Interactive Brokers: Commodity Trading: Brokerage, Charges, Reviews: 2024
About Interactive Brokers:
Interactive Brokers is not an Indian Stock Broker. It is a Global Broker with more than 1.39 million clients from over 200 countries. It Is listed on the U.S.A on NASDAQ. With interactive brokers, you can trade in 135 markets across 33 countries including U.S.A, NSE, and many more.
Interactive Brokers Features:
An Indian can open an account with Interactive Brokers to get access to international markets. Traders can only trade on the NSE (National Stock Exchange) with Interactive Brokers. This includes trading in Equity and Equity Derivatives such as Futures and Options. Unfortunately, with Interactive Brokers, you cannot trade in commodities within the Indian Markets.
There are many variants of Trading account available with Interactive Brokers, which include.
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Indian Residents (Trading NSE only)
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Indian Residents (Trading overseas only)
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Indian Residents (Trading NSE and overseas)
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NRIs (Trading NSE)
Opening Account with Interactive Brokers
Let’s look at some of the requirements that you need to fulfill for opening an account with Interactive Brokers.
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Must have a PAN card
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Address Proof and Pin mentioned in address proof should match.
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A cheque to ensure the Bank Account details of the user.
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Should be at least 21 years of age.
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A minimum deposit of 100$ has to be done at the time of account opening.
Interactive Brokers Charges:
The charges opening charges for Interactive Brokers is “0”. There are also no annual maintenance charges that you have to pay annually. Instead, you have to pay Rs 200 per month. This sums up to Rs 2400 annually as the total account charges. The brokerage of the first three months after account opening will be waived off as a bonus.
Interactive Brokers Account:
To conclude Interactive Brokers are a good option if you want to get access to global markets. For Indian trades, it might be a decent but not so great option.
Firstly, it lets you trade only on stocks listed on the NSE. Secondly, it does not provide Commodities and Currency trading in the Indian market which makes this broker not suitable for Commodity and Currency Traders.