Interactive Brokers Ireland Accounts : Regulatory Status and cash deposit protections

Kinsailor · 21-02-2024 06:21PM #1

I signed up with Interactive Brokers Ireland in recent days for some small level trading and now that my account is up and running i see that i am being directed to a " .co.uk " web address when I Login. .

Are Interactive Brokers Ireland regulated by the Irish Central Bank or does it fall under the UK regulatory authorities oversight ?

Whichever is the case what protection is in place for cash deposits that they are holding ? : if under CBI does the €100k EU deposit guarantee apply OR is there an equivalent protection from UK authorities. When you look under the FAQs on the site they are unclear on this point and reference US deposit and securities protections which i am presuming would not apply here ( but maybe I am mistaken on that ).

Supercell · 23-02-2024 12:50PM

Pretty sure its only 90% of up to €20,000, cannot find documentation on that on their website which means they are burying it (imho). That said they have been around forever so your money is pretty safe. Their platform is crap and sluggish imho, i abandoned ship after many frustrating experiences with it. Doubt its been updated in the last 10 years or more, at least that's how it looks to me.

lau1247 · 23-02-2024 11:21PM

In the T&C for "restricted account" (whatever that means), Section 12 give you some info about it.

https://gdcdyn.interactivebrokers.com/Universal/servlet/Registration_v2.formSampleView?formdb=4269#:~:text=The%20Irish%20Investor%20Compensation%20Scheme,we%20cannot%20meet%20our%20obligations.

I found another link under disclaimer that stated Interactive Broker Ireland Ltd is regulated by Central Bank Ireland and meet Investor Compensation Scheme

https://www.interactivebrokers.com/en/general/disclaimers.php

Central bank also have a bit of info for ICS so I think you are OK for up to 90% of your net loss up to value of 20,000 eur

https://www.centralbank.ie/consumer-hub/explainers/what-compensation-schemes-protect-consumers-of-authorised-firms

Interactive Brokers Ireland Accounts : Regulatory Status and cash deposit protections

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