reflected in your August 2021 account statement.

Our decision to remove inactivity fees aligns us with industry standards and reflects our ongoing commitment to provide clients with low-cost trading solutions.

This is fantastic. I've been hanging onto the EE USD account for its fee structure but I rate it's time to switch. Has anyone else done a position transfer from EE to IBKR?

 

[lisha]

@lorawilliams yay!

If you've been hesitant to try IB this news should push you over the edge. You can signup with my referral link for a random share/stock if you want

to OP's question. I moved from EE to IB earlier in the year. I didnt know you could do a position transfer (doh) so I just sold out, moved to FNB, then sent it to IB. It took ages to do So if you can do a position transfer then def do that xD

Glad I made the move tho!

 

[lorawilliams]

@lisha That's great to know! I actually already opened an account a couple months ago but haven't funded it yet because of the inactivity fee. How do you find the platform?

I have looked into it and it seems like each position transfer is $25. I have 14 different shares in EE USD in low amounts each so I'm thinking of just leaving those there for now and contributing only to IBKR from now on. What do you use for fx?

 

[lisha]

@lorawilliams

How do you find the platform?

So far so good. I'm really stoked that they've dropped the monthly fee (lol that I've already spent like $70 on fees and NOW they drop them) Its super deep with what it can do, and I know I dont make use of most of it, but I'm learning and their learning tools/resources are well put together and digestible. My main pro's are that I can access other market's exchanges. I got in on a Canadian weed chain (Kiaro Holdings Corp) that I otherwise wouldnt have been able to target with eToro or EE.

What do you use for fx?

I just use my FNB online banking to setup a recurring tx out using IB's SWIFT details. Usually arrives 24hrs later. I'm sure there are cheaper/quicker ways but it works and im lazy haha.

 

[spacedogs]

@lisha What’s IB?

 

[lisha]

@spacedogs International Brokers

 

[follower212]

@lisha Interactive Brokers