Forex broker Interactive Brokers achieved a milestone with 2.5 million clients, boasting a 22% YoY increase in active accounts. Equity balance surged to $404.3 billion in November 2023, indicating a robust 27% annual growth.
In a staggering display of financial prowess, forex broker Interactive Brokers has eclipsed the 2.5 million client milestone, marking a remarkable 22% year-over-year increase in active accounts. This Connecticut-based broker reported a substantial surge in equity balance, reaching $404.3 billion in customers' accounts for November 2023, reflecting a robust 27% annual growth.
November proved to be another record-breaking month for the discount brokerage, notching a 10% increase in equity balance compared to October, which stood at $367 billion. This leading online trading solution also welcomed over 42,000 new accounts, underlining its growing popularity among investors.
A standout feature of recent success is its strategic move into fractional trading for Canadian stocks and ETFs. This innovative approach aims to attract a younger demographic by eliminating barriers to diversified investing.
Traders can now engage in fractional share trading for stocks and ETFs listed on the Toronto Stock Exchange, CBOE Canada, as well as select US and European securities. This Interactive Brokers news brings positive tidings, highlighting advancements in the market and an enhancement in trading services.
Despite a slight dip in commission fees, averaging at $3.21 per order in November compared to $3.09 in October, this leading retail broker posted a phenomenal 52% increase in Q2 revenue from the previous year. The low-duration investment portfolio strategy proved particularly lucrative in the high-rate environment, compensating for a muted commission business attributed to higher operating expenses and lower customer stock trading volume.
The recent regulatory approval from the Financial Conduct Authority (FCA) further solidifies its position as a global player, allowing continued service to UK-based customers and setting the stage for continued growth and innovation in the fiercely competitive brokerage industry.