Search

Interactive Brokers UK Review 2026: The Cheapest Serious Platform, If You Can Live With It

Alpesh Patel

2 hours ago

4 min read

Score: 82/100. Rank 1 of 10. Verified 19 September 2026.

Cost 30%	Accounts 15%	Range 15%	Research 10%	App 10%	Cash 10%	Trust 10%
8.9	7	10	10	7	6	7

Verdict in one paragraph

Picture a retired engineer moving a £600,000 SIPP to Interactive Brokers and spending the first weekend swearing at the Trader Workstation. A year later, still there, still swearing occasionally, and several thousand pounds better off. That is the IBKR experience in miniature: the fees are so low and the reach so wide that professionals put up with an interface designed by engineers for engineers. For a £500,000 ETF pot our model puts IBKR's true 15-year cost at £940, against £6,700 to £8,800 at the big three UK platforms. If you know what an order type is, it is the best value on this list. If you do not, start elsewhere.

Who it is for

Investors with £50,000 or more, comfortable with technology, who hold overseas shares or ETFs and want institutional pricing. It is also the only mainstream option for US citizens living in the UK who want a general investment account with a UK-regulated broker.

Fees

Item	Charge
Platform or custody fee	None, for all account types
ISA minimum activity	£3 a month (you pay the shortfall if commissions are lower); Junior ISA £1
UK shares	Fixed: £3 per trade (0.05% above £6,000). Tiered: 0.05%, minimum £1
US shares	Fixed: $0.005 per share, minimum $1, maximum 1% of trade value
Funds	Nil to £4.95 per trade for GB-domiciled funds
FX conversion	0.03% of trade value, minimum around $2
Transfers in or out	Free
Interest on GBP cash	2.99% on balances above £8,000 for accounts over $100,000 NAV; lower for smaller accounts; nothing on the first £8,000

The FX charge is the headline. Hargreaves Lansdown charges 0.99% on the first £10,000 converted, AJ Bell 0.75%, Trading 212 0.15%. IBKR charges 0.03%. On £100,000 moved into US shares over a decade, that is roughly £30 against £750 to £990.

Accounts

General investment account, Stocks and Shares ISA, Junior ISA, and a SIPP through third-party administrators. ISA accounts are cash only with no margin. No Lifetime ISA. SIPP administration fees depend on the administrator you choose, so check before assuming it is free.

Investment range

Shares, ETFs, bonds, funds, options and futures across 150-plus markets in 27 currencies. Fractional shares on US and European stocks. This is the widest range on the list by a distance, and the only UK-regulated platform where a US person can buy US-domiciled ETFs and sidestep the PFIC problem.

Research and tools

Trader Workstation is the most powerful retail platform available in the UK: fundamentals, screeners, options analytics, portfolio risk tools, API access. The web and mobile apps are simpler and have improved, but the depth is still the point.

The catches

Complexity. Account opening asks about your trading experience and objectives in detail. The platform assumes you know what you are doing.
ISA minimum charge. £3 a month is trivial but it means a passive ISA investor pays £36 a year for doing nothing, which InvestEngine and Trading 212 do not charge.
Customer satisfaction. Trustpilot rates IBKR around 3.1 out of 5 on some 5,500 reviews, the weakest of our ten. Support is ticket-based and can be slow.
Cash interest thresholds. Nothing on the first £8,000 and the best rate needs a $100,000 account.
Not for US persons in a SIPP. IBKR states it "does not accept US citizens or US residents that trade through a SIPP."

US citizens and US persons

Accepted in the general account. You complete a W-9, IBKR issues a consolidated US 1099, and you can hold individual shares and US-listed ETFs. This is why IBKR is our pick for Americans in the UK, alongside the rule that pensions come first (PFIC does not apply inside a SIPP, but IBKR's SIPP is closed to US persons, so use AJ Bell's SIPP for that piece). Get cross-border tax advice; this is not it.

Trust

Interactive Brokers (UK) Ltd is FCA-authorised, and its ISA page states FSCS cover of £85,000 per client for eligible claims. The parent, Interactive Brokers Group, is Nasdaq-listed with decades of profitable history and one of the strongest balance sheets in the industry.

Pros and cons

Pros: lowest FX in the market; zero custody; unmatched range and tools; welcomes US persons in a GIA; financially rock solid. Cons: steep learning curve; ISA activity minimum; weak support scores; SIPP via third parties; cash interest thresholds.

Frequently asked questions

Is Interactive Brokers safe for UK investors? It is FCA-regulated with FSCS cover and one of the largest, best-capitalised brokers in the world. Client assets are segregated.

Does Interactive Brokers UK offer an ISA? Yes, for UK tax residents aged 18 or over, with a £3 monthly minimum activity charge and no custody fee.

Can a US citizen use Interactive Brokers UK? Yes, in a general account with a W-9. Not in the SIPP.

Sources

Commissions (UK and Europe): https://www.interactivebrokers.co.uk/en/pricing/commissions-stocks-europe.php
ISA accounts: https://www.interactivebrokers.co.uk/en/accounts/isa-accounts.php
SIPP accounts (US-person exclusion): https://www.interactivebrokers.co.uk/en/accounts/individuals/sippAccount.php
Interest rates: https://www.interactivebrokers.co.uk/en/accounts/fees/pricing-interest-rates.php
US-person acceptance: https://www.momofinance.co.uk/us-citizens-in-the-uk/investment-brokerage/
Trustpilot: https://uk.trustpilot.com/review/interactivebrokers.com