Interactive Brokers

Overview

Interactive Brokers (IBKR) is a large multi-asset broker. Its US entity, Interactive Brokers LLC, states that it is a registered futures commission merchant (FCM), and it is also regulated by the SEC as a broker-dealer. For futures traders, the draw is a low execution commission that falls further with volume, access to many exchanges from one account, and a $0 minimum balance.

IBKR is less simple than futures-only brokers. Fees are split into IBKR's commission plus exchange, regulatory and in some cases overnight position fees, and we could not confirm IBKR's US futures day-trade margins or market data prices from the official pages available to us.

Commissions and fees

IBKR offers two pricing methods for US futures. IBKR Pro clients can choose Fixed or Tiered; IBKR Lite clients get Fixed pricing. Rates are USD per contract, per side.

Tiers apply marginally. For example, 1,500 contracts are billed as 1,000 at $0.85 and 500 at $0.65. IBKR says fees beyond the commission are meant to cover execution costs, including exchange fees, and Tiered pricing also passes on overnight position fees. Modified or overnight orders may be treated as new orders for minimum-commission purposes on some exchanges.

All-in cost example

IBKR's commission page includes a worked example for one ES contract, with the same total under both pricing methods. The Fixed example reads: execution fee $0.85 + exchange fee $1.38 + clearing fee $0.00 + regulatory fee $0.01 = $2.24 per side. (The Tiered example shows the same $2.24 total but lists the regulatory fee as $0.00, so its parts add to $2.23. We used the Fixed example.)

One round turn of ES (first tier):

• IBKR commission: $0.85
• CME exchange fee: $1.38
• Clearing fee: $0.00
• Regulatory fee: $0.01
• Per side: $0.85 + $1.38 + $0.00 + $0.01 = $2.24
• Round turn: $2.24 × 2 = $4.48

IBKR doesn't publish an MES example. Following the same structure, we used CME's non-member exchange fee of $0.35 per side for MES (CME fee schedule, as republished on TradeStation's exchange-fee page) and the NFA's $0.01 per-side assessment.

One round turn of MES (first tier):

• IBKR commission: $0.25
• CME exchange fee: $0.35
• Regulatory fee: $0.01
• Per side: $0.25 + $0.35 + $0.01 = $0.61
• Round turn: $0.61 × 2 = $1.22

At more than 20,000 contracts a month on Tiered, the same arithmetic gives ($0.25 + $1.38 + $0.01) × 2 = $3.28 per ES round turn and ($0.10 + $0.35 + $0.01) × 2 = $0.92 per MES round turn, before any overnight position fees. Check our profit and loss calculator to see what these costs mean per trade.

Margins

IBKR sets futures margins by your country of residence, the exchange and the product, and publishes them in its margin requirement tables. We could not open the US futures margin table during this check, so we don't quote an ES or MES day-trade figure here. Check the margin requirement for ES and MES in IBKR's margin tables or in Trader Workstation before trading, and compare it with the $40 to $500 day-trade margins at futures-focused brokers. Our margin calculator can help with sizing.

Platforms

IBKR's platforms are Trader Workstation (TWS), its flagship desktop platform for active traders; IBKR Desktop; Client Portal, a web-based account and trading platform; and the IBKR Mobile app. TWS is powerful but has a steep learning curve compared with futures-focused platforms. We could not verify futures market data pricing from IBKR's official pages during this check.

Account opening and minimums

IBKR lists a minimum balance of USD 0 for both IBKR Pro and IBKR Lite, and says Lite clients are not charged minimum activity fees. Futures trading permissions must be requested and approved. Margin requirements still apply to every position, so you need enough equity for the contracts you trade.

Regulation

IBKR states that Interactive Brokers LLC is a registered futures commission merchant subject to the Commodity Exchange Act, and that it is a member of NYSE, FINRA and SIPC, regulated by the SEC and the CFTC. SIPC does not cover futures accounts. IBKR directs readers to NFA BASIC for its financial information; search for Interactive Brokers LLC in NFA BASIC to confirm its registration and NFA ID.

Pros and cons

Pros

• Low $0.85 standard and $0.25 micro commissions, falling with volume.
• USD 0 minimum balance.
• Futures, stocks, options and more in one account.
• Worked fee example published on the commission page.

Cons

• Exchange and regulatory fees are added; IBKR's ES example totals $2.24 per side.
• Fee schedule is more complex than most futures-only brokers.
• Futures day-trade margins and data fees not verified in this review.
• TWS has a steep learning curve.

Who it suits

IBKR suits experienced, higher-volume traders and those who trade several asset classes or international exchanges from one account. Newer traders who want low published day-trade margins and a simple platform may prefer a futures-focused broker.

Frequently asked questions

What does IBKR charge per ES contract?

$0.85 per side commission on the first tier. IBKR's own example adds a $1.38 exchange fee and $0.01 regulatory fee for $2.24 per side.

What does IBKR charge for micro futures?

$0.25 per side on the first tier, falling to $0.10 above 20,000 contracts a month on Tiered pricing, plus exchange and regulatory fees.

Does IBKR have a minimum deposit?

IBKR lists a USD 0 minimum balance for Pro and Lite accounts.

What is the difference between Fixed and Tiered?

Fixed is one rate. Tiered drops the commission as your monthly volume grows, applied marginally, and also passes on overnight position fees.

Is Interactive Brokers an FCM?

Yes. IBKR states that Interactive Brokers LLC is a registered futures commission merchant.

• IBKR futures commissions
• IBKR Lite vs Pro (minimums, platforms)
• IBKR commodity segregation disclosure (FCM status)
• CME non-member exchange fees (TradeStation fee page)
• CME Group exchange fees
• NFA assessment fees FAQ