Interactive Brokers doubles client accounts to 2 million in 24 months

abdelaziz Fathi

Electronic brokerage firm Interactive Brokers LLC (NASDAQ:IBKR) said its trading volumes took a slight step back in September, an indication that investor confidence is still fairly mixed over the past few months.

During September 2022, the number of DARTs was reported at 1.961 million transactions, slightly down month-over-month from 1.968 million in August. Over a year-on-year basis, Interactive Brokers saw a notable drop in its DARTs with September’s figure down by 13 percent relative to 2.01 million reported in September 2021.

In terms of equity balance in customers’ accounts during September 2022, the figure totaled $287 billion, down by 19 percent on a yearly basis. Interactive Brokers also failed to best its August equivalent, having notched a seven percent drop relative to the prior month.

Elsewhere, the discount brokerage has won 25,000 new accounts as volatile markets had seemingly revived interest from retail investors. September’s active accounts increased to 2.01 million, or 1 percent higher from August and 31 percent above the previous year’s figure of 1.49 million ‎accounts. At this pace, Interactive Brokers has crossed the two million milestone for the first time in the company’s 44-year history.

IBKR had a busy month

Interactive Brokers had been in the news over the past few weeks. Most recently, the discount broker widened access to cryptocurrency trading for its clients, having extended trading hours for its cryptocurrency products to be traded 24/7, including on the weekends.

Before that, cryptocurrency traders at Interactive Brokers were having their contracts expire each week on Friday, and these were rolled over to the next week. This was instituted to prevent potential gaps that could be incurred by clients to reflect price changes while IBKR trading was closed outside of trading hours.

The broker offers low-cost cryptocurrency trading to its clients via partnership with New York-based exchange and stablecoin issuer, Paxos.

The changes applied by Interactive Brokers help resolve some of the underlying issues that have made it challenging for traders to have access to cryptocurrency trading around the clock. Namely, the extended trading hours eliminate the inconvenience of carrying positions from one week to the next without weekend quotes.

  • Read this next

    Inside View

    Scalping or day trading?

    Among the many popular trading styles with both beginners and experienced traders are scalping, which allows you to extract small portions of profit from each price movement, and day trading, which aims to trade over a single day. In this article, you will learn what scalping and day trading are and their differences and peculiarities. Ultimately, you will learn what to look for to understand which trading style is right for you.

    Crypto Insider

    Unveiling Plasma Next: INTMAX’s Solution to Scale Ethereum with Stateless Layer

     INTMAX has launched Plasma Next on the mainnet α, a groundbreaking Layer 2 zkRollup, revealed by co-founder Leona Hioki at ETH Denver. This innovation offers scalability with constant costs per block, merging Plasma’s scalability goals with zkRollups’ security.

    Fintech

    Nuam selects Vermiculus for clearing system in Chile, Colombia, and Peru

    “We are proud to deliver a system that plays an integral role in the core of this historical merger, empowering one of Latin America’s most crucial markets with VeriClear’s state-of-the-art technology, together with our deep market expertise.”

    Retail FX, Uncategorized

    Moomoo launches super app in Malaysia

    “As an investment platform connecting 21 million retail investors globally, we envision collaborating with exchanges, regulatory bodies, and partners in the visible future to become the gateway, connecting Malaysia’s investment products to global capital and investors.”

    Executive Moves

    FXPA elects Joe Hoffman as new Chair in its 10th anniversary

    “The opportunity to serve as Chair of the FXPA is truly an honor, and I am committed to upholding the exceptional work of a FXPA. Given the recent market fluctuations due to global tensions, inflationary pressures, shifts in monetary policy, as well as the outcome of the US election and the risk of recession, brings the potential for more FX volatility in 2024. I am dedicated to expanding the FXPA’s membership and I’m excited about collaborating with all members to echo the unified voice of the FX market.”

    Market News

    Eurozone Fights Stagnation Whilst Stock Indices Rally

    European stock markets are defying economic gloom as they continue to soar to all-time highs, showcasing resilience amidst broader economic challenges.

    Web3

    Lisk Partners with Indonesia’s Communications Ministry to Boost Web3 Startup Ecosystem

    Discover the strategic partnership between Lisk and the Indonesian Ministry of Communications and Informatics, aimed at propelling local Web3 startups to new heights through comprehensive support and education.

    Executive Moves

    Admirals appoints founder Alexander Tsikhilov as CEO

    “Striking the right balance between sourcing new talent and developing and harnessing the strength and capabilities of our current workforce, is key to achieving our vision.”

    Executive Moves

    GCEX appoints Ignacio Corral and Helen Man to UK operation

    GCEX has announced the appointment of Ignacio Corral and Helen Man to its UK FCA-regulated operation based in London as the firm further expands its global business on account of increasing demand for its digital prime brokerage services.

    <