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Interactive Brokers is one of the most frequent choices among both beginners and professional traders. Yet, there is one aspect that raises doubts in potential users. It is the minimum deposit policy. The rules differ dramatically for different categories of clients, so many traders just mix them up and decide to search for another broker.
First of all, we must highlight that this service has different rules for different categories of clients. In general, for most users, there are no initial deposit requirements. But there are a few exceptions. So, those who want to create broker accounts must make a deposit of $10,000 within 8 months after registration. Besides, starting from the ninth month of use, they have to pay a monthly commission of $2,000. An Interactive Brokers minimum deposit for proprietary trading group accounts is $10,000. And, margin account owners must have at least $2,000 in their balance.
Another related issue is deposit fees. The good news is that there are no commissions for EFT, check, and wire deposits. If you want to trade USD and CAD, be ready to pay 1% (a minimum of $50) for depositing cash. Also, we must mention that users from Mexico must pay $100 for wire transactions.
One more point many clients are interested in is deposit currencies. In fact, this exchange is a perfect variant for those traders who use currencies other than US dollars. They accept 23 currencies, which means you will not have to waste money on conversion. For information, as a rule, other similar services accept a few currencies only.
Speaking about payment methods, you can choose between wire transactions (1–4 business days) and payments by cards (instantly).
Also, clients can take advantage of one free withdrawal per month.