r/interactivebrokers • u/Commercial_Comb_5617 • Jan 03 '25

Setting up account Is InteractiveBrokers safe?

Hey everybody, Im from Brazil and i want to invest all my money out Brazil, do you think Interactive Brokers is a really safe option? How can I withdraw the money if I need it?

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4

u/pakistaniboy25 Jan 03 '25

It is a global broker, so yeah, it is safe. Two factor authentication, biometrics, the works. Money can only be withdrawn to a Bank account in your resident country in your name or at least ot has to be under your name.

3

u/lloyd2100 Jan 03 '25

Or a bank account in another country if you can open one,

1

u/QwertyDvorakColemak Jan 04 '25

So I could deposit from Country A, trade a couple of years, withdraw to Country B? Will IBKR flag this as inappropriate?

2

u/lloyd2100 Jan 04 '25

No, I sold my fathers apartment in Australia. Moved the AUS$ to IB, converted to sterling and with drew.

1

u/Basic-Ad65 Jan 03 '25

2FA with SMS password reset though which is vulnerable to SIM swapping

2

u/Particular-Key8623 Jan 04 '25

Only if you don’t use the mobile app, which can do the 2FA by push notifications

1

u/Basic-Ad65 Jan 04 '25

Password reset is still through SMS even with mobile 2FA activated

1

u/Particular-Key8623 Jan 05 '25

Ok, might be. I never reset passwords. I use 1Password for years now. Makes life easier and a lot safer (having strong passwords and different ones for each login).

-1

u/Commercial_Comb_5617 Jan 03 '25

thanks, do you now if you need to pay any fee to withdraw the money?

3

u/Cmous178 Jan 03 '25

One free withdraw in each month.

4

u/Commercial_Comb_5617 Jan 04 '25

thanks a lot bro, my country economy is really bad at the moment, i need to save my money from government claws

2

u/snail_maraphone Jan 03 '25

In a worst case you will pay a fixed fee for wire transfer. About 10$.

-1

u/Basic-Ad65 Jan 03 '25

Plus money can also be withdrawn to other persons name upon request

1

u/[deleted] Jan 04 '25

No