Interactive Brokers (IBKR +1.9%) is launching a mobile trading app that will allow investors to trade stocks around the world, increasing competition with Robinhood Markets (HOOD -0.7%).
Called IBKR GlobalTrader, the app is designed to be easy to use for new investors and powerful enough for experienced securities traders, the company said. The app allows investors to make deposits in up to 23 different currencies.
“The IBKR GlobalAnalyst tool helps beginners and advanced traders find investment opportunities, then they can use the simple IBKR GlobalTrader app to trade stocks around the world,” said Steve Sanders, executive vice president of marketing. and product development at Interactive Brokers. (NASDAQ: IBKR).
The app offers zero trading commissions for US residents and commissions starting at $0.0035 per share for investors outside the US. Commissions on foreign exchange transactions are 3 basis points multiplied by the trade value.
The app also allows fractional stock trading and has a swap feature that allows traders to switch positions of a dollar amount from one security to another. Bitcoin (BTC-USD), Bitcoin cash (BCH-USD), ethereum (ETH-USD) and Litecoin (LTC-USD) trading is available for IB LLC clients through Paxos Trust.
In January, UK-based banking app Revolut launched a commission-free stock trading app, stepping up competition with Robinhood and other online brokers.