IBKR Review: Another Foreign Broker to Replace Gotrade

IBKR review

In 2024, I found out that Interactive Brokers (IBKR) offers some advantages over Firstrade (click here to learn more about Firstrade) and Gotrade. Thus, I decided to transfer my portfolio in Gotrade to IBKR. In this IBKR review, I will share my reasons of switching to this brokerage.

Funding of the account

The main reason of switching to IBKR is the availability of Wise as a funding mechanism. Wise is a foreign exchange financial technology company specialising in cross-border payment transfers. You can learn more about Wise by clicking here. Perhaps I will write an article about Wise in the future. Besides that, I am worried that GoTrade might add/increase its charges in the future.

Compared to funding through wire transfer, the charges are lower with Wise. The exchange rate is also better than those offered by local banks.

Fee structure

Although IBKR is not a commission-free brokerage (for Malaysians), the commission is low enough for me to switch to this brokerage. My account is IBKR Pro – Fixed. The commission is $0.005/share with a minimum of $1 per transaction. However, I plan to trade fractional shares of US exchange traded funds (ETFs). The minimum commission per order is $0.01. After a few trades, I found that it charges commission of 1% per trade, with a minimum of $0.01. However, the maximum commission that I have paid so far is $1 for a trade over $100. Thus, the maximum commission for IBKR Pro – Fixed might be $1 but I am not too sure about this. This is much cheaper than Gotrade for the trades that I do.

Other benefit

IBKR allows one free withdrawal request per calendar month. This is better than Firstrade ($25) and Gotrade ($50). Nonetheless, I do not think most people will withdraw fund frequently, so this is just one small part of consideration.

Account opening process

The account opening process is straightforward. You just have to follow the instruction. IBKR did not ask me to upload any document and my account was approved within few days.


I opened this account to continue my experiment with the trading method that I use in Gotrade. The trading method was giving me quite a good profit on Gotrade. However, the transfer from Gotrade to IBKR costs me $100. So I would have to start all over again.

If you want a reputable foreign broker with a lot of functions and low commission, you may try IBKR. However, I still employ Firstrade as my primary broker due to its zero commission.

Referral link


If you are interested to open an account with IBKR, you may use my referral link here. You may receive up to $1,000 in free IBKR stock, depending on how much you deposit. Terms and conditions apply.

Referral link here

2. Wise

If you are interested in opening an account with Wise, perhaps you can use my referral link below. You will get a fee-free transfer of up to RM 2,500. Otherwise, you can google Wise and open an account with this foreign exchange company.

Referral link here

Disclosure: If you complete the action from the links above, I might get a reward if certain conditions are met.

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