Independent Brokers LLC has been flagged by ASIC (Australia) for "Unlicensed (Legacy)". Phones: +1-212-401-6183
Addresses: 55 Broad Street New York NY10004 This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: www.independentbrokersllc.com.
Independent Brokers LLC seems more interested in acquiring new customers than taking care of existing ones. The marketing is aggressive but the product is mediocre. Once you are past the honeymoon period, the cracks in their service become very apparent.
Pros: Social trading features|Dedicated account manager|Automated trading options|Easy withdrawals
Cons: Would like more payment methods
My withdrawal from Independent Brokers LLC was rejected three times for vague reasons. Each time they asked for more documents. When I finally provided everything, they said my account was under review. since I retired last year of being strung along.
Pros: Dedicated account manager|API access
Cons: Email notifications too frequent
I closed a profitable position at Independent Brokers LLC and the profit was not credited for 5 days. Support said it was a settlement delay. When it finally arrived it was less than the amount shown on the platform. They could not explain the difference. I have moved my account.
Pros: Clean UI|Instant funding|Risk management tools
Cons: Minimum deposit could be lower
My withdrawal request from Independent Brokers LLC has been pending for over two weeks now. Every time I contact support, I get the same copy-paste response about processing times. This is unacceptable for a financial platform in this day and age.
Pros: Tax reports included|Competitive fees
Cons: Desktop app not available on Linux
After for about three months with Independent Brokers LLC, I can only describe the experience as death by a thousand cuts. No single issue was catastrophic, but the constant stream of small problems, slow responses, and missing features wore me down until I finally left.
Pros: Good analytical tools|Stable platform
Cons: Onboarding videos are outdated|No fractional shares
Independent Brokers LLC changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Excellent charting|Economic calendar|Fast execution
Cons: Spreads widen during volatile periods
I experienced a security concern with my Independent Brokers LLC account and reported it immediately. Their response time was inexcusable for a financial platform. It took them four days to acknowledge my report and another week to actually address it.
Pros: Automated trading options|Tax reports included
Cons: Mobile app could be improved|Wait times can be long during peak hours
What really bothers me about Independent Brokers LLC is the disconnect between their marketing and reality. They position themselves as a premium service but deliver a below-average experience. Found them after a trusted YouTuber reviewed them and I fell for the polished exterior. Never again.
Pros: Low minimum deposit|Educational resources
Cons: Onboarding videos are outdated|No integrated tax optimization
After spending for nearly two years trying to make Independent Brokers LLC work for me, I have given up. The platform has too many limitations, the fees are not competitive, and the quality of their market data is questionable. There are much better options available.
Pros: API access|High security standards
Cons: Nothing significant
I wanted to transfer my portfolio from another broker to Independent Brokers LLC. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Reliable uptime|High security standards|Multi-currency support|Copy trading available
Cons: Onboarding videos are outdated|Mobile app could be improved